10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2014

OR

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

SECURITIES EXCHANGE ACT OF 1934

For the transition period from     to  

Commission File Number:  000-22887

RJO GLOBAL TRUST

(Exact name of registrant as specified in its charter)

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

c/o R.J. O’Brien Fund Management, LLC

222 South Riverside Plaza

Suite 900

Chicago, IL  60606

(Address of principal executive offices) (Zip Code)

(888) 292 - 9399

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  x Yes         ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   x Yes         ¨ No

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

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

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  o Yes         x No

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION	1
Item 1. Financial Statements	1
Consolidated Statements of Financial Condition, as of June 30, 2014 (unaudited) and December 31, 2013	1
Condensed Consolidated Schedules of Investments, as of June 30, 2014 (unaudited) and December 31, 2013	2
Consolidated Statements of Operations, for the three and six months ended June 30, 2014 and 2013 (unaudited)	3
Consolidated Statement of Changes in Unitholders’ Capital, for the six months ended June 30, 2014 (unaudited)	4
Notes to Consolidated Financial Statements	5
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3. Quantitative and Qualitative Disclosures about Market Risk	21
Item 4. Controls and Procedures	21
PART II. OTHER INFORMATION	22
Item 1. Legal Proceedings	22
Item 1A. Risk Factors	22
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 6. Exhibits	23
SIGNATURES	24

PART I – FINANCIAL INFORMATION

Item 1.  Financial Statements

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Financial Condition

Assets
	June 30,		December 31,
	2014		2013
	UNAUDITED
Assets:
Equity in commodity Trading accounts:
Cash on deposit with broker	$	9,292,727	$	11,311,474
Unrealized gain on open contracts		146,256		762,636
Total due from broker		9,438,983		12,074,110
Cash and cash equivalents on deposit with affiliate		1,618,066		1,301,182
Cash on deposit with bank		21,477		3,230
Fixed income securities (cost $0 and $1,501,697, respectively), held by affiliate		-		1,465,195
Interest receivable		9		9,704
Cash on deposit with bank - Non-Trading		1,098,547		1,278,723
Prepaid expenses - offering		2,040		-
Total Assets	$	12,179,122	$	16,132,144
Liabilities and Unitholders' Capital
Liabilities:
Accrued commissions	$	24,990	$	25,241
Accrued management fees		25,011		30,223
Accrued incentive fees		-		118,791
Accrued operating expenses		90,295		139,655
Accrued offering expenses		-		15,033
Redemptions payable - Trading		379,285		557,636
Accrued legal fees - Non-Trading		500		79,883
Accrued management fees to U.S. Bank - Non-Trading		6,769		7,595
Distribution payable - Non-Trading		1,034		1,034
Total liabilities		527,884		975,091
Unitholders' capital:
Unitholders' capital (Trading):
Beneficial owners
Class A (166,862 and 190,458 units outstanding at    June 30, 2014 and December 31, 2013, respectively)		10,332,296		13,569,363
Class B (2,829 and 4,564 units outstanding at      June 30, 2014 and December 31, 2013, respectively)		195,561		359,349
Managing owner (535 Class A units outstanding at    June 30, 2014 and December 31, 2013, respectively)		33,128		38,117
Unitholders' capital (LLC equity/Non-Trading):
Participating owners (144,250 and 171,234 units outstanding at    June 30, 2014 and December 31, 2013, respectively)		69,181		89,652
Nonparticipating owners (2,129,038 and 2,102,054 units outstanding at    June 30, 2014 and December 31, 2013, respectively)		1,021,072		1,100,572
Total unitholders' capital		11,651,238		15,157,053
Total Liabilities and Unitholders' Capital	$	12,179,122	$	16,132,144
Net asset value per unit:
Trading:
Class A	$	61.92	$	71.25
Class B	$	69.13	$	78.74
LLC equity/Non-Trading	$	0.48	$	0.52

See accompanying notes to consolidated financial statements.

1

RJO GLOBAL TRUST AND SUBSIDIARY

Condensed Consolidated Schedules of Investments

	June 30, 2014									December 31, 2013
	Face		Maturity	Percentage of						Face		Maturity	Percentage of
	Value		Date	Net Assets			Fair value			Value		Date	Net Assets			Fair value
Securities owned				UNAUDITED
Corporate Bonds
BB & T Corp Note 2.05% ( cost $0 and $762,121, respectively)	$	-	NA	NA			$	-		$	750,000	4/28/2014		4.97	%	$	752,693
Goldman Sachs Group Inc Note 6% (cost $0 and $739,576, respectively)		-	NA	NA				-			700,000	5/1/2014		4.70	%		712,502
Total Corporate Bonds	$	-								$	1,450,000			9.67	%		1,465,195
Total Fixed Income Securities (cost $0 and $1,501,697, respectively)							$	-								$	1,465,195
Long Positions
Futures Positions
Agriculture					-0.38	%	$	(44,228	)					-0.15	%	$	(22,282	)
Currency					0.96	%		112,148						0.31	%		46,836
Energy					-0.28	%		(32,880	)					-0.14	%		(21,904	)
Indices					0.42	%		48,474						2.98	%		450,939
Interest rates					0.74	%		85,723						-0.92	%		(138,783	)
Metals					0.12	%		14,280						0.03	%		5,005
Total long positions on open contracts							$	183,517								$	319,811
Short Positions
Futures Positions
Agriculture					0.70	%	$	81,475						1.37	%	$	207,657
Currency					-0.44	%		(50,889	)					0.31	%		46,459
Energy					0.00	%		(427	)					-0.01	%		(770	)
Indices					-0.09	%		(10,956	)					-0.39	%		(58,673	)
Interest rates					-0.19	%		(22,461	)					1.15	%		174,237
Metals					-0.29	%		(34,003	)					0.49	%		73,915
Total short positions on open contracts							$	(37,261	)							$	442,825
Total unrealized gain on open contracts							$	146,256								$	762,636

See accompanying notes to consolidated financial statements.

2

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Operations

	For the three months ended June 30,						For the six months ended June 30,
	2014			2013			2014			2013
	UNAUDITED						UNAUDITED
Trading gain (loss):
Gain (loss) on trading of commodity contracts:
Realized gain (loss) on closed positions	$	128,689		$	(311,621	)	$	(485,931	)	$	(354,405	)
Change in unrealized gain (loss) on open positions		51,874			(221,377	)		(616,380	)		(39,413	)
Change in unrealized gain (loss) on investment in
Global Diversified Managed Futures Portfolio LLC		-			131,201			-			159,920
Foreign currency transaction gain (loss)		4,349			2,384			385			(3,768	)
Total Trading gain (loss)		184,912			(399,413	)		(1,101,926	)		(237,666	)
Net investment income (loss):
Interest income		6,063			53,525			20,672			134,740
Realized gain (loss) on fixed income securities		(51,697	)		(52,174	)		(51,697	)		(59,167	)
Change in unrealized gain (loss) on fixed income securities		48,377			(1,005	)		36,503			(58,893	)
Total net investment gain (loss)		2,743			346			5,478			16,680
Expenses:
Commissions - Class A		141,544			220,411			279,077			459,546
Commissions - Class B		1,602			3,278			3,385			7,714
Advisory fees		1,281			8,513			3,188			17,437
Management fees		72,577			95,243			151,561			199,097
Ongoing offering expenses		18,000			14,000			36,000			21,500
Operating expenses		126,000			106,000			234,000			222,000
Total expenses		361,004			447,445			707,211			927,294
Trading income (loss)		(173,349	)		(846,512	)		(1,803,659	)		(1,148,280	)
Non-Trading income (loss):
Interest on Non-Trading reserve		35			122			85			266
Legal and administrative fees		(19,425	)		(60,847	)		(17,111	)		(95,182	)
Management fees paid to US Bank		(31,195	)		(559	)		(82,945	)		(77,063	)
Non-Trading income (loss)		(50,585	)		(61,284	)		(99,971	)		(171,979	)
Net income (loss)	$	(223,934	)	$	(907,796	)	$	(1,903,630	)	$	(1,320,259	)

See accompanying notes to consolidated financial statements.

3

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statement of Changes in Unitholders’ Capital

For the six months ended June 30, 2014

UNAUDITED

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, 2013		190,458		$	13,569,363			4,564		$	359,349			535	$	38,117
Trading income (loss)		-			(1,759,624	)		-			(39,046	)		-		(4,989	)
Unitholders' contributions		-			-			-			-			-		-
Unitholders' redemptions		(23,596	)		(1,477,443	)		(1,735	)		(124,742	)		-		-
Balances at June 30, 2014		166,862		$	10,332,296			2,829		$	195,561			535	$	33,128
Unitholders' Capital (Trading)	Total Unitholders' Capital - Trading
	Units			Dollars
Balances at December 31, 2013		195,557		$	13,966,829
Trading income (loss)		-			(1,803,659	)
Unitholders' contributions		-			-
Unitholders' redemptions		(25,331	)		(1,602,185	)
Balances at June 30, 2014		170,226		$	10,560,985
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, 2013		171,234		$	89,652			2,102,054		$	1,100,572			2,273,288	$	1,190,224
Non-Trading income (loss)		-			(7,173	)		-			(92,798	)		-		(99,971	)
Reallocation due to Redemptions		(26,984	)		(13,298	)		26,984			13,298			-		-
Balances at June 30, 2014		144,250		$	69,181			2,129,038		$	1,021,072			2,273,288	$	1,090,253
Total Unitholders Capital at June 30, 2014															$	11,651,238
	Unitholders' Capital			Unitholders' Capital			Unitholders' Capital
	Trading Class A			Trading Class B			(LLC Equity/Non-Trading)
Net asset value per unit at December 31, 2013	$	71.25		$	78.74		$	0.52
Net change per unit		(9.33	)		(9.61	)		(0.04	)
Net asset value per unit at June 30, 2014	$	61.92		$	69.13		$	0.48

See accompanying notes to consolidated financial statements.

4

RJO GLOBAL TRUST AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2014

(Unaudited)

(1)   General Information and Summary

RJO Global Trust (the “Trust”), is a Delaware statutory trust organized on November 12, 1996 under the Delaware Statutory Trust Act.  It was formed to engage in 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”).

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 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.  Effective January 15, 2014, the Managing Owner began offering Class C and Class D units.  The Class A and Class B units are no longer offered.

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 CTAs (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 CTAs 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.  RPM may also 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.

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 a “Trading Company” and collectively, the “Trading Companies”).  The Trading Companies are operated by RJOFM.  As of June 30, 2014, the Trust was the sole investor in RJ OASIS.

5

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, which are payable by the Class C and Class D unitholders.  The change in fees and expenses are not expected to significantly affect Class A and Class B unitholders.  As of June 30, 2014, 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 Centurion Investment Management LLC (“CIM”), 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”).

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 June 30, 2014, prior to quarter-end reallocation, RCM was managing 18.50%, PGR 25.66%, Bleecker 5.14%, PAM 5.85%, and CIM 30.05% of the Trust’s assets, respectively.  Approximately 14.80% of the Trust’s assets were not allocated to a Trading Advisor.

RCM, PGR, PAM, and CIM 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 Trust has no officers, directors or employees.  

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 “SEC”, and is a member of the Financial Industry Regulatory Authority (“FINRA”).

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 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 less than $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.

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.

6

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).

See Item 1: Note (6) for further detail regarding collection and distribution activity related to the assets held at REFCO.

(2)   Summary of Significant Accounting Policies

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

(a)         Basis of Presentation

The accompanying unaudited consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with rules and regulations of the SEC.  

Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the financial condition and results of operations of the Trust for the periods presented have been included.

The Trust’s unaudited consolidated financial statements and the related notes should be read together with the consolidated financial statements and related notes included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2013.

(b)         Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiaries, JWH Special Circumstance, LLC and RJ OASIS.  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.

7

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 June 30, 2014, Wells held approximately $1.6 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.

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 asset value, 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 Pronouncement

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 and is considered an investment company.  The adoption of ASU 2013-08 did not 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.

Prior to October 22, 2013, the Trust paid the Managing Owner a fee of 0.75% of the Trust’s month-end net assets on an annual basis.  Effective October 22, 2013, the Managing Owner fee was reduced to 0.50% and waived for the 4th quarter, 2013.

8

Pursuant to the Trust’s agreements with the Trading Advisors, each Trading Advisor receives a monthly management fee at the rate of up to 0.083% (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, 2010, 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.

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 three month period and the six month period ended June 30, 2014 and 2013, respectively, 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 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.

9

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.

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 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.

10

(7)            Fair Value Measurements

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

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

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

          Level 3 inputs are unobservable inputs for an asset or liability.  Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.  As of June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013, respectively:

	June 30, 2014
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	146,256	$	-	$	-	$	146,256
Total assets		146,256		-		-		146,256
Total fair value	$	146,256	$	-	$	-	$	146,256

	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

11

(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.

The Trust’s brokerage fee constitutes a “wrap fee” of  3.42% of the Trust’s month-end assets on an annual basis (0.28% monthly) with respect to Class A units and 1.42% of the Trust’s month-end assets on an annual basis (0.12% monthly) with respect to Class B units, which covers the fees described below.* 

Recipient	Nature of Payment	Class A Units			Class B Units
Managing Owner	Managing Owner fee		0.50	%		0.50	%
Selling Agent	Selling commission		2.00	%		0.00	%
Managing Owner	Clearing, NFA, and exchange fees (approximately)		0.92	%		0.92	%
			3.42	%		1.42	%

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

As of June 30, 2014, no Class C or Class D units had been sold. The Managing Owner fee and clearing, NFA and exchange fees with respect to Class C and D units are not expected to differ significantly from those charged to the Class A and Class B units, respectively. The Class D units are subject to a 2.00% ongoing selling commission, and may also be subject to an initial selling commission of up to 2.00% of the amount invested. The Class C units are not subject to a selling commission.

(9)  Financial Highlights

The following financial highlights show the Trust’s financial performance of the Trading units for the three and six month periods ended June 30, 2014 and 2013 respectively.  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.

12

	Class A						Class B						Class A						Class B
	Three months ended						Three months ended						Six months ended						Six months ended
	June 30,						June 30,						June 30,						June 30,
	2014			2013			2014			2013			2014			2013			2014			2013
Per share operating performance:
Net asset value of Trading units, beginning of period	$	62.81		$	75.80		$	69.77		$	82.53		$	71.25		$	76.92		$	78.74		$	83.34
Total Trading income (loss):
Trading gain (loss)		1.11			(1.54	)		1.24			(1.68	)		(5.53	)		(0.98	)		(6.11	)		(1.07	)
Investment income		0.02			0.01			0.02			-			0.03			0.06			0.03			0.06
Expenses		(2.02	)		(1.72	)		(1.90	)		(1.47	)		(3.83	)		(3.45	)		(3.53	)		(2.95	)
Trading income (loss)		(0.89	)		(3.25	)		(0.64	)		(3.15	)		(9.33	)		(4.37	)		(9.61	)		(3.96	)
Net asset value of Trading units, end of period	$	61.92		$	72.55		$	69.13		$	79.38		$	61.92		$	72.55		$	69.13		$	79.38
Total return:
Total return before incentive fees		(1.41	%)		(4.30	%)		(0.92	%)		(3.81	%)		(13.09	%)		(5.68	%)		(12.21	%)		(4.75	%)
Less incentive fee allocations		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total return		(1.41	%)		(4.30	%)		(0.92	%)		(3.81	%)		(13.09	%)		(5.68	%)		(12.21	%)		(4.75	%)
Ratios to average net assets:
Trading income (loss)		(1.60	%)		(4.42	%)		(1.14	%)		(3.90	%)		(15.29	%)		(5.72	%)		(16.28	%)		(4.49	%)
Expenses:
Expenses, less incentive fees		(3.33	%)		(2.34	%)		(2.80	%)		(1.83	%)		(6.02	%)		(4.62	%)		(5.01	%)		(3.67	%)
Incentive fees		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		(3.33	%)		(2.34	%)		(2.80	%)		(1.83	%)		(6.02	%)		(4.62	%)		(5.01	%)		(3.67	%)

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

The net income and expense ratios are computed based upon the weighted average net assets for the Trust for the three and six month periods ended June 30, 2014 and 2013, respectively.  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 June 30, 2014 the Trust’s deposits held by RJOIM consisted of cash of $1,618,066 and fixed income securities of $0.  Advisory fees earned by RJOIM aggregated $1,281, and $3,188, for the three and six months ended June 30, 2014, respectively.

13

(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 June 30, 2014
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	90,603	$	(53,356	)	$	37,247
Currency		91,585		(30,326	)		61,259
Energy		38,044		(71,351	)		(33,307	)
Indices		60,036		(22,518	)		37,518
Interest Rates		95,206		(31,944	)		63,262
Metals		-		(19,723	)		(19,723	)
	$	375,474	$	(229,218	)	$	146,256

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

14

The above reported fair values are included in equity in commodity trading accounts – unrealized gain on open contracts in the consolidated statements of financial condition as of June 30, 2014 and December 31, 2013, respectively.

As of June 30, 2014
						Net
	Gross					Assets
	Assets		Liabilities			(Liabilities)
Unrealized gain (loss) on open contracts	$	485,031	$	(338,775	)	$	146,256
Total	$	485,031	$	(338,775	)	$	146,256

As of December 31, 2013
						Net
	Gross					Assets
	Assets		Liabilities			(Liabilities)
Unrealized gain (loss) on open contracts	$	1,095,940	$	(333,304	)	$	762,636
Total	$	1,095,940	$	(333,304	)	$	762,636

Trading gain (loss) for the following periods:

	Six Months Ended June 30,
Type of Futures Contracts	2014			2013
Agriculture	$	21,979		$	(184,663	)
Currency		47,491			(176,681	)
Energy		(253,590	)		(13,094	)
Indices		(606,093	)		(217,160	)
Interest Rates		17,449			(24,325	)
Metals		(329,162	)		218,337
	$	(1,101,926	)	$	(397,586	)

	Three Months Ended June 30,
Type of Futures Contracts		2014			2013
Agriculture	$	85,934		$	(399,350	)
Currency		21,774			(137,854	)
Energy		(93,929	)		(133,992	)
Indices		62,045			(58,059	)
Interest Rates		250,587			(17,393	)
Metals		(141,499	)		216,034
	$	184,912		$	(530,614	)

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.

(12)         Subsequent Events

On July 1, 2014, RJ OASIS is open to new qualified investors and as of that date the Trust may no longer be the sole investor in any of the designated Series.  Going forward, the Trust’s investment in any of the RJ OASIS designated Series will be reported as an investment in said underlying Series.

As of August 1, 2014, RJOIM agreed to waive all advisory fees previously charged to the Trust, back to January 1, 2014, in response to a request by the managing owner for said rebate.  This request was made due to the decrease in the size of the Trust’s deposit with RJOIM and the current interest rate environment.  The total amount waived as of July 31, 2014, was $3,483.

15

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

(a)         Introduction

RJO Global Trust (the “Trust”), is a Delaware statutory trust organized on November 12, 1996 under the Delaware Statutory Trust Act.  It was formed to engage in 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”).

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 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.  Effective January 15, 2014, the Managing Owner began offering Class C and Class D units.  The Class A and Class B units are no longer offered.

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 CTAs (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 CTAs 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 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.  RPM may also 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.

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, a “Trading Company” and collectively, the “Trading Companies”).  The Trading Companies are operated by RJOFM.  As of June 30, 2014, the Trust was the sole investor in RJ OASIS.

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, which are payable by the Class C and Class D unitholders   The change in fees and expenses are not expected to significantly affect Class A and Class B unitholders.  As of June 30, 2014, 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 Centurion Investment Management, LLC (“CIM”), 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”).

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.

16

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).

See Item 1: Note (6) for further detail regarding collection and distribution activity related to the assets held at REFCO.

(b)         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.  For the six month period ending June 30, 2014, no Class A units were purchased by the Beneficial Owners and no Class A units were converted to Class B units.  The Managing Owner did not purchase any units during this time.  For the six month period ending June 30, 2014, the Beneficial Owners redeemed a total of 25,331 units for $1,602,185.  For the six month period ending June 30, 2014, the Beneficial Owners redeemed a total of 23,596 Class A units for $1,477,443 and 1,735 Class B units for $124,742.  The Managing Owner did not redeem any units during the six month period ending June 30, 2014.

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 June 30, 2014, the market sectors where the Trust maintained an investment having the highest exposure were: Interest Rates having a net long value of $63,262, Currencies having a net long value of $61,259, Indices having a net long value of $37,518, Agricultural having a net long value of $37,247, Metals having a net short value of $19,723, and Energy having a net short value of $33,307.  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 six month period ending June 30, 2014, the Trust had no credit exposure to a counterparty which is a foreign commodities exchange which was material.

17

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.

(c)         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 three month period ended June 30, 2014, RJO had paid or accrued to pay interest of $1,120 to the Trust.  For the three month period ended June 30, 2013, RJO paid or accrued to pay interest of $391 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 June 30, 2014, Wells held approximately $1.6 million of the Trust’s assets.  For the three month period ending June 30, 2014, and June 30, 2013, the assets held in this account earned $4,943 and $53,134 of interest income, respectively.

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.

(d)         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 CIM 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 for the periods presented.  During this time, the Trust’s assets were allocated to different combinations of CTAs over time.  As of June 30, 2014, trading decisions for the Trust have been delegated to five independent CTAs:  RCM, PGR, Bleecker, PAM and CIM.

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.

18

Fiscal Quarter ended June 30, 2014

The Trust posted a loss of $(171,100) or $(0.89) per trading unit for Class A units and a loss of $(2,249) or $(0.64) per trading unit for Class B units for the quarter ending June 30, 2014 (please see Note (2) and Note (9) in the notes to financial statements for more information with respect to the calculation of net asset value).  As of June 30, 2014, Class A units have lost 24.32% since their first issuance in June 1997.  Class B units have lost 42.10% since their first issuance in January 2009.

As of June 30, 2014, the Trust’s assets were allocated to the following Trading Advisors as follows:   RCM (18.50%), PGR (25.66%), Bleecker (5.14%), PAM (5.85%) and CIM (30.05%), with the remaining percentage allocated to cash.

The month of April was characterized by continued investor anxiety over the escalating tensions in Ukraine which translated into highly choppy market action.  Despite strong warnings from the European leaders and US president Barack Obama hinting of further significant sanctions against the country, the violence reportedly continued adding pressure to financial markets early in the month.  Standard & Poor’s also cut Russia’s credit rating to one notch above junk, citing large capital outflows in the first quarter.  Having experienced selling pressure in the first half of the month, equities recovered towards month-end with the S&P 500 ending just shy of record levels.  In the energy sector, the geopolitical tensions pushed prices higher early in the month but turned lower as the month progressed.  Fixed income markets experienced falling yields and higher prices, especially in Europe where the central bank hinted of potential large scale asset purchases in order to battle low inflation.  In commodity markets, the crop sector experienced higher prices fueled by reports showing increased international demand for US crops.

In May, despite the ongoing conflict in Ukraine, financial markets took little notice with US equity markets, as measured by the S&P 500 ending at all-time-high levels.  Stocks were primarily supported by dovish language in the latest FOMC meeting minutes.  Fixed income markets experienced higher prices and falling yields on expectations for a continued low rate environment, especially in Europe where the European Central Bank (“ECB”) is now expected to reduce its target rate further next month.  Thus, in currencies, the euro reversed its long-term bullish trend against the greenback with weak inflation numbers coming out of the Eurozone supporting the view of a quantitative easing approach from the ECB.  In commodity markets, supported by the Ukraine conflict, the price of oil continued to march higher.  Towards the end of the month, gold drifted down to a 3-month low amid the broadly positive mood in equity markets and little inflation fears.

Central bank action and language was in the spotlight in June.  In the US, Federal Reserve chairman Janet Yellen stated that the Federal Reserve is now expecting the US economy to expand at a slower-than-previously-expected rate.  At the same time, the ECB took measures to come to terms with a potentially deflationary environment by lowering key interest rates.  In the UK, the Bank of England surprised the market by hinting that interest rates might rise sooner than anticipated.  The continued dovish Federal Reserve language sent US equity markets to record highs, while fixed income markets were on the rise in Europe.  In response to the Bank of England announcement, the British pound surged to a 5-year high against the US dollar.  In commodity markets, recent bearish trends in precious metals reversed sharply on geopolitical tensions, this time in Iraq.  For the same reason, the price of crude oil continued higher on the back of fears for supply disruptions, thereby supporting the existing bullish trend.

Fiscal Quarter ended June 30, 2013

The Trust posted a loss of $(827,411) or $(3.25) per trading unit for Class A units and a loss of $(19,101) or $(3.15) per trading unit for Class B units for the quarter ended June 30, 2014 (please see Note (2) and Note (9) in the notes to financial statements for more information with respect to the calculation of net asset value).  As of March 31, 2013, Class A units have lost 11.31% since their first issuance in June 1997.  Class B units have lost 33.51% since their first issuance in January of 2009.

As of June 30, 2013, the Trust’s assets were allocated to the following Trading Advisors as follows:  NuWave Investment Management, LLC (20.29%), Hyman Beck & Company, Inc. (5.22%), Liberty Funds Group, Inc. (21.81%), Aventis Asset Management, LLC (21.03%), and Global AG, LLC (18.90%), with the remaining percentage allocated to cash.

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 US 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 has lost 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 US 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 is 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 US10-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.

19

During June, the Federal Reserve Bank announced its plan to gradually begin reducing the amount of US 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 US 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.

Fiscal Quarter ended March 31, 2014

The Trust posted a loss of $(1,593,513) or $(8.44) per trading unit for Class A units and a loss of $(36,798) or $(8.97) per trading unit for Class B units for the quarter ending March 31, 2014 (please see Note (2) and Note (9) in the notes to financial statements for more information with respect to the calculation of net asset value).  As of March 31, 2014, Class A units have lost 23.22% since their first issuance in June 1997.  Class B units have lost 41.56% since their first issuance in January 2009.

As of March 31, 2014, the Trust’s assets were allocated to the following Trading Advisors as follows:   RCM (20.31%), PGR (20.62%), Bleecker (16.22%) and PAM (9.16%), with the remaining percentage allocated to cash.

A sudden pick-up in risk aversion brought about by speculation about a Chinese credit crisis and escalating political tensions in Ukraine, Thailand and Turkey was the major theme in January.  As a result, equity markets sold off broadly, particularly in emerging markets, thereby reversing the rally experienced in late December.  Investors instead bought into the safe haven appeal of bonds and gold sending prices higher in related securities.  In the currency sector, the US dollar reversed its long term bullish trend against the Japanese yen while the Canadian dollar hit a four-year low amid speculation that slowing economic growth will push the Bank of Canada closer to considering lowering interest rates.  In energy markets, natural gas surged to a four-year high as forecasts for tumbling stockpiles during a frigid winter prompted the strongest rally in 19 months.

The month of February started off with yet another market sell-off as a disappointing ISM manufacturing report pushed stocks down sharply.  However, equity markets recovered strongly with global indices ending the month shy of historical record high levels amid confidence about the economy being strong enough to withstand future cuts to monetary stimulus.  Weather-related soft data coming out of the US and escalating political tensions in Ukraine were not enough to dampen the optimism in the equity sector.  Most of the price action was otherwise seen in soft commodities where the price of soybeans reacted positively to the hot and dry weather in the world’s top exporting countries Argentina and Brazil.

The equity rally seen in late February was – once again – reversed during the first half of the March, this time around, on escalating tensions in Ukraine where Russia reclaimed Crimea despite threats of international sanctions.  Equity indices were also weighed down by the fact that China experienced its first domestic corporate bond default in recent history while at the same time presenting data that pointed to a continued decline in manufacturing growth.  Furthermore, the accompanying statements from Janet Yellen’s first meeting as new FOMC chairman, where she said that the Fed’s stimulus program would most likely be finished by the fall and that a rate hike could come as soon as early 2015, added to investor anxiety.  As a result, equity markets remained weak throughout the first half of March while bond yields and the US dollar edged higher following FOMC.  However, in the latter part of the month, risky assets were again on the rise on easing concerns for Russia and supported by strong economic data.  Elsewhere, soft commodities such as meat and soybeans rallied throughout the month as supplies remain tight due to droughts, higher feed costs, and lower profitability for farmers and high demand especially from emerging markets

Fiscal Quarter ended March 31, 2013

The Trust posted a loss of $(295,521) or $(1.12) per trading unit for Class A units and a loss of $(6,248) or $(0.81) per trading unit for Class B units for the quarter ended March 31, 2013 (please see Note (2) and Note (9) in the notes to financial statements for more information with respect to the calculation of net asset value).  As of March 31, 2013, Class A units have lost 7.34% since their first issuance in June 1997.  Class B units have lost 30.87% since their first issuance in January of 2009.

As of March 31, 2013, the Trust’s assets were allocated to the following Trading Advisors as follows:  NuWave Investment Management, LLC (21.54%), Hyman Beck & Company, Inc. (3.35%), Liberty Funds Group, Inc. (22.11%), Aventis Asset Management, LLC (21.45%), and Global AG, LLC (18.69%), with the remaining percentage allocated to cash.

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 US Congress and President have pushed back budget discussions until late spring.  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.  The interest rate on the 10-Year US Treasury, while still low by historical standards, has crept back into the 2% range after spending much of last year between 1.5% and 1.8%.  Crude is creeping back towards $100 per barrel and other commodities appear to be well bid for.

20

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 and gold led the commodity sector lower.  The Dow Jones UBS Commodity Index was down over 4% in February and is now negative for the year.  Yield on the 10-Year US Treasury found support at the 2% level and has now drifted back to 1.85%.  In part, the commodity sell off and bounce in the treasury market was in response to the US 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 US Treasury returned 0.26%.  The commodity sector, as reflected by the Dow Jones UBS Commodity Index, rose 0.67% during March, but remains 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 US dollar and the rising US stock market appear to be the result of bleak situations in the European economies rather than outright strength of the US economy.

(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 3.  Quantitative and Qualitative Disclosures About Market Risk

There has been no material change with respect to the Trust’s market risk as described in the section entitled “Quantitative and Qualitative Disclosures About Market Risk” in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2013.

Item 4.  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 June 30, 2014.  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 June 30, 2014.

Changes in Internal Control Over Financial Reporting:  There were no changes in the Trust’s internal control over financial reporting, during the quarter ended June 30, 2014 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 provide reasonable (not absolute) assurance that its objectives will be met.  Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

21

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

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

Item 1A.  Risk Factors

See Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this report for a discussion of the conditions in the financial markets and economic conditions affecting the business of the Trust.

There have been no material changes from the risk factors disclosed under the heading “Risk Factors” in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2013.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

None.

a)   For the quarter-ended March 31, 2014, the Trust issued no Units in transactions that were not registered under the Securities Act of 1933, as amended (the “Securities Act”).  The Units were issued in reliance upon applicable exemptions from registration under Section 4(2) of the Securities Act and Section 506 of Regulation D promulgated there under.

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

The following table summarizes the redemptions by unitholders during the second quarter of 2014:

	Units Redeemed				Redemption Date NAV per Unit
Month	Class A		Class B		Class A		Class B
April		3,042		71	$	59.69	$	66.42
May		3,288		86	$	60.48	$	67.40
June		6,125		-	$	61.92	$	69.13
Total		12,455		157

100% of all subscription proceeds are invested directly into the Trust.

22

Item 6.  Exhibits

Exhibit
Number	Description of Document
3.01*	Ninth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of September 1, 2010.  (Incorporated by reference herein from the exhibit of the same description filed on September 7, 2010 on Form 8-K)
3.02*	First Amendment to the Ninth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of July 13, 2011.  (Incorporated by reference herein from the exhibit of the same description filed on July 15, 2011 on Form 8-K)
3.03*	Second Amendment to the Ninth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of October 22, 2013.  (Incorporated by reference herein from the exhibit of the same description filed on April 4, 2014 with the Registrant’s Form 10-Q/A)
3.04*	Third Amendment to the Ninth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of November 29, 2013.
3.05*	Restated Certificate of Trust of the Registrant.  (Incorporated by reference herein from the exhibit of the same description filed on September 30, 2008 on Form 8-K)
10.08**	Amended and Restated Limited Liability Company Agreement of O’Brien Alternative Strategic Investment Solutions, LLC, dated July 1, 2014.
10.09**	Second Amended and Restated Limited Liability Company Agreement of O’Brien Alternative Strategic Investment Solutions, LLC, dated July 28, 2014.
31.01**	Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer.
31.02**	Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer.
32.01**	Section 1350 Certification of Principal Executive Officer and Principal Financial Officer
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

* Filed previously.

** Filed herewith.

***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.

23

SIGNATURES

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

RJO Global Trust

Date:      Aug 14, 2014

By:         R.J. O’Brien Fund Management, LLC

Managing Owner

By:         /s/James A. Gabriele                                                                                                                              

James A. Gabriele

Principal Financial Officer and duly authorized officer

24

EX-10.08

EXHIBIT 10.08

AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

O’BRIEN ALTERNATIVE STRATEGIC INVESTMENT SOLUTIONS, LLC

This Amended and Restated Limited Liability Company Agreement of O’Brien Alternative Strategic Investment Solutions, LLC (the “Company”), dated as of July 1, 2014, by and among R.J. O’Brien Fund Management, LLC, a Delaware limited liability company (the “Managing Member”), and the other parties who are and shall become members of the Company with respect to each Series (as defined herein) in accordance with the provisions hereof (collectively the “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 Company was formed as a series limited liability company under the Act (as defined below) by the filing of a Certificate of Formation (as defined below) on September 4, 2013, and was previously governed by that certain Limited Liability Company Agreement of the Company, entered into on October 21, 2013 (the “Previous Agreement”); and

WHEREAS, the Company wishes to amend and restate the Previous Agreement, which is replaced and superseded in its entirety by this Agreement.

NOW, THEREFORE, the Company hereby amends and restates the Previous Agreement, which is replaced and superseded in its entirety by this Agreement, as follows:

1.           Formation; Name

The Company was formed as a series limited liability company under the Delaware Limited Liability Company Act, as amended and in effect on September 4, 2013 (the “Act”), and offers 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 or any other Series.  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 the relevant 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.

1

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.

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.

2

                      (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).

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, equities and options on equities); provided, further, the foregoing shall not restrict amounts deposited being held in cash or invested in CFTC-authorized investments for customer funds, including, but not limited to, U.S. Treasury securities, money market funds, bank deposits and other short-term instruments or accounts.  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 (each, a “Trading Company”, and collectively, 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)).

3

(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 terminated 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 receives 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”.  The Managing Member may, in its sole discretion, assign to each Series and each Class different rights and obligations, including, but not limited to, management fees, performance fees, incentive allocations, selling commissions and other fees, costs and expenses of any type, nature or kind and regardless of the party paid to (including the Managing Member or its affiliates (as defined in Section 14(c))), Redemption rights, exchange rights, information rights, leverage levels, permitted subscription dates, permitted exchange dates, minimum initial and additional capital contributions, investor eligibility requirements and other legal restrictions, such terms being as set forth herein and in the confidential private placement memorandum of the Company (the “Memorandum”).  The Managing Member may also, in its sole discretion, effect any of foregoing through the use of “side letters” or other agreements with certain Non-Managing Members.  No such side letter entered into in respect of any Non-Managing Member’s investment in a Series will entitle any other Non-Managing Member to the rights or terms set forth therein, and such terms will not be disclosed to other Non-Managing Members (including the existence of any such side letters), except as may otherwise be agreed by the Managing Member.

4

The Company shall initially establish Class A Interests, Class B Interests and Class R Interests, having such rights and obligations as set forth herein and in the Memorandum.

The Class A Interests are available for purchase through certain approved registered investment advisers and are not subject to selling commissions.  The Class B Interests are available for purchase through certain approved broker-dealers and are subject to selling commissions.

Selling commissions of the Class B Interests will be payable by the particular Series to the applicable broker-dealer based upon a percentage of the month-end net asset value of each Member’s ownership of Interests subject to such selling commission.  Only those Members who own Interests subject to such selling commissions will have their Capital Accounts (as defined below) debited by such amounts.

Each of the Class A Interests and Class B Interests shall pay to the Manager Member a fee of 1% of the relevant Trading Company’s month-end net assets on an annual basis.

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, or as otherwise set forth in the books and records of the relevant Series.  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, or as otherwise set forth in the books and records of the relevant Series; 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, may: (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.

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 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 (each, 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.

5

(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 (as defined below) or exchange 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 U.S. Federal Income Tax Purposes. Items of a Series’ income, gain, loss, deduction or credit realized for U.S. federal income tax purposes will be allocated among the Members participating in such Series for U.S. 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 U.S. 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.

(2)           The allocations of increases and decreases in Net Asset Value of the Series and of profit and loss for U.S. 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 a Series. “Net Asset Value of a Series” shall mean the total assets of a Series (including, but not limited to, its investment in its Trading Company, 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, the costs, fees and expenses incurred by its Trading Company, including all management fees, performance fees, incentive allocations, brokerage, transaction, clearing and execution expenses, administrative fees, and other fees and extraordinary expenses of the Trading Company, 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.

6

(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 shall be responsible for paying its pro rata share of the Company’s fees and expenses to cover all administrative, operating, offering and organizational costs as such expenses are incurred.  To the extent that the Managing Member deems an expense specifically allocable to a particular Series, such expense will only be paid by such Series.

Each Series shall also be responsible for the costs, fees and expenses incurred by its Trading Company, including all management fees, performance fees, incentive allocations, brokerage, transaction, clearing and execution expenses, administrative fees, and other fees and extraordinary expenses of the Trading Company.  Each of the Trading Companies and each Series shall be required to pay any extraordinary charges (such as taxes) incidental to the conduct of its ongoing business.

(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 (as defined below) or exchange 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 or exchange 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 (as defined below) or exchange in accordance with Sections 10(b) and 10(c) hereof, 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 (as defined below) or exchange 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.

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.

7

(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)           Invest the Series’ assets with Trading Advisors, through the Trading Companies, or as otherwise described herein;

(2)           Opening bank accounts, investment and trading accounts and paying or authorizing the payment of distributions to the Non-Managing Members and the fees, costs and expenses of the Company and each Series, regardless of type, nature or kind and regardless of the party paid to (including the Managing Member or its affiliates (as defined in Section 14(c))).

(3)           The Managing Member shall prepare or cause to be prepared and shall file on or before the due date (or any extension thereof) any U.S. 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 may 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’ U.S. federal income tax return in a manner which is inconsistent with the treatment of such item on the Series’ U.S. 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.

(4)           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 U.S. 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.

(5)           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 (as defined below) or exchange with respect to such Interests.

(6)           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 “CEAct”), and the rules and regulations thereunder.

(7)           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.

(8)           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 investment advisers, commodity trading advisors and other individuals or entities, 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

(9)           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.

(10)           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.

(11)           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 CEAct, and the rules and regulations thereunder.

(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 U.S. federal income tax returns.

10.           Transfer, Redemption and Exchange 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 such prior written notice thereof from the Non-Managing Member as the Managing Member may require in its sole discretion, 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 Chicago, Illinois or by a member of a registered national securities exchange) and executed by the purchaser, assignee, transferee, purchaser or pledgee.

9

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 U.S. federal, state, or foreign securities laws, and (ii) notwithstanding such transfer, sale, pledge or assignment, each Series shall continue to be classified as a partnership 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 U.S. 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 or exchange 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.

(b)           Redemption. Except as set forth herein or as otherwise set forth in a Series Designation or as determined by the Managing Member in its sole discretion, a Non-Managing Member (or any Substituted Non-Managing Member) may not withdraw all or part of his unredeemed capital contribution and undistributed profits with respect to his Series, if any (any such withdrawal being herein referred to as a “Redemption”), without the written consent of the Managing Member thereto.  The specified terms with respect to Redemptions shall be as set forth herein and in the Memorandum.

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 date determined by the Managing Member in its sole discretion (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.  The Managing Member may consent to Redemptions by a Non-Managing Member in any amount at any time.

10

Upon Redemption, a Non-Managing Member (or a Substituted Non-Managing Member) shall receive the value of its Capital Account that is requested for Redemption.  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.  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 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.  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 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 (i) a determination by the Managing Member that such Non-Managing Member’s continued participation in its respective Series may cause the Company to be treated as a “publicly traded partnership” taxable as a corporation for U.S. federal income tax purposes, (ii) certain events under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and (iii) the Non-Managing Member failing to provide any requested information and documents in connection with the Company’s legal, tax or other regulatory obligations.

(c)           Exchanges. Members may exchange (in whole or in part) Interests in different Series at such times as the Managing Member may determine in its sole discretion.  Exchange requests are irrevocable once made, subject to the Managing Member’s sole discretion to determine otherwise.  A Non-Managing Member shall maintain the minimum investment in the Series as shall be determined by the Managing Member in its sole discretion.

Exchanges shall be treated as redemptions from the Series from which Interests are exchanged and subscriptions into the Series into which Interests are exchanged, in accordance with Section 6 and Section 7 hereof.

Exchanges shall be subject to such minimums as may be determined by the Managing Member from time to time in its sole discretion.

If a Capital Account from which a Member makes an exchange is below such Capital Account’s “high water mark”, any loss carryforward (for purposes of calculating further performance fees or incentive fees to the relevant Trading Advisor or any other party paid to (including the Managing Member or its affiliates (as defined in Section 14(c)))) otherwise due in respect of the amount exchanged will be forfeited and will have no effect on the calculation of the incentive fee due in respect of the Series into which such Member exchanges.  Any accrued incentive fees will be assessed on the amount exchanged when a Member exchanges out of a Series.

The ability to exchange Interests may be restricted or terminated by the Managing Member at any time in its sole discretion.

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.

11

12.           Effect of Withdrawals

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, and such new managing member shall have elected 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.

Subject to Section 5(b)(1), 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.

12

(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).

13

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).

14

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 U.S. 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 U.S. 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 U.S. 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 U.S. 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.

15

(b)           Notices. All notices and requests to the Managing Member under this Agreement or a Series Designation (other than Subscriptions, requests for redemption or exchange 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 or exchange 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.

(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)

16

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

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-10.09

EXHIBIT 10.09

SECOND AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

O’BRIEN ALTERNATIVE STRATEGIC INVESTMENT SOLUTIONS, LLC

This Second Amended and Restated Limited Liability Company Agreement of O’Brien Alternative Strategic Investment Solutions, LLC (the “Company”), dated as of August 4, 2014, by and among R.J. O’Brien Fund Management, LLC, a Delaware limited liability company (the “Managing Member”), and the other parties who are and shall become members of the Company with respect to each Series (as defined herein) in accordance with the provisions hereof (collectively the “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 Company was formed as a series limited liability company under the Act (as defined below) by the filing of a Certificate of Formation (as defined below) on September 4, 2013, and was previously governed by that certain Amended and Restated Limited Liability Company Agreement of the Company, entered into on July 1, 2014 (the “Previous Agreement”); and

WHEREAS, the Company wishes to amend and restate the Previous Agreement, which is replaced and superseded in its entirety by this Agreement.

NOW, THEREFORE, the Company hereby amends and restates the Previous Agreement, which is replaced and superseded in its entirety by this Agreement, as follows:

1.           Formation; Name

The Company was formed as a series limited liability company under the Delaware Limited Liability Company Act, as amended and in effect on September 4, 2013 (the “Act”), and offers 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 or any other Series.  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 the relevant 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.

1

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.

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.

2

                      (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).

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, equities and options on equities); provided, further, the foregoing shall not restrict amounts deposited being held in cash or invested in CFTC-authorized investments for customer funds, including, but not limited to, U.S. Treasury securities, money market funds, bank deposits and other short-term instruments or accounts.  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 (each, a “Trading Company”, and collectively, 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)).

3

(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 terminated 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 receives 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”.  The Managing Member may, in its sole discretion, assign to each Series and each Class different rights and obligations, including, but not limited to, management fees, performance fees, incentive allocations, selling commissions and other fees, costs and expenses of any type, nature or kind and regardless of the party paid to (including the Managing Member or its affiliates (as defined in Section 14(c))), Redemption rights, exchange rights, information rights, leverage levels, permitted subscription dates, permitted exchange dates, minimum initial and additional capital contributions, investor eligibility requirements and other legal restrictions, such terms being as set forth herein and in the confidential private placement memorandum of the Company (the “Memorandum”).  The Managing Member may also, in its sole discretion, effect any of foregoing through the use of “side letters” or other agreements with certain Non-Managing Members.  No such side letter entered into in respect of any Non-Managing Member’s investment in a Series will entitle any other Non-Managing Member to the rights or terms set forth therein, and such terms will not be disclosed to other Non-Managing Members (including the existence of any such side letters), except as may otherwise be agreed by the Managing Member.

4

The Company shall initially establish Class A Interests, Class B Interests and Class R Interests, having such rights and obligations as set forth herein and in the Memorandum.

The Class A Interests are available for purchase through certain approved registered investment advisers and are not subject to selling commissions.  The Class B Interests are available for purchase through certain approved broker-dealers and are subject to selling commissions.

Selling commissions of the Class B Interests will be payable by the particular Series to the applicable broker-dealer based upon a percentage of the month-end Trading Level of each Member’s ownership of Interests subject to such selling commission.  Only those Members who own Interests subject to such selling commissions will have their Capital Accounts (as defined below) debited by such amounts.

Each of the Class A Interests and Class B Interests shall pay to the Manager Member a fee of 1% of the relevant Trading Company’s month-end Trading Level on an annual basis.

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, or as otherwise set forth in the books and records of the relevant Series.  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, or as otherwise set forth in the books and records of the relevant Series; 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, may: (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.

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 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 (each, 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.

5

(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 (as defined below) or exchange 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 U.S. Federal Income Tax Purposes. Items of a Series’ income, gain, loss, deduction or credit realized for U.S. federal income tax purposes will be allocated among the Members participating in such Series for U.S. 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 U.S. 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.

(2)           The allocations of increases and decreases in Net Asset Value of the Series and of profit and loss for U.S. 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 a Series. “Net Asset Value of a Series” shall mean the total assets of a Series (including, but not limited to, its investment in its Trading Company, 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, the costs, fees and expenses incurred by its Trading Company, including all management fees, performance fees, incentive allocations, brokerage, transaction, clearing and execution expenses, administrative fees, and other fees and extraordinary expenses of the Trading Company, 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 Trading Company or 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.

(2)Trading Level. The “Trading Level” of each Member’s investment in a particular Series equals (A) the balance of the Member’s Capital Account with respect to such Series prior to deduction for any accrued fees and expenses of such Series, including any management fees and incentive allocations payable to the corresponding Trading Advisor which are not yet due (B) multiplied by the Member’s selected leverage for such Series, where applicable.

6

(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 shall be responsible for paying its pro rata share of the Company’s fees and expenses to cover all administrative, operating, offering and organizational costs as such expenses are incurred, which may be determined by: (i) the Net Asset Value of each Series; (ii) the Trading Level of each Series; (iii) the number of Series in existence; or (iv) any other method in the sole discretion of the Managing Member.  To the extent that the Managing Member deems an expense specifically allocable to a particular Series, such expense will only be paid by such Series.

Each Series shall also be responsible for the costs, fees and expenses incurred by its Trading Company, including all management fees, performance fees, incentive allocations, brokerage, transaction, clearing and execution expenses, administrative fees, and other fees and extraordinary expenses of the Trading Company.  Each of the Trading Companies and each Series shall be required to pay any extraordinary charges (such as taxes) incidental to the conduct of its ongoing business.

(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 (as defined below) or exchange 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 or exchange 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 (as defined below) or exchange in accordance with Sections 10(b) and 10(c) hereof, 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 (as defined below) or exchange 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.

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.

7

(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)           Invest the Series’ assets with Trading Advisors, through the Trading Companies, or as otherwise described herein;

(2)           Opening bank accounts, investment and trading accounts and paying or authorizing the payment of distributions to the Non-Managing Members and the fees, costs and expenses of the Company and each Series, regardless of type, nature or kind and regardless of the party paid to (including the Managing Member or its affiliates (as defined in Section 14(c))).

(3)           The Managing Member shall prepare or cause to be prepared and shall file on or before the due date (or any extension thereof) any U.S. 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 may 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’ U.S. federal income tax return in a manner which is inconsistent with the treatment of such item on the Series’ U.S. 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.

(4)           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 U.S. 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.

(5)           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 (as defined below) or exchange with respect to such Interests.

(6)           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 “CEAct”), and the rules and regulations thereunder.

(7)           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.

(8)           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 investment advisers, commodity trading advisors and other individuals or entities, 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

(9)           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.

(10)           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.

(11)           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 CEAct, and the rules and regulations thereunder.

(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 U.S. federal income tax returns.

10.           Transfer, Redemption and Exchange 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 such prior written notice thereof from the Non-Managing Member as the Managing Member may require in its sole discretion, 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 Chicago, Illinois or by a member of a registered national securities exchange) and executed by the purchaser, assignee, transferee, purchaser or pledgee.

9

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 U.S. federal, state, or foreign securities laws, and (ii) notwithstanding such transfer, sale, pledge or assignment, each Series shall continue to be classified as a partnership 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 U.S. 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 or exchange 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.

(b)           Redemption. Except as set forth herein or as otherwise set forth in a Series Designation or as determined by the Managing Member in its sole discretion, a Non-Managing Member (or any Substituted Non-Managing Member) may not withdraw all or part of his unredeemed capital contribution and undistributed profits with respect to his Series, if any (any such withdrawal being herein referred to as a “Redemption”), without the written consent of the Managing Member thereto.  The specified terms with respect to Redemptions shall be as set forth herein and in the Memorandum.

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 date determined by the Managing Member in its sole discretion (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.  The Managing Member may consent to Redemptions by a Non-Managing Member in any amount at any time.

10

Upon Redemption, a Non-Managing Member (or a Substituted Non-Managing Member) shall receive the value of its Capital Account that is requested for Redemption.  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.  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 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.  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 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 (i) a determination by the Managing Member that such Non-Managing Member’s continued participation in its respective Series may cause the Company to be treated as a “publicly traded partnership” taxable as a corporation for U.S. federal income tax purposes, (ii) certain events under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and (iii) the Non-Managing Member failing to provide any requested information and documents in connection with the Company’s legal, tax or other regulatory obligations.

(c)           Exchanges. Members may exchange (in whole or in part) Interests in different Series at such times as the Managing Member may determine in its sole discretion.  Exchange requests are irrevocable once made, subject to the Managing Member’s sole discretion to determine otherwise.  A Non-Managing Member shall maintain the minimum investment in the Series as shall be determined by the Managing Member in its sole discretion.

Exchanges shall be treated as redemptions from the Series from which Interests are exchanged and subscriptions into the Series into which Interests are exchanged, in accordance with Section 6 and Section 7 hereof.

Exchanges shall be subject to such minimums as may be determined by the Managing Member from time to time in its sole discretion.

If a Capital Account from which a Member makes an exchange is below such Capital Account’s “high water mark”, any loss carryforward (for purposes of calculating further performance fees or incentive fees to the relevant Trading Advisor or any other party paid to (including the Managing Member or its affiliates (as defined in Section 14(c)))) otherwise due in respect of the amount exchanged will be forfeited and will have no effect on the calculation of the incentive fee due in respect of the Series into which such Member exchanges.  Any accrued incentive fees will be assessed on the amount exchanged when a Member exchanges out of a Series.
 

The ability to exchange Interests may be restricted or terminated by the Managing Member at any time in its sole discretion.

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.

11

12.           Effect of Withdrawals

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, and such new managing member shall have elected 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.

Subject to Section 5(b)(1), 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.

12

(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).

13

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).

14

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 U.S. 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 U.S. 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 U.S. 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 U.S. 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.

15

(b)           Notices. All notices and requests to the Managing Member under this Agreement or a Series Designation (other than Subscriptions, requests for redemption or exchange 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 or exchange 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.

(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)

16

IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated Limited Liability Company Agreement as of the day and year first above written.

MANAGING MEMBER:

R.J. O’BRIEN FUND MANAGEMENT, LLC

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-31.01

EXHIBIT 31.01

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Julie M. DeMatteo, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date:             Aug 14, 2014

By:             /s/Julie M. DeMatteo                                               

                   Julie M. DeMatteo, Manager and Director

                   (Principal Executive Officer)

                   R.J. O’Brien Fund Management, LLC, Managing Owner

EX-31.02

EXHIBIT 31.02

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, James A. Gabriele, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date:           Aug 14, 2014

By:             /s/James A. Gabriele                                                   

                  James A. Gabriele, Chief Financial Officer

                  (Principal Financial Officer)

                  R.J. O’Brien Fund Management, LLC, Managing Owner

EX-32.01

EXHIBIT 32.01

SECTION 1350 CERTIFICATION

OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

I, Julie M. DeMatteo, Manager and Director, and I, James A Gabriele, Chief Financial Officer, of R.J. O’Brien Fund Management, LLC (“RJOFM”), the Managing Owner of RJO Global Trust (the “Trust”), certify that, to my knowledge (i) the attached Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the attached Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Trust.

/s/Julie M. DeMatteo	/s/James A. Gabriele
Julie M. DeMatteo	James A. Gabriele
Manager and Director	Chief Financial Officer
R. J. O’Brien Fund Management, LLC, Managing Owner	R. J. O'Brien Fund Management, LLC, Managing Owner
Aug 14, 2014	Aug 14, 2014

XML

Derivative Instruments and Hedging Activities (Details) - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Future [Member], Not Designated as Hedging Instrument [Member], USD $)	Jun. 30, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	$ 375,474	$ 981,232
Liability Derivatives Fair Value	(229,218)	(218,596)
Net Fair Value	146,256	762,636
Agriculture Derivative [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	90,603	223,192
Liability Derivatives Fair Value	(53,356)	(37,817)
Net Fair Value	37,247	185,375
Foreign Exchange Contract [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	91,585	94,958
Liability Derivatives Fair Value	(30,326)	(1,663)
Net Fair Value	61,259	93,295
Energy Related Derivative [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	38,044	15,843
Liability Derivatives Fair Value	(71,351)	(38,517)
Net Fair Value	(33,307)	(22,674)
Credit Risk Contract [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	60,036	438,814
Liability Derivatives Fair Value	(22,518)	(46,548)
Net Fair Value	37,518	392,266
Interest Rate Contract [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	95,206	129,505
Liability Derivatives Fair Value	(31,944)	(94,051)
Net Fair Value	63,262	35,454
Metal Derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	0	78,920
Liability Derivatives Fair Value	(19,723)	0
Net Fair Value	$ (19,723)	$ 78,920

XML

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																																	87 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	Mar. 31, 2014
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 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.

XML

Schedule of Investments (Details) - Condensed Consolidated Schedule of Investments (Futures and Options on Futures Contracts) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Corporate Bonds
Fair Value	$ 146,256	$ 762,636
Corporate Bond Securities [Member] | Long [Member] | Goldman Sachs Group Inc. Nt [Member]
Corporate Bonds
Percentage of Net Assets		4.70%
Fair Value	0	712,502
Face Amount	0	700,000
Maturity Date		5/1/2014
Corporate Bond Securities [Member] | Long [Member] | BB&T Corp Note [Member]
Corporate Bonds
Percentage of Net Assets		4.97%
Fair Value	0	752,693
Face Amount	0	750,000
Maturity Date		4/28/2014
Corporate Bond Securities [Member] | Long [Member]
Corporate Bonds
Percentage of Net Assets		9.67%
Fair Value	0	1,465,195
Face Amount	0	1,450,000
Fixed Income Securities [Member] | Long [Member]
Corporate Bonds
Fair Value	0	1,465,195
Future [Member] | Long [Member] | Agriculture Derivative [Member]
Corporate Bonds
Percentage of Net Assets	(0.38%)	(0.15%)
Fair Value	(44,228)	(22,282)
Future [Member] | Long [Member] | Foreign Exchange Contract [Member]
Corporate Bonds
Percentage of Net Assets	0.96%	0.31%
Fair Value	112,148	46,836
Future [Member] | Long [Member] | Energy Related Derivative [Member]
Corporate Bonds
Percentage of Net Assets	(0.28%)	(0.14%)
Fair Value	(32,880)	(21,904)
Future [Member] | Long [Member] | Credit Risk Contract [Member]
Corporate Bonds
Percentage of Net Assets	0.42%	2.98%
Fair Value	48,474	450,939
Future [Member] | Long [Member] | Interest Rate Contract [Member]
Corporate Bonds
Percentage of Net Assets	0.74%	(0.92%)
Fair Value	85,723	(138,783)
Future [Member] | Long [Member] | Metal Derivatives [Member]
Corporate Bonds
Percentage of Net Assets	0.12%	0.03%
Fair Value	14,280	5,005
Future [Member] | Long [Member]
Corporate Bonds
Fair Value	183,517	319,811
Future [Member] | Short [Member] | Agriculture Derivative [Member]
Corporate Bonds
Percentage of Net Assets	0.70%	1.37%
Fair Value	81,475	207,657
Future [Member] | Short [Member] | Foreign Exchange Contract [Member]
Corporate Bonds
Percentage of Net Assets	(0.44%)	0.31%
Fair Value	(50,889)	46,459
Future [Member] | Short [Member] | Energy Related Derivative [Member]
Corporate Bonds
Percentage of Net Assets	0.00%	(0.01%)
Fair Value	(427)	(770)
Future [Member] | Short [Member] | Credit Risk Contract [Member]
Corporate Bonds
Percentage of Net Assets	(0.09%)	(0.39%)
Fair Value	(10,956)	(58,673)
Future [Member] | Short [Member] | Interest Rate Contract [Member]
Corporate Bonds
Percentage of Net Assets	(0.19%)	1.15%
Fair Value	(22,461)	174,237
Future [Member] | Short [Member] | Metal Derivatives [Member]
Corporate Bonds
Percentage of Net Assets	(0.29%)	0.49%
Fair Value	(34,003)	73,915
Future [Member] | Short [Member]
Corporate Bonds
Fair Value	$ (37,261)	$ 442,825

XML

Subsequent Events. (Details) (Affiliated Entity [Member], Subsequent Event [Member], USD $)	0 Months Ended
	Aug. 01, 2014
Affiliated Entity [Member] | Subsequent Event [Member]
Subsequent Events. (Details) [Line Items]
Advisory Fees Waived	$ 3,483

XML

Financial Highlights (Details) - Schedule of Finanacial Highlights (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Capital Unit, Class A [Member]
Per share operating performance:
Net asset value of Trading units, beginning of period (in Dollars per share)	$ 62.81	$ 75.80	$ 71.25	$ 76.92
Total Trading income (loss):
Trading gain (loss) (in Dollars per share)	$ 1.11	$ (1.54)	$ (5.53)	$ (0.98)
Investment income (in Dollars per share)	$ 0.02	$ 0.01	$ 0.03	$ 0.06
Expenses (in Dollars per share)	$ (2.02)	$ (1.72)	$ (3.83)	$ (3.45)
Trading income (loss) (in Dollars per share)	$ (0.89)	$ (3.25)	$ (9.33)	$ (4.37)
Net asset value of Trading units, end of period (in Dollars per share)	$ 61.92	$ 72.55	$ 61.92	$ 72.55
Total return:
Total return before incentive fees	(1.41%)	(4.30%)	(13.09%)	(5.68%)
Less incentive fee allocations	0.00%	0.00%	0.00%	0.00%
Total return	(1.41%)	(4.30%)	(13.09%)	(5.68%)
Ratios to average net assets:
Trading income (loss)	(1.60%)	(4.42%)	(15.29%)	(5.72%)
Expenses:
Expenses, less incentive fees	(3.33%)	(2.34%)	(6.02%)	(4.62%)
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total expenses	(3.33%)	(2.34%)	(6.02%)	(4.62%)
Capital Unit, Class B [Member]
Per share operating performance:
Net asset value of Trading units, beginning of period (in Dollars per share)	$ 69.77	$ 82.53	$ 78.74	$ 83.34
Total Trading income (loss):
Trading gain (loss) (in Dollars per share)	$ 1.24	$ (1.68)	$ (6.11)	$ (1.07)
Investment income (in Dollars per share)	$ 0.02	$ 0	$ 0.03	$ 0.06
Expenses (in Dollars per share)	$ (1.90)	$ (1.47)	$ (3.53)	$ (2.95)
Trading income (loss) (in Dollars per share)	$ (0.64)	$ (3.15)	$ (9.61)	$ (3.96)
Net asset value of Trading units, end of period (in Dollars per share)	$ 69.13	$ 79.38	$ 69.13	$ 79.38
Total return:
Total return before incentive fees	(0.92%)	(3.81%)	(12.21%)	(4.75%)
Less incentive fee allocations	0.00%	0.00%	0.00%	0.00%
Total return	(0.92%)	(3.81%)	(12.21%)	(4.75%)
Ratios to average net assets:
Trading income (loss)	(1.14%)	(3.90%)	(16.28%)	(4.49%)
Expenses:
Expenses, less incentive fees	(2.80%)	(1.83%)	(5.01%)	(3.67%)
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total expenses	(2.80%)	(1.83%)	(5.01%)	(3.67%)

XML

Fees

6 Months Ended

Jun. 30, 2014

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.

Prior to October 22, 2013, the Trust paid the Managing Owner a fee of 0.75% of the Trust’s month-end net assets on an annual basis.  Effective October 22, 2013, the Managing Owner fee was reduced to 0.50% and waived for the 4th quarter, 2013.

Pursuant to the Trust’s agreements with the Trading Advisors, each Trading Advisor receives a monthly management fee at the rate of up to 0.083% (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.

XML

Fees (Details)	6 Months Ended
	Jun. 30, 2014
Managing Owner [Member] | Annual Rate [Member] | Prior to October 22, 2013 [Member]
Fees (Details) [Line Items]
Management Fee as a Percentage of Net Assets	0.75%
Managing Owner [Member] | Annual Rate [Member] | Effective October 22, 2013 [Member]
Fees (Details) [Line Items]
Management Fee as a Percentage of Net Assets	0.50%
Trading Advisor [Member] | Annual Rate [Member]
Fees (Details) [Line Items]
Management Fee as a Percentage of Net Assets	1.00%
Trading Advisor [Member] | Monthly Rate [Member]
Fees (Details) [Line Items]
Management Fee as a Percentage of Net Assets	0.083%
Trading Advisor [Member] | Quarterly Rate [Member]
Fees (Details) [Line Items]
Advisors Incentive Fee as a Percentage of New Trading Profit	25.00%

XML

Summary of Significant Accounting Policies (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
United States of America, Dollars
Summary of Significant Accounting Policies (Details) [Line Items]
Interest Earned on Trust's Average Daily Balance on Deposit	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.
Percentage of Interest-bearing Domestic Deposits to Deposits	100.00%
Foreign Currencies [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Interest Earned on Trust's Average Daily Balance on Deposit	For non-U.S. dollar deposits, the current rate of interest is equal to 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%
Held by Wells Fargo Bank N.A. [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Investments and Cash	$ 1.6

XML

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2014
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

XML

Trading Activities and Related Risks (Details) (Fixed Income Securities [Member], Maximum [Member])	Jun. 30, 2014
Fixed Income Securities [Member] | Maximum [Member]
Trading Activities and Related Risks (Details) [Line Items]
Investment Owned, Percent of Net Assets	40.00%

XML

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2014

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 unaudited consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with rules and regulations of the SEC.  

Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the financial condition and results of operations of the Trust for the periods presented have been included.

The Trust’s unaudited consolidated financial statements and the related notes should be read together with the consolidated financial statements and related notes included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2013.

(b)         Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiaries, JWH Special Circumstance, LLC and RJ OASIS.  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.

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 June 30, 2014, Wells held approximately $1.6 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.

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 asset value, 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 Pronouncement

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 and is considered an investment company.  The adoption of ASU 2013-08 did not have a material effect on the Trust's consolidated financial statements.

XML

Assets Held at Refco Capital Markets, Ltd. (Details) (USD $)	0 Months Ended																									46 Months Ended	87 Months Ended			0 Months Ended	12 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	Mar. 31, 2014	Mar. 31, 2014	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2005 LLC Equity/Non-Trading [Member]	Dec. 31, 2006 LLC Equity/Non-Trading [Member]	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																																	$ 57,544,206
Substitute Units Held by Affiliates (in Shares)																																	2,273,288
Cash and Cash Equivalents, at Carrying Value																												1,618,066	1,301,182				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																					$ 9,335,669
Gross Proceeds, Percentage of Distribution																										57.25%

XML

Derivative Instruments and Hedging Activities (Details) - Schedule of Derivative Assets and Liabilities, Net (USD $)	Jun. 30, 2014	Dec. 31, 2013
Schedule of Derivative Assets and Liabilities, Net [Abstract]
Unrealized Gain (loss) on open contracts gross assets	$ 485,031	$ 1,095,940
Unrealized Gain (loss) on open contracts gross liabilities	(338,775)	(333,304)
Unrealized Gain (loss) on open contracts net assets (liabilities)	146,256	762,636
Gross assets	485,031	1,095,940
Gross liabilities	(338,775)	(333,304)
Assets (liabilities), net	$ 146,256	$ 762,636

XML

Consolidated Statements of Financial Condition (USD $)	Jun. 30, 2014	Dec. 31, 2013
Equity in commodity Trading accounts:
Cash on deposit with broker	$ 9,292,727	$ 11,311,474
Unrealized gain on open contracts	146,256	762,636
Total due from broker	9,438,983	12,074,110
Cash and cash equivalents on deposit with affiliate	1,618,066	1,301,182
Cash on deposit with bank	21,477	3,230
Fixed income securities (cost $0 and $1,501,697, respectively), held by affiliate	0	1,465,195
Interest receivable	9	9,704
Cash on deposit with bank - Non-Trading	1,098,547	1,278,723
Prepaid expenses - offering	2,040	0
Total Assets	12,179,122	16,132,144
Liabilities:
Accrued commissions	24,990	25,241
Accrued management fees	25,011	30,223
Accrued incentive fees	0	118,791
Accrued operating expenses	90,295	139,655
Accrued offering expenses	0	15,033
Redemptions payable - Trading	379,285	557,636
Accrued legal fees - Non-Trading	500	79,883
Accrued management fees to U.S. Bank - Non-Trading	6,769	7,595
Distribution payable - Non-Trading	1,034	1,034
Total liabilities	527,884	975,091
Beneficial owners
Unitholders' Capital	11,651,238	15,157,053
Total Liabilities and Unitholders' Capital	12,179,122	16,132,144
Capital Unit, Class A [Member] | Trading [Member] | Limited Partner [Member] | Beneficial Owner [Member]
Beneficial owners
Unitholders' Capital	10,332,296	13,569,363
Capital Unit, Class A [Member] | Trading [Member] | General Partner [Member] | Managing Owner [Member]
Beneficial owners
Unitholders' Capital	33,128	38,117
Capital Unit, Class A [Member] | Trading [Member]
Trading:
Net Asset Value Per Unit (in Dollars per share)	$ 61.92	$ 71.25
Capital Unit, Class B [Member] | Trading [Member] | Limited Partner [Member] | Beneficial Owner [Member]
Beneficial owners
Unitholders' Capital	195,561	359,349
Capital Unit, Class B [Member] | Trading [Member]
Trading:
Net Asset Value Per Unit (in Dollars per share)	$ 69.13	$ 78.74
LLC Equity/Non-Trading [Member] | Limited Partner [Member] | Participating Owners [Member]
Beneficial owners
Unitholders' Capital	69,181	89,652
LLC Equity/Non-Trading [Member] | Limited Partner [Member] | Nonparticipating Owners [Member]
Beneficial owners
Unitholders' Capital	$ 1,021,072	$ 1,100,572
LLC Equity/Non-Trading [Member]
Trading:
Net Asset Value Per Unit (in Dollars per share)	$ 0.48	$ 0.52

XML

Schedule of Investments

6 Months Ended

Jun. 30, 2014

Schedule of Investments [Abstract]

Investment Holdings, Schedule of Investments [Text Block]

Condensed Consolidated Schedules of Investments

	June 30, 2014									December 31, 2013
	Face		Maturity	Percentage of						Face		Maturity	Percentage of
	Value		Date	Net Assets			Fair value			Value		Date	Net Assets			Fair value
Securities owned				UNAUDITED
Corporate Bonds
BB & T Corp Note 2.05% ( cost $0 and $762,121, respectively)	$	-	NA	NA			$	-		$	750,000	4/28/2014		4.97	%	$	752,693
Goldman Sachs Group Inc Note 6% (cost $0 and $739,576, respectively)		-	NA	NA				-			700,000	5/1/2014		4.70	%		712,502
Total Corporate Bonds	$	-								$	1,450,000			9.67	%		1,465,195
Total Fixed Income Securities (cost $0 and $1,501,697, respectively)							$	-								$	1,465,195
Long Positions
Futures Positions
Agriculture					-0.38	%	$	(44,228	)					-0.15	%	$	(22,282	)
Currency					0.96	%		112,148						0.31	%		46,836
Energy					-0.28	%		(32,880	)					-0.14	%		(21,904	)
Indices					0.42	%		48,474						2.98	%		450,939
Interest rates					0.74	%		85,723						-0.92	%		(138,783	)
Metals					0.12	%		14,280						0.03	%		5,005
Total long positions on open contracts							$	183,517								$	319,811
Short Positions
Futures Positions
Agriculture					0.70	%	$	81,475						1.37	%	$	207,657
Currency					-0.44	%		(50,889	)					0.31	%		46,459
Energy					0.00	%		(427	)					-0.01	%		(770	)
Indices					-0.09	%		(10,956	)					-0.39	%		(58,673	)
Interest rates					-0.19	%		(22,461	)					1.15	%		174,237
Metals					-0.29	%		(34,003	)					0.49	%		73,915
Total short positions on open contracts							$	(37,261	)							$	442,825
Total unrealized gain on open contracts							$	146,256								$	762,636

XML

Operations (Details)	6 Months Ended
	Jun. 30, 2014
Operations (Details) [Line Items]
Written Notice Period for Redemption	5 days
Payment Period for Redemption of Units	10 days
Capital Unit, Class A [Member] | Annual Rate [Member]
Operations (Details) [Line Items]
Brokerage Fee	3.42%
Capital Unit, Class A [Member] | Monthly Rate [Member]
Operations (Details) [Line Items]
Brokerage Fee	0.28%
Capital Unit, Class B [Member] | Annual Rate [Member]
Operations (Details) [Line Items]
Brokerage Fee	1.42%
Capital Unit, Class B [Member] | Monthly Rate [Member]
Operations (Details) [Line Items]
Brokerage Fee	0.12%
Capital Unit, Class D [Member]
Operations (Details) [Line Items]
Selling Commission	2.00%

XML

Operations (Tables)

6 Months Ended

Jun. 30, 2014

Brokers and Dealers [Abstract]

Schedule of Due to (from) Broker-Dealers and Clearing Organizations [Table Text Block]

The Trust’s brokerage fee constitutes a “wrap fee” of 3.42% of the Trust’s month-end assets on an annual basis (0.28% monthly) with respect to Class A units and 1.42% of the Trust’s month-end assets on an annual basis (0.12% monthly) with respect to Class B units, which covers the fees described below.

Recipient	Nature of Payment	Class A Units			Class B Units
Managing Owner	Managing Owner fee		0.50	%		0.50	%
Selling Agent	Selling commission		2.00	%		0.00	%
Managing Owner	Clearing, NFA, and exchange fees (approximately)		0.92	%		0.92	%
			3.42	%		1.42	%

XML

Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit (Annual Rate [Member])	6 Months Ended
	Jun. 30, 2014
Managing Owner [Member] | Capital Unit, Class A [Member] | Managing Owner Fees [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	0.50%
Managing Owner [Member] | Capital Unit, Class A [Member] | Clearing, NFA and Exchange Fees [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	0.92%
Managing Owner [Member] | Capital Unit, Class B [Member] | Managing Owner Fees [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	0.50%
Managing Owner [Member] | Capital Unit, Class B [Member] | Clearing, NFA and Exchange Fees [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	0.92%
Selling Agent [Member] | Capital Unit, Class A [Member] | Selling Commission [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	2.00%
Selling Agent [Member] | Capital Unit, Class B [Member] | Selling Commission [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	3.42%
Capital Unit, Class B [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	1.42%

XML

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Derivatives not designated as hedging instruments:

As of June 30, 2014
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	90,603	$	(53,356	)	$	37,247
Currency		91,585		(30,326	)		61,259
Energy		38,044		(71,351	)		(33,307	)
Indices		60,036		(22,518	)		37,518
Interest Rates		95,206		(31,944	)		63,262
Metals		-		(19,723	)		(19,723	)
	$	375,474	$	(229,218	)	$	146,256

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

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The above reported fair values are included in equity in commodity trading accounts – unrealized gain on open contracts in the consolidated statements of financial condition as of June 30, 2014 and December 31, 2013, respectively.

As of June 30, 2014
						Net
	Gross					Assets
	Assets		Liabilities			(Liabilities)
Unrealized gain (loss) on open contracts	$	485,031	$	(338,775	)	$	146,256
Total	$	485,031	$	(338,775	)	$	146,256

As of December 31, 2013
						Net
	Gross					Assets
	Assets		Liabilities			(Liabilities)
Unrealized gain (loss) on open contracts	$	1,095,940	$	(333,304	)	$	762,636
Total	$	1,095,940	$	(333,304	)	$	762,636

Schedule of Derivative Instruments Included in Trading Activities [Table Text Block]

Trading gain (loss) for the following periods:

	Six Months Ended June 30,
Type of Futures Contracts	2014			2013
Agriculture	$	21,979		$	(184,663	)
Currency		47,491			(176,681	)
Energy		(253,590	)		(13,094	)
Indices		(606,093	)		(217,160	)
Interest Rates		17,449			(24,325	)
Metals		(329,162	)		218,337
	$	(1,101,926	)	$	(397,586	)

	Three Months Ended June 30,
Type of Futures Contracts		2014			2013
Agriculture	$	85,934		$	(399,350	)
Currency		21,774			(137,854	)
Energy		(93,929	)		(133,992	)
Indices		62,045			(58,059	)
Interest Rates		250,587			(17,393	)
Metals		(141,499	)		216,034
	$	184,912		$	(530,614	)

XML

General Information and Summary

6 Months Ended

Jun. 30, 2014

Disclosure Text Block [Abstract]

Nature of Operations [Text Block]

(1)   General Information and Summary

RJO Global Trust (the “Trust”), is a Delaware statutory trust organized on November 12, 1996 under the Delaware Statutory Trust Act.  It was formed to engage in 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”).

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 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.  Effective January 15, 2014, the Managing Owner began offering Class C and Class D units.  The Class A and Class B units are no longer offered.

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 CTAs (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 CTAs 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.  RPM may also 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.

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 a “Trading Company” and collectively, the “Trading Companies”).  The Trading Companies are operated by RJOFM.  As of June 30, 2014, the Trust was the sole investor in RJ OASIS.

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, which are payable by the Class C and Class D unitholders.  The change in fees and expenses are not expected to significantly affect Class A and Class B unitholders.  As of June 30, 2014, 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 Centurion Investment Management LLC (“CIM”), 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”).

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 June 30, 2014, prior to quarter-end reallocation, RCM was managing 18.50%, PGR 25.66%, Bleecker 5.14%, PAM 5.85%, and CIM 30.05% of the Trust’s assets, respectively.  Approximately 14.80% of the Trust’s assets were not allocated to a Trading Advisor.

RCM, PGR, PAM, and CIM 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 Trust has no officers, directors or employees.  

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 “SEC”, and is a member of the Financial Industry Regulatory Authority (“FINRA”).

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 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 less than $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.

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).

See Item 1: Note (6) for further detail regarding collection and distribution activity related to the assets held at REFCO.

XML

Consolidated Statements of Financial Condition (Parentheticals) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Fixed income securities, cost (in Dollars)	$ 1,501,697	$ 1,501,697
Capital Unit, Class A [Member] | Trading [Member] | Limited Partner [Member] | Beneficial Owner [Member]
Units outstanding	166,862	190,458
Capital Unit, Class A [Member] | Trading [Member] | General Partner [Member] | Managing Owner [Member]
Units outstanding	535	535
Capital Unit, Class B [Member] | Trading [Member] | Limited Partner [Member] | Beneficial Owner [Member]
Units outstanding	2,829	4,564
LLC Equity/Non-Trading [Member] | Limited Partner [Member] | Participating Owners [Member]
Units outstanding	144,250	171,234
LLC Equity/Non-Trading [Member] | Limited Partner [Member] | Nonparticipating Owners [Member]
Units outstanding	2,129,038	2,102,054

XML

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2014

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 June 30, 2014
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	90,603	$	(53,356	)	$	37,247
Currency		91,585		(30,326	)		61,259
Energy		38,044		(71,351	)		(33,307	)
Indices		60,036		(22,518	)		37,518
Interest Rates		95,206		(31,944	)		63,262
Metals		-		(19,723	)		(19,723	)
	$	375,474	$	(229,218	)	$	146,256

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

The above reported fair values are included in equity in commodity trading accounts – unrealized gain on open contracts in the consolidated statements of financial condition as of June 30, 2014 and December 31, 2013, respectively.

As of June 30, 2014
						Net
	Gross					Assets
	Assets		Liabilities			(Liabilities)
Unrealized gain (loss) on open contracts	$	485,031	$	(338,775	)	$	146,256
Total	$	485,031	$	(338,775	)	$	146,256

As of December 31, 2013
						Net
	Gross					Assets
	Assets		Liabilities			(Liabilities)
Unrealized gain (loss) on open contracts	$	1,095,940	$	(333,304	)	$	762,636
Total	$	1,095,940	$	(333,304	)	$	762,636

Trading gain (loss) for the following periods:

	Six Months Ended June 30,
Type of Futures Contracts	2014			2013
Agriculture	$	21,979		$	(184,663	)
Currency		47,491			(176,681	)
Energy		(253,590	)		(13,094	)
Indices		(606,093	)		(217,160	)
Interest Rates		17,449			(24,325	)
Metals		(329,162	)		218,337
	$	(1,101,926	)	$	(397,586	)

	Three Months Ended June 30,
Type of Futures Contracts		2014			2013
Agriculture	$	85,934		$	(399,350	)
Currency		21,774			(137,854	)
Energy		(93,929	)		(133,992	)
Indices		62,045			(58,059	)
Interest Rates		250,587			(17,393	)
Metals		(141,499	)		216,034
	$	184,912		$	(530,614	)

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

XML

Document And Entity Information	6 Months Ended
	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	RJO Global Trust
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	0
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	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2

XML

Subsequent Events.

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

(12)         Subsequent Events

On July 1, 2014, RJ OASIS is open to new qualified investors and as of that date the Trust may no longer be the sole investor in any of the designated Series.  Going forward, the Trust’s investment in any of the RJ OASIS designated Series will be reported as an investment in said underlying Series.

As of August 1, 2014, RJOIM agreed to waive all advisory fees previously charged to the Trust, back to January 1, 2014, in response to a request by the managing owner for said rebate.  This request was made due to the decrease in the size of the Trust’s deposit with RJOIM and the current interest rate environment.  The total amount waived as of July 31, 2014, was $3,483.

XML

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Gain (loss) on trading of commodity contracts:
Realized gain (loss) on closed positions	$ 128,689	$ (311,621)	$ (485,931)	$ (354,405)
Change in unrealized gain (loss) on open positions	51,874	(221,377)	(616,380)	(39,413)
Change in unrealized gain (loss) on investment in
Global Diversified Managed Futures Portfolio LLC	0	131,201	0	159,920
Foreign currency transaction gain (loss)	4,349	2,384	385	(3,768)
Total Trading gain (loss)	184,912	(399,413)	(1,101,926)	(237,666)
Net investment income (loss):
Interest income	6,063	53,525	20,672	134,740
Realized gain (loss) on fixed income securities	(51,697)	(52,174)	(51,697)	(59,167)
Change in unrealized gain (loss) on fixed income securities	48,377	(1,005)	36,503	(58,893)
Total net investment gain (loss)	2,743	346	5,478	16,680
Expenses:
Advisory fees	1,281	8,513	3,188	17,437
Management fees	72,577	95,243	151,561	199,097
Ongoing offering expenses	18,000	14,000	36,000	21,500
Operating expenses	126,000	106,000	234,000	222,000
Total expenses	361,004	447,445	707,211	927,294
Trading income (loss)	(173,349)	(846,512)	(1,803,659)	(1,148,280)
Non-Trading income (loss):
Interest on Non-Trading reserve	35	122	85	266
Legal and administrative fees	(19,425)	(60,847)	(17,111)	(95,182)
Management fees paid to US Bank	(31,195)	(559)	(82,945)	(77,063)
Non-Trading income (loss)	(50,585)	(61,284)	(99,971)	(171,979)
Net income (loss)	(223,934)	(907,796)	(1,903,630)	(1,320,259)
Capital Unit, Class A [Member]
Expenses:
Commissions	141,544	220,411	279,077	459,546
Capital Unit, Class B [Member]
Expenses:
Commissions	$ 1,602	$ 3,278	$ 3,385	$ 7,714

XML

Assets Held at Refco Capital Markets, Ltd.

6 Months Ended

Jun. 30, 2014

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
12/29/2006	$	10,319,318		$	6,643,944	$	-		$	4,180,958		54,914	$	5,154,711
04/20/2007		2,787,629			3,856,315		-			-		-		-
06/07/2007		265,758			3,590,557		-			-		-		-
06/28/2007		4,783,640			-		1,193,083			-		-		-
07/03/2007		5,654			-		5,654			-		-		-
08/29/2007		-			-		-			2,787,947		23,183		1,758,626
09/19/2007		2,584,070			-		2,584,070			-		-		-
12/31/2007		2,708,467			-		2,708,467			-		-		-
03/28/2008		1,046,068			-		1,046,068			-		-		-
04/29/2008		-			-		-			2,241,680		10,736		1,053,815
06/26/2008		701,148			-		701,148			-		-		-
12/31/2008		769,001			-		769,001			-		-		-
06/29/2009		2,748,048			-		2,748,048			-		-		-
12/30/2009		1,102,612			-		1,102,612			-		-		-
05/19/2010		1,695,150			-		1,695,150			-		-		-
06/04/2010		14,329,450	*		-		14,329,450	*		-		-		-
08/01/2010		-			-		-			16,076,112		40,839		3,928,806
10/15/2010		282,790	*		-		282,790	*		-		-		-
12/30/2010		563,163	*		-		563,163	*		-		-		-
06/02/2011		343,664	*		-		343,664	*		-		-		-
08/30/2011		1,328,832	*		-		1,328,832	*		-		-		-
12/01/2011		-			-		-			3,689,555		6,168		561,489
10/31/2012		404,908	*		-		404,908	*		-		-		-
12/05/2012		294,875	*		-		294,875	*		-		-		-
08/05/2013		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 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.

XML

Trading Activities and Related Risks

6 Months Ended

Jun. 30, 2014

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 three month period and the six month period ended June 30, 2014 and 2013, respectively, 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 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.

XML

Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2014

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 three and six month periods ended June 30, 2014 and 2013 respectively. 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						Class A						Class B
	Three months ended						Three months ended						Six months ended						Six months ended
	June 30,						June 30,						June 30,						June 30,
	2014			2013			2014			2013			2014			2013			2014			2013
Per share operating performance:
Net asset value of Trading units, beginning of period	$	62.81		$	75.80		$	69.77		$	82.53		$	71.25		$	76.92		$	78.74		$	83.34
Total Trading income (loss):
Trading gain (loss)		1.11			(1.54	)		1.24			(1.68	)		(5.53	)		(0.98	)		(6.11	)		(1.07	)
Investment income		0.02			0.01			0.02			-			0.03			0.06			0.03			0.06
Expenses		(2.02	)		(1.72	)		(1.90	)		(1.47	)		(3.83	)		(3.45	)		(3.53	)		(2.95	)
Trading income (loss)		(0.89	)		(3.25	)		(0.64	)		(3.15	)		(9.33	)		(4.37	)		(9.61	)		(3.96	)
Net asset value of Trading units, end of period	$	61.92		$	72.55		$	69.13		$	79.38		$	61.92		$	72.55		$	69.13		$	79.38
Total return:
Total return before incentive fees		(1.41	%)		(4.30	%)		(0.92	%)		(3.81	%)		(13.09	%)		(5.68	%)		(12.21	%)		(4.75	%)
Less incentive fee allocations		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total return		(1.41	%)		(4.30	%)		(0.92	%)		(3.81	%)		(13.09	%)		(5.68	%)		(12.21	%)		(4.75	%)
Ratios to average net assets:
Trading income (loss)		(1.60	%)		(4.42	%)		(1.14	%)		(3.90	%)		(15.29	%)		(5.72	%)		(16.28	%)		(4.49	%)
Expenses:
Expenses, less incentive fees		(3.33	%)		(2.34	%)		(2.80	%)		(1.83	%)		(6.02	%)		(4.62	%)		(5.01	%)		(3.67	%)
Incentive fees		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		(3.33	%)		(2.34	%)		(2.80	%)		(1.83	%)		(6.02	%)		(4.62	%)		(5.01	%)		(3.67	%)

XML

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

(a)         Basis of Presentation

The accompanying unaudited consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with rules and regulations of the SEC.  

Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the financial condition and results of operations of the Trust for the periods presented have been included.

The Trust’s unaudited consolidated financial statements and the related notes should be read together with the consolidated financial statements and related notes included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2013.

Consolidation, Policy [Policy Text Block]

(b)         Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiaries, JWH Special Circumstance, LLC and RJ OASIS.  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.

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 June 30, 2014, Wells held approximately $1.6 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.

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 asset value, 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 Pronouncement

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 and is considered an investment company.  The adoption of ASU 2013-08 did not have a material effect on the Trust's consolidated financial statements.

XML

Financial Highlights

6 Months Ended

Jun. 30, 2014

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 three and six month periods ended June 30, 2014 and 2013 respectively.  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						Class A						Class B
	Three months ended						Three months ended						Six months ended						Six months ended
	June 30,						June 30,						June 30,						June 30,
	2014			2013			2014			2013			2014			2013			2014			2013
Per share operating performance:
Net asset value of Trading units, beginning of period	$	62.81		$	75.80		$	69.77		$	82.53		$	71.25		$	76.92		$	78.74		$	83.34
Total Trading income (loss):
Trading gain (loss)		1.11			(1.54	)		1.24			(1.68	)		(5.53	)		(0.98	)		(6.11	)		(1.07	)
Investment income		0.02			0.01			0.02			-			0.03			0.06			0.03			0.06
Expenses		(2.02	)		(1.72	)		(1.90	)		(1.47	)		(3.83	)		(3.45	)		(3.53	)		(2.95	)
Trading income (loss)		(0.89	)		(3.25	)		(0.64	)		(3.15	)		(9.33	)		(4.37	)		(9.61	)		(3.96	)
Net asset value of Trading units, end of period	$	61.92		$	72.55		$	69.13		$	79.38		$	61.92		$	72.55		$	69.13		$	79.38
Total return:
Total return before incentive fees		(1.41	%)		(4.30	%)		(0.92	%)		(3.81	%)		(13.09	%)		(5.68	%)		(12.21	%)		(4.75	%)
Less incentive fee allocations		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total return		(1.41	%)		(4.30	%)		(0.92	%)		(3.81	%)		(13.09	%)		(5.68	%)		(12.21	%)		(4.75	%)
Ratios to average net assets:
Trading income (loss)		(1.60	%)		(4.42	%)		(1.14	%)		(3.90	%)		(15.29	%)		(5.72	%)		(16.28	%)		(4.49	%)
Expenses:
Expenses, less incentive fees		(3.33	%)		(2.34	%)		(2.80	%)		(1.83	%)		(6.02	%)		(4.62	%)		(5.01	%)		(3.67	%)
Incentive fees		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		(3.33	%)		(2.34	%)		(2.80	%)		(1.83	%)		(6.02	%)		(4.62	%)		(5.01	%)		(3.67	%)

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

The net income and expense ratios are computed based upon the weighted average net assets for the Trust for the three and six month periods ended June 30, 2014 and 2013, respectively.  The amounts are not annualized.

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2014

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 June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013, respectively:

	June 30, 2014
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	146,256	$	-	$	-	$	146,256
Total assets		146,256		-		-		146,256
Total fair value	$	146,256	$	-	$	-	$	146,256

	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

XML

Operations

6 Months Ended

Jun. 30, 2014

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.

The Trust’s brokerage fee constitutes a “wrap fee” of  3.42% of the Trust’s month-end assets on an annual basis (0.28% monthly) with respect to Class A units and 1.42% of the Trust’s month-end assets on an annual basis (0.12% monthly) with respect to Class B units, which covers the fees described below.* 

Recipient	Nature of Payment	Class A Units			Class B Units
Managing Owner	Managing Owner fee		0.50	%		0.50	%
Selling Agent	Selling commission		2.00	%		0.00	%
Managing Owner	Clearing, NFA, and exchange fees (approximately)		0.92	%		0.92	%
			3.42	%		1.42	%

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

As of June 30, 2014, no Class C or Class D units had been sold. The Managing Owner fee and clearing, NFA and exchange fees with respect to Class C and D units are not expected to differ significantly from those charged to the Class A and Class B units, respectively. The Class D units are subject to a 2.00% ongoing selling commission, and may also be subject to an initial selling commission of up to 2.00% of the amount invested. The Class C units are not subject to a selling commission.

XML

Cash Management Agreement with Affiliate

6 Months Ended

Jun. 30, 2014

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 June 30, 2014 the Trust’s deposits held by RJOIM consisted of cash of $1,618,066 and fixed income securities of $0.  Advisory fees earned by RJOIM aggregated $1,281, and $3,188, for the three and six months ended June 30, 2014, respectively.

XML

Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis (USD $)	Jun. 30, 2014	Dec. 31, 2013
Assets
Futures positions	$ 146,256	$ 762,636
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Futures positions	146,256	762,636
Fixed income securities		0
Total assets	146,256	762,636
Total fair value	146,256	762,636
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Futures positions	0	0
Fixed income securities		1,465,195
Total assets	0	1,465,195
Total fair value	0	1,465,195
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Futures positions	0	0
Fixed income securities		0
Total assets	0	0
Total fair value	0	0
Fair Value, Measurements, Recurring [Member]
Assets
Futures positions	146,256	762,636
Fixed income securities		1,465,195
Total assets	146,256	2,227,831
Total fair value	$ 146,256	$ 2,227,831

XML

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

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 June 30, 2014 and December 31, 2013, respectively:

	June 30, 2014
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	146,256	$	-	$	-	$	146,256
Total assets		146,256		-		-		146,256
Total fair value	$	146,256	$	-	$	-	$	146,256

	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

XML

Schedule of Investments (Details) - Condensed Consolidated Schedule of Investments (Futures and Options on Futures Contracts) (Parentheticals) (Long [Member], USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Corporate Bond Securities [Member] | BB&T Corp Note [Member]
Investment Holdings, Other than Securities [Line Items]
Cost	$ 0	$ 762,121
Note	2.05%	2.05%
Corporate Bond Securities [Member] | Goldman Sachs Group Inc. Nt [Member]
Investment Holdings, Other than Securities [Line Items]
Cost	0	739,576
Note	6.00%	6.00%
Fixed Income Securities [Member]
Investment Holdings, Other than Securities [Line Items]
Cost	$ 0	$ 1,501,697

XML

Derivative Instruments and Hedging Activities (Details) - Schedule of Trading Gains (Losses) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	$ 184,912	$ (399,413)	$ (1,101,926)	$ (237,666)
Future [Member] | Agriculture Derivative [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	85,934	(399,350)	21,979	(184,663)
Future [Member] | Foreign Exchange Contract [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	21,774	(137,854)	47,491	(176,681)
Future [Member] | Energy Related Derivative [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	(93,929)	(133,992)	(253,590)	(13,094)
Future [Member] | Credit Risk Contract [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	62,045	(58,059)	(606,093)	(217,160)
Future [Member] | Interest Rate Contract [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	250,587	(17,393)	17,449	(24,325)
Future [Member] | Metal Derivatives [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	(141,499)	216,034	(329,162)	218,337
Future [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	$ 184,912	$ (530,614)	$ (1,101,926)	$ (397,586)

XML

Consolidated Statements of Unitholders' Capital (Unaudited) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
Balances at December 31, 2013		$ 15,157,053
Income (loss)	(223,934)	(1,903,630)
Balances at March 31, 2014	11,651,238	11,651,238
Beneficial Owners -Trading Class A [Member] | Limited Partner [Member]
Balances at December 31, 2013		13,569,363
Balances at December 31, 2013 (in Shares)		190,458
Income (loss)		(1,759,624)
Unitholders' redemptions		(1,477,443)
Unitholders' redemptions (in Shares)		(23,596)
Balances at March 31, 2014	10,332,296	10,332,296
Balances at March 31, 2014 (in Shares)	166,862	166,862
Beneficial Owners - Trading Class B [Member] | Limited Partner [Member]
Balances at December 31, 2013		359,349
Balances at December 31, 2013 (in Shares)		4,564
Income (loss)		(39,046)
Unitholders' redemptions		(124,742)
Unitholders' redemptions (in Shares)		(1,735)
Balances at March 31, 2014	195,561	195,561
Balances at March 31, 2014 (in Shares)	2,829	2,829
Managing Owners - Trading Class A [Member] | General Partner [Member]
Balances at December 31, 2013		38,117
Balances at December 31, 2013 (in Shares)		535
Income (loss)		(4,989)
Balances at March 31, 2014	33,128	33,128
Balances at March 31, 2014 (in Shares)	535	535
Unitholders' Capital - Trading [Member]
Balances at December 31, 2013		13,966,829
Balances at December 31, 2013 (in Shares)		195,557
Income (loss)		(1,803,659)
Unitholders' redemptions		(1,602,185)
Unitholders' redemptions (in Shares)		(25,331)
Balances at March 31, 2014	10,560,985	10,560,985
Balances at March 31, 2014 (in Shares)	170,226	170,226
Participating Owners - LLC Equity/Non-Trading [Member] | Limited Partner [Member]
Balances at December 31, 2013		89,652
Balances at December 31, 2013 (in Shares)		171,234
Income (loss)		(7,173)
Unitholders' redemptions		(13,298)
Unitholders' redemptions (in Shares)		(26,984)
Balances at March 31, 2014	69,181	69,181
Balances at March 31, 2014 (in Shares)	144,250	144,250
Nonparticipating Owners - LLC Equity/Non-Trading [Member] | Limited Partner [Member]
Balances at December 31, 2013		1,100,572
Balances at December 31, 2013 (in Shares)		2,102,054
Income (loss)		(92,798)
Unitholders' redemptions		13,298
Unitholders' redemptions (in Shares)		26,984
Balances at March 31, 2014	1,021,072	1,021,072
Balances at March 31, 2014 (in Shares)	2,129,038	2,129,038
Unitholders' Capital - LLC Equity/Non-Trading [Member]
Balances at December 31, 2013		1,190,224
Balances at December 31, 2013 (in Shares)		2,273,288
Income (loss)		(99,971)
Balances at March 31, 2014	$ 1,090,253.00	$ 1,090,253.00
Balances at March 31, 2014 (in Shares)	2,273,288	2,273,288
Net asset value per unit at December 31, 2013 (in Dollars per share)		$ 0.52
Net change per unit (in Dollars per share)		$ (0.04)
Net asset value per unit at June 30, 2014 (in Dollars per share)	$ 0.48	$ 0.48
Unitholders' Capital - Trading Class A [Member]
Net asset value per unit at December 31, 2013 (in Dollars per share)		$ 71.25
Net change per unit (in Dollars per share)		$ (9.33)
Net asset value per unit at June 30, 2014 (in Dollars per share)	$ 61.92	$ 61.92
Unitholders' Capital - Trading Class B [Member]
Net asset value per unit at December 31, 2013 (in Dollars per share)		$ 78.74
Net change per unit (in Dollars per share)		$ (9.61)
Net asset value per unit at June 30, 2014 (in Dollars per share)	$ 69.13	$ 69.13

XML

Income Taxes

6 Months Ended

Jun. 30, 2014

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, 2010, 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.

XML

General Information and Summary (Details) (USD $)	0 Months Ended																									6 Months Ended	87 Months Ended						0 Months Ended	12 Months Ended		12 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	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014 Centurion Investment Management, LLC [Member]	Jun. 30, 2014 Revolution Capital Management LLC [Member]	Jun. 30, 2014 PGR Capital LLP [Member]	Jun. 30, 2014 Bleecker Street Capital, LLC [Member]	Jun. 30, 2014 Paskewitz Asset Management, LLC [Member]	Dec. 31, 2005 LLC Equity/Non-Trading [Member]	Dec. 31, 2006 LLC Equity/Non-Trading [Member]	Oct. 31, 2005 LLC Equity/Non-Trading [Member]	Dec. 31, 2013 US Bank [Member]
General Information and Summary (Details) [Line Items]
Number of Independent Trading Advisors																										5
Percentage of Trust Assets Allocated to Trading Advisor																												30.05%	18.50%	25.66%	5.14%	5.85%
Percentage of Trust Assets Not Allocated to Trading Advisors																										14.80%
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 NAV to less than $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.
Trust Termination Date																										Dec. 31, 2026
Financial Instruments, Owned, Principal Investments, at Fair Value (in Dollars)																																			$ 57,544,206
Substitute Units Held by Affiliates (in Shares)																																			2,273,288
Asset Impairment Charges (in Dollars)	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
Trust Pproceeds from Prior Clearing Broker in Bankruptcy (in Dollars)																																		10,319,318
Payments of Capital Distribution (in Dollars)										$ 970,550																								$ 9,335,669
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)

XML

Cash Management Agreement with Affiliate (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Cash Management Agreement with Affiliate (Details) [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 1,618,066		$ 1,618,066		$ 1,301,182
Noninterest Expense Investment Advisory Fees	1,281	8,513	3,188	17,437
Affiliated Entity [Member]
Cash Management Agreement with Affiliate (Details) [Line Items]
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	1,618,066		1,618,066
Financial Instruments, Owned, Principal Investments, at Fair Value	0		0
Noninterest Expense Investment Advisory Fees	$ 1,281		$ 3,188

XML

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

6 Months Ended

Jun. 30, 2014

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
12/29/2006	$	10,319,318		$	6,643,944	$	-		$	4,180,958		54,914	$	5,154,711
04/20/2007		2,787,629			3,856,315		-			-		-		-
06/07/2007		265,758			3,590,557		-			-		-		-
06/28/2007		4,783,640			-		1,193,083			-		-		-
07/03/2007		5,654			-		5,654			-		-		-
08/29/2007		-			-		-			2,787,947		23,183		1,758,626
09/19/2007		2,584,070			-		2,584,070			-		-		-
12/31/2007		2,708,467			-		2,708,467			-		-		-
03/28/2008		1,046,068			-		1,046,068			-		-		-
04/29/2008		-			-		-			2,241,680		10,736		1,053,815
06/26/2008		701,148			-		701,148			-		-		-
12/31/2008		769,001			-		769,001			-		-		-
06/29/2009		2,748,048			-		2,748,048			-		-		-
12/30/2009		1,102,612			-		1,102,612			-		-		-
05/19/2010		1,695,150			-		1,695,150			-		-		-
06/04/2010		14,329,450	*		-		14,329,450	*		-		-		-
08/01/2010		-			-		-			16,076,112		40,839		3,928,806
10/15/2010		282,790	*		-		282,790	*		-		-		-
12/30/2010		563,163	*		-		563,163	*		-		-		-
06/02/2011		343,664	*		-		343,664	*		-		-		-
08/30/2011		1,328,832	*		-		1,328,832	*		-		-		-
12/01/2011		-			-		-			3,689,555		6,168		561,489
10/31/2012		404,908	*		-		404,908	*		-		-		-
12/05/2012		294,875	*		-		294,875	*		-		-		-
08/05/2013		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 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.