10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 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 September 30, 2014 (unaudited) and December 31, 2013	1
Condensed Consolidated Schedules of Investments, as of September 30, 2014 (unaudited) and December 31, 2013	2
Consolidated Statements of Operations, for the three and nine months ended September 30, 2014 and 2013 (unaudited)	3
Consolidated Statement of Changes in Unitholders’ Capital, for the nine months ended September 30, 2014 (unaudited)	4
Notes to Consolidated Financial Statements	5
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3. Quantitative and Qualitative Disclosures about Market Risk	24
Item 4. Controls and Procedures	24
PART II. OTHER INFORMATION	25
Item 1. Legal Proceedings	25
Item 1A. Risk Factors	25
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	25
Item 6. Exhibits	26
SIGNATURES	27

PART I – FINANCIAL INFORMATION

Item 1.  Financial Statements

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Financial Condition

Assets
	September 30,		December 31,
	2014		2013
	UNAUDITED
Assets:
Equity in commodity Trading accounts:
Cash on deposit with broker	$	9,482,624	$	11,311,474
Unrealized gain on open contracts		337,116		762,636
Total due from broker		9,819,740		12,074,110
Cash and cash equivalents on deposit with affiliate		508,544		1,301,182
Cash on deposit with bank		26,917		3,230
Fixed income securities (cost $0 and $1,501,697, respectively), held by affiliate		-		1,465,195
Interest receivable		38		9,704
Cash on deposit with bank - Non-Trading		1,059,334		1,278,723
Total Assets	$	11,414,573	$	16,132,144
Liabilities and Unitholders' Capital
Liabilities:
Accrued commissions	$	23,282	$	25,241
Accrued management fees		22,534		30,223
Accrued incentive fees		85,126		118,791
Accrued operating expenses		190,402		139,655
Accrued offering expenses		17,461		15,033
Redemptions payable - Trading		671,823		557,636
Accrued legal fees - Non-Trading		500		79,883
Accrued management fees to U.S. Bank - Non-Trading		7,960		7,595
Distribution payable - Non-Trading		1,034		1,034
Total liabilities		1,020,122		975,091
Unitholders' capital:
Unitholders' capital (Trading):
Beneficial owners
Class A (145,561 and 190,458 units outstanding at September 30, 2014 and December 31, 2013, respectively)		9,193,710		13,569,363
Class B (1,652 and 4,564 units outstanding at September 30, 2014 and December 31, 2013, respectively)		117,080		359,349
Managing owner (535 Class A units outstanding at September 30, 2014 and December 31, 2013)		33,788		38,117
Unitholders' capital (LLC equity/Non-Trading):
Participating owners (124,770 and 171,234 units outstanding at September 30, 2014 and December 31, 2013, respectively)		57,623		89,652
Nonparticipating owners (2,148,518 and 2,102,054 units outstanding at September 30, 2014 and December 31, 2013, respectively)		992,250		1,100,572
Total unitholders' capital		10,394,451		15,157,053
Total Liabilities and Unitholders' Capital	$	11,414,573	$	16,132,144
Net asset value per unit:
Trading:
Class A	$	63.16	$	71.25
Class B	$	70.87	$	78.74
LLC equity/Non-Trading	$	0.46	$	0.52

See accompanying notes to consolidated financial statements.

1

RJO GLOBAL TRUST AND SUBSIDIARY

Condensed Consolidated Schedule of Investments

	September 30, 2014									December 31, 2013
	Face Value		Maturity Date	Percentage of Net Assets			Fair value			Face Value		Maturity Date	Percentage of 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					0.20	%	$	20,330						-0.15	%	$	(22,282	)
Currency					0.00	%		(273	)					0.31	%		46,836
Energy					-0.31	%		(32,260	)					-0.14	%		(21,904	)
Indices					-0.78	%		(81,311	)					2.98	%		450,939
Interest Rate					0.02	%		2,105						-0.92	%		(138,783	)
Metals					0.00	%		-						0.03	%		5,005
Total long positions on open contracts							$	(91,409	)							$	319,811
Short Positions
Futures Positions
Agriculture					1.49	%	$	155,347						1.37	%	$	207,657
Currency					1.32	%		137,511						0.31	%		46,459
Energy					0.25	%		25,617						-0.01	%		(770	)
Indices					-0.01	%		(913	)					-0.39	%		(58,673	)
Interest Rate					-0.05	%		(5,055	)					1.15	%		174,237
Metals					1.12	%		116,018						0.49	%		73,915
Total short positions on open contracts							$	428,525								$	442,825
Total unrealized gain on open contracts							$	337,116								$	762,636

See accompanying notes to consolidated financial statements.

2

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Operations

	For the three months ended						For the nine months ended
	September 30,			September 30,			September 30,			September 30,
	2014			2013			2014			2013
	UNAUDITED			UNAUDITED			UNAUDITED			UNAUDITED
Trading gain (loss):
Gain (loss) on trading of commodity contracts:
Realized gain (loss) on closed positions	$	508,439		$	127,000		$	22,508		$	(227,405	)
Change in unrealized gain (loss) on open positions		190,860			(313,812	)		(425,520	)		(353,225	)
Realized gain (loss) on investment in Global Diversified Managed Futures Portfolio LLC		-			(12,749	)		-			(12,749	)
Change in unrealized gain (loss) on investment in Global Diversified Managed Futures Portfolio LLC		-			(159,920	)		-			-
Foreign currency transaction gain (loss)		(48,649	)		2,405			(48,264	)		(1,364	)
Total Trading gain (loss)		650,650			(357,076	)		(451,276	)		(594,743	)
Net investment income (loss):
Interest income		749			55,729			21,422			190,469
Realized gain (loss) on fixed income securities		-			(56,081	)		(51,697	)		(115,248	)
Change in unrealized gain (loss) on fixed income securities		-			23,753			36,503			(35,140	)
Total net investment gain (loss)		749			23,401			6,228			40,081
Expenses:
Commissions - Class A		145,813			196,175			424,890			655,721
Commissions - Class B		1,587			3,064			4,972			10,777
Advisory fees		(3,188	)		7,538			-			24,977
Management fees		68,912			87,658			220,473			286,755
Incentive fees		85,126			-			85,126			-
Ongoing offering expenses		19,500			7,000			55,500			28,500
Operating expenses		150,725			108,000			384,725			330,000
Total expenses		468,475			409,435			1,175,686			1,336,730
Trading income (loss)		182,924			(743,110	)		(1,620,734	)		(1,891,392	)
Non-Trading income (loss):
Interest on Non-Trading reserve		107			65			192			331
Collections in excess of impaired value		-			240,556			-			240,556
Legal and administrative fees		(39,217	)		(15,304	)		(122,161	)		(110,486	)
Management fees paid to US Bank		(1,270	)		(108,337	)		(18,382	)		(185,400	)
Non-Trading income (loss)		(40,380	)		116,980			(140,351	)		(54,999	)
Net income (loss)	$	142,544		$	(626,130	)	$	(1,761,085	)	$	(1,946,391	)

See accompanying notes to consolidated financial statements.

3

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statement of Changes in Unitholders’ Capital

For the nine months ended Sep 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)		-			(1,579,728	)		-			(36,677	)		-		(4,329	)
Unitholders' contributions		-			-			-			-			-		-
Unitholders' redemptions		(44,897	)		(2,795,925	)		(2,912	)		(205,592	)		-		-
Balances at September 30, 2014		145,561		$	9,193,710			1,652		$	117,080			535	$	33,788
Unitholders' Capital (Trading)	Total Unitholders' Capital - Trading
	Units			Dollars
Balances at December 31, 2013		195,557		$	13,966,829
Trading income (loss)		-			(1,620,734	)
Unitholders' contributions		-			-
Unitholders' redemptions		(47,809	)		(3,001,517	)
Balances at September 30, 2014		147,748		$	9,344,578
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)		-			(9,735	)		-			(130,616	)		-		(140,351	)
Reallocation due to Redemptions		(46,464	)		(22,294	)		46,464			22,294			-		-
Balances at September 30, 2014		124,770		$	57,623			2,148,518		$	992,250			2,273,288	$	1,049,873
Total Unitholders Capital at Sep 30, 2014															$	10,394,451
	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		(8.09	)		(7.87	)		(0.06	)
Net asset value per unit at Sep 30, 2014	$	63.16		$	70.87		$	0.46

See accompanying notes to consolidated financial statements.

4

RJO GLOBAL TRUST AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 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, the managing owner of the trust (“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 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 identify 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.

5

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 September 30, 2014, the Trust was the sole investor in the five (5) series of RJ OASIS in which it invests: OASIS Revolution Capital Mgmt Series (“OASIS RCM”), OASIS PGR Capital Series (“OASIS PGR”), OASIS Bleecker Street Capital Series (“OASIS Bleecker”), OASIS Paskewitz Asset Management Series (“OASIS PAM”) and OASIS Centurion Investment Mgmt Series (“OASIS CIM”).

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 will be 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 September 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, 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 Trading Company’s commodity transactions with respect to that portion of the Series’ assets allocated to it.  As of September 30, 2014, prior to quarter-end reallocation, RCM was managing 27.28%, PGR 22.22%, Bleecker 5.27%, PAM 6.28%, and CIM 33.78% of the Trust’s assets, respectively.  Approximately 5.17% of the Trust’s assets were not allocated to any 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.

6

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.

(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.

7

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.

For each series of RJ OASIS in which the Trust invests, that portion of the Trust’s net assets are deposited into an account of the relevant Trading Company held at RJO,  the clearing broker and currency dealer for each Trading Company.  For U.S. dollar deposits, 100% of interest earned on the series’ assets, calculated by the average four-week Treasury bill rate, is paid to the series.  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 series 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 September 30, 2014, Wells held approximately $500,000 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.

8

(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 by the relevant series’ Trading Company.  Incentive fees are accrued monthly and paid quarterly, as applicable, by the relevant series’ Trading Company.  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 Investment Management Agreement, the Trust pays RPM a monthly management fee at a rate of 0.0625% (a 0.75% annual rate) of the Trust’s month-end net asset calculated after determined and before reduction for any RPM management fees then being calculated and all other fees and expenses as of such month-end, and before giving effect to any subscriptions for units in the Trust made as of the beginning of the month immediately following such month-end and to any distributions or redemptions accrued during or as of such month-end. These management fees are not paid on the LLC’s net assets.

Pursuant to the Investment Management Agreement, RPM will receive from the Class C and D units a quarterly incentive fee of 10% of any “New Appreciation”, if any, of any New Assets.  “New Assets” are that portion of the assets contributed to the Trust from the date of the Investment Management Agreement.  New Appreciation in any quarter is equal to the amount by which the net asset value of the New Assets, prior to reduction for any accrued RPM performance fee, but after reduction for all other fees and expenses allocable to the New Assets (including the RPM management fee and management and incentive fees paid to the Trading Advisors, as described below), exceeds the cumulative trading profit as of any previous calendar quarter-end.  Interest income shall not be taken into account in calculating New Appreciation.  This incentive fee is not paid on the LLC’s capital appreciation (if any).

Pursuant to its Advisory Agreement, each Trading Advisor receives from the relevant series’ Trading Company a monthly management fee at a rate of up to 0.083% (a 1% annual rate) of such Trading Companies’ month-end net assets calculated after deduction of brokerage fees, but before reduction for any incentive fee or other costs and before inclusion any month-end investor subscriptions and redemptions for the month in such series.  These management fees are not paid on the LLC’s net assets.

Pursuant to its Advisory Agreement, each Trading Advisor may also receive from the relevant series’ Trading Company 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.  These incentive fees are not paid on the LLC’s capital appreciation (if any).

(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, 2011, 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.

9

(5)         Trading Activities and Related Risks

The Trust, through its indirect investment in the Trading Companies, engages in the speculative trading of U.S. and international futures contracts, options, and forward contracts (collectively derivatives).  These derivatives include both financial and non-financial contracts held as part of a diversified trading strategy.  The Trading Companies are 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 Trading Companies are exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short.

A Trading Company, 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 Trading Company may not be able to enter into a closing transaction because of an illiquid market.

The Trading Companies may purchase exchange-traded options.  As such, the relevant Trading Company 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 Trading Companies to a risk of loss limited to the premiums paid.

Net trading results from derivatives for the three month and nine month periods ended September 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 its indirect investment with the Trading Companies.

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 in the Trust.

See Note (11) for further details on Derivative Instruments and Hedging Activities.

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(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.

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(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 any 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 are valued 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 September 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).

Exchange-traded futures contracts and options on futures contracts are valued based on quoted prices (unadjusted) in active markets for identical assets or liabilities.  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.  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 September 30, 2014 and December 31, 2013, respectively:

	September 30, 2014
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	337,116	$	-	$	-	$	337,116
Total assets		337,116		-		-		337,116
Total fair value	$	337,116	$	-	$	-	$	337,116

	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

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(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 are not paid with respect to the LLC’s net assets.

As of September 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.

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(9)         Financial Highlights

The following financial highlights show the Trust’s financial performance for each class of units for the three and nine month periods ended September 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 units taken as a whole.

	Class A						Class B						Class A						Class B
	Three months ended						Three months ended						Nine months ended						Nine months ended
	September 30,						September 30,						September 30,						September 30,
	2014			2013			2014			2013			2014			2013			2014			2013
Per share operating performance:
Net asset value of Trading units, beginning of period	$	61.92		$	72.55		$	69.13		$	79.38		$	71.25		$	76.92		$	78.74		$	83.34
Total Trading income (loss):
Trading gain (loss)		4.10			(1.47	)		4.60			(1.60	)		(1.44	)		(2.44	)		(1.51	)		(2.68	)
Investment income		-			0.10			-			0.10			0.03			0.15			0.04			0.17
Expenses		(2.33	)		(1.69	)		(2.26	)		(1.46	)		(6.15	)		(5.14	)		(5.80	)		(4.41	)
Incentive fees		(0.53	)		-			(0.60	)		-			(0.53	)		-			(0.60	)		-
Trading income (loss)		1.24			(3.06	)		1.74			(2.96	)		(8.09	)		(7.43	)		(7.87	)		(6.92	)
Net asset value of Trading units, end of period	$	63.16		$	69.49		$	70.87		$	76.42		$	63.16		$	69.49		$	70.87		$	76.42
Total return:
Total return before incentive fees		2.86	%		(4.22	%)		3.22	%		(3.73	%)		(10.58	%)		(9.66	%)		(9.48	%)		(8.31	%)
Less incentive fee allocations		(0.86	%)		0.00	%		(0.70	%)		0.00	%		(0.77	%)		0.00	%		(0.52	%)		0.00	%
Total return		2.00	%		(4.22	%)		2.52	%		(3.73	%)		(11.35	%)		(9.66	%)		(10.00	%)		(8.31	%)
Ratios to average net assets:
Trading income (loss)		1.86	%		(4.42	%)		1.54	%		(3.84	%)		(14.49	%)		(9.98	%)		(17.47	%)		(8.08	%)
Expenses:
Expenses, less incentive fees		(3.88	%)		(2.44	%)		(3.55	%)		(1.89	%)		(9.81	%)		(7.06	%)		(8.32	%)		(5.53	%)
Incentive fees		(0.86	%)		0.00	%		(0.70	%)		0.00	%		(0.77	%)		0.00	%		(0.52	%)		0.00	%
Total expenses		(4.74	%)		(2.44	%)		(4.25	%)		(1.89	%)		(10.58	%)		(7.06	%)		(8.84	%)		(5.53	%)

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 nine month periods ended September 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 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.  As of September 30, 2014 the Trust’s deposits held by RJOIM consisted of cash of $508,544 and fixed income securities of $0.  Advisory fees earned by RJOIM aggregated $0, and $0, for the three and nine months ended September 30, 2014, respectively.

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(11)       Derivative Instruments and Hedging Activities

The Trust does not utilize “hedge accounting” and instead “marks-to-market” any derivatives through operations.

Derivatives not designated as hedging instruments:

As of September 30, 2014
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	182,410	$	(6,733	)	$	175,677
Currency		144,381		(7,143	)		137,238
Energy		19,285		(25,928	)		(6,643	)
Indices		14,350		(96,574	)		(82,224	)
Interest Rates		32,675		(35,625	)		(2,950	)
Metals		116,018		-			116,018
	$	509,119	$	(172,003	)	$	337,116

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 September 30, 2014 and December 31, 2013, respectively.

As of September 30, 2014
	Gross					Net
						Assets
	Assets		Liabilities			(Liabilities)
Unrealized Gain (loss) on open contracts	$	568,726	$	(231,610	)	$	337,116
Total	$	568,726	$	(231,610	)	$	337,116

As of December 31, 2013
	Gross					Net
						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

15

Trading gain (loss) for the following periods:

	Nine Months Ended September 30,
Type of Futures Contracts	2014			2013
Agriculture	$	355,800		$	264,053
Currency		290,288			(291,173	)
Energy		(702,474	)		(221,429	)
Indices		(425,168	)		(263,585	)
Interest Rates		128,532			(120,876	)
Metals		(98,254	)		51,016
	$	(451,276	)	$	(581,994	)

	Three Months Ended September 30,
Type of Futures Contracts	2014			2013
Agriculture	$	333,821		$	448,716
Currency		242,765			(114,491	)
Energy		(448,884	)		(208,334	)
Indices		180,925			(46,465	)
Interest Rates		111,083			(96,551	)
Metals		230,940			(167,282	)
	$	650,650		$	(184,407	)

See Note (5) for additional information on the trading of derivatives not designed as hedging instruments (i.e., “speculative trading”) and the related risks.

(12)       Subsequent Events

As of September 30, 2014 the Trust redeemed out of the “OASIS Bleecker Street Capital Series” (managed by Bleecker) and after quarter end reallocation subscribed to invest into the “OASIS ROW Asset Mgmt Series” (managed by ROW Asset Management, LLC).  The amount redeemed out of OASIS Bleecker was $536,703 and the amount allocated to OASIS ROW Asset Management was $1,666,667 after the quarter-end reallocation.

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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, the managing owner of the Trust (“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 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 September 30, 2014, the Trust was the sole investor in the five (5) series of RJ OASIS in which it invests: OASIS Revolution Capital Mgmt Series (“OASIS RCM”), OASIS PGR Capital Series (“OASIS PGR”), OASIS Bleecker Street Capital Series (“OASIS Bleecker”), OASIS Paskewitz Asset Management Series (“OASIS PAM”) and OASIS Centurion Investment Mgmt Series (“OASIS CIM”).

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 September 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 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.

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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.

(b)         Capital Resources

The Trust’s capital resources fluctuate based upon the purchase and redemption of units and the gains and losses of the relevant Series’ (for which the Trust is an investor) Trading Companies’ trading activities.  For the nine month period ending September 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 nine month period ending September 30, 2014, the Beneficial Owners redeemed a total of 47,809 units for $3,001,517.  For the nine month period ending September 30, 2014, the Beneficial Owners redeemed a total of 44,897 Class A units for $2,795,925 and 2,912 Class B units for $205,592.  The Managing Owner did not redeem any units during the nine month period ending September 30, 2014.

The Trading Companies’ involvement in the futures and forward markets exposes them 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 Trading Companies are 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 Trading Company’s exposure to market risk by, among other things, refining its trading strategy, 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 September 30, 2014, the market sectors where the Trust, through its indirect investment in the Trading Companies, maintained an investment having the highest exposure were: Agricultural having a net long value of $175,677, Currencies having a net long value of $137,238, Metals having a net long value of $116,018, Interest Rates having a net short value of $2,950, Energy having a net short value of $6,643, and Indices having a net short value of $82,224.  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 Trading Companies.  The Trading Companies 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 Trading Companies will be exposed to the credit risk of the other party to such trades.

The Trading Companies’ 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 (through its indirect investment in the Trading Companies) 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 their 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.

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

During the nine month period ending September 30, 2014, the Trust had no credit exposure to a counterparty which is a foreign commodities exchange which was material.

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

(c)         Liquidity

The Trust’s net assets, through its indirect investments in the Trading Companies, are held in brokerage accounts with RJO in the name of the relevant Trading Company.  Such assets are used as margin to engage in trading and may be used as margin solely for the Trading Advisor trading for a relevant trading company.  Except in very unusual circumstances, the Trading Company 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 Trading Company earns interest on 100% of the Trading Company’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, each Trading Company earns interest at a rate of one-month LIBOR less 100 basis points.  For the three month period ended September 30, 2014, RJO had paid or accrued to pay interest of $469 indirectly to the Trust, based on its indirect investment in the Trading Companies.  For the three month period ended September 30, 2013, RJO paid or accrued to pay interest of $326 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 September 30, 2014, Wells held approximately $500,000 of the Trust’s assets.  For the three month periods ending September 30, 2014, and September 30, 2013, the assets held in this account earned $280 and $55,403 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.

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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 September 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.

Fiscal Quarter ended September 30, 2014

The Trust posted a gain of $180,556 or $1.24 per trading unit for Class A units and a gain of $2,368 or $1.74 per trading unit for Class B units for the quarter ending September 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 September 30, 2014, Class A units have lost 22.79% since their first issuance in June 1997.  Class B units have lost 40.64% since their first issuance in January 2009.

As of September 30, 2014, the Trust’s assets were indirectly allocated to the following Trading Advisors as follows:   RCM (27.28%), PGR (22.22%), Bleecker (5.27%), PAM (6.28%) and CIM (33.78%), with the remaining percentage allocated to cash.

Underlying bullish trends in risky assets as well as in fixed income markets continued during the first part of July.  However, as the month progressed markets turned more nervous; heightened concerns about the situation in Ukraine following the shooting down of a Malaysian Airlines passenger jet, jitters about potential interest rate hikes following a rise in the US Employers Cost Index and the Standard & Poor’s default downgrade on Argentina after the government missed a deadline for paying interest on $13 billion of restructured bonds all added to anxiety.  Equity markets sold off sharply towards month-end as volatility came back into the picture with the VIX surging 27% on the very last trading day of the month.  In energies, crude oil snapped a three month winning streak slipping below the $100 per barrel mark on bearish US inventory data.  In fixed income, the German 10-year bond yield fell to a record low by mid-month; however, yields inched higher towards month-end leading US treasury prices to their third monthly loss of the year.  In agricultural commodities, corn continued to slide as the US Department of Agriculture in a report predicted that US farmers may harvest the second-biggest corn crop ever this year.

The bullish trends in fixed income and equity markets seen during the first half of July resurfaced in August.  In fixed income, yields turned lower as soft unemployment data coming out of the US pushed investors’ expectations on coming interest rate hikes forward.  Continued tensions between Russia and Ukraine coupled with concerns for European growth prospects also added to upward pressure in bonds.  However, equity markets managed to shrug off geopolitical tensions and marched higher, building on what has been a long-lasting bullish trend.  In currencies, the US dollar recorded gains against major currencies while in agricultural commodities, Vladimir Putin’s decision to ban imports of agricultural products from countries that have imposed sanctions on Russia had a negative impact on certain contracts, most notably within meats.

Most of last month’s market action was seen in currency and fixed income.  The prospect of higher US interest rates, fueled by indications from the FED that rate hikes are likely to come sooner than the market had anticipated, supported the US dollar which continued to strengthen significantly against other major currencies.  The Japanese yen sold off sharply plummeting to a 6-year low against the greenback.  In fixed income markets, yields on shorter-dated US government bonds climbed mid-month to the highest levels in more than three years as worries over higher interest rates drove investors to cut holdings.  In the commodity sector, US corn prices fell to a 5-year low on higher-than-expected supplies.  Wheat futures also fell after the USDA's stockpile estimates topped analysts’ expectations.  In metals, gold and silver prices dropped 6% and 12% respectively during the month as a consequence of the rise in the US currency.

Fiscal Quarter ended September 30, 2013

The Trust recorded net trading losses of $(725,559) or $(3.06) per trading unit for Class A units and a loss of $(17,551) or $(2.96) per trading unit for Class B units in the third quarter of 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 September 30, 2013, Class A units have lost 15.05% since its inception in June 1997.  Class B units have lost 35.99% since their inception in January 2009.

As of September 30, 2013, the Trust’s assets were allocated to the following Trading Advisors as follows:  NuWave Investment Management, LLC (19.17%), Hyman Beck & Company, Inc. (4.80%), Liberty Funds Group, Inc. (20.98%), Aventis Asset Management, LLC (21.34%), and Global AG, LLC (20.99%), with the remaining percentage allocated to cash.

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Stocks rebounded strongly in July with the S&P 500 rising almost 5% to finish the month at a new all-time high, showing a gain of 18.20% for the year.  After a significant percentage jump in June, interest rates stabilized in July.  The 10-Year U.S. Treasury note traded in a narrow range during the month averaging 2.6%.  The markets seemed to acknowledge that the U.S. economy is growing steadily without much inflationary pressure.  Still, investors are watching the Fed very closely for any hint of a pullback from its 4-year endeavor to support the economy with easy monetary policy.  A new variable for Fed watchers was the replacement for Fed Chairman Bernanke.  The U.S. dollar remained strong against the Japanese Yen, Aussie Dollar and Canadian Dollar but slid a bit during the month against the Euro.  The Dow Jones UBS Commodity Index gained slightly during the month but remained down almost 10% for the year to date.  

Stocks lost ground in August for the second time in the last three months.  Concern over military action in Syria and inconsistent economic reports seemed to have given the market a reason for pause.  The S&P was still up approximately 16% for the year to date.  U.S. Treasury yields inched higher over the course of the month.  The total return on the U.S. 10-year note was -5.39% for the year to date.  The U.S. dollar remained strong against the Japanese Yen, Australian Dollar and Canadian Dollar but remained on the weaker side versus the Euro, Pound, and the Swiss Franc.  The Dow Jones UBS Commodity Index gained just over 3% for the month on the back of stronger energy and precious metals markets, but remained down over 6% for the year to date.  

Stocks regained lost ground, posted a new all-time high mid-month, then settled back a bit at month end to finish September with a 3% gain.  That puts the S&P 500 Total Return index up approximately 20% for the year to date.  Stock and bond markets were both pleased when the Federal Reserve signaled that it would not begin to taper its purchasing of treasuries in the near future.  The Fed’s decision was based on continued weakness in certain areas of the economy and concern for the lack of momentum of the nation’s overall economic recovery.  Commodities trended lower reflecting adequate supplies in agriculture markets and the lessening of tensions surrounding Egypt and Syria in the Middle East which had supported higher oil prices recently.  As a result, the Dow Jones UBS Commodity Index lost 2.55% during the month and had lost almost 9% for the year to date.  After a brief rise in August, the U.S. dollar resumed a weakening trend in September.  The U.S. Dollar Index had lost 5.6% from its recent peak in early July.

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.

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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. 

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.

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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.

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 (through its indirect investment in the Trading Companies) 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 Trading Companies’ 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.

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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 September 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 September 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 September30, 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.

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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 September 30, 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 third quarter of 2014:

	Units Redeemed				Redemption Date NAV per Unit
Month	Class A		Class B		Class A		Class B
July		5,445		-	$	59.98	$	67.08
August		5,218		1,177	$	61.33	$	68.70
September		10,637		-	$	63.16	$	70.87
Total		21,300		1,177

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

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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)
10.01**	Advisory Agreement made as of September 18, 2014 by and among OASIS ROW, LLC, R. J. O’Brien Fund Management, LLC and ROW Asset Management, LLC
10.02**	Amendment to Advisory Agreement made as of October 18, 2014 by and among OASIS ROW, LLC, R. J. O’Brien Fund Management, LLC and ROW Asset Management, LLC
31.01**	Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer.
31.02**	Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer.
32.01**	Section 1350 Certification of Principal Executive Officer and Principal Financial Officer
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

* 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.

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SIGNATURES

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

RJO Global Trust

Date:      November 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

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EX-10.01

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

  EXHIBIT 10.01

ADVISORY AGREEMENT

THIS AGREEMENT, made as of September 18, 2014 (the “Effective Date”) among OASIS ROW, LLC, a Delaware limited liability company (the “Trading Company”), R.J. O’Brien Fund Management, LLC, a Delaware limited liability company (the “Managing Member”), and ROW Asset Management, LLC, a Delaware limited liability company (the “Trading Advisor”).

W I T N E S S E T H:

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

WHEREAS, the Trading Company will have assets invested into it by OASIS ROW Asset Management Series, a Series of O’Brien Alternative Strategic Investment Solutions, LLC, A Delaware Series Limited Liability Company (“the Series”) managed by the Managing Member;

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

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

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

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

1.       Undertakings in Connection with the Continuing Offering of the Series.

(a)The Trading Advisor agrees with respect to the continuing offering of interests (“Units”) in the Series: (i) to make all disclosures regarding itself, its principals and affiliates, its trading performance, its trading systems, methods and strategies (subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information (as defined in Section 1(c) hereof) concerning such systems, methods and strategies), and otherwise, to the extent reasonably requested by the Series and/or the Trading Company (x) in connection with the Series’ offering materials (the “Prospectus”) as required by any applicable regulations under the Commodity Exchange Act (the “CEA”), and/or the rules and regulations of the Securities and Exchange Commission (the “SEC”), including in connection with any amendments or supplements thereto, or (y) to comply with any other applicable law or rule or regulation, including those of the CFTC, the National Futures Association (the “NFA”), the SEC, or any other regulatory or self-regulatory body, exchange, or board with jurisdiction over its members (or to comply with the reasonable request of the aforementioned organizations); and (ii) to otherwise cooperate with the

1

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

Series and/or the Trading Company and the Managing Member by providing, to the extent reasonably requested by the Series and/or the Trading Company, information regarding the Trading Advisor in connection with the preparation of the Prospectus, including any amendments and/or supplements thereto, as the Series and/or the Trading Company may reasonably deem appropriate; provided that all such disclosures are subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information concerning its clients, systems methods and strategies. Notwithstanding the foregoing, the Trading Advisor is not required to review any disclosures contained in the Prospectus and shall not be subject to any liability whatsoever with respect to sales of Units made pursuant to the Prospectus. As used herein, unless otherwise provided, the term “principal” shall have the meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term “affiliate” shall mean an individual or entity that directly or indirectly controls, is controlled by, or is under common control with, such party.

(b)Neither the Trading Advisor nor any of its principals, or affiliates, or any stockholders, officers, directors, or employees shall distribute the Series’ Prospectus or selling literature or shall engage in any selling activities whatsoever in connection with the continuing offering of Units except as may be specifically approved by the Managing Member and agreed to by the Trading Advisor.

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

(d)The Trading Company and the Managing Member each represents, warrants and agrees that they and their respective officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors) will protect and preserve the Confidential Information and will disclose Confidential Information or otherwise make Confidential Information available only to the Trading Company’s or the Managing Member’s officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors), who need to know the Confidential Information (or any part of it) for the purpose of reasonably satisfying their fiduciary, legal, reporting, filing or other obligations hereunder or to reasonably monitor performance in the account during the term of this Agreement or thereafter, or to the extent that the Trading Company, Managing Member or a Recipient, as the case may be, is required to disclose such Confidential Information due to a fiduciary obligation or legal or regulatory request; provided, however, that the Trading Company and Managing Member (as applicable) shall provide prior written notice to the Trading Advisor of any disclosure permitted under this Section 1(d).  Additionally, the Trading Company and the Managing Member each represents, warrants and agrees that it and any Recipient will use the Confidential Information solely for the purpose of reasonably satisfying the Trading Company’s or the Managing Member’s obligations under this Agreement and not in a manner which violates the terms of this Agreement.

2.       Duties of the Trading Advisor.

(a)Upon the commencement of trading operations by the Trading Advisor with respect to all or a portion of the assets of the Trading Company, the Trading Advisor hereby agrees to act as a Trading Advisor for the

2

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

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

(b)The Trading Advisor shall:

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

(ii)Provide the Managing Member, within ten Business Days of the end of a calendar quarter, and within ten Business Days of a separate request which the Managing Member may make from time to time, with information comparing the performance of the Trading Company’s account and the performance of all other client accounts (“Other Accounts”) directed by the Trading Advisor using the trading systems used by the Trading Advisor on behalf of the Trading Company over a specified period of time for the purpose of confirming that the Trading Company has been treated equitably in all material respects as compared to such Other Accounts.  Notwithstanding the foregoing, the Managing Member and the Trading Company acknowledge and agree that the Trading Advisor intends to execute spot foreign exchange, forward foreign exchange, and non-deliverable forward foreign exchange trades with R.J. O’Brien & Associates, LLC (“RJOB”), and as a consequence, there is a risk that the foreign exchange pricing and execution that the Trading Advisor obtains for the Trading Company’s account may be different from the foreign exchange pricing and execution obtained for Other Accounts, which may result in divergent trading results.  The Managing Member and the Trading Company understand and accept the foregoing risk and agree that for the purpose of this Section 2(b)(ii), such divergent trading results shall be deemed not to be “material.”  In providing information regarding Other Accounts to the Managing Member, the Trading Advisor may take reasonable steps to assure the confidentiality of the Trading Advisor’s clients’ identities.  The Trading Advisor shall, upon the Managing Member’s reasonable request, consult with the Managing Member concerning any material discrepancies between the performance of such Other Accounts and the Trading Company’s account.  The Trading Advisor shall promptly inform the Managing Member in writing of any material discrepancies of which the Trading Advisor is aware.  The Managing Member acknowledges that the following differences in accounts may cause divergent trading results: different brokerage commissions and related transaction fees, different foreign exchange margin management, different trading strategies, methods or degrees of leverage, different trading policies, accounts experiencing differing inflows or outflows of equity, different risk profiles, accounts which commence trading at different times and accounts which have different portfolios or different fiscal years.

(iii)Inform the Managing Member within five Business Days if the Trading Advisor’s open positions maintained by the Trading Advisor exceed the Trading Advisor’s applicable speculative position limits.

3

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

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

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

(d)Subject to Section 7(a) hereof, the Trading Advisor shall assume financial responsibility for any material errors committed or caused by it in transmitting orders for the purchase or sale of futures interests for the Trading Company’s account that are a result of the gross negligence, fraud or willful misconduct of the Trading Advisor.  The Trading Advisor shall have an affirmative obligation to notify the Managing Member within 24 hours of discovering any material error committed by the Trading Advisor with respect to the account, and the Trading Advisor shall use its best efforts to identify and promptly notify the Managing Member of any order or trade which the Trading Advisor reasonably believes was not executed in accordance with its instructions to the Futures Brokers or such other commodity broker utilized to execute orders for the Trading Company.

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

(f)In performing services to the Trading Company, the Trading Advisor shall utilize its Diversified Program (the “Trading Program”), as described in the Confidential Private Placement Memorandum of ROW Diversified Fund, LP, dated as of July 31, 2013 and as modified from time to time.  The Trading Advisor shall give the Managing Member prior written notice of any change in the Trading Program that the Trading Advisor considers to be material (and shall not effect such change on behalf of the Trading Company without the Managing Member’s consent), including any additional futures interests to be traded by the Trading Advisor not already listed on Exhibit C; provided, however, that the Trading Advisor has reasonable flexibility to modify its trading tactics or emphasis and may add and subtract different types of instruments in the Account, and such changes shall not necessarily be deemed to be material.  Changes in the futures interests traded, provided that such futures interests are listed on Exhibit C, shall not be deemed a modification of the Trading Program. For the purposes of this Section 2(f), the only change in the Trading Program that the Trading Advisor generally considers to be material is a change that results in the Trading Advisor trading in an instrument other than a futures interest.

3.       Trading Advisor as an Independent Contractor.

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

4

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

4.       Futures Broker.

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

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

5.       Fees and Expenses.

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

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

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

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

(c)The term “Allocated Net Assets” shall mean the total assets of the Trading Company allocated to the Account (including, but not limited to, all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value (marked-to-market) of all open futures interest positions and other assets

* Confidential material redacted and filed separately with the Commission.

* Confidential material redacted and filed separately with the Commission.

* Confidential material redacted and filed separately with the Commission.

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

of the Account) less all liabilities of the Trading Company determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting.  Unless generally accepted accounting principles require otherwise, the market value of a futures or option contract traded on a United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract shall be traded by the Trading Advisor on behalf of the Account with respect to which the Net Assets are being determined; provided, however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules of the exchange on which that contract shall be traded or otherwise, the settlement price on the first subsequent day on which the contract could be liquidated shall be the market value of such contract for such day, or if a contract could not be liquidated on such day due to the exchange being closed for an exchange holiday, the settlement price on the most recent preceding day on which the contract could have been liquidated shall be the market value of such contract for such day.  The market value of a forward contract or a futures or option contract traded on a foreign exchange or market shall mean its market value as determined by the Managing Member on a basis consistently applied for each different variety of contract.

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

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

(f)              All purchases and sales of futures interests shall be for the Account and the Trading Company. All brokerage and floor commissions and fees, reasonable give-up fees, option premiums and all other transaction costs and expenses reasonably incurred in connection with transactions by and for the Trading Company by the Trading Advisor shall be charged to the Account.

6.       Term.

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

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

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

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

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

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

7.       Standard of Liability: Indemnifications.

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

(b)         Trading Advisor Indemnity in Respect of Management Activities. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company and the Managing Member, their controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs, and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action

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

or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (d) below); provided that a court of competent jurisdiction upon entry of a final judgment (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the subject of the demand, claim, lawsuit, action, or proceeding did not constitute negligence, misconduct, or a breach of this Agreement or a representation, warranty or covenant of the Trading Company or the Managing Member, their controlling persons, their affiliates and their respective directors, officers, shareholders, employees, and controlling persons and was done in good faith.

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

(d)         [Reserved]

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

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

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

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

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

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

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

(a)The Trading Advisor is engaged in the business of advising clients as to the purchase and sale of futures interests.  During the term of this Agreement, the Trading Advisor, its principals and affiliates, will be advising other clients (including affiliates and the stockholders, officers, directors, and employees of the Trading Advisor and its affiliates and their families) and trading for their own accounts.  The Trading Advisor will use its best efforts to implement a fair and consistent allocation policy that seeks to ensure that all clients are treated equitably and positions allocated as nearly as possible in proportion to the assets available for trading of the accounts managed or controlled by the Trading Advisor.  Upon written request, the Managing Member may request a copy of the Trading Advisor’s procedures regarding the equitable treatment of trades across accounts.  Such procedures shall be provided to the Managing Member within thirty days of such request by the Managing Member.  Except as otherwise set forth herein, the Trading Advisor and its principals and affiliates agree to treat the Trading Company in a fiduciary capacity to the extent recognized by applicable law, but subject to that standard.  To the extent required by its fiduciary duties, the Trading Advisor shall not by any act or omission knowingly or intentionally favor any account advised or managed by the Trading Advisor over the account of the Trading Company in any way or manner.  Nothing contained in this Section 8(a) shall preclude the Trading Advisor from charging different management and/or incentive fees to its clients.  Subject to the Trading Advisor’s obligations under applicable law, the Trading Advisor or any of its principals or affiliates shall be free to advise and manage accounts for other clients and shall be free to trade on the basis of the same trading systems, methods, or strategies employed by the Trading Advisor for the account of the Trading Company, or trading systems, methods, or strategies that are entirely independent of, or materially different from, those employed for the account of the Trading Company, and shall be free to compete for the same futures interests as the Trading Company or to take positions opposite to the Trading Company, where such actions do not knowingly or intentionally prefer any of such accounts over the account of the Trading Company on an overall basis.

(b)The Trading Advisor shall not be restricted as to the number or nature of its clients, except that: (i) so long as the Trading Advisor acts as a trading advisor for the Trading Company pursuant to this Agreement, neither the Trading Advisor nor any of its principals or affiliates shall knowingly hold any position or control any other account that would cause the Trading Company, the Trading Advisor, or the principals or affiliates of the Trading Advisor to be in violation of the CEA or any regulations promulgated thereunder, any other applicable law, or any applicable rule or regulation of the CFTC or any other regulatory or self-regulatory body, exchange, or board; and (ii) neither the Trading Advisor nor any of its principals or affiliates shall render futures interests trading advice to any other individual or entity or otherwise engage in activity that shall knowingly cause positions in futures interests to be attributed to the Trading Advisor under the rules or regulations of the CFTC or any other regulatory or self-regulatory body, exchange, or board so as to require the significant modification of positions taken or intended for the account of the Series; provided that the Trading Advisor may modify its trading systems, methods or strategies to accommodate the trading of additional funds or accounts.  If applicable speculative position limits are exceeded by the Trading

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

Advisor in the opinion of (i) independent counsel (who shall be other than counsel to the Trading Company), (ii) the CFTC, or (iii) any other regulatory or self-regulatory body, exchange, or board, the Trading Advisor and its principals and affiliates shall promptly liquidate positions in all of their accounts, including the Trading Company’s account, as to which positions are attributed to the Trading Advisor as nearly as possible in proportion to the accounts’ respective amounts available for trading (taking into account different degrees of leverage and “notional” equity) to the extent necessary to comply with the applicable position limits.

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

(a)Representations and Warranties of the Trading Advisor.

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

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

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

(iii)The Trading Advisor shall trade the Assets pursuant to the Trading Program unless the Managing Member and the Trading Advisor agree otherwise.

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

(v)[Reserved]

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

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

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

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

(x)Except as previously disclosed by the Trading Advisor there have not been and there is not pending, or to the best of the Trading Advisor’s knowledge after due inquiry, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor or any Trading Advisor

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

Principal is or was a party, or to which any of the assets of the Trading Advisor is or was subject and which resulted in or might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor.  None of the Trading Advisor or any Trading Advisor Principal has received any notice of an investigation by the NFA, CFTC or other administrative agency or self-regulatory body (whether United States or foreign) regarding noncompliance by the Trading Advisor or any of the Trading Advisor Principals with the CEA or any other applicable law.

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

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

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

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

(b)Covenants of the Trading Advisor.

The Trading Advisor covenants and agrees that:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(ix)       The Managing Member is registered as a commodity pool operator (“CPO”) under the CEA and is a member of the NFA in such capacity. The Trading Company is a commodity pool, and it is operated by a CPO that is registered as a CPO under the CEA and is a member of the NFA in such capacity. The Trading Company shall cause its CPO to provide to the Trading Advisor a representation, to the reasonable satisfaction of the Trading Advisor, regarding such CPO’s regulatory status under the CEA.

(x)        The Trading Company is a “Qualified Eligible Person” as that term is defined in Rule 4.7 promulgated under the CEA.

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

(b)Covenants of the Managing Member.

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

The Managing Member covenants and agrees that:

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

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

11.       Merger or Transfer of Assets.

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

12.       Complete Agreement.

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

13.       Assignment.

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

14.       Amendment.

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

15.       Severability.

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

16. [Reserved]  

17.       Disclosure Documents.

(a)         The Managing Member acknowledges that the Trading Advisor is not currently required to file a disclosure document with the CFTC, NFA or other self-regulatory organization. If, during the term of this Agreement, the Trading Advisor becomes required to file such a disclosure document, the Trading Manager shall furnish to the Managing Member promptly copies of any and all such disclosure documents as filed in final form with the CFTC, NFA or other self-regulatory organization.

13

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

(b)The Managing Member, the Trading Company and the Series will not distribute or supplement any promotional material, other than routine investor communications, relating to the Trading Advisor unless the Trading Advisor has provided prior written consent to such distribution or supplement, which consent shall not be unreasonably withheld.

18.       Track Record.

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

19.       Use of Name.

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

20.       Notices.

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

if to the Trading Company:

OASIS ROW, LLC

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

222 S. Riverside Plaza

Suite 900

Chicago, Illinois 60606

Facsimile: 312-373-4831

Email: jdematteo@rjobrien.com

if to the Managing Member:

R. J. O’Brien Fund Management, LLC

222 S. Riverside Plaza

Suite 900

Chicago, Illinois 60606

Facsimile: 312-373-4831

Email: jdematatteo@rjobrien.com

With a copy to:

Alston & Bird LLP

90 Park Avenue

New York, NY 10016

Attn: Timothy P. Selby

Facsimile: (212) 210-9444

Email: timothy.selby@alston.com

14

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

if to the Trading Advisor:

ROW Asset Management, LLC

450 Newport Center Drive

Suite 420

Newport Beach, CA 92660

Attn: Ryan O’Grady

Phone: (949) 478-8301

Email: rogrady@rowam.com

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

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

22.       Third-Party Beneficiaries.

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

23.       Governing Law; Arbitration.

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

Notwithstanding the foregoing, any controversy or claim arising out of or related to this Agreement shall be settled exclusively by arbitration administered by JAMS and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof in accordance with this Section 23; provided, however, that a party may, without inconsistency with this arbitration provision, apply to any court in accordance with this Section 23 and seek injunctive relief until the arbitration award is rendered or the controversy is otherwise resolved.  The arbitration will be conducted in Chicago, Illinois by an arbitrator operating in accordance with the provisions of JAMS Streamlined Arbitration Rules and Procedures in effect at the time of filing of the demand for arbitration. The arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without limitation, the issuance of an injunction. The fees and expenses of such arbitration shall be borne by the non-prevailing party, as determined by such arbitration. Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of the other parties.

24.       Remedies.

[Reserved]

15

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

25.       Headings.

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

26.       Successors.

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

27.       Counterparts.

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

28.       Waiver of Breach.

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

16

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

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

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

OASIS ROW, LLC
By R.J. O’Brien Fund Management, LLC
Managing Member
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
R.J. O’BRIEN FUND MANAGEMENT, LLC
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
ROW ASSET MANAGEMENT, LLC
By:	/s/ Ryan O’Grady
	Name: Ryan O’Grady
	Title: CEO

17

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

EXHIBIT A

Trading Policies

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

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

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

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

5.The Trading Advisor will trade only in those futures interests that have been approved by the CFTC as suitable for US investors.  

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

18

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

EXHIBIT B

COMMODITY TRADING AUTHORITY

Dear ROW Asset Management, LLC:

OASIS ROW, LLC (the “Trading Company”) and R.J. O’Brien Fund Management, LLC, the Trading Company’s managing member (the “Managing Owner”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Managing Owner on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Managing Member and you as of September 18, 2014, as amended or supplemented, and in accordance with the terms and conditions of said Agreement.

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

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

19

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

EXHIBIT C

FUTURES INTERESTS TRADED

Currencies		Futures and Options on Futures
Bloomberg Codes	Market Description	Bloomberg Codes	Exchange	Market Description
USD	FX rate (OTC)	BO	CBT	Soybean Oil
EUR	FX rate (OTC)	C	CBT	Corn
AUD	FX rate (OTC)	CC	NYB-ICE	Cocoa
CAD	FX rate (OTC)	CL	NYM	Crude Oil
CHF	FX rate (OTC)	CT	NYB-ICE	Cotton
GBP	FX rate (OTC)	ES	CME	S&P (mini)
JPY	FX rate (OTC)	FV	CBT	5-year note
BRL	FX rate (OTC)	G	LIFFE	Gilt
CLP	FX rate (OTC)	GC	CMX	Gold
CZK	FX rate (OTC)	HG	CMX	Copper
HUF	FX rate (OTC)	KC	NYB-ICE	Coffee
IDR	FX rate (OTC)	LC	CME	Live Cattle
INR	FX rate (OTC)	NG	NYM	Natural Gas
KRW	FX rate (OTC)	NH	CME	Nikkei
MXN	FX rate (OTC)	NQ	CME	Nasdaq
NOK	FX rate (OTC)	OE	EUREX	Bobl
			ICE
NZD	FX rate (OTC)	QS	Europe	GasOil
PHP	FX rate (OTC)	RX	EUREX	Bund
PLN	FX rate (OTC)	S	CBT	Soybeans
RUB	FX rate (OTC)	SB	NYB-ICE	Sugar
SEK	FX rate (OTC)	SI	CMX	Silver
TRY	FX rate (OTC)	SM	CBT	Soybean Meal
TWD	FX rate (OTC)	TY	CBT	10-year note
ZAR	FX rate (OTC)	VG	EUREX	EuroStoxx
ARS	FX rate (OTC)	W	CBT	Wheat
COP	FX rate (OTC)	XB	NYM	RBOB Unleaded
PEN	FX rate (OTC)	XM	SFE	A$ 10-year
RON	FX rate (OTC)	XP	SFE	ASX SPI 200
SGD	FX rate (OTC)	YM	SFE	A$ 3-year
THB	FX rate (OTC)	Z	LIFFE	FTSE

20

EX-10.02

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

EXHIBIT 10.02

AMENDMENT TO ADVISORY AGREEMENT

This Amendment (“the Amendment”) the certain Advisory Agreement dated October 18, 2014 (“the Agreement”) is made as of October 1, 2014 (the “Effective Date”) among OASIS ROW, LLC, a Delaware limited liability company (the “Trading Company”), R.J. O’Brien Fund Management, LLC, a Delaware limited liability company (the “Managing Member”), and ROW Asset Management, LLC, a Delaware limited liability company (the “Trading Advisor”).

The Trading Company, the Managing Member, and the Trading Advisor now desire to amend the terms of the Agreement as set forth below:

1.           Subsection (a)(i) of Section 5 is hereby amended and restated in its entirety and shall hereafter read as follows:

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

2.           Subsection (a)(ii) of Section 5 is hereby amended and restated in its entirety and shall hereafter read as follows:

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

3.           Except as provided in this Amendment, all terms and conditions used in this Amendment that are not otherwise defined shall have the respective meanings ascribed to such terms in the Agreement.

* Confidential material redacted and filed separately with the Commission. 

* Confidential material redacted and filed separately with the Commission. 

* Confidential material redacted and filed separately with the Commission. 

* Confidential material redacted and filed separately with the Commission.

1

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

4.           Except as set forth in this Amendment, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms. If there is a conflict between this Amendment and the Agreement, the terms and conditions of this Amendment will prevail.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment effective as of the Effective Date.

SIGNATURE PAGE FOLLOWS

OASIS ROW, LLC
By R.J. O’Brien Fund Management, LLC
Managing Member
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
R.J. O’BRIEN FUND MANAGEMENT, LLC
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
ROW ASSET MANAGEMENT, LLC
By:	/s/ Ryan O’Grady
	Name:
	Title:

2

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:             November 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:           November 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
November 14, 2014	November 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 $)	Sep. 30, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	$ 509,119	$ 981,232
Liability Derivatives Fair Value	(172,003)	(218,596)
Net Fair Value	337,116	762,636
Agriculture Derivative [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	182,410	223,192
Liability Derivatives Fair Value	(6,733)	(37,817)
Net Fair Value	175,677	185,375
Foreign Exchange Contract [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	144,381	94,958
Liability Derivatives Fair Value	(7,143)	(1,663)
Net Fair Value	137,238	93,295
Energy Related Derivative [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	19,285	15,843
Liability Derivatives Fair Value	(25,928)	(38,517)
Net Fair Value	(6,643)	(22,674)
Credit Risk Contract [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	14,350	438,814
Liability Derivatives Fair Value	(96,574)	(46,548)
Net Fair Value	(82,224)	392,266
Interest Rate Contract [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	32,675	129,505
Liability Derivatives Fair Value	(35,625)	(94,051)
Net Fair Value	(2,950)	35,454
Metal Derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	116,018	78,920
Liability Derivatives Fair Value	0	0
Net Fair Value	$ 116,018	$ 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																																	93 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	Sep. 30, 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.

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Schedule of Investments (Details) - Condensed Consolidated Schedule of Investments (Futures and Options on Futures Contracts) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Corporate Bonds
Fair Value	$ 337,116	$ 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	0.20%	(0.15%)
Fair Value	20,330	(22,282)
Future [Member] | Long [Member] | Foreign Exchange Contract [Member]
Corporate Bonds
Percentage of Net Assets	0.00%	0.31%
Fair Value	(273)	46,836
Future [Member] | Long [Member] | Energy Related Derivative [Member]
Corporate Bonds
Percentage of Net Assets	(0.31%)	(0.14%)
Fair Value	(32,260)	(21,904)
Future [Member] | Long [Member] | Credit Risk Contract [Member]
Corporate Bonds
Percentage of Net Assets	(0.78%)	2.98%
Fair Value	(81,311)	450,939
Future [Member] | Long [Member] | Interest Rate Contract [Member]
Corporate Bonds
Percentage of Net Assets	0.02%	(0.92%)
Fair Value	2,105	(138,783)
Future [Member] | Long [Member] | Metal Derivatives [Member]
Corporate Bonds
Percentage of Net Assets	0.00%	0.03%
Fair Value	0	5,005
Future [Member] | Long [Member]
Corporate Bonds
Fair Value	(91,409)	319,811
Future [Member] | Short [Member] | Agriculture Derivative [Member]
Corporate Bonds
Percentage of Net Assets	1.49%	1.37%
Fair Value	155,347	207,657
Future [Member] | Short [Member] | Foreign Exchange Contract [Member]
Corporate Bonds
Percentage of Net Assets	1.32%	0.31%
Fair Value	137,511	46,459
Future [Member] | Short [Member] | Energy Related Derivative [Member]
Corporate Bonds
Percentage of Net Assets	0.25%	(0.01%)
Fair Value	25,617	(770)
Future [Member] | Short [Member] | Credit Risk Contract [Member]
Corporate Bonds
Percentage of Net Assets	(0.01%)	(0.39%)
Fair Value	(913)	(58,673)
Future [Member] | Short [Member] | Interest Rate Contract [Member]
Corporate Bonds
Percentage of Net Assets	(0.05%)	1.15%
Fair Value	(5,055)	174,237
Future [Member] | Short [Member] | Metal Derivatives [Member]
Corporate Bonds
Percentage of Net Assets	1.12%	0.49%
Fair Value	116,018	73,915
Future [Member] | Short [Member]
Corporate Bonds
Fair Value	$ 428,525	$ 442,825

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Subsequent Events (Details) (Subsequent Event [Member], USD $)	Sep. 30, 2014
Bleecker Street Capital, LLC [Member] | Redemption of OASIS Bleecker Steet Capital Series [Member]
Subsequent Events (Details) [Line Items]
Assets under Management, Carrying Amount	$ 536,703
ROW Asset Management, LLC. [Member] | Allocation Into OASIS ROW Asset Mgmt Series [Member]
Subsequent Events (Details) [Line Items]
Assets under Management, Carrying Amount	$ 1,666,667

XML

Financial Highlights (Details) - Schedule of Finanacial Highlights (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Capital Unit, Class A [Member]
Per share operating performance:
Net asset value of Trading units, beginning of period	$ 61.92	$ 72.55	$ 71.25	$ 76.92
Total Trading income (loss):
Trading gain (loss)	$ 4.10	$ (1.47)	$ (1.44)	$ (2.44)
Investment income	$ 0	$ 0.10	$ 0.03	$ 0.15
Expenses	$ (2.33)	$ (1.69)	$ (6.15)	$ (5.14)
Incentive fees	$ (0.53)	$ 0	$ (0.53)	$ 0
Trading income (loss)	$ 1.24	$ (3.06)	$ (8.09)	$ (7.43)
Net asset value of Trading units, end of period	$ 63.16	$ 69.49	$ 63.16	$ 69.49
Total return:
Total return before incentive fees	2.86%	(4.22%)	(10.58%)	(9.66%)
Less incentive fee allocations	(0.86%)	0.00%	(0.77%)	0.00%
Total return	2.00%	(4.22%)	(11.35%)	(9.66%)
Ratios to average net assets:
Trading income (loss)	1.86%	(4.42%)	(14.49%)	(9.98%)
Expenses:
Expenses, less incentive fees	(3.88%)	(2.44%)	(9.81%)	(7.06%)
Incentive fees	(0.86%)	0.00%	(0.77%)	0.00%
Total expenses	(4.74%)	(2.44%)	(10.58%)	(7.06%)
Capital Unit, Class B [Member]
Per share operating performance:
Net asset value of Trading units, beginning of period	$ 69.13	$ 79.38	$ 78.74	$ 83.34
Total Trading income (loss):
Trading gain (loss)	$ 4.60	$ (1.60)	$ (1.51)	$ (2.68)
Investment income	$ 0	$ 0.10	$ 0.04	$ 0.17
Expenses	$ (2.26)	$ (1.46)	$ (5.80)	$ (4.41)
Incentive fees	$ (0.60)	$ 0	$ (0.60)	$ 0
Trading income (loss)	$ 1.74	$ (2.96)	$ (7.87)	$ (6.92)
Net asset value of Trading units, end of period	$ 70.87	$ 76.42	$ 70.87	$ 76.42
Total return:
Total return before incentive fees	3.22%	(3.73%)	(9.48%)	(8.31%)
Less incentive fee allocations	(0.70%)	0.00%	(0.52%)	0.00%
Total return	2.52%	(3.73%)	(10.00%)	(8.31%)
Ratios to average net assets:
Trading income (loss)	1.54%	(3.84%)	(17.47%)	(8.08%)
Expenses:
Expenses, less incentive fees	(3.55%)	(1.89%)	(8.32%)	(5.53%)
Incentive fees	(0.70%)	0.00%	(0.52%)	0.00%
Total expenses	(4.25%)	(1.89%)	(8.84%)	(5.53%)

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Fees

9 Months Ended

Sep. 30, 2014

Fees and Commissions [Abstract]

Fees And Commissions [Text Block]

(3)         Fees

Management fees are accrued and paid monthly by the relevant series’ Trading Company.  Incentive fees are accrued monthly and paid quarterly, as applicable, by the relevant series’ Trading Company.  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 Investment Management Agreement, the Trust pays RPM a monthly management fee at a rate of 0.0625% (a 0.75% annual rate) of the Trust’s month-end net asset calculated after determined and before reduction for any RPM management fees then being calculated and all other fees and expenses as of such month-end, and before giving effect to any subscriptions for units in the Trust made as of the beginning of the month immediately following such month-end and to any distributions or redemptions accrued during or as of such month-end. These management fees are not paid on the LLC’s net assets.

Pursuant to the Investment Management Agreement, RPM will receive from the Class C and D units a quarterly incentive fee of 10% of any “New Appreciation”, if any, of any New Assets.  “New Assets” are that portion of the assets contributed to the Trust from the date of the Investment Management Agreement.  New Appreciation in any quarter is equal to the amount by which the net asset value of the New Assets, prior to reduction for any accrued RPM performance fee, but after reduction for all other fees and expenses allocable to the New Assets (including the RPM management fee and management and incentive fees paid to the Trading Advisors, as described below), exceeds the cumulative trading profit as of any previous calendar quarter-end.  Interest income shall not be taken into account in calculating New Appreciation.  This incentive fee is not paid on the LLC’s capital appreciation (if any).

Pursuant to its Advisory Agreement, each Trading Advisor receives from the relevant series’ Trading Company a monthly management fee at a rate of up to 0.083% (a 1% annual rate) of such Trading Companies’ month-end net assets calculated after deduction of brokerage fees, but before reduction for any incentive fee or other costs and before inclusion any month-end investor subscriptions and redemptions for the month in such series.  These management fees are not paid on the LLC’s net assets.

Pursuant to its Advisory Agreement, each Trading Advisor may also receive from the relevant series’ Trading Company 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.  These incentive fees are not paid on the LLC’s capital appreciation (if any).

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Fees (Details)	9 Months Ended
	Sep. 30, 2014
Class C and D Units [Member] | RPM [Member] | Quarterly Rate [Member]
Fees (Details) [Line Items]
Management Fee as a Percentage of Net Assets	10.00%
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%
RPM [Member] | Annual Rate [Member]
Fees (Details) [Line Items]
Management Fee as a Percentage of Net Assets	0.75%
RPM [Member] | Monthly Rate [Member]
Fees (Details) [Line Items]
Management Fee as a Percentage of Net Assets	0.0625%

XML

Summary of Significant Accounting Policies (Details) (USD $)	9 Months Ended
	Sep. 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 series’ assets, calculated by the average four-week Treasury bill rate, is paid to the series.
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.
Held by Wells Fargo Bank N.A. [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Investments and Cash	$ 500,000
Maximum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Offering Costs as Percentage of Month-end Net Asset Value	0.50%

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Income Taxes (Details)	9 Months Ended
	Sep. 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])	Sep. 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

9 Months Ended

Sep. 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.

For each series of RJ OASIS in which the Trust invests, that portion of the Trust’s net assets are deposited into an account of the relevant Trading Company held at RJO,  the clearing broker and currency dealer for each Trading Company.  For U.S. dollar deposits, 100% of interest earned on the series’ assets, calculated by the average four-week Treasury bill rate, is paid to the series.  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 series 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 September 30, 2014, Wells held approximately $500,000 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.

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Assets Held at Refco Capital Markets, Ltd. (Details) (USD $)	0 Months Ended																									52 Months Ended	93 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	Sep. 30, 2014	Sep. 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																										508,544	508,544	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 $)	Sep. 30, 2014	Dec. 31, 2013
Schedule of Derivative Assets and Liabilities, Net [Abstract]
Unrealized Gain (loss) on open contracts gross assets	$ 568,726	$ 1,095,940
Unrealized Gain (loss) on open contracts gross liabilities	(231,610)	(333,304)
Unrealized Gain (loss) on open contracts net assets (liabilities)	337,116	762,636
Gross assets	568,726	1,095,940
Gross liabilities	(231,610)	(333,304)
Assets (liabilities), net	$ 337,116	$ 762,636

XML

Consolidated Statements of Financial Condition (USD $)	Sep. 30, 2014	Dec. 31, 2013
Equity in commodity Trading accounts:
Cash on deposit with broker	$ 9,482,624	$ 11,311,474
Unrealized gain on open contracts	337,116	762,636
Total due from broker	9,819,740	12,074,110
Cash and cash equivalents on deposit with affiliate	508,544	1,301,182
Cash on deposit with bank	26,917	3,230
Fixed income securities (cost $0 and $1,501,697, respectively), held by affiliate	0	1,465,195
Interest receivable	38	9,704
Cash on deposit with bank - Non-Trading	1,059,334	1,278,723
Total Assets	11,414,573	16,132,144
Liabilities:
Accrued commissions	23,282	25,241
Accrued management fees	22,534	30,223
Accrued incentive fees	85,126	118,791
Accrued operating expenses	190,402	139,655
Accrued offering expenses	17,461	15,033
Redemptions payable - Trading	671,823	557,636
Accrued legal fees - Non-Trading	500	79,883
Accrued management fees to U.S. Bank-Non - Trading	7,960	7,595
Distribution payable - Non-Trading	1,034	1,034
Total liabilities	1,020,122	975,091
Beneficial owners
Unitholders' Capital	10,394,451	15,157,053
Total Liabilities and Unitholders' Capital	11,414,573	16,132,144
Capital Unit, Class A [Member] | Trading [Member] | Limited Partner [Member] | Beneficial Owner [Member]
Beneficial owners
Unitholders' Capital	9,193,710	13,569,363
Capital Unit, Class A [Member] | Trading [Member] | General Partner [Member] | Managing Owner [Member]
Beneficial owners
Unitholders' Capital	33,788	38,117
Capital Unit, Class A [Member] | Trading [Member]
Trading:
Net Asset Value Per Unit (in Dollars per share)	$ 63.16	$ 71.25
Capital Unit, Class B [Member] | Trading [Member] | Limited Partner [Member] | Beneficial Owner [Member]
Beneficial owners
Unitholders' Capital	117,080	359,349
Capital Unit, Class B [Member] | Trading [Member]
Trading:
Net Asset Value Per Unit (in Dollars per share)	$ 70.87	$ 78.74
LLC Equity/Non-Trading [Member] | Limited Partner [Member] | Participating Owners [Member]
Beneficial owners
Unitholders' Capital	57,623	89,652
LLC Equity/Non-Trading [Member] | Limited Partner [Member] | Nonparticipating Owners [Member]
Beneficial owners
Unitholders' Capital	$ 992,250	$ 1,100,572
LLC Equity/Non-Trading [Member]
Trading:
Net Asset Value Per Unit (in Dollars per share)	$ 0.46	$ 0.52

XML

Schedule of Investments

9 Months Ended

Sep. 30, 2014

Schedule of Investments [Abstract]

Investment Holdings, Schedule of Investments [Text Block]

	September 30, 2014									December 31, 2013
	Face Value		Maturity Date	Percentage of Net Assets			Fair value			Face Value		Maturity Date	Percentage of 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					0.20	%	$	20,330						-0.15	%	$	(22,282	)
Currency					0.00	%		(273	)					0.31	%		46,836
Energy					-0.31	%		(32,260	)					-0.14	%		(21,904	)
Indices					-0.78	%		(81,311	)					2.98	%		450,939
Interest Rate					0.02	%		2,105						-0.92	%		(138,783	)
Metals					0.00	%		-						0.03	%		5,005
Total long positions on open contracts							$	(91,409	)							$	319,811
Short Positions
Futures Positions
Agriculture					1.49	%	$	155,347						1.37	%	$	207,657
Currency					1.32	%		137,511						0.31	%		46,459
Energy					0.25	%		25,617						-0.01	%		(770	)
Indices					-0.01	%		(913	)					-0.39	%		(58,673	)
Interest Rate					-0.05	%		(5,055	)					1.15	%		174,237
Metals					1.12	%		116,018						0.49	%		73,915
Total short positions on open contracts							$	428,525								$	442,825
Total unrealized gain on open contracts							$	337,116								$	762,636

XML

Operations (Details)	9 Months Ended
	Sep. 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)

9 Months Ended

Sep. 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	%

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

XML

Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit (Annual Rate [Member])	9 Months Ended
	Sep. 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)

9 Months Ended

Sep. 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 September 30, 2014
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	182,410	$	(6,733	)	$	175,677
Currency		144,381		(7,143	)		137,238
Energy		19,285		(25,928	)		(6,643	)
Indices		14,350		(96,574	)		(82,224	)
Interest Rates		32,675		(35,625	)		(2,950	)
Metals		116,018		-			116,018
	$	509,119	$	(172,003	)	$	337,116

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]

As of September 30, 2014
	Gross					Net
						Assets
	Assets		Liabilities			(Liabilities)
Unrealized Gain (loss) on open contracts	$	568,726	$	(231,610	)	$	337,116
Total	$	568,726	$	(231,610	)	$	337,116

As of December 31, 2013
	Gross					Net
						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:

	Nine Months Ended September 30,
Type of Futures Contracts	2014			2013
Agriculture	$	355,800		$	264,053
Currency		290,288			(291,173	)
Energy		(702,474	)		(221,429	)
Indices		(425,168	)		(263,585	)
Interest Rates		128,532			(120,876	)
Metals		(98,254	)		51,016
	$	(451,276	)	$	(581,994	)

	Three Months Ended September 30,
Type of Futures Contracts	2014			2013
Agriculture	$	333,821		$	448,716
Currency		242,765			(114,491	)
Energy		(448,884	)		(208,334	)
Indices		180,925			(46,465	)
Interest Rates		111,083			(96,551	)
Metals		230,940			(167,282	)
	$	650,650		$	(184,407	)

XML

General Information and Summary

9 Months Ended

Sep. 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, the managing owner of the trust (“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 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 identify 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 September 30, 2014, the Trust was the sole investor in the five (5) series of RJ OASIS in which it invests: OASIS Revolution Capital Mgmt Series (“OASIS RCM”), OASIS PGR Capital Series (“OASIS PGR”), OASIS Bleecker Street Capital Series (“OASIS Bleecker”), OASIS Paskewitz Asset Management Series (“OASIS PAM”) and OASIS Centurion Investment Mgmt Series (“OASIS CIM”).

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 will be 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 September 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, 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 Trading Company’s commodity transactions with respect to that portion of the Series’ assets allocated to it.  As of September 30, 2014, prior to quarter-end reallocation, RCM was managing 27.28%, PGR 22.22%, Bleecker 5.27%, PAM 6.28%, and CIM 33.78% of the Trust’s assets, respectively.  Approximately 5.17% of the Trust’s assets were not allocated to any 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 $)	Sep. 30, 2014	Dec. 31, 2013
Fixed income securities, cost (in Dollars)	$ 0	$ 1,501,697
Capital Unit, Class A [Member] | Trading [Member] | Limited Partner [Member] | Beneficial Owner [Member]
Units outstanding	145,561	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	1,652	4,564
LLC Equity/Non-Trading [Member] | Limited Partner [Member] | Participating Owners [Member]
Units outstanding	124,770	171,234
LLC Equity/Non-Trading [Member] | Limited Partner [Member] | Nonparticipating Owners [Member]
Units outstanding	2,148,518	2,102,054

XML

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 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” any derivatives through operations.

Derivatives not designated as hedging instruments:

As of September 30, 2014
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	182,410	$	(6,733	)	$	175,677
Currency		144,381		(7,143	)		137,238
Energy		19,285		(25,928	)		(6,643	)
Indices		14,350		(96,574	)		(82,224	)
Interest Rates		32,675		(35,625	)		(2,950	)
Metals		116,018		-			116,018
	$	509,119	$	(172,003	)	$	337,116

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 September 30, 2014 and December 31, 2013, respectively.

As of September 30, 2014
	Gross					Net
						Assets
	Assets		Liabilities			(Liabilities)
Unrealized Gain (loss) on open contracts	$	568,726	$	(231,610	)	$	337,116
Total	$	568,726	$	(231,610	)	$	337,116

As of December 31, 2013
	Gross					Net
						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:

	Nine Months Ended September 30,
Type of Futures Contracts	2014			2013
Agriculture	$	355,800		$	264,053
Currency		290,288			(291,173	)
Energy		(702,474	)		(221,429	)
Indices		(425,168	)		(263,585	)
Interest Rates		128,532			(120,876	)
Metals		(98,254	)		51,016
	$	(451,276	)	$	(581,994	)

	Three Months Ended September 30,
Type of Futures Contracts	2014			2013
Agriculture	$	333,821		$	448,716
Currency		242,765			(114,491	)
Energy		(448,884	)		(208,334	)
Indices		180,925			(46,465	)
Interest Rates		111,083			(96,551	)
Metals		230,940			(167,282	)
	$	650,650		$	(184,407	)

See Note (5) for additional information on the trading of derivatives not designed as hedging instruments (i.e., “speculative trading”) and the related risks.

XML

Document And Entity Information	9 Months Ended
	Sep. 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	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

XML

Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

(12)       Subsequent Events

As of September 30, 2014 the Trust redeemed out of the “OASIS Bleecker Street Capital Series” (managed by Bleecker) and after quarter end reallocation subscribed to invest into the “OASIS ROW Asset Mgmt Series” (managed by ROW Asset Management, LLC).  The amount redeemed out of OASIS Bleecker was $536,703 and the amount allocated to OASIS ROW Asset Management was $1,666,667 after the quarter-end reallocation.

XML

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Gain (loss) on trading of commodity contracts:
Realized gain (loss) on closed positions	$ 508,439	$ 127,000	$ 22,508	$ (227,405)
Change in unrealized gain (loss) on open positions	190,860	(313,812)	(425,520)	(353,225)
Realized gain (loss) on investment in Global Diversified Managed Futures Portfolio LLC	0	(12,749)	0	(12,749)
Change in unrealized gain (loss) on investment in Global Diversified Managed Futures Portfolio LLC	0	(159,920)	0	0
Foreign currency transaction gain (loss)	(48,649)	2,405	(48,264)	(1,364)
Total Trading gain (loss)	650,650	(357,076)	(451,276)	(594,743)
Net investment income (loss):
Interest income	749	55,729	21,422	190,469
Realized gain (loss) on fixed income securities	0	(56,081)	(51,697)	(115,248)
Change in unrealized gain (loss) on fixed income securities	0	23,753	36,503	(35,140)
Total net investment gain (loss)	749	23,401	6,228	40,081
Expenses:
Advisory fees	(3,188)	7,538	0	24,977
Management fees	68,912	87,658	220,473	286,755
Incentive fees	85,126	0	85,126	0
Ongoing offering expenses	19,500	7,000	55,500	28,500
Operating expenses	150,725	108,000	384,725	330,000
Total expenses	468,475	409,435	1,175,686	1,336,730
Trading income (loss)	182,924	(743,110)	(1,620,734)	(1,891,392)
Non-Trading income (loss):
Interest on Non-Trading reserve	107	65	192	331
Collections in excess of impaired value	0	240,556	0	240,556
Legal and administrative fees	(39,217)	(15,304)	(122,161)	(110,486)
Management fees paid to US Bank	(1,270)	(108,337)	(18,382)	(185,400)
Non-Trading income (loss)	(40,380)	116,980	(140,351)	(54,999)
Net income (loss)	142,544	(626,130)	(1,761,085)	(1,946,391)
Capital Unit, Class A [Member]
Expenses:
Commissions	145,813	196,175	424,890	655,721
Capital Unit, Class B [Member]
Expenses:
Commissions	$ 1,587	$ 3,064	$ 4,972	$ 10,777

XML

Assets Held at Refco Capital Markets, Ltd.

9 Months Ended

Sep. 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
12/29/06	$	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.

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Trading Activities and Related Risks

9 Months Ended

Sep. 30, 2014

Trading Activities And Related Risks [Abstract]

Trading Activities And Related Risks [Text Block]

(5)         Trading Activities and Related Risks

The Trust, through its indirect investment in the Trading Companies, engages in the speculative trading of U.S. and international futures contracts, options, and forward contracts (collectively derivatives).  These derivatives include both financial and non-financial contracts held as part of a diversified trading strategy.  The Trading Companies are 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 Trading Companies are exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short.

A Trading Company, 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 Trading Company may not be able to enter into a closing transaction because of an illiquid market.

The Trading Companies may purchase exchange-traded options.  As such, the relevant Trading Company 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 Trading Companies to a risk of loss limited to the premiums paid.

Net trading results from derivatives for the three month and nine month periods ended September 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 its indirect investment with the Trading Companies.

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 in the Trust.

See Note (11) for further details on Derivative Instruments and Hedging Activities.

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Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2014

Disclosure Text Block Supplement [Abstract]

Financial Summary [Table Text Block]

The following financial highlights show the Trust’s financial performance for each class of units for the three and nine month periods ended September 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 units taken as a whole.

	Class A						Class B						Class A						Class B
	Three months ended						Three months ended						Nine months ended						Nine months ended
	September 30,						September 30,						September 30,						September 30,
	2014			2013			2014			2013			2014			2013			2014			2013
Per share operating performance:
Net asset value of Trading units, beginning of period	$	61.92		$	72.55		$	69.13		$	79.38		$	71.25		$	76.92		$	78.74		$	83.34
Total Trading income (loss):
Trading gain (loss)		4.10			(1.47	)		4.60			(1.60	)		(1.44	)		(2.44	)		(1.51	)		(2.68	)
Investment income		-			0.10			-			0.10			0.03			0.15			0.04			0.17
Expenses		(2.33	)		(1.69	)		(2.26	)		(1.46	)		(6.15	)		(5.14	)		(5.80	)		(4.41	)
Incentive fees		(0.53	)		-			(0.60	)		-			(0.53	)		-			(0.60	)		-
Trading income (loss)		1.24			(3.06	)		1.74			(2.96	)		(8.09	)		(7.43	)		(7.87	)		(6.92	)
Net asset value of Trading units, end of period	$	63.16		$	69.49		$	70.87		$	76.42		$	63.16		$	69.49		$	70.87		$	76.42
Total return:
Total return before incentive fees		2.86	%		(4.22	%)		3.22	%		(3.73	%)		(10.58	%)		(9.66	%)		(9.48	%)		(8.31	%)
Less incentive fee allocations		(0.86	%)		0.00	%		(0.70	%)		0.00	%		(0.77	%)		0.00	%		(0.52	%)		0.00	%
Total return		2.00	%		(4.22	%)		2.52	%		(3.73	%)		(11.35	%)		(9.66	%)		(10.00	%)		(8.31	%)
Ratios to average net assets:
Trading income (loss)		1.86	%		(4.42	%)		1.54	%		(3.84	%)		(14.49	%)		(9.98	%)		(17.47	%)		(8.08	%)
Expenses:
Expenses, less incentive fees		(3.88	%)		(2.44	%)		(3.55	%)		(1.89	%)		(9.81	%)		(7.06	%)		(8.32	%)		(5.53	%)
Incentive fees		(0.86	%)		0.00	%		(0.70	%)		0.00	%		(0.77	%)		0.00	%		(0.52	%)		0.00	%
Total expenses		(4.74	%)		(2.44	%)		(4.25	%)		(1.89	%)		(10.58	%)		(7.06	%)		(8.84	%)		(5.53	%)

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Accounting Policies, by Policy (Policies)

9 Months Ended

Sep. 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.

For each series of RJ OASIS in which the Trust invests, that portion of the Trust’s net assets are deposited into an account of the relevant Trading Company held at RJO,  the clearing broker and currency dealer for each Trading Company.  For U.S. dollar deposits, 100% of interest earned on the series’ assets, calculated by the average four-week Treasury bill rate, is paid to the series.  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 series 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 September 30, 2014, Wells held approximately $500,000 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.

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Financial Highlights

9 Months Ended

Sep. 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 for each class of units for the three and nine month periods ended September 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 units taken as a whole.

	Class A						Class B						Class A						Class B
	Three months ended						Three months ended						Nine months ended						Nine months ended
	September 30,						September 30,						September 30,						September 30,
	2014			2013			2014			2013			2014			2013			2014			2013
Per share operating performance:
Net asset value of Trading units, beginning of period	$	61.92		$	72.55		$	69.13		$	79.38		$	71.25		$	76.92		$	78.74		$	83.34
Total Trading income (loss):
Trading gain (loss)		4.10			(1.47	)		4.60			(1.60	)		(1.44	)		(2.44	)		(1.51	)		(2.68	)
Investment income		-			0.10			-			0.10			0.03			0.15			0.04			0.17
Expenses		(2.33	)		(1.69	)		(2.26	)		(1.46	)		(6.15	)		(5.14	)		(5.80	)		(4.41	)
Incentive fees		(0.53	)		-			(0.60	)		-			(0.53	)		-			(0.60	)		-
Trading income (loss)		1.24			(3.06	)		1.74			(2.96	)		(8.09	)		(7.43	)		(7.87	)		(6.92	)
Net asset value of Trading units, end of period	$	63.16		$	69.49		$	70.87		$	76.42		$	63.16		$	69.49		$	70.87		$	76.42
Total return:
Total return before incentive fees		2.86	%		(4.22	%)		3.22	%		(3.73	%)		(10.58	%)		(9.66	%)		(9.48	%)		(8.31	%)
Less incentive fee allocations		(0.86	%)		0.00	%		(0.70	%)		0.00	%		(0.77	%)		0.00	%		(0.52	%)		0.00	%
Total return		2.00	%		(4.22	%)		2.52	%		(3.73	%)		(11.35	%)		(9.66	%)		(10.00	%)		(8.31	%)
Ratios to average net assets:
Trading income (loss)		1.86	%		(4.42	%)		1.54	%		(3.84	%)		(14.49	%)		(9.98	%)		(17.47	%)		(8.08	%)
Expenses:
Expenses, less incentive fees		(3.88	%)		(2.44	%)		(3.55	%)		(1.89	%)		(9.81	%)		(7.06	%)		(8.32	%)		(5.53	%)
Incentive fees		(0.86	%)		0.00	%		(0.70	%)		0.00	%		(0.77	%)		0.00	%		(0.52	%)		0.00	%
Total expenses		(4.74	%)		(2.44	%)		(4.25	%)		(1.89	%)		(10.58	%)		(7.06	%)		(8.84	%)		(5.53	%)

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 nine month periods ended September 30, 2014 and 2013, respectively.  The amounts are not annualized.

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Fair Value Measurements

9 Months Ended

Sep. 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 any 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 are valued 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 September 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).

Exchange-traded futures contracts and options on futures contracts are valued based on quoted prices (unadjusted) in active markets for identical assets or liabilities.  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.  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 September 30, 2014 and December 31, 2013, respectively:

	September 30, 2014
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	337,116	$	-	$	-	$	337,116
Total assets		337,116		-		-		337,116
Total fair value	$	337,116	$	-	$	-	$	337,116

	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

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Operations

9 Months Ended

Sep. 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 are not paid with respect to the LLC’s net assets.

As of September 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.

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Cash Management Agreement with Affiliate

9 Months Ended

Sep. 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 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.  As of September 30, 2014 the Trust’s deposits held by RJOIM consisted of cash of $508,544 and fixed income securities of $0.  Advisory fees earned by RJOIM aggregated $0, and $0, for the three and nine months ended September 30, 2014, respectively.

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Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis (USD $)	Sep. 30, 2014	Dec. 31, 2013
Assets
Futures positions	$ 337,116	$ 762,636
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Futures positions	337,116	762,636
Fixed income securities		0
Total assets	337,116	762,636
Total fair value	337,116	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	337,116	762,636
Fixed income securities		1,465,195
Total assets	337,116	2,227,831
Total fair value	$ 337,116	$ 2,227,831

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013, respectively:

	September 30, 2014
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	337,116	$	-	$	-	$	337,116
Total assets		337,116		-		-		337,116
Total fair value	$	337,116	$	-	$	-	$	337,116

	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

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Schedule of Investments (Details) - Condensed Consolidated Schedule of Investments (Futures and Options on Futures Contracts) (Parentheticals) (Long [Member], USD $)	9 Months Ended	12 Months Ended
	Sep. 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

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Derivative Instruments and Hedging Activities (Details) - Schedule of Trading Gains (Losses) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	$ 650,650	$ (357,076)	$ (451,276)	$ (594,743)
Future [Member] | Agriculture Derivative [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	333,821	448,716	355,800	264,053
Future [Member] | Foreign Exchange Contract [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	242,765	(114,491)	290,288	(291,173)
Future [Member] | Energy Related Derivative [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	(448,884)	(208,334)	(702,474)	(221,429)
Future [Member] | Credit Risk Contract [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	180,925	(46,465)	(425,168)	(263,585)
Future [Member] | Interest Rate Contract [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	111,083	(96,551)	128,532	(120,876)
Future [Member] | Metal Derivatives [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	230,940	(167,282)	(98,254)	51,016
Future [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	$ 650,650	$ (184,407)	$ (451,276)	$ (581,994)

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Consolidated Statements of Unitholders' Capital (Unaudited) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Balances at December 31, 2013		$ 15,157,053
Income (loss)	142,544	(1,761,085)
Balances at March 31, 2014	10,394,451	10,394,451
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)		(1,579,728)
Unitholders' redemptions		(2,795,925)
Unitholders' redemptions (in Shares)		(44,897)
Balances at March 31, 2014	9,193,710	9,193,710
Balances at March 31, 2014 (in Shares)	145,561	145,561
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)		(36,677)
Unitholders' redemptions		(205,592)
Unitholders' redemptions (in Shares)		(2,912)
Balances at March 31, 2014	117,080	117,080
Balances at March 31, 2014 (in Shares)	1,652	1,652
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)		(4,329)
Balances at March 31, 2014	33,788	33,788
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)		(1,620,734)
Unitholders' redemptions		(3,001,517)
Unitholders' redemptions (in Shares)		(47,809)
Balances at March 31, 2014	9,344,578	9,344,578
Balances at March 31, 2014 (in Shares)	147,748	147,748
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)		(9,735)
Unitholders' redemptions		(22,294)
Unitholders' redemptions (in Shares)		(46,464)
Balances at March 31, 2014	57,623	57,623
Balances at March 31, 2014 (in Shares)	124,770	124,770
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)		(130,616)
Unitholders' redemptions		22,294
Unitholders' redemptions (in Shares)		46,464
Balances at March 31, 2014	992,250	992,250
Balances at March 31, 2014 (in Shares)	2,148,518	2,148,518
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)		(140,351)
Balances at March 31, 2014	$ 1,049,873	$ 1,049,873
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)		$ (0.06)
Net asset value per unit at Sep 30, 2014 (in Dollars per share)	$ 0.46	$ 0.46
Capital Unit, 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)		$ (8.09)
Net asset value per unit at Sep 30, 2014 (in Dollars per share)	$ 63.16	$ 63.16
Capital Unit, 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)		$ (7.87)
Net asset value per unit at Sep 30, 2014 (in Dollars per share)	$ 70.87	$ 70.87

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Income Taxes

9 Months Ended

Sep. 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, 2011, remain subject to examination by the Internal Revenue Service.  The Trust’s state and local income tax returns are subject to examination by the respective state and local authorities over various statutes of limitations, generally ranging from three to five years from the date of filing.

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General Information and Summary (Details) (USD $)	0 Months Ended																									9 Months Ended	93 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	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014 Revolution Capital Management LLC [Member]	Sep. 30, 2014 PGR Capital LLP [Member]	Sep. 30, 2014 Bleecker Street Capital, LLC [Member]	Sep. 30, 2014 Paskewitz Asset Management, LLC [Member]	Sep. 30, 2014 Centurion Investment 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																												27.28%	22.00%	5.27%	28.00%	78.00%
Percentage of Trust Assets Not Allocated to Trading Advisors																										5.17%	5.17%
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																																				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).

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Cash Management Agreement with Affiliate (Details) (USD $)	3 Months Ended		9 Months Ended			3 Months Ended	7 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Sep. 30, 2014 Affiliated Entity [Member]	Jul. 31, 2014 Affiliated Entity [Member]	Sep. 30, 2014 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.
Advisory Fees Waived							$ 3,483
Cash and Cash Equivalents, at Carrying Value	508,544		508,544		1,301,182	508,544		508,544
Financial Instruments, Owned, Principal Investments, at Fair Value						0		0
Noninterest Expense Investment Advisory Fees	$ (3,188)	$ 7,538	$ 0	$ 24,977		$ 0		$ 0

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

9 Months Ended

Sep. 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
12/29/06	$	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.