0001185185-17-001140.txt : 20170515 0001185185-17-001140.hdr.sgml : 20170515 20170515121632 ACCESSION NUMBER: 0001185185-17-001140 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 60 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170515 DATE AS OF CHANGE: 20170515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RJO GLOBAL TRUST CENTRAL INDEX KEY: 0001027099 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 364113382 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-22887 FILM NUMBER: 17842583 BUSINESS ADDRESS: STREET 1: C/O R J O'BRIEN FUND MANAGEMENT STREET 2: 222 SOUTH RIVERSIDE PLAZA STE 1200 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3123735000 MAIL ADDRESS: STREET 1: C/O R J O'BRIEN FUND MANAGEMENT STREET 2: 222 SOUTH RIVERSIDE PLAZA STE 1200 CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: JWH GLOBAL TRUST DATE OF NAME CHANGE: 19970210 FORMER COMPANY: FORMER CONFORMED NAME: JWH GLOBAL PORTFOLIO TRUST DATE OF NAME CHANGE: 19961114 10-Q 1 rjoglobal10q033117.htm 10-Q


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549   
 


FORM 10-Q
 

 
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2017
 
OR
 
 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.  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).   Yes      No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer  £
Accelerated filer  £
Non-accelerated filer  £ (Do not check if smaller reporting company)
Emerging growth company  £
Smaller reporting company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

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

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
1
 
 
1
1
2
3
4
5
 
 
17
 
 
22
 
 
23
 
 
PART II. OTHER INFORMATION
24
 
 
24
 
 
24
 
 
24
 
 
25
 
 
26
 

PART I – FINANCIAL INFORMATION
Item 1.  Financial Statements

RJO GLOBAL TRUST AND SUBSIDIARIES
Consolidated Statements of Financial Condition

Assets
           
   
March 31,
   
December 31,
 
   
2017
   
2016
 
   
UNAUDITED
     
             
Assets:
           
Equity in commodity Trading accounts:
           
Cash on deposit with broker
 
$
2,821,948
   
$
-
 
Net unrealized gain on open contracts
   
56,610
     
-
 
Total due from broker
   
2,878,558
     
-
 
                 
Cash and cash equivalents on deposit with affiliate
   
1,406,448
     
4,850,088
 
Cash on deposit with bank
   
213,576
     
67,326
 
Interest receivable
   
585
     
1,197
 
Receivable from US bank
   
14,374
     
17,890
 
Prepaid expenses - offering
   
2,591
     
-
 
                 
Total Assets
 
$
4,516,132
   
$
4,936,501
 
                 
Liabilities and Unitholders’ Capital
               
                 
Liabilities:
               
Equity in commodity Trading accounts:
               
Net unrealized loss on open contracts
  $
98,319
    $
-
 
Accrued commissions
   
9,626
     
10,101
 
Accrued management fees
   
8,752
     
-
 
Accrued incentive fees
   
804
     
-
 
Accrued operating expenses
   
94,909
     
189,019
 
Accrued offering expenses
   
-
     
8,786
 
Redemptions payable-Trading
   
69,193
     
570,896
 
Distribution payable - Non-Trading
   
14,374
     
17,890
 
Total liabilities
   
295,977
     
796,692
 
                 
Unitholders’ capital:
               
Unitholders’ capital (Trading):
               
Beneficial owners
Class A (77,239 and 82,359 units outstanding at
March 31, 2017 and December 31, 2016, respectively)
   
3,750,996
     
4,064,794
 
Class B (435 and 839 units outstanding at
March 31, 2017 and December 31, 2016, respectively)
   
24,927
     
48,612
 
Class C (0 and 0 units outstanding at
March 31, 2017 and December 31, 2016, respectively)
   
-
     
-
 
Class D (0 and 0 units outstanding at
March 31, 2017 and December 31, 2016, respectively)
   
-
     
-
 
Managing owner (535 Class A units outstanding at
March 31, 2017 and December 31, 2016 respectively)
   
25,981
     
26,403
 
                 
Total unitholders’ capital
   
3,801,904
     
4,139,809
 
                 
Non-Controlling Interests
   
418,251
     
-
 
                 
Total Capital
   
4,220,155
     
4,139,809
 
                 
                 
Total Liabilities and Unitholders’ Capital
 
$
4,516,132
   
$
4,936,501
 
                 
Net asset value per unit:
               
Trading:
               
Class A
 
$
48.56
   
$
49.35
 
Class B
 
$
57.30
   
$
57.94
 

See accompanying notes to consolidated financial statements.

RJO GLOBAL TRUST AND SUBSIDIARIES
Condensed Consolidated Schedule of Investments

   
March 31, 2017
   
December 31, 2016
 
   
Percentage of
         
Percentage of
       
   
Net Assets
   
Fair value
   
Net Assets
   
Fair value
 
   
UNAUDITED
     
Long Positions
                       
Futures Positions
                       
Currency
   
0.06
%
 
$
2,496
     
0.00
%
 
$
-
 
Energy
   
0.12
%
   
5,140
     
0.00
%
   
-
 
Indices
   
0.22
%
   
9,317
     
0.00
%
   
-
 
Interest rates
   
0.21
%
   
8,778
     
0.00
%
   
-
 
Metals
   
0.08
%
   
3,275
     
0.00
%
   
-
 
                                 
Total long positions on open contracts
         
$
29,006
           
$
-
 
                                 
                                 
Short Positions
                               
Futures Positions
                               
Agriculture
   
0.82
%
 
$
34,795
     
0.00
%
 
$
-
 
Currency
   
0.01
%
   
313
     
0.00
%
   
-
 
Energy
   
-2.63
%
   
(111,076
)
   
0.00
%
   
-
 
Indices
   
0.12
%
   
5,253
     
0.00
%
   
-
 
                                 
Total short positions on open contracts
         
$
(70,715
)
         
$
-
 
                                 
Total net unrealized loss on open contracts
         
$
(41,709
)
         
$
-
 

See accompanying notes to consolidated financial statements.

RJO GLOBAL TRUST AND SUBSIDIARIES
Consolidated Statements of Operations

   
For the three months ended March 31,
 
   
2017
   
2016
 
   
UNAUDITED
   
UNAUDITED
 
Trading gain (loss):
           
Net gain (loss) on trading of commodity contracts:
           
Net realized gain on closed positions
 
$
100,702
   
$
603,742
 
Net change in unrealized gain (loss) on open positions
   
(41,709
)
   
1,808
 
Net foreign currency transaction gain (loss)
   
(538
)
   
32,636
 
Total trading gain
   
58,455
     
638,186
 
                 
Net investment income:
               
Interest income
   
3,551
     
3,914
 
Total net investment income
   
3,551
     
3,914
 
                 
Expenses:
               
Commissions - Class A
   
45,664
     
71,509
 
Commissions - Class B
   
191
     
372
 
Commissions - Non-controlling interests
   
3,004
     
676
 
Management fees
   
18,861
     
47,174
 
Incentive fees
   
804
     
38,235
 
Ongoing offering expenses
   
6,168
     
9,475
 
Operating expenses
   
62,000
     
83,376
 
Total expenses
   
136,692
     
250,817
 
                 
Trading income (loss)
   
(74,686
)
   
391,283
 
                 
Less: Operations attributed to non-controlling interests
   
(10,415
)
   
6,049
 
                 
Net income (loss)
 
$
(64,271
)
 
$
385,234
 

See accompanying notes to consolidated financial statements.

RJO GLOBAL TRUST AND SUBSIDIARIES
Consolidated Statement of Changes in Unitholders’ Capital
For the three months ended March 31, 2017
UNAUDITED

Unitholders’ Capital (Trading)
 
Beneficial Owners - Trading Class A
   
Beneficial Owners - Trading Class B
 
   
Units
   
Dollars
   
Units
   
Dollars
 
                         
Balances at December 31, 2016
   
82,359
   
$
4,064,794
     
839
   
$
48,612
 
Trading income (loss)
   
-
     
(63,186
)
   
-
     
(663
)
Unitholders’ contributions
   
-
     
-
     
-
     
-
 
Unitholders’ redemptions
   
(5,120
)
   
(250,612
)
   
(404
)
   
(23,022
)
Balances at March 31, 2017
   
77,239
   
$
3,750,996
     
435
   
$
24,927
 
 
Unitholders’ Capital (Trading)
 
Managing Owners - Trading Class A
   
Total Unitholders’ Capital - Trading
   
Non-Controlling Interests
 
 
 
Units
   
Dollars
   
Units
   
Dollars
   
Units
   
Dollars
 
 
                                           
Balances at December 31, 2016
   
535
   
$
26,403
     
83,733
   
$
4,139,809
     
-
   
$
-
 
Trading income (loss)
   
-
     
(422
)
   
-
     
(64,271
)
   
-
     
(10,415
)
Unitholders’ contributions
   
-
     
-
     
-
     
-
     
-
     
428,666
 
Unitholders’ redemptions
   
-
     
-
     
(5,524
)
   
(273,634
)
   
-
     
-
 
Balances at March 31, 2017
   
535
   
$
25,981
     
78,209
   
$
3,801,904
     
-
   
$
418,251
 
 
                                               
Total Unitholders Capital at March 31, 2017
                                         
$
4,220,155
 
 
 
 
Unitholders’
   
Unitholders’
 
 
 
Capital
   
Capital
 
 
 
Trading Class A
   
Trading Class B
 
Net asset value per unit at December 31, 2016
 
$
49.35
   
$
57.94
 
Net change per unit
   
(0.79
)
   
(0.64
)
Net asset value per unit at March 31, 2017
 
$
48.56
   
$
57.30
 

See accompanying notes to consolidated financial statements.

RJO GLOBAL TRUST AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2017
(Unaudited)

(1)         General Information and Summary
 
The RJO Global Trust (the “Trust”), is a Delaware statutory trust organized on November 12, 1996 under the Delaware Statutory Trust Act.  The business of the Trust is the speculative trading of commodity interests, including U.S. and international futures, spot and forward contracts on currencies, interest rates, energy and agricultural products, metals and stock indices, hybrid instruments, swaps, any rights pertaining thereto and any options thereon or on physical commodities, as well as securities and any rights pertaining thereto and any options thereon, pursuant to the trading instructions of multiple independent commodity trading advisors (each a, “Trading Advisor” and collectively, the “Trading Advisors”).
 
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 of the Trust was initially formed as an Illinois corporation in November 2006, and became a Delaware limited liability company in July of 2007.  The Managing Owner has been registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator, and has been a member in good standing of the National Futures Association (“NFA”) in such capacity, since December 1, 2006.  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”) through its investment in the  O’Brien Alternative Strategic Investment Solutions, LLC (“RJ OASIS”), a Delaware series limited liability company operated by RJOFM (as further described below).

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 began 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”).  RPM has been registered with the CFTC as a commodity trading advisor (“CTA”), and has been a member in good standing of the NFA in such capacity, since August 27, 2015.  Prior to August 27, 2015, RPM was exempt from registration as a CTA pursuant CFTC Rule 4.14(a)(10) as (i) during the course of any 12-month period, it had not furnished commodity trading advice to more than 15 persons; and (ii) it did not hold itself out generally to the public as a CTA.  The Trust remains a multi-advisor commodity pool where trading decisions for the Trust are delegated to the Trading Advisors, representing the Investment Manager’s “Evolving Manager Program.”  RPM is responsible for selecting, monitoring, and replacing each commodity trading advisor available for its Evolving Manager Program through its role as investment advisor to the OASIS RPM Evolving CTA Series (“RPM Series”).  RPM is also responsible for the Trust’s allocations to each Trading Advisor through the Trust’s indirect investment in RJ OASIS through its direct investment in the RPM Series (as further described below).  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 Evolving Manager Program seeks to identify and select commodity trading advisors with shorter track records and with smaller assets under management who, in the opinion of the Investment Manager, appear to have potential for long-term over-performance relative to their respective peer group.  RPM may add, delete or modify such categories of investment strategies in line with its investment objective and policy.  The strategies include three broad based categories that are described as follows (each, an “Eligible Strategy”):
 
·   
 Trend Following. A strategy that is often classified as “long volatility” because it tries to take advantage of large movements or “trends” in prices.  Trading programs are often fully systematic with limited application of discretion using a wide range of technical analysis methods to determine when trends occur.


·   
 Short-Term Trading. A strategy that refers to all futures and currency investment strategies with a trading horizon ranging from intraday to less than a month, which seeks to exploit short-term price inefficiencies.  This is typically done using technical analysis.
 
  ·
 Fundamental Trading. A strategy that attempts to predict the future direction of markets based on macroeconomic data with less focus on price data alone.  A fundamental approach seeks to find opportunities where price does not properly reflect the fundamental valuation of the underlying asset, i.e. its intrinsic value.  A fundamental valuation can be done using various approaches but the most common methodologies are macroeconomic analysis and relative valuation.
 
The Investment Manager will, in its discretion, determine the minimum or maximum target allocation or allocation range, or the manner in which to rebalance the Trust or adjust relative weightings of the Trust.  RPM has complete flexibility in allocation and reallocating the Trust’s capital in any manner that it may deem appropriate.  There can be no assurance as to which factors the Investment Manager may consider in making capital allocations for the Trust, or as to which allocation the Investment Manager may make.

The Trust’s assets are currently allocated to the RPM Series offered on RJ OASIS.  The RPM Series in turn invests into other series of RJ OASIS representing the Investment Manager’s “Evolving Manager Program”.  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.  RJOFM is the managing member of each RJ OASIS series and each Trading Company.  RJOFM has no equity interest in any RJ OASIS series or Trading Company.

The Trust is governed by the Tenth Amended and Restated Declaration and Agreement of Trust dated as of January 31, 2015 (the “Trust Agreement”).

As of March 31, 2017, prior to quarter-end reallocation, RPM has delegated trading decisions for the Trust to three independent Trading Advisors:  Revolution Capital Management, LLC (“RCM”), Claughton Capital, LLC (“Claughton”) and Degraves Capital Management PTY (“DCM”), pursuant to advisory agreements executed between RJOFM (in its role as managing member of each RJ OASIS series and each Trading Company), and, as applicable, each Trading Company and each Trading Advisor (each, an “Advisory Agreement” and collectively, the “Advisory Agreements”) through its investment in the RPM Series.

Prior to the Trust’s allocation to the RPM Series on January 23, 2017, RPM delegated trading decisions for the Trust to six  independent Trading Advisors:  RCM, PGR Capital LLP (“PGR”), ROW Asset Management, LLC (“ROW”), Turning Wheel Capital, Inc. (“TWC”), Claughton and DCM.

The Advisory Agreements 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 March 31, 2017, prior to quarter-end reallocation, RCM was managing 44.56%, Claughton 9.64% and DCM 8.63% of the Trust’s assets, respectively.  Approximately 37.17% of the Trust’s assets were not allocated to any Trading Advisor.

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 CFTC and are each a member of NFA in such respective capacities.  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, Inc. (“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 any 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); directing payment of the management and incentive fees payable to the Investment Manager under the Investment Management Agreement and (in its role as managing member of each RJ OASIS series and each Trading Company) directing payment of the management and incentive fees payable to the Trading Advisors under the 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 and the purchaser/assignor begins serving as the successor 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 managing owner to continue the business of the Trust; (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 managing owner to continue the business of the Trust; (5) the dissolution of the Managing Owner; (6) the insolvency or bankruptcy of the Trust; (7) a decline in the aggregate net assets of the Trust to less than $2,500,000, except as provided in the Trust Agreement; (8) dissolution of the Trust; or (9) any event that would make it unlawful for the existence of the Trust to be continued or require dissolution of the Trust; and such other circumstances as set forth in the Trust Agreement.

A portion of the Trust’s net assets are deposited in the Trust’s accounts with RJO, the Trust’s clearing broker and currency dealer.  For U.S. dollar deposits, 100% of interest earned on the Trust’s assets, calculated by the average four-week Treasury bill rate, is paid to the Trust.  For non-U.S. dollar deposits, the current rate of interest is equal to a rate of one-month LIBOR less 100 basis points.  Any amounts received by RJO in excess of amounts paid to the Trust are retained by RJO.  For the three month periods ended March 31, 2017 and 2016, RJO had paid or accrued to pay interest to the Trust of $1,107 and $2,125, respectively.

On October 6, 2010, the Managing Owner appointed Oasis Investment Strategies LLC (formerly, RJO Investment Management, LLC) (“OIS”), an affiliate of the Managing Owner, to manage the Trust’s cash deposited with Wells Fargo Bank, N.A. (“Wells”).  As of March 31, 2017, Wells held approximately $1,406,000 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.  For the three month periods ended March 31, 2017 and 2016, OIS had paid or accrued to pay interest to the Trust of $2,444 and $1,789, respectively.
 
As of March 31, 2017, accounting and transfer agency services for the Trust are provided by NAV Consulting, Inc., the Trust’s administrator.

Effective January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a Delaware 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 were 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”) was appointed as manager of the LLC.  US Bank made 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 received cash (“Non-Participating Owners”).
 
(b) Any unitholder who had continued to own units in the Trust received additional units in the Trust at the then net asset value of the Trust (“Participating Owner”).
 
The unitholders had no rights to request redemptions from the LLC.
 
The LLC compensated 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 (initially $350 per hour).
 
Effective as of June 15, 2015 (the “Termination Date”), the LLC was dissolved by US Bank.  US Bank effected the dissolution based upon their belief that substantially all of the LLC’s claims had been liquidated and the related proceeds had been distributed to the unitholders, and that the LLC was not likely to receive further significant recoveries related to such claims.  Accordingly, the LLC has ceased to carry on its business as of the Termination Date except insofar as may be necessary for the winding up of its business.  As of the Termination Date, the LLC has taken full account of its assets and liabilities, and has made payment or has otherwise provided for all of its remaining debts and liabilities.  US Bank has established a contingency reserve with all remaining funds from the LLC in its possession in the approximate amount of $475,000 to pay for any future wind up expenses of, or other claims made against, the LLC on or prior to June 15, 2017 (the “Reserve Termination Date”).  To the extent no claims or obligations of the LLC remain outstanding as of the Reserve Termination Date (as determined in US Bank’s reasonable discretion), US Bank will distribute the then remaining funds to the unitholders, provided, however, if the amount of remaining funds available for distribution does not significantly exceed the cost of making such distribution, US Bank reserves the right to donate the remaining amounts to a nationally recognized charity.

Accordingly, the LLC/Non-trading unitholders capital accounts were distributed to US Bank on the Termination Date.  Amounts estimated to be due to Participating Owners aggregating $14,374 and $17,890 as of March 31, 2017 and December 31, 2016, respectively, are reflected as a distribution payable and a receivable from US Bank in the Consolidated Statements of Financial Condition.
  
(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 (“US GAAP”) 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 the 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, 2016.

While the Trust is not registered, and is not required to be registered as an investment company under the Investment Company Act of 1940, as amended, it meets the definition of an investment company within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services - Investment Companies, and follows the accounting and reporting guidance therein.
 
(b)         Principles of Consolidation
 
The accompanying consolidated financial statements include the accounts of the Trust, its wholly-owned subsidiary: the RPM Series (effective January 23, 2017), the RPM Series’ wholly-owned subsidiary, OASIS Claughton Capital Series, and the RPM Series’controlling and majority equity interests in the OASIS Revolution Capital Mgmt Series and OASIS Degraves Capital Mgmt PTY Series.  Interests in such series of RJ OASIS not wholly-owned by the Trust are shown as non-controlling interests.  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.  Net 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 net 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 net 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 OIS, an affiliate of the Managing Owner, to manage the Trust’s cash deposited with Wells.  As of March 31, 2017, Wells held approximately $1,406,000 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.

(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 accrued monthly.
 
(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 quarter and year-end balances are translated at the quarter and 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)         Recent Pronouncements
 
On May 28, 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.  The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective.  The standard permits the use of either the retrospective or cumulative effect transition method.  In July 2015, the FASB voted to delay the effective date of this ASU by one year.  The ASU will now be effective commencing with the Trust’s quarter ending March 31, 2018.  Early adoption of this ASU is allowed no sooner than the original effective date.  The Trust, based on a preliminary assessment, does not currently believe its revenue recognition policies will change upon the adoption of the standard.
 
(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.

Management fees and incentive fees were not due on the LLC’s net assets.  See Note (1).

Pursuant to the Trust Agreement, the Trust pays the Managing Owner a fee of 0.50% of the Trust’s month-end net assets on an annual basis.  
 
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.

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.  

Pursuant to the Advisory Agreements, each Trading Advisor receives from the relevant series’ Trading Company a monthly management fee ranging from 0.042% to 0.083% (a 0.5% to 1% annual rate) of the Trust’s month-end net assets calculated after deduction of brokerage fees, but before reduction for any incentive fee or other costs and before inclusion of new unitholder subscriptions and redemptions for the month.  
 
Pursuant to its Advisory Agreement, each Trading Advisor may also receive from the relevant series’ Trading Company a quarterly incentive fee ranging from 15% to 20% 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.  
 
For a description of the fees paid by the Trust to OIS, the Trust’s cash manager, see Note (9).

(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, 2013, remain subject to examination by the Internal Revenue Service.  The Trust’s state and local income tax returns are subject to examination by the respective state and local authorities over various statutes of limitations, generally ranging from three to five years from the date of filing.
 
(5)         Trading Activities and Related Risks
 
The Trust, 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 CE 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, through its indirect investment in the Trading Companies, has cash on deposit with the FCM 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 periods ended March 31, 2017 and 2016, 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, through its indirect investment in the Trading Companies, may invest its margin in fixed income securities as permitted by CFTC regulations regarding acceptable securities for investment of segregated assets and the OIS 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 (10) for further details on Derivative Instruments and Hedging Activities.

(6)         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.  As of December 31, 2016, the Trust did not have any Level 1 assets or liabilities.

          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.  As of March 31, 2017 and December 31, 2016, respectively, the Trust did not have any Level 2 assets or liabilities.
 
          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 March 31, 2017 and December 31, 2016, respectively, the Trust did not have any Level 3 assets or liabilities.
 
An asset or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.  The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
 
The Trust’s exchange-traded futures contracts and options on futures contracts are valued based on quoted prices (unadjusted) in active markets for identical assets or liabilities.  
 
The following table presents the Trust’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2017:
 
   
March 31, 2017
       
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Net unrealized gain on open contracts:
                       
Futures positions
 
$
56,610
   
$
-
   
$
-
   
$
56,610
 
     
56,610
     
-
     
-
     
56,610
 
Liabilities
                               
Net unrealized loss on open contracts:
                               
Futures positions
   
(98,319
)
   
-
     
-
     
(98,319
)
     
(98,319
)
   
-
     
-
     
(98,319
)
                                 
Total fair value
 
$
(41,709
)
 
$
-
   
$
-
   
$
(41,709
)
 
As of December 31, 2016, the Trust held no assets or liabilities measured at fair value.
 
(7)         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 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 on a per trade (“half-turn”) basis, in addition to any transactional (floor brokerage, give-up charges, NFA, clearing and exchange) fees are typically paid to the clearing broker at the time of the initial purchase (or sale) and again at the subsequent sale (or purchase) of a commodity futures contract.  These half-turn commission and fees are charged to expense when incurred.

“Commission and fees” included the following across each class of units (1):
 
Recipient
 
Nature of Payment
 
Class A Units
   
Class B Units
   
Class C Units
   
Class D Units (2)
 
Managing Owner
 
Managing Owner Fee
   
0.50
%
   
0.50
%
   
0.50
%
   
0.50
%
Selling Agents
 
Selling Commission
   
2.00
%
   
0.00
%
   
0.00
%
   
2.00
%
Selling Agents
 
Selling Commission (initial sales charge) (3)
   
0.00
%
   
0.00
%
   
0.00
%
   
2.00
%
Managing Owner
 
Wholesale Fee (4)
   
0.00
%
   
0.00
%
   
0.35
%
   
0.35
%
Clearing Broker
 
Clearing, NFA and exchange fees (approximately) (5)
   
1.75
%
   
1.75
%
   
1.75
%
   
1.75
%
                                     
         
4.25
%
   
2.25
%
   
2.60
%
   
6.60
%
 
(1)  The above costs, fees and expenses are reflected in the commission by class line on the consolidated statement of operations.  Commissions are not paid with respect to the LLC’s net assets.

(2)  As of March 31, 2017, no Class D units had been sold.

(3)  Class D units may be subject to an initial sales charge of up to 2.00% of the subscription amount upon investment.

(4)  The Class C and Class D units are subject to a wholesaling fee of 0.35% to the Managing Owner to compensate agents who may facilitate distribution of such units.

(5)  Fees are charged as actually incurred.

(8)         Financial Highlights
 
The following financial highlights show the Trust’s financial performance of the Trading units by class for the three month periods ended March 31, 2017, and 2016, respectively.  Total return is calculated as the change in a theoretical beneficial owner’s investment over the entire period, and is not annualized.  Total return is calculated based on the aggregate return of the Trust’s Trading units taken as a whole.  No financial highlights per share operating performance has been presented for Class C units for the three month periods ended March 31, 2017 and 2016, respectively, since all Class C units were purchased and fully redeemed in January 2015 and no further Class C units have been issued subsequently.  As of March 31, 2017, no Class D units had been sold and, therefore, the Trust’s financial performance with respect to the class D units is not reflected below.
 
   
Class A
   
Class B
 
   
Three months ended
   
Three months ended
 
   
March 31,
   
March 31,
 
   
2017
   
2016
   
2017
   
2016
 
Per share operating performance:
                       
    Net asset value of Trading units, beginning of period
 
$
49.35
   
$
58.09
   
$
57.94
   
$
66.84
 
    Total Trading income (loss):
                               
         Trading gain (loss)
   
0.79
     
5.63
     
0.93
     
6.48
 
         Investment income
   
0.03
     
0.03
     
0.03
     
0.04
 
         Expenses
   
(1.61
)
   
(2.23
)
   
(1.60
)
   
(2.22
)
    Trading income (loss)
   
(0.79
)
   
3.43
     
(0.64
)
   
4.30
 
    Net asset value of Trading units, end of period
 
$
48.56
   
$
61.52
   
$
57.30
   
$
71.14
 
                                 
Total return:
                               
    Total return before incentive fees
   
(1.60
%)
   
6.46
%
   
(1.11
%)
   
6.98
%
    Less incentive fee allocations
   
0.00
%
   
(0.56
%)
   
0.00
%
   
(0.55
%)
Total return
   
(1.60
%)
   
5.90
%
   
(1.11
%)
   
6.43
%
                                 
Ratios to average net assets:
                               
    Trading income (loss)
   
(1.62
%)
   
5.71
%
   
(2.10
%)
   
6.13
%
    Expenses:
                               
         Expenses, less incentive fees
   
(3.32
%)
   
(3.13
%)
   
(3.17
%)
   
(2.60
%)
         Incentive fees
   
0.00
%
   
(0.56
%)
   
0.00
%
   
(0.55
%)
    Total expenses
   
(3.32
%)
   
(3.69
%)
   
(3.17
%)
   
(3.15
%)

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 month periods ended March 31, 2017 and 2016, respectively.  The amounts are not annualized.  Total return is calculated for each class of unitholders’ capital taken as a whole.  An individual investor’s return may vary from these returns.

(9)       Cash Management Agreement with Affiliate

On October 6, 2010, the Managing Owner retained OIS (formerly, RJO Investment Management, LLC) an SEC registered investment adviser and an affiliate of the Managing Owner, as cash manager.  The assets managed by OIS are held in segregated accounts in custody at Wells.  OIS 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, OIS 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 OIS and the current interest rate environment.  As of March 31, 2017, the Trust’s deposits held by OIS consisted of cash of $1,406,000.  Since August 1, 2014, OIS continues to waive its advisory fee. 

(10)       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 March 31, 2017
                 
   
Asset
   
Liability
       
Type of
 
Derivatives
   
Derivatives
   
Net
 
Futures Contracts
 
Fair Value
   
Fair Value
   
Fair Value
 
                   
Agriculture
 
$
37,195
   
$
(2,400
)
 
$
34,795
 
Currency
   
9,512
     
(6,704
)
   
2,808
 
Energy
   
5,140
     
(111,076
)
   
(105,936
)
Indices
   
18,351
     
(3,780
)
   
14,571
 
Interest rates
   
8,778
     
-
     
8,778
 
Metals
   
3,455
     
(180
)
   
3,275
 
   
$
82,431
   
$
(124,140
)
 
$
(41,709
)
 
As of December 31, 2016, the Trust held no assets or liabilities reported at fair value.  The above reported fair values are included in equity in commodity trading accounts – net unrealized gain on open contracts and in purchased options on futures and written options on futures contracts in the consolidated statement of financial condition as of March 31, 2017. 

Trading gain (loss) for the following periods:
 
   
Three Months Ended March 31,
 
Type of Futures Contracts
 
2017
   
2016
 
Agriculture
 
$
6,807
   
$
(28,617
)
Currency
   
7,971
     
54,881
 
Energy
   
(150,031
)
   
100,861
 
Indices
   
376,710
     
288,800
 
Interest rates
   
(185,192
)
   
211,092
 
Metals
   
2,190
     
11,169
 
   
$
58,455
   
$
638,186
 

See Note (5) for additional information on the trading of derivatives not designed as hedging instruments and the related risks.

(11)       Offsetting

As indicated in Note (1), the Trust’s assets are currently indirectly allocated to each of the Trading Companies.  All of the Trading Companies utilize RJO as their clearing broker.  Each Trading Company has its own separate clearing agreement with RJO, under which each of the Trading Companies are subject to master netting agreements or similar arrangements that allow RJO to offset any assets of the individual entity by any liabilities of the individual Trading Company, as necessary, if RJO determines that the amount of margin is not appropriate or the Trading Company is not able to perform.  Each of the Trading Companies hold significant cash deposits with RJO, which can be and is used by the Trading Companies to settle any obligations due to RJO.  The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties and they do not apply across different Trading Companies.
 
For financial reporting purposes, the Trust nets its similar derivative assets and liabilities that are subject to netting arrangements in the Statements of Financial Condition.  The following tables present the Trust’s derivative assets and liabilities by investment type and by counterparty, net of amounts available for offset under a master netting agreement, along with the related collateral received or pledged by the Trading Companies (cash on deposit with broker) as of March 31, 2017 and December 31, 2016:
 
 
 
Offsetting of Derivative Assets
 
 
                                   
 
 
As of March 31, 2017
   
As of December 31, 2016
 
 
 
Gross Amounts of
Recognized Assets
   
Gross Amounts Offset in the Statement of Financial Condition
   
Net Amounts of Assets Presented in the Statement of
Financial Condition
   
Gross Amounts of
Recognized Assets
   
Gross Amounts Offset in the Statement of Financial Condition
   
Net Amounts of Assets Presented in the Statement of Financial Condition
 
 
 Description
 
                                   
 Futures and forward contracts
 
$
82,431
   
$
(25,821
)
 
$
56,610
   
$
-
   
$
-
   
$
-
 
 
                                               
 
 
$
82,431
   
$
(25,821
)
 
$
56,610
   
$
-
   
$
-
   
$
-
 
 

   
Derivative Assets and Collateral Held by Counterparty
 
                                                 
   
As of March 31, 2017
   
As of December 31, 2016
 
   
Net Amount of Assets in the Statement of Financial Condition
   
Gross Amounts Not Offset in the Statement of Financial Condition
         
Net Amount of Assets in the Statement of Financial Condition
   
Gross Amounts Not Offset in the Statement of Financial Condition
       
Individual Trading Companies
(with derivative assets and collateral held by RJO)
           
 
Financial
Instruments
   
Cash Collateral Received
   
Net Amount
   
Financial
Instruments
   
Cash Collateral Received
   
Net Amount
 
                                                 
 OASIS Claughton, LLC
 
$
56,610
   
$
-
   
$
-
   
$
56,610
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                                 
   
$
56,610
   
$
-
   
$
-
   
$
56,610
   
$
-
   
$
-
   
$
-
   
$
-
 
 
 
 
Offsetting of Derivative Liabilities
 
 
                                   
 
 
As of March 31, 2017
   
As of December 31, 2016
 
 
 
Gross Amounts of
Recognized Liabilities
   
Gross Amounts Offset in the Statement of Financial Condition
   
Net Amounts of Liabilities Presented in the Statement of Financial Condition
   
Gross Amounts of
Recognized Liabilities
   
Gross Amounts Offset in the Statement of Financial Condition
   
Net Amounts of Liabilities Presented in the Statement of Financial Condition
 
 
 Description
 
                                   
 Futures and forward contracts
 
$
124,140
   
$
(25,821
)
 
$
98,319
   
$
-
   
$
-
   
$
-
 
 
                                               
 
 
$
124,140
   
$
(25,821
)
 
$
98,319
   
$
-
   
$
-
   
$
-
 
 
   
Derivative Liabilities and Collateral Pledged by Counterparty
 
             
   
As of March 31, 2017
   
As of December 31, 2016
 
 
Individual Trading Companies
(with derivative liabilities and collateral held by RJO)
 
Net Amount of Liabilities in the Statement of Financial Condition
   
Gross Amounts Not Offset in the
Statement of Financial Condition
         
Net Amount of Liabilities in the Statement of Financial Condition
   
Gross Amounts Not Offset in the
Statement of Financial Condition
       
           
 
Financial
Instruments
   
Cash Deposits Held by Broker
   
Net Amount
   
Financial
Instruments
   
Cash Deposits Held by Broker
   
Net Amount
 
                                                 
 OASIS RCM, LLC
 
$
98,319
   
$
(98,319
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                                 
   
$
98,319
   
$
(98,319
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 

(12)       Subsequent Events
 
As of May 1, 2017, the RPM Series rebalanced and partially redeemed out of the OASIS Revolution Capital Mgmt Series (managed by RCM) and after month-end reallocation subscribed to allocate those funds to the OASIS Prolific Capital Markets Series (managed by Prolific Capital Markets, LLC).  The amount redeemed out of the OASIS Revolution Capital Mgmt Series was $1,000,000 and the amount allocated to OASIS Prolific Capital Markets Series was $1,000,000 after the month-end reallocation.

The Trust expects to pay annual expenses of approximately 10.18% (for Class C units) to 15.03% (for Class D units) after taking into account estimated interest income of its average month-end assets.

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
(a)         Introduction

The RJO Global Trust (the “Trust”), is a Delaware statutory trust organized on November 12, 1996 under the Delaware Statutory Trust Act.  The business of the Trust is the speculative trading of commodity interests, including U.S. and international futures, spot and forward contracts on currencies, interest rates, energy and agricultural products, metals and stock indices, hybrid instruments, swaps, any rights pertaining thereto and any options thereon or on physical commodities, as well as securities and any rights pertaining thereto and any options thereon, pursuant to the trading instructions of multiple independent commodity trading advisors (each, a “Trading Advisor” and collectively, the “Trading Advisors”).
 
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 of the Trust was initially formed as an Illinois corporation in November 2006, and became a Delaware limited liability company in July of 2007.  The Managing Owner has been registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator, and has been a member in good standing of the National Futures Association (“NFA”) in such capacity, since December 1, 2006.  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”) through its investment in the  O’Brien Alternative Strategic Investment Solutions, LLC (“RJ OASIS”), a Delaware series limited liability company operated by RJOFM (as further described below).

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 began 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”).  RPM has been registered with the CFTC as a commodity trading advisor (“CTA”), and has been a member in good standing of the NFA in such capacity, since August 27, 2015.  Prior to August 27, 2015, RPM was exempt from registration as a CTA pursuant CFTC Rule 4.14(a)(10) as (i) during the course of any 12-month period, it had not furnished commodity trading advice to more than 15 persons; and (ii) it did not hold itself out generally to the public as a CTA.  The Trust remains a multi-advisor commodity pool where trading decisions for the Trust are delegated to the Trading Advisors, representing the Investment Manager’s “Evolving Manager Program.”  RPM is responsible for selecting, monitoring, and replacing each commodity trading advisor available for its Evolving Manager Program through its role as investment advisor to the OASIS RPM Evolving CTA Series (“RPM Series”).  RPM is also responsible for the Trust’s allocations to each Trading Advisor through the Trust’s indirect investment in RJ OASIS through its direct investment in the RPM Series (as further described below).  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 Evolving Manager Program seeks to identify and select commodity trading advisors with shorter track records and with smaller assets under management who, in the opinion of the Investment Manager, appear to have potential for long-term over-performance relative to their respective peer group.  RPM may add, delete or modify such categories of investment strategies in line with its investment objective and policy.  The strategies include three broad based categories that are described as follows (each, an “Eligible Strategy”):
 
·
 Trend Following. A strategy that is often classified as “long volatility” because it tries to take advantage of large movements or “trends” in prices.  Trading programs are often fully systematic with limited application of discretion using a wide range of technical analysis methods to determine when trends occur.
 
·
 Short-Term Trading. A strategy that refers to all futures and currency investment strategies with a trading horizon ranging from intraday to less than a month, which seeks to exploit short-term price inefficiencies.  This is typically done using technical analysis.
 


  ·
 Fundamental Trading. A strategy that attempts to predict the future direction of markets based on macroeconomic data with less focus on price data alone.  A fundamental approach seeks to find opportunities where price does not properly reflect the fundamental valuation of the underlying asset, i.e. its intrinsic value.  A fundamental valuation can be done using various approaches but the most common methodologies are macroeconomic analysis and relative valuation.
 
The Investment Manager will, in its discretion, determine the minimum or maximum target allocation or allocation range, or the manner in which to rebalance the Trust or adjust relative weightings of the Trust.  RPM has complete flexibility in allocation and reallocating the Trust’s capital in any manner that it may deem appropriate.  There can be no assurance as to which factors the Investment Manager may consider in making capital allocations for the Trust, or as to which allocation the Investment Manager may make.

The Trust’s assets are currently allocated to the RPM Series offered on RJ OASIS.  The RPM Series in turn invests into other series of RJ OASIS representing the Investment Manager’s “Evolving Manager Program.”  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.  RJOFM is the managing member of each RJ OASIS series and each Trading Company.  RJOFM has no equity interest in any RJ OASIS series or Trading Company.

The Trust is governed by the Tenth Amended and Restated Declaration and Agreement of Trust dated as of January 31, 2015 (the “Trust Agreement”).

As of March 31, 2017, prior to quarter-end reallocation, RPM has delegated trading decisions for the Trust to three independent Trading Advisors:  Revolution Capital Management, LLC (“RCM”), Claughton Capital, LLC (“Claughton”) and Degraves Capital Management PTY (“DCM”),  pursuant to advisory agreements executed between RJOFM (in its role as managing member of each RJ OASIS series and each Trading Company), and, as applicable, each Trading Company and each Trading Advisor (each, an “Advisory Agreement” and collectively, the “Advisory Agreements”) through its investment in the RPM Series.

Prior to the Trust’s allocation to the RPM Series on January 23, 2017, RPM delegated trading decisions for the Trust to six  independent Trading Advisors:  RCM, PGR Capital LLP (“PGR”), ROW Asset Management, LLC (“ROW”), Turning Wheel Capital, Inc. (“TWC”), Claughton and DCM.

The Advisory Agreements 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 March 31, 2017, prior to quarter-end reallocation, RCM was managing 44.56%, Claughton 9.64% and DCM 8.63% of the Trust’s assets, respectively.  Approximately 37.17% of the Trust’s assets were not allocated to any Trading Advisor.

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 Delaware 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 were 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”) was appointed as manager of the LLC.  US Bank made 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 received cash (“Non-Participating Owners”).
 
(b) Any unitholder who had continued to own units in the Trust received additional units in the Trust at the then net asset value of the Trust (“Participating Owner”).
 
The unitholders had no rights to request redemptions from the LLC.
 
The LLC compensated 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 (initially $350 per hour).
 
Effective as of June 15, 2015 (the “Termination Date”), the LLC was dissolved by US Bank.  US Bank effected the dissolution based upon their belief that substantially all of the LLC’s claims had been liquidated and the related proceeds had been distributed to the unitholders, and that the LLC was not likely to receive further significant recoveries related to such claims.  Accordingly, the LLC has ceased to carry on its business as of the Termination Date except insofar as may be necessary for the winding up of its business.  As of the Termination Date, the LLC has taken full account of its assets and liabilities, and has made payment or has otherwise provided for all of its remaining debts and liabilities.  US Bank has established a contingency reserve with all remaining funds from the LLC in its possession in the approximate amount of $475,000 to pay for any future wind up expenses of, or other claims made against, the LLC on or prior to June 15, 2017 (the “Reserve Termination Date”).  To the extent no claims or obligations of the LLC remain outstanding as of the Reserve Termination Date (as determined in US Bank’s reasonable discretion), US Bank will distribute the then remaining funds to the unitholders, provided, however, if the amount of remaining funds available for distribution does not significantly exceed the cost of making such distribution, US Bank reserves the right to donate the remaining amounts to a nationally recognized charity.

Accordingly, the LLC/Non-trading unitholders capital accounts were distributed to US Bank on the Termination Date.  Amounts estimated to be due to Participating Owners aggregating $14,374 and $17,890, as of March 31, 2017 and December 31, 2016, respectively, are reflected as a distribution payable and a receivable from US Bank in the Consolidated Statements of Financial Condition.
   
(b)         Capital Resources
 
The Trust’s capital resources fluctuate based upon the purchase and redemption of units and the gains and losses of the Trust’s trading activities.  For the three month period ended March 31, 2017, no Class A, no Class B and no Class C, 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 three month period ended March 31, 2017, the Beneficial Owners redeemed a total of 5,524 units for $273,634.  For the three month period ending March 31, 2017, the Beneficial Owners redeemed a total of 5,119 Class A units for $250,612 and 404 Class B units for $23,022.  No Class C or Class D units were redeemed by the Beneficial Owners during this period.  The Managing Owner did not redeem any units during the three month period ended March 31, 2017.

The Trust’s involvement in the futures and forward markets exposes the Trust to both market risk — the risk arising from changes in the market value of the futures and forward contracts held by the Trust — and credit risk — the risk that another party to a contract will fail to perform its obligations according to the terms of the contract.  The Trust is exposed to a market risk equal to the value of the futures and forward contracts purchased and theoretically unlimited risk of loss on contracts sold short.  The Trading Advisors monitor their respective Trading Company’s trading activities and attempt to control the Trust’s exposure to market risk by, among other things, refining their respective trading strategies, adjusting position sizes of the Trading Company’s futures and forward contracts and re-allocating Trading Company’s assets to different market sectors.  As of March 31, 2017, the market sectors where the Trust maintained an investment having the highest exposure were: Indices having a net long value of $14,570, Interest Rates having a net long value of $8,778, Metals having a net long value of $3,275, Currencies having a net long value of $2,809, Agricultural having a net short value of $34,795 and Energy having a net short value of $105,936.  The Trust’s primary exposure to credit risk is its exposure to the non-performance of the Trust’s forward currency broker.  The forward currency broker generally enters into forward contracts with large, well-capitalized institutions and then enters into a back-to-back contract with the Trust.  The Trust also may trade on exchanges that do not have associated clearing houses whose credit supports the obligations of its members and that operate as principals markets, in which case the Trust will be exposed to the credit risk of the other party to such trades.
 
The Trust’s trading activities involve varying degrees of off-balance sheet risk whereby changes in the market values of the futures and forward contracts underlying the financial instruments or the Trust’s satisfaction of the obligations may exceed the amount recognized in the statement of financial condition of the Trust.
 
The amount of assets invested in the Trust generally does not affect its performance, as typically this amount is not a limiting factor on the positions acquired by the Trading Advisors, and the Trust’s expenses are primarily charged as a fixed percentage of its asset base, however large, or by number of investors.  To a lesser extent, some expenses are incurred as minimums regardless of the size of the asset base, such as audit and legal fees.
 
The Trust borrows only to a limited extent and only on a strictly short-term basis in order to finance losses on non-U.S. dollar denominated trading positions pending the conversion of the Trust’s dollar deposits.  These borrowings are at a prevailing short-term rate in the relevant currency and have been immaterial to the Trust’s operation to date and are expected to continue to be so.

During the three month period ended March 31, 2017, 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 are held in brokerage accounts with RJO.  Such assets are used as margin to engage in trading and may be used as margin solely for the Trust’s trading.  Except in very unusual circumstances, the Trust should be able to close out any or all of its open trading positions and liquidate any or all of its securities holdings quickly and at market prices.  This should permit the Trading Advisors to limit losses as well as reduce market exposure on short notice should their programs indicate reducing market exposure.
 
The Trust earns interest on 100% of the Trust’s average daily balances on deposit with RJO during each month at 100% of the average four-week Treasury bill rate for that month in respect of deposits denominated in dollars.  For deposits denominated in other currencies, the Trust earns interest at a rate of one-month LIBOR less 100 basis points.  For the three month periods ended March 31, 2017 and 2016, RJO had paid or accrued to pay interest to the Trust of $1,107 and $2,125, respectively.   
 
Additionally, effective October 6, 2010, the Managing Owner retained Oasis Investment Strategies LLC (formerly, RJO Investment Management, LLC) (“OIS”), 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 March 31, 2017, Wells held approximately $1,406,000 of the Trust’s assets.  For the three month periods ended March 31, 2017 and 2016, the assets held in this account earned $2,444 and $1,789, 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 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.
 
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 Trading Advisors over time.  As of March 31, 2017, trading decisions for the Trust have been delegated to three independent Trading Advisors:  RCM, Claughton and DCM.

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 March 31, 2017

The Trust posted a loss of $(63,186) or $(0.79) per trading unit for Class A units and a loss of $(663) or $(0.64) for Class B units.  There were no Class C units held during the quarter ended March 31, 2017 (please see Note (2) and Note (8) in the notes to financial statements for more information with respect to the calculation of net asset value).  As of March 31, 2017, Class A units have lost 40.64% since their first issuance in June 1997.  Class B units have lost 52.01% since their first issuance in January 2009.

As of March 31, 2017, the Trust’s assets were indirectly allocated to the following Trading Advisors as follows:   RCM (44.56%), Claughton (9.64%) and DCM (8.63%), with the remaining percentage allocated to cash.

During the month of January, the newly inaugurated U.S. President’s approach to governing failed to reassure the markets about his chances of delivering on the fiscal stimulus promises that drove asset prices recently.  Notably, the S&P 500 and 10-year Treasury yields have barely changed and the VIX has stayed on very low levels.  The U.S. dollar also lost against other major currencies during the month.  This is quite a change in market sentiment compared to the end of 2016.  In the Eurozone, fear of protectionism drove inflation expectations higher, which affected the bond markets negatively.  In energy, most prices fell back somewhat on concerns over the impact of President Trump’s policy on the industry as well as concerns of increased output from U.S. shale oil producers after the Organization of Petroleum Exporting Countries (“OPEC”)/non-OPEC agreement to curb global production.

February 2017 was all about equities.  Strong economic reports stampeding through the month, led by a 0.6% jump in consumer prices, i.e. the biggest 1-month inflation punch in nearly four years, and mounting speculation that the Fed could raise rates as soon as March helped drive indices of global equities to new record highs.  In fixed income and currencies, trends were less pronounced but towards month-end, political anxiety amid fresh concerns about Greece, the upcoming French election, and worries about the health of the UK economy drove bonds yields lower, especially in Europe.  The U.S. dollar gained against most of its major counterparts. In commodities, energy prices remained range bound whereas gold prices advanced as investors’ faith in the growth-focused “reflation trade” faded.

In the beginning of March, the U.S. dollar strengthened, equities rallied, and bond yields jumped due to a series of stronger-than-expected economic data, rising inflation figures, and increased expectations for another Fed hike.  Then, however, these trends went into reverse so that ultimately indices were hardly changed at all at month-end, except for European equities.  In FX, the dollar sank after the Fed had followed through with raising its target rate by another 25bps but failing to meet expectations that it would signal more aggressive action going forward.  Elsewhere in currencies, sterling remained choppy after the UK officially triggered Brexit.  In fixed income, bonds rallied after the rather dovish Fed statement and weaker-than-expected US data in the second half of the month such as existing home sales and initial jobless claims.  In equities, markets turned lower after Trump’s crucial healthcare plan did not even make it to the vote.  In commodities, crude oil suffered its biggest drop in over a year after the EIA report, in the beginning of the month, showed an unexpected surge in inventories to new record highs.  However, towards month-end, this move reversed almost as forcefully as inventories had climbed less than analysts had foreseen.  Elsewhere, prices in agricultures continued to fall on record harvest news.

Fiscal Quarter ended March 31, 2016

The Trust posted a gain of $381,127 or $3.43 per trading unit for Class A units and a gain of $4,107 or $4.30 for Class B units.  There were no Class C units held during the quarter ended March 31, 2016 (please see Note (2) and Note (8) in the notes to financial statements for more information with respect to the calculation of net asset value).  As of March 31, 2016, Class A units have lost 24.80% since their first issuance in June 1997.  Class B units have lost 40.42% since their first issuance in January 2009.

As of March 31, 2016, the Trust’s assets were indirectly allocated to the following Trading Advisors as follows:   RCM (19.66%), PGR (17.91%), ROW (18.16%), TWC (4.66%), Claughton (5.31%) and DCM (4.71%), with the remaining percentage allocated to cash.

In January, market action was almost solely driven by deteriorating investor sentiment fueled by the oil glut and concerns about China’s slowing economy.  After the first historic Fed rate hike in seven years, the U.S. dollar remained historically strong in anticipation of further rate increases.  The U.S. dollar strength has put pressure on dollar-linked currencies such as the Chinese renminbi and the Hong Kong dollar.  The dollar-pegged currencies of the Gulf States have also been under pressure as the oil glut has been eroding their petrodollar income.  Free-floating currencies of other commodity producing emerging countries like Brazil, South Africa, and Russia have been in free fall.  Equities and developed fixed income yields have fallen in tandem with crude oil.  Bearish equity and commodity markets only found some solid ground at the end of the month.  The reversal was induced by central banks’ comments starting with the speech of the European Central Bank’s (“ECB”) Mario Draghi expressing that ECB has further tools to push inflation up close to target.  ECB’s effort to calm the markets was further supported by its U.S. counterpart’s comment indicating a rate hike at the March Federal Open Market Committee meeting as less likely.  At the end of the month, oil bulls could take a breather as oil prices rebounded some 25% from a 14-year low on speculation that Russia may cooperate in production cuts with the OPEC.  However, this speculation was later downplayed by comments from the Saudis.

In February, equities continued to trade in concert with oil prices.  During the first half of the month, market sentiment turned bearish once again amid lingering concerns about global growth, corporate earnings, and stubbornly low inflation.  Equities retreated across the board in tandem with sliding oil prices; the U.S. dollar dropped against all of its major counterparts; gold jumped; the VIX spiked and bonds rallied.  In the second half of the month, stock markets rebounded forcefully as oil prices rallied on news that Saudi Arabia, Russia, and two other producers would agree to a production “freeze.”  Elsewhere in commodities, the rally in gold was halted; in currencies, the U.S. dollar trimmed its losses as Sterling attracted much of the attention with the Brexit exit worries keeping the pound under pressure; in fixed income, however, yields continued lower, especially in Europe and Japan, as inflation figures failed to lift off, fueling expectations for more quantitative easing (“QE”) in the near future.

In March, overall bullishness gained additional strength helped by a combination of much-stronger-than-expected U.S. data, in particular a sturdy U.S. Jobs Report, paired with surprisingly dovish comments by the Fed, further monetary stimuli by other central banks, namely the ECB, and ongoing talks between Saudi Arabia and Russia about limiting oil production.  Equities and commodities rallied throughout the month.  For example, commodities, in mid-March, crude oil breached U.S. $40 per barrel as hopes for an output freeze by major producers drove prices higher.  In currencies, the U.S. dollar depreciated against most other currencies, major and emerging, after particularly cautious comments made by Fed officials.  In fixed income, initially, yields jumped as optimism about the global economy returned before dropping back again mid-month after the ECB had unleashed a bigger-than-expected stimulus package expanding its QE and cutting interest rates further.

 (e)         Off-Balance Sheet Arrangements

The Trust does not have any off-balance sheet arrangements (as defined in Regulation S-K 303(a)(4)(ii)) that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
 
(f)         Tabular Disclosure of Contractual Obligations
 
The business of the Trust is the speculative trading of commodity interests, including U.S. and international futures, spot and forward contracts on currencies, interest rates, energy and agricultural products, metals and stock indices, hybrid instruments, swaps, any rights pertaining thereto and any options thereon or on physical commodities, as well as securities and any rights pertaining thereto and any options thereon, pursuant to the trading instructions of the Trading Advisors.  The majority of the Trust’s futures and forward positions, which may be categorized as “purchase obligations” under Item 303 of Regulation S-K, are short-term.  That is, they are held for less than one year.  Because the Trust does not enter into other long-term debt obligations, capital lease obligations, operating lease obligations or other long-term liabilities that would otherwise be reflected on the Trust’s Consolidated Statements of Financial Condition, a table of contractual obligations has not been presented.
 
Item 3.  Quantitative and Qualitative Disclosures About Market Risk
 
There has been no material change with respect to the Trust’s market risk as described in the section entitled “Quantitative and Qualitative Disclosures About Market Risk” in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2016.

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 interim 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 Trust’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2017.  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, summarized and reported within the time periods 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 March 31, 2017.
 
Changes in Internal Control Over Financial Reporting:  There were no changes in the Trust’s internal control over financial reporting, during the quarter ended March 31, 2017, that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

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


PART II - OTHER INFORMATION
 
Item 1.  Legal Proceedings
 
The Trust and its subsidiaries are not 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, 2016.
 
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
 
 
a)   All units sold during the twelve-month periods ending March 31, 2017, 2016 and 2015, respectively,  were issued in reliance upon applicable exemptions from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and Section 506 of Regulation D promulgated thereunder.
 
 
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 first quarter of 2017:
 
   
Units Redeemed
   
Redemption Date NAV per Unit
 
Month
 
Class A
   
Class B
   
Class C
   
Class A
   
Class B
   
Class C
 
January
   
2,342
     
404
     
-
   
$
48.49
   
$
57.02
   
$
-
 
February
   
1,352
     
-
     
-
   
$
50.17
   
$
59.09
   
$
-
 
March
   
1,425
     
-
     
-
   
$
48.56
   
$
57.30
   
$
-
 
                                                 
Total
   
5,119
     
404
     
-
                         

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


 

Item 6.  Exhibits
 
Exhibit
 
 
Number
 
Description of Document
 
 
 
3.01
 
Tenth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of January 31, 2015. (1)
 
 
 
3.02
 
Restated Certificate of Trust of the Registrant. (2)
 
 
 
10.01
 
Third Amended and Restated Limited Liability Company Agreement of O’Brien Alternative Strategic Investment Solutions, LLC, dated as of April 1, 2015. (3)
 
 
 
10.02
 
     
10.03
 
     
10.04
 
     
10.05
 
     
31.01  
     
31.02  
     
32.01
 
 
 *           Filed herewith.
 
(1)           Incorporated by reference herein from the exhibit of the same description filed on March 27, 2015 on Form 10-K.

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

(3)           Incorporated by reference herein from the exhibit of the same description filed on May 15, 2015 on Form 10-Q.

(4)          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.
 


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 thereunto duly authorized.


RJO Global Trust
 
Date:       May 15, 2017
 
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
 

 

 
 
26
 
EX-10.02 2 ex10-02.htm 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
2nd Amendment to Advisory Agreement
This 2nd Amendment (the "2nd Amendment") is made as of January 20, 2017 (the “Effective Date”) among OASIS RCM, LLC, (the “Trading Company”), R.J. O’Brien Fund Management, LLC, a Delaware limited liability company (the “Managing Member”), and Revolution Capital Management, LLC, (the “Trading Advisor”), parties to that certain Advisory Agreement dated October 9, 2013, as amended (the "Agreement").
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”), unless a different fee is agreed upon by the parties with respect to specific investor(s) as set forth in Exhibit D to this Agreement (“Investor Negotiated Fee Exceptions”).  The Management Fee is payable in arrears within 20 Business Days of the end of the month for which it was calculated.  For purposes of this Agreement, “Business Day” shall mean any day which the securities markets are open in the United States.”
2.          Subsection (a)(ii) of Section 5, “Fees”, is hereby amended and restated in its entirety and shall hereafter be read as follows:
“The Trading Company shall pay the Trading Advisor an incentive fee equal to *% of the New Trading Profit (as defined in Section 5(d) hereof) (the “Incentive Fee”), unless a different fee is agreed upon by the parties with respect to specific investor(s) as set forth in Exhibit D to this Agreement (“Investor Negotiated Fee Exceptions”).  The incentive is based upon the New Trading profits of such Series, which accrue monthly but are generally payable at the end of each calendar quarter.  New trading profits are typically calculated using a “high water mark” of cumulative trading profits. Each Series will establish a separate account with respect to each Member’s capital account for such Series.  Incentive fees (and the corresponding high water mark) will be calculated based upon the performance of each such account. The Incentive Fee is payable within 20 Business Days of the end of the calendar quarter for which it is calculated.”
2.          Except as provided in this 2nd Amendment, all terms used in this 2nd Amendment that are not otherwise defined shall have the respective meanings ascribed to such terms in the Agreement.
3.          Except as set forth in this 2nd Amendment, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms. If there is conflict between this 2nd Amendment and the Agreement, the terms and provisions of this 2nd Amendment will prevail.
[SIGNATURE PAGE FOLLOWS]

* Confidential material redacted and filed separately with the Commission.
Page 1 of 3

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

IN WITNESS WHEREOF, the parties have executed and delivered this 2nd Amendment effective as of the Effective Date.
OASIS RCM, LLC
by R.J. O’Brien Fund Management, LLC
Managing Member
 
By    /s/ Augustine Perrotta          
          Name: Augustine Perrotta
          Title:   CCO
 
R.J. O’Brien Fund Management, LLC
 
By    /s/ Augustine Perrotta          
          Name: Augustine Perrotta
          Title:  CCO
 
Revolution Capital Management, LLC
By   /s/ Michael Mundt                
Name: Michael Mundt
Title:   Managing Member

 

Page 2 of 3

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

FEE ADJUSTMENTS

Investor Name
Management Fee
Incentive Fee
OASIS RPM Evolving CTA Series
 
*%
 
*%
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   


 
* Confidential material redacted and filed separately with the Commission.
 
 
 
 
 
 
Page 3 of 3
EX-10.03 3 ex10-03.htm EX-10.03
 
CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.
 
EXHIBIT 10.03

EXHIBIT D-Amendment

Amendment to  EXHIBIT D of the Advisory Agreement date April 1, 2015, as amended, among OASIS Claughton, 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 Claughton Capital LLC, a Florida corporation (the “Trading Advisor”).


NEGOTIATED FEE EXCEPTIONS as of January 23, 2017


Investor Name
Management Fee
Incentive Fee
Effective Date
OASIS RPM Evolving CTA Series
*%
*%
1/23/2017
       
       
       
       



OASIS Claughton, LLC
By:  R.J. O’Brien Fund Management, LLC
Managing Member

BY:            /s/ Augustine Perrotta                       
Name: Augustine Perrotta
Title:   CCO

R.J. O’Brien Fund Management, LLC

BY:            /s/ Augustine Perrotta                        
Name:  Augustine Perrotta
Title:    CCO

Claughton Capital, LLC

BY:             /s/ Eric Schreiber                                
Name:  Eric Schreiber
Title:    President


 * Confidential material redacted and filed separately with the Commission.
 
 
1
EX-10.04 4 ex10-04.htm EX-10.04

 
CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.
 
EXHIBIT 10.04

EXHIBIT D-Amendment

Amendment to  EXHIBIT D of the Advisory Agreement date December 31, 2015 among OASIS DCM PTY, 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 Degraves Capital Management PTY Ltd, an Australian proprietary limited company (the “Trading Advisor”).


NEGOTIATED FEE EXCEPTIONS as of January 23, 2017


Investor Name
Management Fee
Incentive Fee
Effective Date
OASIS RPM Evolving CTA Series
*%
*%
1/23/2017
       
       
       
       



OASIS DCM PTY, LLC
By:  R.J. O’Brien Fund Management, LLC
Managing Member

BY:            /s/ Augustine Perrotta                      
Name: Augustine Perrotta
Title:   CCO

R.J. O’Brien Fund Management, LLC

BY:            /s/ Augustine Perrotta                      
Name:  Augustine Perrotta
Title:    CCO

Degraves Capital Management PTY Ltd.

BY:            /s/ Rabin Kaneyson                           
Name: Rabin Kaneyson
Title:   Director


* Confidential material redacted and filed separately with the Commission.
 
 
1
EX-10.05 5 ex10-05.htm EX-10.05

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.
 
EXHIBIT 10.05
 
ADVISORY AGREEMENT
 
THIS AGREEMENT, made as of March 30, 2017 among OASIS PCM, 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 Prolific Capital Markets, LLC, a New Jersey 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 Prolific Capital  Markets Series , a Series of O’Brien Alternative Strategic Investment Solutions, LLC, A Delaware Series Limited Liability Company (“the Series”).
 
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, as the Series and/or the Trading Company may reasonably require (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 Series, the Trading Company and the Managing Member by providing information regarding the Trading Advisor in connection with the preparation of the
1

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

Prospectus, including any amendments and/or supplements thereto, as the Series and/or the Trading Company may deem appropriate; provided that all such disclosures are subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information concerning its clients, systems methods and strategies. As used herein, unless otherwise provided, the term “principal” shall have the meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term “affiliate” shall mean an individual or entity that directly or indirectly controls, is controlled by, or is under common control with, such party.
 
(b)         If the Trading Advisor becomes aware of any materially untrue or misleading statement or omission regarding itself or any of its principals or affiliates in the Disclosure Document (as defined in Section 17 hereof), or of the occurrence of any event or change in circumstances which would result in there being any materially untrue or misleading statement or omission in the Disclosure Document regarding itself or any of its principals or affiliates, the Trading Advisor shall promptly notify the Managing Member and shall cooperate with the Managing Member in the preparation of any necessary amendments or supplements to the Series’ Prospectus. 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 warrants and agrees that they and their respective officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors) will protect and preserve the Confidential Information and will disclose Confidential Information or otherwise make Confidential Information available only to the Trading Company’s or the Managing Member’s officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors), who need to know the Confidential Information (or any part of it) for the purpose of satisfying their fiduciary, legal, reporting, filing or other obligations hereunder or to monitor performance in the account during the term of this Agreement or thereafter, or to the Trading Company, Managing Member or a Recipient, as the case may be, is required to disclose such Confidential Information due to a fiduciary obligation or legal or regulatory request.  Additionally, the Trading Company and the Managing Member each warrants and agrees that it and any Recipient will use the Confidential Information solely for the purpose of satisfying the Trading Company’s or the Managing Member’s obligations under this Agreement and not in a manner which violates the terms of this Agreement.
 
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 Trading Company and, as such, shall have authority and responsibility for directing the investment and reinvestment of
2

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

that portion of the Trading Company’s assets allocated to the Trading Advisor, which shall consist of the Allocated Net Assets (as defined in Section 5(c) hereof) plus “notional” funds, if any, allocated to the Trading Advisor, as specified in writing by the Managing Member and consented to by the Trading Advisor (the “Assets”), on the terms and conditions and in accordance with the prohibitions and the trading policies set forth in Exhibit A to this Agreement as amended from time to time and provided in writing to the Trading Advisor by the Managing Member (the “Trading Policies”); provided, however, that the Managing Member may override the instructions of the Trading Advisor without notice to the Trading Advisor to the extent necessary (i) to comply with the Trading Policies and with applicable speculative position limits, (ii) to fund any distributions or redemptions, (iii) to pay the Trading Company’s expenses, (iv) to the extent the Managing Member believes doing so is necessary for the protection of the Trading Company, (v) to terminate the futures interest trading of the Account (as defined in Section 4) with the Trading Advisor, or (vi) to comply with any applicable law or regulation. The Managing Member agrees not to override any such instructions for the reasons specified in clauses (ii) or (iii) of the preceding sentence unless the Trading Advisor fails to comply with a request of the Managing Member to make the necessary amount of funds available to the Trading Company within two trading days of such request.  The Trading Advisor shall not be liable for the consequences of any decision by the Managing Member to override instructions of the Trading Advisor, except to the extent that such consequences result from a material breach of this Agreement by the Trading Advisor or the Trading Advisor fails to comply with the Managing Member’s decision to override an instruction.  Notwithstanding anything to the contrary contained in this Agreement, the Trading Company shall have the right to instruct the Trading Advisor to liquidate any or all positions at any time.
 
(b)         The Trading Advisor shall:
 
(i)          Exercise good faith and due care in trading futures interests for the account of the Trading Company in accordance with the prohibitions and Trading Policies, and the trading systems, methods, and strategies of the Trading Advisor described in the Disclosure Document, with such changes and additions to such trading systems, methods or strategies as the Trading Advisor, from time to time, incorporates into its trading approach for accounts the size of the Trading Company.
 
(ii)         Provide the Managing Member, within 10 business days of the end of a calendar quarter, and within 10 business days of a separate request which the Managing Member may make from time to time, with information comparing the performance of the Trading Company’s account and the performance of all other client accounts (“Other Accounts”) directed by the Trading Advisor using the trading systems used by the Trading Advisor on behalf of the Trading Company over a specified period of time for the purpose of confirming that the Trading Company has been treated equitably compared to such Other Accounts.  In providing such information, the Trading Advisor may take such steps as are necessary to assure the confidentiality of the Trading Advisor’s clients’ identities.  The Trading Advisor shall, upon the Managing Member’s request, consult with the Managing Member concerning any discrepancies between the performance of such Other Accounts and the Trading Company’s account.  The Trading Advisor shall promptly inform the Managing Member in writing of any material discrepancies of which the Trading Advisor is aware.  The Managing Member acknowledges that the following differences in accounts may cause divergent trading results: different brokerage commissions and related transaction fees, different foreign exchange margin management, different trading strategies, methods or degrees of leverage, different trading policies, accounts experiencing differing inflows or outflows of equity, different risk profiles, accounts which commence trading at different times and accounts which have different portfolios or different fiscal years.
  
(iii)        Inform the Managing Member when the Trading Advisor’s open positions maintained by the Trading Advisor exceed the Trading Advisor’s applicable speculative position limits.
 
(iv)        Upon request of the Managing Member, promptly provide the Managing Member with all information concerning the Trading Advisor and its activities reasonably requested by the Managing Member (including, without limitation, information relating to changes in control, key personnel, trading approach, or financial condition).  Additionally, the Trading Advisor agrees to furnish R.J. O’Brien & Associates, LLC (“RJOB”) in an electronic format as requested by RJOB (i) a final report of all trades at the end of each business day and (ii) a report of any trade made involving a position with a required initial margin equal to 10% or more of the Assets within 30 minutes of the Trading Advisor’s receipt of confirmation, verbal or otherwise, from the executing broker that such a trade has been executed.  The Trading Advisor further acknowledges and agrees that the timely provision of all such information is of the essence in order to enable the Trading Company, its designated entities, and RJOB to monitor and comply with mandatory risk control algorithms imposed upon the operation of the Trading Company.
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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

 
(c)         All purchases and sales of futures interests pursuant to this Agreement shall be for the account, and at the risk, of the Trading Company and not for the account, or at the risk of the Trading Advisor or any of its affiliates or each of their principals, stockholders, directors, officers, or employees, or any other person, if any, who controls the Trading Advisor.  All brokerage commissions and related transaction fees arising from such trading by the Trading Advisor shall be for the account of the Trading Company.
 
(d)         Subject to 7(a) hereof, the Trading Advisor shall assume financial responsibility for any material errors committed or caused by it in transmitting orders for the purchase or sale of futures interests for the Trading Company’s account that are a result of the gross negligence, fraud or willful misconduct of the Trading Advisor.  The Trading Advisor shall have an affirmative obligation to promptly notify the Managing Member upon discovery of any material error committed by the Trading Advisor with respect to the account, and the Trading Advisor shall use its best efforts to identify and promptly notify the Managing Member of any order or trade which the Trading Advisor reasonably believes was not executed in accordance with its instructions to any Commodity Broker or such other commodity broker utilized to execute orders for the Trading Company.
 
(e)         Prior to the commencement of trading by the Trading Company, the Managing Member, on behalf of the 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 Prolific Swiss System (the “Trading Program”), as described in the Disclosure Document, and as modified from time to time.  The Trading Advisor shall give the Managing Member prior written notice of any change in the Trading Program that the Trading Advisor considers to be material (and shall not effect such change on behalf of the Trading Company without the Managing Member’s consent), including any additional futures interests to be traded by the Trading Advisor not already listed on Exhibit C.  Changes in the futures interests traded, provided that such futures interests are listed on Exhibit C, shall not be deemed a modification of the Trading Program. 
 
3.      
Trading Advisor as an Independent Contractor.
 
For all purposes of this Agreement, the Trading Advisor shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized, have no authority to act for or represent the Trading Company in any way or otherwise be deemed an agent of the Trading Company and/or the 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.      
Futures Broker.
 
The Trading Advisor shall effect all transactions in futures interests for the Trading Company through the Trading Company’s separate account of the Trading Company to be traded exclusively by the Trading Advisor (the “Account”) maintained with RJOB or such commodity broker or brokers as the Managing Member shall direct and appoint from time to time (the “Futures Brokers”).
 
Notwithstanding the foregoing, the Trading Advisor may execute trades through brokers other than those employed by RJOB and its affiliates so long as arrangements (including executed give-up agreements) are made for such floor brokers to “give-up” or transfer the positions to RJOB in conformity with the Trading Policies set forth in Exhibit A attached hereto.
 
5.      
Fees.
 
(a)         For the services to be rendered to the Trading Company by the Trading Advisor under this
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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

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”) unless a different fee is agreed upon by the parties with respect to specific investor(s) as set forth in Exhibit D to this Agreement (“Negotiated Fee Exceptions”).  The Management Fee is payable in arrears within 20 Business Days of the end of the month for which it was calculated.  For purposes of this Agreement, “Business Day” shall mean any day which the securities markets are open in the United States.  
   
(ii)         The Trading Company shall cause the Series to pay the Trading Advisor an incentive fee equal to *% of the New Trading Profit (as defined in Section 5(d) hereof) (the “Incentive Fee”) unless a different fee is agreed upon by the parties with respect to specific investor(s) as set forth in Exhibit D to this Agreement (“Negotiated Fee Exceptions”).  The incentive is based upon the New Trading profits of the Series, which accrue monthly but are generally payable at the end of each calendar quarter.  New trading profits are typically calculated using a “high water mark” of cumulative trading profits. The Series will establish a separate account with respect to each Member’s capital account for the Series.  Incentive fees (and the corresponding high water mark) will be calculated based upon the performance of each such account. The Incentive Fee is payable within 20 Business Days of the end of the calendar quarter for which it is calculated.  
 
(b)         If this Agreement is terminated on a date other than the last day of a calendar quarter, the Incentive Fee shall be determined as if such date were the end of a calendar quarter.  If this Agreement is terminated on a date other than the end of a month, the Management Fee described above shall be determined as if such date were the end of a month, but such fee shall be prorated based on the ratio of the number of trading days in the month through the date of termination to the total number of trading days in the month.  If, during any month after the Trading Advisor commences trading operations on behalf of the Account (including the month in which the Trading Advisor commences such operations), the Trading Company does not conduct business operations, or suspends trading for the Account, or, as a result of an act or material failure to act by the Trading Advisor, is otherwise unable to utilize the trading advice of the Trading Advisor on any of the trading days of that month for any reason, the Management Fee shall be prorated based on the ratio of the number of trading days in the month which the Account engaged in trading operations or utilizes the trading advice of the Trading Advisor to the total number of trading days in the month.  The Management Fee payable to the Trading Advisor for the month in which the Trading Company begins to receive trading advice from the Trading Advisor pursuant to this Agreement shall be prorated based on the ratio of the number of trading days in the month from the day the Trading Company begins to receive such trading advice to the total number of trading days in the month.  In the event that there is an increase or decrease in the Assets as of any day other than the first day of a month, the Trading Advisor shall be paid a pro rata Management Fee on such increase or decrease in the Assets for such month.
 
(c)         The term “Allocated Net Assets” shall mean the total assets of the Trading Company allocated to the Account (including, but not limited to, all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value (marked-to-market) of all open futures interest positions and other assets of the Account) less all liabilities of the Trading Company determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting.  Unless generally accepted accounting principles require otherwise, the market value of a futures or option contract traded on a United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract shall be traded by the Trading Advisor on behalf of the Account with respect to which the Net Assets are being determined; provided, however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules of the exchange on which that contract shall be traded or otherwise, the settlement price on the first subsequent day on which the contract could be liquidated shall be the market value of such contract for such day, or if a contract could not be liquidated on such day due to the exchange being closed for an exchange holiday, the settlement price on the most recent preceding day on which the contract could have been liquidated shall be the market value of such contract for such day.  The market value of a forward contract or a futures or option contract traded on a foreign exchange or market shall mean its market value as determined by the Managing Member on a basis consistently applied for each different variety of contract.
 
(d)         The term “New Trading Profit” shall mean net futures interest trading profits (realized and
 
 
 * 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.

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.
 
6.      
Term.
 
(a)         This Agreement shall continue in effect for a period of one year from the date the Agreement was entered into unless otherwise terminated as set forth in this Section 6.  The Trading Advisor may terminate this Agreement at the end of such one-year period by providing prior written notice of termination to the Trading Company at least sixty days prior to the expiration of such one-year period.  If the Agreement is not terminated upon the expiration of such one-year period, this Agreement shall automatically renew for an additional one-quarter period and shall continue to renew for additional one-quarter periods until this Agreement is otherwise terminated, as provided for herein.  This Agreement shall automatically terminate if the Trading Company is dissolved.
 
(b)         The Trading Company and Managing Member each shall have the right to terminate this Agreement in its discretion (i) at any month end upon five days’ prior written notice to the Trading Advisor, or (ii) at any time upon prior written notice to the Trading Advisor upon the occurrence of any of the following events: (A) if any person described as a “principal” of the Trading Advisor in the Prospectus ceases for any reason to be an active “principal” of the Trading Advisor; (B) if the Trading Advisor becomes bankrupt or insolvent; (C) if the Trading Advisor is unable to use its trading systems or methods as in effect on the date hereof and as modified in the future for the benefit of the Trading Company; (D) if the registration, as a commodity trading advisor, of the Trading Advisor with the CFTC or its membership in the NFA is revoked, suspended, terminated, or not renewed, or limited or qualified in any respect; (E) except as provided in Section 12 hereof, if the Trading Advisor merges or consolidates with, or sells or otherwise transfers its advisory business, or all or a substantial portion of its assets, any portion of its futures interest trading systems or methods, or its goodwill to, any individual or entity; (F) if, at any time, the Trading Advisor violates any Trading Policy or administrative policy, except with the prior express written consent of the Managing Member; or (G) if the Trading Advisor fails in a material manner to perform any of its obligations under this Agreement.
 
(c)         The Trading Advisor may terminate this Agreement at any time, upon thirty days’ prior written notice to the Trading Company and Managing Member, in the event: (A) that the Managing Member imposes additional trading limitation(s) in the form of one or more Trading Policies or administrative policies that the Trading Advisor does not consent to, such consent not to be unreasonably withheld; (B) the Managing Member objects to the Trading Advisor implementing a proposed material change to the Trading Program and the Trading Advisor certifies to the Managing Member in writing that it believes such change is in the best interests of the Trading Company; (C) the
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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

Managing Member or the Trading Company materially breaches this Agreement and does not correct the breach within ten days of receipt of a written notice of such breach from the Trading Advisor; (D) the Assets fall below a level at which the Trading Advisor cannot effectively implement the Trading Program; (E) the Trading Company becomes bankrupt or insolvent, or (F) the registration of the Managing Member with the CFTC as a commodity pool operator or its membership in the NFA is revoked, suspended, terminated or not renewed, or limited or qualified in any respect.  If the Managing Member or Trading Company merges, consolidates or sells a substantial portion of its assets pursuant to Section 11 of this Agreement, the Trading Advisor may terminate this Agreement upon prior written notice to the Managing Member and Trading Company.
 
(d)         Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 6 shall be without penalty or liability to any party, on account of such termination.
 
(e)         The indemnities set forth in Section 7 hereof shall survive any termination of this Agreement.
 
7.      
Standard of Liability: Indemnifications.
 
(a)         Limitation of Trading Advisor Liability. In respect of the Trading Advisor’s role in the futures interests trading of the Trading Company, the Trading Advisor shall not be liable to the Trading Company or the Managing Member or their partners, directors, officers, principals, managers, members, shareholders, employees, controlling persons or successors and assigns except that the Trading Advisor shall be liable for acts or omissions that constitute a breach of this Agreement or a representation, warranty or covenant herein, misconduct or negligence, or are the result of the Trading Advisor not having acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best interests of the Trading Company.
 
(b)         Trading Advisor Indemnity in Respect of Management Activities. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company and the Managing Member, their controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs, and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (d) below); provided that a court of competent jurisdiction upon entry of a final judgment (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the subject of the demand, claim, lawsuit, action, or proceeding did not constitute negligence, misconduct, or a breach of this Agreement or a representation, warranty or covenant of the Trading Company or the Managing Member, their controlling persons, their affiliates and their respective directors, officers, shareholders, employees, and controlling persons and was done in good faith.

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

indemnify, defend and hold harmless the Trading Company, the Series, the Managing Member, any selling agent, their controlling persons and their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities, costs, and expenses, (joint and several), to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of Units, insofar as such losses, claims, damages, liabilities, costs, or expenses (or action in respect thereof) arise out of, or are based upon: (i) a breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals, or their operations, trading systems, methods or performance, which was made in the Series’ Prospectus or any amendment or supplement thereto or any other sales literature and furnished by the Trading Advisor for inclusion therein.
 
(e)         Trading Company Indemnity in Respect of Sale of Units. Trading Company shall indemnify, defend and hold harmless the Trading Advisor its controlling persons, their affiliates and their respective directors, officers, principals, managers, members shareholders, employees and controlling persons from and against any loss claim, damage, liability, cost, and expense, joint and several, to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company and the 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 breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals or their operations, trading systems, methods or performance that was made in the relevant Series’ Prospectus or in any other sales literature furnished by the Trading Advisor for inclusion therein.
 
(f)          Subject to Section 7(a) hereof, the foregoing agreements of indemnity shall be in addition to, and shall in no respect limit or restrict, any other remedies which may be available to an indemnified person.
 
(g)         Promptly after receipt by an indemnified person of notice of the commencement of any action, claim, or proceeding to which any of the indemnities may apply, the indemnified person will notify the indemnifying party in writing of the commencement thereof if a claim in respect thereof is to be made against the indemnifying party hereunder; but the omission so to notify the indemnifying party will not relieve the indemnifying party from any liability that the indemnifying party may have to the indemnified person hereunder, except where such omission has materially prejudiced the indemnifying party.  In case any action, claim, or proceeding is brought against an indemnified person and the indemnified person notifies the indemnifying party of the commencement thereof as provided above, the indemnifying party will be entitled to participate therein and, to the extent that the indemnifying party desires, to assume the defense thereof with counsel selected by the indemnifying party and not unreasonably disapproved by the indemnified person.  After notice from the indemnifying party to the indemnified person of the indemnifying party’s election so to assume the defense thereof as provided above, the indemnifying party will not be liable to the indemnified person under the indemnity provisions hereof for any legal and other expenses subsequently incurred by the indemnified person in connection with the defense thereof, other than reasonable costs of investigation.
 
Notwithstanding the preceding paragraph, if in any action, claim, or proceeding as to which indemnification is or may be available hereunder, an indemnified person reasonably determines that its interests are or may be adverse, in whole or in part, to the indemnifying party’s interests or that there may be legal defenses available to the indemnified person that are different from, in addition to, or inconsistent with the defenses available to the indemnifying party, the indemnified person may retain its own counsel in connection with such action, claim, or proceeding and will be indemnified (provided the indemnified person is so entitled) by the indemnifying party for any legal and other expenses reasonably incurred in connection with investigating or defending such action, claim, or proceeding.
 
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
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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

similar or related actions, claims, or proceedings in the same jurisdiction arising out of the same general allegations.  The indemnifying party will not be liable for any settlement of any action, claim, or proceeding effected without the indemnifying party’s express written consent, but if any action, claim, or proceeding, is settled with the indemnifying party’s express written consent, the indemnifying party will indemnify, defend, and hold harmless an indemnified person as provided in this Section 7.
 
8.      
Right to Advise Others and Uniformity of Acts and Practices.
 
(a)         The Trading Advisor is engaged in the business of advising clients as to the purchase and sale of futures interests.  During the term of this Agreement, the Trading Advisor, its principals and affiliates, will be advising other clients (including affiliates and the stockholders, officers, directors, and employees of the Trading Advisor and its affiliates and their families) and trading for their own accounts.  The Trading Advisor will use its best efforts to implement a fair and consistent allocation policy that seeks to ensure that all clients are treated equitably and positions allocated as nearly as possible in proportion to the assets available for trading of the accounts managed or controlled by the Trading Advisor.  Upon written request, the Managing Member may request a copy of the Trading Advisor’s procedures regarding the equitable treatment of trades across accounts.  Such procedures shall be provided to the Managing Member within 30 days of such request by the Managing Member.  Except as otherwise set forth herein, the Trading Advisor and its principals and affiliates agree to treat the Trading Company in a fiduciary capacity to the extent recognized by applicable law, but subject to that standard.  Under no circumstances shall the Trading Advisor by any act or omission knowingly or intentionally favor any account advised or managed by the Trading Advisor over the account of the Trading Company in any way or manner.  Nothing contained in this Section 8(a) shall preclude the Trading Advisor from charging different management and/or incentive fees to its clients.  Subject to the Trading Advisor’s obligations under applicable law, the Trading Advisor or any of its principals or affiliates shall be free to advise and manage accounts for other clients and shall be free to trade on the basis of the same trading systems, methods, or strategies employed by the Trading Advisor for the account of the Trading Company, or trading systems, methods, or strategies that are entirely independent of, or materially different from, those employed for the account of the Trading Company, and shall be free to compete for the same futures interests as the Trading Company or to take positions opposite to the Trading Company, where such actions do not knowingly or intentionally prefer any of such accounts over the account of the Trading Company on an overall basis.
 
(b)         The Trading Advisor shall not be restricted as to the number or nature of its clients, except that: (i) so long as the Trading Advisor acts as a trading advisor for the Trading Company, neither the Trading Advisor nor any of its principals or affiliates shall knowingly hold any position or control any other account that would cause the Trading Company, the Trading Advisor, or the principals or affiliates of the Trading Advisor to be in violation of the CEA or any regulations promulgated thereunder, any other applicable law, or any applicable rule or regulation of the CFTC or any other regulatory or self-regulatory body, exchange, or board; and (ii) neither the Trading Advisor nor any of its principals or affiliates shall render futures interests trading advice to any other individual or entity or otherwise engage in activity that shall knowingly cause positions in futures interests to be attributed to the Trading Advisor under the rules or regulations of the CFTC or any other regulatory or self-regulatory body, exchange, or board so as to require the significant modification of positions taken or intended for the account of the 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 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:
 
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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(i)         It will exercise good faith and due care in implementing the Trading Program on behalf of the Trading Company as described in the Disclosure Document (as modified from time to time) or any other trading programs agreed to by the Managing Member and the Trading Advisor.
 
(ii)        The Trading Advisor shall follow and comply with, at all times, the Trading Policies.
 
(iii)       The Trading Advisor shall trade the Assets pursuant to the same trading programs described in the Disclosure Document unless the Managing Member and the Trading Advisor agree otherwise.
 
(iv)       The Trading Advisor is duly organized, validly existing and in good standing under the laws of the state of its organization and is qualified to do business as a foreign corporation or and is in good standing in each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Trading Advisor’s ability to perform its duties under this Agreement.  The Trading Advisor has full power and authority to perform its obligations under this Agreement.  The only principals of the Trading Advisor are those set forth in the Disclosure Document (the “Trading Advisor Principals”).
 
(v)        The Disclosure Document contains all statements and information required to be included therein under the CEA and other applicable laws, and such information is accurate and complete in all material respects.
 
(vi)       This Agreement has been duly and validly authorized, executed and delivered on behalf of the Trading Advisor and is a valid and binding agreement of the Trading Advisor enforceable in accordance with its terms.
 
(vii)      Each of the Trading Advisor and the Trading Advisor Principals has all federal, state and foreign governmental, regulatory and exchange licenses and approvals and has effected all filings and registrations with federal, state and foreign governmental and regulatory agencies required to conduct its business and required to perform its or his obligations under this Agreement.  The Trading Advisor is registered as a commodity trading advisor under the CEA and is a member of the NFA in such capacity.
 
(viii)      The execution and delivery of this Agreement, the incurrence of the obligations set forth herein, the consummation of the transactions contemplated herein and the payment of the fees hereunder will not violate, or constitute a breach of, or default under, the certificate of incorporation or bylaws (or any other organizational documents) of the Trading Advisor or any agreement or instrument by which it is bound or of any order, rule, law or regulation binding on it of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over it.
 
(ix)        Since the respective dates as of which information is given in the Disclosure Document, and except as may otherwise be stated in or contemplated by the Disclosure Document, there has not been any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor or any Trading Advisor Principal.
 
(x)         Except as set forth in the Disclosure Document there have not been and there is not pending, or to the best of the Trading Advisor’s knowledge after due inquiry, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor or any Trading Advisor Principal is or was a party, or to which any of the assets of the Trading Advisor is or was subject and which resulted in or might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor.  None of the Trading Advisor or any Trading Advisor Principal has received any notice of an investigation by the NFA, CFTC or other administrative agency or self-regulatory body (whether United States or foreign) regarding noncompliance by the Trading Advisor or any of the Trading Advisor Principals with the CEA or any other applicable law.
 
(xi)        Neither the Trading Advisor nor any Trading Advisor Principal has received, or is entitled to receive, directly or indirectly, any commission, finder’s fee, similar fee, or rebate from any person in connection with the organization or operation of the Trading Company and the Series.
 
(xii)       Participation by the Trading Advisor in accordance with the terms hereof and will not
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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

violate any provisions of the Investment Advisers Act of 1940, as amended.
 
(xiii)      Neither the Trading Advisor nor any Trading Advisor Principal will use or distribute any 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.
 
(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
11

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

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 foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Managing Member shall promptly notify the Trading Advisor of the nature of such event.
 
(b)         Covenants of the Managing Member.
 
The Managing Member covenants and agrees that:
 
(i)         The Managing Member shall maintain all registrations and memberships necessary for the Managing Member to continue to act as described herein and to all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a materially adverse effect on the Managing Member’s ability to act as described herein.
 
(ii)         The Managing Member shall inform the Trading Advisor immediately as soon as the Managing Member or any of their principals becomes the subject of any lawsuit, investigation, claim, or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting the business of the Managing Member or the Trading Company.  The Managing Member shall also inform the Trading Advisor immediately if the Managing Member or the Trading Company or any of their officers become aware of any material breach of this Agreement by the Managing Member or the Trading Company.
 
11.      
Merger or Transfer of Assets.
 
The Managing Member, Trading Company or the Trading Advisor may merge or consolidate with, or sell or otherwise transfer its business, or all or a substantial portion of its assets, to any entity upon written notice to the other parties.
 
12

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

12.      
Complete Agreement.
 
This Agreement constitutes the entire agreement between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless in writing and signed by the party against whom enforcement is sought.
 
13.      
Assignment.
 
Subject to Section 11, hereof, this Agreement may not be assigned, transferred by operation of law, change in control or otherwise, by any party hereto without the express prior written consent of the other parties hereto.
 
14.      
Amendment.
 
This Agreement may not be amended except by the written consent of the parties hereto.  No waiver of any provision of this Agreement shall be implied from any course of dealings between the parties, from any failure by any party to assert its rights hereunder or any occasion or series of occasions.
 
15.      
Severability.
 
The invalidity or unenforceability of any provision of this Agreement or any covenant herein contained shall not affect the validity or enforceability of any other provision or covenant hereof or herein contained and any such invalid provision or covenant shall be deemed to be severable.
 
16.      
Inconsistent Filings.
 
If the Trading Advisor intends to file, to participate in the filing of, or to publish any description of the Trading Advisor, or of its respective principals or trading approaches that is materially inconsistent with those in the Disclosure Document, the Trading Advisor shall inform the Managing Member of such intention and shall furnish copies of all such filings or publications at least ten Business Days prior to the date of filing or publication.
 
17.      
Disclosure Documents.
 
(a)         During the term of this Agreement, the Trading Advisor shall furnish to the Managing Member promptly copies of any and all disclosure-documents as filed in final form with the CFTC, NFA or other self-regulatory organization by the Trading Advisor.  The Managing Member and the Series each acknowledge receipt of the Trading Advisor’s disclosure document (the “Disclosure Document”).
 
(b)         The Managing Member, the Trading Company and the Series will not distribute or supplement any promotional material relating to the Trading Advisor unless the Trading Advisor has approved reasonable prior notice of and a copy of such promotional material and has received such material in writing.
 
18.      
Track Record.
 
The track record and other performance information of the Trading Company and the Series shall be the property of the Managing Member and not the Trading Advisor.
 
19.      
Notices.
 
All notices required to be delivered under this Agreement shall be in writing and shall be effective when delivered personally on the day delivered, by facsimile on receipt confirmation, by email followed by delivery of an original, or when given by registered or certified mail, postage prepaid, return receipt requested, on the second business day following the day on which it is so mailed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):
 
if to the Trading Company:

13

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

OASIS PCM, LLC
c/o R. J. O’Brien Fund Management, LLC
222 S. Riverside Plaza
Suite 1200
Chicago, Illinois 60606
Email: jdematteo@rjobrien.com
 
if to the Managing Member:

R. J. O’Brien Fund Management, LLC
222 S. Riverside Plaza
Suite 1200
Chicago, Illinois 60606
Email: jdematatteo@rjobrien.com

With a copy to:

Alston & Bird LLP
90 Park Avenue
New York, NY 10016
Attn: Timothy P. Selby
Email: timothy.selby@alston.com

if to the Trading Advisor:

Prolific Capital Markets, LLC
390 Highview Avenue
Englewood, NJ 07631
Attn: Kim Bang
Email: kbang@prolific-capital.com

20.      
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.
 
21.      
Third-Party Beneficiaries.
 
This Agreement is not intended and shall not convey any rights to a beneficiary not being a party to this Agreement.
 
22.      
Governing Law.
 
This Agreement and any amendment hereto shall be governed by, and construed in accordance with, the laws of the State of Illinois, United States of America (excluding the law thereof which requires the application of, or reference to, the law of any other jurisdiction).  Each party hereto expressly and irrevocably agrees (a) that it waives any objection, and specifically consents, to venue in the United States federal or state courts located in the City of Chicago, State of Illinois, United States of America, so that any action at law or in equity may be brought and maintained in any such court, and (b) that service of process in any such action may be effected against such party by certified or registered mail or in any other manner permitted by applicable United States Federal Rules of Civil Procedure or rules of the Courts of the State of Illinois.  In addition each party hereto expressly and irrevocably waives, in respect of any action brought in any United States federal or state court located in the City of Chicago, State of Illinois or any resulting
14

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

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.
 
23.      
Remedies.
 
In any action or proceeding arising out of any of the provisions of this Agreement, the Trading Advisor agrees not to seek any prejudgment equitable or ancillary relief.  The Trading Advisor agrees that its sole remedy in any such action or proceeding shall be to seek actual monetary damages for any breach of this Agreement, except that Trading Advisor may seek a declaratory judgment with respect to the indemnification provisions of this Agreement.
 

24.      
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.
 
25.      
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.
 
26.      
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.
 
27.      
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.
 
15

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

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written.
 
 
OASIS PCM, 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
 
 
 
 
PROLIFIC CAPITAL MARKETS, LLC
 
 
 
 
By:
 /s/ Kim Bang
 
 
Name: Kim Bang
 
 
Title: Managing Partner
     
 
16

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 U.S. investors.  
 
6.         The Trading Advisor will not purchase, sell, or trade securities (except securities approved by the CFTC for investment of customer funds).
 
17

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 Prolific Capital Markets, LLC:

OASIS PCM, LLC (the “Trading Company”) and R.J. O’Brien Fund Management, LLC, the Trading Company’s managing member (the “Managing Member”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Managing Member on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Managing Member and you as of the 30th day of March, 217 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 PCM, LLC
 
by R.J. O’Brien Fund Management, LLC
 
Managing Member
 
 
 
 
By:
 
 
 
Name: Julie M. DeMatteo
 
 
Title: Managing Director
 
 
 
 
R.J. O’BRIEN FUND MANAGEMENT, LLC
 
 
 
 
By:
 
 
 
Name: Julie M. DeMatteo
 
 
Title: Managing Director
 
18

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

EXHIBIT C
 
FUTURES INTERESTS TRADED
 
 
Sector
Market
Product
Instrument
Financials
Currency
Euro
Future
Financials
Currency
Swiss Franc
Future
Financials
Currency
British Pounds
Future
Financials
Currency
Japanese Yen
Future
Financials
Currency
Australian Dollar
Future
Financials
Currency
New Zealand Dollar
Future
Financials
Currency
Dollar Index
Future
Financials
Currency
Canadian Dollar
Future
Financials
Currency
Mexican Peso
Future
Financials
Currency
Euro/British Pound
Future
Financials
Currency
Euro/Swiss Franc
Future
Financials
Rates
3 Month Euro Dollars
Future
Financials
Rates
US 2 Year
Future
Financials
Rates
US 5 Year
Future
Financials
Rates
US 10 Year
Future
Financials
Rates
US Bonds
Future
Financials
Rates
Euro-Bund
Future
Financials
Rates
Euro-Bobl
Future
Financials
Rates
Euro-Schatz
Future
Financials
Rates
Euro-Buxl
Future
Financials
Rates
Short Sterling
Future
Financials
Rates
Euribor
Future
Financials
Equity Indices
Nikkei
Future
Financials
Equity Indices
Euro50
Future
Financials
Equity Indices
SMI
Future
Financials
Equity Indices
DAX
Future
Financials
Equity Indices
S&P 500
Future
Financials
Equity Indices
Nasdaq
Future
Financials
Equity Indices
Russell
Future
Financials
Equity Indices
VIX
Future
Commodities
Energy
Crude Oil
Future
Commodities
Energy
Heating Oil
Future
Commodities
Energy
Natural Gas
Future
Commodities
Metals
Gold
Future
Commodities
Metals
Silver
Future
Commodities
Metals
Platinum
Future

19

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.
 
Commodities
Metals
Palladium
Future
Commodities
Metals
Copper
Future
Commodities
Grains
Soybeans
Future
Commodities
Grains
Soybean Meal
Future
Commodities
Grains
Soybean Oil
Future
Commodities
Grains
Wheat
Future
Commodities
Grains
Corn
Future
Commodities
Grains
Rice
Future
Commodities
Meats
Live Cattle
Future
Commodities
Meats
Lean Hogs
Future
Commodities
Meats
Feeder Cattle
Future
Commodities
Softs
Sugar
Future
Commodities
Softs
Cotton
Future
Commodities
Softs
Coffee
Future
Commodities
Softs
Cocoa
Future
Commodities
Softs
Orange Juice
Future
Commodities
Softs
Lumber
Future


 
20


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


EXHIBIT D

NEGOTIATED FEE EXCEPTIONS


Investor Name
Management Fee
Incentive Fee
Effective Date
OASIS RPM Evolving CTA Series
*%
*%
03.30.17
       
       
       
       
 

 
 
* Confidential material redacted and filed separately with the Commission.

 
21
EX-31.01 6 ex31-01.htm 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 generally accepted accounting principles;

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

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

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

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

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

Date:      May 15, 2017


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 7 ex31-02.htm 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 generally accepted accounting principles;

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

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

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

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

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

Date:      May 15, 2017


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 8 ex32-01.htm 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, 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
May 15, 2017
 
May 15, 2017


 


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O&#x2019;Brien Fund Management, LLC, the managing owner of the Trust (&#x201c;RJOFM&#x201d; or the &#x201c;Managing Owner&#x201d;), acquired the managing owner interest in the Trust from Refco Commodity Management, Inc. (&#x201c;RCMI&#x201d;) on November 30, 2006.&#160;&#160;The Managing Owner of the Trust was initially formed as an Illinois corporation in November 2006, and became a Delaware limited liability company in July of 2007.&#160;&#160;The Managing Owner has been registered with the Commodity Futures Trading Commission (&#x201c;CFTC&#x201d;) as a commodity pool operator, and has been a member in good standing of the National Futures Association (&#x201c;NFA&#x201d;) in such capacity, since December 1, 2006.&#160;&#160;The Managing Owner is registered as a commodity pool operator under the Commodity Exchange Act, as amended (&#x201c;CE Act&#x201d;), and is responsible for administering the business and affairs of the Trust.&#160;&#160;The Managing Owner is an affiliate of R.J. O&#x2019;Brien &amp; Associates, LLC, the clearing broker for the Trust (&#x201c;RJO&#x201d; or the &#x201c;Clearing Broker&#x201d;) through its investment in the&#160; O&#x2019;Brien Alternative Strategic Investment Solutions, LLC (&#x201c;RJ OASIS&#x201d;), a Delaware series limited liability company operated by RJOFM (as further described below).</div><br/><div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Units of beneficial ownership of the Trust (&#x201c;units&#x201d;) commenced selling on April 3, 1997.&#160;&#160;Effective July 1, 2011, the Managing Owner discontinued the public offering of the units and began offering the units on a private placement basis only.&#160;&#160;The Trust filed a Post-Effective Amendment to its Registration Statement on Form S-1 with the Securities and Exchange Commission (the &#x201c;SEC&#x201d;) on July 5, 2011 to deregister the remaining units that were unsold under the public offering.&#160;&#160;The Post-Effective Amendment was declared effective by the SEC on July 8, 2011.&#160;&#160;Effective January 15, 2014, the Managing Owner began offering Class C and Class D units.&#160;&#160;The Class A and Class B units are no longer offered.</div><br/><div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Pursuant to an Investment Management Agreement dated August 30, 2013 (the &#x201c;Investment Management Agreement&#x201d;), the Managing Owner appointed RPM Risk &amp; Portfolio Management Aktiebolag, a limited liability company organized under the laws of Sweden, as investment manager to the Trust (&#x201c;RPM&#x201d; or the &#x201c;Investment Manager&#x201d;).&#160;&#160;RPM has been registered with the CFTC as a commodity trading advisor (&#x201c;CTA&#x201d;), and has been a member in good standing of the NFA in such capacity, since August 27, 2015.&#160;&#160;Prior to August 27, 2015, RPM was exempt from registration as a CTA pursuant CFTC Rule 4.14(a)(10) as (i) during the course of any 12-month period, it had not furnished commodity trading advice to more than 15 persons; and (ii) it did not hold itself out generally to the public as a CTA.&#160; The Trust remains a multi-advisor commodity pool where trading decisions for the Trust are delegated to the Trading Advisors, representing the Investment Manager&#x2019;s &#x201c;Evolving Manager Program.&#x201d;&#160;&#160;RPM is responsible for selecting, monitoring, and replacing each commodity trading advisor available for its Evolving Manager Program through its role as investment advisor to the OASIS RPM Evolving CTA Series (&#x201c;RPM Series&#x201d;).&#160;&#160;RPM is also responsible for the Trust&#x2019;s allocations to each Trading Advisor through the Trust&#x2019;s indirect investment in RJ OASIS through its direct investment in the RPM Series (as further described below).&#160; RPM may also add, remove or replace any Trading Advisor without the consent of or advance notice to investors.&#160;&#160;Investors will be notified of any material change in the basic investment policies or structure of the Trust.</div><br/><div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Evolving Manager Program seeks to identify and select commodity trading advisors with shorter track records and with smaller assets under management who, in the opinion of the Investment Manager, appear to have potential for long-term over-performance relative to their respective peer group.&#160;&#160;RPM may add, delete or modify such categories of investment strategies in line with its investment objective and policy.&#160;&#160;The strategies include three broad based categories that are described as follows (each, an &#x201c;Eligible Strategy&#x201d;):</div><br/><table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z3ce8d1b006df4af39c64cc11c1e667bd" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 2.98%; VERTICAL-ALIGN: top"> <div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#xb7;&#160; &#160;&#160; </div> </td> <td style="WIDTH: 97.02%; VERTICAL-ALIGN: top"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;Trend Following</font>. 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O&#x2019;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, Inc. 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FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">For each series of RJ OASIS in which the Trust invests, that portion of the Trust&#x2019;s net assets are deposited into an account of the relevant Trading Company held at RJO,&#160;&#160;the clearing broker and currency dealer for each Trading Company.&#160;&#160;For U.S. dollar deposits, 100% of interest earned on the series&#x2019; assets, calculated by the average four-week Treasury bill rate, is paid to the series.&#160;&#160;For non-U.S. dollar deposits, the current rate of interest is equal to a rate of one-month LIBOR less 100 basis points.&#160;&#160;Any amounts received by RJO in excess of amounts paid to the series are retained by RJO.&#160;&#160;On October 6, 2010, the Managing Owner appointed OIS, an affiliate of the Managing Owner, to manage the Trust&#x2019;s cash deposited with Wells.&#160;&#160;As of March 31, 2017, Wells held approximately $1,406,000 of the Trust&#x2019;s assets.&#160;&#160;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.</div><br/><div style="TEXT-ALIGN: left; 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LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Recent Pronouncements</div><br/><div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On May 28, 2014, the FASB issued Accounting Standards Update (&#x201c;ASU&#x201d;) 2014-09, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Revenue from Contracts with Customers</font>, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.&#160;&#160;The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective.&#160;&#160;The standard permits the use of either the retrospective or cumulative effect transition method.&#160;&#160;In July 2015, the FASB voted to delay the effective date of this ASU&#160;by one year.&#160;&#160;The ASU will now be effective commencing with the Trust&#x2019;s quarter ending March 31, 2018.&#160;&#160;Early adoption of this ASU is allowed no sooner than the original effective date.&#160;&#160;The Trust, based on a preliminary assessment, does not currently believe its revenue recognition policies will change upon the adoption of the standard.</div><br/></div> <div style="font-family: 'Times New Roman', Times, serif; 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COLOR: #000000; FONT-SIZE: 10pt">Pursuant to the Trust Agreement, the Trust pays the Managing Owner a fee of 0.50% of the Trust&#x2019;s month-end net assets on an annual basis.&#160;&#160;</div><br/><div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">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&#x2019;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.</div><br/><div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; 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Document And Entity Information
3 Months Ended
Mar. 31, 2017
shares
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 Mar. 31, 2017
Document Fiscal Year Focus 2017
Document Fiscal Period Focus Q1
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Consolidated Statements of Financial Condition - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Equity in commodity Trading accounts:    
Cash on deposit with broker $ 2,821,948 $ 0
Net unrealized gain on open contracts 56,610 0
Total due from broker 2,878,558 0
Cash and cash equivalents on deposit with affiliate 1,406,448 4,850,088
Cash on deposit with bank 213,576 67,326
Interest receivable 585 1,197
Receivable from US bank 14,374 17,890
Prepaid expenses - offering 2,591 0
Total Assets 4,516,132 4,936,501
Liabilities:    
Net unrealized loss on open contracts 98,319 0
Accrued commissions 9,626 10,101
Accrued management fees 8,752 0
Accrued incentive fees 804 0
Accrued operating expenses 94,909 189,019
Accrued offering expenses 0 8,786
Redemptions payable-Trading 69,193 570,896
Distribution payable - Non-Trading 14,374 17,890
Total liabilities 295,977 796,692
Unitholders’ capital:    
Unitholders' Capital 3,801,904 4,139,809
Non-Controlling Interests 418,251 0
Total Capital 4,220,155 4,139,809
Total Liabilities and Unitholders’ Capital $ 4,516,132 $ 4,936,501
Capital Unit, Class A [Member] | Trading [Member]    
Trading:    
Net Asset Value Per Unit (in Dollars per share) $ 48.56 $ 49.35
Capital Unit, Class B [Member] | Trading [Member]    
Trading:    
Net Asset Value Per Unit (in Dollars per share) $ 57.30 $ 57.94
Limited Partner [Member] | Capital Unit, Class A [Member] | Beneficial Owner [Member] | Trading [Member]    
Unitholders’ capital:    
Unitholders' Capital $ 3,750,996 $ 4,064,794
Limited Partner [Member] | Capital Unit, Class B [Member] | Beneficial Owner [Member] | Trading [Member]    
Unitholders’ capital:    
Unitholders' Capital 24,927 48,612
Limited Partner [Member] | Capital Unit, Class C [Member] | Beneficial Owner [Member] | Trading [Member]    
Unitholders’ capital:    
Unitholders' Capital 0 0
Limited Partner [Member] | Capital Unit, Class D [Member] | Beneficial Owner [Member] | Trading [Member]    
Unitholders’ capital:    
Unitholders' Capital 0 0
General Partner [Member] | Capital Unit, Class A [Member] | Managing Owner [Member] | Trading [Member]    
Unitholders’ capital:    
Unitholders' Capital $ 25,981 $ 26,403
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Consolidated Statements of Financial Condition (Parentheticals) - Trading [Member] - shares
Mar. 31, 2017
Dec. 31, 2016
Limited Partner [Member] | Capital Unit, Class A [Member] | Beneficial Owner [Member]    
Units outstanding 77,239 82,359
Limited Partner [Member] | Capital Unit, Class B [Member] | Beneficial Owner [Member]    
Units outstanding 435 839
Limited Partner [Member] | Capital Unit, Class C [Member] | Beneficial Owner [Member]    
Units outstanding 0 0
Limited Partner [Member] | Capital Unit, Class D [Member] | Beneficial Owner [Member]    
Units outstanding 0 0
General Partner [Member] | Capital Unit, Class A [Member] | Managing Owner [Member]    
Units outstanding 535 535
XML 18 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Net gain (loss) on trading of commodity contracts:    
Net realized gain on closed positions $ 100,702 $ 603,742
Net change in unrealized gain (loss) on open positions (41,709) 1,808
Net foreign currency transaction gain (loss) (538) 32,636
Total trading gain 58,455 638,186
Net investment income:    
Interest income 3,551 3,914
Total net investment income 3,551 3,914
Expenses:    
Management fees 18,861 47,174
Incentive fees 804 38,235
Ongoing offering expenses 6,168 9,475
Operating expenses 62,000 83,376
Total expenses 136,692 250,817
Trading income (loss) (74,686) 391,283
Less: Operations attributed to non-controlling interests (10,415) 6,049
Net income (loss) (64,271) 385,234
Non-controlling Interests [Member]    
Expenses:    
Commissions 3,004 676
Capital Unit, Class A [Member]    
Expenses:    
Commissions 45,664 71,509
Capital Unit, Class B [Member]    
Expenses:    
Commissions $ 191 $ 372
XML 19 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Changes in Unitholders' Capital
3 Months Ended
Mar. 31, 2017
USD ($)
$ / shares
shares
Unitholders Capital $ 4,139,809
Income (loss) (64,271)
Unitholders Capital 4,220,155
Unitholders' Capital - Trading [Member]  
Unitholders Capital $ 4,139,809
Unitholders Capital (in Shares) | shares 83,733
Income (loss) $ (64,271)
Unitholders' contributions $ 0
Unitholders' contributions (in Shares) | shares 0
Unitholders redemptions $ (273,634)
Unitholders redemptions (in Shares) | shares (5,524)
Unitholders Capital $ 3,801,904
Unitholders Capital (in Shares) | shares 78,209
Noncontrolling Interest [Member]  
Income (loss) $ (10,415)
Unitholders' contributions $ 428,666
Unitholders' contributions (in Shares) | shares 0
Unitholders Capital $ 418,251
Capital Unit, Class A [Member]  
Net change per unit (in Dollars per share) | $ / shares $ (0.79)
Capital Unit, Class A [Member] | Capital Units [Member]  
Net asset value per unit (in Dollars per share) | $ / shares 49.35
Net change per unit (in Dollars per share) | $ / shares (0.79)
Net asset value per unit (in Dollars per share) | $ / shares 48.56
Capital Unit, Class B [Member]  
Net change per unit (in Dollars per share) | $ / shares (0.64)
Capital Unit, Class B [Member] | Capital Units [Member]  
Net asset value per unit (in Dollars per share) | $ / shares 57.94
Net change per unit (in Dollars per share) | $ / shares (0.64)
Net asset value per unit (in Dollars per share) | $ / shares $ 57.30
Limited Partner [Member] | Beneficial Owners -Trading Class A [Member]  
Unitholders Capital $ 4,064,794
Unitholders Capital (in Shares) | shares 82,359
Income (loss) $ (63,186)
Unitholders' contributions $ 0
Unitholders' contributions (in Shares) | shares 0
Unitholders redemptions $ (250,612)
Unitholders redemptions (in Shares) | shares (5,120)
Unitholders Capital $ 3,750,996
Unitholders Capital (in Shares) | shares 77,239
Limited Partner [Member] | Beneficial Owners - Trading Class B [Member]  
Unitholders Capital $ 48,612
Unitholders Capital (in Shares) | shares 839
Income (loss) $ (663)
Unitholders' contributions $ 0
Unitholders' contributions (in Shares) | shares 0
Unitholders redemptions $ (23,022)
Unitholders redemptions (in Shares) | shares (404)
Unitholders Capital $ 24,927
Unitholders Capital (in Shares) | shares 435
General Partner [Member] | Managing Owners - Trading Class A [Member]  
Unitholders Capital $ 26,403
Unitholders Capital (in Shares) | shares 535
Income (loss) $ (422)
Unitholders Capital $ 25,981
Unitholders Capital (in Shares) | shares 535
XML 20 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule of Investments
3 Months Ended
Mar. 31, 2017
Schedule of Investments [Abstract]  
Investment Holdings, Schedule of Investments [Text Block]
   
March 31, 2017
   
December 31, 2016
 
   
Percentage of
         
Percentage of
       
   
Net Assets
   
Fair value
   
Net Assets
   
Fair value
 
   
UNAUDITED
     
Long Positions
                       
Futures Positions
                       
Currency
   
0.06
%
 
$
2,496
     
0.00
%
 
$
-
 
Energy
   
0.12
%
   
5,140
     
0.00
%
   
-
 
Indices
   
0.22
%
   
9,317
     
0.00
%
   
-
 
Interest rates
   
0.21
%
   
8,778
     
0.00
%
   
-
 
Metals
   
0.08
%
   
3,275
     
0.00
%
   
-
 
                                 
Total long positions on open contracts
         
$
29,006
           
$
-
 
                                 
                                 
Short Positions
                               
Futures Positions
                               
Agriculture
   
0.82
%
 
$
34,795
     
0.00
%
 
$
-
 
Currency
   
0.01
%
   
313
     
0.00
%
   
-
 
Energy
   
-2.63
%
   
(111,076
)
   
0.00
%
   
-
 
Indices
   
0.12
%
   
5,253
     
0.00
%
   
-
 
                                 
Total short positions on open contracts
         
$
(70,715
)
         
$
-
 
                                 
Total net unrealized loss on open contracts
         
$
(41,709
)
         
$
-
 

XML 21 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
General Information and Summary
3 Months Ended
Mar. 31, 2017
Disclosure Text Block [Abstract]  
Nature of Operations [Text Block]
(1)         General Information and Summary

The RJO Global Trust (the “Trust”), is a Delaware statutory trust organized on November 12, 1996 under the Delaware Statutory Trust Act.  The business of the Trust is the speculative trading of commodity interests, including U.S. and international futures, spot and forward contracts on currencies, interest rates, energy and agricultural products, metals and stock indices, hybrid instruments, swaps, any rights pertaining thereto and any options thereon or on physical commodities, as well as securities and any rights pertaining thereto and any options thereon, pursuant to the trading instructions of multiple independent commodity trading advisors (each a, “Trading Advisor” and collectively, the “Trading Advisors”).

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 of the Trust was initially formed as an Illinois corporation in November 2006, and became a Delaware limited liability company in July of 2007.  The Managing Owner has been registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator, and has been a member in good standing of the National Futures Association (“NFA”) in such capacity, since December 1, 2006.  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”) through its investment in the  O’Brien Alternative Strategic Investment Solutions, LLC (“RJ OASIS”), a Delaware series limited liability company operated by RJOFM (as further described below).

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 began 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”).  RPM has been registered with the CFTC as a commodity trading advisor (“CTA”), and has been a member in good standing of the NFA in such capacity, since August 27, 2015.  Prior to August 27, 2015, RPM was exempt from registration as a CTA pursuant CFTC Rule 4.14(a)(10) as (i) during the course of any 12-month period, it had not furnished commodity trading advice to more than 15 persons; and (ii) it did not hold itself out generally to the public as a CTA.  The Trust remains a multi-advisor commodity pool where trading decisions for the Trust are delegated to the Trading Advisors, representing the Investment Manager’s “Evolving Manager Program.”  RPM is responsible for selecting, monitoring, and replacing each commodity trading advisor available for its Evolving Manager Program through its role as investment advisor to the OASIS RPM Evolving CTA Series (“RPM Series”).  RPM is also responsible for the Trust’s allocations to each Trading Advisor through the Trust’s indirect investment in RJ OASIS through its direct investment in the RPM Series (as further described below).  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 Evolving Manager Program seeks to identify and select commodity trading advisors with shorter track records and with smaller assets under management who, in the opinion of the Investment Manager, appear to have potential for long-term over-performance relative to their respective peer group.  RPM may add, delete or modify such categories of investment strategies in line with its investment objective and policy.  The strategies include three broad based categories that are described as follows (each, an “Eligible Strategy”):

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

·    
 Short-Term Trading. A strategy that refers to all futures and currency investment strategies with a trading horizon ranging from intraday to less than a month, which seeks to exploit short-term price inefficiencies.  This is typically done using technical analysis.
 
  ·
 Fundamental Trading. A strategy that attempts to predict the future direction of markets based on macroeconomic data with less focus on price data alone.  A fundamental approach seeks to find opportunities where price does not properly reflect the fundamental valuation of the underlying asset, i.e. its intrinsic value.  A fundamental valuation can be done using various approaches but the most common methodologies are macroeconomic analysis and relative valuation.
 

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

The Trust’s assets are currently allocated to the RPM Series offered on RJ OASIS.  The RPM Series in turn invests into other series of RJ OASIS representing the Investment Manager’s “Evolving Manager Program”.  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.  RJOFM is the managing member of each RJ OASIS series and each Trading Company.  RJOFM has no equity interest in any RJ OASIS series or Trading Company.

The Trust is governed by the Tenth Amended and Restated Declaration and Agreement of Trust dated as of January 31, 2015 (the “Trust Agreement”).

As of March 31, 2017, prior to quarter-end reallocation, RPM has delegated trading decisions for the Trust to three independent Trading Advisors:  Revolution Capital Management, LLC (“RCM”), Claughton Capital, LLC (“Claughton”) and Degraves Capital Management PTY (“DCM”), pursuant to advisory agreements executed between RJOFM (in its role as managing member of each RJ OASIS series and each Trading Company), and, as applicable, each Trading Company and each Trading Advisor (each, an “Advisory Agreement” and collectively, the “Advisory Agreements”) through its investment in the RPM Series.

Prior to the Trust’s allocation to the RPM Series on January 23, 2017, RPM delegated trading decisions for the Trust to six  independent Trading Advisors:  RCM, PGR Capital LLP (“PGR”), ROW Asset Management, LLC (“ROW”), Turning Wheel Capital, Inc. (“TWC”), Claughton and DCM.

The Advisory Agreements 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 March 31, 2017, prior to quarter-end reallocation, RCM was managing 44.56%, Claughton 9.64% and DCM 8.63% of the Trust’s assets, respectively.  Approximately 37.17% of the Trust’s assets were not allocated to any Trading Advisor.

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 CFTC and are each a member of NFA in such respective capacities.  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, Inc. (“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 any 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); directing payment of the management and incentive fees payable to the Investment Manager under the Investment Management Agreement and (in its role as managing member of each RJ OASIS series and each Trading Company) directing payment of the management and incentive fees payable to the Trading Advisors under the 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 and the purchaser/assignor begins serving as the successor 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 managing owner to continue the business of the Trust; (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 managing owner to continue the business of the Trust; (5) the dissolution of the Managing Owner; (6) the insolvency or bankruptcy of the Trust; (7) a decline in the aggregate net assets of the Trust to less than $2,500,000, except as provided in the Trust Agreement; (8) dissolution of the Trust; or (9) any event that would make it unlawful for the existence of the Trust to be continued or require dissolution of the Trust; and such other circumstances as set forth in the Trust Agreement.

A portion of the Trust’s net assets are deposited in the Trust’s accounts with RJO, the Trust’s clearing broker and currency dealer.  For U.S. dollar deposits, 100% of interest earned on the Trust’s assets, calculated by the average four-week Treasury bill rate, is paid to the Trust.  For non-U.S. dollar deposits, the current rate of interest is equal to a rate of one-month LIBOR less 100 basis points.  Any amounts received by RJO in excess of amounts paid to the Trust are retained by RJO.  For the three month periods ended March 31, 2017 and 2016, RJO had paid or accrued to pay interest to the Trust of $1,107 and $2,125, respectively.

On October 6, 2010, the Managing Owner appointed Oasis Investment Strategies LLC (formerly, RJO Investment Management, LLC) (“OIS”), an affiliate of the Managing Owner, to manage the Trust’s cash deposited with Wells Fargo Bank, N.A. (“Wells”).  As of March 31, 2017, Wells held approximately $1,406,000 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.  For the three month periods ended March 31, 2017 and 2016, OIS had paid or accrued to pay interest to the Trust of $2,444 and $1,789, respectively.

As of March 31, 2017, accounting and transfer agency services for the Trust are provided by NAV Consulting, Inc., the Trust’s administrator.

Effective January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a Delaware 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 were 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”) was appointed as manager of the LLC.  US Bank made 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 received cash (“Non-Participating Owners”).

(b) Any unitholder who had continued to own units in the Trust received additional units in the Trust at the then net asset value of the Trust (“Participating Owner”).

The unitholders had no rights to request redemptions from the LLC.

The LLC compensated 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 (initially $350 per hour).

Effective as of June 15, 2015 (the “Termination Date”), the LLC was dissolved by US Bank.  US Bank effected the dissolution based upon their belief that substantially all of the LLC’s claims had been liquidated and the related proceeds had been distributed to the unitholders, and that the LLC was not likely to receive further significant recoveries related to such claims.  Accordingly, the LLC has ceased to carry on its business as of the Termination Date except insofar as may be necessary for the winding up of its business.  As of the Termination Date, the LLC has taken full account of its assets and liabilities, and has made payment or has otherwise provided for all of its remaining debts and liabilities.  US Bank has established a contingency reserve with all remaining funds from the LLC in its possession in the approximate amount of $475,000 to pay for any future wind up expenses of, or other claims made against, the LLC on or prior to June 15, 2017 (the “Reserve Termination Date”).  To the extent no claims or obligations of the LLC remain outstanding as of the Reserve Termination Date (as determined in US Bank’s reasonable discretion), US Bank will distribute the then remaining funds to the unitholders, provided, however, if the amount of remaining funds available for distribution does not significantly exceed the cost of making such distribution, US Bank reserves the right to donate the remaining amounts to a nationally recognized charity.

Accordingly, the LLC/Non-trading unitholders capital accounts were distributed to US Bank on the Termination Date.  Amounts estimated to be due to Participating Owners aggregating $14,374 and $17,890 as of March 31, 2017 and December 31, 2016, respectively, are reflected as a distribution payable and a receivable from US Bank in the Consolidated Statements of Financial Condition.

XML 22 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2017
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 (“US GAAP”) 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 the 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, 2016.

While the Trust is not registered, and is not required to be registered as an investment company under the Investment Company Act of 1940, as amended, it meets the definition of an investment company within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services - Investment Companies, and follows the accounting and reporting guidance therein.

(b)         Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Trust, its wholly-owned subsidiary: the RPM Series (effective January 23, 2017), the RPM Series’ wholly-owned subsidiary, OASIS Claughton Capital Series, and the RPM Series’controlling and majority equity interests in the OASIS Revolution Capital Mgmt Series and OASIS Degraves Capital Mgmt PTY Series.  Interests in such series of RJ OASIS not wholly-owned by the Trust are shown as non-controlling interests.  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.  Net 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 net 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 net 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 OIS, an affiliate of the Managing Owner, to manage the Trust’s cash deposited with Wells.  As of March 31, 2017, Wells held approximately $1,406,000 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.

(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 accrued monthly.

(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 quarter and year-end balances are translated at the quarter and 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)         Recent Pronouncements

On May 28, 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.  The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective.  The standard permits the use of either the retrospective or cumulative effect transition method.  In July 2015, the FASB voted to delay the effective date of this ASU by one year.  The ASU will now be effective commencing with the Trust’s quarter ending March 31, 2018.  Early adoption of this ASU is allowed no sooner than the original effective date.  The Trust, based on a preliminary assessment, does not currently believe its revenue recognition policies will change upon the adoption of the standard.

XML 23 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fees
3 Months Ended
Mar. 31, 2017
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.

Management fees and incentive fees were not due on the LLC’s net assets.  See Note (1).

Pursuant to the Trust Agreement, the Trust pays the Managing Owner a fee of 0.50% of the Trust’s month-end net assets on an annual basis.  

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.

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.  

Pursuant to the Advisory Agreements, each Trading Advisor receives from the relevant series’ Trading Company a monthly management fee ranging from 0.042% to 0.083% (a 0.5% to 1% annual rate) of the Trust’s month-end net assets calculated after deduction of brokerage fees, but before reduction for any incentive fee or other costs and before inclusion of new unitholder subscriptions and redemptions for the month.  

Pursuant to its Advisory Agreement, each Trading Advisor may also receive from the relevant series’ Trading Company a quarterly incentive fee ranging from 15% to 20% 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.  

For a description of the fees paid by the Trust to OIS, the Trust’s cash manager, see Note (9).

XML 24 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes
3 Months Ended
Mar. 31, 2017
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, 2013, remain subject to examination by the Internal Revenue Service.  The Trust’s state and local income tax returns are subject to examination by the respective state and local authorities over various statutes of limitations, generally ranging from three to five years from the date of filing.

XML 25 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Trading Activities and Related Risks
3 Months Ended
Mar. 31, 2017
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 CE 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, through its indirect investment in the Trading Companies, has cash on deposit with the FCM 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 periods ended March 31, 2017 and 2016, 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, through its indirect investment in the Trading Companies, may invest its margin in fixed income securities as permitted by CFTC regulations regarding acceptable securities for investment of segregated assets and the OIS 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 (10) for further details on Derivative Instruments and Hedging Activities.

XML 26 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements
3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
(6)         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.  As of December 31, 2016, the Trust did not have any Level 1 assets or liabilities.

          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.  As of March 31, 2017 and December 31, 2016, respectively, the Trust did not have any Level 2 assets or liabilities.

          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 March 31, 2017 and December 31, 2016, respectively, the Trust did not have any Level 3 assets or liabilities.

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

The Trust’s exchange-traded futures contracts and options on futures contracts are valued based on quoted prices (unadjusted) in active markets for identical assets or liabilities.  

The following table presents the Trust’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2017:

   
March 31, 2017
       
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Net unrealized gain on open contracts:
                       
Futures positions
 
$
56,610
   
$
-
   
$
-
   
$
56,610
 
     
56,610
     
-
     
-
     
56,610
 
Liabilities
                               
Net unrealized loss on open contracts:
                               
Futures positions
   
(98,319
)
   
-
     
-
     
(98,319
)
     
(98,319
)
   
-
     
-
     
(98,319
)
                                 
Total fair value
 
$
(41,709
)
 
$
-
   
$
-
   
$
(41,709
)

As of December 31, 2016, the Trust held no assets or liabilities measured at fair value.

XML 27 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Operations
3 Months Ended
Mar. 31, 2017
Brokers and Dealers [Abstract]  
Brokers and Dealers Disclosure [Text Block]
(7)         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 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 on a per trade (“half-turn”) basis, in addition to any transactional (floor brokerage, give-up charges, NFA, clearing and exchange) fees are typically paid to the clearing broker at the time of the initial purchase (or sale) and again at the subsequent sale (or purchase) of a commodity futures contract.  These half-turn commission and fees are charged to expense when incurred.

“Commission and fees” included the following across each class of units (1):

Recipient
 
Nature of Payment
 
Class A Units
   
Class B Units
   
Class C Units
   
Class D Units (2)
 
Managing Owner
 
Managing Owner Fee
   
0.50
%
   
0.50
%
   
0.50
%
   
0.50
%
Selling Agents
 
Selling Commission
   
2.00
%
   
0.00
%
   
0.00
%
   
2.00
%
Selling Agents
 
Selling Commission (initial sales charge) (3)
   
0.00
%
   
0.00
%
   
0.00
%
   
2.00
%
Managing Owner
 
Wholesale Fee (4)
   
0.00
%
   
0.00
%
   
0.35
%
   
0.35
%
Clearing Broker
 
Clearing, NFA and exchange fees (approximately) (5)
   
1.75
%
   
1.75
%
   
1.75
%
   
1.75
%
                                     
         
4.25
%
   
2.25
%
   
2.60
%
   
6.60
%

(1)  The above costs, fees and expenses are reflected in the commission by class line on the consolidated statement of operations.  Commissions are not paid with respect to the LLC’s net assets.

(2)  As of March 31, 2017, no Class D units had been sold.

(3)  Class D units may be subject to an initial sales charge of up to 2.00% of the subscription amount upon investment.

(4)  The Class C and Class D units are subject to a wholesaling fee of 0.35% to the Managing Owner to compensate agents who may facilitate distribution of such units.

(5)  Fees are charged as actually incurred.

XML 28 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Financial Highlights
3 Months Ended
Mar. 31, 2017
Disclosure Text Block Supplement [Abstract]  
Additional Financial Information Disclosure [Text Block]
(8)         Financial Highlights

The following financial highlights show the Trust’s financial performance of the Trading units by class for the three month periods ended March 31, 2017, and 2016, respectively.  Total return is calculated as the change in a theoretical beneficial owner’s investment over the entire period, and is not annualized.  Total return is calculated based on the aggregate return of the Trust’s Trading units taken as a whole.  No financial highlights per share operating performance has been presented for Class C units for the three month periods ended March 31, 2017 and 2016, respectively, since all Class C units were purchased and fully redeemed in January 2015 and no further Class C units have been issued subsequently.  As of March 31, 2017, no Class D units had been sold and, therefore, the Trust’s financial performance with respect to the class D units is not reflected below.

   
Class A
   
Class B
 
   
Three months ended
   
Three months ended
 
   
March 31,
   
March 31,
 
   
2017
   
2016
   
2017
   
2016
 
Per share operating performance:
                       
    Net asset value of Trading units, beginning of period
 
$
49.35
   
$
58.09
   
$
57.94
   
$
66.84
 
    Total Trading income (loss):
                               
         Trading gain (loss)
   
0.79
     
5.63
     
0.93
     
6.48
 
         Investment income
   
0.03
     
0.03
     
0.03
     
0.04
 
         Expenses
   
(1.61
)
   
(2.23
)
   
(1.60
)
   
(2.22
)
    Trading income (loss)
   
(0.79
)
   
3.43
     
(0.64
)
   
4.30
 
    Net asset value of Trading units, end of period
 
$
48.56
   
$
61.52
   
$
57.30
   
$
71.14
 
                                 
Total return:
                               
    Total return before incentive fees
   
(1.60
%)
   
6.46
%
   
(1.11
%)
   
6.98
%
    Less incentive fee allocations
   
0.00
%
   
(0.56
%)
   
0.00
%
   
(0.55
%)
Total return
   
(1.60
%)
   
5.90
%
   
(1.11
%)
   
6.43
%
                                 
Ratios to average net assets:
                               
    Trading income (loss)
   
(1.62
%)
   
5.71
%
   
(2.10
%)
   
6.13
%
    Expenses:
                               
         Expenses, less incentive fees
   
(3.32
%)
   
(3.13
%)
   
(3.17
%)
   
(2.60
%)
         Incentive fees
   
0.00
%
   
(0.56
%)
   
0.00
%
   
(0.55
%)
    Total expenses
   
(3.32
%)
   
(3.69
%)
   
(3.17
%)
   
(3.15
%)

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 month periods ended March 31, 2017 and 2016, respectively.  The amounts are not annualized.  Total return is calculated for each class of unitholders’ capital taken as a whole.  An individual investor’s return may vary from these returns.

XML 29 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Cash Management Agreement with Affiliate
3 Months Ended
Mar. 31, 2017
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
(9)       Cash Management Agreement with Affiliate

On October 6, 2010, the Managing Owner retained OIS (formerly, RJO Investment Management, LLC) an SEC registered investment adviser and an affiliate of the Managing Owner, as cash manager.  The assets managed by OIS are held in segregated accounts in custody at Wells.  OIS 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, OIS 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 OIS and the current interest rate environment.  As of March 31, 2017, the Trust’s deposits held by OIS consisted of cash of $1,406,000.  Since August 1, 2014, OIS continues to waive its advisory fee. 

XML 30 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivative Instruments and Hedging Activities
3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
(10)       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 March 31, 2017
                 
   
Asset
   
Liability
       
Type of
 
Derivatives
   
Derivatives
   
Net
 
Futures Contracts
 
Fair Value
   
Fair Value
   
Fair Value
 
                   
Agriculture
 
$
37,195
   
$
(2,400
)
 
$
34,795
 
Currency
   
9,512
     
(6,704
)
   
2,808
 
Energy
   
5,140
     
(111,076
)
   
(105,936
)
Indices
   
18,351
     
(3,780
)
   
14,571
 
Interest rates
   
8,778
     
-
     
8,778
 
Metals
   
3,455
     
(180
)
   
3,275
 
   
$
82,431
   
$
(124,140
)
 
$
(41,709
)

As of December 31, 2016, the Trust held no assets or liabilities reported at fair value.  The above reported fair values are included in equity in commodity trading accounts – net unrealized gain on open contracts and in purchased options on futures and written options on futures contracts in the consolidated statement of financial condition as of March 31, 2017. 

Trading gain (loss) for the following periods:

   
Three Months Ended March 31,
 
Type of Futures Contracts
 
2017
   
2016
 
Agriculture
 
$
6,807
   
$
(28,617
)
Currency
   
7,971
     
54,881
 
Energy
   
(150,031
)
   
100,861
 
Indices
   
376,710
     
288,800
 
Interest rates
   
(185,192
)
   
211,092
 
Metals
   
2,190
     
11,169
 
   
$
58,455
   
$
638,186
 

See Note (5) for additional information on the trading of derivatives not designed as hedging instruments and the related risks.

XML 31 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Offsetting
3 Months Ended
Mar. 31, 2017
Offsetting [Abstract]  
Offsetting [Text Block]
(11)       Offsetting

As indicated in Note (1), the Trust’s assets are currently indirectly allocated to each of the Trading Companies.  All of the Trading Companies utilize RJO as their clearing broker.  Each Trading Company has its own separate clearing agreement with RJO, under which each of the Trading Companies are subject to master netting agreements or similar arrangements that allow RJO to offset any assets of the individual entity by any liabilities of the individual Trading Company, as necessary, if RJO determines that the amount of margin is not appropriate or the Trading Company is not able to perform.  Each of the Trading Companies hold significant cash deposits with RJO, which can be and is used by the Trading Companies to settle any obligations due to RJO.  The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties and they do not apply across different Trading Companies.

For financial reporting purposes, the Trust nets its similar derivative assets and liabilities that are subject to netting arrangements in the Statements of Financial Condition.  The following tables present the Trust’s derivative assets and liabilities by investment type and by counterparty, net of amounts available for offset under a master netting agreement, along with the related collateral received or pledged by the Trading Companies (cash on deposit with broker) as of March 31, 2017 and December 31, 2016:

 
 
Offsetting of Derivative Assets
 
 
                                   
 
 
As of March 31, 2017
   
As of December 31, 2016
 
 
 
Gross Amounts of
Recognized Assets
   
Gross Amounts Offset in the Statement of Financial Condition
   
Net Amounts of Assets Presented in the Statement of
Financial Condition
   
Gross Amounts of
Recognized Assets
   
Gross Amounts Offset in the Statement of Financial Condition
   
Net Amounts of Assets Presented in the Statement of Financial Condition
 
 
 Description
 
                                   
 Futures and forward contracts
 
$
82,431
   
$
(25,821
)
 
$
56,610
   
$
-
   
$
-
   
$
-
 
 
                                               
 
 
$
82,431
   
$
(25,821
)
 
$
56,610
   
$
-
   
$
-
   
$
-
 

   
Derivative Assets and Collateral Held by Counterparty
 
                                                 
   
As of March 31, 2017
   
As of December 31, 2016
 
   
Net Amount of Assets in the Statement of Financial Condition
   
Gross Amounts Not Offset in the Statement of Financial Condition
         
Net Amount of Assets in the Statement of Financial Condition
   
Gross Amounts Not Offset in the Statement of Financial Condition
       
Individual Trading Companies
(with derivative assets and collateral held by RJO)
           
 
Financial
Instruments
   
Cash Collateral Received
   
Net Amount
   
Financial
Instruments
   
Cash Collateral Received
   
Net Amount
 
                                                 
 OASIS Claughton, LLC
 
$
56,610
   
$
-
   
$
-
   
$
56,610
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                                 
   
$
56,610
   
$
-
   
$
-
   
$
56,610
   
$
-
   
$
-
   
$
-
   
$
-
 

 
 
Offsetting of Derivative Liabilities
 
 
                                   
 
 
As of March 31, 2017
   
As of December 31, 2016
 
 
 
Gross Amounts of
Recognized Liabilities
   
Gross Amounts Offset in the Statement of Financial Condition
   
Net Amounts of Liabilities Presented in the Statement of Financial Condition
   
Gross Amounts of
Recognized Liabilities
   
Gross Amounts Offset in the Statement of Financial Condition
   
Net Amounts of Liabilities Presented in the Statement of Financial Condition
 
 
 Description
 
                                   
 Futures and forward contracts
 
$
124,140
   
$
(25,821
)
 
$
98,319
   
$
-
   
$
-
   
$
-
 
 
                                               
 
 
$
124,140
   
$
(25,821
)
 
$
98,319
   
$
-
   
$
-
   
$
-
 

   
Derivative Liabilities and Collateral Pledged by Counterparty
 
             
   
As of March 31, 2017
   
As of December 31, 2016
 
 
Individual Trading Companies
(with derivative liabilities and collateral held by RJO)
 
Net Amount of Liabilities in the Statement of Financial Condition
   
Gross Amounts Not Offset in the
Statement of Financial Condition
         
Net Amount of Liabilities in the Statement of Financial Condition
   
Gross Amounts Not Offset in the
Statement of Financial Condition
       
           
 
Financial
Instruments
   
Cash Deposits Held by Broker
   
Net Amount
   
Financial
Instruments
   
Cash Deposits Held by Broker
   
Net Amount
 
                                                 
 OASIS RCM, LLC
 
$
98,319
   
$
(98,319
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                                 
   
$
98,319
   
$
(98,319
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 

XML 32 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
(12)       Subsequent Events

As of May 1, 2017, the RPM Series rebalanced and partially redeemed out of the OASIS Revolution Capital Mgmt Series (managed by RCM) and after month-end reallocation subscribed to allocate those funds to the OASIS Prolific Capital Markets Series (managed by Prolific Capital Markets, LLC).  The amount redeemed out of the OASIS Revolution Capital Mgmt Series was $1,000,000 and the amount allocated to OASIS Prolific Capital Markets Series was $1,000,000 after the month-end reallocation.

The Trust expects to pay annual expenses of approximately 10.18% (for Class C units) to 15.03% (for Class D units) after taking into account estimated interest income of its average month-end assets.

XML 33 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Accounting Policies, by Policy (Policies)
3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation

The accompanying unaudited consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the 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, 2016.

While the Trust is not registered, and is not required to be registered as an investment company under the Investment Company Act of 1940, as amended, it meets the definition of an investment company within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services - Investment Companies, and follows the accounting and reporting guidance therein.
Consolidation, Policy [Policy Text Block]
Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Trust, its wholly-owned subsidiary: the RPM Series (effective January 23, 2017), the RPM Series’ wholly-owned subsidiary, OASIS Claughton Capital Series, and the RPM Series’controlling and majority equity interests in the OASIS Revolution Capital Mgmt Series and OASIS Degraves Capital Mgmt PTY Series.  Interests in such series of RJ OASIS not wholly-owned by the Trust are shown as non-controlling interests.  All material intercompany transactions have been eliminated upon consolidation.
Revenue Recognition, Policy [Policy Text Block]
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.  Net 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 net 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 net 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 OIS, an affiliate of the Managing Owner, to manage the Trust’s cash deposited with Wells.  As of March 31, 2017, Wells held approximately $1,406,000 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.
Organization Offering and Related Costs [Policy Text Block]
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 accrued monthly.
Foreign Currency Transactions and Translations Policy [Policy Text Block]
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 quarter and year-end balances are translated at the quarter and year-end currency rates.  The impact of the translation is reflected in the consolidated statements of operations.
Use of Estimates, Policy [Policy Text Block]
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.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Pronouncements

On May 28, 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.  The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective.  The standard permits the use of either the retrospective or cumulative effect transition method.  In July 2015, the FASB voted to delay the effective date of this ASU by one year.  The ASU will now be effective commencing with the Trust’s quarter ending March 31, 2018.  Early adoption of this ASU is allowed no sooner than the original effective date.  The Trust, based on a preliminary assessment, does not currently believe its revenue recognition policies will change upon the adoption of the standard.
XML 34 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2017
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 March 31, 2017:

   
March 31, 2017
       
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Net unrealized gain on open contracts:
                       
Futures positions
 
$
56,610
   
$
-
   
$
-
   
$
56,610
 
     
56,610
     
-
     
-
     
56,610
 
Liabilities
                               
Net unrealized loss on open contracts:
                               
Futures positions
   
(98,319
)
   
-
     
-
     
(98,319
)
     
(98,319
)
   
-
     
-
     
(98,319
)
                                 
Total fair value
 
$
(41,709
)
 
$
-
   
$
-
   
$
(41,709
)
XML 35 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Operations (Tables)
3 Months Ended
Mar. 31, 2017
Brokers and Dealers [Abstract]  
Schedule of Due to (from) Broker-Dealers and Clearing Organizations [Table Text Block]
“Commission and fees” included the following across each class of units (1):

Recipient
 
Nature of Payment
 
Class A Units
   
Class B Units
   
Class C Units
   
Class D Units (2)
 
Managing Owner
 
Managing Owner Fee
   
0.50
%
   
0.50
%
   
0.50
%
   
0.50
%
Selling Agents
 
Selling Commission
   
2.00
%
   
0.00
%
   
0.00
%
   
2.00
%
Selling Agents
 
Selling Commission (initial sales charge) (3)
   
0.00
%
   
0.00
%
   
0.00
%
   
2.00
%
Managing Owner
 
Wholesale Fee (4)
   
0.00
%
   
0.00
%
   
0.35
%
   
0.35
%
Clearing Broker
 
Clearing, NFA and exchange fees (approximately) (5)
   
1.75
%
   
1.75
%
   
1.75
%
   
1.75
%
                                     
         
4.25
%
   
2.25
%
   
2.60
%
   
6.60
%
(1)  The above costs, fees and expenses are reflected in the commission by class line on the consolidated statement of operations.  Commissions are not paid with respect to the LLC’s net assets.
(2)  As of March 31, 2017, no Class D units had been sold.
(3)  Class D units may be subject to an initial sales charge of up to 2.00% of the subscription amount upon investment.
(4)  The Class C and Class D units are subject to a wholesaling fee of 0.35% to the Managing Owner to compensate agents who may facilitate distribution of such units.
(5)  Fees are charged as actually incurred.
XML 36 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Financial Highlights (Tables)
3 Months Ended
Mar. 31, 2017
Disclosure Text Block Supplement [Abstract]  
Financial Summary [Table Text Block]
The following financial highlights show the Trust’s financial performance of the Trading units by class for the three month periods ended March 31, 2017, and 2016, respectively. Total return is calculated as the change in a theoretical beneficial owner’s investment over the entire period, and is not annualized. Total return is calculated based on the aggregate return of the Trust’s Trading units taken as a whole. No financial highlights per share operating performance has been presented for Class C units for the three month periods ended March 31, 2017 and 2016, respectively, since all Class C units were purchased and fully redeemed in January 2015 and no further Class C units have been issued subsequently. As of March 31, 2017, no Class D units had been sold and, therefore, the Trust’s financial performance with respect to the class D units is not reflected below.

   
Class A
   
Class B
 
   
Three months ended
   
Three months ended
 
   
March 31,
   
March 31,
 
   
2017
   
2016
   
2017
   
2016
 
Per share operating performance:
                       
    Net asset value of Trading units, beginning of period
 
$
49.35
   
$
58.09
   
$
57.94
   
$
66.84
 
    Total Trading income (loss):
                               
         Trading gain (loss)
   
0.79
     
5.63
     
0.93
     
6.48
 
         Investment income
   
0.03
     
0.03
     
0.03
     
0.04
 
         Expenses
   
(1.61
)
   
(2.23
)
   
(1.60
)
   
(2.22
)
    Trading income (loss)
   
(0.79
)
   
3.43
     
(0.64
)
   
4.30
 
    Net asset value of Trading units, end of period
 
$
48.56
   
$
61.52
   
$
57.30
   
$
71.14
 
                                 
Total return:
                               
    Total return before incentive fees
   
(1.60
%)
   
6.46
%
   
(1.11
%)
   
6.98
%
    Less incentive fee allocations
   
0.00
%
   
(0.56
%)
   
0.00
%
   
(0.55
%)
Total return
   
(1.60
%)
   
5.90
%
   
(1.11
%)
   
6.43
%
                                 
Ratios to average net assets:
                               
    Trading income (loss)
   
(1.62
%)
   
5.71
%
   
(2.10
%)
   
6.13
%
    Expenses:
                               
         Expenses, less incentive fees
   
(3.32
%)
   
(3.13
%)
   
(3.17
%)
   
(2.60
%)
         Incentive fees
   
0.00
%
   
(0.56
%)
   
0.00
%
   
(0.55
%)
    Total expenses
   
(3.32
%)
   
(3.69
%)
   
(3.17
%)
   
(3.15
%)
XML 37 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivative Instruments and Hedging Activities (Tables)
3 Months Ended
Mar. 31, 2017
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 March 31, 2017
                 
   
Asset
   
Liability
       
Type of
 
Derivatives
   
Derivatives
   
Net
 
Futures Contracts
 
Fair Value
   
Fair Value
   
Fair Value
 
                   
Agriculture
 
$
37,195
   
$
(2,400
)
 
$
34,795
 
Currency
   
9,512
     
(6,704
)
   
2,808
 
Energy
   
5,140
     
(111,076
)
   
(105,936
)
Indices
   
18,351
     
(3,780
)
   
14,571
 
Interest rates
   
8,778
     
-
     
8,778
 
Metals
   
3,455
     
(180
)
   
3,275
 
   
$
82,431
   
$
(124,140
)
 
$
(41,709
)
Schedule of Derivative Instruments Included in Trading Activities [Table Text Block]
Trading gain (loss) for the following periods:

   
Three Months Ended March 31,
 
Type of Futures Contracts
 
2017
   
2016
 
Agriculture
 
$
6,807
   
$
(28,617
)
Currency
   
7,971
     
54,881
 
Energy
   
(150,031
)
   
100,861
 
Indices
   
376,710
     
288,800
 
Interest rates
   
(185,192
)
   
211,092
 
Metals
   
2,190
     
11,169
 
   
$
58,455
   
$
638,186
 
XML 38 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
Offsetting (Tables)
3 Months Ended
Mar. 31, 2017
Offsetting [Abstract]  
Offsetting Assets [Table Text Block]
 
 
Offsetting of Derivative Assets
 
 
                                   
 
 
As of March 31, 2017
   
As of December 31, 2016
 
 
 
Gross Amounts of
Recognized Assets
   
Gross Amounts Offset in the Statement of Financial Condition
   
Net Amounts of Assets Presented in the Statement of
Financial Condition
   
Gross Amounts of
Recognized Assets
   
Gross Amounts Offset in the Statement of Financial Condition
   
Net Amounts of Assets Presented in the Statement of Financial Condition
 
 
 Description
 
                                   
 Futures and forward contracts
 
$
82,431
   
$
(25,821
)
 
$
56,610
   
$
-
   
$
-
   
$
-
 
 
                                               
 
 
$
82,431
   
$
(25,821
)
 
$
56,610
   
$
-
   
$
-
   
$
-
 
Schedule of Derivative Instruments [Table Text Block]
   
Derivative Assets and Collateral Held by Counterparty
 
                                                 
   
As of March 31, 2017
   
As of December 31, 2016
 
   
Net Amount of Assets in the Statement of Financial Condition
   
Gross Amounts Not Offset in the Statement of Financial Condition
         
Net Amount of Assets in the Statement of Financial Condition
   
Gross Amounts Not Offset in the Statement of Financial Condition
       
Individual Trading Companies
(with derivative assets and collateral held by RJO)
           
 
Financial
Instruments
   
Cash Collateral Received
   
Net Amount
   
Financial
Instruments
   
Cash Collateral Received
   
Net Amount
 
                                                 
 OASIS Claughton, LLC
 
$
56,610
   
$
-
   
$
-
   
$
56,610
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                                 
   
$
56,610
   
$
-
   
$
-
   
$
56,610
   
$
-
   
$
-
   
$
-
   
$
-
 
   
Derivative Liabilities and Collateral Pledged by Counterparty
 
             
   
As of March 31, 2017
   
As of December 31, 2016
 
 
Individual Trading Companies
(with derivative liabilities and collateral held by RJO)
 
Net Amount of Liabilities in the Statement of Financial Condition
   
Gross Amounts Not Offset in the
Statement of Financial Condition
         
Net Amount of Liabilities in the Statement of Financial Condition
   
Gross Amounts Not Offset in the
Statement of Financial Condition
       
           
 
Financial
Instruments
   
Cash Deposits Held by Broker
   
Net Amount
   
Financial
Instruments
   
Cash Deposits Held by Broker
   
Net Amount
 
                                                 
 OASIS RCM, LLC
 
$
98,319
   
$
(98,319
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                                 
   
$
98,319
   
$
(98,319
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
Offsetting Liabilities [Table Text Block]
 
 
Offsetting of Derivative Liabilities
 
 
                                   
 
 
As of March 31, 2017
   
As of December 31, 2016
 
 
 
Gross Amounts of
Recognized Liabilities
   
Gross Amounts Offset in the Statement of Financial Condition
   
Net Amounts of Liabilities Presented in the Statement of Financial Condition
   
Gross Amounts of
Recognized Liabilities
   
Gross Amounts Offset in the Statement of Financial Condition
   
Net Amounts of Liabilities Presented in the Statement of Financial Condition
 
 
 Description
 
                                   
 Futures and forward contracts
 
$
124,140
   
$
(25,821
)
 
$
98,319
   
$
-
   
$
-
   
$
-
 
 
                                               
 
 
$
124,140
   
$
(25,821
)
 
$
98,319
   
$
-
   
$
-
   
$
-
 
XML 39 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule of Investments (Details) - Condensed Consolidated Schedule of Investments - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Futures Positions    
Fair Value $ (41,709) $ 0
Long [Member]    
Futures Positions    
Fair Value on Open Contracts 29,006 0
Short [Member]    
Futures Positions    
Fair Value on Open Contracts $ (70,715) $ 0
Future [Member] | Foreign Exchange Contract [Member] | Long [Member]    
Futures Positions    
Percentage of Net Assets 0.06% 0.00%
Fair Value on Open Contracts $ 2,496 $ 0
Future [Member] | Energy Related Derivative [Member] | Long [Member]    
Futures Positions    
Percentage of Net Assets 0.12% 0.00%
Fair Value on Open Contracts $ 5,140 $ 0
Future [Member] | Energy Related Derivative [Member] | Short [Member]    
Futures Positions    
Percentage of Net Assets (2.63%) 0.00%
Fair Value on Open Contracts $ (111,076) $ 0
Future [Member] | Credit Risk Contract [Member] | Long [Member]    
Futures Positions    
Percentage of Net Assets 0.22% 0.00%
Fair Value on Open Contracts $ 9,317 $ 0
Future [Member] | Credit Risk Contract [Member] | Short [Member]    
Futures Positions    
Percentage of Net Assets 0.12% 0.00%
Fair Value on Open Contracts $ 5,253 $ 0
Future [Member] | Interest Rate Contract [Member] | Long [Member]    
Futures Positions    
Percentage of Net Assets 0.21% 0.00%
Fair Value on Open Contracts $ 8,778 $ 0
Future [Member] | Metal Derivatives [Member] | Long [Member]    
Futures Positions    
Percentage of Net Assets 0.08% 0.00%
Fair Value on Open Contracts $ 3,275 $ 0
Future [Member] | Agriculture Derivative [Member] | Short [Member]    
Futures Positions    
Percentage of Net Assets 0.82% 0.00%
Fair Value on Open Contracts $ 34,795 $ 0
Foreign Exchange Forward [Member] | Short [Member]    
Futures Positions    
Percentage of Net Assets 0.01% 0.00%
Fair Value on Open Contracts $ 313 $ 0
XML 40 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
General Information and Summary (Details)
3 Months Ended 11 Months Ended
Mar. 31, 2017
USD ($)
Mar. 31, 2016
USD ($)
Nov. 21, 2016
Dec. 31, 2016
USD ($)
General Information and Summary (Details) [Line Items]        
Number of Independent Trading Advisors 3   6  
Percentage of Trust Assets Allocated to Trading Advisor 37.17%      
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 and the purchaser/assignor begins serving as the successor 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 managing owner to continue the business of the Trust; (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 managing owner to continue the business of the Trust; (5) the dissolution of the Managing Owner; (6) the insolvency or bankruptcy of the Trust; (7) a decline in the aggregate net assets of the Trust to less than $2,500,000, except as provided in the Trust Agreement; (8) dissolution of the Trust; or (9) any event that would make it unlawful for the existence of the Trust to be continued or require dissolution of the Trust; and such other circumstances as set forth in the Trust Agreement.      
Trust Termination Date Dec. 31, 2026      
Interest Income, Operating $ 3,551 $ 3,914    
Contingency Reserve Held by Bank 475,000      
Accounts Receivable, Net $ 14,374     $ 17,890
United States of America, Dollars        
General Information and Summary (Details) [Line Items]        
Interest Earned on Trust's Average Daily Balance on Deposit For U.S. dollar deposits, 100% of interest earned on the Trust’s assets, calculated by the average four-week Treasury bill rate, is paid to the Trust.      
Held by Wells Fargo Bank N.A. [Member]        
General Information and Summary (Details) [Line Items]        
Investments and Cash $ 1,406,000      
Revolution Capital Management LLC [Member]        
General Information and Summary (Details) [Line Items]        
Percentage of Trust Assets Allocated to Trading Advisor 44.56%      
Degraves Capital Management PTY [Member]        
General Information and Summary (Details) [Line Items]        
Percentage of Trust Assets Allocated to Trading Advisor     8.63%  
Oasis Investment Strategies LLC ("OIS") [Member]        
General Information and Summary (Details) [Line Items]        
Interest Income, Operating $ 2,444 1,789    
US Bank [Member]        
General Information and Summary (Details) [Line Items]        
Compensation Terms for Manager of LLC The LLC compensated 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 (initially $350 per hour).      
ROW Asset Management, LLC [Member]        
General Information and Summary (Details) [Line Items]        
Percentage of Trust Assets Allocated to Trading Advisor 9.64%      
RJO Global Trust [Member]        
General Information and Summary (Details) [Line Items]        
Interest Income, Operating $ 1,107 $ 2,125    
Foreign Currencies [Member]        
General Information and Summary (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.      
XML 41 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Details)
3 Months Ended
Mar. 31, 2017
USD ($)
Held by Wells Fargo Bank N.A. [Member]  
Summary of Significant Accounting Policies (Details) [Line Items]  
Investments and Cash $ 1,406,000
Maximum [Member]  
Summary of Significant Accounting Policies (Details) [Line Items]  
Offering Costs as Percentage of Month-end Net Asset Value 0.50%
XML 42 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fees (Details)
3 Months Ended
Mar. 31, 2017
Annual Rate [Member] | RPM [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 0.75%
Annual Rate [Member] | Managing Owner [Member] | Effective October 22_ 2013 [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 0.50%
Monthly Rate [Member] | RPM [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 0.0625%
Quarterly Rate [Member] | RPM [Member] | Class C and D Units [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 10.00%
Minimum [Member] | Annual Rate [Member] | Trading Advisor [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 0.50%
Minimum [Member] | Monthly Rate [Member] | Trading Advisor [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 0.042%
Minimum [Member] | Quarterly Rate [Member] | Trading Advisor [Member]  
Fees (Details) [Line Items]  
Advisors Incentive Fee as a Percentage of New Trading Profit 15.00%
Maximum [Member] | Annual Rate [Member] | Trading Advisor [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 1.00%
Maximum [Member] | Monthly Rate [Member] | Trading Advisor [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 0.083%
Maximum [Member] | Quarterly Rate [Member] | Trading Advisor [Member]  
Fees (Details) [Line Items]  
Advisors Incentive Fee as a Percentage of New Trading Profit 20.00%
XML 43 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes (Details)
3 Months Ended
Mar. 31, 2017
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 44 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
Trading Activities and Related Risks (Details)
Mar. 31, 2017
Fixed Income Securities [Member] | Maximum [Member]  
Trading Activities and Related Risks (Details) [Line Items]  
Investment Owned, Percent of Net Assets 40.00%
XML 45 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Assets    
Futures positions $ 56,610 $ 0
Liabilities    
Futures positions (98,319) $ 0
Fair Value, Measurements, Recurring [Member]    
Assets    
Futures positions 56,610  
56,610  
Liabilities    
Futures positions (98,319)  
(98,319)  
Total fair value (41,709)  
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Assets    
Futures positions 56,610  
56,610  
Liabilities    
Futures positions (98,319)  
(98,319)  
Total fair value (41,709)  
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Assets    
Futures positions 0  
0  
Liabilities    
Futures positions 0  
0  
Total fair value 0  
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Assets    
Futures positions 0  
0  
Liabilities    
Futures positions 0  
0  
Total fair value $ 0  
XML 46 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
Operations (Details)
3 Months Ended
Mar. 31, 2017
Operations (Details) [Line Items]  
Written Notice Period for Redemption 5 days
Payment Period for Redemption of Units 10 days
Capital Unit, Class D [Member]  
Operations (Details) [Line Items]  
Selling Commission 2.00%
Class C and D Units [Member]  
Operations (Details) [Line Items]  
Wholesaling Fee, Percentage 0.35%
XML 47 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit
1 Months Ended
Dec. 31, 2008
Dec. 02, 2008
Capital Unit, Class A [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 4.25%  
Capital Unit, Class B [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 2.25%  
Capital Unit, Class C [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 2.60%  
Capital Unit, Class D [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1],[2]   6.60%
Managing Owner [Member] | Managing Owner Fees [Member] | Capital Unit, Class A [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.50%  
Managing Owner [Member] | Managing Owner Fees [Member] | Capital Unit, Class B [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.50%  
Managing Owner [Member] | Managing Owner Fees [Member] | Capital Unit, Class C [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.50%  
Managing Owner [Member] | Managing Owner Fees [Member] | Capital Unit, Class D [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1],[2]   0.50%
Managing Owner [Member] | Wholesale Fee [Member] | Capital Unit, Class A [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.00%  
Managing Owner [Member] | Wholesale Fee [Member] | Capital Unit, Class B [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.00%  
Managing Owner [Member] | Wholesale Fee [Member] | Capital Unit, Class C [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.35%  
Managing Owner [Member] | Wholesale Fee [Member] | Capital Unit, Class D [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1],[2]   0.35%
Selling Agent [Member] | Selling Commission [Member] | Capital Unit, Class A [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 2.00%  
Selling Agent [Member] | Selling Commission [Member] | Capital Unit, Class B [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.00%  
Selling Agent [Member] | Selling Commission [Member] | Capital Unit, Class C [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.00%  
Selling Agent [Member] | Selling Commission [Member] | Capital Unit, Class D [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1],[2]   2.00%
Selling Agent [Member] | Selling Commission (Initial Sales Charge) [Member] | Capital Unit, Class A [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.00%  
Selling Agent [Member] | Selling Commission (Initial Sales Charge) [Member] | Capital Unit, Class B [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.00%  
Selling Agent [Member] | Selling Commission (Initial Sales Charge) [Member] | Capital Unit, Class C [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.00%  
Selling Agent [Member] | Selling Commission (Initial Sales Charge) [Member] | Capital Unit, Class D [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1],[2]   2.00%
Clearing Broker [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class A [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 1.75%  
Clearing Broker [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class B [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 1.75%  
Clearing Broker [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class C [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 1.75%  
Clearing Broker [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class D [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1],[2]   1.75%
[1] The above costs, fees and expenses are reflected in the commission by class line on the consolidated statement of operations. Commissions are not paid with respect to the LLC's net assets.
[2] As of March 31, 2017, no Class D units had been sold.
XML 48 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
Financial Highlights (Details) - Schedule of Finanacial Highlights - $ / shares
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Capital Unit, Class A [Member]    
Per share operating performance:    
Net asset value of Trading units, beginning of period (in Dollars per share) $ 49.35 $ 58.09
Total Trading income (loss):    
Trading gain (loss) (in Dollars per share) 0.79 5.63
Investment income (in Dollars per share) 0.03 0.03
Expenses (in Dollars per share) (1.61) (2.23)
Trading income (loss) (in Dollars per share) (0.79) 3.43
Net asset value of Trading units, end of period (in Dollars per share) $ 48.56 $ 61.52
Total return:    
Total return before incentive fees (1.60%) 6.46%
Less incentive fee allocations 0.00% (0.56%)
Total return (1.60%) 5.90%
Ratios to average net assets:    
Trading income (loss) (1.62%) 5.71%
Expenses:    
Expenses, less incentive fees (3.32%) (3.13%)
Incentive fees 0.00% (0.56%)
Total expenses (3.32%) (3.69%)
Capital Unit, Class B [Member]    
Per share operating performance:    
Net asset value of Trading units, beginning of period (in Dollars per share) $ 57.94 $ 66.84
Total Trading income (loss):    
Trading gain (loss) (in Dollars per share) 0.93 6.48
Investment income (in Dollars per share) 0.03 0.04
Expenses (in Dollars per share) (1.60) (2.22)
Trading income (loss) (in Dollars per share) (0.64) 4.30
Net asset value of Trading units, end of period (in Dollars per share) $ 57.30 $ 71.14
Total return:    
Total return before incentive fees (1.11%) 6.98%
Less incentive fee allocations 0.00% (0.55%)
Total return (1.11%) 6.43%
Ratios to average net assets:    
Trading income (loss) (2.10%) 6.13%
Expenses:    
Expenses, less incentive fees (3.17%) (2.60%)
Incentive fees 0.00% (0.55%)
Total expenses (3.17%) (3.15%)
XML 49 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
Cash Management Agreement with Affiliate (Details) - USD ($)
3 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Cash Management Agreement with Affiliate (Details) [Line Items]    
Cash and Cash Equivalents, at Carrying Value $ 1,406,448 $ 4,850,088
Affiliated Entity [Member]    
Cash Management Agreement with Affiliate (Details) [Line Items]    
Management Fee, Description OIS is paid an annual fee, currently 0.20% calculated and accrued daily at a rate equal to 1/360 of the principal balance.  
Cash and Cash Equivalents, at Carrying Value $ 1,406,000  
XML 50 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value $ 82,431 $ 0
Not Designated as Hedging Instrument [Member] | Future [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 82,431  
Liability Derivatives Fair Value (124,140)  
Net Fair Value (41,709)  
Not Designated as Hedging Instrument [Member] | Future [Member] | Agriculture Derivative [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 37,195  
Liability Derivatives Fair Value (2,400)  
Net Fair Value 34,795  
Not Designated as Hedging Instrument [Member] | Future [Member] | Foreign Exchange Contract [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 9,512  
Liability Derivatives Fair Value (6,704)  
Net Fair Value 2,808  
Not Designated as Hedging Instrument [Member] | Future [Member] | Energy Related Derivative [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 5,140  
Liability Derivatives Fair Value (111,076)  
Net Fair Value (105,936)  
Not Designated as Hedging Instrument [Member] | Future [Member] | Credit Risk Contract [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 18,351  
Liability Derivatives Fair Value (3,780)  
Net Fair Value 14,571  
Not Designated as Hedging Instrument [Member] | Future [Member] | Interest Rate Contract [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 8,778  
Liability Derivatives Fair Value 0  
Net Fair Value 8,778  
Not Designated as Hedging Instrument [Member] | Future [Member] | Metal Derivatives [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 3,455  
Liability Derivatives Fair Value (180)  
Net Fair Value $ 3,275  
XML 51 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivative Instruments and Hedging Activities (Details) - Schedule of Trading Gains (Losses) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Trading Activity, Gains and Losses, Net [Line Items]    
Trading gain (loss) $ 58,455 $ 638,186
Future [Member]    
Trading Activity, Gains and Losses, Net [Line Items]    
Trading gain (loss) 58,455 638,186
Future [Member] | Agriculture Derivative [Member]    
Trading Activity, Gains and Losses, Net [Line Items]    
Trading gain (loss) 6,807 (28,617)
Future [Member] | Foreign Exchange Contract [Member]    
Trading Activity, Gains and Losses, Net [Line Items]    
Trading gain (loss) 7,971 54,881
Future [Member] | Energy Related Derivative [Member]    
Trading Activity, Gains and Losses, Net [Line Items]    
Trading gain (loss) (150,031) 100,861
Future [Member] | Credit Risk Contract [Member]    
Trading Activity, Gains and Losses, Net [Line Items]    
Trading gain (loss) 376,710 288,800
Future [Member] | Interest Rate Contract [Member]    
Trading Activity, Gains and Losses, Net [Line Items]    
Trading gain (loss) (185,192) 211,092
Future [Member] | Metal Derivatives [Member]    
Trading Activity, Gains and Losses, Net [Line Items]    
Trading gain (loss) $ 2,190 $ 11,169
XML 52 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
Offsetting (Details) - Offsetting of Derivative Assets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Description    
Gross Amounts of Recognized Assets $ 82,431 $ 0
Gross Amounts Offset in the Statement of Financial Condition (25,821) 0
Net Amounts of Assets Presented in the Statement of Financial Condition 56,610 0
Futures and Forward Contracts [Member]    
Description    
Gross Amounts of Recognized Assets 82,431 0
Gross Amounts Offset in the Statement of Financial Condition (25,821) 0
Net Amounts of Assets Presented in the Statement of Financial Condition $ 56,610 $ 0
XML 53 R39.htm IDEA: XBRL DOCUMENT v3.7.0.1
Offsetting (Details) - Schedule of Derivative Instruments - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Derivative [Line Items]    
Net Amount of Assets in the Statement of Financial Condition $ 56,610 $ 0
Net Amount 25,821 0
Net Amount of Liabilities in the Statement of Financial Condition 98,319 0
Net Amount 25,821 0
Derivative Assets and Collateral Held by Company [Member]    
Derivative [Line Items]    
Net Amount of Assets in the Statement of Financial Condition 56,610 0
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments 0 0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received 0 0
Net Amount 56,610 0
OASIS Claughton, LLC [Member] | Derivative Assets and Collateral Held by Company [Member]    
Derivative [Line Items]    
Net Amount of Assets in the Statement of Financial Condition 56,610 0
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments 0 0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received 0 0
Net Amount 56,610 0
OASIS RCM, LLC [Member] | Derivative Liabilities and Collateral Pledged by Company [Member]    
Derivative [Line Items]    
Net Amount of Liabilities in the Statement of Financial Condition 98,319 0
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments (98,319) 0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Deposits Held by Broker 0 0
Net Amount 0 0
Derivative Liabilities and Collateral Pledged by Company [Member]    
Derivative [Line Items]    
Net Amount of Liabilities in the Statement of Financial Condition 98,319 0
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments (98,319) 0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Deposits Held by Broker 0 0
Net Amount $ 0 $ 0
XML 54 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
Offsetting (Details) - Offsetting of Derivative Liabilities - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Description    
Gross Amounts of Recognized Liabilities $ 124,140 $ 0
Gross Amounts Offset in the Statement of Financial Condition (25,821) 0
Net Amounts of Liabilities Presented in the Statement of Financial Condition 98,319 0
Futures and Forward Contracts [Member]    
Description    
Gross Amounts of Recognized Liabilities 124,140 0
Gross Amounts Offset in the Statement of Financial Condition (25,821) 0
Net Amounts of Liabilities Presented in the Statement of Financial Condition $ 98,319 $ 0
XML 55 R41.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events (Details) - Subsequent Event [Member]
May 01, 2017
USD ($)
Capital Unit, Class C [Member]  
Subsequent Events (Details) [Line Items]  
Annual Expense on Trust, Percentage 10.18%
Capital Unit, Class D [Member]  
Subsequent Events (Details) [Line Items]  
Annual Expense on Trust, Percentage 15.03%
OASIS RPM [Member] | OASIS Revolution Capital Mgmt Series [Member]  
Subsequent Events (Details) [Line Items]  
Redemption of Trust Funds, Amount $ 1,000,000
OASIS RPM [Member] | OASIS Prolific Capital Markets Series [Member]  
Subsequent Events (Details) [Line Items]  
Cash and Cash Equivalents, Period Increase (Decrease) $ 1,000,000
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