0001185185-17-001711.txt : 20170811 0001185185-17-001711.hdr.sgml : 20170811 20170811151828 ACCESSION NUMBER: 0001185185-17-001711 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170811 DATE AS OF CHANGE: 20170811 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: 171024698 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 rjoglobal10q063017.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 June 30, 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
 
 
24
 
 
24
 
 
PART II. OTHER INFORMATION
25
 
 
25
 
 
25
 
 
25
 
 
26
 
 
27
 


 
PART I – FINANCIAL INFORMATION
Item 1.  Financial Statements
 
RJO GLOBAL TRUST AND SUBSIDIARIES
Consolidated Statements of Financial Condition
             
             
Assets
           
   
June 30,
   
December 31,
 
   
2017
   
2016
 
   
UNAUDITED
       
             
             
Assets:
           
Equity in commodity Trading accounts:
           
Cash on deposit with broker
 
$
2,717,492
   
$
-
 
Net unrealized gain on open contracts
   
62,092
     
-
 
Total due from broker
   
2,779,584
     
-
 
                 
Cash and cash equivalents on deposit with affiliate
   
1,073,391
     
4,850,088
 
Cash on deposit with bank
   
328,574
     
67,326
 
Interest receivable
   
645
     
1,197
 
Receivable from US bank
   
13,514
     
17,890
 
                 
Total Assets
 
$
4,195,708
   
$
4,936,501
 
                 
Liabilities and Capital
               
                 
Liabilities:
               
   Equity in commodity Trading accounts:
               
  Net unrealized loss on open contracts
 
$
73,575
   
$
-
 
  Accrued commissions
   
10,744
     
10,101
 
  Accrued management fees
   
6,198
     
-
 
  Accrued incentive fees
   
853
     
-
 
  Accrued operating expenses
   
90,554
     
189,019
 
  Accrued offering expenses
   
3,881
     
8,786
 
  Redemptions payable-Trading
   
19,377
     
570,896
 
  Distribution payable - Non-Trading
   
13,514
     
17,890
 
Total liabilities
   
218,696
     
796,692
 
                 
Capital:
               
Unitholders’ capital (Trading):
               
Beneficial owners
Class A (69,233 and 82,359 units outstanding at
June 30, 2017 and December 31, 2016, respectively)
   
3,063,218
     
4,064,794
 
Class B (2,926 and 839 units outstanding at
June 30, 2017 and December 31, 2016, respectively)
   
153,497
     
48,612
 
Class C (0 and 0 units outstanding at
June 30, 2017 and December 31, 2016, respectively)
   
-
     
-
 
Class D (0 and 0 units outstanding at
June 30, 2017 and December 31, 2016, respectively)
   
-
     
-
 
Managing owner (535 Class A units outstanding at
June 30, 2017 and December 31, 2016 respectively)
   
23,672
     
26,403
 
                 
Total unitholders’ capital
   
3,240,387
     
4,139,809
 
                 
Non-Controlling Interests
   
736,625
     
-
 
                 
Total Capital
   
3,977,012
     
4,139,809
 
                 
Total Liabilities and Capital
 
$
4,195,708
   
$
4,936,501
 
                 
Net asset value per unit:
               
Trading:
               
Class A
 
$
44.25
   
$
49.35
 
Class B
 
$
52.46
   
$
57.94
 
 
See accompanying notes to consolidated financial statements.
RJO GLOBAL TRUST AND SUBSIDIARIES
 
Condensed Consolidated Schedule of Investments
 
                         
                         
   
June 30, 2017
   
December 31, 2016
 
   
Percentage of
   
 
   
Percentage of
   
 
 
   
Net Assets
   
Fair value
   
Net Assets
   
Fair value
 
   
UNAUDITED
             
Long Positions
                       
Futures Positions
                       
Agriculture
   
0.24
%
 
$
9,439
     
0.00
%
 
$
-
 
Currency
   
0.32
%
   
12,730
     
0.00
%
   
-
 
Energy
   
0.12
%
   
4,640
     
0.00
%
   
-
 
Indices
   
-0.04
%
   
(1,565
)
   
0.00
%
   
-
 
Interest rates
   
-0.28
%
   
(11,050
)
   
0.00
%
   
-
 
                                 
Total long positions on open contracts
         
$
14,194
           
$
-
 
                                 
                                 
Short Positions
                               
Futures Positions
                               
Agriculture
   
-0.12
%
 
$
(4,829
)
   
0.00
%
 
$
-
 
Currency
   
0.22
%
   
8,631
     
0.00
%
   
-
 
Energy
   
-1.55
%
   
(61,741
)
   
0.00
%
   
-
 
Indices
   
0.15
%
   
6,090
     
0.00
%
   
-
 
Interest rates
   
0.47
%
   
18,652
     
0.00
%
   
-
 
Metals
   
0.19
%
   
7,520
     
0.00
%
   
-
 
                                 
Total short positions on open contracts
         
$
(25,677
)
         
$
-
 
                                 
Total net unrealized loss on open contracts
         
$
(11,483
)
         
$
-
 

 
See accompanying notes to consolidated financial statements.

RJO GLOBAL TRUST AND SUBSIDIARIES
Consolidated Statements of Operations
                         
                         
   
For the three months ended June 30,
   
For the six months ended June 30,
 
   
2017
   
2016
   
2017
   
2016
 
   
UNAUDITED
   
UNAUDITED
   
UNAUDITED
   
UNAUDITED
 
Trading gain (loss):
                       
Net gain (loss) on trading of commodity contracts:
                       
Net realized gain (loss) on closed positions
 
$
(310,200
)
 
$
(304,076
)
 
$
(209,497
)
 
$
299,666
 
Net change in unrealized gain (loss) on open positions
   
30,227
     
364,481
     
(11,483
)
   
366,289
 
Net foreign currency transaction gain (loss)
   
2,912
     
(4,359
)
   
2,374
     
28,277
 
Total Trading gain (loss)
   
(277,061
)
   
56,046
     
(218,606
)
   
694,232
 
                                 
Net investment income (loss):
                               
Interest income
   
6,467
     
4,005
     
10,018
     
7,919
 
Total net investment income (loss)
   
6,467
     
4,005
     
10,018
     
7,919
 
                                 
Expenses:
                               
Commissions - Class A
   
40,025
     
73,233
     
85,689
     
144,742
 
Commissions - Class B
   
460
     
403
     
651
     
775
 
Commissions - Non-controlling interests
   
17,606
     
719
     
20,610
     
1,395
 
Management fees
   
21,096
     
43,937
     
39,957
     
91,111
 
Incentive fees
   
853
     
26,279
     
1,657
     
64,514
 
Ongoing offering expenses
   
8,488
     
9,225
     
14,656
     
18,700
 
Operating expenses
   
65,600
     
82,500
     
127,600
     
165,876
 
Total expenses
   
154,128
     
236,296
     
290,820
     
487,113
 
                                 
Trading income (loss)
   
(424,722
)
   
(176,245
)
   
(499,408
)
   
215,038
 
                                 
Less: Operations attributed to non-controlling interests
   
(89,959
)
   
461
     
(100,374
)
   
6,510
 
                                 
Net income (loss) attributable to unitholders
 
$
(334,763
)
 
$
(176,706
)
 
$
(399,034
)
 
$
208,528
 
 
See accompanying notes to consolidated financial statements.
RJO GLOBAL TRUST AND SUBSIDIARIES
Consolidated Statement of Changes in Capital
For the six months ended June 30, 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)
   
-
     
(392,551
)
   
-
     
(3,752
)
Transfers from Class A to Class B
   
(2,947
)
   
(131,659
)
   
2,491
     
131,659
 
Unitholders’ redemptions
   
(10,179
)
   
(477,366
)
   
(404
)
   
(23,022
)
Balances at June 30, 2017
 
 
69,233
   
$
3,063,218
   
 
2,926
   
$
153,497
 
 
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)
   
-
     
(2,731
)
   
-
     
(399,034
)
   
-
     
(100,374
)
Contributions – non-controlling interests
   
-
     
-
     
-
     
-
     
-
     
836,999
 
Transfers from Class A to Class B
   
-
     
-
     
(456
)
   
-
     
-
     
-
 
Unitholders’ redemptions
   
-
     
-
     
(10,583
)
   
(500,388
)
   
-
     
-
 
Balances at June 30, 2017
   
535
   
$
23,672
     
72,694
   
$
3,240,387
     
-
   
$
736,625
 
                                                 
Total Capital at June 30, 2017    
                           
$
3,977,012
 
 
   
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
   
(5.10
)
   
(5.48
)
Net asset value per unit at June 30, 2017
 
$
44.25
   
$
52.46
 
 
See accompanying notes to consolidated financial statements.
RJO GLOBAL TRUST AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 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 June 30, 2017, prior to quarter-end reallocation, RPM has delegated trading decisions for the Trust to four independent Trading Advisors:  Revolution Capital Management, LLC (“RCM”), Claughton Capital, LLC (“Claughton”), Degraves Capital Management PTY (“DCM”) and Prolific Capital Markets, LLC (“PCM”), 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 June 30, 2017, prior to quarter-end reallocation, RCM was managing 13.40%, Claughton 14.28%, DCM 10.72% and PCM 30.79% of the Trust’s unitholders’ capital, respectively.  Approximately 30.81% of the Trust’s unitholders’ capital was 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 and six month periods ended June 30, 2017 and 2016, RJO had paid or accrued to pay interest to the Trust of $4,465, $5,572, $2,122 and $4,236, 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 June 30, 2017, Wells held approximately $1,073,000 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 and six month periods ended June 30, 2017 and 2016, OIS had paid or accrued to pay interest to the Trust of $2,002, $4,446, $1,893 and $3,683 of interest income, respectively.
 
As of June 30, 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 $13,514 and $17,890 as of June 30, 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 Prolific Capital Markets Series; and the RPM Series’ controlling and majority equity interests in the OASIS Revolution Capital Mgmt Series, OASIS Claughton Capital Series and OASIS Degraves Capital Mgmt PTY Series.  All material intercompany transactions have been eliminated upon consolidation.

Interests in such series of RJ OASIS not wholly-owned by the Trust are shown separately in the Consolidated Statements of Financial Condition and Consolidated Statement of Changes in Capital as non-controlling interests. Operations attributed to non-controlling interests are reflected as a deduction in arriving at net income (loss) attributable to unitholders in the Consolidated Statements of Operations.
 
 (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 June 30, 2017, Wells held approximately $1,073,000 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 25% of the “New Trading Profit,” if any, of the Trust.  The incentive fee is based on the performance of each Trading Advisor’s portion of the assets allocated to them.  New Trading Profit in any quarter is equal to the “Trading Profit” for such quarter that is in excess of the highest level of such cumulative trading profit as of any previous calendar quarter-end.  Trading Profit is calculated by including realized and unrealized profits and losses, excluding interest income, and deducting the management fee and brokerage fee.  
 
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 and six month periods ended June 30, 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 June 30, 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 June 30, 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 June 30, 2017:

   
June 30, 2017
       
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Net unrealized gain on open contracts:
                       
Futures positions
 
$
62,092
   
$
-
   
$
-
   
$
62,092
 
     
62,092
     
-
     
-
     
62,092
 
Liabilities
                               
Net unrealized loss on open contracts:
                               
Futures positions
   
(73,575
)
   
-
     
-
     
(73,575
)
     
(73,575
)
   
-
     
-
     
(73,575
)
                                 
Total fair value
 
$
(11,483
)
 
$
-
   
$
-
   
$
(11,483
)
 
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 June 30, 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 and six month periods ended June 30, 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 and six month periods ended June 30, 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 June 30, 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
   
Class A
   
Class B
 
 
Three months ended
   
Three months ended
   
Six months ended
   
Six months ended
 
 
June 30,
   
June 30,
   
June 30,
   
June 30,
 
 
2017
   
2016
   
2017
   
2016
   
2017
   
2016
   
2017
   
2016
 
Per share operating performance:
                                           
Net asset value of Trading units, beginning of period
 
$
48.56
   
$
61.52
   
$
57.30
   
$
71.14
   
$
49.35
   
$
58.09
   
$
57.94
   
$
66.84
 
Total Trading income (loss):
                                                               
Trading gain (loss)
   
(2.71
)
   
0.57
     
(3.22
)
   
0.67
     
(1.91
)
   
6.20
     
(2.28
)
   
7.15
 
Investment income
   
0.07
     
0.04
     
0.09
     
0.04
     
0.10
     
0.07
     
0.12
     
0.08
 
Expenses
   
(1.67
)
   
(2.20
)
   
(1.71
)
   
(2.20
)
   
(3.29
)
   
(4.43
)
   
(3.32
)
   
(4.42
)
Trading income (loss)
   
(4.31
)
   
(1.59
)
   
(4.84
)
   
(1.49
)
   
(5.10
)
   
1.84
     
(5.48
)
   
2.81
 
Net asset value of Trading units, end of period
 
$
44.25
   
$
59.93
   
$
52.46
   
$
69.65
   
$
44.25
   
$
59.93
   
$
52.46
   
$
69.65
 
                                                               
Total return:
                                                               
Total return before incentive fees
   
(8.89
%)
   
(2.17
%)
   
(8.43
%)
   
(1.68
%)
   
(10.35
%)
   
4.15
%
   
(9.45
%)
   
5.19
%
Less incentive fee allocations
   
0.00
%
   
(0.41
%)
   
0.00
%
   
(0.41
%)
   
0.00
%
   
(0.98
%)
   
0.00
%
   
(0.98
%)
Total return
   
(8.89
%)
   
(2.58
%)
   
(8.43
%)
   
(2.09
%)
   
(10.35
%)
   
3.17
%
   
(9.45
%)
   
4.21
%
                                                               
Ratios to average net assets:
                                                               
Trading income (loss)
   
(9.92
%)
   
(2.80
%)
   
(3.51
%)
   
(2.47
%)
   
(10.92
%)
   
3.20
%
   
(5.81
%)
   
4.18
%
Expenses:
                                                               
Expenses, less incentive fees
   
(3.72
%)
   
(3.31
%)
   
(2.42
%)
   
(2.81
%)
   
(7.05
%)
   
(6.46
%)
   
(4.83
%)
   
(5.46
%)
Incentive fees
   
0.00
%
   
(0.41
%)
   
0.00
%
   
(0.41
%)
   
0.00
%
   
(0.98
%)
   
0.00
%
   
(0.98
%)
Total expenses
   
(3.72
%)
   
(3.72
%)
   
(2.42
%)
   
(3.22
%)
   
(7.05
%)
   
(7.44
%)
   
(4.83
%)
   
(6.44
%)

 
 
The calculations above do not include activity within the Trust’s Non-Trading Accounts.
 
The net income and expense ratios are computed based upon the weighted average net assets for the Trust for the three and six month periods ended June 30, 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 June 30, 2017, the Trust’s deposits held by OIS consisted of cash of $1,073,000.  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 June 30, 2017
                 
   
Asset
   
Liability
       
Type of
 
Derivatives
   
Derivatives
   
Net
 
Futures Contracts
 
Fair Value
   
Fair Value
   
Fair Value
 
                   
Agriculture
 
$
9,650
   
$
(5,040
)
 
$
4,610
 
Currency
   
21,361
     
-
     
21,361
 
Energy
   
-
     
(57,101
)
   
(57,101
)
Indices
   
6,690
     
(2,165
)
   
4,525
 
Interest rates
   
11,777
     
(4,175
)
   
7,602
 
Metals
   
7,520
     
-
     
7,520
 
   
$
56,998
   
$
(68,481
)
 
$
(11,483
)


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 June 30, 2017. 

Trading gain (loss) for the following periods:
 
   
Six Months Ended June 30,
 
Type of Futures Contracts
 
2017
   
2016
 
Agriculture
 
$
(8,634
)
 
$
134,516
 
Currency
   
113,816
     
63,370
 
Energy
   
(300,578
)
   
(64,464
)
Indices
   
362,145
     
(9,103
)
Interest rates
   
(332,940
)
   
541,312
 
Metals
   
(52,415
)
   
28,601
 
   
$
(218,606
)
 
$
694,232
 
 
   
Three Months Ended June 30,
 
Type of Futures Contracts
   
2017
     
2016
 
Agriculture
 
$
(15,441
)
 
$
163,133
 
Currency
   
105,845
     
8,489
 
Energy
   
(150,546
)
   
(165,325
)
Indices
   
(14,564
)
   
(297,904
)
Interest rates
   
(147,750
)
   
330,221
 
Metals
   
(54,605
)
   
17,432
 
   
$
(277,061
)
 
$
56,046
 
 
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 June 30, 2017 and December 31, 2016:


   
Offsetting of Derivative Assets
 
                                     
   
As of June 30, 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
 
$
71,223
   
$
(9,131
)
 
$
62,092
   
$
-
   
$
-
   
$
-
 
                                                 
   
$
71,223
   
$
(9,131
)
 
$
62,092
   
$
-
   
$
-
   
$
-
 
 
   
Derivative Assets and Collateral Held by Counterparty
 
                                                 
   
As of June 30, 2017
   
As of December 31, 2016
 
    Net Amount of
Assets in the
Statement of
Financial
Condition
         
Net Amount of
Assets in the
Statement of
Financial
Condition
       
 Individual Trading Companies
(with derivative assets and
 collateral held by RJO)
      Gross Amounts Not Offset in the
Statement of Financial Condition
         Gross Amounts Not Offset in the
Statement of Financial Condition
 
     
Financial
Instruments
   
Cash Collateral
Received
   
Net
Amount
       
Financial
Instruments
   
Cash Collateral
Received
   
Net
Amount
 
                               
                                                 
 OASIS Claughton, LLC
 
$
62,092
   
$
-
   
$
-
   
$
62,092
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                                 
   
$
62,092
   
$
-
   
$
-
   
$
62,092
   
$
-
   
$
-
   
$
-
   
$
-
 

   
Offsetting of Derivative Liabilities
 
                                     
   
As of June 30, 2017
   
As of December 31, 2016
 
               
Net Amounts of
Liabilities
Presented 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
       
Gross
Amounts of
Recognized
Liabilities
   
Gross Amounts
Offset in the
Statement of
Financial Condition
     
                         
                         
 Description
                       
                                     
 Futures and forward contracts
 
$
82,706
   
$
(9,131
)
 
$
73,575
   
$
-
   
$
-
   
$
-
 
                                                 
   
$
82,706
   
$
(9,131
)
 
$
73,575
   
$
-
   
$
-
   
$
-
 

   
Derivative Liabilities and Collateral Pledged by Counterparty
 
                                                 
   
As of June 30, 2017
   
As of December 31, 2016
 
   
Net Amount of
Liabilities in
the Statement
of Financial
Condition
                     
Net Amount of
Liabilities in
the Statement
of Financial
Condition
                   
 Individual Trading Companies
(with derivative liabilities and
 collateral held by RJO)
     
Gross Amounts Not Offset 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
 
$
73,575
   
$
(73,575
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                                 
   
$
73,575
   
$
(73,575
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
 
(12)       Subsequent Events
 
As of August 1, 2017, the Trust allocated additional assets to the OASIS RPM Series.  The amount allocated to the OASIS RPM Evolving CTA Series was $266,667.  The OASIS RPM Series in turn, as of August 1, 2017, rebalanced and partially redeemed out of the OASIS Claughton Capital Series  (managed by Claughton) and after month-end reallocation in turn subscribed to allocate those funds to the OASIS RCM Series (managed by RCM).  The amount redeemed out of the OASIS Claughton Series was $66,666 and the amount allocated to the OASIS RCM Series was $333,333 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 June 30, 2017, prior to quarter-end reallocation, RPM has delegated trading decisions for the Trust to four independent Trading Advisors:  Revolution Capital Management, LLC (“RCM”), Claughton Capital, LLC (“Claughton”), Degraves Capital Management PTY (“DCM”) and Prolific Capital Markets, LLC (“PCM”),  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 June 30, 2017, prior to quarter-end reallocation, RCM was managing 13.40%, Claughton 14.28%, DCM 10.72% and PCM 30.79% of the Trust’s unitholders’ capital, respectively.  Approximately 30.81% of the Trust’s unitholders’ capital was 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 $13,514 and $17,890, as of June 30, 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 six month period ended June 30, 2017, no Class A, no Class B and no Class C, units were purchased by the Beneficial Owners, and 2,947 Class A units were converted to 2,491 Class B units.  The Managing Owner did not purchase any units during this time.  For the six month period ended June 30, 2017, the Beneficial Owners redeemed a total of 10,583 units for $500,388.  For the six month period ended June 30, 2017, the Beneficial Owners redeemed a total of 10,179 Class A units for $477,366 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 six month period ended June 30, 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 June 30, 2017, the market sectors where the Trust maintained an investment having the highest exposure were: Currencies having a net value of $21,361, Interest Rates having a net value of $7,602, Metals having a net value of $7,520, Agricultural having a net value of $4,610, Indices having a net value of $4,525 and Energy having a net value of $(57,101).  The Trust’s primary exposure to credit risk is its exposure to the non-performance of the Trust’s forward currency broker.  The forward currency broker generally enters into forward contracts with large, well-capitalized institutions and then enters into a back-to-back contract with the Trust.  The Trust also may trade on exchanges that do not have associated clearing houses whose credit supports the obligations of its members and that operate as principals markets, in which case the Trust will be exposed to the credit risk of the other party to such trades.
 
The Trust’s trading activities involve varying degrees of off-balance sheet risk whereby changes in the market values of the futures and forward contracts underlying the financial instruments or the Trust’s satisfaction of the obligations may exceed the amount recognized in the statement of financial condition of the Trust.
 
The amount of assets invested in the Trust generally does not affect its performance, as typically this amount is not a limiting factor on the positions acquired by the Trading Advisors, and the Trust’s expenses are primarily charged as a fixed percentage of its asset base, however large, or by number of investors.  To a lesser extent, some expenses are incurred as minimums regardless of the size of the asset base, such as audit and legal fees.


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

During the six month period ended June 30, 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 and six month periods ended June 30, 2017 and 2016, RJO had paid or accrued to pay interest to the Trust of $4,465, $5,572, $2,122 and $4,236, 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 June 30, 2017, Wells held approximately $1,073,000 of the Trust’s assets.  For the three and six month periods ended June 30, 2017 and 2016, the assets held in this account earned $2,002, $4,446, $1,893 and $3,683, 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 unitholders’ capital was allocated to different combinations of Trading Advisors over time.  As of June 30, 2017, trading decisions for the Trust have been delegated to four independent Trading Advisors:  RCM, Claughton, DCM and PCM.


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 June 30, 2017

The Trust posted a loss of $(331,674) or $(4.31) per trading unit for Class A units and a loss of $(3,089) or $(4.84) for Class B units.  There were no Class C units held during the quarter ended June 30, 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 June 30, 2017, Class A units have lost 45.91% since their first issuance in June 1997.  Class B units have lost 56.06% since their first issuance in January 2009.

As of June 30, 2017, the Trust’s unitholders’ capital was indirectly allocated to the following Trading Advisors as follows:   RCM (13.40%), Claughton (14.28%), DCM (10.72%) and PCM (30.79%), with the remaining percentage allocated to cash.
 
In the first half of April 2017, geopolitical risks (U.S. bombing in Syria and saber-rattling in North Korea), disappointing earnings, dovish statements from the Federal Reserve (“Fed”), renewed Euro angst ahead of the French presidential election, and rapidly weakening U.S. macro data, rattled markets driving stocks lower and safe haven assets including bonds, gold, the Japanese yen, U.S. dollar, and VIX higher.  Except for fixed income, basically, all trends seen in the previous month went into reverse.  In the second half of the month, following the as-expected outcome of the first round in the French election, a relief rally swept through risky assets, whereas safe havens lost ground, e.g. the VIX dropped below 11, i.e., a level that has not been seen since 2008, just before the global financial crisis.  In commodities, crude oil performed a similar wild ride with U.S. inventory data putting pressure on prices in the second half of the month, thus, almost completely reversing the recent rally there.  In soft commodities, meat prices were up significantly last month due to increased demand from Asia.

In May 2017, markets focused on a farrago of themes, though without generating any significant trends.  In financial markets, bond yields moved lower and the U.S. dollar weakened amid meek U.S. inflation data, disappointing sales and housing figures, and a relatively dovish Fed.  In equities, indices moved higher on the back of Macron’s victory over Le Pen in the French presidential election and receding concerns about the ability of the U.S. administration to push through its pro-growth agenda.  However, mid-month, mounting political turmoil in Washington, culminating in claims that President Trump had attempted to interfere in an FBI investigation, fueled an intense yet short-lived wave of risk aversion across global markets.  Indices slumped, the VIX spiked; the dollar and yields accelerated their slides.  In commodities, in the first half of the month, crude rallied as inventories declined more-than-expected only to fall back again in the second half after  the Organization of Petroleum Exporting Countries (“OPEC”) failed to beat participants’ expectations regarding production cuts.  Elsewhere, gold rebounded forcefully in wake of the mid-month flight-to-safety whereas supply-driven meat markets kept pressure on prices.

During June 2017 the difficult trading environment continued.  The first half was characterized by quiet yet indecisive market action with bond yields and currencies hardly moving at all.  Stock indices hovered around record levels supported by expectations of continued low interest rates, unfazed by the hung parliament in the UK, but held back by Qatar tensions and sharply dropping oil prices amid rising U.S. inventories.  In the second half, however, central bankers’ comments shook markets.  Mid-month, the Federal Open Market Committee (“FOMC”) raised rates for the second time this year (expected) confirming its forecast for another hike this year and three more in 2018, however, downplaying dropping core inflation and other weaker-than-expected data as transitory.  Other central banks also delivered an unexpected hawkish stance, e.g. the Bank of England revealed that three of eight Monetary Policy Committee members had voted for an immediate rate rise while the Bank of Canada hinted that it could raise rates earlier than expected.  At month-end, the attitude was topped off by upbeat remarks from Mario Draghi at the European Central Bank’s (“ECB”) annual conference fueling speculations about a taper, which triggered strong reactions from financial markets: yields jumped, equities sold off, and the U.S. dollar touched an 8-month low against a basket of rivals.  Meanwhile, oil prices rallied for seven days straight on lower U.S. gasoline inventories and lower rig count for the first time since January.

Fiscal Quarter ended June 30, 2016

The Trust posted a loss of $(175,225) or $(1.59) per trading unit for Class A units and a loss of $(1,481) or $(1.49) for Class B units.  There were no Class C units held during the quarter ended June 30, 2016 (please see Note (2) and Note (9) in the notes to financial statements for more information with respect to the calculation of net asset value).  As of June 30, 2016, Class A units have lost 26.74% since their first issuance in June 1997.  Class B units have lost 41.66% since their first issuance in January 2009. 

As of June 30, 2016, the Trust’s unitholders’ capital was indirectly allocated to the following Trading Advisors as follows:   RCM (18.08%), PGR (25.35%), ROW (12.40%), TWC (4.68%), Claughton (6.33%), and DCM (5.52%), with the remaining percentage allocated to cash. 

In April 2016, market sentiment got caught up between recovering oil prices, on one hand, and disappointing earnings and central banks’ inertia on the other.  The main theme was the resilient rally in energies.  Throughout the month, oil prices continued to rise, although with significant day-to-day volatility; Brent crude breaching US$45 per barrel.  Elsewhere, market direction was less clear.  In equities, at the beginning of the month, stocks remained under pressure amid concerns about global growth and dovish minutes for the Fed.  Then, equity markets rebounded forcefully boosted by the jump in oil prices, subsequently climbing to fresh 2016 highs.  Towards month end, however, stocks slipped again as a lackluster earnings season and disappointing economic growth dampened investor sentiment.  In fixed income, government bond yields pretty much followed equity markets and the overall changes in risk appetite.  In currencies, the U.S. dollar remained under pressure and the Japanese yen surged as the Fed expectedly left rates unchanged, while the Bank of Japan unexpectedly made no change to its monetary policy, dashing traders’ hopes of further stimulus measures.

In May 2016, major financial markets, such as equities and bonds, were struggling to find direction.  The month started off with a risk-off move.  Equity indices retreated and bonds moved higher as weak economic data, such as disappointing earnings from European banks, soft Chinese data, BREXIT talks, a resurgence of Greek woes, and lower-than-expected U.S. non-farm payrolls, reinforced risk aversion.  In the second half of the month, the Fed’s interest rate policy once again took center stage.  Markets had all but dismissed the prospect of a rate hike in June or July, but the hawkish tone in the FOMC minutes have now significantly increased the chances of a summer rate rise.  Accordingly, U.S. Treasury yields jumped and the U.S. dollar rallied while stocks turned volatile.  Towards month-end, stronger-than-expected data like the upward revision to the 2016 first quarter U.S. GDP amplified these moves.  In commodities, gold and other precious metals sold off.  Otherwise, oil closed in on the $50/barrel level for the first time this year as bulls took encouragement from recent unexpected supply disruptions such as production outages in Nigeria and political tensions in Venezuela.  The strength recently seen in soybean prices continued amid worries over the rain-ravaged crop in Argentina, the third biggest exporter of the oilseed, and the top shipper of the processing products soymeal and soy oil.  Elsewhere, cocoa rebounded after the International Cocoa Organization cut its forecast for world output.

In June 2016, the BREXIT vote sent shockwaves through the financial system and the month was quite volatile.  Initially an abysmal U.S. jobs report followed by dovish comments from the Fed, which left interest rates unchanged, set the tone for an overall bearish market environment.  That is, the U.S. dollar and the British pound dropped, especially against the Japanese yen, and global equity and commodity prices came under pressure.  Gold prices jumped and a wave of risk aversion drove core government bond yields in Europe and Japan to fresh record lows, with the 10-year Bund yield entering negative territory for the first time.  Then, for a short while, risk appetite returned with a vengeance as opinion polls in the UK showed that momentum for the BREXIT “Leave Campaign” had stalled.  Nearly all of the abovementioned trends reversed, in whole or in part.  On June 24, 2016, the UK voted by a small 4% majority to leave the European Union.  The result sent shockwaves through the financial system.  Equities and sterling plunged, bonds and precious metals rallied, and the VIX spiked.  Towards month-end, markets had stabilized somewhat with equity markets recouping some of the previous losses.

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 unitholders’ capital was 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 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 U.S. Energy Information Administration 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 unitholders’ capital was 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 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 second quarter of 2017:
 
   
Units Redeemed
   
Redemption Date NAV per Unit
 
Month
 
Class A
   
Class B
   
Class C
   
Class A
   
Class B
   
Class C
 
April
   
2,739
     
-
     
-
   
$
45.03
   
$
53.22
   
$
-
 
May
   
1,882
     
-
     
-
   
$
44.67
   
$
52.87
   
$
-
 
June
   
439
     
-
     
-
   
$
44.25
   
$
52.46
   
$
-
 
                                                 
Total
   
5,060
     
-
     
-
                         


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)
 
 
 
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.




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:       August 11, 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
27
 
EX-31.01 2 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:      August 11, 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 3 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:      August 11, 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 4 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
August 11, 2017
 
August 11, 2017


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font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General Information and Summary</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The RJO Global Trust (the &#x201c;Trust&#x201d;), is a Delaware statutory trust organized on November 12, 1996 under the Delaware Statutory Trust Act.&#160;&#160;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 &#x201c;Trading Advisor&#x201d; and collectively, the &#x201c;Trading Advisors&#x201d;).</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">R.J. 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; 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; 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; 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="z5e3df236213c4c158e69b1347ff4774d" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 2.98%; VERTICAL-ALIGN: top"> <div style="TEXT-ALIGN: right; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#xb7;</div> </td> <td style="WIDTH: 97.02%; VERTICAL-ALIGN: top"> <div style="TEXT-ALIGN: left; 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>. A strategy that is often classified as &#x201c;long volatility&#x201d; because it tries to take advantage of large movements or &#x201c;trends&#x201d; in prices.&#160;&#160;Trading programs are often fully systematic with limited application of discretion using a wide range of technical analysis methods to determine when trends occur.</div> </td> </tr> </table><br/><table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z5ace90628c284ec28b39218f94f637f9" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 2.98%; VERTICAL-ALIGN: top"> <div style="TEXT-ALIGN: right; FONT-FAMILY: Symbol, serif; COLOR: #000000; FONT-SIZE: 10pt">&#xb7;</div> </td> <td style="WIDTH: 97.02%; VERTICAL-ALIGN: top"> <div style="TEXT-ALIGN: left; 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;Short-Term Trading</font>. 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(&#x201c;TWC&#x201d;), Claughton and DCM.</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Advisory Agreements provide that each Trading Advisor has discretion in and responsibility for the selection of the Trading Company&#x2019;s commodity transactions with respect to that portion of the series&#x2019; assets allocated to it.&#160;&#160;As of June 30, 2017, prior to quarter-end reallocation, RCM was managing 13.40%, Claughton 14.28%, DCM 10.72% and PCM 30.79% of the Trust&#x2019;s unitholders&#x2019; capital, respectively.&#160; Approximately 30.81% of the Trust&#x2019;s unitholders&#x2019; capital was not allocated to any Trading Advisor.</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Trust has no officers, directors or employees.&#160;&#160;</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">RJO is a &#x201c;futures commission merchant,&#x201d; the Managing Owner is a &#x201c;commodity pool operator&#x201d; and the Trading Advisors to the Trust are &#x201c;commodity trading advisors,&#x201d; as those terms are used in the CE Act.&#160;&#160;As such, they are registered with and subject to regulation by the CFTC and are each a member of NFA in such respective capacities.&#160;&#160;R.J. 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. (&#x201c;FINRA&#x201d;).</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Managing Owner is responsible for the preparation of monthly and annual reports to the beneficial owners of the Trust (the &#x201c;Beneficial Owners&#x201d;); filing reports required by the CFTC, the NFA, the SEC and any state agencies having jurisdiction over the Trust; calculation of the Trust&#x2019;s net asset value (&#x201c;NAV&#x201d;) (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.</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Trust will be terminated on December 31, 2026, unless terminated earlier upon the occurrence of one of the following:&#160;&#160;(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<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="text-decoration:underline">&#160;</font></font>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.</div><br/><div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">A portion of the Trust&#x2019;s net assets are deposited in the Trust&#x2019;s accounts with RJO, the Trust&#x2019;s clearing broker and currency dealer.&#160;&#160;For U.S. dollar deposits, 100% of interest earned on the Trust&#x2019;s assets, calculated by the average four-week Treasury bill rate, is paid to the Trust.&#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 Trust are retained by RJO.&#160;&#160;For the three and six month periods ended June 30, 2017 and 2016, RJO had paid or accrued to pay interest to the Trust of $4,465, $5,572, $2,122 and $4,236, respectively.</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">On October 6, 2010, the Managing Owner appointed Oasis Investment Strategies LLC (formerly, RJO Investment Management, LLC) (&#x201c;OIS&#x201d;), an affiliate of the Managing Owner, to manage the Trust&#x2019;s cash deposited with Wells Fargo Bank, N.A. (&#x201c;Wells&#x201d;).&#160;&#160;As of June 30, 2017, Wells&#160;held approximately $1,073,000 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.&#160; For the three and six month periods ended June 30, 2017 and 2016, OIS had paid or accrued to pay interest to the Trust of $2,002, $4,446, $1,893 and $3,683 of interest income, respectively.</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">As of June 30, 2017, accounting and transfer agency services for the Trust are provided by NAV Consulting, Inc., the Trust&#x2019;s administrator.</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Effective January 1, 2007, JWH Special Circumstance LLC (the &#x201c;LLC&#x201d;), a Delaware limited liability company, was established to pursue additional claims against REFCO, LTD, and all Non-Trading Accounts were transferred to the LLC.&#160;&#160;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.&#160;&#160;U.S. Bank National Association (&#x201c;US Bank&#x201d;) was appointed as manager of the LLC.&#160;&#160;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 <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">pro rata</font> to the unitholders, as explained above, as follows:</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(a) Any unitholder who had redeemed their entire interest in the Trust prior to distribution received cash (&#x201c;Non-Participating&#160;Owners&#x201d;).</div><br/><div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(b)&#160;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 (&#x201c;Participating Owner&#x201d;).</div><br/><div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The unitholders had no rights to request redemptions from the LLC.</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">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).</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Effective as of June 15, 2015 (the &#x201c;Termination Date&#x201d;), the LLC was dissolved by US Bank.&#160;&#160;US Bank effected the dissolution based upon their belief that substantially all of the LLC&#x2019;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.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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 &#x201c;Reserve Termination Date&#x201d;).&#160;&#160;To the extent no claims or obligations of the LLC remain outstanding as of the Reserve Termination Date (as determined in US Bank&#x2019;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.</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Accordingly, the LLC/Non-trading unitholders capital accounts were distributed to US Bank on the Termination Date.&#160;&#160;Amounts estimated to be due to Participating Owners aggregating $13,514 and $17,890 as of June 30, 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.</div><br/></div> 4 6 0.1340 0.1428 0.1072 0.3079 0.3081 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. 2026-12-31 For U.S. dollar deposits, 100% of interest earned on the Trust&#x2019;s assets, calculated by the average four-week Treasury bill rate, is paid to the Trust. 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FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Trust may write (sell) and purchase exchange listed options on commodities or financial instruments.&#160;&#160;An option is a contract allowing, but not requiring, its holder to buy (call)&#160;or sell (put)&#160;a specific or standard commodity or financial instrument at a specified price during a specified time period.&#160;&#160;The option premium is the total price paid or received for the option contract.&#160;&#160;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.&#160;&#160;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.&#160;&#160;Realized gains (losses)&#160;and changes in net unrealized gains (losses)&#160;on options contracts are included in the consolidated statements of operations.&#160;&#160;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.&#160;&#160;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.</div><br/><div style="TEXT-ALIGN: left; 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 June 30, 2017, Wells held approximately $1,073,000 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; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ongoing Offering Costs</font>&#160;</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Ongoing offering costs, subject to a ceiling of 0.50% of the Trust&#x2019;s average month-end net asset value, are paid by the Trust and accrued monthly.</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Foreign Currency Transactions</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Trading accounts in foreign currency denominations are susceptible to both movements in the underlying contract markets as well as fluctuation in currency rates.&#160;&#160;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.&#160;&#160;The impact of the translation is reflected in the consolidated statements of operations.&#160;</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Use of Estimates</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">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.&#160;&#160;Actual results could differ from those estimates.</div><br/><div style="TEXT-ALIGN: left; 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; 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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FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Trust&#x2019;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&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2016.</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">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 (&#x201c;FASB&#x201d;) Accounting Standards Codification Topic 946, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial Services - Investment Companies</font>, and follows the accounting and reporting guidance therein.</div></div> <div style="font-family: 'Times New Roman', Times, serif; 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FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The Trust may write (sell) and purchase exchange listed options on commodities or financial instruments.&#160;&#160;An option is a contract allowing, but not requiring, its holder to buy (call)&#160;or sell (put)&#160;a specific or standard commodity or financial instrument at a specified price during a specified time period.&#160;&#160;The option premium is the total price paid or received for the option contract.&#160;&#160;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.&#160;&#160;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.&#160;&#160;Realized gains (losses)&#160;and changes in net unrealized gains (losses)&#160;on options contracts are included in the consolidated statements of operations.&#160;&#160;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.&#160;&#160;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.</div><br/><div style="TEXT-ALIGN: left; 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 June 30, 2017, Wells held approximately $1,073,000 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></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ongoing Offering Costs</font>&#160;</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Ongoing offering costs, subject to a ceiling of 0.50% of the Trust&#x2019;s average month-end net asset value, are paid by the Trust and accrued monthly.</div></div> 0.0050 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Foreign Currency Transactions</div><br/><div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Trading accounts in foreign currency denominations are susceptible to both movements in the underlying contract markets as well as fluctuation in currency rates.&#160;&#160;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.&#160;&#160;The impact of the translation is reflected in the consolidated statements of operations.</div></div> <div style="font-family: 'Times New Roman', Times, serif; 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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></div> <div style="font-family: 'Times New Roman', Times, serif; 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Total return is calculated for each class of unitholders&#x2019; capital taken as a whole.&#160;&#160;An individual investor&#x2019;s return may vary from these returns.</div><br/></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> The following financial highlights show the Trust&#x2019;s financial performance of the Trading units by class for the three and six month periods ended June 30, 2017, and 2016, respectively. Total return is calculated as the change in a theoretical beneficial owner&#x2019;s investment over the entire period, and is not annualized. Total return is calculated based on the aggregate return of the Trust&#x2019;s Trading units taken as a whole. No financial highlights per share operating performance has been presented for Class C units for the three and six month periods ended June 30, 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. 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Document And Entity Information
6 Months Ended
Jun. 30, 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 Jun. 30, 2017
Document Fiscal Year Focus 2017
Document Fiscal Period Focus Q2
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Consolidated Statements of Financial Condition - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Equity in commodity Trading accounts:    
Cash on deposit with broker $ 2,717,492 $ 0
Net unrealized gain on open contracts 62,092 0
Total due from broker 2,779,584 0
Cash and cash equivalents on deposit with affiliate 1,073,391 4,850,088
Cash on deposit with bank 328,574 67,326
Interest receivable 645 1,197
Receivable from US bank 13,514 17,890
Total Assets 4,195,708 4,936,501
Equity in commodity Trading accounts:    
Net unrealized loss on open contracts 73,575 0
Accrued commissions 10,744 10,101
Accrued management fees 6,198 0
Accrued incentive fees 853 0
Accrued operating expenses 90,554 189,019
Accrued offering expenses 3,881 8,786
Redemptions payable-Trading 19,377 570,896
Distribution payable - Non-Trading 13,514 17,890
Total liabilities 218,696 796,692
Capital:    
Unitholders' Capital 3,240,387 4,139,809
Non-Controlling Interests 736,625 0
Total Capital 3,977,012 4,139,809
Total Liabilities and Capital $ 4,195,708 $ 4,936,501
Trading [Member] | Capital Unit, Class A [Member]    
Trading:    
Net Asset Value Per Unit (in Dollars per share) $ 44.25 $ 49.35
Trading [Member] | Capital Unit, Class B [Member]    
Trading:    
Net Asset Value Per Unit (in Dollars per share) $ 52.46 $ 57.94
Limited Partner [Member] | Beneficial Owner [Member] | Trading [Member] | Capital Unit, Class A [Member]    
Capital:    
Unitholders' Capital $ 3,063,218 $ 4,064,794
Limited Partner [Member] | Beneficial Owner [Member] | Trading [Member] | Capital Unit, Class B [Member]    
Capital:    
Unitholders' Capital 153,497 48,612
Limited Partner [Member] | Beneficial Owner [Member] | Trading [Member] | Capital Unit, Class C [Member]    
Capital:    
Unitholders' Capital 0 0
Limited Partner [Member] | Beneficial Owner [Member] | Trading [Member] | Capital Unit, Class D [Member]    
Capital:    
Unitholders' Capital 0 0
General Partner [Member] | Managing Owner [Member] | Trading [Member] | Capital Unit, Class A [Member]    
Capital:    
Unitholders' Capital $ 23,672 $ 26,403
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Consolidated Statements of Financial Condition (Parentheticals) - Trading [Member] - shares
Jun. 30, 2017
Dec. 31, 2016
Limited Partner [Member] | Beneficial Owner [Member] | Capital Unit, Class A [Member]    
Units outstanding 69,233 82,359
Limited Partner [Member] | Beneficial Owner [Member] | Capital Unit, Class B [Member]    
Units outstanding 2,926 839
Limited Partner [Member] | Beneficial Owner [Member] | Capital Unit, Class C [Member]    
Units outstanding 0 0
Limited Partner [Member] | Beneficial Owner [Member] | Capital Unit, Class D [Member]    
Units outstanding 0 0
General Partner [Member] | Managing Owner [Member] | Capital Unit, Class A [Member]    
Units outstanding 535 535
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Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Net gain (loss) on trading of commodity contracts:        
Net realized gain (loss) on closed positions $ (310,200) $ (304,076) $ (209,497) $ 299,666
Net change in unrealized gain (loss) on open positions 30,227 364,481 (11,483) 366,289
Net foreign currency transaction gain (loss) 2,912 (4,359) 2,374 28,277
Total Trading gain (loss) (277,061) 56,046 (218,606) 694,232
Net investment income (loss):        
Interest income 6,467 4,005 10,018 7,919
Total net investment income (loss) 6,467 4,005 10,018 7,919
Expenses:        
Management fees 21,096 43,937 39,957 91,111
Incentive fees 853 26,279 1,657 64,514
Ongoing offering expenses 8,488 9,225 14,656 18,700
Operating expenses 65,600 82,500 127,600 165,876
Total expenses 154,128 236,296 290,820 487,113
Trading income (loss) (424,722) (176,245) (499,408) 215,038
Less: Operations attributed to non-controlling interests (89,959) 461 (100,374) 6,510
Net income (loss) attributable to unitholders (334,763) (176,706) (399,034) 208,528
Capital Unit, Class A [Member]        
Expenses:        
Commissions 40,025 73,233 85,689 144,742
Capital Unit, Class B [Member]        
Expenses:        
Commissions 460 403 651 775
Non-controlling Interests [Member]        
Expenses:        
Commissions $ 17,606 $ 719 $ 20,610 $ 1,395
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Changes in Capital - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2017
Capital   $ 4,139,809
Trading income (loss) $ (334,763) (399,034)
Capital $ 3,977,012 $ 3,977,012
Capital Unit, Class A [Member]    
Net change per unit (in Dollars per share) $ (4.31) $ (5.10)
Capital Unit, Class B [Member]    
Net change per unit (in Dollars per share) $ (4.84) $ (5.48)
Unitholders' Capital - Trading [Member]    
Capital   $ 4,139,809
Capital (in Shares)   83,733
Trading income (loss)   $ (399,034)
Contributions – non-controlling interests   $ 0
Contributions – non-controlling interests (in Shares)   0
Transfers from Class A to Class B (in Shares)   (456)
Unitholders redemptions   $ (500,388)
Unitholders redemptions (in Shares)   (10,583)
Capital $ 3,240,387 $ 3,240,387
Capital (in Shares) 72,694 72,694
Noncontrolling Interest [Member]    
Trading income (loss)   $ (100,374)
Contributions – non-controlling interests   $ 836,999
Contributions – non-controlling interests (in Shares)   0
Capital $ 736,625 $ 736,625
Capital Units [Member] | Capital Unit, Class A [Member]    
Net asset value per unit (in Dollars per share)   $ 49.35
Net change per unit (in Dollars per share)   (5.10)
Net asset value per unit (in Dollars per share) $ 44.25 44.25
Capital Units [Member] | Capital Unit, Class B [Member]    
Net asset value per unit (in Dollars per share)   57.94
Net change per unit (in Dollars per share)   (5.48)
Net asset value per unit (in Dollars per share) $ 52.46 $ 52.46
Limited Partner [Member] | Beneficial Owners -Trading Class A [Member]    
Capital   $ 4,064,794
Capital (in Shares)   82,359
Trading income (loss)   $ (392,551)
Transfers from Class A to Class B   $ (131,659)
Transfers from Class A to Class B (in Shares)   (2,947)
Unitholders redemptions   $ (477,366)
Unitholders redemptions (in Shares)   (10,179)
Capital $ 3,063,218 $ 3,063,218
Capital (in Shares) 69,233 69,233
Limited Partner [Member] | Beneficial Owners - Trading Class B [Member]    
Capital   $ 48,612
Capital (in Shares)   839
Trading income (loss)   $ (3,752)
Transfers from Class A to Class B   $ 131,659
Transfers from Class A to Class B (in Shares)   2,491
Unitholders redemptions   $ (23,022)
Unitholders redemptions (in Shares)   (404)
Capital $ 153,497 $ 153,497
Capital (in Shares) 2,926 2,926
General Partner [Member] | Managing Owners - Trading Class A [Member]    
Capital   $ 26,403
Capital (in Shares)   535
Trading income (loss)   $ (2,731)
Capital $ 23,672 $ 23,672
Capital (in Shares) 535 535
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule of Investments
6 Months Ended
Jun. 30, 2017
Schedule of Investments [Abstract]  
Investment Holdings, Schedule of Investments [Text Block]
RJO GLOBAL TRUST AND SUBSIDIARIES
 
Condensed Consolidated Schedule of Investments
 
                         
                         
   
June 30, 2017
   
December 31, 2016
 
   
Percentage of
   
 
   
Percentage of
   
 
 
   
Net Assets
   
Fair value
   
Net Assets
   
Fair value
 
   
UNAUDITED
             
Long Positions
                       
Futures Positions
                       
Agriculture
   
0.24
%
 
$
9,439
     
0.00
%
 
$
-
 
Currency
   
0.32
%
   
12,730
     
0.00
%
   
-
 
Energy
   
0.12
%
   
4,640
     
0.00
%
   
-
 
Indices
   
-0.04
%
   
(1,565
)
   
0.00
%
   
-
 
Interest rates
   
-0.28
%
   
(11,050
)
   
0.00
%
   
-
 
                                 
Total long positions on open contracts
         
$
14,194
           
$
-
 
                                 
                                 
Short Positions
                               
Futures Positions
                               
Agriculture
   
-0.12
%
 
$
(4,829
)
   
0.00
%
 
$
-
 
Currency
   
0.22
%
   
8,631
     
0.00
%
   
-
 
Energy
   
-1.55
%
   
(61,741
)
   
0.00
%
   
-
 
Indices
   
0.15
%
   
6,090
     
0.00
%
   
-
 
Interest rates
   
0.47
%
   
18,652
     
0.00
%
   
-
 
Metals
   
0.19
%
   
7,520
     
0.00
%
   
-
 
                                 
Total short positions on open contracts
         
$
(25,677
)
         
$
-
 
                                 
Total net unrealized loss on open contracts
         
$
(11,483
)
         
$
-
 

XML 17 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
General Information and Summary
6 Months Ended
Jun. 30, 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 June 30, 2017, prior to quarter-end reallocation, RPM has delegated trading decisions for the Trust to four independent Trading Advisors:  Revolution Capital Management, LLC (“RCM”), Claughton Capital, LLC (“Claughton”), Degraves Capital Management PTY (“DCM”) and Prolific Capital Markets, LLC (“PCM”), 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 June 30, 2017, prior to quarter-end reallocation, RCM was managing 13.40%, Claughton 14.28%, DCM 10.72% and PCM 30.79% of the Trust’s unitholders’ capital, respectively.  Approximately 30.81% of the Trust’s unitholders’ capital was 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 and six month periods ended June 30, 2017 and 2016, RJO had paid or accrued to pay interest to the Trust of $4,465, $5,572, $2,122 and $4,236, 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 June 30, 2017, Wells held approximately $1,073,000 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 and six month periods ended June 30, 2017 and 2016, OIS had paid or accrued to pay interest to the Trust of $2,002, $4,446, $1,893 and $3,683 of interest income, respectively.

As of June 30, 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 $13,514 and $17,890 as of June 30, 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 18 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 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 Prolific Capital Markets Series; and the RPM Series’ controlling and majority equity interests in the OASIS Revolution Capital Mgmt Series, OASIS Claughton Capital Series and OASIS Degraves Capital Mgmt PTY Series.  All material intercompany transactions have been eliminated upon consolidation.

Interests in such series of RJ OASIS not wholly-owned by the Trust are shown separately in the Consolidated Statements of Financial Condition and Consolidated Statement of Changes in Capital as non-controlling interests. Operations attributed to non-controlling interests are reflected as a deduction in arriving at net income (loss) attributable to unitholders in the Consolidated Statements of Operations.

 (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 June 30, 2017, Wells held approximately $1,073,000 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 19 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fees
6 Months Ended
Jun. 30, 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 25% of the “New Trading Profit,” if any, of the Trust.  The incentive fee is based on the performance of each Trading Advisor’s portion of the assets allocated to them.  New Trading Profit in any quarter is equal to the “Trading Profit” for such quarter that is in excess of the highest level of such cumulative trading profit as of any previous calendar quarter-end.  Trading Profit is calculated by including realized and unrealized profits and losses, excluding interest income, and deducting the management fee and brokerage fee.  

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

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes
6 Months Ended
Jun. 30, 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 21 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Trading Activities and Related Risks
6 Months Ended
Jun. 30, 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 and six month periods ended June 30, 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 22 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements
6 Months Ended
Jun. 30, 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 June 30, 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 June 30, 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 June 30, 2017:

   
June 30, 2017
       
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Net unrealized gain on open contracts:
                       
Futures positions
 
$
62,092
   
$
-
   
$
-
   
$
62,092
 
     
62,092
     
-
     
-
     
62,092
 
Liabilities
                               
Net unrealized loss on open contracts:
                               
Futures positions
   
(73,575
)
   
-
     
-
     
(73,575
)
     
(73,575
)
   
-
     
-
     
(73,575
)
                                 
Total fair value
 
$
(11,483
)
 
$
-
   
$
-
   
$
(11,483
)

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

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Operations
6 Months Ended
Jun. 30, 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 June 30, 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 24 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Financial Highlights
6 Months Ended
Jun. 30, 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 and six month periods ended June 30, 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 and six month periods ended June 30, 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 June 30, 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
   
Class A
   
Class B
 
 
Three months ended
   
Three months ended
   
Six months ended
   
Six months ended
 
 
June 30,
   
June 30,
   
June 30,
   
June 30,
 
 
2017
   
2016
   
2017
   
2016
   
2017
   
2016
   
2017
   
2016
 
Per share operating performance:
                                           
Net asset value of Trading units, beginning of period
 
$
48.56
   
$
61.52
   
$
57.30
   
$
71.14
   
$
49.35
   
$
58.09
   
$
57.94
   
$
66.84
 
Total Trading income (loss):
                                                               
Trading gain (loss)
   
(2.71
)
   
0.57
     
(3.22
)
   
0.67
     
(1.91
)
   
6.20
     
(2.28
)
   
7.15
 
Investment income
   
0.07
     
0.04
     
0.09
     
0.04
     
0.10
     
0.07
     
0.12
     
0.08
 
Expenses
   
(1.67
)
   
(2.20
)
   
(1.71
)
   
(2.20
)
   
(3.29
)
   
(4.43
)
   
(3.32
)
   
(4.42
)
Trading income (loss)
   
(4.31
)
   
(1.59
)
   
(4.84
)
   
(1.49
)
   
(5.10
)
   
1.84
     
(5.48
)
   
2.81
 
Net asset value of Trading units, end of period
 
$
44.25
   
$
59.93
   
$
52.46
   
$
69.65
   
$
44.25
   
$
59.93
   
$
52.46
   
$
69.65
 
                                                               
Total return:
                                                               
Total return before incentive fees
   
(8.89
%)
   
(2.17
%)
   
(8.43
%)
   
(1.68
%)
   
(10.35
%)
   
4.15
%
   
(9.45
%)
   
5.19
%
Less incentive fee allocations
   
0.00
%
   
(0.41
%)
   
0.00
%
   
(0.41
%)
   
0.00
%
   
(0.98
%)
   
0.00
%
   
(0.98
%)
Total return
   
(8.89
%)
   
(2.58
%)
   
(8.43
%)
   
(2.09
%)
   
(10.35
%)
   
3.17
%
   
(9.45
%)
   
4.21
%
                                                               
Ratios to average net assets:
                                                               
Trading income (loss)
   
(9.92
%)
   
(2.80
%)
   
(3.51
%)
   
(2.47
%)
   
(10.92
%)
   
3.20
%
   
(5.81
%)
   
4.18
%
Expenses:
                                                               
Expenses, less incentive fees
   
(3.72
%)
   
(3.31
%)
   
(2.42
%)
   
(2.81
%)
   
(7.05
%)
   
(6.46
%)
   
(4.83
%)
   
(5.46
%)
Incentive fees
   
0.00
%
   
(0.41
%)
   
0.00
%
   
(0.41
%)
   
0.00
%
   
(0.98
%)
   
0.00
%
   
(0.98
%)
Total expenses
   
(3.72
%)
   
(3.72
%)
   
(2.42
%)
   
(3.22
%)
   
(7.05
%)
   
(7.44
%)
   
(4.83
%)
   
(6.44
%)

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

The net income and expense ratios are computed based upon the weighted average net assets for the Trust for the three and six month periods ended June 30, 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 25 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Cash Management Agreement with Affiliate
6 Months Ended
Jun. 30, 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 June 30, 2017, the Trust’s deposits held by OIS consisted of cash of $1,073,000.  Since August 1, 2014, OIS continues to waive its advisory fee. 

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivative Instruments and Hedging Activities
6 Months Ended
Jun. 30, 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 June 30, 2017
                 
   
Asset
   
Liability
       
Type of
 
Derivatives
   
Derivatives
   
Net
 
Futures Contracts
 
Fair Value
   
Fair Value
   
Fair Value
 
                   
Agriculture
 
$
9,650
   
$
(5,040
)
 
$
4,610
 
Currency
   
21,361
     
-
     
21,361
 
Energy
   
-
     
(57,101
)
   
(57,101
)
Indices
   
6,690
     
(2,165
)
   
4,525
 
Interest rates
   
11,777
     
(4,175
)
   
7,602
 
Metals
   
7,520
     
-
     
7,520
 
   
$
56,998
   
$
(68,481
)
 
$
(11,483
)

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 June 30, 2017. 

Trading gain (loss) for the following periods:

   
Six Months Ended June 30,
 
Type of Futures Contracts
 
2017
   
2016
 
Agriculture
 
$
(8,634
)
 
$
134,516
 
Currency
   
113,816
     
63,370
 
Energy
   
(300,578
)
   
(64,464
)
Indices
   
362,145
     
(9,103
)
Interest rates
   
(332,940
)
   
541,312
 
Metals
   
(52,415
)
   
28,601
 
   
$
(218,606
)
 
$
694,232
 

   
Three Months Ended June 30,
 
Type of Futures Contracts
   
2017
     
2016
 
Agriculture
 
$
(15,441
)
 
$
163,133
 
Currency
   
105,845
     
8,489
 
Energy
   
(150,546
)
   
(165,325
)
Indices
   
(14,564
)
   
(297,904
)
Interest rates
   
(147,750
)
   
330,221
 
Metals
   
(54,605
)
   
17,432
 
   
$
(277,061
)
 
$
56,046
 

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

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Offsetting
6 Months Ended
Jun. 30, 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 June 30, 2017 and December 31, 2016:

   
Offsetting of Derivative Assets
 
                                     
   
As of June 30, 2017
   
As of December 31, 2016
 
   
Gross
   
Gross Amounts
   
Net Amounts of Assets
   
Gross
   
Gross Amounts
   
Net Amounts of Assets
 
   
Amounts of
   
Offset in the
   
Presented in the
   
Amounts of
   
Offset in the
   
Presented in the
 
   
Recognized
   
Statement of
   
Statement of
   
Recognized
   
Statement of
   
Statement of
 
 Description
 
Assets
   
Financial Condition
   
Financial Condition
   
Assets
   
Financial Condition
   
Financial Condition
 
                                     
 Futures and forward contracts
 
$
71,223
   
$
(9,131
)
 
$
62,092
   
$
-
   
$
-
   
$
-
 
                                                 
   
$
71,223
   
$
(9,131
)
 
$
62,092
   
$
-
   
$
-
   
$
-
 

   
Derivative Assets and Collateral Held by Counterparty
 
                                                 
   
As of June 30, 2017
   
As of December 31, 2016
 
    Net Amount of           Net Amount of        
 Individual Trading Companies  
Assets in the
Statement of
    Gross Amounts Not Offset in the
Statement of Financial Condition
    Assets in the
Statement of
     Gross Amounts Not Offset in the
Statement of Financial Condition
 
(with derivative assets and
 
Financial
   
Financial
   
Cash Collateral
   
Net
   
Financial
   
Financial
   
Cash Collateral
   
Net
 
 collateral held by RJO)
 
Condition
   
Instruments
   
Received
   
Amount
   
Condition
   
Instruments
   
Received
   
Amount
 
                                                 
 OASIS Claughton, LLC
 
$
62,092
   
$
-
   
$
-
   
$
62,092
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                                 
   
$
62,092
   
$
-
   
$
-
   
$
62,092
   
$
-
   
$
-
   
$
-
   
$
-
 

   
Offsetting of Derivative Liabilities
 
                                     
   
As of June 30, 2017
   
As of December 31, 2016
 
               
Net Amounts of
               
Net Amounts of
 
   
Gross
   
Gross Amounts
   
Liabilities
   
Gross
   
Gross Amounts
   
Liabilities
 
   
Amounts of
   
Offset in the
   
Presented in the
   
Amounts of
   
Offset in the
   
Presented in the
 
   
Recognized
   
Statement of
   
Statement of
   
Recognized
   
Statement of
   
Statement of
 
 Description
 
Liabilities
   
Financial Condition
   
Financial Condition
   
Liabilities
   
Financial Condition
   
Financial Condition
 
                                     
 Futures and forward contracts
 
$
82,706
   
$
(9,131
)
 
$
73,575
   
$
-
   
$
-
   
$
-
 
                                                 
   
$
82,706
   
$
(9,131
)
 
$
73,575
   
$
-
   
$
-
   
$
-
 

   
Derivative Liabilities and Collateral Pledged by Counterparty
 
                                                 
   
As of June 30, 2017
   
As of December 31, 2016
 
   
Net Amount of
                     
Net Amount of
                   
 Individual Trading Companies  
Liabilities in
the Statement
   
Gross Amounts Not Offset in the
Statement of Financial Condition
   
Liabilities in
the Statement
   
Gross Amounts Not Offset in the
Statement of Financial Condition
 
(with derivative liabilities and
 
of Financial
   
Financial
   
Cash Deposits
   
Net
   
of Financial
   
Financial
   
Cash Deposits
   
Net
 
 collateral held by RJO)
 
Condition
   
Instruments
   
Held by Broker
   
Amount
   
Condition
   
Instruments
   
Held by Broker
   
Amount
 
                                                 
 OASIS RCM, LLC
 
$
73,575
   
$
(73,575
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                                 
   
$
73,575
   
$
(73,575
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
(12)       Subsequent Events

As of August 1, 2017, the Trust allocated additional assets to the OASIS RPM Series.  The amount allocated to the OASIS RPM Evolving CTA Series was $266,667.  The OASIS RPM Series in turn, as of August 1, 2017, rebalanced and partially redeemed out of the OASIS Claughton Capital Series  (managed by Claughton) and after month-end reallocation in turn subscribed to allocate those funds to the OASIS RCM Series (managed by RCM).  The amount redeemed out of the OASIS Claughton Series was $66,666 and the amount allocated to the OASIS RCM Series was $333,333 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 29 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Accounting Policies, by Policy (Policies)
6 Months Ended
Jun. 30, 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 Prolific Capital Markets Series; and the RPM Series’ controlling and majority equity interests in the OASIS Revolution Capital Mgmt Series, OASIS Claughton Capital Series and OASIS Degraves Capital Mgmt PTY Series.  All material intercompany transactions have been eliminated upon consolidation.

Interests in such series of RJ OASIS not wholly-owned by the Trust are shown separately in the Consolidated Statements of Financial Condition and Consolidated Statement of Changes in Capital as non-controlling interests. Operations attributed to non-controlling interests are reflected as a deduction in arriving at net income (loss) attributable to unitholders in the Consolidated Statements of Operations.
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 June 30, 2017, Wells held approximately $1,073,000 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 30 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2017:

   
June 30, 2017
       
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Net unrealized gain on open contracts:
                       
Futures positions
 
$
62,092
   
$
-
   
$
-
   
$
62,092
 
     
62,092
     
-
     
-
     
62,092
 
Liabilities
                               
Net unrealized loss on open contracts:
                               
Futures positions
   
(73,575
)
   
-
     
-
     
(73,575
)
     
(73,575
)
   
-
     
-
     
(73,575
)
                                 
Total fair value
 
$
(11,483
)
 
$
-
   
$
-
   
$
(11,483
)
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Operations (Tables)
6 Months Ended
Jun. 30, 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 June 30, 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 32 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Financial Highlights (Tables)
6 Months Ended
Jun. 30, 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 and six month periods ended June 30, 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 and six month periods ended June 30, 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 June 30, 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
   
Class A
   
Class B
 
 
Three months ended
   
Three months ended
   
Six months ended
   
Six months ended
 
 
June 30,
   
June 30,
   
June 30,
   
June 30,
 
 
2017
   
2016
   
2017
   
2016
   
2017
   
2016
   
2017
   
2016
 
Per share operating performance:
                                           
Net asset value of Trading units, beginning of period
 
$
48.56
   
$
61.52
   
$
57.30
   
$
71.14
   
$
49.35
   
$
58.09
   
$
57.94
   
$
66.84
 
Total Trading income (loss):
                                                               
Trading gain (loss)
   
(2.71
)
   
0.57
     
(3.22
)
   
0.67
     
(1.91
)
   
6.20
     
(2.28
)
   
7.15
 
Investment income
   
0.07
     
0.04
     
0.09
     
0.04
     
0.10
     
0.07
     
0.12
     
0.08
 
Expenses
   
(1.67
)
   
(2.20
)
   
(1.71
)
   
(2.20
)
   
(3.29
)
   
(4.43
)
   
(3.32
)
   
(4.42
)
Trading income (loss)
   
(4.31
)
   
(1.59
)
   
(4.84
)
   
(1.49
)
   
(5.10
)
   
1.84
     
(5.48
)
   
2.81
 
Net asset value of Trading units, end of period
 
$
44.25
   
$
59.93
   
$
52.46
   
$
69.65
   
$
44.25
   
$
59.93
   
$
52.46
   
$
69.65
 
                                                               
Total return:
                                                               
Total return before incentive fees
   
(8.89
%)
   
(2.17
%)
   
(8.43
%)
   
(1.68
%)
   
(10.35
%)
   
4.15
%
   
(9.45
%)
   
5.19
%
Less incentive fee allocations
   
0.00
%
   
(0.41
%)
   
0.00
%
   
(0.41
%)
   
0.00
%
   
(0.98
%)
   
0.00
%
   
(0.98
%)
Total return
   
(8.89
%)
   
(2.58
%)
   
(8.43
%)
   
(2.09
%)
   
(10.35
%)
   
3.17
%
   
(9.45
%)
   
4.21
%
                                                               
Ratios to average net assets:
                                                               
Trading income (loss)
   
(9.92
%)
   
(2.80
%)
   
(3.51
%)
   
(2.47
%)
   
(10.92
%)
   
3.20
%
   
(5.81
%)
   
4.18
%
Expenses:
                                                               
Expenses, less incentive fees
   
(3.72
%)
   
(3.31
%)
   
(2.42
%)
   
(2.81
%)
   
(7.05
%)
   
(6.46
%)
   
(4.83
%)
   
(5.46
%)
Incentive fees
   
0.00
%
   
(0.41
%)
   
0.00
%
   
(0.41
%)
   
0.00
%
   
(0.98
%)
   
0.00
%
   
(0.98
%)
Total expenses
   
(3.72
%)
   
(3.72
%)
   
(2.42
%)
   
(3.22
%)
   
(7.05
%)
   
(7.44
%)
   
(4.83
%)
   
(6.44
%)
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivative Instruments and Hedging Activities (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2017
                 
   
Asset
   
Liability
       
Type of
 
Derivatives
   
Derivatives
   
Net
 
Futures Contracts
 
Fair Value
   
Fair Value
   
Fair Value
 
                   
Agriculture
 
$
9,650
   
$
(5,040
)
 
$
4,610
 
Currency
   
21,361
     
-
     
21,361
 
Energy
   
-
     
(57,101
)
   
(57,101
)
Indices
   
6,690
     
(2,165
)
   
4,525
 
Interest rates
   
11,777
     
(4,175
)
   
7,602
 
Metals
   
7,520
     
-
     
7,520
 
   
$
56,998
   
$
(68,481
)
 
$
(11,483
)
Schedule of Derivative Instruments Included in Trading Activities [Table Text Block]
Trading gain (loss) for the following periods:

   
Six Months Ended June 30,
 
Type of Futures Contracts
 
2017
   
2016
 
Agriculture
 
$
(8,634
)
 
$
134,516
 
Currency
   
113,816
     
63,370
 
Energy
   
(300,578
)
   
(64,464
)
Indices
   
362,145
     
(9,103
)
Interest rates
   
(332,940
)
   
541,312
 
Metals
   
(52,415
)
   
28,601
 
   
$
(218,606
)
 
$
694,232
 
   
Three Months Ended June 30,
 
Type of Futures Contracts
   
2017
     
2016
 
Agriculture
 
$
(15,441
)
 
$
163,133
 
Currency
   
105,845
     
8,489
 
Energy
   
(150,546
)
   
(165,325
)
Indices
   
(14,564
)
   
(297,904
)
Interest rates
   
(147,750
)
   
330,221
 
Metals
   
(54,605
)
   
17,432
 
   
$
(277,061
)
 
$
56,046
 
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
Offsetting (Tables)
6 Months Ended
Jun. 30, 2017
Offsetting [Abstract]  
Offsetting Assets [Table Text Block]
   
Offsetting of Derivative Assets
 
                                     
   
As of June 30, 2017
   
As of December 31, 2016
 
   
Gross
   
Gross Amounts
   
Net Amounts of Assets
   
Gross
   
Gross Amounts
   
Net Amounts of Assets
 
   
Amounts of
   
Offset in the
   
Presented in the
   
Amounts of
   
Offset in the
   
Presented in the
 
   
Recognized
   
Statement of
   
Statement of
   
Recognized
   
Statement of
   
Statement of
 
 Description
 
Assets
   
Financial Condition
   
Financial Condition
   
Assets
   
Financial Condition
   
Financial Condition
 
                                     
 Futures and forward contracts
 
$
71,223
   
$
(9,131
)
 
$
62,092
   
$
-
   
$
-
   
$
-
 
                                                 
   
$
71,223
   
$
(9,131
)
 
$
62,092
   
$
-
   
$
-
   
$
-
 
Schedule of Derivative Instruments [Table Text Block]
   
Derivative Assets and Collateral Held by Counterparty
 
                                                 
   
As of June 30, 2017
   
As of December 31, 2016
 
    Net Amount of           Net Amount of        
 Individual Trading Companies  
Assets in the
Statement of
    Gross Amounts Not Offset in the
Statement of Financial Condition
    Assets in the
Statement of
     Gross Amounts Not Offset in the
Statement of Financial Condition
 
(with derivative assets and
 
Financial
   
Financial
   
Cash Collateral
   
Net
   
Financial
   
Financial
   
Cash Collateral
   
Net
 
 collateral held by RJO)
 
Condition
   
Instruments
   
Received
   
Amount
   
Condition
   
Instruments
   
Received
   
Amount
 
                                                 
 OASIS Claughton, LLC
 
$
62,092
   
$
-
   
$
-
   
$
62,092
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                                 
   
$
62,092
   
$
-
   
$
-
   
$
62,092
   
$
-
   
$
-
   
$
-
   
$
-
 
   
Derivative Liabilities and Collateral Pledged by Counterparty
 
                                                 
   
As of June 30, 2017
   
As of December 31, 2016
 
   
Net Amount of
                     
Net Amount of
                   
 Individual Trading Companies  
Liabilities in
the Statement
   
Gross Amounts Not Offset in the
Statement of Financial Condition
   
Liabilities in
the Statement
   
Gross Amounts Not Offset in the
Statement of Financial Condition
 
(with derivative liabilities and
 
of Financial
   
Financial
   
Cash Deposits
   
Net
   
of Financial
   
Financial
   
Cash Deposits
   
Net
 
 collateral held by RJO)
 
Condition
   
Instruments
   
Held by Broker
   
Amount
   
Condition
   
Instruments
   
Held by Broker
   
Amount
 
                                                 
 OASIS RCM, LLC
 
$
73,575
   
$
(73,575
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                                 
   
$
73,575
   
$
(73,575
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
Offsetting Liabilities [Table Text Block]
   
Offsetting of Derivative Liabilities
 
                                     
   
As of June 30, 2017
   
As of December 31, 2016
 
               
Net Amounts of
               
Net Amounts of
 
   
Gross
   
Gross Amounts
   
Liabilities
   
Gross
   
Gross Amounts
   
Liabilities
 
   
Amounts of
   
Offset in the
   
Presented in the
   
Amounts of
   
Offset in the
   
Presented in the
 
   
Recognized
   
Statement of
   
Statement of
   
Recognized
   
Statement of
   
Statement of
 
 Description
 
Liabilities
   
Financial Condition
   
Financial Condition
   
Liabilities
   
Financial Condition
   
Financial Condition
 
                                     
 Futures and forward contracts
 
$
82,706
   
$
(9,131
)
 
$
73,575
   
$
-
   
$
-
   
$
-
 
                                                 
   
$
82,706
   
$
(9,131
)
 
$
73,575
   
$
-
   
$
-
   
$
-
 
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule of Investments (Details) - Condensed Consolidated Schedule of Investments - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Futures Positions    
Fair Value $ (11,483) $ 0
Long [Member]    
Futures Positions    
Fair Value on Open Contracts $ 14,194 $ 0
Long [Member] | Agriculture Derivative [Member] | Future [Member]    
Futures Positions    
Percentage of Net Assets 0.24% 0.00%
Fair Value on Open Contracts $ 9,439 $ 0
Long [Member] | Foreign Exchange Contract [Member] | Future [Member]    
Futures Positions    
Percentage of Net Assets 0.32% 0.00%
Fair Value on Open Contracts $ 12,730 $ 0
Long [Member] | Energy Related Derivative [Member] | Future [Member]    
Futures Positions    
Percentage of Net Assets 0.12% 0.00%
Fair Value on Open Contracts $ 4,640 $ 0
Long [Member] | Credit Risk Contract [Member] | Future [Member]    
Futures Positions    
Percentage of Net Assets (0.04%) 0.00%
Fair Value on Open Contracts $ (1,565) $ 0
Long [Member] | Interest Rate Contract [Member] | Future [Member]    
Futures Positions    
Percentage of Net Assets (0.28%) 0.00%
Fair Value on Open Contracts $ (11,050) $ 0
Short [Member]    
Futures Positions    
Fair Value on Open Contracts $ (25,677) $ 0
Short [Member] | Foreign Exchange Forward [Member]    
Futures Positions    
Percentage of Net Assets 0.22% 0.00%
Fair Value on Open Contracts $ 8,631 $ 0
Short [Member] | Agriculture Derivative [Member] | Future [Member]    
Futures Positions    
Percentage of Net Assets (0.12%) 0.00%
Fair Value on Open Contracts $ (4,829) $ 0
Short [Member] | Energy Related Derivative [Member] | Future [Member]    
Futures Positions    
Percentage of Net Assets (1.55%) 0.00%
Fair Value on Open Contracts $ (61,741) $ 0
Short [Member] | Credit Risk Contract [Member] | Future [Member]    
Futures Positions    
Percentage of Net Assets 0.15% 0.00%
Fair Value on Open Contracts $ 6,090 $ 0
Short [Member] | Interest Rate Contract [Member] | Future [Member]    
Futures Positions    
Percentage of Net Assets 0.47% 0.00%
Fair Value on Open Contracts $ 18,652 $ 0
Short [Member] | Metal Derivatives [Member] | Future [Member]    
Futures Positions    
Percentage of Net Assets 0.19% 0.00%
Fair Value on Open Contracts $ 7,520 $ 0
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
General Information and Summary (Details)
3 Months Ended 6 Months Ended 11 Months Ended
Jun. 30, 2017
USD ($)
Jun. 30, 2016
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2016
USD ($)
Nov. 21, 2016
Dec. 31, 2016
USD ($)
General Information and Summary (Details) [Line Items]            
Number of Independent Trading Advisors     4   6  
Percentage of Trust Assets Allocated to Trading Advisor 30.81%   30.81%      
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 $ 6,467 $ 4,005 $ 10,018 $ 7,919    
Contingency Reserve Held by Bank 475,000   475,000      
Accounts Receivable, Net $ 13,514   $ 13,514     $ 17,890
Revolution Capital Management LLC [Member]            
General Information and Summary (Details) [Line Items]            
Percentage of Trust Assets Allocated to Trading Advisor 13.40%   13.40%      
Degraves Capital Management PTY [Member]            
General Information and Summary (Details) [Line Items]            
Percentage of Trust Assets Allocated to Trading Advisor 10.72%   10.72%      
Oasis Investment Strategies LLC ("OIS") [Member]            
General Information and Summary (Details) [Line Items]            
Interest Income, Operating $ 2,002 1,893 $ 4,446 3,683    
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).      
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.      
RJO Global Trust [Member]            
General Information and Summary (Details) [Line Items]            
Interest Income, Operating $ 4,465 $ 2,122 $ 5,572 $ 4,236    
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.      
Claughton Capital, LLC [Member]            
General Information and Summary (Details) [Line Items]            
Percentage of Trust Assets Allocated to Trading Advisor 14.28%   14.28%      
Prolific Capital Markets, LLC ("PCM") [Member]            
General Information and Summary (Details) [Line Items]            
Percentage of Trust Assets Allocated to Trading Advisor 30.79%   30.79%      
Held by Wells Fargo Bank N.A. [Member]            
General Information and Summary (Details) [Line Items]            
Investments and Cash $ 1,073,000   $ 1,073,000      
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Details)
6 Months Ended
Jun. 30, 2017
USD ($)
Maximum [Member]  
Summary of Significant Accounting Policies (Details) [Line Items]  
Offering Costs as Percentage of Month-end Net Asset Value 0.50%
Held by Wells Fargo Bank N.A. [Member]  
Summary of Significant Accounting Policies (Details) [Line Items]  
Investments and Cash $ 1,073,000
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fees (Details)
6 Months Ended
Jun. 30, 2017
Annual Rate [Member] | RPM [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 0.75%
Monthly Rate [Member] | RPM [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 0.0625%
Quarterly Rate [Member] | Class C and D Units [Member] | RPM [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 10.00%
Managing Owner [Member] | Annual Rate [Member] | Effective October 22_ 2013 [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 0.50%
Trading Advisor [Member] | Annual Rate [Member] | Minimum [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 0.50%
Trading Advisor [Member] | Annual Rate [Member] | Maximum [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 1.00%
Trading Advisor [Member] | Monthly Rate [Member] | Minimum [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 0.042%
Trading Advisor [Member] | Monthly Rate [Member] | Maximum [Member]  
Fees (Details) [Line Items]  
Management Fee as a Percentage of Net Assets 0.083%
Trading Advisor [Member] | Quarterly Rate [Member] | Minimum [Member]  
Fees (Details) [Line Items]  
Advisors Incentive Fee as a Percentage of New Trading Profit 15.00%
Trading Advisor [Member] | Quarterly Rate [Member] | Maximum [Member]  
Fees (Details) [Line Items]  
Advisors Incentive Fee as a Percentage of New Trading Profit 25.00%
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes (Details)
6 Months Ended
Jun. 30, 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 40 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
Trading Activities and Related Risks (Details)
Jun. 30, 2017
Maximum [Member] | Fixed Income Securities [Member]  
Trading Activities and Related Risks (Details) [Line Items]  
Investment Owned, Percent of Net Assets 40.00%
XML 41 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 ($)
Jun. 30, 2017
Dec. 31, 2016
Assets    
Futures positions $ 62,092 $ 0
Liabilities    
Futures positions (73,575) $ 0
Fair Value, Measurements, Recurring [Member]    
Assets    
Futures positions 62,092  
62,092  
Liabilities    
Futures positions (73,575)  
(73,575)  
Total fair value (11,483)  
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]    
Assets    
Futures positions 62,092  
62,092  
Liabilities    
Futures positions (73,575)  
(73,575)  
Total fair value (11,483)  
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]    
Assets    
Futures positions 0  
0  
Liabilities    
Futures positions 0  
0  
Total fair value 0  
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]    
Assets    
Futures positions 0  
0  
Liabilities    
Futures positions 0  
0  
Total fair value $ 0  
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
Operations (Details)
6 Months Ended
Jun. 30, 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 43 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 Fees [Member] | Managing Owner [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 Fees [Member] | Managing Owner [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 Fees [Member] | Managing Owner [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 Fees [Member] | Managing Owner [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%
Selling Commission [Member] | Selling Agent [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 Commission [Member] | Selling Agent [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 Commission [Member] | Selling Agent [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 Commission [Member] | Selling Agent [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 Commission (Initial Sales Charge) [Member] | Selling Agent [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 Commission (Initial Sales Charge) [Member] | Selling Agent [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 Commission (Initial Sales Charge) [Member] | Selling Agent [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 Commission (Initial Sales Charge) [Member] | Selling Agent [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%
Wholesale Fee [Member] | Managing Owner [Member] | Capital Unit, Class A [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.00%  
Wholesale Fee [Member] | Managing Owner [Member] | Capital Unit, Class B [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.00%  
Wholesale Fee [Member] | Managing Owner [Member] | Capital Unit, Class C [Member]    
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]    
Brokerage Fee [1] 0.35%  
Wholesale Fee [Member] | Managing Owner [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%
Clearing, NFA and Exchange Fees [Member] | Clearing Broker [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, NFA and Exchange Fees [Member] | Clearing Broker [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, NFA and Exchange Fees [Member] | Clearing Broker [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, NFA and Exchange Fees [Member] | Clearing Broker [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 June 30, 2017, no Class D units had been sold.
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
Financial Highlights (Details) - Schedule of Finanacial Highlights - $ / shares
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Capital Unit, Class A [Member]        
Per share operating performance:        
Net asset value of Trading units, beginning of period (in Dollars per share) $ 48.56 $ 61.52 $ 49.35 $ 58.09
Total Trading income (loss):        
Trading gain (loss) (in Dollars per share) (2.71) 0.57 (1.91) 6.20
Investment income (in Dollars per share) 0.07 0.04 0.10 0.07
Expenses (in Dollars per share) (1.67) (2.20) (3.29) (4.43)
Trading income (loss) (in Dollars per share) (4.31) (1.59) (5.10) 1.84
Net asset value of Trading units, end of period (in Dollars per share) $ 44.25 $ 59.93 $ 44.25 $ 59.93
Total return:        
Total return before incentive fees (8.89%) (2.17%) (10.35%) 4.15%
Less incentive fee allocations 0.00% (0.41%) 0.00% (0.98%)
Total return (8.89%) (2.58%) (10.35%) 3.17%
Ratios to average net assets:        
Trading income (loss) (9.92%) (2.80%) (10.92%) 3.20%
Expenses:        
Expenses, less incentive fees (3.72%) (3.31%) (7.05%) (6.46%)
Incentive fees 0.00% (0.41%) 0.00% (0.98%)
Total expenses (3.72%) (3.72%) (7.05%) (7.44%)
Capital Unit, Class B [Member]        
Per share operating performance:        
Net asset value of Trading units, beginning of period (in Dollars per share) $ 57.30 $ 71.14 $ 57.94 $ 66.84
Total Trading income (loss):        
Trading gain (loss) (in Dollars per share) (3.22) 0.67 (2.28) 7.15
Investment income (in Dollars per share) 0.09 0.04 0.12 0.08
Expenses (in Dollars per share) (1.71) (2.20) (3.32) (4.42)
Trading income (loss) (in Dollars per share) (4.84) (1.49) (5.48) 2.81
Net asset value of Trading units, end of period (in Dollars per share) $ 52.46 $ 69.65 $ 52.46 $ 69.65
Total return:        
Total return before incentive fees (8.43%) (1.68%) (9.45%) 5.19%
Less incentive fee allocations 0.00% (0.41%) 0.00% (0.98%)
Total return (8.43%) (2.09%) (9.45%) 4.21%
Ratios to average net assets:        
Trading income (loss) (3.51%) (2.47%) (5.81%) 4.18%
Expenses:        
Expenses, less incentive fees (2.42%) (2.81%) (4.83%) (5.46%)
Incentive fees 0.00% (0.41%) 0.00% (0.98%)
Total expenses (2.42%) (3.22%) (4.83%) (6.44%)
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
Cash Management Agreement with Affiliate (Details) - USD ($)
6 Months Ended
Jun. 30, 2017
Dec. 31, 2016
Cash Management Agreement with Affiliate (Details) [Line Items]    
Cash and Cash Equivalents, at Carrying Value $ 1,073,391 $ 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 $ 1,073,000  
XML 46 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 ($)
Jun. 30, 2017
Dec. 31, 2016
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value $ 71,223 $ 0
Not Designated as Hedging Instrument [Member] | Future [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 56,998  
Liability Derivatives Fair Value (68,481)  
Net Fair Value (11,483)  
Agriculture Derivative [Member] | Not Designated as Hedging Instrument [Member] | Future [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 9,650  
Liability Derivatives Fair Value (5,040)  
Net Fair Value 4,610  
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Future [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 21,361  
Liability Derivatives Fair Value 0  
Net Fair Value 21,361  
Energy Related Derivative [Member] | Not Designated as Hedging Instrument [Member] | Future [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 0  
Liability Derivatives Fair Value (57,101)  
Net Fair Value (57,101)  
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Future [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 6,690  
Liability Derivatives Fair Value (2,165)  
Net Fair Value 4,525  
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Future [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 11,777  
Liability Derivatives Fair Value (4,175)  
Net Fair Value 7,602  
Metal Derivatives [Member] | Not Designated as Hedging Instrument [Member] | Future [Member]    
Derivatives, Fair Value [Line Items]    
Asset Derivatives Fair Value 7,520  
Liability Derivatives Fair Value 0  
Net Fair Value $ 7,520  
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivative Instruments and Hedging Activities (Details) - Schedule of Trading Gains (Losses) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Trading Activity, Gains and Losses, Net [Line Items]        
Trading Gain (Loss) $ (277,061) $ 56,046 $ (218,606) $ 694,232
Future [Member]        
Trading Activity, Gains and Losses, Net [Line Items]        
Trading Gain (Loss) (277,061) 56,046 (218,606) 694,232
Agriculture Derivative [Member] | Future [Member]        
Trading Activity, Gains and Losses, Net [Line Items]        
Trading Gain (Loss) (15,441) 163,133 (8,634) 134,516
Foreign Exchange Contract [Member] | Future [Member]        
Trading Activity, Gains and Losses, Net [Line Items]        
Trading Gain (Loss) 105,845 8,489 113,816 63,370
Energy Related Derivative [Member] | Future [Member]        
Trading Activity, Gains and Losses, Net [Line Items]        
Trading Gain (Loss) (150,546) (165,325) (300,578) (64,464)
Credit Risk Contract [Member] | Future [Member]        
Trading Activity, Gains and Losses, Net [Line Items]        
Trading Gain (Loss) (14,564) (297,904) 362,145 (9,103)
Interest Rate Contract [Member] | Future [Member]        
Trading Activity, Gains and Losses, Net [Line Items]        
Trading Gain (Loss) (147,750) 330,221 (332,940) 541,312
Metal Derivatives [Member] | Future [Member]        
Trading Activity, Gains and Losses, Net [Line Items]        
Trading Gain (Loss) $ (54,605) $ 17,432 $ (52,415) $ 28,601
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
Offsetting (Details) - Offsetting of Derivative Assets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Offsetting Assets [Line Items]    
Gross Amounts of Recognized Assets $ 71,223 $ 0
Gross Amounts Offset in the Statement of Financial Condition (9,131) 0
Net Amounts of Assets Presented in the Statement of Financial Condition 62,092 0
Futures and Forward Contracts [Member]    
Offsetting Assets [Line Items]    
Gross Amounts of Recognized Assets 71,223 0
Gross Amounts Offset in the Statement of Financial Condition (9,131) 0
Net Amounts of Assets Presented in the Statement of Financial Condition $ 62,092 $ 0
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.7.0.1
Offsetting (Details) - Schedule of Derivative Instruments - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Derivative [Line Items]    
Net Amount of Assets in the Statement of Financial Condition $ 62,092 $ 0
Net Amount 9,131 0
Net Amount of Liabilities in the Statement of Financial Condition 73,575 0
Net Amount 9,131 0
Derivative Assets and Collateral Held by Company [Member]    
Derivative [Line Items]    
Net Amount of Assets in the Statement of Financial Condition 62,092 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 62,092 0
Derivative Assets and Collateral Held by Company [Member] | OASIS Claughton, LLC [Member]    
Derivative [Line Items]    
Net Amount of Assets in the Statement of Financial Condition 62,092 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 62,092 0
Derivative Liabilities and Collateral Pledged by Company [Member] | OASIS RCM, LLC [Member]    
Derivative [Line Items]    
Net Amount of Liabilities in the Statement of Financial Condition 73,575 0
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments (73,575) 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 73,575 0
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments (73,575) 0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Deposits Held by Broker 0 0
Net Amount $ 0 $ 0
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
Offsetting (Details) - Offsetting of Derivative Liabilities - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Offsetting Liabilities [Line Items]    
Gross Amounts of Recognized Liabilities $ 82,706 $ 0
Gross Amounts Offset in the Statement of Financial Condition (9,131) 0
Net Amounts of Liabilities Presented in the Statement of Financial Condition 73,575 0
Futures and Forward Contracts [Member]    
Offsetting Liabilities [Line Items]    
Gross Amounts of Recognized Liabilities 82,706 0
Gross Amounts Offset in the Statement of Financial Condition (9,131) 0
Net Amounts of Liabilities Presented in the Statement of Financial Condition $ 73,575 $ 0
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events (Details) - Subsequent Event [Member]
Aug. 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]  
Subsequent Events (Details) [Line Items]  
Allocation of Trust Funds, Amount $ 266,667
OASIS RPM [Member] | OASIS Claughton, LLC [Member]  
Subsequent Events (Details) [Line Items]  
Redemption of Trust Funds, Amount 66,666
OASIS RPM [Member] | OASIS Revolution Capital Mgmt Series [Member]  
Subsequent Events (Details) [Line Items]  
Allocation of Trust Funds, Amount $ 333,333
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