RJO GLOBAL TRUST - FORM 10-Q

Attached files

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EX-32.01 - EX-32.01 - RJO GLOBAL TRUST	ex32-01.htm
EX-31.01 - EX-31.01 - RJO GLOBAL TRUST	ex31-01.htm
EX-31.02 - EX-31.02 - RJO GLOBAL TRUST	ex31-02.htm
EX-10.08 - EX-10.08 - RJO GLOBAL TRUST	ex10-08.htm
EX-10.09 - EX-10.09 - RJO GLOBAL TRUST	ex10-09.htm
EXCEL - IDEA: XBRL DOCUMENT - RJO GLOBAL TRUST	Financial_Report.xls

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2014

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

SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 000-22887

RJO GLOBAL TRUST

(Exact name of registrant as specified in its charter)

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

c/o R.J. O’Brien Fund Management, LLC

222 South Riverside Plaza

Suite 900

Chicago, IL 60606

(Address of principal executive offices) (Zip Code)

(888) 292 - 9399

(Registrant's telephone number, including area code)

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

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

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

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

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

Table of Contents

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION	1

Item 1. Financial Statements	1
Consolidated Statements of Financial Condition, as of June 30, 2014 (unaudited) and December 31, 2013	1
Condensed Consolidated Schedules of Investments, as of June 30, 2014 (unaudited) and December 31, 2013	2
Consolidated Statements of Operations, for the three and six months ended June 30, 2014 and 2013 (unaudited)	3
Consolidated Statement of Changes in Unitholders’ Capital, for the six months ended June 30, 2014 (unaudited)	4
Notes to Consolidated Financial Statements	5

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3. Quantitative and Qualitative Disclosures about Market Risk	21

Item 4. Controls and Procedures	21

PART II. OTHER INFORMATION	22

Item 1. Legal Proceedings	22

Item 1A. Risk Factors	22

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	22

Item 6. Exhibits	23

SIGNATURES	24

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Financial Condition

Assets
	June 30,		December 31,
	2014		2013
	UNAUDITED
Assets:
Equity in commodity Trading accounts:
Cash on deposit with broker	$	9,292,727	$	11,311,474
Unrealized gain on open contracts		146,256		762,636
Total due from broker		9,438,983		12,074,110

Cash and cash equivalents on deposit with affiliate		1,618,066		1,301,182
Cash on deposit with bank		21,477		3,230
Fixed income securities (cost $0 and $1,501,697, respectively), held by affiliate		-		1,465,195
Interest receivable		9		9,704
Cash on deposit with bank - Non-Trading		1,098,547		1,278,723
Prepaid expenses - offering		2,040		-

Total Assets	$	12,179,122	$	16,132,144

Liabilities and Unitholders' Capital

Liabilities:
Accrued commissions	$	24,990	$	25,241
Accrued management fees		25,011		30,223
Accrued incentive fees		-		118,791
Accrued operating expenses		90,295		139,655
Accrued offering expenses		-		15,033
Redemptions payable - Trading		379,285		557,636
Accrued legal fees - Non-Trading		500		79,883
Accrued management fees to U.S. Bank - Non-Trading		6,769		7,595
Distribution payable - Non-Trading		1,034		1,034
Total liabilities		527,884		975,091

Unitholders' capital:
Unitholders' capital (Trading):
Beneficial owners
Class A (166,862 and 190,458 units outstanding at June 30, 2014 and December 31, 2013, respectively)		10,332,296		13,569,363
Class B (2,829 and 4,564 units outstanding at June 30, 2014 and December 31, 2013, respectively)		195,561		359,349
Managing owner (535 Class A units outstanding at June 30, 2014 and December 31, 2013, respectively)		33,128		38,117

Unitholders' capital (LLC equity/Non-Trading):
Participating owners (144,250 and 171,234 units outstanding at June 30, 2014 and December 31, 2013, respectively)		69,181		89,652
Nonparticipating owners (2,129,038 and 2,102,054 units outstanding at June 30, 2014 and December 31, 2013, respectively)		1,021,072		1,100,572

Total unitholders' capital		11,651,238		15,157,053

Total Liabilities and Unitholders' Capital	$	12,179,122	$	16,132,144

Net asset value per unit:
Trading:
Class A	$	61.92	$	71.25
Class B	$	69.13	$	78.74
LLC equity/Non-Trading	$	0.48	$	0.52

See accompanying notes to consolidated financial statements.

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RJO GLOBAL TRUST AND SUBSIDIARY

Condensed Consolidated Schedules of Investments

	June 30, 2014									December 31, 2013
	Face		Maturity	Percentage of						Face		Maturity	Percentage of
	Value		Date	Net Assets			Fair value			Value		Date	Net Assets			Fair value
Securities owned				UNAUDITED

Corporate Bonds
BB & T Corp Note 2.05% ( cost $0 and $762,121, respectively)	$	-	NA	NA			$	-		$	750,000	4/28/2014		4.97	%	$	752,693
Goldman Sachs Group Inc Note 6% (cost $0 and $739,576, respectively)		-	NA	NA				-			700,000	5/1/2014		4.70	%		712,502
Total Corporate Bonds	$	-								$	1,450,000			9.67	%		1,465,195

Total Fixed Income Securities (cost $0 and $1,501,697, respectively)							$	-								$	1,465,195

Long Positions
Futures Positions
Agriculture					-0.38	%	$	(44,228	)					-0.15	%	$	(22,282	)
Currency					0.96	%		112,148						0.31	%		46,836
Energy					-0.28	%		(32,880	)					-0.14	%		(21,904	)
Indices					0.42	%		48,474						2.98	%		450,939
Interest rates					0.74	%		85,723						-0.92	%		(138,783	)
Metals					0.12	%		14,280						0.03	%		5,005

Total long positions on open contracts							$	183,517								$	319,811

Short Positions
Futures Positions
Agriculture					0.70	%	$	81,475						1.37	%	$	207,657
Currency					-0.44	%		(50,889	)					0.31	%		46,459
Energy					0.00	%		(427	)					-0.01	%		(770	)
Indices					-0.09	%		(10,956	)					-0.39	%		(58,673	)
Interest rates					-0.19	%		(22,461	)					1.15	%		174,237
Metals					-0.29	%		(34,003	)					0.49	%		73,915

Total short positions on open contracts							$	(37,261	)							$	442,825

Total unrealized gain on open contracts							$	146,256								$	762,636

See accompanying notes to consolidated financial statements.

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RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Operations

	For the three months ended June 30,						For the six months ended June 30,
	2014			2013			2014			2013
	UNAUDITED						UNAUDITED
Trading gain (loss):
Gain (loss) on trading of commodity contracts:
Realized gain (loss) on closed positions	$	128,689		$	(311,621	)	$	(485,931	)	$	(354,405	)
Change in unrealized gain (loss) on open positions		51,874			(221,377	)		(616,380	)		(39,413	)
Change in unrealized gain (loss) on investment in
Global Diversified Managed Futures Portfolio LLC		-			131,201			-			159,920
Foreign currency transaction gain (loss)		4,349			2,384			385			(3,768	)
Total Trading gain (loss)		184,912			(399,413	)		(1,101,926	)		(237,666	)

Net investment income (loss):
Interest income		6,063			53,525			20,672			134,740
Realized gain (loss) on fixed income securities		(51,697	)		(52,174	)		(51,697	)		(59,167	)
Change in unrealized gain (loss) on fixed income securities		48,377			(1,005	)		36,503			(58,893	)
Total net investment gain (loss)		2,743			346			5,478			16,680

Expenses:
Commissions - Class A		141,544			220,411			279,077			459,546
Commissions - Class B		1,602			3,278			3,385			7,714
Advisory fees		1,281			8,513			3,188			17,437
Management fees		72,577			95,243			151,561			199,097
Ongoing offering expenses		18,000			14,000			36,000			21,500
Operating expenses		126,000			106,000			234,000			222,000
Total expenses		361,004			447,445			707,211			927,294

Trading income (loss)		(173,349	)		(846,512	)		(1,803,659	)		(1,148,280	)

Non-Trading income (loss):
Interest on Non-Trading reserve		35			122			85			266
Legal and administrative fees		(19,425	)		(60,847	)		(17,111	)		(95,182	)
Management fees paid to US Bank		(31,195	)		(559	)		(82,945	)		(77,063	)
Non-Trading income (loss)		(50,585	)		(61,284	)		(99,971	)		(171,979	)

Net income (loss)	$	(223,934	)	$	(907,796	)	$	(1,903,630	)	$	(1,320,259	)

See accompanying notes to consolidated financial statements.

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RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statement of Changes in Unitholders’ Capital

For the six months ended June 30, 2014

UNAUDITED

Unitholders' Capital (Trading)	Beneficial Owners - Trading Class A						Beneficial Owners - Trading Class B						Managing Owners - Trading Class A
	Units			Dollars			Units			Dollars			Units		Dollars

Balances at December 31, 2013		190,458		$	13,569,363			4,564		$	359,349			535	$	38,117
Trading income (loss)		-			(1,759,624	)		-			(39,046	)		-		(4,989	)
Unitholders' contributions		-			-			-			-			-		-
Unitholders' redemptions		(23,596	)		(1,477,443	)		(1,735	)		(124,742	)		-		-
Balances at June 30, 2014		166,862		$	10,332,296			2,829		$	195,561			535	$	33,128

Unitholders' Capital (Trading)	Total Unitholders' Capital - Trading
	Units			Dollars

Balances at December 31, 2013		195,557		$	13,966,829
Trading income (loss)		-			(1,803,659	)
Unitholders' contributions		-			-
Unitholders' redemptions		(25,331	)		(1,602,185	)
Balances at June 30, 2014		170,226		$	10,560,985

Unitholders' Capital (LLC Equity/Non-Trading)	Participating Owners-						Nonparticipating Owners-						Total Unitholders' Capital-
	LLC Equity/Non-Trading						LLC Equity/Non-Trading						LLC Equity/Non-Trading
	Units			Dollars			Units			Dollars			Units		Dollars

Balances at December 31, 2013		171,234		$	89,652			2,102,054		$	1,100,572			2,273,288	$	1,190,224
Non-Trading income (loss)		-			(7,173	)		-			(92,798	)		-		(99,971	)
Reallocation due to Redemptions		(26,984	)		(13,298	)		26,984			13,298			-		-
Balances at June 30, 2014		144,250		$	69,181			2,129,038		$	1,021,072			2,273,288	$	1,090,253

Total Unitholders Capital at June 30, 2014															$	11,651,238
	Unitholders' Capital			Unitholders' Capital			Unitholders' Capital
	Trading Class A			Trading Class B			(LLC Equity/Non-Trading)
Net asset value per unit at December 31, 2013	$	71.25		$	78.74		$	0.52
Net change per unit		(9.33	)		(9.61	)		(0.04	)
Net asset value per unit at June 30, 2014	$	61.92		$	69.13		$	0.48

See accompanying notes to consolidated financial statements.

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RJO GLOBAL TRUST AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2014

(Unaudited)

(1)	General Information and Summary

RJO Global Trust (the “Trust”), is a Delaware statutory trust organized on November 12, 1996 under the Delaware Statutory Trust Act. It was formed to engage in the speculative trading of commodity interests, including futures contracts on currencies, interest rates, energy and agricultural products, metals, commodity indices and stock indices, spot and forward contracts on currencies and precious metals and exchanges for physicals pursuant to the trading instructions of multiple independent commodity trading advisors (“CTAs”).

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

Units of beneficial ownership of the Trust (“units”) commenced selling on April 3, 1997. Effective July 1, 2011, the Managing Owner discontinued the public offering of the units and begin offering the units on a private placement basis only. The Trust filed a Post-Effective Amendment to its Registration Statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) on July 5, 2011 to deregister the remaining units that were unsold under the public offering. The Post-Effective Amendment was declared effective by the SEC on July 8, 2011. Effective January 15, 2014, the Managing Owner began offering Class C and Class D units. The Class A and Class B units are no longer offered.

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

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

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

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

The Investment Manager will, in its discretion, determine the minimum or maximum target allocation or allocation range, or the manner in which to rebalance the Trust or adjust relative weightings of the Trust. RPM has complete flexibility in allocation and reallocating the Trust’s capital in any manner that it may deem appropriate. There can be no assurance as to which factors the Investment Manager may consider in making capital allocations for the Trust, or as to which allocation the Investment Manager may make. RPM may also add, remove or replace any Trading Advisor without the consent of or advance notice to investors. Investors will be notified of any material change in the basic investment policies or structure of the Trust.

The Trust’s assets are currently allocated to O’Brien Alternative Strategic Investment Solutions, LLC (“RJ OASIS”), a Delaware series limited liability company operated by RJOFM. Each “series” of RJ OASIS feeds into a separate trading company established to facilitate trading by a particular Trading Advisor (each a “Trading Company” and collectively, the “Trading Companies”). The Trading Companies are operated by RJOFM. As of June 30, 2014, the Trust was the sole investor in RJ OASIS.

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On October 22, 2013, a Second Amendment to the Trust Agreement (as defined below) was entered into to reflect certain updates to the fees and expenses of the Trust in connection with the appointment of the Investment Manager, which are payable by the Class C and Class D unitholders. The change in fees and expenses are not expected to significantly affect Class A and Class B unitholders. As of June 30, 2014, RPM has delegated trading decisions for the Trust to five independent Trading Advisors: Revolution Capital Management LLC (“RCM”), PGR Capital LLP (“PGR”), Bleecker Street Capital, LLC (“Bleecker”), Paskewitz Asset Management, LLC (“PAM”) and Centurion Investment Management LLC (“CIM”), pursuant to advisory agreements executed between the Managing Owner, the Investment Manager, and, as applicable, each Trading Company and each Trading Advisor (each an “Advisory Agreement” and collectively the “Advisory Agreements”).

The Advisory Agreements between the Trading Companies and the appropriate Trading Advisors provide that each Trading Advisor has discretion in and responsibility for the selection of the Trust’s commodity transactions with respect to that portion of the Trust’s assets allocated to it. As of June 30, 2014, prior to quarter-end reallocation, RCM was managing 18.50%, PGR 25.66%, Bleecker 5.14%, PAM 5.85%, and CIM 30.05% of the Trust’s assets, respectively. Approximately 14.80% of the Trust’s assets were not allocated to a Trading Advisor.

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

The Trust has no officers, directors or employees.

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

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

The Trust will be terminated on December 31, 2026, unless terminated earlier upon the occurrence of one of the following: (1) Beneficial Owners holding more than 50% of the outstanding units notify the Managing Owner to dissolve the Trust as of a specific date; (2) 120 days after the filing of a bankruptcy petition by or against the Managing Owner, unless the bankruptcy court approves the sale and assignment of the interests of the Managing Owner to a purchaser/assignor that assumes the duties of the Managing Owner; (3) 120 days after the notice of the retirement, resignation, or withdrawal of the Managing Owner, unless Beneficial Owners holding more than 50% of the outstanding units appoint a successor; (4) 90 days after the insolvency of the Managing Owner or any other event that would cause the Managing Owner to cease being managing owner of the Trust, unless Beneficial Owners holding more than 50% of the outstanding units appoint a successor; (5) dissolution of the Managing Owner; (6) insolvency or bankruptcy of the Trust; (7) a decrease in the NAV to less than $2,500,000; (8) a decline in the NAV per unit to $50 or less; (9) dissolution of the Trust; or (10) any event that would make it unlawful for the existence of the Trust to be continued or require dissolution of the Trust.

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

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

Effective January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a limited liability company, was established to pursue additional claims against REFCO, LTD, and all Non-Trading Accounts were transferred to the LLC. Any new funds received from REFCO, LTD by the LLC will be distributed to unitholders who were investors in the Trust at the time of the bankruptcy of REFCO, LTD and Refco, Inc. U.S. Bank National Association (“US Bank”) is the manager of the LLC. US Bank may make distributions to the unitholders, as defined above, upon collection, sale, settlement or other disposition of the bankruptcy claim and after payment of all fees and expenses pro rata to the unitholders, as explained above, as follows:

(a) Any unitholder who had redeemed their entire interest in the Trust prior to distribution shall receive cash.

(b) Any unitholder who had continued to own units in the Trust shall receive additional units in the Trust at the then net asset value of the Trust.

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

The LLC agreed to compensate US Bank, as manager, the following: (1) an initial acceptance fee of $120,000, (2) an annual fee of $25,000, (3) a distribution fee of $25,000 per distribution, (4) out-of-pocket expenses, and (5) an hourly fee for all personnel at the then expected hourly rate ($350 per hour at the time the agreement was executed).

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

(2)	Summary of Significant Accounting Policies

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

(a) Basis of Presentation

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

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

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

(b) Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiaries, JWH Special Circumstance, LLC and RJ OASIS. All material intercompany transactions have been eliminated upon consolidation.

Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on their trade date. All such transactions are recorded on a mark-to-market basis and measured at fair value daily. Unrealized gains on open contracts reflected in the consolidated statements of financial condition represent the difference between original contract amount and fair value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the reporting period or as of the last date of the consolidated financial statements. As the broker has the right of offset, the Trust presents unrealized gains and losses on open futures contracts (the difference between contract trade price and quoted market price) as a net amount in the consolidated statements of financial condition. Any change in net unrealized gain or loss on futures and forward contracts from the preceding period is reported in the consolidated statements of operations. Gains or losses are realized when contracts are liquidated.

The Trust may write (sell) and purchase exchange listed options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Trust writes an option, the premium received is recorded as a liability in the statement of financial condition and measured at fair value daily. When the Trust purchases an option, the premium paid is recorded as an asset in the consolidated statements of financial condition and measured at fair value daily. Realized gains (losses) and changes in unrealized gains (losses) on options contracts are included in the consolidated statements of operations. When a written option expires or the Trust enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of realized gain (loss) on closed positions. When a purchased option is exercised, the proceeds on the sale of an underlying instrument (for a purchased put option), or the purchase cost of an underlying instrument (for a purchased call option) is adjusted by the amount of the premium paid.

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A portion of the Trust’s net assets are deposited in the Trust’s accounts with RJO, the Trust’s clearing broker and currency dealer. For U.S. dollar deposits, 100% of interest earned on the Trust’s assets, calculated by the average four-week Treasury bill rate, is paid to the Trust. For non-U.S. dollar deposits, the current rate of interest is equal to a rate of one-month LIBOR less 100 basis points. Any amounts received by RJO in excess of amounts paid to the Trust are retained by RJO. On October 6, 2010, the Managing Owner appointed RJO Investment Management LLC (“RJOIM”), an affiliate of the Managing Owner, to manage the Trust’s cash deposited with Wells Fargo Bank, N.A. (“Wells”). As of June 30, 2014, Wells held approximately $1.6 million of the Trust’s assets. To the extent excess cash is not invested in securities, such cash will be subject to the creditworthiness of the institution where such funds are deposited.

Fixed income securities are recorded at fair value, with changes in fair value recorded in the statement of operations as unrealized gain (loss) on fixed income securities. Realized gains (losses) from liquidation of fixed income securities are determined on first-in, first-out (FIFO) basis. Premiums and discounts on securities purchased are amortized over the lives of the respective instruments. Interest income is recognized on the accrual basis.

(d) Ongoing Offering Costs

Ongoing offering costs, subject to a ceiling of 0.50% of the Trust’s average month-end net asset value, are paid by the Trust and expensed as incurred.

(e) Foreign Currency Transactions

Trading accounts in foreign currency denominations are susceptible to both movements in the underlying contract markets as well as fluctuation in currency rates. Foreign currencies are translated into U.S. dollars for closed positions at an average exchange rate for the year, while year-end balances are translated at the year-end currency rates. The impact of the translation is reflected in the consolidated statements of operations.

(f) Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(g) Valuation of Assets Held at Refco Capital Markets, Ltd.

The Trust recorded an impairment charge against its assets held at REFCO, LTD at December 31, 2005, based on management’s estimate of fair value at that time. Subsequent recoveries from REFCO, LTD were credited against the then book value of the claim. On June 28, 2007, the Trust’s cumulative recoveries from REFCO, LTD exceeded the book value of the impaired assets held at REFCO, LTD, which resulted in no remaining book value for those assets. All recoveries in excess of the book value of the impaired assets have been recorded as “Collections in excess of impaired value” on the Trust’s consolidated statements of operations. Any future administrative and/or legal expenses associated with liquidation of the assets held at REFCO, LTD have not been reflected as such future expenses are not capable of being estimated. See Note (6) for further details.

(h) Recent Pronouncement

In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements (“ASU 2013-08”), containing new guidance on assessing whether an entity is an investment company, requiring non-controlling ownership interest in investment companies to be measured at fair value and requiring certain additional disclosures. This guidance is effective for annual and interim periods beginning on or after December 15, 2013. The Trust currently follows the guidance within the Investment Companies Topic of the FASB Accounting Standards Codification and is considered an investment company. The adoption of ASU 2013-08 did not have a material effect on the Trust's consolidated financial statements.

(3) Fees

Management fees are accrued and paid monthly. Incentive fees are accrued monthly and paid quarterly. Trading decisions for the period of these financial statements were made by the Trading Advisors.

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

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Pursuant to the Trust’s agreements with the Trading Advisors, each Trading Advisor receives a monthly management fee at the rate of up to 0.083% (a 1% annual rate) of the Trust’s month-end net assets calculated after deduction of brokerage fees, but before reduction for any incentive fee or other costs and before inclusion of new unitholder subscriptions and redemptions for the month. These management fees are not paid on the LLC’s net assets.

The Trust also pays the Trading Advisors a quarterly incentive fee of up to 25% of the “New Trading Profit,” if any, of the Trust. The incentive fee is based on the performance of each Trading Advisor’s portion of the assets allocated to them. New Trading Profit in any quarter is equal to the “Trading Profit” for such quarter that is in excess of the highest level of such cumulative trading profit as of any previous calendar quarter-end. Trading Profit is calculated by including realized and unrealized profits and losses, excluding interest income, and deducting the management fee and brokerage fee.

(4) Income Taxes

It is expected that that the Trust will be treated as a “partnership” for both U.S. federal and state tax purposes. As such, no provision for U.S. federal income taxes has been made in the accompanying consolidated financial statements as each beneficial owner is responsible for reporting income (loss) based on its pro rata share of the profits or losses of the Trust. The only significant differences in financial and income tax reporting basis are ongoing offering costs.

The Trust files income tax returns in the U.S. federal jurisdiction and in various state and local jurisdictions. The Trust’s U.S. federal income tax returns for all tax years ended on or after December 31, 2010, remain subject to examination by the Internal Revenue Service. The Trust’s state and local income tax returns are subject to examination by the respective state and local authorities over various statutes of limitations, generally ranging from three to five years from the date of filing.

(5) Trading Activities and Related Risks

The Trust engages in the speculative trading of U.S. and international futures contracts, options, and forward contracts (collectively derivatives) through the trading instructions of the Trading Advisors. These derivatives include both financial and non-financial contracts held as part of a diversified trading strategy. The Trust is exposed to both market risk - the risk arising from changes in the market value of the contract - and credit risk - the risk of failure by another party to perform according to the terms of a contract.

The purchase and sale of futures requires initial and on-going margin deposits with a futures commission merchant (“FCM”). The Commodity Exchange Act requires an FCM to segregate or secure all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other property, such as U.S. Treasury Bills, deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a customer’s pro rata share of segregated funds. It is possible that the recovered amount could be less than the total of cash and other property deposited by the customer.

The Trust has cash on deposit with an affiliate interbank market maker in connection with its trading of forward contracts. In the normal course of business, the Trust does not require collateral from such interbank market maker. Due to forward contracts being traded in unregulated markets between principals, the Trust also assumes a credit risk, the risk of loss from counterparty non-performance.

For derivatives, risks arise from changes in the market value of the contracts. Theoretically, the Trust is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short.

The Trust, as writer of an option, has no control over whether the underlying instrument may be sold (called) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Trust may not be able to enter into a closing transaction because of an illiquid market.

The Trust is a buyer of exchange-traded options. As such, the Trust pays a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Purchased options expose the Trust to a risk of loss limited to the premiums paid.

Net trading results from derivatives for the three month period and the six month period ended June 30, 2014 and 2013, respectively, are reflected in the consolidated statements of operations and are equal to the gain or loss from trading less brokerage commissions. Such trading results reflect the net gain or loss arising from the Trust’s speculative trading of futures contracts, options and forward contracts through the trading instructions of the Trading Advisors.

The Trust invests its margin in fixed income securities as permitted by CFTC regulations regarding acceptable securities for investment of segregated assets and the RJOIM agreement with the Trust. Such acceptable securities, include, but are not limited to, U.S. Treasury and government agencies’ securities, purchase agreements collateralized by U.S. Treasury and government agencies, corporate debt securities, and bank debt securities. The Trust’s total investment in corporate debt securities, bank deposit securities, and certificate of deposits combined cannot exceed 40% of the Trust’s total assets.

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The Beneficial Owners bear the risk of loss only to the extent of the market value of their respective investments.

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

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

Effective October 31, 2005, $57,544,206 of equity and 2,273,288 in substitute units, which represented the assets held at REFCO, LTD plus $1,000,000 in cash, were transferred to a Non-Trading account, as explained in Note 2(g). On December 31, 2005 the $56,544,206 of assets held at REFCO, LTD were reduced by $39,580,944 for impairment to $16,963,262, or 30% of the original value of the assets. The table below summarizes all recoveries from REFCO, LTD and distributions to redeemed and continuing unitholders.

Recoveries from REFCO, LTD, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at REFCO, LTD
	Amounts Received from			Balance of		Collections in Excess of			Cash Distributions to Non-Participating		Additional Units in Trust for Participating Owners
Date	REFCO LTD			Impaired Value		Impaired Value			Owners		Units		Dollars
12/29/06	$	10,319,318		$	6,643,944	$	-		$	4,180,958		54,914	$	5,154,711
04/20/07		2,787,629			3,856,315		-			-		-		-
06/07/07		265,758			3,590,557		-			-		-		-
06/28/07		4,783,640			-		1,193,083			-		-		-
07/03/07		5,654			-		5,654			-		-		-
08/29/07		-			-		-			2,787,947		23,183		1,758,626
09/19/07		2,584,070			-		2,584,070			-		-		-
12/31/07		2,708,467			-		2,708,467			-		-		-
03/28/08		1,046,068			-		1,046,068			-		-		-
04/29/08		-			-		-			2,241,680		10,736		1,053,815
06/26/08		701,148			-		701,148			-		-		-
12/31/08		769,001			-		769,001			-		-		-
06/29/09		2,748,048			-		2,748,048			-		-		-
12/30/09		1,102,612			-		1,102,612			-		-		-
05/19/10		1,695,150			-		1,695,150			-		-		-
06/04/10		14,329,450	*		-		14,329,450	*		-		-		-
08/01/10		-			-		-			16,076,112		40,839		3,928,806
10/15/10		282,790	*		-		282,790	*		-		-		-
12/30/10		563,163	*		-		563,163	*		-		-		-
06/02/11		343,664	*		-		343,664	*		-		-		-
08/30/11		1,328,832	*		-		1,328,832	*		-		-		-
12/01/11		-			-		-			3,689,555		6,168		561,489
10/31/12		404,908	*		-		404,908	*		-		-		-
12/05/12		294,875	*		-		294,875	*		-		-		-
08/05/13		240,556	*		-		240,556	*		-		-		-

Totals	$	49,304,801		$	-	$	32,341,539		$	28,976,252		135,840	$	12,457,447

*The collections on June 4, 2010 were from a settlement agreement reached with Cargill, Inc. and Cargill Investors Services, Inc (together, "Cargill"). The gross collections of $15,300,000 on June 4, 2010, were reduced by $970,550, which represented Cargill's percentage of distributions, as defined in the Settlement Agreement. All subsequent collections are shown net and were reduced by Cargill's percentage of distributions at 57.25% of the gross collections.

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(7) Fair Value Measurements

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

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

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

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

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

The Trust’s exchange-traded futures contracts and options on futures contracts are valued based on quoted prices (unadjusted) in active markets for identical assets or liabilities. The Trust’s forward currency contracts and options on forward currency contracts are based on third-party quoted dealer values on the interbank market, based on similar assets or liabilities. The Trust’s fixed income securities are valued using inputs that are observable for the asset or liability, including prices of similar fixed income securities or present values of expected future cash flow models.

The following table presents the Trust’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, respectively:

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

Total fair value	$	146,256	$	-	$	-	$	146,256

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	762,636	$	-	$	-	$	762,636
Fixed income securities		-		1,465,195		-		1,465,195
Total assets		762,636		1,465,195		-		2,227,831

Total fair value	$	762,636	$	1,465,195	$	-	$	2,227,831

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(8) Operations

Redemptions

A beneficial owner may cause any or all of his or her units to be redeemed by the Trust effective as of the last business day of any month based on the net asset value per unit on such date on five business days’ written notice to NAV Consulting, Inc., the Trust’s administrator, or the Managing Owner. Payment will generally be made within 10 business days of the effective date of the redemption. The Trust’s Ninth Amended and Restated Declaration and Agreement of Trust, as amended (the “Trust Agreement”) contains a full description of redemption and distribution policies.

Subscriptions

Investors that are eligible to participate in the private offering of the units may purchase units in the Trust pursuant to the terms of the Trust’s Confidential Private Placement Memorandum and disclosure document (the “Memorandum”) and a signed subscription form. The Trust Agreement and the Memorandum contain a full description of subscription policies. An investment in the Trust does not include a beneficial interest or investment in the LLC.

Commissions

The Managing Owner and/or affiliates act as commodity brokers for the Trust through RJO. Commodity brokerage commissions are typically paid upon the completion or liquidation of a trade and are referred to as “round-turn commissions,” which cover both

the initial purchase (or sale) and the subsequent offsetting sale (or purchase) of a commodity futures contract.

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

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

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

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

(9) Financial Highlights

The following financial highlights show the Trust’s financial performance of the Trading units for the three and six month periods ended June 30, 2014 and 2013 respectively. Total return is calculated as the change in a theoretical beneficial owner’s investment over the entire period, and is not annualized. Total return is calculated based on the aggregate return of the Trust’s Trading units taken as a whole.

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	Class A						Class B						Class A						Class B
	Three months ended						Three months ended						Six months ended						Six months ended
	June 30,						June 30,						June 30,						June 30,
	2014			2013			2014			2013			2014			2013			2014			2013
Per share operating performance:
Net asset value of Trading units, beginning of period	$	62.81		$	75.80		$	69.77		$	82.53		$	71.25		$	76.92		$	78.74		$	83.34
Total Trading income (loss):
Trading gain (loss)		1.11			(1.54	)		1.24			(1.68	)		(5.53	)		(0.98	)		(6.11	)		(1.07	)
Investment income		0.02			0.01			0.02			-			0.03			0.06			0.03			0.06
Expenses		(2.02	)		(1.72	)		(1.90	)		(1.47	)		(3.83	)		(3.45	)		(3.53	)		(2.95	)
Trading income (loss)		(0.89	)		(3.25	)		(0.64	)		(3.15	)		(9.33	)		(4.37	)		(9.61	)		(3.96	)
Net asset value of Trading units, end of period	$	61.92		$	72.55		$	69.13		$	79.38		$	61.92		$	72.55		$	69.13		$	79.38

Total return:
Total return before incentive fees		(1.41	%)		(4.30	%)		(0.92	%)		(3.81	%)		(13.09	%)		(5.68	%)		(12.21	%)		(4.75	%)
Less incentive fee allocations		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total return		(1.41	%)		(4.30	%)		(0.92	%)		(3.81	%)		(13.09	%)		(5.68	%)		(12.21	%)		(4.75	%)

Ratios to average net assets:
Trading income (loss)		(1.60	%)		(4.42	%)		(1.14	%)		(3.90	%)		(15.29	%)		(5.72	%)		(16.28	%)		(4.49	%)
Expenses:
Expenses, less incentive fees		(3.33	%)		(2.34	%)		(2.80	%)		(1.83	%)		(6.02	%)		(4.62	%)		(5.01	%)		(3.67	%)
Incentive fees		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		(3.33	%)		(2.34	%)		(2.80	%)		(1.83	%)		(6.02	%)		(4.62	%)		(5.01	%)		(3.67	%)

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

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

(10) Cash Management Agreement with Affiliate

On October 6, 2010, the Managing Owner retained RJOIM, an SEC registered investment adviser and an affiliate of the Managing Owner, as cash manager. The assets managed by RJOIM are held in segregated accounts in custody at Wells. RJOIM is paid an annual fee, currently 0.20% calculated and accrued daily at a rate equal to 1/360 of the principal balance. As of June 30, 2014 the Trust’s deposits held by RJOIM consisted of cash of $1,618,066 and fixed income securities of $0. Advisory fees earned by RJOIM aggregated $1,281, and $3,188, for the three and six months ended June 30, 2014, respectively.

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(11) Derivative Instruments and Hedging Activities

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

Derivatives not designated as hedging instruments:

As of June 30, 2014
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value

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

As of December 31, 2013
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value

Agriculture	$	223,192	$	(37,817	)	$	185,375
Currency		94,958		(1,663	)		93,295
Energy		15,843		(38,517	)		(22,674	)
Indices		438,814		(46,548	)		392,266
Interest Rates		129,505		(94,051	)		35,454
Metals		78,920		-			78,920
	$	981,232	$	(218,596	)	$	762,636

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

As of June 30, 2014
						Net
	Gross					Assets
	Assets		Liabilities			(Liabilities)

Unrealized gain (loss) on open contracts	$	485,031	$	(338,775	)	$	146,256

Total	$	485,031	$	(338,775	)	$	146,256

As of December 31, 2013
						Net
	Gross					Assets
	Assets		Liabilities			(Liabilities)

Unrealized gain (loss) on open contracts	$	1,095,940	$	(333,304	)	$	762,636

Total	$	1,095,940	$	(333,304	)	$	762,636

Trading gain (loss) for the following periods:

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

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

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

(12) Subsequent Events

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

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

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

(a) Introduction

The Investment Manager will, in its discretion, determine the minimum or maximum target allocation or allocation range, or the manner in which to rebalance the Trust or adjust relative weightings of the Trust. RPM has complete flexibility in allocation and reallocating the Trust’s capital in any manner that it may deem appropriate. There can be no assurance as to which factors the Investment Manager may consider in making capital allocations for the Trust, or as to which allocation the Investment Manager may make. RPM may also add, remove, or replace any Trading Advisor without the consent of or advance notice to investors. Investors will be notified of any material change in the basic investment policies or structure of the Trust.

The Trust’s assets are currently allocated to O’Brien Alternative Strategic Investment Solutions, LLC (“RJ OASIS”), a Delaware series limited liability company operated by RJOFM. Each “series” of RJ OASIS feeds into a separate trading company established to facilitate trading by a particular Trading Advisor (each, a “Trading Company” and collectively, the “Trading Companies”). The Trading Companies are operated by RJOFM. As of June 30, 2014, the Trust was the sole investor in RJ OASIS.

On October 22, 2013, a Second Amendment to the Trust Agreement (as defined below) was entered into to reflect certain updates to the fees and expenses of the Trust in connection with the appointment of the Investment Manager, which are payable by the Class C and Class D unitholders The change in fees and expenses are not expected to significantly affect Class A and Class B unitholders. As of June 30, 2014, RPM has delegated trading decisions for the Trust to five independent Trading Advisors: Revolution Capital Management LLC (“RCM”), PGR Capital LLP (“PGR”), Bleecker Street Capital, LLC (“Bleecker”), Paskewitz Asset Management, LLC (“PAM”) and Centurion Investment Management, LLC (“CIM”), pursuant to advisory agreements executed between the Managing Owner, the Investment Manager, and, as applicable, each Trading Company and each Trading Advisor (each an “Advisory Agreement” and collectively the “Advisory Agreements”).

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.

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(a)

Any unitholder who had redeemed their entire interest in the Trust prior to distribution shall receive cash.

(b)

Any unitholder who had continued to own units in the Trust shall receive additional units in the Trust at the then net asset value of the Trust.

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

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

(b) Capital Resources

The Trust’s capital resources fluctuate based upon the purchase and redemption of units and the gains and losses of the Trust’s trading activities. For the six month period ending June 30, 2014, no Class A units were purchased by the Beneficial Owners and no Class A units were converted to Class B units. The Managing Owner did not purchase any units during this time. For the six month period ending June 30, 2014, the Beneficial Owners redeemed a total of 25,331 units for $1,602,185. For the six month period ending June 30, 2014, the Beneficial Owners redeemed a total of 23,596 Class A units for $1,477,443 and 1,735 Class B units for $124,742. The Managing Owner did not redeem any units during the six month period ending June 30, 2014.

The Trust’s involvement in the futures and forward markets exposes the Trust to both market risk — the risk arising from changes in the market value of the futures and forward contracts held by the Trust — and credit risk — the risk that another party to a contract will fail to perform its obligations according to the terms of the contract. The Trust is exposed to a market risk equal to the value of the futures and forward contracts purchased and theoretically unlimited risk of loss on contracts sold short. The Trading Advisors monitor their respective Trading Company’s trading activities and attempt to control the Trust’s exposure to market risk by, among other things, refining their respective trading strategies, adjusting position sizes of the Trading Company’s futures and forward contracts and re-allocating Trading Company’s assets to different market sectors. As of June 30, 2014, the market sectors where the Trust maintained an investment having the highest exposure were: Interest Rates having a net long value of $63,262, Currencies having a net long value of $61,259, Indices having a net long value of $37,518, Agricultural having a net long value of $37,247, Metals having a net short value of $19,723, and Energy having a net short value of $33,307. The Trust’s primary exposure to credit risk is its exposure to the non-performance of the Trust’s forward currency broker. The forward currency broker generally enters into forward contracts with large, well-capitalized institutions and then enters into a back-to-back contract with the Trust. The Trust also may trade on exchanges that do not have associated clearing houses whose credit supports the obligations of its members and that operate as principals markets, in which case the Trust will be exposed to the credit risk of the other party to such trades.

The Trust’s trading activities involve varying degrees of off-balance sheet risk whereby changes in the market values of the futures and forward contracts underlying the financial instruments or the Trust’s satisfaction of the obligations may exceed the amount recognized in the statement of financial condition of the Trust.

The amount of assets invested in the Trust generally does not affect its performance, as typically this amount is not a limiting factor on the positions acquired by the Trading Advisors, and the Trust’s expenses are primarily charged as a fixed percentage of its asset base, however large, or by number of investors. To a lesser extent, some expenses are incurred as minimums regardless of the size of the asset base, such as audit and legal fees.

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

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

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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.

The Trust’s net assets are held in brokerage accounts with RJO. Such assets are used as margin to engage in trading and may be used as margin solely for the Trust’s trading. Except in very unusual circumstances, the Trust should be able to close out any or all of its open trading positions and liquidate any or all of its securities holdings quickly and at market prices. This should permit the Trading Advisors to limit losses as well as reduce market exposure on short notice should their programs indicate reducing market exposure.

The Trust earns interest on 100% of the Trust’s average daily balances on deposit with RJO during each month at 100% of the average four-week Treasury bill rate for that month in respect of deposits denominated in dollars. For deposits denominated in other currencies, the Trust earns interest at a rate of one-month LIBOR less 100 basis points. For the three month period ended June 30, 2014, RJO had paid or accrued to pay interest of $1,120 to the Trust. For the three month period ended June 30, 2013, RJO paid or accrued to pay interest of $391 to the Trust.

Additionally, effective October 6, 2010, the Managing Owner retained RJOIM, an affiliate of the Managing Owner, to serve as a cash manager to the Trust. The Trust’s assets which are managed by the cash manager are held by Wells as custodian. As of June 30, 2014, Wells held approximately $1.6 million of the Trust’s assets. For the three month period ending June 30, 2014, and June 30, 2013, the assets held in this account earned $4,943 and $53,134 of interest income, respectively.

Most United States commodity exchanges limit the amount of fluctuation in commodity futures contract prices during a single trading day by regulations. These regulations specify what are referred to as “daily price fluctuation limits” or “daily limits.” The daily limits establish the maximum amount the price of a futures contract may vary either up or down from the previous day’s settlement price at the end of a trading session. Once the daily limit has been reached in a particular commodity, no trades may be made at a price beyond the limit. Positions in the commodity could then be taken or liquidated only if traders are willing to effect trades at or within the limit during the period for trading on such day. Because the “daily limit” rule only governs price movement for a particular trading day, it does not limit losses. In the past, futures prices have moved the daily limit for numerous consecutive trading days and thereby prevented prompt liquidation of futures positions on one side of the market, subjecting commodity futures traders holding such positions to substantial losses for those days.

It is also possible for an exchange or the CFTC to suspend trading in a particular contract, order immediate settlement of a particular contract, or direct that trading in a particular contract be for liquidation only.

There are no known material trends, demands, commitments, events or uncertainties at the present time that are reasonably likely to result in the Trust’s liquidity increasing or decreasing in any material way, and there are no material unused sources of liquid assets.

(d) Results of Operations

The Trust’s success depends on the Trading Advisors’ ability to recognize and capitalize on major price movements and other profit opportunities in different sectors of the world economy. Because of the speculative nature of its trading, operational or economic trends have little relevance to the Trust’s results, and its past performance is not necessarily indicative of its future results. The Managing Owner believes, however, that there are certain market conditions — for example, markets with major price movements — in which the Trust has a better opportunity of being profitable than in others.

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

The summaries set forth below outline certain performance factors which may have affected the performance of the Trading Advisors for the periods presented. During this time, the Trust’s assets were allocated to different combinations of CTAs over time. As of June 30, 2014, trading decisions for the Trust have been delegated to five independent CTAs: RCM, PGR, Bleecker, PAM and CIM.

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

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Fiscal Quarter ended June 30, 2014

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

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

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

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

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

Fiscal Quarter ended June 30, 2013

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

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

The stock market set new all time highs during the month of April. The S&P finished April up almost 13% for the year. Near record low yields persist in German, French, Japanese, and US sovereign debt markets. Central banks around the world remain committed to a low to near zero interest rate environment, in an attempt to provide fuel to weak global economic recoveries. The Dow Jones UBS Commodity Index continued its slide during April and has lost approximately 4% for the year to date. With no signs of inflation and stagnant global demand for most commodities, markets just cannot seem to sustain any upside momentum.

The stock market posted new all time highs again during the month of May. The S&P 500 Total Return Index gained another 2.3% and is up just over 15% for the year. A stronger US Dollar and a perception of tepid global economic growth kept pressure on the Dow Jones UBS Commodity Index. The Index lost over 2% during the month and is now down over 6% for the year to date. While Central banks around the world remain committed to a near zero interest rate environment in an attempt to provide fuel to weak global economic recoveries, longer term rates crept higher during the month. The yield on the US10-year treasury closed the month at 2.16%, a new high for the year. The perception that the Central Banks are going to remain committed to an “easy” monetary environment while governments put off dealing with mounting debts and budget issues might just be starting concerns on the part of bond holders.

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During June, the Federal Reserve Bank announced its plan to gradually begin reducing the amount of US Treasury notes and bonds it has been purchasing on a monthly basis. This caused interest rates to rise to their highest levels in over a year. The yield on the 10-year note rose rapidly from 2% to just over 2.5%. While rates continue to be low by historical standards, the change of stance by the Fed did serve to dampen investors’ enthusiasm for stocks, bonds, and commodities during June. The S&P 500 Total Return Index lost just over 1.4% during June, its first losing month since October of last year. The Index managed to remain positive for the 2nd quarter and has gained almost 14% for the year to date. A stronger US dollar didn’t provide any help for the Dow Jones UBS Commodity Index. The Index lost 4.72% during the month and commodities are now down over 10% for the year to date. In the commodity sector, crude oil and natural gas have held steady while the metals markets have faced the most selling.

Fiscal Quarter ended March 31, 2014

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

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

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

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

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

Fiscal Quarter ended March 31, 2013

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

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

Several reports out in January 2013 noted that market participation by governments and central banks around the world reached unprecedented levels over the last few years. This participation has suppressed market volatility and put off an ultimate response to ballooning global debt problems. The US Congress and President have pushed back budget discussions until late spring. The stock market did not experience negative effects as a result. The S&P 500 jumped out to a 5% gain in January. Interest rates, on the other hand, have not reacted favorably to the recent developments. The interest rate on the 10-Year US Treasury, while still low by historical standards, has crept back into the 2% range after spending much of last year between 1.5% and 1.8%. Crude is creeping back towards $100 per barrel and other commodities appear to be well bid for.

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In February, the S&P 500 continued its climb and tested the all-time highs established back in October 2007 by adding a 1.4% profit to its 5% gain in January. Sell offs in crude and gold led the commodity sector lower. The Dow Jones UBS Commodity Index was down over 4% in February and is now negative for the year. Yield on the 10-Year US Treasury found support at the 2% level and has now drifted back to 1.85%. In part, the commodity sell off and bounce in the treasury market was in response to the US government sequester that took place at month end February and was signed into law on March 1. The automatic spending cuts are expected to dampen economic activity and temporarily put off inflation concerns. Governments around the world continue to participate in the markets, postponing more lasting solutions to the global economic challenges. The ultimate market response to this unprecedented government participation is expected to be significant and could offer some investment opportunities in the managed futures sector.

In March, the S&P 500 posted new all-time highs, rising 3.75% and finishing the quarter up nearly 11% for year-to-date. The 10-Year US Treasury returned 0.26%. The commodity sector, as reflected by the Dow Jones UBS Commodity Index, rose 0.67% during March, but remains in negative territory for the year, down 1.13%. Governments and central banks around the world remain engaged and very active in their respective economies as they try to manage a fragile global economic recovery. The strengthening US dollar and the rising US stock market appear to be the result of bleak situations in the European economies rather than outright strength of the US economy.

(e) Off-Balance Sheet Arrangements

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

(f) Tabular Disclosure of Contractual Obligations

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

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures: Under the supervision and with the participation of the management of R.J. O’Brien Fund Management, LLC, the Managing Owner of the Trust at the time this annual report was filed, the Managing Owner’s Chief Executive Officer (the Trust’s principal executive officer) and Chief Financial Officer (the Trust’s principal financial officer), have evaluated the effectiveness of the design and operation of the Trust’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2014. The Trust’s disclosure controls and procedures are designed to provide reasonable assurance that information the Trust is required to disclose in the reports that the Trust files or submits under the Exchange Act are recorded, processed and summarized and reported within the time period specified in the applicable rules and forms. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer of the Managing Owner have concluded that the disclosure controls and procedures of the Trust were effective at June 30, 2014.

Changes in Internal Control Over Financial Reporting: There were no changes in the Trust’s internal control over financial reporting, during the quarter ended June 30, 2014 that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

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

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

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

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

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

None.

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

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

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

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

Total		12,455		157

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

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Item 6. Exhibits

Exhibit
Number		Description of Document

3.01*		Ninth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of September 1, 2010. (Incorporated by reference herein from the exhibit of the same description filed on September 7, 2010 on Form 8-K)

3.02*		First Amendment to the Ninth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of July 13, 2011. (Incorporated by reference herein from the exhibit of the same description filed on July 15, 2011 on Form 8-K)

3.03*		Second Amendment to the Ninth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of October 22, 2013. (Incorporated by reference herein from the exhibit of the same description filed on April 4, 2014 with the Registrant’s Form 10-Q/A)

3.04*		Third Amendment to the Ninth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of November 29, 2013.

3.05*		Restated Certificate of Trust of the Registrant. (Incorporated by reference herein from the exhibit of the same description filed on September 30, 2008 on Form 8-K)

10.08**		Amended and Restated Limited Liability Company Agreement of O’Brien Alternative Strategic Investment Solutions, LLC, dated July 1, 2014.

10.09**		Second Amended and Restated Limited Liability Company Agreement of O’Brien Alternative Strategic Investment Solutions, LLC, dated July 28, 2014.

31.01**		Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer.

31.02**		Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer.

32.01**		Section 1350 Certification of Principal Executive Officer and Principal Financial Officer

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema

101.CAL		XBRL Taxonomy Extension Calculation Linkbase

101.DEF		XBRL Taxonomy Extension Definition Linkbase

101.LAB		XBRL Taxonomy Extension Label Linkbase

101.PRE		XBRL Taxonomy Extension Presentation Linkbase

* Filed previously.

** Filed herewith.

***Certain information in this exhibit has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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SIGNATURES

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

RJO Global Trust

Date: Aug 14, 2014

By: R.J. O’Brien Fund Management, LLC

Managing Owner

By: /s/James A. Gabriele

James A. Gabriele

Principal Financial Officer and duly authorized officer

RJO GLOBAL TRUST - FORM 10-Q - August 14, 2014

Attached files

RJO GLOBAL TRUST Reports