RJO GLOBAL TRUST - FORM 10-Q

Attached files

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EXCEL - IDEA: XBRL DOCUMENT - RJO GLOBAL TRUST	Financial_Report.xls
EX-10.01 - EX-10.01 - RJO GLOBAL TRUST	ex10-01.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-32.01 - EX-32.01 - RJO GLOBAL TRUST	ex32-01.htm

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 March 31, 2015

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 March 31, 2015 (unaudited) and December 31, 2014	1
Condensed Consolidated Schedules of Investments, as of March 31, 2015 (unaudited) and December 31, 2014	2
Consolidated Statements of Operations, for the three months ended March 31, 2015 and 2014 (unaudited)	3
Consolidated Statement of Changes in Unitholders’ Capital, for the three months ended March 31, 2015 (unaudited)	4
Notes to Consolidated Financial Statements	5

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	18

Item 3. Quantitative and Qualitative Disclosures about Market Risk	23

Item 4. Controls and Procedures	23

PART II. OTHER INFORMATION	24

Item 1. Legal Proceedings	24

Item 1A. Risk Factors	24

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 6. Exhibits	25

SIGNATURES	26

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Financial Condition

Assets
	31-Mar		31-Dec
	2015		2014
	UNAUDITED
Assets:
Equity in commodity Trading accounts:
Cash on deposit with broker	$	8,822,190	$	8,868,386
Unrealized gain on open contracts		201,402		481,931
Total due from broker		9,023,592		9,350,317

Cash and cash equivalents on deposit with affiliate		360,343		512,044
Cash on deposit with bank		32,567		577,715
Interest receivable		42		85
Prepaid expenses - offering		6,517		-
Cash on deposit with bank- Non-Trading		1,103,768		1,488,635

Total Assets	$	10,526,829	$	11,928,796

Liabilities and Unitholders' Capital
Liabilities:
Equity in commodity Trading accounts:
Options written on futures contracts (premiums received $22,091 and $16,012, respectively)	$	22,630	$	15,976
Accrued commissions		19,434		22,388
Accrued management fees		21,203		21,207
Accrued incentive fees		74,811		126,277
Accrued operating expenses		158,149		175,834
Accrued offering expenses		-		18,660
Subscription received in advance		-		500,000
Redemptions payable - Trading		145,268		289,671
Accrued legal fees - Non-Trading		1,000		2,000
Accrued management fee to U.S. Bank - Non-Trading		12,035		11,407
Distributions payable - Non-Trading		1,034		258,800

Total liabilities		455,564		1,442,220


Unitholders' capital:
Unitholders' capital (Trading):
Beneficial owners
Class A (129,802 and 135,669 units outstanding at March 31, 2015 and December 31, 2014, respectively)		8,869,493		9,156,293
Class B (975 and 1,021 and units outstanding at March 31, 2015 and December 31, 2014, respectively)		75,509		77,713
Managing owner (535 Class A units outstanding at March 31, 2015 and December 31, 2014, respectively)		36,557		36,107

Unitholders' capital (LLC equity/Non-Trading):
Participating owners (110,653 and 115,497 units outstanding at March 31, 2015 and December 31, 2014, respectively)		53,041		61,804
Nonparticipating owners (2,162,635 and 2,157,791 units outstanding at March 31, 2015 and December 31, 2014, respectively)		1,036,665		1,154,659

Total unitholders' capital		10,071,265		10,486,576

Total Liabilities and Unitholders' Capital	$	10,526,829	$	11,928,796

Net asset value per unit:
Trading:
Class A	$	68.33	$	67.49
Class B	$	77.45	$	76.11
LLC equity/Non-Trading	$	0.48	$	0.54

See accompanying notes to consolidated financial statements.

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RJO GLOBAL TRUST AND SUBSIDIARY

Condensed Consolidated Schedule of Investments

	March 31, 2015						December 31, 2014
	Percentage of						Percentage of
	Net Assets			Fair value			Net Assets			Fair value
	UNAUDITED
Long Positions
Futures Positions
Agriculture		-0.55	%	$	(55,854	)		-0.50	%	$	(52,553	)
Currency		-0.01	%		(965	)		0.00	%		-
Energy		-0.24	%		(24,259	)		-0.12	%		(12,759	)
Indices		0.23	%		23,535			0.00	%		(175	)
Interest rates		0.96	%		97,071			1.59	%		166,261
Metals		-0.02	%		(2,400	)		-0.01	%		(1,425	)

Forward Positions
Currency		-0.02	%		(2,494	)		0.26	%		27,671

Total long positions on open contracts				$	34,634					$	127,020

Short Positions
Futures Positions
Agriculture		1.42	%	$	142,756			0.89	%	$	93,077
Currency		0.00	%		(481	)		0.38	%		39,919
Energy		0.38	%		38,056			2.05	%		215,346
Indices		0.01	%		743			0.00	%		-
Interest rates		-0.01	%		(1,364	)		0.00	%		-
Metals		-0.05	%		(5,203	)		0.43	%		44,785

Forward Positions
Currency		-0.08	%		(7,739	)		-0.36	%		(38,216	)

Total short positions on open contracts				$	166,768					$	354,911

Total unrealized gain on open contracts				$	201,402					$	481,931


Short put options on futures contracts
Agriculture (premiums received - $0 and $8,212, respectively)		0.00	%	$	-			-0.11	%	$	(11,963	)
Indices (premiums received - $4,975 and $0, respectively)		-0.10	%		(9,860	)		0.00	%		-
Interest rates (premiums received - $5,953 and $0, respectively)		-0.05	%		(4,750	)		0.00	%		-

Total short put options on futures contracts				$	(14,610	)				$	(11,963	)

Short call options on futures contracts
Agriculture (premiums received - $0 and $7,800, respectively)		0.00	%	$	-			-0.04	%	$	(4,013	)
Indices (premiums received - $4,850 and $0, respectively)		-0.01	%		(1,020	)		0.00	%		-
Interest rates (premiums received - $6,313 and $0, respectively)		-0.07	%		(7,000	)		0.00	%		-

Total short call options on futures contracts				$	(8,020	)				$	(4,013	)

Total options written on futures contracts				$	(22,630	)				$	(15,976	)

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 March 31,
	2015			2014
	UNAUDITED
Trading gain (loss):
Gain (loss) on trading of commodity contracts:
Realized gain (loss) on closed positions	$	770,040		$	(614,617	)
Change in unrealized gain (loss) on open positions		(281,068	)		(668,254	)
Foreign currency transaction gain (loss)		(22,686	)		(3,967	)
Total Trading gain (loss)		466,286			(1,286,838	)

Net investment income (loss):
Interest income		490			14,609
Change in unrealized gain (loss) on fixed income securities		-			(11,875	)
Total net investment gain (loss)		490			2,734

Expenses:
Commissions - Class A		102,345			137,533
Commissions - Class B		470			1,783
Commissions - Class C		865			-
Advisory fees		-			1,907
Management fees		64,347			78,984
Incentive fees		74,811			-
Investment manager incentive fees		2,224			-
Ongoing offering expenses		4,951			18,000
Operating expenses		78,200			108,000
Total expenses		328,213			346,207

Trading income (loss)		138,563			(1,630,311	)

Non-Trading income (loss):
Interest on Non-Trading reserve		13			50
Legal and administrative fees		(81,911	)		2,314
Management fees paid to US Bank		(44,859	)		(51,750	)
Non-Trading income (loss)		(126,757	)		(49,386	)

Net income (loss)	$	11,806		$	(1,679,697	)

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 three months ended March 31, 2015

UNAUDITED

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

Balances at December 31, 2014		135,669		$	9,156,293			1,021		$	77,713			-		$	-
Trading income (loss)		-			116,735			-			1,358			-			20,020
Unitholders' contributions		-			-			-			-			6,569			500,000
Unitholders' redemptions		(5,867	)		(403,535	)		(46	)		(3,562	)		(6,569	)		(520,020	)
Balances at March 31, 2015		129,802		$	8,869,493			975		$	75,509			-		$	0

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

Balances at December 31, 2014		535	$	36,107		137,225		$	9,270,113
Trading income (loss)		-		450		-			138,563
Unitholders' contributions		-		-		6,569			500,000
Unitholders' redemptions		-		-		(12,482	)		(927,117	)
Balances at March 31, 2015		535	$	36,557		131,312		$	8,981,559

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, 2014		115,497		$	61,804			2,157,791	$	1,154,659			2,273,288	$	1,216,463
Non-Trading income (loss)		-			(6,441	)		-		(120,316	)		-		(126,757	)
Reallocation due to Redemptions		(4,844	)		(2,322	)		4,844		2,322			-		-
Balances at March 31, 2015		110,653		$	53,041			2,162,635	$	1,036,665			2,273,288	$	1,089,706

Total Unitholders' Capital at March 31, 2015														$	10,071,265

	Unitholders' Capital		Unitholders' Capital		Unitholders' Capital		Unitholders' Capital
	Trading Class A		Trading Class B		Trading Class C		(LLC Equity/Non-Trading)
Net asset value per unit at December 31, 2014	$	67.49	$	76.11	$	-	$	0.54
Net change per unit		0.84		1.34		-		(0.06	)
Net asset value per unit at March 31, 2015	$	68.33	$	77.45	$	-	$	0.48

See accompanying notes to consolidated financial statements.

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RJO GLOBAL TRUST AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2015

(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”).

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”). 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. RPM is also responsible for the Trust’s allocations to each Trading Advisor through the Trust’s investment in RJ OASIS (as defined 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.

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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 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.

On January 31, 2015, the Trust entered into the Tenth Amended and Restated Declaration and Agreement of Trust (the “Trust Agreement”) to aggregate comments made through previous amendments to the Ninth Amended and Restated Declaration and Agreement of Trust, as well as to: (i) make certain clarifying edits; (ii) reflect certain updates to the language regarding the fees and expenses of the Trust; and (iii) revise language regarding certain regulatory requirements of the Trust that are no longer applicable. None of the foregoing items were expected to significantly affect the unitholders.

As of March 31, 2015, prior to quarter-end reallocation, RPM has delegated trading decisions for the Trust to four independent Trading Advisors: Revolution Capital Management, LLC (“RCM”), PGR Capital LLP (“PGR”), Centurion Investment Management, LLC (“CIM”) and ROW Asset Management, LLC (“ROW”), 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 provide that each Trading Advisor has discretion in and responsibility for the selection of the Trading Company’s commodity transactions with respect to that portion of the series’ assets allocated to it. As of March 31, 2015, prior to quarter-end reallocation, RCM was managing 15.14%, PGR 23.47%, CIM 36.00%, and ROW 21.21% of the Trust’s assets, respectively. Approximately 4.18% of the Trust’s assets were not allocated to any Trading Advisor.

RCM, PGR, CIM, and ROW 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.

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 (“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) 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.

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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 March 31, 2015, Wells held approximately $360,000 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.

As of March 31, 2015, accounting and transfer agency services for the Trust are provided by NAV Consulting, Inc., the Trust’s administrator.

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

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

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

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

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

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

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

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

(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 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, 2014.

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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 and its wholly-owned subsidiary, JWH Special Circumstance, LLC and series of RJ OASIS in which the Trust invests. 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.

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 RJOIM, an affiliate of the Managing Owner, to manage the Trust’s cash deposited with Wells. As of March 31, 2015, Wells held approximately $360,000 of the Trust’s assets. To the extent excess cash is not invested in securities, such cash will be subject to the creditworthiness of the institution where such funds are deposited.

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

(d) Ongoing Offering Costs

Ongoing offering costs, subject to a ceiling of 0.50% of the Trust’s average month-end net asset value, are paid by the Trust and 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 year-end balances are translated at the year-end currency rates. The impact of the translation is reflected in the consolidated statements of operations.

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(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 Pronouncements

In May 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. For public entities, the ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early application is not permitted. The Trust expects to adopt this guidance starting with the first quarter of fiscal year 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Trust has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern: Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or are available to be issued. This ASU also requires management to disclose certain information depending on the results of the going concern evaluation. The provisions of this ASU are effective for annual periods ending after December 15, 2016, and for interim and annual periods thereafter. Early adoption is permitted. This amendment is applicable to the Trust beginning in the first quarter of fiscal year 2017. The adoption of this standard is not expected to have a material impact on the consolidated financial statements.

In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. ASU 2015-02 amends the consolidation considerations when evaluating certain limited partnerships, variable interest entities and investment funds. The ASU is effective for the Trust in the first quarter of 2016 and early adoption is permitted. The guidance also requires retrospective or modified retrospective application to all prior periods presented. The Trust is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements.

In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. ASU 2015-07 is effective for the Trust in the first quarter of 2016, with early adoption permitted. The guidance also requires retrospective application to all prior periods presented. The Trust is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements.

(3) Fees

Management fees are accrued and paid monthly by the relevant series’ Trading Company. Incentive fees are accrued monthly and paid quarterly, as applicable, by the relevant series’ Trading Company. Trading decisions for the period of these financial statements were made by the Trading Advisors.

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

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

Pursuant to the Advisory Agreements, each Trading Advisor receives from the relevant series’ Trading Company 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.

Pursuant to its Advisory Agreement, each Trading Advisor may also receive from the relevant series’ Trading Company a quarterly incentive fee of up to 25% of the “New Trading Profit,” if any, of the Trust. The incentive fee is based on the performance of each Trading Advisor’s portion of the assets allocated to them. New Trading Profit in any quarter is equal to the “Trading Profit” for such quarter that is in excess of the highest level of such cumulative trading profit as of any previous calendar quarter-end. Trading Profit is calculated by including realized and unrealized profits and losses, excluding interest income, and deducting the management fee and brokerage fee. These incentive fees are not paid on the LLC’s capital appreciation (if any).

For a description of the fees paid by the Trust to RJOIM, the Trust’s cash manager, see Note (10).

(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, 2012, 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.

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The Trading Companies may purchase exchange-traded options. As such, the relevant Trading Company pays a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Purchased options expose the Trading Companies to a risk of loss limited to the premiums paid.

Net trading results from derivatives for the three month periods ended March 31, 2015 and 2014, respectively, are reflected in the consolidated statements of operations and are equal to the gain or loss from trading less brokerage commissions. Such trading results reflect the net gain or loss arising from the Trust’s speculative trading of futures contracts, options and forward contracts through its indirect investment with the Trading Companies.

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

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

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

(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	*		-		-		-
12/12/14		192,445	*		-		192,445	*		-		-		-

Totals	$	49,497,246		$	-	$	32,533,984		$	28,976,252		135,840	$	12,457,447

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

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(7) Fair Value Measurements

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

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

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

Level 3 inputs are unobservable inputs for an asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014, respectively:

	March 31, 2015
	Level 1			Level 2			Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	330,099		$	-		$	-	$	330,099
Forwards currency positions		-			17,129			-		17,129
		330,099			17,129			-		347,228
Liabilities
Unrealized gain on open contracts:
Futures positions		(118,464	)		-			-		(118,464	)
Forwards currency positions		-			(27,362	)		-		(27,362	)
Options written on futures contracts		(22,630	)		-			-		(22,630	)
		(141,094	)		(27,362	)		-		(168,456	)

Total fair value	$	189,005		$	(10,233	)	$	-	$	178,772

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	December 31, 2014
	Level 1			Level 2			Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	605,977		$	-		$	-	$	605,977
Forwards currency positions		-			18,225			-		18,225
		605,977			18,225			-		624,202
Liabilities
Unrealized gain on open contracts:
Futures positions		(113,500	)		-			-		(113,500	)
Forwards currency positions		-			(28,771	)		-		(28,771	)
Options written on futures contracts		(15,976	)		-			-		(15,976	)
		(129,476	)		(28,771	)		-		(158,247	)

Total fair value	$	476,501		$	(10,546	)	$	-	$	465,955

(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 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.

“Commission fee” includes 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 (monthly)		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)		2.60	%		2.60	%		2.60	%		2.60	%

			5.10	%		3.10	%		3.45	%		7.45	%

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

(2) As of March 31, 2015, 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 .35% to the Managing Owner to compensate agents who may facilitate distribution of such units.

(5) Fees are charged as actually incurred.

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(9) Financial Highlights

The following financial highlights show the Trust’s financial performance of the Trading units by class for the three month periods ended March 31, 2015, and 2014, 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. As of March 31, 2015, 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 C
	Three months ended						Three months ended						Three months ended
	March 31,						March 31,						March 31,
	2015			2014			2015			2014			2015			2014
Per share operating performance:
Net asset value of Trading units, beginning of period	$	67.49		$	71.25		$	76.11		$	78.74		$	76.11		$	-
Total Trading income (loss):
Trading gain (loss)		3.19			(6.65	)		3.57			(7.35	)		4.38			-
Investment income		0.00			0.01			0.00			0.02			0.00			-
Expenses		(2.35	)		(1.80	)		(2.23	)		(1.64	)		(1.33	)		-

Trading income (loss)		0.84			(8.44	)		1.34			(8.97	)		3.05			-
Net asset value of Trading units, end of period	$	68.33		$	62.81		$	77.45		$	69.77		$	79.16		$	-

Total return:
Total return before incentive fees		2.02	%		(11.85	%)		2.52	%		(11.40	%)		5.22	%		0.00	%
Less incentive fee allocations		(0.77	%)		0.00	%		(0.76	%)		0.00	%		(1.22	%)		0.00	%
Total return		1.25	%		(11.85	%)		1.76	%		(11.40	%)		4.00	%		0.00	%

Ratios to average net assets:
Trading income (loss)		1.28	%		(12.91	%)		1.75	%		(13.39	%)		3.93	%		0.00	%
Expenses:
Expenses, less incentive fees		(2.70	%)		(2.75	%)		(2.14	%)		(2.36	%)		(0.49	%)		0.00	%
Incentive fees		(0.77	%)		(0.00	%)		(0.76	%)		0.00	%		(1.22	%)		0.00	%
Total expenses		(3.47	%)		(2.75	%)		(2.90	%)		(2.36	%)		(1.71	%)		0.00	%

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 periods ended March 31, 2015 and 2014, respectively. The amounts are not annualized.

(10) Cash Management Agreement with Affiliate

On October 6, 2010, the Managing Owner retained RJOIM, an SEC registered investment adviser and an affiliate of the Managing Owner, as cash manager. The assets managed by RJOIM are held in segregated accounts in custody at Wells. RJOIM is paid an annual fee, currently 0.20% calculated and accrued daily at a rate equal to 1/360 of the principal balance. As of August 1, 2014, RJOIM agreed to waive all advisory fees previously charged to the Trust, back to January 1, 2014, in response to a request by the Managing Owner for said rebate. This request was made due to the decrease in the size of the Trust’s deposit with RJOIM and the current interest rate environment. The total amount waived as of July 31, 2014, was $3,483. As of March 31, 2015, the Trust’s deposits held by RJOIM consisted of cash of $360,343. Advisory fees earned by RJOIM aggregated $0, and $1,907, for the three months ended March 31, 2015 and 2014, respectively.

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(11) Derivative Instruments and Hedging Activities

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

Derivatives not designated as hedging instruments:

As of March 31, 2015
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value

Agriculture	$	147,018	$	(60,116	)	$	86,902
Currency		30,011		(41,690	)		(11,679	)
Energy		36,651		(22,854	)		13,797
Indices		33,748		(20,350	)		13,398
Interest Rate		98,200		(14,243	)		83,957
Metals		1,600		(9,203	)		(7,603	)
	$	347,228	$	(168,456	)	$	178,772

As of December 31, 2014
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value

Agriculture	$	119,669	$	(95,121	)	$	24,548
Currency		60,876		(31,502	)		29,374
Energy		218,011		(15,424	)		202,587
Indices		12,875		(13,050	)		(175	)
Interest Rates		168,536		(2,275	)		166,261
Metals		44,235		(875	)		43,360
	$	624,202	$	(158,247	)	$	465,955

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 March 31, 2015 and 2014, respectively.

Trading gain (loss) for the following periods:

	Three Months Ended March 31,
Type of Futures Contracts	2015			2014
Agriculture	$	27,009		$	(63,955	)
Currency		(21,830	)		25,717
Energy		144			(159,661	)
Indices		238,957			(668,139	)
Interest Rates		353,411			(233,138	)
Metals		(131,405	)		(187,662	)
	$	466,286		$	(1,286,838	)

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

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(12) Offsetting

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

For financial reporting purposes, the Trust nets its similar derivative assets and liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following tables present the Trust’s derivative assets and liabilities by investment type and by counterparty, net of amounts available for offset under a master netting agreement, along with the related collateral received or pledged by the Trading Companies (cash on deposit with broker) as of March 31, 2015 and December 31, 2014, respectively:

	Offsetting of Derivative Assets

	As of March 31, 2015							As of December 31, 2014
	Gross Amounts of		Gross Amounts Offset in the Statement of			Net Amounts of Assets Presented in the Statement of		Gross Amounts of		Gross Amounts Offset in the Statement of			Net Amounts of Assets Presented in the Statement of
	Recognized		Financial			Financial		Recognized		Financial			Financial
Description	Assets		Condition			Condition		Assets		Condition			Condition

Futures and forward contracts	$	347,228	$	(145,826	)	$	201,402	$	624,202	$	(142,271	)	$	481,931

	$	347,228	$	(145,826	)	$	201,402	$	624,202	$	(142,271	)	$	481,931

	Derivative Assets and Collateral Held by Counterparty

	As of March 31, 2015										As of December 31, 2014
	Net Amount of Assets in the			Gross Amounts Not Offset in the Statement of Financial Condition							Net Amount of Assets in the		Gross Amounts Not Offset in the Statement of Financial Condition
Individual Trading Companies (with derivative assets and	Statement of Financial			Financial		Cash Collateral		Net			Statement of Financial		Financial		Cash Collateral		Net
collateral held by RJO)	Condition			Instruments		Received		Amount			Condition		Instruments		Received		Amount

OASIS RCM, LLC	$	(2,043	)	$	-	$	-	$	(2,043	)	$	-	$	-	$	-	$	-
OASIS PGR, LLC		92,910			-		-		92,910			297,570		-		-		297,570
OASIS CIM, LLC		(1,963	)		-		-		(1,963	)		-		-		-		-
OASIS ROW, LLC		112,498			-		-		112,498			184,361		-		-		184,361

	$	201,402		$	-	$	-	$	201,402		$	481,931	$	-	$	-	$	481,931

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	Offsetting of Derivative Liabilities

	As of March 31, 2015							As of December 31, 2014
	Gross		Gross Amounts Offset in the			Net Amounts of Liabilities Presented in the		Gross		Gross Amounts Offset in the			Net Amounts of Liabilities Presented in the
	Amounts of Recognized		Statement of Financial			Statement of Financial		Amounts of Recognized		Statement of Financial			Statement of Financial
Description	Liabilities		Condition			Condition		Liabilities		Condition			Condition

Futures and forward contracts	$	145,826	$	(145,826	)	$	-	$	142,271	$	(142,271	)	$	-
Options written on futures contracts		22,630		-			22,630		15,976		-			15,976

	$	168,456	$	(145,826	)	$	22,630	$	158,247	$	(142,271	)	$	15,976

	Derivative Liabilities and Collateral Pledged by Counterparty

	As of March 31, 2015									As of December 31, 2014
	Net Amount of		Gross Amounts Not Offset in the							Net Amount of		Gross Amounts Not Offset in the
	Liabilities		Statement of Financial Condition							Liabilities		Statement of Financial Condition
Individual Trading Companies (with derivative liabilities and	in the Statement of Financial		Financial			Cash Deposits Held by		Net		in the Statement of Financial		Financial			Cash Deposits Held by		Net
collateral held by RJO)	Condition		Instruments			Broker		Amount		Condition		Instruments			Broker		Amount

OASIS ROW, LLC	$	22,630	$	(22,630	)	$	-	$	-	$	15,976	$	(15,976	)	$	-	$	-

	$	22,630	$	(22,630	)	$	-	$	-	$	15,976	$	(15,976	)	$	-	$	-

(13) Subsequent Events

On April 1, 2015, the Trust and RJOFM, along with other members of RJ OASIS, entered into that certain Third Amended and Restated Limited Liability Company Agreement of RJ OASIS, which clarified how management fees and incentive fees were calculated and paid to the Trading Advisors.

As of April 14, 2015, additional investors directly subscribed to one or more series of RJ OASIS, of which the Trust had previously been the sole investor. The Trust currently holds a majority of the membership interests in such series. The Trust is examining the consolidation of any non-controlling interests of the series into future, consolidated financial statements of the Trust, including, without limitation, with reference to FASB issued ASU 2015-02 discussed in Item 1 (h) Recent Pronouncements.

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

(a) Introduction

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”).

·	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.

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On January 31, 2015, the Trust entered into the Tenth Amended and Restated Declaration and Agreement of Trust (the “Trust Agreement”) to aggregate comments made through previous amendments to the Ninth Amended and Restated Declaration and Agreement of Trust, as well as to: (i) make certain clarifying edits; (ii) reflect certain updates to the language regarding the fees and expenses of the Trust; and (iii) revise language regarding certain regulatory requirements of the Trust that are no longer applicable. None of the foregoing items are expected to significantly affect the unitholders.

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.

(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 three month period ended March 31, 2015, no Class A, and no Class B, units were purchased by the Beneficial Owners and, no Class A units were converted to Class B units. For the three month period ended March 31, 2015, 6,569 units of Class C units for $500,000, were purchased by Beneficial Owners. The Managing Owner did not purchase any units during this time. For the three month period ended March 31, 2015, the Beneficial Owners redeemed a total of 12,482 units for $927,117. For the three month period ended March 31, 2015, the Beneficial Owners redeemed a total of 5,867 Class A units for $403,535, 46 Class B units for $3,562 and 6,569 Class C units for $520,020. The Managing Owner did not redeem any units during the three month period ended March 31, 2015.

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The Trust’s involvement in the futures and forward markets exposes the Trust to both market risk — the risk arising from changes in the market value of the futures and forward contracts held by the Trust — and credit risk — the risk that another party to a contract will fail to perform its obligations according to the terms of the contract. The Trust is exposed to a market risk equal to the value of the futures and forward contracts purchased and theoretically unlimited risk of loss on contracts sold short. The Trading Advisors monitor their respective Trading Company’s trading activities and attempt to control the Trust’s exposure to market risk by, among other things, refining their respective trading strategies, adjusting position sizes of the Trading Company’s futures and forward contracts and re-allocating Trading Company’s assets to different market sectors. As of March 31, 2015, the market sectors where the Trust maintained an investment having the highest exposure were: Agricultural having a net long value of $86,902, Interest Rates having a net long value of $83,957, Energy having a net long value of $13,797, Indices having a net long of $13,398, Metals having a net short value of $7,603, and Currencies having a net short value of $11,679. The Trust’s primary exposure to credit risk is its exposure to the non-performance of the Trust’s forward currency broker. The forward currency broker generally enters into forward contracts with large, well-capitalized institutions and then enters into a back-to-back contract with the Trust. The Trust also may trade on exchanges that do not have associated clearing houses whose credit supports the obligations of its members and that operate as principals markets, in which case the Trust will be exposed to the credit risk of the other party to such trades.

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

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

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

During the three month period ended March 31, 2015, 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.

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 March 31, 2015 and 2014, RJO had paid or accrued to pay interest to the Trust of $325, and $0, respectively.

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 March 31, 2015, Wells held approximately $360,000 of the Trust’s assets. For the three month period ended March 31, 2015 and March 31, 2014, the assets held in this account earned $165 and $14,609 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.

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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.

The summaries set forth below outline certain performance factors which may have affected the performance of the Trading Advisors for the periods presented. During this time, the Trust’s assets were allocated to different combinations of Trading Advisors over time. As of March 31, 2015, trading decisions for the Trust have been delegated to four independent Trading Advisors: RCM, PGR, CIM and ROW.

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

Fiscal Quarter ended March 31, 2015

The Trust posted a gain of $117,185 or $0.84 per trading unit for Class A units, a gain of $1,358 or $1.34 for Class B units, and a gain of $20,020 or $3.05 per trading unit for Class C units for the quarter ended March 31, 2015 (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, 2015, Class A units have lost 16.47% since their first issuance in June 1997. Class B units have lost 35.14% since their first issuance in January 2009.

As of March 31, 2015, the Trust’s assets were indirectly allocated to the following Trading Advisors as follows: RCM (15.14%), PGR (23.47%), CIM (36.00%) and ROW (21.21%), with the remaining percentage allocated to cash.

Market action in January 2015 was dominated by central bank activity. On January 15th, the Swiss National Bank’s surprising decision to remove its currency peg against the Euro sent shock waves through global markets, with at least two big retail FX brokerages going bust overnight. A week later, in a dramatic change of policy, the European Central Bank (“ECB”) finally announced its own long-awaited quantitative easing program, which turned out to be much bigger-than-expected, further hurting the Euro but providing support for equity markets. Yet another week later, this was followed by rather dovish FOMC statements indicating patience on raising rates amid weaker economic conditions in the U.S., which partly reversed the previous moves in stocks and FX. The Greek leftist party, Syriza, winning the election in Greece further added to overall uncertainty towards month-end. Thus, whereas the currency and, in particular, equity markets provided managers with choppy trading conditions, global bond markets continued to rally amid the gloomy mood providing managers with profitable trading conditions. In commodity markets, with no production cuts insight and weaker global demand in general, oil continued on its downward path dropping below U.S. $50 per barrel.

February started out quite dramatic as February 3rd was the first “coordinated market sell-off” this year with longer term trends reversing forcefully across many different markets. In commodities, oil prices soared on producers’ spending cuts announcements reversing the bearish trend which had been running since July 2014. Easing tensions over Greece and Ukraine, as well as further central bank policy accommodation, boosted stocks but lead to sharp falls in government bonds prices. In currencies, the bullish trend in the U.S. dollar reversed as well, but, given the relative hawkishness of the Fed, the single currency soon stabilized trading in a tight range against other majors for the rest of the month. Whereas the sell-offs in energy and fixed income markets weighed on performance, the rebound in equities provided well-needed balancing profits. Throughout the month, equity markets rose notably on the back of easing geopolitical tensions and because overall economic momentum remained largely intact. While energy markets stayed choppy, European bond yields hit record lows towards month-end ahead of the imminent start of the ECB’s QE program, thus partially reducing losses seen in the first half of the month.

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In March, hawkish expectations of the FOMC meeting were in the spotlight in the first half of the month. Eventually, the Fed dropped the word ‘patience’ from the FOMC statement but indicated that they would not be impatient raising interest rates. As the projected fund rate for the year-end, and for the next year, came in much lower than what had been projected by the Fed previously, it sent the dollar lower after reaching 12-year high against its major pairs. In commodities, oil prices had first plunged to multi-year low then reversed back sharply on U.S. dollar weakness and tensions in Yemen. At month-end when the U.S. dollar was on the rise again, energy commodities were sliding towards previous lows. Equities were mixed in March, in the U.S., macro data trailed expectations pushing stocks lower, whereas ECB’s bond purchases along with improving economic environment boosted equities in Europe to new all-time highs. Dovish stance from all major central banks around the world has kept long-term interest rates low and driven yields to new all-time lows in major euro economies.

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 ended 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 48.90% 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 U.S. 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 U.S. 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 U.S. 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.

(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 Statement of Financial Condition, a table of contractual obligations has not been presented.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

There has been no material change with respect to the Trust’s market risk as described in the section entitled “Quantitative and Qualitative Disclosures About Market Risk” in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2014.

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 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 March 31, 2015. 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 March 31, 2015.

Changes in Internal Control Over Financial Reporting: There were no changes in the Trust’s internal control over financial reporting, during the quarter ended March 31, 2015 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.

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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, 2014.

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

a) All units sold during the quarter-ended March 31, 2015 were issued in reliance upon applicable exemptions from registration under Section 4(2) of the Securities Act of 1933, as amended, and Section 506 of Regulation D promulgated thereunder.

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

The following table summarizes the redemptions by unitholders during the first quarter of 2015:

	Units Redeemed						Redemption Date NAV per Unit
Month	Class A		Class B		Class C		Class A		Class B		Class C
January		1,434		-		6,569	$	70.25	$	79.35	$	79.16
February		2,306		46		-	$	68.29	$	77.27	$	-
March		2,127		-		-	$	68.33	$	77.44	$	-

Total		5,867		46		6,569

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		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 April 1, 2015. *

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. *

* 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.

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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: May 15, 2015

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

Attached files

RJO GLOBAL TRUST Reports

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