Exhibit
13.01




Message from the Managing
Owner




Dear
Unitholder:




The RJO
Global Trust Class A units posted a loss of (13.86%) for 2009. Class B units
posted a loss of (12.13%). The Net Asset Value per Unit for Class A at year-end
was $102.84 and for Class B at year end was $104.91 (please see Note (1) and
Note (7) in the notes to financial statements for more information with respect
to the calculation of Net Asset Value) compared to $119.39 per unit at the
beginning of the year. Beneficial unitholders
purchased  $1,627,869  worth of Class A units and $45,000
worth of Class B units in the Trust during 2009.




The first
quarter of 2009 began much as the fourth quarter of 2008 ended, with continued
broad market volatility.  Stock markets and commodity markets remained
under pressure and declined in lock step during January, February, and early
March.  Prices reversed and began climbing during the first week of
March as negative sentiment on the part of investors appeared to be at its
highest.  Correlation between commodity prices and stock prices, with
few exceptions, remained unusually high during the quarter.  The U.S.
dollar had an almost exact inverse relationship to stock and commodity prices
during the quarter.  It actually strengthened against most major
foreign currencies as stocks and commodities sold off and then began to weaken
after stocks and commodities bottomed out.  The results of fixed
income markets during the quarter told two stories.  Short-term rates
remained low and in choppy markets as the Federal Reserve left Fed Fund targets
in the 0% to 0.25% range.  Long-term rates, however, edged higher in
January and February as concerns over the inflationary impact of the
government’s stimulus packages drove down note and bond prices.  Bond
and note holders received a big boost, however, in late March when the Fed
signaled that it would buy an enormous amount of medium and long-term notes in
an effort to keep mortgage rates low and to maintain a high level of liquidity
in the markets.  The traders in the Trust who employ rule-based or
systematic approaches managed the volatility well and the performance was down
slightly until the sharp market reversals in March caused some slightly larger
losses.  These managers employ methods that vary widely in terms of
investment time horizons.  Those with shorter-term outlooks did a
little worse during January and February while the long-term down trends
established during the fall of 2008 remained in place, but managed the March
reversals better than the managers with longer-term styles.The managers of the
Trust who employ a more discretionary approach continued to struggle with the
unprecedented volatility and uncertainty that surrounded the markets during the
quarter.  They posted small losses for the quarter as
well.  It was a difficult quarter in general for the managed futures
industry.  The Barclay Commodity Trading Advisor Index, a broad
measure of managed futures performance, lost ground each month during the
quarter.  Approximately 8 out of every 10 managers in the industry
were showing negative year to date performance at quarter end.  This
difficult period follows a strong performance period for the industry in
2008.  Periods like this are to be expected from time to time, and the
first quarter profile was consistent with other losing periods from the
past.  The objective of the Trust’s portfolio of managers is to
conserve capital during difficult periods like this using disciplined risk
management and a broad diversification of asset exposure, investment style, and
investment time frame.





In April,
stocks climbed a wall of worry, as the old axiom states about bull markets, by
posting a gain for a fourth consecutive
month.  Stocks  rallied 42% from their low in early
March.  This has been their best three month showing since the
1930’s.  To put the magnitude of the losses sustained by the market
over the last year and a half in perspective, the S&P would have to gain
another 62% from current levels to match the market high reached in October of
2007.  This seems like a tough task in light of long-term interest
rates, which continued to rise during the quarter due to concerns over the
expanding budget deficit, and its potential long-term inflationary
implications.  Interest rates fell back at the end June, however, as
markets digested tepid growth related statistics, and inflationary fears
subsided.  This reversal took place after Treasury bond yields had
risen more than 60% in five months. Commodity markets began to firm in late
April and were able to mount a rally during most of May.  Market
worries over the inflationary implications of the government’s massive stimulus
plan and other spending programs began to weaken the long- term treasury
markets.  With rates rising and the dollar weakening against major
foreign currencies, commodities began to look like a good place to
invest.  Historically commodities, during times of inflation or
currency depreciation, have been a good store of value.  In June,
however, commodities sold off, and evidence is beginning to appear that would
indicate that the lock step relationship between commodities and the stock
market that has existed for the last year or so is beginning to break
up.  In other words, commodity markets are beginning to respond to the
economics effecting their own specific situation rather than moving in tandem
with stock prices.  This would create more diverse market movements
and would be a good thing for our strategies.  The second quarter
continued to present a difficult environment as a whole for the managed futures
industry.  The Barclay B Top 50 CTA Index, representing the
performance of the top 50 CTAs in the industry in terms of assets under
management, was down in two of the three months and lost approximately 2% during
the quarter.  The index lost for consecutive quarters for only the
third time since its creation in 1987.  The index has lost
approximately 3.5% for the year to date.  The performance problem
seems to lie in the unstable nature of the market environment from a time frame
perspective.  Short-term systems focusing on moves lasting less than a
week have struggled.  Long-term strategies focused on price moves that
take months to evolve have refused to reverse.  This may pay off over
time but for now it has created small losses.  Only intermediate term
strategies focused on 4-6 week price movements have been able to adapt
appropriately and capture profits.


1




The first
eight months of the Trust transferring to multi-CTA format has been challenging.
The Trust’s evolution to a multi- manager format came just after a very
profitable period for many different types of CTA strategies, particularly
long-term trend following.  The charged markets of late 2008 and early
2009 exposed problems with our initial discretionary managers and the trend
following strategies experienced a pull back that was to be expected. The
Trust’s risk control policies enabled the Trust to manage this risk
effectively.  Today, the Trust’s portfolio is strongly positioned from
a diversification standpoint among sectors traded, investment styles, and
investment time horizons.





Economic
data was weak on an absolute basis during July, but on a relative basis there
was reason for hope.  Housing data appeared to show signs of
stabilization.  Corporate earnings showed some life.  The
stock market posted strong gains for the month.  Some commodities lead
by the grain and base metal sectors also showed strength later in the month. The
U.S. dollar was weaker across the board.  The short-term manager, CCG,
performed best during  the month capturing profits in stock, interest
rate, and currency markets.  The longer-term strategies provided mixed
results:  JWH, who employs only long-term trend following strategies,
was positive for the month.  NW and ATC were negative for the month
reflecting the difficult conditions being dealt with by other leading
multi-strategy CTAs in the industry this year.  HCM, the discretionary
manager, was about even on the month after a cautious start. GAJL, the commodity
only manager, was slightly negative for the month but was starting to gain
ground as the month drew to a close. During August, auto sales improved
dramatically thanks to the Government’s “Cash for Clunkers”
program.  Housing sales also improved.  The President
re-nominated Federal Reserve Chairman Bernanke based on his handling of the
crisis that unfolded last year.  IPO activity increased and two large
corporate acquisitions took place at month end.  These situations
taken together seem to reflect a market and economy returning to more solid
footing.  This allowed stocks to turn in their most positive August
since 2000.  Bond prices rose as well during the month as inflation
remained in check.  Natural gas and corn were the weakest among
commodities.  Action in the crude oil and the foreign currency markets
looked very similar during the month.  Each traded in a range during
the month finishing on the low side.  The short-term advisor, CCG,
posted negative returns for the month.  Their short-term trading
strategy was frustrated by the range bound trading that persisted during the
month.  JWH, NW, and ATC were all positive for the
month.  This was due to the longer- term nature of their
systems.  HCM, the new discretionary manager, was also positive for
the month capturing returns from a stronger sugar market. GAJL, the commodity
only manager, was also positive for the month on the back of stronger metals
markets.  By September 30, the stock market finished its strongest
quarter since Q4 1998 and was up almost 20% for the year.  It was up
almost 50% from its low in March of this year.  It is interesting to
note that since World War II, the average size of stimulus packages implemented
by the government and the Federal Reserve to revive the economy has been 2.9% of
our Gross Domestic Product.  This has come from the government
chipping in an average of 2.4% and the Fed has added 0.5% through easier
monetary policy.  Thus far, to battle this recession, the government
has provided 10% in stimulus activity through fiscal measures while the Fed has
pumped in 9.5% for a total of 19.5% of assistance.  That is more than
the average stimulus package by a factor of 6.  No wonder the market
has rallied.  The fact that the stimulus package has been delivered on
borrowed money has yet to trigger a response from the market.  With
the stock market drifting higher and with other markets, particularly grains and
energy, mired in trading ranges, the Advisors did not have many opportunities
during the month.  Four of the six managers were up slightly during
the month with two managers losing money.  JWH, ATC, NW, and HCM were
profitable. GAJL and CCG lost money.





During
October, the stock market had its first losing month since March.  An
odd result considering the market received its first bit of evidence that the
economy is turning around.  Third quarter Gross Domestic Product was
reported to have grown at a 3.2% annualized pace.  Much of the gain
was attributed to the government’s stimulus projects.  For example,
the “Cash for Clunkers” program boosted auto sales while tax credits for home
buyers revived housing sales.  For the fiscal year ended September 30,
the government reported a $1.4 trillion budget deficit, a record which
represents roughly 10% of our GDP.  The budget deficit has kept
pressure on the U.S. dollar.  The weaker U.S. dollar continues to help
our export sector whose goods and services are cheaper in the global market
place.  Our traders have shifted positions in several key
areas.  Across the board in multiple time frames our managers have
turned positive on most commodities.  Grain, metals, and petroleum
markets have lead the way.  Our managers also favor a weaker
U.S.dollar.  HCM was our only profitable manager during the
month.  Each of the others had small losses.




2


The stock
market climbed higher during the month of November as interest rates remained at
or near historic lows.  The U.S. dollar edged lower and sits near its
lows for the year against major currencies.  Gold made a new
historical high during the month just above $1,175 per ounce.  It
should be noted that, on an inflation adjusted basis, gold traded at an
equivalent of $2,300 per ounce in 1980.  Other commodities drifted
higher, supported by the weaker U.S.dollar.  Grains and metals markets
seem to be the leaders while crude oil struggled to break out of a trading range
capped above $80 per barrel. The Trust turned in a
positive month during November.  Four of the six managers made
money.  Across the board, in multiple time frames, our managers remain
positive on most commodities.  Grain, metals, and soft commodity
markets have led the way.  Our managers hold mixed positions mixed in
the energy complex with a slightly negative bias due to the trading range in
crude related markets and the negative performance by natural
gas.  Our managers favor a weaker U.S, dollar and remain positioned
for lower interest rates. A major reversal took place early in December when the
government released an employment report that showed unexpected improvement in
that area.  Gold fell 5% that same day and interest rates instruments
began a month long slide (rates turned higher).  Gold fell 12% during
the month and the total return on ten-year U.S. Treasuries was a negative
5.15%.  The U.S. dollar also staged an impressive 7% rally reversing a
7-month trend of weakness.  Several commodity sectors sold off in
sympathy to gold early in the month, but crawled higher as the year drew to a
close.  Grains, crude markets, and industrial metals all recovered to
close near recent highs.  The Managed futures industry turned in its
first losing year since 1994 and its worst year overall since the inception of
the Barclay Top 50 CTA Index in 1987.  The Trust turned in a losing
performance during December.  Despite our diverse group of managers
and their diverse strategies, the Trust’s aggregate positions at the beginning
of the month were aligned for a weaker U.S.dollar, lower interest rates,
and  stronger gold and commodity markets.  The reversal of
those trends early in the month created problems for most of the
managers.  HCM, our discretionary manager, made money by hanging on to
sugar and cocoa positions and dumping a falling silver position early in the
month.  CCG was the most disappointing as their short-term strategy
was whipsawed during the month.




We thank
you for your continued support.




Past
performance is not indicative of future results.




/s/
      Thomas
      J AndersonThomas
      J AndersonChief
      Financial OfficerR.J.
      O’Brien Fund Management, LLC




3





RJO
GLOBAL TRUST




Table
of Contents




Report
      of Independent Registered Public Accounting Firm – CF & Co.,
      L.L.P.
              5Financial
      Statements:Consolidated
      Statements of Financial Condition as of December 31, 2009 and
      2008
              6Condensed
      Consolidated Schedules of Investments as of December 31, 2009 and
      2008
              7-8Consolidated
      Statements of Operations, for the years ended December 31, 2009, 2008, and
      2007
              9Consolidated
      Statements of Changes in Unitholders’ Capital, for the years ended
      December 31, 2009, 2008, and 2007
              10Notes
      to Consolidated Financial Statements
              11


4


REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




To the
Managing Owner and Beneficial Owners of RJO Global Trust and
Subsidiary:





We have
audited the accompanying consolidated statements of financial condition,
including the condensed consolidated schedules of investments, of RJO Global
Trust and Subsidiary (the “Trust”) as of December 31, 2009 and 2008 and the
related consolidated statements of operations and changes in unitholders’
capital for each of the three years in the period ended December 31,
2009.  These financial statements are the responsibility of the
Trust’s management.  Our responsibility is to express an opinion on
these financial statements based on our audits.





We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis
for our opinion.





In our
opinion, the consolidated financial statements referred to above present fairly,
in all material respects, the financial position of RJO Global Trust and
Subsidiary as of December 31, 2009 and 2008 and the results of their
operations and changes in unitholders’ capital, for each of the three years in
the period ended December 31, 2009, in conformity with accounting principles
generally accepted in the United States of America.





We were
not engaged to examine management’s assertion about the effectiveness of the
Trust’s internal control over financial reporting as of December 31, 2009
included in “Management’s Report on Internal Control Over Financial Reporting”
in the Trust’s December 31, 2009 Form 10-K and, accordingly, we do not express
an opinion thereon.




/S/
      CF & Co., L.L.P.CF
      & CO., L.L.P.Dallas,
      TexasMarch
      31, 2010




5





RJO
GLOBAL TRUST AND SUBSIDIARY


Consolidated
Statements of Financial Condition





December
      31,
                                        
                                        
                                        December
      31,2009
                                        
                                        
                                        2008AssetsAssets:Equity
      in commodity Trading accounts:Cash
      on deposit with brokers
                                        
                                        $
                                        59,500,719
                                        
                                        
                                        $
                                        83,527,981Unrealized
      gain on open contracts
                                        
                                        
                                        767,006
                                        
                                        
                                        
                                        1,106,722Cash
      on deposit with bank
                                        
                                        
                                        38,436
                                        
                                        
                                        
                                        28,562Cash
      on deposit with bank - Non-Trading
                                        
                                        
                                        9,214,964
                                        
                                        
                                        
                                        7,334,58269,521,125
                                        
                                        
                                        
                                        91,997,847Interest
      receivable
                                        
                                        
                                        1,694
                                        
                                        
                                        
                                        9,415Total
      Assets
                                        
                                        $
                                        69,522,819
                                        
                                        
                                        $
                                        92,007,262Liabilities
      and Unitholders' CapitalLiabilities:Accrued
      commissions
                                        
                                        $
                                        169,886
                                        
                                        
                                        $
                                        242,450Accrued
      management fees
                                        
                                        
                                        85,057
                                        
                                        
                                        
                                        119,365Accrued
      incentive fees
                                        
                                        
                                        17,109
                                        
                                        
                                        
                                        1,134,235Accrued
      offering expenses
                                        
                                        
                                        22,768
                                        
                                        
                                        
                                        1,108Accrued
      operating expenses
                                        
                                        
                                        239,638
                                        
                                        
                                        
                                        315,568Redemptions
      payable - Trading
                                        
                                        
                                        878,988
                                        
                                        
                                        
                                        2,815,236Accrued
      legal fees - Non-Trading
                                        
                                        
                                        627,762
                                        
                                        
                                        
                                        6,149Accrued
      management fees to U.S. Bank - Non-Trading
                                        
                                        
                                        18,426
                                        
                                        
                                        
                                        27,477Distribution
      payable - Non-Trading
                                        
                                        
                                        -
                                        
                                        
                                        
                                        39,801Total
      liabilities
                                        
                                        
                                        2,059,634
                                        
                                        
                                        
                                        4,701,389Unitholders'
      capital:Unitholders’
      capital (Trading):Beneficial
      ownersClass
      A (551,440 and 658,747 units outstanding atDecember
      31, 2009 and December 31, 2008, respectively)
                                        
                                        
                                        56,711,089
                                        
                                        
                                        
                                        78,645,263Class
      B (9,358 and 0 units outstanding atDecember
      31, 2009 and December 31, 2008, respectively)
                                        
                                        
                                        981,765
                                        
                                        
                                        
                                        -Managing
      owner (11,679 Class A units outstanding atDecember
      31, 2009 and 2008)
                                        
                                        
                                        1,201,090
                                        
                                        
                                        
                                        1,394,355Unitholders'
      capital (LLC equity/Non-Trading):Participating
      owners (512,964 and 611,108 units outstanding atDecember
      31, 2009 and December 31, 2008, respectively)
                                        
                                        
                                        1,933,873
                                        
                                        
                                        
                                        1,953,345Nonparticipating
      owners (1,760,324 and 1,662,180 units outstanding atDecember
      31, 2009 and December 31, 2008, respectively)
                                        
                                        
                                        6,635,368
                                        
                                        
                                        
                                        5,312,910Total
      unitholders' capital
                                        
                                        
                                        67,463,185
                                        
                                        
                                        
                                        87,305,873Total
      Liabilities and Unitholders’ Capital
                                        
                                        $
                                        69,522,819
                                        
                                        
                                        $
                                        92,007,262Net
      asset value per unit:Trading:Class
      A
                                        
                                        $
                                        102.84
                                        
                                        
                                        $
                                        119.39Class
      B
                                        
                                        $
                                        104.91
                                        
                                        
                                        $
                                        -LLC
      equity/Non-Trading
                                        
                                        $
                                        3.77
                                        
                                        
                                        $
                                        3.20





See
accompanying notes to consolidated financial statements.




6


RJO
GLOBAL TRUST AND SUBSIDIARY


Condensed
Consolidated Schedule of Investments


as
of December 31, 2009





Number
      of
                  
                  
                  Principal
                  
                  
                  Value/opencontracts
                  
                  
                  (notional)
                  
                  
                  trade equityLong
      positions (1.69%)Futures
      Positions (1.45%)Agriculture
                  
                  
                  459
                  
                  
                  $
                  14,175,201
                  
                  
                  $
                  542,222Currency
                  
                  
                  58
                  
                  
                  
                  5,175,139
                  
                  
                  
                  18,650Energy
                  
                  
                  45
                  
                  
                  
                  3,386,896
                  
                  
                  
                  25,657Indices
                  
                  
                  90
                  
                  
                  
                  6,006,445
                  
                  
                  
                  118,235Interest
      rates
                  
                  
                  225
                  
                  
                  
                  73,893,816
                  
                  
                  
                  (167,286
                  )Metals
                  
                  
                  165
                  
                  
                  
                  13,101,937
                  
                  
                  
                  437,926Forward
      Positions (0.24%)Currency
                  
                  
                  25,375,000
                  
                  
                  
                  28,588,150
                  
                  
                  
                  162,279Total
      long positions
                  
                  
                  
                  
                  
                  $
                  144,327,584
                  
                  
                  $
                  1,137,683Short
      positions (-0.55%)Future
      positions (-0.31%)Agriculture
                  
                  
                  142
                  
                  
                  $
                  3,758,129
                  
                  
                  $
                  (12,859
                  )Currency
                  
                  
                  50
                  
                  
                  
                  6,823,909
                  
                  
                  
                  61,052Energy
                  
                  
                  17
                  
                  
                  
                  2,077,755
                  
                  
                  
                  (72,953
                  )Indices
                  
                  
                  35
                  
                  
                  
                  2,261,654
                  
                  
                  
                  (1,017
                  )Interest
      rates
                  
                  
                  292
                  
                  
                  
                  78,210,549
                  
                  
                  
                  102,023Metals
                  
                  
                  62
                  
                  
                  
                  5,294,294
                  
                  
                  
                  (284,081
                  )Forward
      Positions (-0.24%)Currency
                  
                  
                  21,765,000
                  
                  
                  
                  23,079,582
                  
                  
                  
                  (162,842
                  )Total
      short positions
                  
                  
                  
                  
                  
                  $
                  121,505,872
                  
                  
                  $
                  (370,677
                  )Total
      unrealized gain on open contracts (1.14%)
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  $
                  767,006Cash
      on deposit and open contracts with brokers (88.20%)
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  59,500,719Cash
      on deposit with bank (13.72%)
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  9,253,400Other
      liabilities in excess of assets (-3.06%)
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  (2,057,940
                  )Net
      assets (100.00%)
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  $
                  67,463,185





See
accompanying notes to consolidated financial statements.




7




RJO
GLOBAL TRUST AND SUBSIDIARY


Condensed
Consolidated Schedule of Investments


as
of December 31, 2008





Number
      of
                            
                            
                            Principal
                            
                            
                            Value/opencontracts
                            
                            
                            (notional)
                            
                            
                            trade equityLong positions (1.23%)Futures
      Positions (1.23%)Agriculture
                            
                            
                            143
                            
                            
                            $
                            3,700,746
                            
                            
                            $
                            262,644Currency
                            
                            
                            166
                            
                            
                            
                            29,196,605
                            
                            
                            
                            312,953Energy
                            
                            
                            47
                            
                            
                            
                            2,276,791
                            
                            
                            
                            (15,025
                            )Indices
                            
                            
                            2
                            
                            
                            
                            96,575
                            
                            
                            
                            (96,575
                            )Interest
      rates
                            
                            
                            165
                            
                            
                            
                            64,017,826
                            
                            
                            
                            414,481Metals
                            
                            
                            62
                            
                            
                            
                            3,413,855
                            
                            
                            
                            190,371Total
      long positions
                            
                            
                            
                            
                            
                            $
                            102,702,398
                            
                            
                            $
                            1,068,849Short positions (0.04%)Future
      positions (0.04%)Agriculture
                            
                            
                            278
                            
                            
                            $
                            6,016,398
                            
                            
                            $
                            (27,872
                            )Currency
                            
                            
                            25
                            
                            
                            
                            2,547,180
                            
                            
                            
                            (30,573
                            )Energy
                            
                            
                            17
                            
                            
                            
                            923,156
                            
                            
                            
                            (9,051
                            )Indices
                            
                            
                            40
                            
                            
                            
                            1,340,663
                            
                            
                            
                            80,642Interest
      rates
                            
                            
                            5
                            
                            
                            
                            2,443,007
                            
                            
                            
                            (10,528
                            )Metals
                            
                            
                            63
                            
                            
                            
                            2,762,199
                            
                            
                            
                            35,255Total
      short positions
                            
                            
                            
                            
                            
                            $
                            16,032,603
                            
                            
                            $
                            37,873Total
      unrealized gain on open contracts (1.27%)
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            $
                            1,106,722Cash
      on deposit and open contracts with brokers (95.67%)
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            83,527,981Cash
      on deposit with bank (8.43%)
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            7,363,144Other
      liabilities in excess of assets (-5.37%)
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            (4,691,974
                            )Net
      assets (100.00%)
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            $
                            87,305,873





See
accompanying notes to consolidated financial statements.




8




RJO
GLOBAL TRUST AND SUBSIDIARY


Consolidated
Statements of Operations





Years
      Ended December 31,2009
                  
                  
                  2008
                  
                  
                  2007Trading
      gain (loss):Gain
      (loss) on trading of commodity contracts:Realized
      gain (loss) on closed positions
                  
                  $
                  (4,475,589
                  )
                  
                  $
                  37,750,164
                  
                  
                  $
                  (5,619,515
                  )Change
      in unrealized gain (loss) on open positions
                  
                  
                  (340,613
                  )
                  
                  
                  (362,188
                  )
                  
                  
                  (1,781,034
                  )Foreign
      currency transaction gain (loss)
                  
                  
                  46,164
                  
                  
                  
                  6,405
                  
                  
                  
                  (89,989
                  )Total
      Trading gain (loss)
                  
                  
                  (4,770,038
                  )
                  
                  
                  37,394,381
                  
                  
                  
                  (7,490,538
                  )Investment
      Income:Interest
      income
                  
                  
                  49,056
                  
                  
                  
                  926,298
                  
                  
                  
                  3,065,274Expenses:Commissions
      - Class A
                  
                  
                  2,689,716
                  
                  
                  
                  4,014,709
                  
                  
                  
                  5,125,785Commissions
      - Class B
                  
                  
                  14,769
                  
                  
                  
                  -
                  
                  
                  
                  -Management
      fees
                  
                  
                  1,192,210
                  
                  
                  
                  1,611,866
                  
                  
                  
                  1,796,178Incentive
      fees
                  
                  
                  54,149
                  
                  
                  
                  3,498,852
                  
                  
                  
                  -Ongoing
      offering expenses
                  
                  
                  248,000
                  
                  
                  
                  473,000
                  
                  
                  
                  351,000Operating
      expenses
                  
                  
                  1,312,679
                  
                  
                  
                  833,205
                  
                  
                  
                  728,777Total
      expenses
                  
                  
                  5,511,523
                  
                  
                  
                  10,431,632
                  
                  
                  
                  8,001,740Trading
      income (loss)
                  
                  
                  (10,232,505
                  )
                  
                  
                  27,889,047
                  
                  
                  
                  (12,427,004
                  )Non-Trading
      income (loss):Interest
      on Non-Trading reserve
                  
                  
                  6,830
                  
                  
                  
                  112,785
                  
                  
                  
                  228,307Collections
      in excess of impaired value
                  
                  
                  3,850,660
                  
                  
                  
                  2,516,217
                  
                  
                  
                  6,491,275Legal
      and administrative fees
                  
                  
                  (2,188,384
                  )
                  
                  
                  (476,416
                  )
                  
                  
                  (814,142
                  )Management
      fees paid to US Bank
                  
                  
                  (366,120
                  )
                  
                  
                  (345,769
                  )
                  
                  
                  (395,613
                  )Non-Trading
      income (loss)
                  
                  
                  1,302,986
                  
                  
                  
                  1,806,817
                  
                  
                  
                  5,509,827Net
      income (loss)
                  
                  $
                  (8,929,519
                  )
                  
                  $
                  29,695,864
                  
                  
                  $
                  (6,917,177
                  )





See
accompanying notes to consolidated financial statements.




9





RJO
GLOBAL TRUST AND SUBSIDIARY


Consolidated
Statement of Changes in Unitholders’ Capital


For
years ended December 31, 2009, 2008, and 2007





Unitholders'
      Capital (Trading)
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Beneficial
      Owners - Trading Class A
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Beneficial
      Owners - Trading Class B
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Managing
      Owners - Trading Class AUnits
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Dollars
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Units
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Dollars
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Units
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          DollarsBalances
      at December 31, 2006
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,283,572
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          120,482,074
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          20,218
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          1,897,788Net
      income (loss)
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (12,241,478
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (185,526
                                                                                                                                                                                                                                                                                                          )Unitholders'
      contributions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          23,183
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,758,626
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -Unitholders'
      redemptions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (474,881
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (39,549,143
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -Balances
      at December 31, 2007
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          831,874
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          70,450,079
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          20,218
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,712,262Net
      income (loss)
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          27,221,748
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          667,299Unitholders'
      contributions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          10,736
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,053,815
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,329
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          120,000Unitholders'
      redemptions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (183,863
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (20,080,379
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (9,868
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (1,105,206
                                                                                                                                                                                                                                                                                                          )Balances
      at December 31, 2008
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          658,747
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          78,645,263
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          11,679
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,394,355Net
      income
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (9,914,709
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (124,531
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (193,265
                                                                                                                                                                                                                                                                                                          )Unitholders’
      contributions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          15,140
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,627,869
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          413
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          45,000
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -Transfers
      from Class A to Class B
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (9,952
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (1,172,473
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          9,935
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,172,473
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -Unitholders’
      redemptions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (112,495
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (12,474,861
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (990
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (111,177
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -Balances
      at December 31, 2009
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          551,440
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          56,711,089
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          9,358
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          981,765
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          11,679
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          1,201,090Unitholders'
      Capital (Trading)
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Total
      Unitholders' Capital - TradingUnits
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          DollarsBalances
      at December 31, 2006
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,303,790
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          122,379,862Net
      income (loss)
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (12,427,004
                                                                                                                                                                                                                                                                                                          )Unitholders'
      contributions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          23,183
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,758,626Unitholders'
      redemptions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (474,881
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (39,549,143
                                                                                                                                                                                                                                                                                                          )Balances
      at December 31, 2007
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          852,092
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          72,162,341Net
      income (loss)
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          27,889,047Unitholders'
      contributions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          12,065
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,173,815Unitholders'
      redemptions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (193,731
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (21,185,585
                                                                                                                                                                                                                                                                                                          )Balances
      at December 31, 2008
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          670,426
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          80,039,618Net
      income
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (10,232,505
                                                                                                                                                                                                                                                                                                          )Unitholders’
      contributions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          15,553
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,672,869Transfers
      from Class A to Class B
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (17
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -Unitholders’
      redemptions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (113,485
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (12,586,038
                                                                                                                                                                                                                                                                                                          )Balances
      at December 31, 2009
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          572,477
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          58,893,944Unitholders'
      Capital (LLC Equity/Non-Trading)
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Participating
      Owners-
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Nonparticipating
      Owners-
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Total
      Unitholders' Capital-LLC
      Equity/Non-Trading
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          LLC
      Equity/Non-Trading
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          LLC
      Equity/Non-TradingUnits
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Dollars
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Units
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Dollars
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Units
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          DollarsBalances
      at December 31, 2006
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,255,537
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          4,303,344
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,017,751
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          3,488,335
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          2,273,288
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          7,791,679Net
      income
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          2,026,373
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          3,483,454
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          5,509,827Reallocation
      due to Redemptions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (456,813
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (1,496,004
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          456,813
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,496,004
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -Unitholders'
      distribution
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (1,758,626
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (2,787,947
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (4,546,573
                                                                                                                                                                                                                                                                                                          )Balances
      at December 31, 2007
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          798,724
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          3,075,087
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,474,564
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          5,679,846
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          2,273,288
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          8,754,933Net
      income
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          585,072
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,221,745
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,806,817Reallocation
      due to Redemptions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (187,616
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (652,999
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          187,616
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          652,999
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -Unitholders'
      distribution
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (1,053,815
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (2,241,680
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (3,295,495
                                                                                                                                                                                                                                                                                                          )Balances
      at December 31, 2008
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          611,108
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,953,345
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,662,180
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          5,312,910
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          2,273,288
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          7,266,255Net
      income
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          325,015
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          977,971
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,302,986Reallocation
      due to Redemptions
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (98,144
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (344,487
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          98,144
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          344,487
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -Unitholders'
      distribution
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          -Balances
      at December 31, 2009
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          512,964
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          1,933,873
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          1,760,324
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          6,635,368
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          2,273,288
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          8,569,241Total
      Unitholders Capital at December 31, 2009
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          67,463,185Unitholders'
      Capital
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Unitholders'
      Capital
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Unitholders'
      CapitalTrading
      Class A
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          Trading
      Class B
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (LLC
      Equity/Non-Trading)Net
      asset value per unit at December 31, 2008
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          119.39
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          119.39
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          3.20Net
      change per unit
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (16.55
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          (14.48
                                                                                                                                                                                                                                                                                                          )
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          0.57Net
      asset value per unit at December 31, 2009
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          102.84
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          104.91
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          $
                                                                                                                                                                                                                                                                                                          3.77





See
accompanying notes to consolidated financial statements.




10


Notes
to Consolidated Financial Statements –


December
31, 2009, 2008, 2007




(1)
            General
      Information and Summary




RJO
Global Trust (the “Trust”), a Delaware statutory trust organized on November 12,
1996, was formed to engage in the speculative trading of 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
independent trading advisors.  Since December 1, 2006, R.J. O’Brien
Fund Management, LLC (“RJOFM” or the “Managing Owner”) has been the Managing
Owner of the Trust.  R.J. O’Brien & Associates, LLC (“RJO”), an
affiliate of RJOFM, is the clearing broker and the broker for forward contracts
for the Trust.  R.J. O’Brien Securities, LLC (“Selling Agent”) is the
lead selling agent of the units.





The Trust
was originally established and operated as a single-advisor commodity
pool.  John W. Henry & Company, Inc. (“JWH”) served as the Trust’s
sole trading advisor until October 31, 2008.  As of November 1, 2008,
the Trust became a multi-advisor commodity pool where trading decisions for the
Trust were delegated to five independent commodity trading
advisors:  JWH, AIS Futures Management (“AIS”), Abraham Trading Corp.
(“ATC”), Global Advisors LP (“GALP”) and Peninsula LP (“PLP”) (each an “Advisor”
and collectively the “Advisors”), pursuant to advisory agreements executed
between the Trust and each Advisor (each an “Advisory Agreement” and
collectively the “Advisory Agreements”.)  Effective February 1, 2009,
NuWave Investment Management, LLC (“NW”) became the Trust’s sixth
Advisor.  As of March 31, 2009, PLP was terminated as an Advisor to
the Trust.  Effective June 1, 2009, the Trust entered into an Advisory
Agreement with Global Advisors (Jersey) Limited (“GAJL”) to replace its Advisory
Agreement with GALP, in connection with GALP’s initiative to migrate all of its
clients to its Jersey-based (UK) entity.  As of June 30, 2009, AIS was
terminated as an Advisor to the Trust and the Trust’s assets were reallocated
with equal weighting of 16.666% each to the remaining four Advisors along with
Conquest Capital Group (“CCG”) and Haar Capital Management (“HCM”) beginning
July 1, 2009.  As of December 31, 2009, the Advisors consisted of JWH,
NW, ATC, GAJL, CCG, and HCM.





Units of
beneficial ownership of the Trust commenced selling on April 3,
1997.  The Managing Owner filed its latest registration statement on
Form S-1 on behalf of the Trust with respect to the registration of 1,000,000
units of beneficial interest on September 19, 2007 (File No.
333-146177).  This registration statement became effective with the
Securities and Exchange Commission (the “SEC”) on December 4, 2007 and was
amended by Post-Effective Amendment No. 1 on Form S-1, filed with the SEC on
April 18, 2008, Post-Effective Amendment No. 2 on Form S-1, filed with the SEC
on October 6, 2008, Post-Effective Amendment No. 3 on Form S-1, filed with the
SEC on December 12, 2008, and Post-Effective Amendment No. 4 on Form S-1, filed
with the SEC on April 3, 2009 with a Supplement to Post-Effective Amendment No.
4 filed with the SEC July 1, 2009.





Prior to
December 12, 2008, the Trust only offered one class of units for
subscription.  As described in the Trust’s Post-Effective Amendment
No. 4 on Form S-1, the Trust now offers two classes of units.  Class A
units are subject to a selling commission.  Class B units are not
charged a selling commission, and will only be offered to certain qualified
investors participating in a program through certain financial
advisors.  Both Class A and Class B interests are traded pursuant to
identical trading programs and differ only in respect to selling
commissions.  See Note (8) for further detail regarding
commissions.





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 net asset value
to less than $2,500,000; (8) a decline in the net asset value 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.





Prior to
December 1, 2006, the managing owner of the Trust was Refco Commodity
Management, Inc. (“RCMI”).  An affiliate of RCMI, Refco Capital
Markets, Ltd. (“RCM”) had held certain assets of the Trust, acting as the
Trust’s broker of forward contracts during 2005.  During that year,
RCM experienced financial difficulties resulting in RCM’s inability to liquidate
the assets.  RCM filed for bankruptcy protection in October,
2005.  As a result, the Trust held a bankruptcy claim against
RCM.


11





Effective
January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a Delaware limited
liability company, was established to pursue the claims against
RCM.  Any assets or liabilities held by the LLC are designated as
“Non-Trading”. Any revenue earned or expenses incurred by the LLC are also
designated as “Non-Trading”.  The Trust is the sole member of the LLC
and holds that membership for the benefit of the unitholders who were investors
in the Trust at the time of the bankruptcy of RCM.  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 follows:





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




(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
      (“Participating Owners”).





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





The LLC
compensates US Bank, as manager, the following:  (1) an annual fee of
$25,000, (2) a distribution fee of $25,000 per distribution, (3) out-of-pocket
expenses, and (4) an hourly fee for all personnel at the then expected hourly
rate ($350 per hour at execution of agreement)





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





(2)
            Summary
      of Significant Accounting Policies


The
accounting and reporting policies of the Trust confirm 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 consolidated financial statements of the Trust have been prepared
in accordance with accounting principles generally accepted in the United States
of America.




(b)
            Principles
      of Consolidation




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




(c)
            Revenue
      Recognition





Commodity
futures contracts, forward contracts, physical commodities, and related options
are recorded on the trade date.  All such transactions are recorded on
the identified cost basis and marked to market daily.  Unrealized
gains on open contracts reflected in the statements of financial condition
represent the difference between original contract amount and market 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 year or as of the last date of the consolidated financial
statements.





The Trust
earns interest on 100% of the Trust’s average daily balances on deposit with RJO
during each month at 80% 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.  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. See Note (11) for Subsequent
events.





(d)
            Ongoing
      Offering Costs





Ongoing
offering costs subject to a ceiling of 0.50% of the Trust’s average month-end
net assets, are paid by the Trust and expensed as incurred. $248,000 in ongoing
offering costs were paid and accrued during 2009.




12




(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 RCM at December 31,
2005, based on management’s estimate of fair value at that
time.  Subsequent recoveries from RCM were credited against the then
book value of the claim.  On June 28, 2007, the Trust’s cumulative
recoveries from RCM exceeded the book value of the impaired assets held at RCM,
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 RCM have not
been reflected as such future expenses are not capable of being estimated. See
Note (6) for further details.




(h)
            Recent
      Pronouncements




In June
2009, the Financial Accounting Standards Board (“FASB”) issuedThe FASB Accounting Standards
Codification and the Hierarchy of Generally Accepted Accounting
Principles (FASB ASC 105-10).  The FASB Accounting Standards
Codification (“FASB ASC” or the Codification) became the source of authoritative
U.S. GAAP recognized by the FASB to be applied by nongovernmental entities and
supersedes all non-SEC accounting and reporting standards.  This
statement was effective for financial statements ending after September 15, 2009
only. The adoption of this pronouncement resulted in changes to the Trust’s
financial disclosure references.  In order to facilitate the
transition to the FASB ASC, the Trust has elected to show all references to FASB
ASC within this report on Form 10-K along with a parenthetical reference to the
previous accounting standard.





In
May 2009, the FASB issued Statement of Accounting Standards ("SFAS")
No. 165, Subsequent
Events, which was included in the Codification under FASB ASC 855, and
establishes general standards of accounting for and disclosure of events
occurring after the balance sheet date, but before the financial statements are
issued or available to be issued. In February 2010, ASC 855 was amended,
removing certain disclosure requirements for public companies that conflicted
with certain SEC disclosure requirements. The adoption of this component and its
amendment did not have a material impact on the Trust’s consolidated financial
statements.





In April
2009, the FASB issued FASB Staff Position (“FSP”)  Interim Disclosures about Fair Value
of Financial Instruments, included in the Codification under FASB ASC
825-10-65-1.  Components of this standard require fair value
disclosures in both interim as well as annual financial statements in order to
provide more timely information about the effects of current market conditions
on financial statements. This standard  is effective for interim and
annual periods ending after June 15, 2009. The adoption of this standard did not
have a material impact 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 Advisors.





Pursuant
to the Trust’s agreements with the Advisors, each Advisor receives a monthly
management fee at the rate of up to 0.167% (a 2% 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 were not paid on the LLC net assets.


13




The Trust
also pays the Advisors a quarterly incentive fee equal to 20% of the “New
Trading Profit”, if any, of the Trust.  The incentive fee is based on
the performance of each 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




No
provision for federal income taxes has been made in the accompanying financial
statements as each beneficial owner is responsible for reporting income (loss)
based on the pro rata share of the profits or losses of the
Trust.  The LLC is also treated as a partnership. Generally, for both
federal and state tax purposes, trusts, such as the RJO Global Trust, are
treated as partnerships.  The only significant differences in
financial and income tax reporting basis are ongoing offering
costs.




(5)
            Trading
      Activities and Related Risks




The Trust
engages in the speculative trading of U.S. and foreign futures contracts, and
forward contracts (collectively derivatives) through the
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 contracts, 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 margin deposits with a futures commission
merchant (“FCM”).  Additional deposits may be necessary for any loss
on contract value.  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 pro rata share of segregated funds available.  It is
possible that the recovered amount could be less than the total of cash and
other property deposited.




From time
to time, 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.




Net
trading results from derivatives for the years ended December 31, 2009, 2008,
and 2007, are reflected in the consolidated statements of operations and equal
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 and forward contracts.




The
notional amounts of open contracts at December 31, 2009 and 2008, as disclosed
in the respective consolidated schedules of investments, do not represent the
Trust’s risk of loss due to market and credit risk, but rather represent the
Trust’s extent of involvement in derivatives at the date of the consolidated
statement of financial condition.




The
beneficial owners bear the risk of loss only to the extent of the market value
of their respective investments.




(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 RCM plus $1,000,000 in cash, were transferred to
a Non-Trading account, as explained in Note 2(d).  On December 31,
2005 the $56,544,206 of assets held at RCM 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 RCM and
distributions to redeemed and continuing unitholders.


14





Recoveries
      from RCM Distributions paid by US Bank from the LLC, and effect on
      impaired value of assets held at RCMAmounts
                      Received
      from
                    
                    
                    Balance
      of
                    
                    
                    Collections
      in
                      Excess
      of
                    
                    
                    Cash
      Distributions to
                      Non-Participating
                    
                    
                    Additional
      Units in Trust for
                      Participating
      OwnersDate
                    
                    RCM
                    
                    
                    Impaired
      Value
                    
                    
                    Impaired
      Value
                    
                    
                    Owners
                    
                    
                    Units
                    
                    
                    Dollars12/29/06
                    
                    $
                    10,319,318
                    
                    
                    $
                    6,643,944
                    
                    
                    $
                    -
                    
                    
                    $
                    4,180,958
                    
                    
                    
                    54,914
                    
                    
                    $
                    5,154,71104/20/07
                    
                    
                    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
                    
                    
                    
                    1,758,62609/19/07
                    
                    
                    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
                    
                    
                    
                    1,053,81506/26/08
                    
                    
                    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
                    
                    
                    
                    -
                    
                    
                    
                    -
                    
                    
                    
                    -Totals
                    
                    $
                    29,821,413
                    
                    
                    $
                    -
                    
                    
                    $
                    12,858,151
                    
                    
                    $
                    9,210,585
                    
                    
                    
                    88,833
                    
                    
                    $
                    7,967,152





(7)
            Fair
      Value Measurements




In
accordance with the Fair Value
Measurements topic of the 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
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 and
options on forward currency contracts 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 2009 and 2008, 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).




15





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 December 31, 2009
and 2008, respectively:




December 31, 2009Level 1
                  
                  
                  Level 2
                  
                  
                  Level 3
                  
                  
                  TotalUnrealized
      gain on open contracts:Futures
      positions
                  
                  $
                  767,569
                  
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  767,569Forwards
      currency positions
                  
                  
                  -
                  
                  
                  
                  (563
                  )
                  
                  
                  -
                  
                  
                  
                  (563
                  )Total
      fair value
                  
                  $
                  767,569
                  
                  
                  $
                  (563
                  )
                  
                  $
                  -
                  
                  
                  $
                  767,006





December 31, 2008Level 1
                    
                    
                    Level 2
                    
                    
                    Level 3
                    
                    
                    TotalUnrealized
      gain on open contracts:Futures
      positions
                    
                    $
                    1,106,702
                    
                    
                    $
                    -
                    
                    
                    $
                    -
                    
                    
                    $
                    1,106,702Forwards
      currency positions
                    
                    
                    -
                    
                    
                    
                    -
                    
                    
                    
                    -
                    
                    
                    
                    -Total
      fair value
                    
                    $
                    1,106,702
                    
                    
                    $
                    -
                    
                    
                    $
                    -
                    
                    
                    $
                    1,106,702





(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 of the Trust based on
the Net Asset Value per unit on such date on five business days’ written notice
to the Bank of New York Mellon or the Managing Owner.  Payment will
generally be made within ten business days of the effective date of the
redemption.  Any redemption made during the first eleven months of
investment is subject to a 1.5% redemption penalty, payable to the Managing
Owner.  Any redemption made in the twelfth month of investment or
later will not be subject to any redemption penalty.  The Trust’s
Eighth Amended and Restated Declaration and Agreement of Trust contains a full
description of redemption and distribution policies.




Subscriptions




An
investor may purchase units in the Trust effective the first business day of any
month based on the Net Asset Value per unit on the last business day of the
previous month.  A correctly completed and signed subscription form
with the corresponding funds must be received by Bank of New York Mellon
(“Escrow Agent”) no later than 5 business days before each month
end.  If the forms are completed accurately, the investor’s
subscription is accepted and the units purchased become invested on the first
business day of the following month.  If the subscription form is
incomplete, the subscription is rejected and funds are returned to the investor
from the Escrow Agent.  Likewise if a subscription form is received
without the funds by the 5th business day before the end of the month, the
subscription request is rejected.  If funds are received without a
subscription form, the funds are returned to the investor.  If a
subscription is accepted, 100% of the investment amount is invested as of the
effective date.  The Trust’s Eighth Amended and Restated Declaration
and Agreement of Trust and Prospectus contain a full description of subscription
policies.  An investment in the Trust does not include a beneficial
interest nor 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 did not pay commodity brokerage commissions on a per-trade basis until
November 1, 2008.


16





Effective
November 1, 2008, the Trust’s brokerage fee constitutes a “wrap fee” of 4.65% to
5.0% of the Trust’s month-end assets on an annual basis (0.3875% to 0.417%
monthly) with respect to Class A units and 2.65% to 3.0% of the Trust’s
month-end assets on an annual basis (0.221% to 0.25% monthly) with respect to
Class B units, which covers the fees described below.  “Brokerage fee”
includes the following across each class of units:





Recipient
                      
                      Nature of Payment
                      
                      Class A Units
                      
                      Class B UnitsManaging
      Owner
                      
                      Brokerage
      fee
                      
                      0.75%
                      
                      0.75%Selling
      Agent
                      
                      Selling
      commission
                      
                      2.00%
                      
                      0.00%Managing
      Owner
                      
                      Underwriting
      expenses
                      
                      0.35%
                      
                      0.35%Managing
      Owner
                      
                      Clearing,
      NFA, and
                      
                      Estimated
      1.22% - 1.42%,
                      
                      Estimated
      1.22% - 1.42%,exchange
      fees
                      
                      capped
      at 1.57%
                      
                      capped
      at 1.57%Liberty
      Funds Group
                      
                      Consulting
      fees
                      
                      0.33%
                      
                      0.33%Totals
                      
                      
                      
                      4.65% to 5.00%
                      
                      2.65% to
3.00%




In
accordance with the Financial Industry Regulatory Authority ("FINRA")
regulations, underwriting expenses, including selling commissions, are limited
to 10% of either the existing net asset values for all units of record as of
November 1, 2008, or 10% of original subscription price for any new
subscriptions thereafter.  Once the maximum amount of underwriting
compensation has been met, the Trust will issue an additional class of units
which will be charged no selling commissions nor underwriting
expenses.





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





(9)
            Financial
      Highlights




The
following financial highlights show the Trust’s financial performance of the
Trading units for the periods ended December 31, 2009, 2008 and
2007.  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
November 1, 2008 all Trading units were exchanged for Class A units. Financial
highlights were not affected by the exchange. Class B units were issued
commencing January 1, 2009.




Class
      A
                  
                  
                  Class
      B2009
                  
                  
                  2008
                  
                  
                  2007
                  
                  
                  2009Per
      share operating performance:Net
      asset value of Trading units, beginning of period
                  
                  $
                  119.39
                  
                  
                  $
                  84.69
                  
                  
                  $
                  93.86
                  
                  
                  $
                  119.39Total
      Trading income (loss):Trading
      gain (loss)
                  
                  
                  (7.58
                  )
                  
                  
                  47.06
                  
                  
                  
                  (4.49
                  )
                  
                  
                  (7.74
                  )Investment
      income
                  
                  
                  0.08
                  
                  
                  
                  1.20
                  
                  
                  
                  2.91
                  
                  
                  
                  0.08Expenses
                  
                  
                  (9.05
                  )
                  
                  
                  (13.56
                  )
                  
                  
                  (7.59
                  )
                  
                  
                  (6.82
                  )Trading
      income (loss)
                  
                  
                  (16.55
                  )
                  
                  
                  34.70
                  
                  
                  
                  (9.17
                  )
                  
                  
                  (14.48
                  )Net
      asset value of Trading units, end of period
                  
                  $
                  102.84
                  
                  
                  $
                  119.39
                  
                  
                  $
                  84.69
                  
                  
                  $
                  104.91Total
      return:Total
      return before incentive fees
                  
                  
                  (13.86
                  )%
                  
                  
                  44.96
                  %
                  
                  
                  -9.77
                  %
                  
                  
                  (12.13
                  )%Less
      incentive fee allocations
                  
                  
                  (0.08
                  )%
                  
                  
                  -3.98
                  %
                  
                  
                  0.00
                  %
                  
                  
                  (0.08
                  )%Total
      return
                  
                  
                  (13.94
                  )%
                  
                  
                  40.97
                  %
                  
                  
                  -9.77
                  %
                  
                  
                  (12.21
                  )%Ratios
      to average net assets:Trading
      income (loss)
                  
                  
                  (15.12
                  )%
                  
                  
                  35.19
                  %
                  
                  
                  -14.00
                  %
                  
                  
                  (13.35
                  )%Expenses:Expenses,
      less incentive fees
                  
                  
                  (8.16
                  )%
                  
                  
                  8.75
                  %
                  
                  
                  9.02
                  %
                  
                  
                  (6.21
                  )%Incentive
      fees
                  
                  
                  (0.08
                  )%
                  
                  
                  4.41
                  %
                  
                  
                  0.00
                  %
                  
                  
                  (0.08
                  )%Total
      expenses
                  
                  
                  (8.24
                  )%
                  
                  
                  13.16
                  %
                  
                  
                  9.02
                  %
                  
                  
                  (6.29
                  )%




17





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 December 31, 2009, 2008, and
2007. The amounts are not annualized.




(10)
            Derivative
      Instruments and Hedging Activities.





In March
2008, the FASB issued SFAS  No. 161, Disclosures about Derivative
Instruments and Hedging Activities, included in the Codification under
FASB ASC 815-10-50.  SFAS No. 161 enhances disclosures for derivative
instruments and hedging activities, including: (i) the manner in which a company
uses derivative instruments; (ii) the manner in which derivative instruments and
related hedged items are accounted for under SFAS No. 133, Accounting for Derivative
Instruments and Hedging
Activities, and (iii) the effect of derivative instruments and related
hedged items on a company’s financial position.  SFAS No. 161 is
effective for fiscal years beginning after November 15, 2008. The Trust adopted
SFAS No. 161 as of January 1, 2009. As SFAS No. 161 relates specifically to
disclosures, the adoption of this standard had no impact on the Trust’s
consolidated financial condition, results of operations or cash
flows.





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





Derivatives
not designated as hedging instruments




As
of December 31, 2009
 Asset
                      
                      
                      LiabilityType
      of
                      
                      Derivatives
                      
                      
                      Derivatives
                      
                      
                      NetFutures Contracts
                      
                      Fair Value
                      
                      
                      Fair Value
                      
                      
                      Fair ValueAgriculture
                      
                      $
                      590,975
                      
                      
                      
                      (61,613
                      )
                      
                      $
                      529,362Currency
                      
                      
                      284,224
                      
                      
                      
                      (205,085
                      )
                      
                      
                      79,139Energy
                      
                      
                      43,234
                      
                      
                      
                      (90,529
                      )
                      
                      
                      (47,295
                      )Indices
                      
                      
                      126,513
                      
                      
                      
                      (9,295
                      )
                      
                      
                      117,218Interest
      Rates
                      
                      
                      115,112
                      
                      
                      
                      (180,375
                      )
                      
                      
                      (65,263
                      )Metals
                      
                      
                      808,408
                      
                      
                      
                      (654,563
                      )
                      
                      
                      153,845$
                      1,968,466
                      
                      
                      $
                      (1,201,460
                      )
                      
                      $
                      767,006
 
 As
of December 31, 2008
 Asset
                          
                          
                          LiabilityType
      of
                          
                          Derivatives
                          
                          
                          Derivatives
                          
                          
                          NetFutures
      Contracts
                          
                          Fair
      Value
                          
                          
                          Fair
      Value
                          
                          
                          Fair
      ValueAgriculture
                          
                          $
                          453,592
                          
                          
                          $
                          (218,820
                          )
                          
                          $
                          234,772Energy
                          
                          
                          31,924
                          
                          
                          
                          (56,000
                          )
                          
                          
                          (24,076
                          )Indices
                          
                          
                          99,173
                          
                          
                          
                          (115,106
                          )
                          
                          
                          (15,933
                          )Interest
      Rates
                          
                          
                          748,271
                          
                          
                          
                          (61,938
                          )
                          
                          
                          686,333Metals
                          
                          
                          387,665
                          
                          
                          
                          (162,039
                          )
                          
                          
                          225,626$
                          1,720,625
                          
                          
                          $
                          (613,903
                          )
                          
                          $
                          1,106,722





The above
reported fair values are included in equity in commodity Trading accounts –
Unrealized gain on open contracts on the consolidated statements of financial
condition as of December 31, 2008 and, 200, respectively.




18





Trading
gain (loss) for the following periods:





as
      of
                    
                    
                    as
      ofType
      of Futures Contracts
                    
                    December 31, 2009
                    
                    
                    December 31, 2008Agriculture
                    
                    
                    (1,399,288
                    )
                    
                    
                    5,475,152Currency
                    
                    
                    (765,584
                    )
                    
                    
                    12,951,694Energy
                    
                    
                    (983,149
                    )
                    
                    
                    9,352,392Indices
                    
                    
                    (680,897
                    )
                    
                    
                    7,216,954Interest
      Rates
                    
                    
                    (2,303,699
                    )
                    
                    
                    (2,647,420
                    )Metals
                    
                    
                    1,362,579
                    
                    
                    
                    5,045,609$
                    (4,770,038
                    )
                    
                    $
                    37,394,381





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.





(11)
            Subsequent
      events




As of
March 1, 2010 Bank of New York Mellon, no longer served as administrator and
Transfer Agent. ACS, Inc. became administrator and Transfer Agent to the Trust
on March 1, 2010.




As
of  April 1, 2010, the Trust will earn 100% of the four-week treasury
bill on 100% of deposits denominated in U.S. dollars.




Acknowledgment




To the
best of my knowledge and belief, the information contained herein is accurate
and complete.




/s/
      Thomas
      J AndersonThomas
      J AndersonChief
      Financial OfficerR.J.
      O’Brien Fund Management, LLC.,The
      Managing Owner and Commodity Pool Operator ofRJO
      Global TrustMarch
      31, 2010




19