----

----

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

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

----

|  PART I.  FINANCIAL INFORMATION |          |                                                                                                          |
|-------------------------------------------|---------------|---------------------------------------------------------------------------------------------------------------|
|                                      |          |                                                                                                          |   |   |
|                                      | Item 1.       |  Financial Statements                                                                                    |  3 |   |
|                                      |          |                                                                                                          |   |   |
|                                      |          | Consolidated Statements of Financial Condition, as of June 30, 2009 (unaudited) and December 31, 2008         | 3 |   |
|                                      |          |                                                                                                          |   |   |
|                                      |          | Condensed Consolidated Schedule of Investments, as of June 30, 2009 (unaudited)                               |  4 |   |
|                                      |          |                                                                                                          |   |   |
|                                      |          | Condensed Consolidated Schedule of Investments, as of December 31, 2008                                       |  5 |   |
|                                      |          |                                                                                                          |   |   |
|                                      |          | Consoliodated Statements of Operations, for the three and six months ended June 30, 2009 and 2008 (unaudited) |  6 |   |
|                                      |          |                                                                                                          |   |   |
|                                      |          | Consolidated Statement of Changes in Unitholders' Capital for the six months ended June 30, 2009 (unaudited)  |  7 |   |
|                                      |          |                                                                                                          |   |   |
|                                      |          | Notes to Consolidated Financial Statements                                                                    |  8 |   |
|                                      |          |                                                                                                          |   |   |
|                                      | Item 2.       | Management's Discussion and Analysis of Financial Condition and Results of Operations                         |  16 |   |
|                                      |          |                                                                                                          |   |   |
|                                      | Item 3.       | Quantitative and Qualitative Disclosures about Market Risk                                                    | 22 |   |
|                                      |          |                                                                                                          |   |   |
|                                      | Item 4T.      | Controls and Procedures                                                                                       |  23 |   |
|                                      |          |                                                                                                          |   |   |
| PART II. OTHER INFORMATION                |  24      |                                                                                                          |
|                                      |          |                                                                                                          |   |   |
|                                      | Item 1.       | Legal Proceedings                                                                                             |  24 |   |
|                                      |          |                                                                                                          |   |   |
|                                      | Item 1.A.     | Risk Factors                                                                                                  |  24 |   |
|                                      |          |                                                                                                          |   |   |
|                                      | Item 2.       | Unregistered Sales of Equity Securities and Use of Proceeds                                                   |  24 |   |
|                                      |          |                                                                                                          |   |   |
|                                      |  Item 6. | Exhibits                                                                                                      |  25 |   |
|                                      |          |                                                                                                          |   |   |
| SIGNATURES                                |  26      |                                                                                                          |

----

| RJO GLOBAL TRUST AND SUBSIDIARY                              |
|--------------------------------------------------------------|
| Consolidated Statements of Financial Condition               |
|                                                         |   |   |   |   |   |   |   |   |
|                                                         |   |   |   |   | June 30, |   |   | December 31, |
|                                                         |   |   |   |   | 2009 |   |   | 2008 |
|                                                         |   |   |   |   | UNAUDITED |   |   |   |
| Assets                                                       |   |   |   |   |   |
| Assets:                                                      |   |   |   |   |   |   |
|                                                         | Equity in commodity Trading accounts: |   |   |   |   |   |
|                                                         |   | Cash on deposit with brokers | $  |  67,986,278 |   | $  |  83,527,981 |
|                                                         |   | Unrealized gain on open contracts |   |                            37,468 |   |   |                  1,106,722 |
|                                                         | Cash on deposit with bank |   |                            23,628 |   |   |                       28,562 |
|                                                         | Cash on deposit with bank - Non-Trading |   |                       9,378,938 |   |   |                  7,334,582 |
|                                                         |   |   |   |   |                     77,426,312 |   |   |                91,997,847 |
|                                                         |   |   |   |   |   |   |   |   |
|                                                         | Interest receivable |   |                              5,290 |   |   |                         9,415 |
| Total Assets                                                 |   | $  | 77,431,602 |   | $  | 92,007,262 |
|                                                         |   |   |   |   |   |   |   |   |
| Liabilities and Unitholders' Capital                         |   |   |   |   |   |
| Liabilities:                                                 |   |   |   |   |   |   |
|                                                         | Accrued commissions | $  | 200,420 |   | $  | 242,450 |
|                                                         | Accrued management fees |   |                            98,285 |   |   |                     119,365 |
|                                                         | Accrued incentive fees |   |                                 128 |   |   |                  1,134,235 |
|                                                         | Accrued offering expenses |   |                            71,703 |   |   |                         1,108 |
|                                                         | Accrued operating expenses |   |                            75,308 |   |   |                     315,568 |
|                                                         | Redemptions payable - Trading |   |                          869,113 |   |   |                  2,815,236 |
|                                                         | Accrued legal fees - Non-Trading |   |                          267,280 |   |   |                         6,149 |
|                                                         | Accrued management fees to U.S. Bank - Non-Trading |   |                            30,615 |   |   |                       27,477 |
|                                                         | Distribution payable - Non-Trading |   |                                      - |   |   |                       39,801 |
| Total liabilities                                            |   |   |                       1,612,852 |   |   |                  4,701,389 |
|                                                         |   |   |   |   |   |   |   |   |
| Unitholders' capital:                                        |   |   |   |   |   |
|                                                         | Unitholders’ capital (Trading): |   |   |   |   |   |
|                                                         |   | Beneficial owners |   |   |   |   |   |
|                                                         |   |       Class A (585,471 and 658,747 units outstanding at |   |   |   |   |   |
|                                                         |   |   | June 30, 2009 and December 31, 2008, respectively) |   |                     64,560,873 |   |   |                78,645,263 |
|                                                         |   |       Class B (7,973 and 0 units outstanding at |   |   |   |   |   |
|                                                         |   |   | June 30, 2009 and December 31, 2008, respectively) |   |                          888,019 |   |   |                                 - |
|                                                         |   | Managing owner (11,679 and 11,679 Class A units outstanding at |   |   |   |   |   |
|                                                         |   |   | June 30, 2009 and December 31, 2008, respectively) |   |                       1,287,843 |   |   |                  1,394,355 |
|                                                         |   |   |   |   |   |   |   |   |
|                                                         | Unitholders' capital (LLC equity/Non-Trading): |   |   |   |   |   |
|                                                         |   | Participating owners (555,727 and 611,108 units outstanding at |   |   |   |   |   |
|                                                         |   |   | June 30, 2009 and December 31, 2008, respectively) |   |                       2,220,185 |   |   |                  1,953,345 |
|                                                         |   | Nonparticipating owners (1,717,561 and 1,662,180 units outstanding at |   |   |   |   |   |
|                                                         |   |   | June 30, 2009 and December 31, 2008, respectively) |   |                       6,861,830 |   |   |                  5,312,910 |
|                                                         |   |   |   |   |   |   |   |   |
|                                                         | Total unitholders' capital |   |                     75,818,750 |   |   |                87,305,873 |
|                                                         |   |   |   |   |   |   |   |   |
|                                                         |   |   |   |   |   |   |   |   |
| Total Liabilities and Unitholders’ Capital             | $  | 77,431,602 |   | $  |  92,007,262 |
|                                                         |   |   |   |   |   |   |   |   |
| Net asset value per unit:                                    |   |   |   |   |   |
|                                                         | Trading: |   |   |   |   |   |   |
|                                                         |   | Class A |   | $  | 110.27 |   | $  |  119.39 |
|                                                         |   | Class B |   | $  | 111.38 |   | $  |   - |
|                                                         | LLC equity/Non-Trading | $  |  4.00 |   | $  |  3.20 |
|                                                         |   |   |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements. |   |   |   |   |   |

----

| RJO GLOBAL TRUST AND SUBSIDIARY                              |
|--------------------------------------------------------------|
| Condensed Consolidated Schedule of Investments               |
| as of June 30, 2009                                          |
| UNAUDITED                                                    |
|                                                         |   |   |   |   |   |   |   |   |
|                                                         |   | Number of |   |   | Principal |   |   |  Value/open |
|                                                         |   | contracts |   |   | (notional) |   |   |  trade equity |
| Long positions (0.39%)                                       |   |   |   |   |   |   |   |   |
| Futures Positions (0.39%)                                    |   |   |   |   |   |   |   |   |
| Agriculture                                                  |   | 163 |   | $  | 4,779,147 |   | $  |  16,110 |
| Currency                                                     |   | 56 |   |   |                       5,720,448 |   |   |                             (3,749) |
| Energy                                                       |   | 30 |   |   |                       2,122,173 |   |   |                           (45,370) |
| Indices                                                      |   | 89 |   |   |                       4,919,976 |   |   |                            23,266 |
| Interest rates                                               |   | 283 |   |   |                     86,047,828 |   |   |                          136,152 |
| Metals                                                       |   | 148 |   |   |                       8,683,868 |   |   |                          169,405 |
|                                                         |   |   |   |   |   |   |   |   |
|      Total long positions           |   |   |   |  $ | 112,273,440 |   |  $ | 295,814 |
|                                                         |   |   |   |   |   |   |   |   |
| Short positions (-0.34%)                                     |   |   |   |   |   |   |   |   |
| Future positions (-0.34%)                                    |   |   |   |   |   |   |   |   |
| Agriculture                                                  |   | 372 |   | $  |  8,386,712 |   |   | 85,744 |
| Currency                                                     |   | 26 |   |   |                       3,122,578 |   |   |                           (41,192) |
| Energy                                                       |   | 41 |   |   |                       1,703,448 |   |   |                            55,272 |
| Indices                                                      |   | 7 |   |   |                          370,710 |   |   |                              3,705 |
| Interest rates                                               |   | 131 |   |   |                     57,247,740 |   |   |                           (75,813) |
| Metals                                                       |   | 108 |   |   |                       5,737,724 |   |   |                         (286,062) |
|                                                         |   |   |   |   |   |   |   |   |
|      Total short positions          |   |   |   | $  |  76,568,912 |   | $  |  (258,346) |
|                                                         |   |   |   |   |   |   |   |   |
| Total unrealized gain on open contracts (0.05%)              |   |   |   |   |   |   | $  | 37,468 |
| Cash on deposit with brokers (89.67%)                        |   |   |   |   |   |   |   |                     67,986,278 |
| Cash on deposit with bank (12.40%)                           |   |   |   |   |   |   |   |                       9,402,566 |
| Other liabilites in excess of assets (-2.12%)                |   |   |   |   |   |   |   |                      (1,607,562) |
| Net assets (100.00%)                                         |   |   |   |   |   |   | $  |  75,818,750 |
|                                                         |   |   |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements. |   |   |   |   |   |   |   |   |

----

| RJO GLOBAL TRUST AND SUBSIDIARY                              |
|--------------------------------------------------------------|
| Condensed Consolidated Schedule of Investments               |
| as of December 31, 2008                                      |
|                                                         |   |   |   |   |   |   |   |   |
|                                                         |   |   |   |   |   |   |   |   |
|                                                         |   | Number of |   |   | Principal |   |   |  Value/open |
|                                                         |   | contracts |   |   | (notional) |   |   |  trade equity |
| Long positions (1.23%)                                       |   |   |   |   |   |   |   |   |
| Futures Positions (1.23%)                                    |   |   |   |   |   |   |   |   |
| Agriculture                                                  |   | 143 |   | $  |  3,700,746 |   | $  | 262,644 |
| Currency                                                     |   | 166 |   |   |                     29,196,605 |   |   |                          312,953 |
| Energy                                                       |   | 47 |   |   |                       2,276,791 |   |   |                           (15,025) |
| Indices                                                      |   | 2 |   |   |                            96,575 |   |   |                           (96,575) |
| Interest rates                                               |   | 165 |   |   |                     64,017,826 |   |   |                          414,481 |
| Metals                                                       |   | 62 |   |   |                       3,413,855 |   |   |                          190,371 |
|                                                         |   |   |   |   |   |   |   |   |
|      Total long positions           |   |   |   | $  | 102,702,398 |   | $  | 1,068,849 |
|                                                         |   |   |   |   |   |   |   |   |
| Short 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 |   |   |                            80,642 |
| Interest rates                                               |   | 5 |   |   |                       2,443,007 |   |   |                           (10,528) |
| Metals                                                       |   | 63 |   |   |                       2,762,199 |   |   |                            35,255 |
|                                                         |   |   |   |   |   |   |   |   |
|      Total short positions          |   |   |   | $  | 16,032,603 |   | $  | 37,873 |
|                                                         |   |   |   |   |   |   |   |   |
| Total unrealized gain on open contracts (1.27%)              |   |   |   |   |   |   | $  |  1,106,722 |
| Cash on deposit with brokers (95.67%)                        |   |   |   |   |   |   |   |                     83,527,981 |
| Cash on deposit with bank (8.43%)                            |   |   |   |   |   |   |   |                       7,363,144 |
| Other liabilites in excess of assets (-5.37%)                |   |   |   |   |   |   |   |                      (4,691,974) |
| Net assets (100.00%)                                         |   |   |   |   |   |   | $  |  87,305,873 |
|                                                         |   |   |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements. |   |   |   |   |   |   |   |   |

----

|                                                         |   | For the three months ended June 30, |       |   | For the six months ended June 30, |   |
|--------------------------------------------------------------|--------|-------------------------------------|------------|--------|-----------------------------------|--------|
|                                                         |   | 2009                                |       |   | 2008                              |   |   | 2009 |   |   | 2008 |   |
| Trading gain (loss):                                         |   |                                |       |   |                              |   |   |   |   |   |   |   |
| Gain (loss) on trading of commodity contracts:               |   |                                |       |   |                              |   |   |   |   |   |   |   |
| Realized gain (loss) on closed positions                     |   | $                                   | (537,163   | )      |                              | $      | (221,258 | ) |   | $ | (1,911,938 | ) |   | $ | 20,550,245 |   |
| Change in unrealized gain (loss) on open positions           |   |                                | (258,663   | )      |                              |   | 1,232,669 |   |   |   | (1,069,254 | ) |   |   | 1,253,609 |   |
| Foreign currency transaction gain (loss)                     |   |                                | 20,271     |   |                              |   | (76,030 | ) |   |   | 46,264 |   |   |   | (1,566 | ) |
| Total Trading gain (loss)                                    |   |                                | (775,555   | )      |                              |   | 935,381 |   |   |   | (2,934,928 | ) |   |   | 21,802,288 |   |
|                                                         |   |                                |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Investment Income:                                           |   |                                |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                              |   |                                | 10,177     |   |                              |   | 312,215 |   |   |   | 29,289 |   |   |   | 636,854 |   |
|                                                         |   |                                |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                    |   |                                |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Commissions - Class A                                        |   |                                | 661,930    |   |                              |   | 1,026,322 |   |   |   | 1,394,105 |   |   |   | 2,097,954 |   |
| Commissions - Class B                                        |   |                                | 3,332      |   |                              |   | - |   |   |   | 8,146 |   |   |   | - |   |
| Management fees                                              |   |                                | 316,216    |   |                              |   | 410,614 |   |   |   | 649,723 |   |   |   | 839,290 |   |
| Incentive fees                                               |   |                                | (4,827     | )      |                              |   | - |   |   |   | 8,337 |   |   |   | - |   |
| Ongoing offering expenses                                    |   |                                | 70,000     |   |                              |   | 104,000 |   |   |   | 173,000 |   |   |   | 207,000 |   |
| Operating expenses                                           |   |                                | 250,000    |   |                              |   | 119,999 |   |   |   | 715,678 |   |   |   | 241,206 |   |
| Total expenses                                               |   |                                | 1,296,651  |   |                              |   | 1,660,935 |   |   |   | 2,948,989 |   |   |   | 3,385,450 |   |
|                                                         |   |                                |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Trading income (loss)                                        |   |                                | (2,062,029 | )      |                              |   | (413,339 | ) |   |   | (5,854,628 | ) |   |   | 19,053,692 |   |
|                                                         |   |                                |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Non-Trading income (loss):                                   |   |                                |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Interest on Non-Trading reserve                              |   |                                | 125        |   |                              |   | 24,457 |   |   |   | 3,175 |   |   |   | 76,798 |   |
| Collections in excess of impaired value                      |   |                                | 2,748,048  |   |                              |   | 701,148 |   |   |   | 2,748,048 |   |   |   | 1,747,216 |   |
| Legal and administrative fees                                |   |                                | (347,878   | )      |                              |   | (138,643 | ) |   |   | (733,876 | ) |   |   | (245,408 | ) |
| Management fees paid to US Bank                              |   |                                | (95,034    | )      |                              |   | (136,285 | ) |   |   | (201,587 | ) |   |   | (193,456 | ) |
| Non-Trading income (loss)                                    |   |                                | 2,305,261  |   |                              |   | 450,677 |   |   |   | 1,815,760 |   |   |   | 1,385,150 |   |
|                                                         |   |                                |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                            |   | $                                   | 243,232    |   |                              | $      | 37,338 |   |   | $ | (4,038,868 | ) |   | $ | 20,438,842 |   |
|                                                         |   |                                |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements. |   |                                |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |

----

| RJO GLOBAL TRUST AND SUBSIDIARY                                 |
|-----------------------------------------------------------------|
| Consolidated Statement of Changes in Unitholders’ Capital |
| For the six months ended June 30, 2009                          |
| UNAUDITIED                                                      |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unitholders' Capital (Trading)                                  |   | Beneficial Owners - Trading Class A |   |   | Beneficial Owners - Trading Class B |   | Managing Owners - Trading |
|                                                            |   | Units |   |   | Dollars |   |   | Units |   |   | Dollars |   | Units |   |   | Dollars |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at December 31, 2008                                   |   |                            658,747 |   |  $ | 78,645,263 |   |   |                                             - |   | $  |  - |   |          11,679 |   | $  |  1,394,355 |
| Net income                                                      |   |                                       - |   |   |                       (5,679,946) |   |   |                                             - |   |   |                (68,170) |   |                    - |   |   |           (106,512) |
| Unitholders’ contributions                                |   |                                       - |   |   |                                       - |   |   |                                             - |   |   |                            - |   |                    - |   |   |                        - |
| Transfers from Class A to Class B                               |   |                              (8,891) |   |   |                       (1,059,783) |   |   |                                      8,891 |   |   |             1,059,783 |   |                    - |   |   |                        - |
| Unitholders’ redemptions                                  |   |                            (64,385) |   |   |                       (7,344,661) |   |   |                                       (918) |   |   |              (103,594) |   |                    - |   |   |                        - |
| Balances at June 30, 2009                                       |   |                            585,471 |   |  $ | 64,560,873 |   |   |                                      7,973 |   | $  |  888,019 |   |          11,679 |   | $  |  1,287,843 |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unitholders' Capital (Trading)                                  |   | Total Unitholders' Capital - Trading |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   | Units |   |   | Dollars |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at December 31, 2008                                   |   |                            670,426 |   | $  | 80,039,618 |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                      |   |                                       - |   |   |                       (5,854,628) |   |   |   |   |   |   |   |   |   |   |   |
| Unitholders’ contributions                                |   |                                       - |   |   |                                       - |   |   |   |   |   |   |   |   |   |   |   |
| Transfers from Class A to Class B                               |   |                                       - |   |   |                                       - |   |   |   |   |   |   |   |   |   |   |   |
| Unitholders’ redemptions                                  |   |                            (65,303) |   |   |                       (7,448,255) |   |   |   |   |   |   |   |   |   |   |   |
| Balances at June 30, 2009                                       |   |                            605,123 |   | $  | 66,736,735 |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unitholders' Capital (LLC Equity/Non-Trading)                   |   | Participating Owners-LLC Equity/Non-Trading |   |   | Nonparticipating Owners-LLC Equity/Non-Trading |   | Total Unitholders' Capital-LLC Equity/Non-Trading |
|                                                            |   | Units |   |   | Dollars |   |   | Units |   |   | Dollars |   | Units |   |   | Dollars |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at December 31, 2008                                   |   |                            611,108 |   |  $ |  1,953,345 |   |   |                               1,662,180 |   |  $ | 5,312,910 |   |     2,273,288 |   |  $ |  7,266,255 |
| Net income                                                      |   |                                       - |   |   |                            451,341 |   |   |                                             - |   |   |             1,364,419 |   |                    - |   |   |          1,815,760 |
| Unitholders’ contributions                                |   |                                       - |   |   |                                       - |   |   |                                             - |   |   |                            - |   |                    - |   |   |                        - |
| Reallocation due to Redemptions                                 |   |                            (55,381) |   |   |                          (184,501) |   |   |                                    55,381 |   |   |                184,501 |   |                    - |   |   |                        - |
| Unitholders' distribution                                       |   |                                       - |   |   |   |   |   |                                             - |   |   |                            - |   |                    - |   |   |                        - |
| Balances at March 31, 2009                                      |   |                            555,727 |   | $  | 2,220,185 |   |   |                               1,717,561 |   | $  |  6,861,830 |   |     2,273,288 |   |  $ |  9,082,015 |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Unitholders Capital at June 30, 2009                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $  |  75,818,750 |
|                                                            |   | Unitholders' CapitalTrading Class A |   |   | Unitholders' CapitalTrading Class B |   |   | Unitholders' Capital(LLC Equity/Non-Trading) |   |   |   |   |   |   |   |   |
| Net asset value per unit at December 31, 2008                   | $  | 119.39 |   | $  | 119.39 |   | $  |  3.20 |   |   |   |   |   |   |   |   |
| Net change per unit                                             |   |                                (9.12) |   |   |                                (8.01) |   |   |                                        0.80 |   |   |   |   |   |   |   |   |
| Net asset value per unit at June 30, 2009                       | $  | 110.27 |   | $  | 111.38 |   | $  | 4.00 |   |   |   |   |   |   |   |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements.    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

|   | (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”). |

| (2) |         Summary of Significant Accounting Policies |
|-----|--------------------------------------------------------------------------------------------|

| (a) | Basis of Presentation |
|-----|-----------------------|

----

----

----

| Recoveries from RCM, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at RCM |
|---------------------------------------------------------------------------------------------------------------------|
|                                                                                                                |   |   |  AmountsReceived from |   |   | Balance of |   |   |  Collections inExcess of |   |   | Cash Distributions toNon-Participating | Additional Units in Trust forParticipating Owners |
| Date                                                                                                                |   |   | RCM |   |   | Impaired Value |   |   | Impaired Value |   |   | Owners |   | Units |   |   | Dollars |
| 12/29/06                                                                                                            |   | $  | 10,319,318 |   | $  |  6,643,944 |   | $  |  - |   | $  | 4,180,958 |   |       54,914 |   | $ |  5,154,711 |
| 04/20/07                                                                                                            |   |   |          2,787,629 |   |   |           3,856,315 |   |   |                         - |   |   |                                      - |   |                - |   |   |                         - |
| 06/07/07                                                                                                            |   |   |             265,758 |   |   |           3,590,557 |   |   |                         - |   |   |                                      - |   |                - |   |   |                         - |
| 06/28/07                                                                                                            |   |   |          4,783,640 |   |   |                         - |   |   |           1,193,083 |   |   |                                      - |   |                - |   |   |                         - |
| 07/03/07                                                                                                            |   |   |                 5,654 |   |   |                         - |   |   |                  5,654 |   |   |                                      - |   |                - |   |   |                         - |
| 08/29/07                                                                                                            |   |   |                        - |   |   |                         - |   |   |                         - |   |   |                        2,787,947 |   |       23,183 |   |   |           1,758,626 |
| 09/19/07                                                                                                            |   |   |          2,584,070 |   |   |                         - |   |   |           2,584,070 |   |   |                                      - |   |                - |   |   |                         - |
| 12/31/07                                                                                                            |   |   |          2,708,467 |   |   |                         - |   |   |           2,708,467 |   |   |                                      - |   |                - |   |   |                         - |
| 03/28/08                                                                                                            |   |   |          1,046,068 |   |   |                         - |   |   |           1,046,068 |   |   |                                      - |   |                - |   |   |                         - |
| 04/29/08                                                                                                            |   |   |                        - |   |   |                         - |   |   |                         - |   |   |                        2,241,680 |   |       10,736 |   |   |           1,053,815 |
| 06/26/08                                                                                                            |   |   |             701,148 |   |   |                         - |   |   |              701,148 |   |   |                                      - |   |                - |   |   |                         - |
| 12/31/08                                                                                                            |   |   |             769,001 |   |   |                         - |   |   |              769,001 |   |   |                                      - |   |                - |   |   |                         - |
| 06/29/09                                                                                                            |   |   |          2,748,048 |   |   |                         - |   |   |           2,748,048 |   |   |                                      - |   |                - |   |   |                         - |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Totals                                                                                                              |   | $  | 28,718,801 |   | $  |   - |   | $  | 11,755,539 |   | $  |  9,210,585 |   |       88,833 |   | $  | 7,967,152 |

| (8) | Operations |
|-----|------------|

----

| Recipient           |   | Nature of Payment                |   | Class A Units                           |                                    | Class B Units  |
|---------------------|--------|----------------------------------|--------|-----------------------------------------|-----------------------------------------|----------------|
| Managing 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 exchange fees |   | Estimated 1.22% - 1.42%,capped at 1.57% | Estimated 1.22% - 1.42%,capped at 1.57% |
| Liberty Funds Group |   | Consulting fees                  |   | 0.33%                                   |                                    | 0.33%          |
| Totals              |   |                             |   | 4.65% to 5.00%                          |                                    | 2.65% to 3.00% |

| (9)   Financial Highlights |
|-------------------------------------------|

----

|                                                                                                                                                                                         |    | Class A                                                                |   |    | Class B                                                                |   |    | Class A                                                                                                                                              |   |    | Class B                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|------------------------------------------------------------------------|--------|---------|------------------------------------------------------------------------|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|------------------------------------------------------------------------|
|                                                                                                                                                                                         |    | Six months ended                                                       |   |    | Six months ended                                                       |   |    | Three months ended                                                                                                                                   |   |    | Three months ended                                                     |
|                                                                                                                                                                                         |    | June 30,                                                               |   |    |   June 30,                                                        |   |    | June 30,                                                                                                                                             |   |    | June 30,                                                               |   |   |   June 30, |   |   | June 30, |
|                                                                                                                                                                                         |    | 2009                                                                   |   |    | 2008                                                                   |   |    | 2009                                                                                                                                                 |   |    | 2009                                                                   |   |   | 2008 |   |   | 2009 |
| Per share operating performance:                                                                                                                                                             |    |                                                                   |   |    |                                                                   |   |    |                                                                                                                                                 |   |    |                                                                   |   |   |   |   |   |   |
|     Net asset value of Trading units, beginning of period                                                                                                                | $  |   119.39                                                     |   | $  | 84.69                                                                  |   | $  | 119.39                                                                                                                                               |   | $  | 113.60                                                                 |   | $  | 107.91 |   | $  | 114.16 |
|     Total Trading income (loss):                                                                                                                                         |    |                                                                   |   |    |                                                                   |   |    |                                                                                                                                                 |   |    |                                                                   |   |   |   |   |   |   |
|          Trading gain (loss)                                                                                                                    |    |          (4.55)           |   |    |          26.21            |   |    |                       (4.65)           |   |    |           (1.26)     |   |   |            1.30 |   |   |                              (1.37) |
|          Investment income                                                                                                                      |    |            0.05 |   |    |            0.79 |   |    |                         0.05 |   |    |            0.02 |   |   |            0.40 |   |   |                               0.02 |
|          Expenses                                                                                                                               |    |          (4.62)           |   |    |          (4.19)           |   |    |                       (3.41)           |   |    |           (2.09)     |   |   |           (2.11) |   |   |                              (1.43) |
|     Trading income (loss)                                                                                                                                                |    |          (9.12)           |   |    |          22.81            |   |    |                       (8.01)           |   |    |           (3.33)     |   |   |           (0.41) |   |   |                              (2.78) |
|     Net asset value of Trading units, end of period                                                                                                                      | $  | 110.27                                                                 |   | $  | 107.50                                                                 |   | $  | 111.38                                                                                                                                               |   |  $ | 110.27                                                                 |   | $  | 107.50 |   | $  |  111.38 |
|                                                                                                                                                                                         |    |                                                                   |   |    |                                                                   |   |    |                                                                                                                                                 |   |    |                                                                   |   |   |   |   |   |   |
| Total return:                                                                                                                                                                                |    |                                                                   |   |    |                                                                   |   |    |                                                                                                                                                 |   |    |                                                                   |   |   |   |   |   |   |
|     Total return before incentive fees                                                                                                                                   |    | (7.64)%                                                                |   |    | 26.93%                                                                 |   |    | (6.71)%                                                                                                                                              |   |    | (2.93%)                                                                |   |   | (0.38%) |   |   | (2.44)% |
|     Less incentive fee allocations                                                                                                                                       |    | (0.02)%                                                                |   |    | 0.00%                                                                  |   |    | 0.00%                                                                                                                                                |   |    | 0.00%                                                                  |   |   | 0.00% |   |   | 0.00% |
| Total return                                                                                                                                                                                 |    | (7.66)%                                                                |   |    | 26.93%                                                                 |   |    | (6.71)%                                                                                                                                              |   |    | (2.93)%                                                                |   |   | (0.38%) |   |   | (2.44)% |
|                                                                                                                                                                                         |    |                                                                   |   |    |                                                                   |   |    |                                                                                                                                                 |   |    |                                                                   |   |   |   |   |   |   |
| Ratios to average net assets:                                                                                                                                                                |    |                                                                   |   |    |                                                                   |   |    |                                                                                                                                                 |   |    |                                                                   |   |   |   |   |   |   |
|     Trading income (loss)                                                                                                                                                |    | (8.12)%                                                                |   |    | 23.66%                                                                 |   |    | (7.19)%                                                                                                                                              |   |    | (3.00)%                                                                |   |   | (0.50%) |   |   | (2.36)% |
|     Expenses:                                                                                                                                                            |    |                                                                   |   |    |                                                                   |   |    |                                                                                                                                                 |   |    |                                                                   |   |   |   |   |   |   |
|          Expenses, less incentive fees                                                                                                          |    | (4.10)%                                                                |   |    | (4.20)%                                                                |   |    | (3.06)%                                                                                                                                              |   |    | (1.89)%                                                                |   |   | (2.03)% |   |   | (1.27)% |
|          Incentive fees                                                                                                                         |    | (0.02)%                                                                |   |    | 0.00%                                                                  |   |    | 0.00%                                                                                                                                                |   |    | 0.00%                                                                  |   |   | 0.00% |   |   | 0.00% |
|     Total expenses                                                                                                                                                       |    | (4.12)%                                                                |   |    | (4.20)%                                                                |   |    | (3.06)%                                                                                                                                              |   |    | (1.89)%                                                                |   |   | (2.03)% |   |   | (1.27)% |
|                                                                                                                                                                                         |    |                                                                   |   |    |                                                                   |   |    |                                                                                                                                                 |   |    |                                                                   |   |   |   |   |   |   |
| The calculations above do not include activity within the Trust's Non-Trading accounts.  The Trust did not have any Class B units during the six month period ended June 30, 2008. |

| (10)   Subsequent Events |
|-----------------------------------------|

----

| As of June 30, 2009     |   |        |      |   |        |   |     |       |   |
|-------------------------|--------|-------------|-----------|--------|-------------|--------|----------|------------|--------|
|                    |   | Asset       |      |   | Liability   |   |     |       |   |
| Type of                 |   | Derivatives |      |   | Derivatives |   |     | Net        |   |
| Futures Contracts       |   | Fair Value  |      |   | Fair Value  |   |     | Fair Value |   |
|                    |   |        |      |   |        |   |     |       |   |
| Agriculture             |   | $           | 273,516   |   |        | $      | (171,662 | )          |   | $ | 101,854 |   |
| Currency                |   |        | 22,836    |   |        |   | (67,777  | )          |   |   |  (44,941 | ) |
| Energy                  |   |        | 65,212    |   |        |   | (55,310  | )          |   |   | 9,902 |   |
| Indices                 |   |        | 39,595    |   |        |   | (12,624  | )          |   |   | 26,971 |   |
| Interest Rates          |   |        | 145,593   |   |        |   | (85,255  | )          |   |   | 60,338 |   |
| Metals                  |   |        | 381,448   |   |        |   | (498,104 | )          |   |   |  (116,656 | ) |
|                    |   | $           | 928,200   |   |        | $      | (890,732 | )          |   | $ | 37,468 |   |
|                    |   |        |      |   |        |   |     |       |   |   |   |   |
|                    |   |        |      |   |        |   |     |       |   |   |   |   |
| As of December 31, 2008 |   |        |      |   |        |   |     |       |   |
|                    |   | Asset       |      |   | Liability   |   |     |       |   |   |
| Type of                 |   | Derivatives |      |   | Derivatives |   |     | Net        |   |
| Futures Contracts       |   | Fair Value  |      |   | Fair Value  |   |     | Fair Value |   |
|                    |   |        |      |   |        |   |     |       |   |   |   |   |
| Agriculture             |   | $           | 453,592   |   |        | $      | (218,820 | )          |   | $ | 234,772 |   |
| Energy                  |   |        | 31,924    |   |        |   | (56,000  | )          |   |   | (24,076 | ) |
| Indices                 |   |        | 99,173    |   |        |   | (115,106 | )          |   |   | (15,933 | ) |
| Interest Rates          |   |        | 748,271   |   |        |   | (61,938  | )          |   |   | 686,333 |   |
| Metals                  |   |        | 387,665   |   |        |   | (162,039 | )          |   |   |  225,626 |   |
|                    |   | $           | 1,720,625 |   |        | $      | (613,903 | )          |   | $ | 1,106,722 |   |

|   Type of Futures | Three months ended June 30,           |                                                                                                                                                          | Six months ended June 30, |
|------------------------|---------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|
| Contracts              | 2009                                  | 2008                                                                                                                                                          |                      | 2009 | 2008 |
| Agriculture            |     (281,395)     |                          905,991 |                      |        (714,699) |             4,381,530 |
| Currency               |     (352,138)     |                     (3,907,679)                           |                      |        (609,521) |             5,471,144 |
| Energy                 |      257,363 |                       9,225,489                 |                      |         129,239 |             9,601,990 |
| Indices                |      217,013 |                     (1,397,168)                           |                      |        (137,909) |             1,084,221 |
| Interest Rates         |     (507,085)     |                     (2,960,517)                           |                      |     (1,660,899) |                325,618 |
| Metals                 |     (109,313)     |                        (930,735)           |                      |           58,861 |                937,785 |
|                   |  $ (775,555)                     |  $                      935,381            |                      |  $ (2,934,928) |  $       21,802,288 |

----

| (a) | Capital Resources |
|-----|-------------------|

----

----

----

----

----

----

----

----

|   |   | Units Redeemed                                                                                                                |    |  Redemption Date NAV per Unit                                                                                                                       |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| Month  |   | Class A                                                                                                                       | Class B |                                                                                                                                                     |  Class A | Class B |
| April  |   |                     6,029 |    |                        473            |   |   |  $                    111.44 |   |  $                    112.18 |   |
| May    |   |                     8,302 |    |                          39 |   |   |  $                    111.87 |   |  $                    112.81 |   |
| June   |   |                     7,649 |    |                        158            |   |   |  $                    110.27 |   |  $                    111.38 |   |
|   |   |                                                                                                                          |    |                                                                                                                                                     |   |   |   |   |   |   |
| Total  |   |                   21,980            |    |                        670            |   |   |   |   |   |   |

----

|   | a) | Exhibits |
|--------|----|----------|

| 3.01 | Eighth Amended and Restated Declaration and Agreement of Trust of RJO Global Trust (the “Registrant”), dated as of September 26, 2008.1 |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.02 | Restated Certificate of Trust of the Registrant.2 |
|------|---------------------------------------------------|

| 10.01* | Advisory Agreement, made as of June 1, 2009, among RJO Global Trust, R.J. O’Brien Fund Management, LLC, and Global Advisors (Jersey) Limited. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.02* | Advisory Agreement, made as of July 1, 2009, among RJO Global Trust, R.J. O’Brien Fund Management, LLC, and Conquest Capital LLC. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

| 10.03* | Advisory Agreement, made as of July 1, 2009, among RJO Global Trust, R.J. O’Brien Fund Management, LLC, and Haar Capital Management LLC. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

----

1 Incorporated by reference herein from the exhibit of the same description filed on April 3, 2009 with Post-Effective Amendment No. 4 to the Registrant’s Registration Statement on Form S-1 (Reg. No. 333-146177). 

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

 * Confidential Treatment has been requested with respect to the omitted portion of this exhibit.

----

----