SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-K


              ANNUAL REPORT PURSUANT TO SECTION 13 or 15 (d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934


         For                the fiscal year ended Commission File No. 333-16825
                            December 31, 2000.

                             JWH GLOBAL TRUST
          (Exact name of registrant as specified in its charter)

                           Delaware 36-4113382
             (State or other jurisdiction of (I.R.S. Employer
             incorporation or organization) Identification #)

          233 South Wacker Drive, Suite 2300, Chicago, IL 60606 (Address of
           principal executive offices) (Zip Code)

             Registrant's   telephone   number,   including   area   code:
(312)460-4000

    Securities registered pursuant to Section 12 (b) of the Act: None

       Securities registered pursuant to Section 12 (g) of the Act:
                          Units of Beneficial Ownership

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

Indicate by check mark if  disclosure  of  delinquent  filers  pursuant to
Item  405 of  Regulation  S-K is not  contained  herein  and  will  not be
contained,  to the  best  of the  registrant's  knowledge,  in  definitive
proxy or information  statements  incorporated by reference in Part III of
this Form 10-K:  [X]

The aggregate market value of the voting and non-voting common equity held by
non-affiliates of the Registrant as of February 28, 2001:
$47,844,020






                       Documents Incorporated by Reference


Incorporated  by  Reference  in Part  IV,  Item 14 is  Amendment  No. 2 to
Registration  Statement  No.  333-16825 of the Trust on Form S-1 under the
Securities Act of 1933, declared effective on April 3, 1997.

Incorporated by Reference in Part IV, Item 14 is Registration Statement No.
333-33937 of the Trust on Form S-1 under the Securities Act of 1933, declared
effective on September 24, 1997.

Incorporated   by  Reference  in  Part  IV,  Item  14  is   Post-Effective
Amendment No. 1 to  Registration  Statement No.  333-33937 of the Trust on
Form S-1 under the  Securities  Act of 1933,  declared  effective  on June
26, 1998.

Incorporated   by  Reference  in  Part  IV,  Item  14  is   Post-Effective
Amendment No. 2 to  Registration  Statement No.  333-33937 of the Trust on
Form S-1 under the Securities Act of 1933, filed on March 1, 1999.

Incorporated   by  Reference  in  Part  IV,  Item  14  is   Post-Effective
Amendment No. 3 to  Registration  Statement No.  333-33937 of the Trust on
Form S-1 under the Securities Act of 1933, filed on November 29, 1999.

Incorporated   by  Reference  in  Part  IV,  Item  14  is   Post-Effective
Amendment No. 4 to  Registration  Statement No.  333-33937 of the Trust on
Form S-1 under the Securities Act of 1933, filed on September 18, 2000.





                                     Part I

Item 1.  Business

JWH Global Trust (the "Trust") is a Delaware business trust organized on
November 12, 1996 under the Delaware Business Trust Act. The business of the
Trust is the speculative trading of commodity interests, including futures
contracts on currencies, interest rates, energy and agricultural products,
metals and stock indices, spot and forward contracts on currencies and precious
metals and exchanges for physicals ("Commodity Interests") pursuant to the
trading instructions of an independent trading advisor. The managing owner of
the Trust is CIS Investments, Inc., a Delaware corporation organized in June
1983 ("CISI" or the "Managing Owner"). The Managing Owner is registered as a
commodity pool operator under the Commodity Exchange Act, as amended, and is
responsible for administering the business and affairs of the Trust exclusive of
trading decisions. The Managing Owner is an affiliate of Cargill Investor
Services, Inc., the clearing broker for the Trust ("CIS" or the "Clearing
Broker") and CIS Financial Services, Inc., which acts as the Trust's currency
dealer ("CISFS"). Trading decisions for the Trust are made by an independent
commodity trading advisor, John W. Henry & Company, Inc.

CIS is a "Futures Commission Merchant", the Managing Owner is a "Commodity Pool
Operator" and the trading advisor to the Trust is a "Commodity Trading Advisor",
as those terms are used in the CE Act. As such, they are registered with and
subject to regulation by the Commodity Futures Trading Commission ("CFTC") and
the National Futures Association ("NFA"). CIS is also registered as a
broker-dealer with the National Association of Securities Dealers, Inc. ("NASD")
and the Securities and Exchange Commission (the "SEC").

The initial public offering of the Trust's units of beneficial interest
("Units") commenced on April 3, 1997 and concluded on September 23, 1997. The
initial offering price was $100 per Unit until the initial closing of the Trust
on May 30, 1997, and thereafter at the current Net Asset Value of the Trust on
the last business day of the calendar month. The total amount of the initial
offering was $50,000,000. On September 24, 1997, a registration statement was
declared effective with the SEC to register $155,000,000 of additional Units. A
Post-Effective Amendment was declared effective with the SEC on October 20, 1997
to deregister $3,120,048.99 of Units which remained unsold upon the termination
of the initial offering of the Units. On June 26, 1998, Post-Effective Amendment
No. 1 to the registration statement was declared effective with the SEC. On
March 1, 1999, Post-Effective Amendment No. 2 was filed with the SEC. On
November 29, 1999 Post-Effective Amendment No. 3 was filed with the SEC and on
September 18, 2000 Post-Effective Amendment No. 4 was filed. The Units are
currently offered pursuant to a Prospectus dated October 3, 2000. The current
prospectus will expire on July 3, 2001. As a result of the Units being offered
at each month-end's Net Asset Value, the total number of Units authorized for
the Trust is not determinable and therefore is not disclosed in the financial
statements.

The initial closing of the Trust was on May 30, 1997 and the Trust commenced
trading on June 2, 1997. The initial Beneficial Owners of the Trust,
representing ownership of $1,000, were redeemed on May 30, 1997, prior to the
commencement of trading.

Under the terms of the Fourth Amended and Restated Declaration and Agreement of
Trust, the Managing Owner may not select Trust transactions involving the
purchase or sale of any commodity interests, but must select one or more
advisors to direct the Trust's trading with respect thereto. The Managing Owner
has chosen and caused the Trust to enter into a Trading Advisory Agreement (the
"Advisory Agreement") with John W. Henry and Company, Inc. ("JWH" or the
"Advisor"), the Trust's sole commodity trading advisor. Commencing on June 2,
1997, after the conclusion of the offering period with respect to the Trust's
Units, JWH began to provide commodity trading instructions to CISI on behalf of
the Trust.

The Managing Owner is responsible for the preparation of monthly and annual
reports to the Beneficial Owners; filing reports required by the CFTC, the NFA,
the SEC and any other Federal or state agencies having jurisdiction over the
Trust's operations; calculation of the Net Asset Value (meaning the total assets
less total liabilities of the Trust) and directing payment of the management and
incentive fees payable to the Advisor under the Advisory Agreement.

The Managing Owner provides suitable facilities and procedures for handling
redemptions, transfers, distributions of profits (if any) and, if necessary, the
orderly liquidation of the Trust. Although CIS, an affiliate of the Managing
Owner, acts as the Trust's clearing broker, the Managing Owner is responsible
for selecting another clearing broker in the event CIS is unable or unwilling to
continue in that capacity. The Managing Owner is further authorized, on behalf
of the Trust (i) to enter into a brokerage clearing agreement and related
customer agreements with CIS, pursuant to which CIS will render clearing
services to the Trust; and (ii) to cause the Trust to pay brokerage commissions
at the rates provided for in the Prospectus; and to pay delivery, insurance,
storage, service and other fees and charges incidental to the Trust's trading.
The Managing Owner of the Trust advanced organization and offering costs of
$650,000. The Trust reimbursed the Managing Owner for these costs at the initial
closing. The Trust is amortizing these costs over the Trust's first 60 months of
operations. The Managing Owner also advances payment of ongoing offering
expenses for which it receives reimbursement of 0.5% of the Trust's net assets
per year. The Prospectus includes a complete discussion of the Trust's fees and
expenses.

The Advisory Agreement between the Trust and JWH provides that JWH shall have
sole discretion in and responsibility for the selection of the Trust's commodity
transactions with respect to that portion of the Trust's assets allocated to it.
As of December 31, 2000, JWH was managing 100% of the Trust's assets. The
Advisory Agreement with JWH commenced on April 3, 1997 and continued in effect
until the close of business on the last day of the 12th full calendar month
following the commencement of trading activities by the Trust, with automatic
renewal for three additional twelve-month terms, unless earlier terminated in
accordance with the termination provisions contained therein.

The Advisory Agreement shall terminate automatically in the event that the Trust
is terminated in accordance with the Fourth Amended and Restated Declaration and
Agreement of Trust. The Advisory Agreement may be terminated by the Trust at any
time, upon 60 days' prior written notice to the Advisor. In addition, the
Advisory Agreement may be terminated by the Trust at any time, upon written
notice to the Advisor, in the event that (A) the Net Asset Value of Trust funds
allocated to the Advisor's management decreases as of the close of trading on
any business day by more than 30% from the sum of the Net Asset Value of the
Trust's funds allocated to the Advisor on the date that Trust commenced trading
plus the Net Asset Value of any funds which may be allocated to the Advisor
thereafter (after adding back all redemptions, distributions and reallocations
made to any additional trading advisors in respect of such assets); (B) the
Advisor is unable, to any material extent, to use the Trading Programs (as
defined in the Advisory Agreement attached hereto as Exhibit 10.1), as the
Trading Programs may be refined or modified in the future in accordance with the
terms of the Advisory Agreement for the benefit of the Trust; (C) the Advisor's
registration as a commodity trading advisor under the Commodity Exchange Act, as
amended ("CE Act"), or membership as a commodity trading advisor with NFA is
revoked, suspended, terminated or not renewed; (D) the Managing Owner determines
in good faith that the Advisor has failed to conform to (i) the Trust's trading
policies or limitations, as they may be revised or modified, or (ii) a Trading
Program; (E) there is an unauthorized assignment of the Advisory Agreement by
the Advisor; (F) the Advisor dissolves, merges or consolidates with another
entity or sells a substantial portion of its assets, any portion of the Trading
Programs utilized by the Trust or its business goodwill to any person or entity
other than one controlled, directly or indirectly, by John W. Henry, in each
instance without the consent of the Managing Owner; (G) the Advisor becomes
bankrupt or insolvent; (H) John W. Henry ceases to be a principal of the
Advisor; or (I) the Managing Owner determines in good faith that such
termination is necessary for the protection of the Trust.

The Advisor has the right to terminate the Advisory Agreement at any time, upon
written notice to the Trust in the event (i) of the receipt by the Advisor of an
opinion of independent counsel that solely by reason of the Advisor's activities
with respect to the Trust, the Advisor is required to register as an investment
adviser under the Investment Advisers Act of 1940; (ii) that the registration of
the Managing Owner as a commodity pool operator under the CE Act, or its NFA
membership as a commodity pool operator is revoked, suspended, terminated or not
renewed; (iii) that the Managing Owner elects (pursuant to Section 1 of the
Advisory Agreement) to have the Advisor use a different trading program in the
Advisor's management of the Trust's assets from that which the Advisor is then
using to manage such assets and the Advisor objects to using such different
trading program; (iv) that the Managing Owner overrides a trading instruction of
the Advisor pursuant to Section 1 of the Advisory Agreement for reasons
unrelated to a determination by the Managing Owner that the Advisor has violated
the Trust's trading policies or limitations; (v) that the Managing Owner imposes
additional trading limitation(s) pursuant to Section 1 of the Advisory Agreement
which the Advisor does not agree to follow in the Advisor's management of its
allocable share of Trust's assets; (vi) there is an unauthorized assignment of
the Advisory Agreement by the Managing Owner of the Trust; or (vii) other good
cause is shown to which the written consent of the Managing Owner is obtained.
The Advisor may also terminate the Advisory Agreement on 60 days written notice
to the Managing Owner during any renewal term.

The Advisor will continue to advise other futures trading accounts. The Advisor
and its officers, directors and employees also will be free to trade commodity
interests for their own accounts provided such trading is consistent with the
Advisor's obligations and responsibilities to the Trust. To the extent that the
Advisor recommends similar or identical trades to the Trust and other accounts
which they manage, the Trust may compete with those accounts for the execution
of the same or similar trades.

Pursuant to the Advisory Agreement between the Trust and JWH, the Trust received
0.33% of the month-end assets under its management after deduction of a portion
of the brokerage commissions at a 1.25% annual rate (rather than the full
brokerage commission at a 6.5% annual rate) prior to October 1, 2000. Effective
October 1, 2000, the management fee was reduced to 0.167%. The Trust paid JWH a
quarterly incentive fee of 15% of trading profits (after deduction of a portion
of the brokerage commissions at a 1.25% annual rate, rather than the 6.5% annual
rate) achieved on the assets of the Trust allocated by the Managing Owner to
JWH's management prior to October 1, 2000. Effective October 1, 2000, the
incentive fee was increased to 20%. Trading profits are calculated on the basis
of the overall performance of the Trust, not the performance of each Trading
Program utilized by JWH, considered individually. See Exhibit 10.1 incorporated
by reference herein for a description of NAV and trading profits.

The Trust trades in the global futures and forward markets pursuant to the
Advisor's proprietary trading strategies. From the commencement of trading on
June 2, 1997 until October 4, 1998, the Trust allocated its assets 50% to the
Original Investment Program and 50% to the Financial and Metals Portfolio. For
the period beginning October 5, 1998 and ending December 31, 1999, the Trust has
allocated its assets 40% to the Original Investment Program, 35% to the
Financial and Metals Portfolio and 25% to the G-7 Currency Portfolio. On January
1, 2000, the Trust substituted the JWH GlobalAnalytics Family of Programs for
the Original Investment Program. Trust assets were reallocated 40% to the
Financial and Metals Portfolio, 30% to the G-7 Currency Portfolio and 30% to the
JWH GlobalAnalytics Family of Programs. JWH continues to rebalance the Trust's
assets at the end of each quarter among these three trading programs in
accordance with the proceding percentages.

The Trust's net assets are deposited in the Trust's accounts with CIS and CISFS,
the Trust's clearing broker and currency dealer, respectively. The Trust earns
interest on 100 percent of the Trust's average daily balances on deposit with
CIS or CISFS, as the case may be, during each month at the average 91-day
Treasury bill rate for that month in respect of deposits denominated in dollars
or at the applicable rates in respect of deposits denominated in currencies
other than dollars (which may be zero in some cases).

The Trust currently has no salaried employees and all administrative services
performed for the Trust are performed by the Managing Owner. The Managing Owner
has no employees other than their officers and directors, all of whom are
employees of the affiliated companies of the Managing Owner.

The Trust's business constitutes only one segment for financial reporting
purposes; it is a Delaware business trust whose purpose is to trade, buy, sell,
spread or otherwise acquire, hold or dispose of commodity interests including
futures contracts on currencies, interest rates, energy and agricultural
products, metals and stock indices, spot and forward contracts on currencies and
precious metals and exchanges for physicals. The Trust does not engage in the
production or sale of any goods or services. The objective of the Trust business
is appreciation of its assets through speculative trading in such commodity
interests. Financial information about the Trust's business, as of December 31,
2000, is set forth under Items 6 and 7 herein.

Competition

The Advisor and its principals, affiliates and employees are free to trade for
their own accounts and to manage other commodity accounts during the term of the
Advisory Agreement and to use the same information and trading strategy which
the Advisor obtains, produces or utilizes in the performance of services for the
Trust. To the extent that the Advisor recommends similar or identical trades to
the Trust and other accounts which it manages, the Trust may compete with those
accounts for the execution of the same or similar trades.

Other trading advisors who are not affiliated with the Trust may utilize trading
methods which are similar in some respects to those methods used by the Trust's
Advisor. These other trading advisors could also be competing with the Trust for
the same or similar trades as requested by the Trust's Advisor.


Item 2.  Properties

The Trust does not utilize any physical properties in the conduct of its
business. The Managing Owner use the offices of CIS, at no additional charge to
the Trust, to perform their administration functions, and the Trust uses the
offices of CIS, again at no additional charge to the Trust, as its principal
administrative offices.


Item 3.  Legal Proceedings

None.


Item 4.  Submission of Matters to a Vote of Security Holders

None.


                                     Part II

Item 5.  Market for the Registrant's Units and Related Security
        Holder Matters

 (a)  There is no  established  public  market  for the  Units and none is
     expected to develop.

(b)   As of December 31, 2000, there were 430,765.38 Units held by the
      Beneficial Owners for an investment of $49,361,538. The Managing Owner
      held an investment of $768,196 (which is the equivalent of 6,703.91
      Units). A total of 393,996.39 Units had been redeemed by Beneficial Owners
      and 1,898.82 Units by the Managing Owners during the period from January
      1, 2000 to December 31, 2000. The Trust's Fourth Amended and Restated
      Declaration and Agreement of Trust (Exhibit 3.1 hereto) contains a full
      description of redemption and distribution procedures.

(c)   To date no distributions have been made to owners of beneficial interest
      in the Trust.

The Fourth Amended and Restated Declaration and Agreement of Trust does not
provide for regular or periodic cash distributions, but gives the Managing Owner
sole discretion in determining what distributions, if any, the Trust will make
to its owners of beneficial interest. The Managing Owner has not declared any
such distributions to date, and do not currently intend to declare such
distributions.


Item 6.  Selected Financial Data

(1997 was the Trust's first year of trading, so no data is
available prior to 1997)


                                  Year ended December 31,
                               1997    1998   1999     2000

1. Operating Revenues(000)   $6,988  $16,869  $2,339   $7,447
2. Profit (Loss) From
   Continuing Operations(000) 3,651    6,401  (9,222)   1,126
3. Profit (Loss) Per Unit      9.70     5.70  (10.89)   10.08
4. Total Assets(000)         65,693  100,133  89,612   52,922
5. Long Term Obligations          0        0       0        0
6. Cash Dividend Per Unit         0        0       0        0


Item 7. Management's Discussion and Analysis of Financial
        Condition and Results of Operations


Liquidity and Capital Resources

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

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

The Trust's net assets are held in brokerage accounts with CIS and CISFS. The
Trust earns interest on 100 percent of the Trust's average daily balances on
deposit with CIS or CISFS, as the case may be, during each month at the average
91-day Treasury bill rate for that month in respect of deposits denominated in
dollars or at the applicable rates in respect of deposits denominated in
currencies other than dollars (which may be zero in some cases). For the
calendar year ended December 31, 2000 CIS and CISFS had paid or accrued to pay
interest of $3,265,169 to the Trust. For the calendar year ended December 31,
1999 CIS and CISFS paid or accrued to pay interest of $4,299,669 to the Trust.

For the fiscal year ended December 31, 2000, investors redeemed a total of
393,996.40 Units for $37,731,946. The Managing Owners redeemed Units for
$200,544. For the fiscal year ended December 31, 1999, investors redeemed a
total of 177,214.77 Units for $19,704,627. No managing Owners redeemed units
during the fiscal year 1999.

During 2000, Beneficial Owners purchased 18,386.99 Units for $1,766,481. The
Managing Owner made a contribution of $58 in 2000, therefore, total contribution
during 2000 equals $1,766,539.

On December 31, 2000, the Trust had unrealized profits of $8,003,965 and cash on
deposit of $44,316,136. These positions required margin deposits of $6,699,816.
The total balance of the Trust's accounts at CIS and CISFS was $52,320,101.
These figures compare to unrealized profits of $3,339,311, cash on deposit of
$85,053,945, margin requirements of $13,606,854 and total balance of the Trust's
accounts at CIS and CISFS of $88,393,256 as of December 31, 1999.

During the fiscal year ended December 31, 2000, the Trust had no credit exposure
to a counterparty which is a foreign commodities exchange which was material.

The Trust trades futures contracts on recognized global futures exchanges
through CIS. It also trades over the counter foreign exchange forwards contracts
through CISFS. At December 31, 2000, the Trust had assets of $5,322,749 on
deposit at CISFS. CISFS does not deal in foreign exchange forwards, but acts as
a broker, placing the trades immediately with large banks having assets in
excess of $100 million. At the settlement date all transactions with each of the
banks are netted and any excess or deficit is received from or sent to the bank.
All of the Trust's foreign exchange transactions are transacted in US dollars.

See note 5 of the Financial Statements for procedures established by the
Managing Owner to monitor and minimize market and credit risks for the Trust. In
addition to the procedures set out in note 5, the Managing Owner reviews on a
daily basis reports of the Trust's performance, including monitoring of the
daily net asset value of the Trust. The Managing Owner also reviews the
financial situation of the Trust's Clearing Broker on a monthly basis. The
Managing Owner relies on the policies of the Clearing Broker to monitor specific
credit risks. The Clearing Broker does not engage in proprietary trading and
thus has no direct market exposure which provides the Managing Owner assurance
that the Trust will not suffer trading losses through the trading of the
Clearing Broker.

Results of Operations

The Trust posted a gain for 2000, a loss for 1999 and a positive return for
1998.

2000

During 2000, total contributions to the Trust equaled $1,766,539. Investors
redeemed Units in the amount of $37,731,946 and the Managing Owner redeemed
units in the amount of $200,544. The Trust achieved realized and unrealized
gains of $4,182,309 and interest income of $3,265,169. Total expenses of the
Trust were $6,321,659, resulting in a net profit of $1,125,819 and an increase
in the Net Asset Value per Unit of $10.08.

The trust had a profitable year in 2000, producing a gain of 9.65% for the
calendar year. After experiencing difficult trading environments during the
first three quarters of the year, JWH, the trading advisor to the Trust,
exploited trading opportunities in the financial markets during the fourth
quarter and closed the year strongly.

In the first quarter of 2000, strategic events reversed trends, which led to
unprofitable trading. In February, the U.S. Federal Reserve announced that they
were buying back part of the debt. This led to a powerful rally in the world's
interest rate markets and the Trust's short positions were closed out at a loss.
In March, the decline of Nasdaq commenced and with it came a dramatic shift of
capital from U.S. dollar into yen. This movement of capital hurt the Trust's
long dollar and euro positions. Prices of agriculture, energy and metals markets
were flat during the first quarter.

The second quarter was marked by conflicting economic signals, which often
reversed long term price trends. The dollar, after having lost value in March,
was strong in April and then declined in value in May and June. Interest rates,
followed a similar directionless path with the "hard landing or soft landing"
question being the primary driver. Through the end of June, the only market
sector with defined direction was the energy sector, which has been the Trust's
most consistent source of profits over the past few years.

As the third quarter began, the futures markets continued seeking direction.
Metal and agricultural prices were listless. Stock index trading was volatile in
the short term and sideways over a longer period. Up trends emerged in the
world's bond markets where open trade profits were accrued. In the currency
sector, the dollar gained very steadily versus euro during July and August. By
September, the dollar was gaining value on all major currencies. However, on
September 22, the European Central Bank intervened to support the euro.
Consequently, price trends reversed dramatically and the Trust's accrued profits
in the currency and interest rate sectors turned into open trade losses.

Despite the intervention, the Trust remained long dollar and interest rates and
reaped the benefits of those positions as the fourth quarter began. In October,
the dollar hit its all-time high versus the euro and gained substantially versus
the Swiss, British and Japanese currencies. By November, interest rate trading
became the Trust's strongest sector as long positions in global bond markets
amassed large open trade gains. Strong performance in interest rate markets
continued in December. A revival of European currencies provided the bulk of the
month's gain in the currency sector. These trends remained in place through
year-end.

Effective October 1, Management Fees paid by the Trust to JWH were reduced from
4% to 2% annually (paid monthly). Incentive fees were increased from 15% to 20%
of quarter end new high profits. This change in fees reduced the "breakeven" on
the Trust from 7.3% to 4.8%.

1999

The JWH Global Trust experienced a disappointing year in 1999. The year-end Net
Asset Value for 1999 ended the year at $104.51 per unit, representing a loss of
9.44% for the year.

In 1999, JWH experienced its most difficult year in the firm's 18 year history.
A lack of sustained price movements coupled with abrupt trend reversals in many
market sectors resulted in a very difficult trading environment. The forces that
supported strong returns in the equity markets such as strong consumer
confidence and the perception of economic equilibrium caused volatile, sideways
price patterns in the futures markets. This type of price movement is extremely
difficult for long-term trend followers such as JWH.

The currency sector provided profit opportunities for the Trust. As the conflict
in Kosovo escalated in early March, there was a flight to quality into the U.S.
dollar and out of the euro and Swiss franc. This crisis-related selling of these
two currencies continued through mid-July. Short U.S. dollar positions against
the Japanese yen were also profitable. In addition, crude oil began its sharp
ascent from less than $12/barrel in March to $25.60/barrel at year-end. This
sustained trend proved profitable for the Trust throughout the year as was the
strengthening yen relative to the U.S. dollar during the second half of the
year.

The "choppy" markets described above surfaced in many areas but most
particularly the world's interest rate markets. The Fed's attempt to slow down
the escalating economy resulted in one-quarter point increases in the fed funds
rate in June, August and October. Despite these increases, short positions in
the 10-year and 30-year U.S. bonds resulted in flat performance largely due to
occasional price aberrations, which triggered stop loss orders.

The most difficult trading period for the Trust occurred in the last quarter.
Whipsaw price activity in the Japanese and Australian interest rates led to
major losses. Short gold positions, which had been profitable during the first
part of the year, sustained losses when the price of gold rose $50/ounce in 10
days. Once again, stop loss orders were triggered and the Trust suffered a
significant setback.

While unpleasant, the loss sustained in 1999 was within the expected range of
returns over time. Historically, performance tends to be cyclical, producing
strong overall results.

1998

The year 1998 was marked by declining global interest rates and commodity prices
and extremely volatile currency fluctuations. The Trust produced a net gain of
5.20% for the calendar year. One of the key markets that consistently reported
profits during the year was the energy sector, primarily crude oil. Short crude
oil prices throughout the year were beneficial to the Trust. Additionally,
coffee prices fell 28% during the year and the Trust benefited from its short
positions in coffee prices.

The first quarter was marked by a flight to quality in the bond market, namely
German bunds and U.S. bonds amidst turbulence in the Asian markets. The U.S.
dollar remained volatile for the first two months of the year and strengthened
during March, primarily versus the German mark and Swiss franc. The volatility
in both these sectors produced overall losses for the Trust. Warren Buffett was
rumored and then confirmed to be holding significant silver positions
anticipating a rise in silver prices. Long silver prices were beneficial to the
Trust.

In the second quarter,  the U.S. dollar strengthened  against the Japanese
yen until the U.S.  Government  intervened  to support the  Japanese  yen,
essentially  selling the U.S.  dollar and depressing the value of the U.S.
dollar  relative  to most  major  world  currencies.  By  July,  the  U.S.
dollar was back at all-time  highs  against  the  Japanese  yen.  Overall,
the  Trust  gained  as a result  of the  fluctuation  of the U.S.  dollar.
However,  the ripple effect created  volatility for the U.S. dollar versus
the  European  currencies  and the Trust  lost on its  positions  in these
currencies.   Precious   metals,   namely   silver,   reversed  as  prices
slumped.  Gold prices  seesawed up and down never  settling on  direction.
The volatility in these markets was unprofitable to the Trust.

The third quarter was highlighted by a devaluation of the Russian ruble which
sent shock waves through the world equity markets as traders liquated equities
in favor of sovereign debt. Even prior to the Russian crisis, the Trust was well
positioned to take advantage of rising bonds. The Trust was long the U.S.,
German and Japan bond markets. Interest rates on the U.S. 30-year long bond fell
below 5%, the lowest level in over 30 years. In addition, the Trust was short
the Nikkei and FTSE equity indices. Gold and silver prices fell to 1998 lows, as
short positions in these precious metals were profitable.

The fourth quarter saw extremes in the currency sector as the U.S. dollar again
gyrated for the last three months of the year. The long Japanese yen position
that provided the only profit for the Trust in October was the largest losing
position in November, yet by December, long Japanese yen positions were
providing profits. The Fed eased interest rates one quarter point three times in
seven weeks. However, long U.S. bond positions reaped few rewards as these rate
cuts had already been factored in the market. Global stock indices rebounded
beginning in October and long positions in the S&P and German DAX proved
rewarding. The Trust ended the year with a profit of $6,400,521.

Inflation

Inflation does have an effect on commodity prices and the volatility of
commodity markets; however, continued inflation is not expected to have a
material adverse effect on the Trust's operations or assets.


Item 7(A). Quantitative and Qualitative Disclosures About Market Risk

Introduction

Past Results Are Not Necessarily Indicative of Future Performance

The Trust is a speculative commodity pool. The market sensitive instruments held
by it are acquired for speculative trading purposes, and all or substantially
all of the Trust's assets are subject to the risk of trading loss. Unlike an
operating company, the risk of market sensitive instruments is integral, not
incidental, to the Trust's main line of business. Market movements result in
frequent changes in the fair market value of the Trust's open positions and,
consequently, in its earnings and cash flow. The Trust's market risk is
influenced by a wide variety of factors, including the level and volatility of
interest rates, exchange rates, equity price levels, the market value of
financial instruments and contracts, the diversification effects among the
Trust's open positions and the liquidity of the markets in which it trades.

The Trust can acquire and/or liquidate both long and short positions in a wide
range of different markets. Consequently, it is not possible to predict how a
particular future market scenario will affect performance, and the Trust's past
performance is not necessarily indicative of its future results.

Value at Risk is a measure of the maximum amount which the Trust could
reasonably be expected to lose in a given market sector. However, the inherent
uncertainty of the Trust's speculative trading and the recurrence in the markets
traded by the Trust of market movements far exceeding expectations could result
in actual trading or non-trading losses far beyond the indicated Value at Risk
or the Trust's experience to date (i.e., "risk of ruin"). In light of the
foregoing as well as the risks and uncertainties intrinsic to all future
projections, the inclusion of the quantification included in this section should
not be considered to constitute any assurance or representation that the Trust's
losses in any market sector will be limited to Value at Risk or by the Trust's
attempts to manage its market risk.

Standard of Materiality

Materiality as used in this section, "Qualitative and Quantitative Disclosures
About Market Risk," is based on an assessment of reasonably possible market
movements and the potential losses caused by such movements, taking into account
the leverage, optionality and multiplier features of the Trust's market
sensitive instruments.

Quantifying the Trust's Trading Value at Risk

Qualitative Forward-Looking Statements

The following quantitative disclosures regarding the Trust's market risk
exposures contain "forward-looking statements" within the meaning of the safe
harbor from civil liability provided for such statements by the Private
Securities Litigation Reform Act of 1995 (set forth in Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act of 1934). All
quantitative disclosures in this section are deemed to be forward-looking
statements for purposes of the safe harbor, except for statements of historical
fact.

The Trust's risk exposure in the various market sectors traded by JWH is
quantified below in terms of Value at Risk. Due to the Trust's mark-to-market
accounting, any loss in the fair value of the Trust's open positions is directly
reflected in the Trust's earnings (realized or unrealized) and cash flow (at
least in the case of exchange-traded contracts in which profits and losses on
open positions are settled daily through variation margin).

Exchange maintenance margin requirements have been used by the Trust as the
measure of its Value at Risk. Maintenance margin requirements are set by
exchanges to equal or exceed the maximum losses reasonably expected to be
incurred in the fair value of any given contract in 95%-99% of any one-day
intervals. The maintenance margin levels are established by dealers and
exchanges using historical price studies as well as an assessment of current
market volatility (including the implied volatility of the options on a given
futures contract) and economic fundamentals to provide a probabilistic estimate
of the maximum expected near-term one-day price fluctuation.

Maintenance margin has been used rather than the more generally available
initial margin, because initial margin includes a credit risk component which is
not relevant to Value at Risk.

In the case of market sensitive instruments which are not exchange traded
(almost exclusively currencies in the case of the Trust), the margin
requirements for the equivalent futures positions have been used as Value at
Risk. In those rare cases in which a futures-equivalent margin is not available,
dealers' margins have been used.

The fair value of the Trust's futures and forward positions does not have any
optionality component.

In quantifying the Trust's Value at Risk, 100% positive correlation in the
different positions held in each market risk category has been assumed.
Consequently, the margin requirements applicable to the open contracts have
simply been aggregated to determine each trading category's aggregate Value at
Risk. The diversification effects resulting from the fact that the Trust's
positions are rarely, if ever, 100% positively correlated have not been
reflected.


The Trust's Trading Value at Risk in Different Market Sectors

[Explanatory note: We are not required to provide quarterly information for
fiscal year 1999. However, since this information already existed and it is not
incorrect to provide it, I thought it would be more efficient to use what we had
rather than going back to determine year-end information for 1999.]

The Trust's Trading Value at Risk in Different Market Sectors

       The following table indicates the average, highest and lowest amounts of
trading Value at Risk associated with the Trust's open positions by market
category for fiscal year 2000 and 1999. All open position trading risk exposures
of the Trust have been included in calculating the figures set forth below.
During fiscal year 2000, the Trust's average total capitalization was
approximately $57.0 million, and during fiscal year 1999, the Trust's average
total capitalization was approximately $94.2 million.

                                Fiscal Year 2000
---------------------------------------------------------------------------
------------------- ------------ ------------ ----------- -----------------

                      Highest      Lowest      Average          % of
      Market           Value        Value       Value         Average
      Sector         at Risk*     at Risk*     at Risk*   Capitalization**
Interest Rates         $2.8         $0.9         $2.1           3.7%
Currencies             $4.3         $1.1         $2.4           4.2%
Stock Indices          $1.2         $0.1         $0.7           1.2%
Metals                 $1.0         $0.1         $0.5           0.9%
Commodities            $0.3         $0.0         $0.1           0.2%
Energy                 $0.5         $0.1         $0.3           0.5%
Total                  $10.1        $2.3         $6.1          10.7%

                                Fiscal Year 1999
--------------------------------------------------------------------------
-------------------- ----------- ----------- ----------- -----------------

                      Highest      Lowest     Average          % of
      Market           Value       Value       Value         Average
      Sector          at Risk*    at Risk*    at Risk*   Capitalization**
Interest Rates         $4.7         $3.3        $4.1           4.3%
Currencies             $5.8         $3.5        $4.7           5.0%
Stock Indices          $1.2         $0.8        $1.0           1.1%
Metals                 $2.2         $1.6        $1.9           2.0%
Commodities            $0.9         $0.8        $0.9           0.9%
Energy                 $1.1         $1.0        $1.1           1.1%
Total                 $15.9        $11.0       $13.7          14.4%


* Average, highest and lowest Value at Risk amounts relate to the quarter-end
amounts for each calendar quarter-end during the fiscal year. All amounts
represent millions of dollars.

** Average Capitalization is the average of the Trust's capitalization at the
end of each fiscal quarter for fiscal year 1999.



                       December 31, 1998
----------------------------------------------------------------
                                              % of Total
Market Sector          Value at Risk          Capitalization
Interest Rates         $4.6 million                 4.9%
Currencies             $1.8 million                 1.9%
Stock Indices          $0.8 million                 0.8%
Precious Metals        $0.5 million                 0.5%
Commodities            $0.7 million                 0.7%
Energy                 $0.5 million                 0.5%
Total                  $ 8.9 million                9.3%


Material Limitations on Value at Risk as an Assessment of Market Risk

The face value of the market sector instruments held by the Trust is typically
many times the applicable maintenance margin requirement (maintenance margin
requirements generally ranging between approximately 1% and 10% of contract face
value) as well as many times the capitalization of the Trust. The magnitude of
the Trust's open positions creates a "risk of ruin" not typically found in most
other investment vehicles. Because of the size of its positions, certain market
conditions, unusual, but historically recurring from time to time - could cause
the Trust to incur severe losses over a short period of time. The foregoing
Value at Risk table, as well as the past performance of the Trust - give no
indication of this "risk of ruin."

Non-Trading Risk

The Trust has non-trading market risk on its foreign cash balances not needed
for margin. However, these balances (as well as any market risk they represent)
are immaterial. The Trust holds substantially all of its assets in cash on
deposit with CIS and CISFS. The Trust has cash flow risk on these cash deposits
because if interest rates decline, so will the interest paid out by CIS and
CISFS at the 91-day Treasury bill rate. As of December 31, 2000, the Trust had
approximately $44.3 million in cash on deposit with CIS and CISFS.

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Trust's market risk
exposures - except for (i) those disclosures that are statements of historical
fact and (ii) the descriptions of how the Trust and JWH manage the Trust's
primary market risk exposures - constitute forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act. The Trust's primary market risk exposures as well as the
strategies used and to be used by JWH for managing such exposures are subject to
numerous uncertainties, contingencies and risks, any one of which could cause
the actual results of the Trust's risk controls to differ materially from the
objectives of such strategies. Government interventions, defaults and
expropriations, illiquid markets, the emergence of dominant fundamental factors,
political upheavals, changes in historical price relationships, an influx of new
market participants, increased regulation and many other factors could result in
material losses as well as in material changes to the risk exposures and the
risk management strategies of the Trust. There can be no assurance that the
Trust's current market exposure and/or risk management strategies will not
change materially or that any such strategies will be effective in either the
short- or long-term. Investors must be prepared to lose all or substantially all
of their investment in the Trust.

The following were the primary trading risk exposures of the Trust as of
December 31, 2000, by market sector.

Interest Rates. Interest rate risk is a major market exposure of the Trust.
Interest rate movements directly affect the price of the sovereign bond
positions held by the Trust and indirectly the value of its stock index and
currency positions. Interest rate movements in one country as well as relative
interest rate movements between countries materially impact the Trust's
profitability. The Trust's primary interest rate exposure is to interest rate
fluctuations in the United States and the other G-7 countries. However, the
Trust also takes positions in the government debt of smaller nations - e.g.,
Australia. The Managing Owner anticipates that G-7 interest rates will remain
the primary market exposure of the Trust for the foreseeable future. The changes
in interest rates which have the most effect on the Trust are changes in
long-term, as opposed to short-term, rates. Most of the speculative positions
held by the Trust are in medium- to long-term instruments. Consequently, even a
material change in short-term rates would have little effect on the Trust were
the medium- to long-term rates to remain steady.

Currencies. The Trust's currency exposure is to exchange rate fluctuations,
primarily fluctuations which disrupt the historical pricing relationships
between different currencies and currency pairs. These fluctuations are
influenced by interest rate changes as well as political and general economic
conditions. The Trust trades in a large number of currencies, including
cross-rates - i.e., positions between two currencies other than the U.S. dollar.
However, the Trust's major exposures have typically been in the dollar/yen,
dollar/euro, dollar/Swiss franc and dollar/pound positions. The Managing Owner
does not anticipate that the risk profile of the Trust's currency sector will
change significantly in the future. The currency trading Value at Risk figure
includes foreign margin amounts converted into U.S. dollars with an incremental
adjustment to reflect the exchange rate risk inherent to the dollar-based Trust
in expressing Value at Risk in a functional currency other than dollars.

Stock Indices. The Trust's primary equity exposure is to equity price risk in
the G-7 countries excluding the U.S. The stock index futures traded by the Trust
are by law limited to futures on broadly based indices. As of December 31, 2000,
the Trust's primary exposures were in the DAX (Germany), FTSE (Britain) and
Nikkei (Japan) stock indices. The Managing Owner anticipates little, if any,
trading in non-G-7 stock indices. The Trust is primarily exposed to the risk of
adverse price trends or static markets in the major U.S., European and Japanese
indices. (Static markets would not cause major market changes but would make it
difficult for the Trust to avoid being "whipsawed" into numerous small losses.)

Metals. The JWH programs currently used for the Trust trade mainly precious, not
base, metals, and the Trust's primary metals market exposure is to fluctuations
in the price of gold and silver. JWH has from time to time taken substantial
positions as it has perceived market opportunities in these metals to develop.
The Managing Owner anticipates that silver will remain the primary metal market
exposure for the Trust.

Commodities. The Trust's primary commodities exposure is to agricultural price
movements which are often directly affected by severe or unexpected weather
conditions. Grains and cotton accounted for the substantial bulk of the Trust's
commodities exposure as of December 31, 2000. In the past, the Trust has had
material market exposure to live cattle, coffee, sugar, cocoa and the soybean
complex and may do so again in the future. However, JWH and the Trust will
maintain an emphasis on grains, coffee, sugar and cocoa, in which the Trust has
historically taken its largest commodity positions.

Energy. The Trust's primary energy market exposure is to gas and oil price
movements, often resulting from political developments in the Middle East.
Although JWH trades natural gas to a limited extent, oil is by far the dominant
energy market exposure of the Trust. Oil prices can be volatile and substantial
profits and losses have been and are expected to continue to be experienced in
this market.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the only non-trading risk exposures of the Trust as of
December 31, 2000.

Foreign Currency Balances. The Trust's primary foreign currency balances are in
Japanese yen, German marks, British pounds and Australian dollars. The Trust
controls the non-trading risk of these balances by regularly converting these
balances back into dollars (no less frequently than twice a month).

Cash Position. The Trust holds substantially all its assets in cash at CIS and
CISFS, earning interest at the 91-day Treasury bill rate (calculated daily).

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The Manager Owner monitors the Trust's performance and the concentration of its
open positions, and consults with JWH concerning the Trust's overall risk
profile. If the Managing Owner felt it necessary to do so, the Managing Owner
could require JWH to close out individual positions as well as enter programs
traded on behalf of the Trust. However, any such intervention would be a highly
unusual event. The Managing Owner primarily relies on JWH's own risk control
policies while maintaining a general supervisory overview of the Trust's market
risk exposures.

Risk Management

JWH attempts to control risk in all aspects of the investment process - from
confirmation of a trend to determining the optimal exposure in a given market,
and to money management issues such as the startup or upgrade of investor
accounts. JWH double checks the accuracy of market data, and will not trade a
market without multiple price sources for analytical input. In constructing a
portfolio, JWH seeks to control overall risk as well as the risk of any one
position, and JWH trades only markets that have been identified as having
positive performance characteristics. Trading discipline requires plans for the
exit of a market as well as for entry. JWH factors the point of exit into the
decision to enter (stop loss). The size of JWH's positions in a particular
market is not a matter of how large a return can be generated but of how much
risk it is willing to take relative to that expected return.

To attempt to reduce the risk of volatility while maintaining the potential for
excellent performance, proprietary research is conducted on an ongoing basis to
refine the JWH investment strategies. Research may suggest substitution of
alternative investment methodologies with respect to particular contracts; this
may occur, for example, when the testing of a new methodology has indicated that
its use might have resulted in different historical performance. In addition,
risk management research and analysis may suggest modifications regarding the
relative weighting among various contracts, the addition or deletion of
particular contracts from a program, or a change in position size in relation to
account equity. The weighting of capital committed to various markets in the
investment programs is dynamic, and JWH may vary the weighting at its discretion
as market conditions, liquidity, position limit considerations and other factors
warrant.

JWH may determine that risks arise when markets are illiquid or erratic, such as
may occur cyclically during holiday seasons, or on the basis of irregularly
occurring market events. In such cases, JWH at its sole discretion may override
computer-generated signals and may at times use discretion in the application of
its quantitative models, which may affect performance positively or negatively.

Adjustments in position size in relation to account equity have been and
continue to be an integral part of JWH's investment strategy. At its discretion,
JWH may adjust the size of a position in relation to equity in certain markets
or entire programs. Such adjustments may be made at certain times for some
programs but not for others. Factors which may affect the decision to adjust the
size of a position in relation to account equity include ongoing research,
program volatility, assessments of current market volatility and risk exposure,
subjective judgment, and evaluation of these and other general market
conditions.


Item 8.  Financial Statements and Supplementary Data

Reference is made to the financial statements and the notes thereto attached to
this report.

The following summarized quarterly financial information presents the results of
operations and other data for three-month periods ended March 31, June 30,
September 30 and December 31, 2000 and 1999. This information has not been
audited.

<TABLE>
<CAPTION>

                           First Quarter       Second Quarter      Third Quarter      Fourth Quarter
                           2000                2000                2000               2000
<S>                      <C>                <C>                  <C>                <C>
-------------------------- --- --------------- --- --------------- --- -------------- ---- --------------
Total Revenues             $      (5,283,831)  $        (419,161)  $     (1,446,773)          14,597,242
Total Expenses             $        2,159,870  $        1,700,682  $       1,354,603  $        1,106,503
Gross Profit (Loss)        $      (7,443,701)  $      (2,119,843)  $     (2,801,376)  $       13,490,739
Net Profit (Loss)          $      (7,443,701)  $      (2,119,843)  $     (2,801,376)  $       13,490,739
Net Profit per Unit        $           (9.64)  $           (3.82)  $          (5.38)  $            28.92
</TABLE>



<TABLE>
<CAPTION>

                           First Quarter       Second Quarter      Third Quarter      Fourth Quarter
                           1999                1999                1999               1999
-------------------------- -- ---------------- -- ---------------- -- ---------------- -- ----------------
<S>                      <C>                 <C>                 <C>                 <C>
Total Revenues             $          558,966  $        9,738,323  $      (4,587,213)  $      (3,371,098)
Total Expenses             $        2,644,606  $        3,677,532  $        2,738,521  $        2,500,410
Gross Profit (Loss)        $      (2,085,640)  $        6,060,792  $      (7,325,734)  $      (5,871,508)
Net Profit (Loss)          $      (2,085,640)  $        6,060,792  $      (6,292,066)  $      (5,871,508)
Net Profit per Unit        $           (2.51)  $             7.17  $           (8.64)  $           (6.91)
</TABLE>


There were no extraordinary, unusual or infrequently occurring items recognized
in each full calendar quarter within the two most recent fiscal years, and the
Trust has not disposed of any segments of its business. There have been no
year-end adjustments that are material to the results of any fiscal quarter
reporter above.

Item 9.  Changes in and Disagreements with Accountants on
        Accounting and Financial Disclosure

None.


                        Part III

Item 10. Directors and Executive Officers of the Registrant

The Trust is managed by its Managing Owner, CIS Investments, Inc. The officers
and directors of the Managing Owner as of December 31, 2000 were as follows:

CIS Investments, Inc.

Bernard W. Dan (born in December  1960),  President and Director.  Mr. Dan
has served as  President  and  Director  of CISI  since  June 1, 1998.  He
received  a  B.S.  degree  in  accounting  from  St.  John's   University,
Collegeville,  Minnesota.  He joined Cargill  Investor  Services,  Inc. in
1985  and  held  various  operational  positions.  In  1986  Mr.  Dan  was
assigned to Cargill Investor  Services,  Ltd. in London as  Administrative
Manager for all  operational  activities.  In 1989 Mr. Dan was assigned to
the CIS New York Regional Office as the  Administrative  Manager.  Mr. Dan
was named Director of Cargill  Investor  Services  (Singapore) Pte Ltd. at
the  formation  of the  company in  November  1994 and  continued  in that
position  until  April  1997.  Mr.  Dan was  named  President  of  Cargill
Investor  Services,  Inc.  on  June  1,  1998.  Mr.  Dan  actively  serves
within the futures  industry  on exchange  committees  and  industry  user
groups.


Shaun D. O'Brien (born  November  1964) is Vice  President and a director.
Mr.  O'Brien  became a Vice  President  and a director  of CISI on July 1,
1999. Mr. O'Brien  graduated from  Northeastern  University in 1987 and he
received a master's  degree from the  University  of  Minnesota's  Carlson
School of  Management  in 1999.  Mr.  O'Brien  began  working for Cargill,
Incorporated in 1988 and joined CIS in 1999.


Barbara A.  Pfendler  (born in May 1953),  Vice  President  and  Director.
Ms.  Pfendler  was  appointed  Vice  President  of  CISI in May  1990  and
Director  of  CISI  in  June  1998.  Ms.   Pfendler   graduated  from  the
University  of  Colorado  in 1975.  She began  her  career  with  Cargill,
Incorporated  in  1975,  holding  various   merchandising  and  management
positions  within  Cargill   Incorporated's  Oilseed  Processing  Division
before  transferring to Cargill  Investor  Services,  Inc. in 1986. She is
currently  the  manager   responsible  for  all  activities  of  the  Fund
Services  Group at  Cargill  Investor  Services,  Inc.  She was  appointed
Vice  President  of  Cargill  Investor  Services,  Inc.  in June  1996 and
Director Cargill Investor Services, Inc. in June 1998.


Jan R. Waye (born in June 1948),  Vice  President.  Mr. Waye was appointed
Vice  President of CISI in June 1997.  Mr. Waye  graduated  from Concordia
College,   Moorhead,   MN,  with  a  B.A.  degree  in  Communications  and
Economics  in  1970.   Mr.  Waye  assumed  the  position  of  Senior  Vice
President of Cargill  Investor  Services,  Inc. in September  1996,  after
returning  from London  where he held  various  management  positions  for
Cargill  Investor   Services,   Ltd.   including  most  recently  Managing
Director for CIS Europe.  Mr. Waye joined  Cargill,  Incorporated  in 1970
and  served in various  commodity  trading  and  management  positions  in
Chesapeake,  VA; Winnipeg,  Manitoba; and Vancouver,  BC. In 1978 he moved
to New  York  and  shortly  thereafter  Minneapolis  as  head  of  Foreign
Exchange  for  Cargill's  metals  trading  business.  Mr.  Waye  served in
various  management  positions in the  Financial  Markets Group until 1988
when he assisted in the management and sale of Cargill's life insurance
business  in Akron,  Ohio.  He moved to London in late 1988.  Mr. Waye has
served  as a  member  of the  Board of  LIFFE,  the  London  International
Financial  Futures  and  Options  Exchange,  and as Vice  Chairman  of its
Membership  and  Rules  Committee.  He also  served  on the  Board  of the
London Commodity Exchange up to its merger with LIFFE.


Christopher  Malo  (born  in  August  1956),  Vice  President.   Mr.  Malo
graduated  from Indiana  University in 1976 with a B.S. in Accounting  and
further  completed  the  University  of  Minnesota  Executive  Program  in
1993.  He started  working  at  Cargill,  Incorporated  in June 1978 as an
internal  auditor.  He transferred to Cargill Investor  Services,  Inc. in
August  1979  and  served  as  Secretary/Treasurer   and  Controller  from
November   1983  until  July  1991.   He  was  elected   Vice   President,
Administration  and  Operations  in  July  1991.  Mr.  Malo  was  Managing
Director  in Europe  from 1996 until  January  1999,  responsible  for CIS
activities  and operations in Europe,  the Middle East and Russia.  He was
an active  member of the FIA-UK  Chapter  and LIFFE  Membership  and Rules
Committee.  He currently serves on the Board of the FIA in Chicago.


Ronald L. Davis (born in September  1953),  Vice President.  Mr. Davis was
elected Vice  President of CISI in June 1998.  Mr.  Davis  graduated  from
Illinois  Institute of Technology,  Chicago,  Illinois with a B.S. in 1975
and with an M.B.A in 1977.  He began his  career in the  futures  industry
with  A.G.  Becker,  Incorporated  in 1980  and  joined  Cargill  Investor
Services,  Inc.  in  1987  as  the  Administrative  Manager  of  the  Fund
Services  Group.  He is  responsible  for all  administrative,  accounting
and  reporting  functions  of all  CISI  funds.  In June  1998  Mr.  Davis
became Business Development Manager of the Fund Services Group.


Rebecca S. Steindel  (born in April 1965),  Secretary and  Treasurer.  Ms.
Steindel was elected  Secretary of CISI in September  1997.  Ms.  Steindel
graduated  from the  University of Illinois in 1987.  She began working at
Cargill  Investor  Services,  Inc. in August  1987.  She has held  various
financial  and risk  management  positions at Cargill  Investor  Services,
Inc.  and was  elected  Risk  and  Compliance  Officer  and  Secretary  of
Cargill  Investor  Services,  Inc. in August 1997. She currently serves on
the  Board of  Directors  and  Executive  Committee  of the FIA  Financial
Management Division.


Patrice  H.  Halbach  (born in  August  1953),  Assistant  Secretary.  Ms.
Halbach  became  Assistant  Secretary  of CISI in June 1996.  Ms.  Halbach
graduated  Phi  Beta  Kappa  from  the  University  of  Minnesota  with  a
bachelor  of arts degree in history.  In 1980 she  received a J.D.  degree
cum laude from the  University  of  Minnesota.  She is a member of the Tax
Executives  Institute,  the American Bar Association and the Minnesota Bar
Association.   Ms.   Halbach   joined  the  Law   Department  of  Cargill,
Incorporated  in February 1983.  She had previously  been an attorney with
Fredrikson  & Byron,  Minneapolis,  Minnesota.  In  December  1990 she was
named Senior Tax Manager for Cargill,  Incorporated's  Tax  Department and
became  Assistant  Tax  Director  in March 1993.  She was named  Assistant
Vice  President  of  Cargill,  Incorporated's  Administrative  Division in
April  1994.  In  January  1999 she was  named  Vice  President,  Tax,  of
Cargill,  Incorporated.  In her current  position as Vice President,  Tax,
Ms. Halbach oversees Cargill, Incorporated's global tax function.


Barbara A. Walenga (born in February 1960) is an Assistant Secretary. Ms.
Walenga graduated from Fayetteville Technical Institute in 1981. She began
working at CIS in August 1981. She has held various compliance management
positions at CIS and is currently the Legal Compliance Manager. She is currently
a member of the FIA Law and Compliance Division and the SIA Compliance and Legal
Division.


Additional CISI officers include James Clemens as Assistant secretary and
Lillian Lundeen also as Assistant Secretary.

Each officer and director holds such office until the election and qualification
of his or her successor or until his or her earlier death, resignation or
removal.


Item 11.   Executive Compensation

The Trust has no officers or directors. The Managing Owner administers the
business and affairs of the Trust (exclusive of Trust trading decisions which
are made by an independent commodity trading advisor). The officers and
directors of the Managing Owner receive no compensation from the Trust for
acting in their respective capacities with the Managing Owner.

All operating and administrative expenses attributable to the Trust are paid by
the Managing Owner except for brokerage commissions, advisory fees, legal,
accounting, auditing, printing, recording and filing fees, postage charges and
Trustee fees which are paid directly by the Trust.

CIS and CISFS, affiliates of the Managing Owner, are the Trust's clearing broker
and currency dealer, respectively. During the year ended December 31, 2000, the
Trust accrued and paid $3,737,532 in brokerage commissions to CIS, as compared
to $6,136,926 in 1999 and $5,195,089 in 1998.


Item 12.  Security Ownership of Certain Beneficial Owners and
          Management

(a)   As of December 31, 2000, no person was known to the Trust to own
      beneficially more than 5% of the outstanding Units.

(b)   As of December 31, 2000, the Managing Owner beneficially held an ownership
      of $768,196 (which is the equivalent of 6,703.91 Units) or approximately
      1.53% of the ownership of the Trust as of that date.

  (c)  As of December 31, 2000, no arrangements were known to the registrant,
       including any pledges by any person of Units of the Trust or shares of
       its Managing Owner or the parent of the Managing Owner, such that a
       change in control of the Trust may occur at a subsequent date.


Item 13.      Certain Relationships and Related Transactions.

(a) None other than the compensation arrangements described herein.

(b) None.

(c) None.

(d) Not Applicable.


                                     Part IV

Item 14.  Exhibits, Financial Statements, Schedules and Reports
          on Form 8-K

(a) The following documents are included herein:

(1)     Financial Statements:

a.       Report of Independent Public Accountants.

b.  Statements of Financial Condition as of December 31, 2000 and 1999.


c.    Statements of Operations, Statements of Unitholders' Capital and
      Statements of Cash Flows for the years ended December 31, 2000 1999, and
      1998.

d.   Notes to Financial Statements.


(2)   All financial statement schedules have been omitted either because the
      information required by the schedules is not applicable, or because the
      information required is contained in the financial statements included
      herein or the notes hereto.


(3) Exhibits:

    See the Index to Exhibits annexed hereto.

(b) Reports on Form 8-K:
    None



                       SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


Date:  March _____, 2001               JWH GLOBAL TRUST

                                By:  CIS Investments, Inc.
                                     (Managing Owner)


                                By: /s/ Bernard W. Dan
                                        Bernard W. Dan
                                        President


                                By: /s/ Shaun D. O'Brien
                                        Shaun D. O'Brien
                                        Vice President
                                        and Treasurer


Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the date indicated.


Date:  March _______, 2001

                               /s/ Bernard W. Dan
                                  Bernard W. Dan
                                  Director and President


                              /s/ Barbara A. Pfendler
                                  Barbara A. Pfendler
                                  DirectorandVice President


                              /s/ Shaun D. O'Brien
                                  Shaun D. O'Brien
                                  Vice President and Treasurer








                       Index to Exhibits



Number     Exhibit

3.1  Fourth  Amended  and  Restated  Declaration  and  Agreement  of Trust
      (Incorporated  by Reference  to  Post-Effective  Amendment  No. 1 to
      Registration  Statement No. 333-33937 of the Trust on Form S-1 under
      the Securities Act of 1933, declared effective on June 26, 1998).


10.1  Trading  Advisory  Agreement  dated as of April 3, 1997  between JWH
      Global  Trust and John W.  Henry &  Company,  Inc.  Incorporated  by
      Reference  to  Amendment  No.  2  to   Registration   Statement  No.
      333-16825  of the  Trust on Form S-1  under  the  Securities  Act of
      1933, declared effective on April 3, 1997).

10.2 First  Amendment to Trading  Advisory  Agreement  dated September 29,
       2000 between JWH Global Trust and John W. Henry & Company, Inc.




                          Index to Financial Statements

                                Table of Contents




Independent Auditors' Report

Financial Statements:
Statements of Financial Condition, December 31, 2000 and 1999

Statements of Operations, Years ended December 31, 2000, 1999 and 1998


Statements of Changes in Unitholders' Capital, Years ended December 31,
2000, 1999 and 1998

Statements of Cash Flows, Years ended December 31, 2000, 1999 and 1998

Notes to Financial Statements

Acknowledgment










                          Independent Auditors' Report



     The Unitholders
     JWH Global Trust:


     We have audited the accompanying statements of financial condition of JWH
     Global Trust (the Trust) as of December 31, 2000 and 1999, and the related
     statements of operations, changes in unitholders' capital and cash flows
     for each of the years in the three-year period ended December 31, 2000.
     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 auditing standards generally
     accepted in the United States of America. 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 financial statements referred to above present fairly,
     in all material respects, the financial position of JWH Global Trust as of
     December 31, 2000 and 1999, and the results of operations, changes in
     unitholders' capital and cash flows for each of the years in the three-year
     period ended December 31, 2000, in conformity with accounting principles
     generally accepted in the United States of America.


     KPMG LLP



     Chicago, Illinois


     January 26, 2001




                                                    JWH GLOBAL TRUST

                                            Statements of Financial Condition

                                               December 31, 2000 and 1999


<TABLE>
<CAPTION>


   Assets                                                                                     2000              1999
                                                                                         ---------------   ---------------
<S>                                                                                <C>                   <C>

Assets:
         Equity in commodity trading accounts:
          Cash on deposit with Brokers                                                 $     44,316,136        85,053,945
          Unrealized gain on open contracts                                                   8,003,965         3,339,311
                                                                                         ---------------------------------

                                                                                             52,320,101        88,393,256

         Receivable for units sold                                                              191,437           522,643
         Interest receivable                                                                    223,611           377,036
         Prepaid initial organization and offering costs                                        187,244           319,417
                                                                                         ---------------------------------

                 Total assets                                                          $     52,922,393        89,612,352
                                                                                         =================================

Liabilities and Unitholders' Capital

Liabilities:
         Accrued commissions on open contracts                                         $        282,628           474,960
          due to CIS
         Accrued management fees                                                                 87,816           296,715
         Accrued operating expenses                                                              60,000            60,000
         Accrued offering expenses                                                               21,796            36,779
         Redemptions payable                                                                  2,340,419         3,574,032
                                                                                         ---------------------------------

                 Total liabilities                                                            2,792,659         4,442,486
                                                                                         ---------------------------------

Unitholders' capital:
         Beneficial owners (430,765.38 and 806,374.79  units outstanding at
          December 31, 2000 and 1999, respectively)                                          49,361,538        84,270,892
                                                                                         ---------------------------------
         Managing owner (6,703.91 and 8,602.14 units outstanding at
          December 31, 2000 and 1999, respectively)                                             768,196           898,974
                                                                                         ---------------------------------

                 Total unitholders' capital                                                  50,129,734        85,169,866
                                                                                      ====================================

                 Total liabilities and unitholders' capital                            $     52,922,393        89,612,352
                                                                                      ====================================

<FN>

See accompanying notes to financial statements.
</FN>
</TABLE>







                                                    JWH GLOBAL TRUST

                                                Statements of Operations

                                  Years ended December 31, 2000, 1999 and 1998



<TABLE>
<CAPTION>

                                                                              2000             1999             1998
                                                                         ---------------  ---------------  ---------------
<S>                                                               <C>                   <C>               <C>
Revenues:
          Gain (loss) on trading of commodity contracts:
             Realized gain on closed positions                        $             740        2,105,322       10,418,484
             Change in unrealized gain on open positions                      4,664,653      (4,219,845)        3,078,002
          Interest income                                                     3,265,169        4,299,669        3,669,771
          Foreign currency transaction gain (loss)                            (483,085)          153,831        (296,969)
                                                                         ---------------  ---------------  ---------------

              Total revenues                                                  7,447,477        2,338,977       16,869,288
                                                                         ---------------  ---------------  ---------------

Expenses:
          Commission paid to CIS                                              3,737,532        6,136,926        5,195,089
          Exchange, clearing and NFA fees                                        38,489           83,215           59,724
          Management fees                                                     2,088,954        3,833,530        3,239,007
          Incentive fees                                                              0          853,599        1,383,562
          Amortization  of prepaid  initial  organization  and  offering        132,173          132,172          132,173
          costs
          Ongoing organization and offering expenses                            288,770          474,221          400,616
          Operating expenses                                                     35,740           47,406           58,596
                                                                         ---------------  ---------------  ---------------

              Total expenses                                                  6,321,658       11,561,069       10,468,767
                                                                         ---------------  ---------------  ---------------

              Net profit (loss)                                       $       1,125,819      (9,222,092)        6,400,521
                                                                         ===============  ===============  ===============

Profit (loss) per unit of beneficial ownership interest               $                                              5.70
                                                                                  10.08          (10.89)
Profit (loss) per unit of managing ownership interest                                                                5.70
                                                                                  10.08          (10.89)
                                                                         ===============  ===============  ===============

<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>












                                                     JWH GLOBAL TRUST

                                  Statements of Changes in Unitholders' Capital

                                   Years ended December 31, 2000, 1999 and 1998


<TABLE>
<CAPTION>


                                                                           Beneficial       Managing
                                                        Units*               Owners           Owner             Total
                                                  -------------------     ----------------- --------------   ----------------
<S>                                            <C>                   <C>                 <C>                <C>

Balance at December 31, 1997                            580,678.76            63,702,878        648,646         64,351,524

Net income                                                       0             6,324,744         75,777          6,400,521
Unitholders' contributions                              358,583.68            37,661,334        277,071         37,938,405
Unitholders' redemptions                              (120,556.32)          (13,217,904)              0       (13,217,904)
                                                  -----------------     -----------------  -------------  -----------------

Balance at December 31, 1998                            818,706.12            94,471,052      1,001,494         95,472,546

Net loss                                                         0           (9,119,572)      (102,520)        (9,222,092)
Unitholders' contributions                              164,883.44            18,624,039              0         18,624,039
Unitholders' redemptions                              (177,214.77)          (19,704,627)              0       (19,704,627)
                                                  -----------------     -----------------  -------------  -----------------

Balance at December 31, 1999                            806,374.79            84,270,892        898,974         85,169,866

Net income                                                       0             1,056,111         69,708          1,125,819
Unitholders' contributions                               18,386.99             1,766,481             58          1,766,539
Unitholders' redemptions                              (393,996.40)          (37,731,946)      (200,544)       (37,932,490)
                                                  -----------------     -----------------  -------------  -----------------

Balance at December 31, 2000                            430,765.38    $       49,361,538        768,196         50,129,734
                                                  =================     =================  =============  =================

Net asset value per unit at December 31, 2000                         $           114.59         114.59
Net asset value per unit at December 31, 1999                                     104.51         104.51
Net asset value per unit at December 31, 1998                                     115.40         115.40
                                                                        =================  =============

*Units of beneficial ownership.

<FN>

See accompanying notes to financial statements.
</FN>
</TABLE>












                                                      JWH GLOBAL TRUST

                                                  Statements of Cash Flows

                                   Years ended December 31, 2000, 1999 and 1998



<TABLE>
<CAPTION>

                                                                             2000              1999               1998
                                                                       -----------------  ----------------   ----------------
<S>     <C>                                                        <C>                     <C>               <C>

Cash flows from operating activities:
          Net profit (loss)                                          $        1,125,819       (9,222,092)          6,400,521
          Adjustments to reconcile net profit (loss) to
            net cash provided by (used in) operating activities :
             Decrease (increase) in unrealized gain (loss)
             on open contracts                                                (4,664,653)         4,219,845      (3,078,002)
             Change     in     assets     and
             liabilities:
             Decrease (increase) in interest receivable                         153,425          (38,772)           (97,519)
             Decrease  in prepaid initial organization
              and offering costs                                                132,173           132,172            132,173
             Increase (decrease) in accrued liabilities                       (416,215)         (259,133)          (183,111)
                                                                       -----------------  ----------------   ----------------

              Net cash provided by (used in) operating activities           (3,669,451)       (5,167,980)          3,174,062
                                                                       -----------------------------------   ----------------

Cash flows from financing activities:
          Net proceeds from sale of units                                     2,097,745        19,702,800         40,446,623
          Unit redemptions                                                  (39,166,103)       (19,663,619)       (9,716,075)
                                                                       ------------------  -----------------  ----------------

              Net cash provided by (used in) financing activities          (37,068,358)            39,181         30,730,548
                                                                       -----------------------------------   ----------------

              Net increase (decrease) in cash                              (40,737,809)       (5,128,799)         33,904,610

Cash at beginning of year                                                    85,053,945        90,182,744         56,278,134
                                                                       -----------------  ----------------   ----------------

Cash at end of year                                                  $       44,316,136        85,053,945         90,182,744
                                                                       ===================================   ================

<FN>

See accompanying notes to financial statements.
</FN>
</TABLE>







                                JWH GLOBAL TRUST

                          Notes to Financial Statements

                     December 31, 2000, 1999 and 1998

 (1)    General Information and Summary

        JWH Global Trust (the Trust), a Delaware business 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 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. The Managing
        Owner of the Trust is CIS Investments, Inc. (CISI). The clearing broker
        is Cargill Investor Services, Inc. (Clearing Broker or CIS), the parent
        company of CISI. The broker for forward contracts is CIS Financial
        Services, Inc. (CISFS or Forwards Currency Broker), an affiliate of
        CISI. The Clearing Broker and the Forwards Currency Broker will
        collectively be referred to as the Brokers.

        Units of beneficial ownership of the Trust commenced selling on April 3,
        1997 and trading began on June 2, 1997. The initial amount offered for
        investment was $50,000,000. On September 26, 1997, the Trust registered
        an additional $155,000,000 for further investment and continued the
        offering. By December 31, 2000, a total of 1,131,668.01 units
        representing an investment for $119,064,111 of beneficial ownership
        interest had been sold in the combined offerings. In addition, during
        the offerings, the Managing Owner purchased a total of 8,602.73 units,
        representing a total investment of $885,058. See the JWH Global Trust
        prospectus for further details of the offering.

        The Trust will be terminated on December 31, 2026, if none of the
        following occur prior to that date: (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) disassociation of the Managing
        Owner with the Trust; (3) bankruptcy of the Trust; (4), a decrease in
        the net asset value to less than $2,500,000; (5) a decline in the net
        asset value per unit to $50 or less; (6) dissolution of the Trust; or
        (7) any event that would make it unlawful for the existence of the Trust
        to be continued or require dissolution of the Trust.

 (2)    Summary of Significant Accounting Policies

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

        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 and losses 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 financial statements.

        The Trust earns interest on its assets on deposit at the Brokers at 100%
        of the 91-day Treasury bill rate for deposits denominated in U.S.
        dollars, and at the rates agreed between the Trust and CIS and CISFS for
        deposits denominated in other currencies.

        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 trading day of any month
        of the Trust based on the Net Asset Value per unit on five days' written
        notice to the Managing Owner. Payment will be made within ten business
        days of the effective date of the redemption. Any redemption made during
        the first 11 months of investment is subject to a 3% redemption penalty.
        Any redemption made in the 12th month of investment or later will not be
        subject to any penalty. The Trust's Amended and Restated Declaration and
        Agreement of Trust contains a full description of redemption and
        distribution policies.

        Organizational and Offering Costs

        Initial organizational and offering costs advanced to the Trust are
        being amortized over the first 60 months of the Trust's operations,
        subject to a maximum monthly payment of 1/60 of 2% of the month-end net
        assets. Ongoing offering costs, subject to a ceiling of 0.5% of the
        Trust's average month-end net assets, are paid by the Trust and expensed
        as incurred.

        Commissions

        Commodity brokerage commissions are typically paid for each trade
        transacted and are referred to as "round-turn commissions." These
        commissions cover both the initial purchase (or sale) and the subsequent
        offsetting sale (or purchase) of a commodity futures contract. The Trust
        does not pay commodity brokerage commissions on a per-trade basis, but
        rather pays monthly flat-rate Brokerage Fees at the annual rate of 6.5%
        (or a monthly rate of approximately 0.542%) of the Trust's month-end
        assets after reduction of the Management Fee. CIS receives these
        Brokerage Fees irrespective of the number of trades executed on the
        Trust's behalf. The amount paid to CIS is reduced by exchange fees paid
        by the Trust. The round-turn equivalent rate for commissions paid by the
        Trust for the years ended December 31, 2000, 1999 and 1998 was $57, $59
        and $61, respectively.

        Certain large investors are eligible for a "Special Brokerage Fee Rate"
        of 5% per year. As of December 31, 2000, there were no such eligible
        investors in the Trust.

        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. Translation of foreign currencies into U.S. dollars
        for closed positions are translated 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 statements of
        operations.

        Statements of Cash Flows

        For purposes of the statements of cash flows, cash includes cash on
        deposit with the Brokers in the commodity futures trading accounts.

         Use of Estimates

        The preparation of financial statements in conformity with generally
        accepted accounting principles 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.

(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 John W. Henry & Company, Inc. (JWH)
        utilizing three of its trading programs, the JWH GlobalAnalytics Family
        of Programs, the Financial and Metals Portfolio, and the G-7 Currency
        Portfolio.

        Under signed agreement, prior to October 1, 2000, JWH received a monthly
        management fee of 1/12 of 4% of the Trust's month-end assets after
        deduction of a portion of the Brokerage Fee at an annual rate of 1.25%
        of month-end Trust assets but before deduction of any management fees,
        redemptions, distributions, or incentive fee accrued or payable as of
        the relevant month end. Effective October 1, 2000, the agreement with
        JWH was changed to reduce the monthly management fee to 1/12 of 2% of
        the month-end net assets after the deductions.

        Also, under signed agreement, prior to October 1, 2000, the Trust paid
        to JWH a quarterly incentive fee equal to 15% of the net trading profits
        of the Trust. The incentive fee is based on the overall performance of
        the Trust, not individually in respect of the performance of the
        individual programs utilized by the Trust. This fee is also calculated
        by deducting a portion of the Brokerage Fees at an annual rate of 1.25%.
        Effective October 1, 2000, the agreement with JWH was changed to
        increase the incentive fee to 20% of the net trading profits.

 (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. Generally, for both Federal and state tax purposes,
        trusts, such as the JWH Global Trust, are treated as partnerships. The
        Trust is responsible for the Illinois State Partnership Information and
        Replacement Tax based on the operating results of the Trust. Such tax
        amounted to $0, $0, and $41,242 for the years ended December 31, 2000,
        1999 and 1998, respectively, and is included in operating expenses in
        the statement of operations.

 (5)  Financial Instruments with Off-balance Sheet Risk

        The Trust was formed to speculatively trade commodity interests. The
        Trust's commodity interest transactions and its related cash balance are
        on deposit with the Brokers at all times. In the event that volatility
        of trading of other customers of the Brokers impairs the ability of the
        Brokers to satisfy the obligations to the Trust, the Trust would be
        exposed to off-balance sheet risk. Such risk is defined in Statement of
        Financial Accounting Standards No. 105 (SFAS 105) as a credit risk. To
        mitigate this risk, the Clearing Broker, pursuant to the mandates of the
        Commodity Exchange Act, is required to maintain funds deposited by
        customers relating to futures contracts in regulated commodities in
        separate bank accounts which are designated as segregated customers'
        accounts. In addition, the Clearing Broker has set aside funds deposited
        by customers relating to foreign futures and options in separate bank
        accounts that are designated as customer-secured accounts. Lastly, the
        Clearing Broker is subject to the Securities and Exchange Commission's
        Uniform Net Capital Rule, which requires the maintenance of minimum net
        capital at least equal to 4% of the funds required to be segregated
        pursuant to the Commodity Exchange Act. The Clearing Broker and Forwards
        Currency Broker both have controls in place to make certain that all
        customers maintain adequate margin deposits for the positions in which
        they maintain at each Broker. Such procedures should protect the Trust
        from the off-balance sheet risk as mentioned earlier. Neither the
        Clearing Broker nor the Forwards Currency Broker engage in proprietary
        trading and thus has no direct market exposure.

        The contractual amounts of commitments for the Trust to purchase and
        sell exchange traded futures contracts and foreign currency forwards
        contracts was $455,367,477 and $154,636,609, respectively, on December
        31, 2000 and $229,942,351 and $245,184,015, respectively, on December
        31, 1999. The contractual amounts of these instruments reflect the
        extent of the Trusts' involvement in the related futures and forwards
        contracts and do not reflect the risk of loss due to counterparty
        performance. Such risk is defined by SFAS 105 as credit risk. The
        counterparty of the Trust for futures contracts traded in the United
        States and most non-U.S. exchanges on which the Trust trades is the
        Clearing House associated with the exchange. In general, Clearing Houses
        are backed by their membership and will act in the event of
        nonperformance by one of their members or one of the members' customers
        and as such should significantly reduce this credit risk. In cases where
        the Trust trades on exchanges on which the Clearing House is not backed
        by the membership, the sole recourse of the Trust for nonperformance
        will be the Clearing House. The Forwards Currency Broker is the
        counterparty for the Trust's forwards transactions. CISFS policies
        require that they execute transactions only with top rated financial
        institutions with assets in excess of $100,000,000.

        The average fair value of commodity interests was $2,758,417, $5,169,913
        and $4,860,965 during 2000, 1999 and 1998, respectively. Fair value as
        of December 31, 2000 and 1999 was $8,003,965 and $3,339,311,
        respectively. The net gains or losses arising from the trading of
        commodity interests are presented in the statement of operations.

        The Trust holds futures positions on various exchanges throughout the
        world and forwards positions with CISFS that transacts with various top
        rated banks throughout the world. As defined by SFAS 105, futures and
        forward currency contracts are classified as financial instruments. SFAS
        105 requires that the Trust disclose the market risk of loss from all of
        its financial instruments. Market risk is defined as the possibility
        that future changes in market prices may make a financial instrument
        less valuable or more onerous. If the markets should move against all of
        the futures and forwards positions of the Trust at the same time (both
        long positions and short positions), and if the markets moved such that
        the CTA was unable to offset the positions of the Trust, the Trust could
        lose all of its assets and the beneficial owners would realize a 100%
        loss. The Trust utilizes three of the trading programs of the CTA. One
        trading program is diversified among all commodity groups, while the
        other is diversified among the various futures contracts and forwards
        contracts in the financial and metals group. The third trading program
        is diversified among various foreign currency forward contracts,
        including cross currency contracts. The programs trade in the U.S. and
        outside of the U.S. Such diversification should greatly reduce this
        market risk.

        At December 31, 2000, the cash requirement of the commodity interests of
        the Trust was $6,699,816. This cash requirement was met by $39,278,293
        held in segregated funds, $7,719,059 held in secured funds and
        $5,322,749 held in nonregulated funds. At December 31, 1999, the cash
        requirement of the commodity interests of the Trust was $13,606,854.
        This cash requirement was met by $74,766,486 held in segregated funds,
        $8,457,917 held in secured funds and $5,168,853 held in non-regulated
        funds. At December 31, 2000 and 1999, cash was on deposit with the
        Brokers that exceeded the cash requirement amount.

        The following chart discloses the dollar amount of the unrealized gain
        or loss on open contracts of the Trust at December 31, 2000 and 1999:



           Commodity Group                         2000           1999
                                             -------------------------------

        Agricultural                     $          10,743          629,757
        Currency                                 4,303,848        1,461,045
        Stock Indices                              310,384          190,407
        Energies                                   485,284          401,260
        Metals                                     (84,408)        (484,516)
        Interest                                 2,978,114        1,141,358
                                             -------------------------------

                                         $       8,003,965        3,339,311
                                             ===============================



The range of expiration dates of these open contracts is January 2001 to
December 2001.






Acknowledgment

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



----------------------------------
Rebecca S. Steindel
Treasurer, CIS Investments, Inc.,
The Managing Owner and Commodity Pool Operator of
JWH Global Trust





FIRST AMENDMENT TO
TRADING ADVISORY AGREEMENT

This  Amendment  ("Amendment")  to the  Trading  Advisory  Agreement  (the
"Agreement")  dated as of April 3,  1997,  by and among JWH  GLOBAL  TRUST
(the "Trust"),  CIS INVESTMENTS,  INC. (the "Managing Owner"), and JOHN W.
HENRY & COMPANY,  INC. (the  "Advisor"),  and agreed to as to Section 4 by
Cargill  Investor  Services,  Inc.,  is made this  29th day of  September,
2000.

W I T N E S S E T H:

WHEREAS, the parties hereto entered into the Agreement to set forth the terms
and conditions upon which the Advisor renders advisory services in connection
with the Trust's commodity interest trading activities; and

WHEREAS, the parties hereto desire to amend the Agreement to reflect a change in
the management and incentive fees paid by the Trust to the Advisor.

NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein and other good and valuable consideration, the receipt and
sufficiency of all of which are hereby acknowledged, the parties hereto agree as
follows:

1. Amendment.  Section 5 of the Agreement shall be amended as follows:

(a)      in the third line of the first paragraph, "1/3 of 1%" shall be
stricken and replaced with "1/6 of 1%"; and

(b)      in the seventh line of the first paragraph, "15%"  shall be
stricken and replaced with "20%".

2.  Effective Date.  The effective date of this Amendment shall be
October 1, 2000.

3.  Miscellaneous.

(a)      Except as amended hereby, the Agreement shall remain in full
force and effect and is hereby ratified and confirmed.

(b) This Amendment may be executed in any number of counterparts, each of which
shall be deemed to be an original, but all such separate counterparts shall
constitute but one and the same instrument.




IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date first written above.

JWH GLOBAL TRUST

By:  CIS Investments, Inc., its Managing Owner


By:  /s/  Ronald L. Davis
Name:   Ronald L. Davis
Title:      Vice President


CIS INVESTMENTS, INC.


By:  /s/  Ronald L. Davis
Name:   Ronald L. Davis
Title:      Vice President


JOHN W. HENRY & COMPANY, INC.


By:  /s/  David M. Kozak
Name:   David M. Kozak
Title:     Senior Vice President


Agreed to and Acknowledged by:

CARGILL INVESTOR SERVICES, INC.


By:  /s/  Barbara A. Pfendler
Name:   Barbara A. Pfendler
Title:     Vice President