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## JWH GLOBAL TRUST
Annual Report

Message from the Managing Owner

Dear Unitholder:

The Managing Owner is
pleased to report the JWH Global Trust posted a respectable gain of 6.87% for
2003. The Net Asset Value at year-end was $149.12 per unit compared to $139.53
per unit at the beginning of the year.

Currency trading was the
driving force behind the profitable year. The financial markets were influenced
by three dominant themes this past year: the global re-balancing of the US
dollar against other major currencies, the accommodative monetary polices of the
three largest central banks, and the emergence of China as a global economic
power. The latter event had perhaps the single largest effect on the currency,
fixed income, energy and grain markets.

The majority of the
positive performance of 2003 occurred during the first quarter, primarily
generated in the currency and fixed income sectors. The pending war between the
US and Iraq, growing US budget deficits and shrinking US tax revenues helped
propel the Euro against the US dollar, the British pound and the Japanese yen
making these some of the most profitable currency positions. The economic
slowdown in most of the industrialized world led to higher bond prices which
were most pronounced in Europe and Japan. The fear of worldwide deflation cast a
pall on the major global stock indices which made their lows for the year in the
first quarter allowing the Trust to capture the profitable down trend. The
entire energy sector was positive for the quarter, due to the rise in energy
prices in anticipation of the Iraqi war. Metals had mixed results for the
quarter. Gold was positive as the price rose due to the war concerns, weaker US
dollar and lack of producer hedging. Copper benefited from the robust US housing
industry while silver and aluminum suffered from oversupplied markets.
Agricultural products were negative for the quarter with most components having
negligible results.

The second quarter was
positive with the bulk of the profits coming from the currency sector followed
by the fixed income sector. This was the transition quarter for 2003. The
USs quick victory in the Iraqi War initially provided strength to the US
dollar but the reality of higher than expected budget deficits due the cost of
the war and a low US savings rate again placed downward pressure on the US
dollar against most major currencies. Perhaps the most significant event for
fixed income markets came in May when the FOMC announced that the risk of
inflation was low. In June, the Fed Funds rate reached 1.00%, the lowest level
in forty years. All of the fixed income components in the US and Europe were
positive. Equities around the globe had mixed results which often occur when
markets are in the midst of directional change. By the end of the quarter most
indices were starting to show consistent strength contributing a modest gain to
the Trust. The energy sector was unprofitable for the quarter as a result of
volatile trading conditions. The metal sector also suffered a loss for the
quarter when prices moved lower after the initial post-war economic euphoria,
only to rebound against a weakening US dollar and mildly bullish economic news.
Agricultural products were down again as most components suffered minor losses.

All sectors with the
exception of indices were negative for the third quarter. Positive economic news
in the US and parts of Europe reversed the downward trend in the US dollar.
Another effect of the positive economic news was the reversal in bond markets as
interest rates began moving higher with anticipation of a global economic
recovery. The results were mixed throughout the yield curve. Indices were the
lone profitable sector for the quarter as the upward trend that started in the
previous quarter was firmly entrenched. The combination of continued favorable
economic data and increased corporate profitability helped buoy share prices.
Energies suffered a mild setback due to the volatile nature of trading and
sensitivity to weekly inventory news and changing production levels. Metals also
failed to make a positive contribution when gold and silver moved lower in
response to the strengthening US dollar.

The final quarter of the
year was marginally profitable. Once again, currencies led the way. Despite a
growing US economy the dollar moved lower as a result of asset reallocation.
Central banks, including Saudi Arabia, China, India and Korea have been reducing
the percentage of US dollars in their respective currency reserves and
increasing the percentage of Euros, British pounds and, to a lesser extent,
Japanese yen. The FOMC stated in December that interest rates would remain low
for a considerable period causing the interest rate markets to quickly reverse
their course and move lower. This resulted in the largest sector loss for the
quarter. Indices were unprofitable for the quarter due to the volatile trading
partly as a result of renewed terrorist threats. Energies were also down in the
fourth quarter in very volatile trading. Overall, the price of energy continues
to move higher due to low inventories and increased demand. China has now
surpassed Japan as the second largest importer of crude for industrial
consumption. Agricultural products and metals made positive contributions this
period as prices rose mainly due to Chinas demand for raw materials. China
has become the largest recipient of direct foreign investment surpassing the US.

CIS Investments, Inc., the
Managing Owner of the Trust, looks towards 2004 with optimism. We believe that
the uncertainty in the Middle East, the emergence of China as an importer of raw
materials and the upcoming US elections will provide market opportunities not
only in the financial but also the physical markets. This uncertainty will
continue to make the Trust a valued part of your diversified investment
portfolio. We continue to feel our blend of JWH Programs- the Financial and
Metals Portfolio, the G-7 Currency Portfolio and the JWH GlobalAnalytics®
Family of Programs are positioned to cover substantially all potential areas of
market opportunity.

Thank you for your ongoing
support of the JWH Global Trust.

James A. Davison
Chairman, CEO and Director
CIS Investments, Inc.

### JWH GLOBAL TRUST
Table of Contents

Independent Auditors' Report

Financial Statements:
          Statements of Financial Condition, December 31, 2002 and 2001

Statements of Operations, Years ended December 31,
        2002, 2001, and 2000

Statements of Changes in Partners' Capital, Years
        ended December 31, 2002, 2001, and 2000

Notes to Financial Statements

Condensed Schedule of Investments, December 31, 2002

Acknowledgment

### Independent Auditors' Report

The Board of Directors of CIS Investments, Inc. and the Unitholders of JWH Global Trust:

We have audited the
accompanying statements of financial condition of JWH Global Trust
(the Trust) as of December 31, 2003 and 2002, including the condensed
schedule of investments as of December 31, 2003 and the related statements of
operations and changes in unitholders capital for each of the years in the
three-year period ended December 31, 2003. 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, 2003 and
2002, and the results of operations and changes in unitholders capital,
for each of the years in the three-year period ended December 31, 2003, in
conformity with accounting principles generally accepted in the United States of
America.

February 6, 2004

|JWH GLOBAL TRUST
        STATEMENTS OF FINANCIAL CONDITION
        December 31, 2003 and 2002                              
|---------------------------------------------------------------------------------------------------------------------------
|                                                                                                                           
|
|Assets:                                                                                                                    
|Equity in commodity trading accounts:                                                                                      
|Cash on deposit with Brokers                                                                                               
|Unrealized gain on open contracts                                                                                          
|                                                                                                                           
|                                                                                                                           
|Receivable for units sold                                                                                                  
|Interest Receivable                                                                                                        
|                                                                                                                           
|Total assets                                                                                                               
|                                                                                                                           
|                                                                                                                           
|Liabilities:                                                                                                               
|Accrued commissions                                                                                                        
|Accrued management fees                                                                                                    
|Accrued incentive fees                                                                                                     
|Accrued operating expenses                                                                                                 
|Accrued offering expenses                                                                                                  
|Redemptions payable                                                                                                        
|                                                                                                                           
|Total liabilities                                                                                                          
|                                                                                                                           
|Unitholders' Capital:                                                                                                      
|Beneficial owners (1,381,108.44 and 453,878.17 units outstanding
              at December 31, 2003 and 2002, respectively)
|Managing owner (7,805.08 and 5,754.50 units outstanding
            at December 31, 2003 and 2002, respectively)           
|Total unitholders' capital                                                                                                 
|                                                                                                                           
|Total liabilities and unitholders' capital                                                                                 
|                                                                                                                           
|See accompanying notes to financial statements.                                                                            

|JWH GLOBAL TRUST
         STATEMENTS OF OPERATIONS
        Years ended December 31, 2003, 2002, and 2001
|--------------------------------------------------------------------------------------------------------
|
|
|
|Gain (loss) on trading of commodity contracts                                                           
|Realized gain on closed positions                                                                       
|Change in unrealized gain (loss) on open positions                                                      
|Interest Income                                                                                         
|Foreign currency transaction gain                                                                       
|                                                                                                        
|Total revenues                                                                                          
|                                                                                                        
|
|Commission                                                                                              
|Exchange, clearing, and NFA fees                                                                        
|Management fees                                                                                         
|Incentive fees                                                                                          
|Amortization of prepaid initial organization and offering costs                                         
|Ongoing organization and offering expenses                                                              
|Other operating expenses                                                                                
|                                                                                                        
|Total expenses                                                                                          
|                                                                                                        
|Net income (loss)                                                                                       
|                                                                                                        
|Income (loss) per unit of beneficial ownership interest*                                                
|Income (loss) per unit of managing ownership interest*                                                  
|* Represents the increase (decrease) in unit value during the year.                                     
|                                                                                                        
|See accompanying notes to financial statements.                                                         

|JWH GLOBAL TRUST
        STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
        Years ended December 31, 2003, 2002, and 2001
|-------------------------------------------------------------------------------------------------------------------------
|                                                                                                                         
|
|                                                                                                                         
|Balance at December 31, 2000                                                                                             
|                                                                                                                         
|Net loss                                                                                                                 
|                                                                                                                         
|Unitholders' contributions                                                                                               
|                                                                                                                         
|Unitholders' redemptions                                                                                                 
|                                                                                                                         
|Balance at December 31, 2001                                                                                             
|                                                                                                                         
|Net income                                                                                                               
|                                                                                                                         
|Unitholders' contributions                                                                                               
|                                                                                                                         
|Unitholders' redemptions                                                                                                 
|                                                                                                                         
|Balance at December 31, 2002                                                                                             
|                                                                                                                         
|Net income                                                                                                               
|                                                                                                                         
|Unitholders' contributions                                                                                               
|                                                                                                                         
|Unitholders' redemptions                                                                                                 
|                                                                                                                         
|Balance at December 31, 2003                                                                                             
|                                                                                                                         
|Net asset value per unit at December 31, 2003                                                                            
|                                                                                                                         
|Net asset value per unit at December 31, 2002                                                                            
|                                                                                                                         
|Net asset value per unit at December 31, 2001                                                                            
|                                                                                                                         
|* Units of beneficial ownership.                                                                                         
|                                                                                                                         
|See accompanying notes to financial statements.                                                                          

# Notes to Financial Statements
December 31, 2003, 2002, 2001

(1) General Information and Summary

JWH
Global Trust (the Trust), a Delaware statutory trust organized on
November 12, 1996, was formed to engage in the speculative trading of
futures contracts on currencies, interest rates, energy and agricultural
products, metals 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 collectively will 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 and again on July 2, 2003, the Trust
registered an additional $155,000,000 and $300,000,000, respectively, for
further investment and continued the offering. Refer to 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 accounting principles
generally accepted in the United States of America 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 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 such date 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 eleven 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 were 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. Effective July 1, 2003, CIS lowered this fee from the
annual rate of 6.5% (or approximately 0.542% per month) to 6.0% (or 0.50% per
month) 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, 2003, 2002, and 2001 was $38,
$52, and $56, respectively.

Certain
large investors are eligible for a Special Brokerage Fee Rate of
4.5% per year. As of December 31, 2003, 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.

Use of Estimates

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

(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 JWH receives a monthly management fee at the rate of 0.166% (a
2% annual rate) of the Trusts month-end net assets calculated after
deduction of a portion of the Brokerage Fee at an annual rate of 1.25% of
month-end Trust net assets, but before reduction for any incentive fee or other
costs and before inclusion of purchases and redemptions for the month.

Also,
under signed agreement the Trust pays to JWH a quarterly incentive fee equal to
20% of the new trading profits, if any, 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%.

(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 $0 for the years ended December 31,
2003, 2002, and 2001, respectively, and is included in operating expenses in the
statements of operations.

(5)     Trading Activities and Related Risks

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

The
purchase and sale of futures requires margin deposits with a Futures Commission
Merchant (FCM). Additional deposits may be necessary for any loss on contract
value. The Commodity Exchange Act (CEAct) requires an FCM to segregate all
customer transactions and assets from the FCMs proprietary activities. A
customers cash and other property, such as U.S. Treasury Bills, deposited
with an FCM are considered commingled with all other customer funds subject to
the FCMs segregation requirements. In the event of an FCMs
insolvency, recovery may be limited to a pro rata share of segregated funds
available. It is possible that the recovered amount could be less than the total
of cash and other property deposited.

The
Trust has cash on deposit with an affiliate interbank market maker in connection
with its trading of forward contracts. In the event of interbank market
makers insolvency, recovery of the Trust assets on deposit may be limited
to account insurance or other protection afforded such deposits. In the normal
course of business, the Trust does not require collateral from such interbank
market maker. Due to forward contracts being traded in unregulated markets
between principals, the Trust also assumes a credit risk, the risk of loss from
counter party non-performance.

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

Net
trading results from derivatives for the years ended December 31, 2003, 2002,
and 2001, are reflected in the statement of operations and equal gain from
trading less brokerage commissions. Such trading results reflect the net gain
arising from the Trusts speculative trading of futures contracts and
forward contracts.

The
notional amounts of open contracts at December 31, 2003, as disclosed in the
Condensed Schedule of Investments, do not represent the Trusts risk of
loss due to market and credit risk, but rather represent the Trusts extent
of involvement in derivatives at the date of the statement of financial
condition.

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

(6)     Financial Highlights

The
following financial highlights show the Trusts financial performance for
the period ended December 31, 2003. Total return is calculated as the
change in a theoretical beneficial owners investment over the entire
period  a percentage change in the net asset value from December 31, 2002
to December 31, 2003. Total return is calculated based on the
aggregate return of the Trust taken as a whole.

|Total Return:                    
|---------------------------------
|Total Return before incentive fee
|Less incentive fee allocation    
|                                 
|Total return                     
|                                 
|Ratio to Average net assets:     
|Net income                       
|Expenses:                        
|Expenses                         
|Incentive fees                   
|                                 
|Total expenses                   
|                                 

The net income and expense
ratios are computed based upon the weighted average net assets for the Trust for
the period ended December 31, 2003.

|JWH GLOBAL TRUST
        Condensed Schedule of Investments
        December 31, 2003
|------------------------------------------------------------------------------------
|                                                                                    
|
|Long positions                                                                      
|Futures positions (1.71%)                                                           
|Agriculture                                                                         
|Energy                                                                              
|Interest rates                                                                      
|Metals                                                                              
|Indices                                                                             
|                                                                                    
|Forward positions (4.47%):                                                          
|Currencies                                                                          
|                                                                                    
|Total long positions                                                                
|                                                                                    
|Short positions                                                                     
|Futures positions (-0.44%)                                                          
|Indices                                                                             
|                                                                                    
|Forward positions (-0.58%):                                                         
|Currencies                                                                          
|                                                                                    
|Total short positions                                                               
|                                                                                    
|Total open contracts (5.16%)                                                        
|Cash on deposit with brokers (88.48%)                                               
|Other assets in excess of liabilities (6.36%)                                       
|                                                                                    
|Net assets (100.0%)                                                                 
|                                                                                    
|See accompanying notes to financial statements.                                     

### Acknowledgment

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

---

|Shaun D. O'Brien
         Chief Financial Officer,
         CIS Investments, Inc.,
         The Managing Owner and Commodity Pool Operator of JWH Global Trust | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------- |