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, 1999

                         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
29, 2000:  $72,293,066

<PAGE>


                Index to exhibits on page 26


                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.

<PAGE>



                                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 ("The CEA 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 and on
November  29, 1999  Post-Effective  Amendment  No. 3 was filed with the SEC. The
Units currently are offered pursuant to a Prospectus dated January 3, 2000. 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  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,  1999,  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 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 receives
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).  The Trust pays 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.  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 pages 6-8 of 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
Trading  Advisor's  proprietary  trading  strategies.  From the  commencement of
trading on June 2, 1997 until October 4, 19998,  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 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 will continue to rebalance
the Trust's assets at the end of each quarter among these three trading programs
in accordance with the proceeding 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,
1999, 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 uses the offices of CIS, at no additional charge to
the Trust,  to perform its 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.




<PAGE>


                                     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, 1999, there were 806,374.79 Units
          held by the Beneficial Owners for an investment of
          $84,270,892. The Managing Owner held an investment of
          $898,974 (which is the equivalent of 8,602.14 Units).
          A total of 177,214.77 Units had been redeemed by
          Beneficial Owners during the period from January 1,
          1999 to December 31, 1999. 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)
<TABLE>
                                   Year ended December 31,
                                    1997     1998      1999
<CAPTION>
<S>                               <C>     <C>        <C>

1. Operating Revenues(000)         $6,988  $16,869    2,339
2. Income (Loss) From
   Continuing Operations(000)        3,651   6,401   (9,222)
3. Income (Loss) Per Unit            9.70     5.70   (10.89)
4. Total Assets(000)                65,693 100,133   89,612
5. Long Term Obligations              0          0       0
6. Cash Dividend Per Unit             0          0       0
</TABLE>



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, 1999 CIS and CISFS had paid or accrued to pay
interest of  $4,299,669 to the Trust.  For the calendar year ended  December 31,
1998 CIS and CISFS paid or accrued to pay interest of $3,669,771 to the Trust.

For the fiscal year ended December 31, 1999,  investors redeemed a total of
177,214.77 Units for  $19,704,627.  For the fiscal year ended December 31, 1998,
investors redeemed a total of 120,556.32 Units for $13,217,904.

During 1999,  Beneficial Owners purchased 164,883.44 Units for $18,624,039.  The
Managing  Owner  did  not  make  an additional contribution in 1999, therefore,
total contributions during 1999 equalled $18,624,039.

On December 31, 1999, the Trust had unrealized profits of $3,339,311 and cash on
deposit of $85,053,945. These positions required margin deposits of $13,606,854.
The total balance of the Trust's accounts at CIS and CISFS was $88,393,256.

On December 31, 1998,  the Trust had  unrealized  profits of $7,559,155 and
cash on deposit of  $90,182,744.  These  positions  required  margin deposits of
$9,700,885.  The total  balance  of the  Trust's  accounts  at CIS and CISFS was
$97,741,899.  These figures compare to unrealized profits of $4,481,153, cash on
deposit of $56,278,134,  margin  requirements of $9,299,511 and total balance of
the Trust's accounts at CIS and CISFS of $60,759,287 as of December 31, 1997.

During the fiscal year ended December 31, 1999, 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,  1999,  the Trust had assets of  $5,168,853  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 Footnote 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 Footnote 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 loss for 1999 and  positive  returns for 1998 and 1997 (1997
was the Trust's first year of trading).

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,  John W. Henry & Company,  Inc.  (JWH(R)),  the trading  advisor to the
Trust, 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 1/4 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.  The Managing  Owner  continues to believe the Trust is
well  positioned  to  capture  profits  on future  market  movements.  The Trust
utilizes   three  JWH   programs:   the  Financial  &  Metals   Portfolio,   the
GlobalAnalytics(R) Family of Programs and the G-7 Currency Portfolio,  which are
complimentary  and  diversified  enough in their approach to capture trends when
and where they occur.

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
8.55% 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.

1997

In 1997 the global  futures  markets  showed a great deal of volatility  and the
Advisors were well  positioned to profit from these moves.  The Trust produced a
net gain of 9.70% for the calendar  year.  The year 1997 was marked by declining
gold prices and interest rates around the globe and a rising US. dollar relative
to the German mark and  Japanese  yen. The strength of these market moves proved
beneficial to the Trust.  The price of gold declined to the lowest level in over
a decade  reflecting  its declining  value as an  alternative  monetary asset as
central banks increased  their  willingness to sell or lease the precious metal.
Solid gains were generated in the global interest rate markets,  particularly in
the  Japanese  Government  bond where yields  plummeted to historic  lows as the
nation sank  relentlessly  into a recession.  Strong gains were also recorded in
Australian 10-year bonds and 3-year notes and in German and Italian bonds. Gains
were realized in positions in the German mark,  which  weakened in world markets
as hopes for European  monetary  union rose.  The US dollar  dominated the world
currencies reflecting sound economic fundamentals in the US. The Trust benefited
from the  upward  price  movement  in  natural  gas  during the summer and fall.
However,  energy markets were  disappointing as ample world inventories and mild
weather kept supply and demand in balance. In addition,  losses were incurred in
agricultural  markets,  despite strong  performance by coffee futures earlier in
the year. The Trust ended the year with a profit of $3,651,248.

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

Quantitative 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

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  1999  and the  actual  trading  Value at Risk as of
December 31, 1998.  All open position  trading risk  exposures of the Trust have
been  included in  calculating  the figures set forth below.  During fiscal year
1999, the Trust's average total capitalization was approximately $94.2 million.
As of December 31, 1998, the Trust's total capitalization was approximately
$95.5 million.
<TABLE>

                       Fiscal Year 1999
----------------------------------------------------------------
<CAPTION>
                 Highest    Lowest     Average        % of
Market            Value      Value      Value       Average
Sector           at Risk*  at Risk*   at Risk*   Capitalization**
------           -------   --------   --------   ----------------
<S>              <C>       <C>        <C>          <C>

Interest Rates    $ 4.7     $ 3.3       $ 4.1          4.36%
Currencies        $ 3.5     $ 5.1       $ 4.7          4.99%
Stock Indices     $ 1.0     $ 1.1       $ 1.0          1.07%
Precious Metals   $ 2.1     $ 1.6       $ 1.9          1.99%
Commodities       $ 0.9     $ 0.9       $ 0.9          0.93%
Energy            $ 1.1     $ 1.1       $ 1.1          1.16%
                  -----     -----       -----          -----
Total             $13.3     $13.1       $13.7         14.50%
                  =====     =====       =====         ======

<FN>
       *  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.

</FN>
</TABLE>


<TABLE>

                       December 31, 1998
----------------------------------------------------------------
<CAPTION>
                                              % of Total
Market Sector          Value at Risk          Capitalization
-------------          -------------          --------------
<S>                 <C>                          <C>

Interest Rates         $ 4.6 million                4.82%
Currencies             $ 1.9 million                1.99%
Stock Indices          $ 0.8 million                0.84%
Metals                 $ 0.5 million                0.52%
Commodities            $ 0.7 million                0.73%
Energy                 $ 0.5 million                0.52%
                       -------------                -----
Total                  $ 9.0 million                9.42%
                       =============                =====


</TABLE>


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, 1999, the Trust had  approximately  $85.1
million in cash on deposit with CIS and CISFS.

<PAGE>


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, 1999, 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,
1999,  the  Trust's  primary  exposures  were  in the  Nikkei  (Japan)  and  All
Ordinaries  (Australia) 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,  coffee, sugar and cocoa accounted for the substantial bulk
of the Trust's  commodities  exposure as of December 31, 1999. In the past,  the
Trust has had material  market  exposure to live cattle,  cotton 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, 1999.

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.


<PAGE>


Item 8.  Financial Statements and Supplementary Data

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

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, 1999 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   -
Controller/Treasurer  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.
<PAGE>

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.  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, 1999, the
Trust accrued and paid  $6,136,926 in brokerage  commissions to CIS, as compared
to $5,195,089 in 1998 and $1,441,635 in 1997.

Item 12.  Security Ownership of Certain Beneficial Owners and
          Management

          (a) As of December 31,  1999,  no person was known to the Trust to own
beneficially more than 5% of the outstanding Units.

          (b)              As  of  December   31,  1999,   the  Managing   Owner
                           beneficially  held an ownership of $898,974 (which is
                           the  equivalent of 8,602.14  Units) or  approximately
                           1.06% of the  ownership of the Trust as of that date.
                           At December 31, 1999, Rebecca S. Steindel,  Secretary
                           of the Managing Owner, beneficially owned 49.94 Units
                           in joint  tenancy,  or  approximately  .0061%  of the
                           Units outstanding as of that date.

            (c)            As of December 31, 1999, 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, 1999 and 1998.

                            c. Statements of  Operations, Statements of
                               Changes in Unitholders' Capital and Statements of
                               Cash Flows for the years ended December 31,1999,
                               1998 and 1997.

                            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.


<PAGE>


                       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 28, 2000                   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 28, 2000

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

                                 /s/ Barbara A. Pfendler
                                     Barbara A. Pfendler
                                     Director and Vice President

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

                         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).



<PAGE>


                          Index to Financial Statements

                                JWH GLOBAL TRUST

Independent Auditors' Report

Financial Statements:
     Statements of Financial Condition,
        December 31, 1999 and 1998

     Statements of Operations,
        Years ended December 31, 1999, 1998 and 1997

     Statements of Changes in Unitholders' Capital,
        Years ended December 31, 1999, 1998 and 1997

     Statements of Cash Flows,
        Years ended December 31, 1999, 1998 and 1997

Notes to Financial Statements

Acknowledgment


<PAGE>




                          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, 1999 and 1998,  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, 1999.
     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  generally  accepted  auditing
     standards.  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,  1999 and 1998,  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, 1999, in conformity  with  generally
     accepted accounting principles.

                                                        KPMG LLP





     Chicago, Illinois

     January 20, 2000


<PAGE>

<TABLE>

                                JWH GLOBAL TRUST

                       Statements of Financial Condition

                           December 31, 1999 and 1998


<CAPTION>


                            Assets                                1999                1998
                                                              -------------       ------------
<S>                                                         <C>                   <C>
Assets:
        Receivable for units sold                             $    522,643           1,601,405
        Equity in commodity trading accounts:
                Cash on deposit Brokers                         85,053,945          90,182,744
                Unrealized gain on open contracts                3,339,311           7,559,155
                                                               ------------       -------------
                                                                88,915,899          99,343,304

        Interest receivable                                        377,036             338,264
        Prepaid initial organization and offering costs            319,417             451,589
                                                               ------------       ------------
                   Total assets                               $ 89,612,352         100,133,157
                                                               ============       ============
             Liabilities and Unitholders' Capital

Liabilities:
        Accrued commissions on open contracts                 $    474,960             528,885
                due to CIS
        Accrued management fees                                    296,715             328,109
        Accrued incentive fees                                        -                120,253
        Accrued operating expenses                                  60,000             109,738
        Accrued organization and offering expenses                  36,779              40,602
        Redemptions payable                                      3,574,032           3,533,024
                                                               ------------       ------------
                   Total liabilities                             4,442,486           4,660,611
                                                               ------------       ------------
Unitholders capital:
        Beneficial owners (806,374.79 and 818,706.12 units
        outstanding at December 31,1999 and 1998, respectively) 84,270,892          94,471,052
        Managing owner (8,602.14 units outstanding at
                December 31, 1999 and 1998)                        898,974           1,001,494
                                                               ------------       ------------
                   Total unitholders capital                    85,169,866          95,472,546
                                                               ------------       ------------
                   Total liabilities and unitholders capital  $ 89,612,352         100,133,157
                                                               ============       ============
<FN>

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

<TABLE>

                                JWH GLOBAL TRUST

                            Statements of Operations

                  Years ended December 31, 1999, 1998 and 1997

<CAPTION>



                                                                       1999                1998                1997
                                                                      ---------       --------------          -----------
<S>                                                                 <C>              <C>                   <C>

Revenues:
        Gain (loss) on trading of commodity contracts:
            Realized gain on closed position$                         2,105,322          10,418,484           1,761,637
            Increase (decrease) in unrealized gain on open position  (4,219,845)          3,078,002           4,481,153
        Interest income                                               4,299,669           3,669,771           1,042,648
        Foreign currency transaction gain (loss)                        153,831            (296,969)           (297,458)
                                                                     -----------      --------------        ------------
                Total revenues                                        2,338,977          16,869,288           6,987,980
                                                                     -----------      --------------        ------------
Expenses:
        Commission paid to CIS                                        6,136,926           5,195,089           1,441,635
        Exchange, clearing and NFA fees                                  83,215              59,724              12,426
        Management fees                                               3,833,530           3,239,007             896,312
        Incentive fees                                                  853,599           1,383,562             715,477
        Amortization of prepaid initial organization and offerin        132,172             132,173              66,238
        Ongoing organization and offering expenses                      474,221             400,616             110,352
        Operating expenses                                               47,406              58,596              94,292
                                                                     -----------      --------------        ------------
                Total expenses                                       11,561,069          10,468,767           3,336,732
                                                                     -----------      --------------        ------------
                Net profit (loss$                                    (9,222,092)          6,400,521           3,651,248
                                                                     ===========      ==============        ============
Profit (loss) per unit of beneficial ownership interest $                (10.89)               5.70                9.70
Profit (loss) per unit of managing ownership interest                    (10.89)               5.70                9.70
                                                                     ===========      ==============        ============
<FN>

See accompanying notes to financial statements.

</FN>
</TABLE>
<PAGE>

<TABLE>

                                JWH GLOBAL TRUST

                  Statements of Changes in Unitholders Capital

                  Years ended December 31, 1999, 1998 and 1997


<CAPTION>


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

Balance at December 31, 1996                                 8.17    $       817           183         1,000

Redemption of initial ownership interests                   (8.17)          (817)         (183)       (1,000)

Net income                                                    -        3,612,602        38,646     3,651,248
Unitholders contributions                              589,914.19     61,020,136       610,000    61,630,136
Unitholders redemptions                                 (9,235.43)      (929,860)          -        (929,860)

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

Net income                                                    -        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)          -     (13,217,904

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

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

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

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
Net asset value per unit at December 31, 1997                             109.70        109.70

*Units of beneficial ownership.
<FN>

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

<TABLE>


                                JWH GLOBAL TRUST

                            Statements of Cash Flows

                  Years ended December 31, 1999, 1998 and 1997


<CAPTION>


                                                                            1999               1998                1997
                                                                    -------------       --------------       ----------------
<S>                                                             <C>                    <C>                   <C>

Cash flows from operating activities:
  Net profit (loss)                                               $  (9,222,092)           6,400,521           3,651,248
  Adjustments to reconcile net profit (loss) to
    net cash provided by (used in) operating activities-
      change in assets and liabilities:
        Decrease (increase) in unrealized gain
          on open contracts                                           4,219,844           (3,078,002)         (4,481,153)
        Increase in interest receivable                                 (38,772)             (97,519)           (240,745)
        Decrease (increase) in prepaid initial organization
          and offering                                                  132,172              132,173            (583,762)
        Increase (decrease) in accrued liabilitities                   (259,132)            (183,111)          1,310,698
                                                                   -------------         ------------        -------------
          Net cash provided by(used in)operating activities          (5,167,980)           3,174,062            (343,714)
                                                                   -------------         ------------        -------------
Cash flows from financing activities:
  Net proceeds from sale of units                                    19,702,800           40,446,623          57,521,513
  Unit redemptions                                                  (19,663,619)          (9,716,075)           (899,665)
                                                                   -------------         ------------        -------------
         Net cash provided by financing activities                       39,181           30,730,548          56,621,848
                                                                   -------------         ------------        -------------
         Net increase (decrease) in cash                             (5,128,799)          33,904,610          56,278,134

Cash at beginning of year                                            90,182,744           56,278,134               -
                                                                   -------------         ------------        -------------
Cash at end of year                                               $  85,053,945           90,182,744          56,278,134
                                                                   =============         ============        =============
<FN>

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


                                JWH GLOBAL TRUST

                          Notes to Financial Statements

                        December 31, 1999, 1998 and 1997

 (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 forwards  broker 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. The initial amount offered for investment was $50,000,000. Trading
        began on June 2, 1997 with initial  capitalization  of  $13,027,103.  On
        September 26, 1997, the Trust registered an additional  $155,000,000 for
        further  investment and continued the offering.  By December 31, 1999, a
        total of 1,113,281.02  units representing an investment for $117,297,630
        of  beneficial   ownership  interest  had  been  sold  in  the  combined
        offerings.  In  addition,  during  the  offerings,  the  Managing  Owner
        purchased a total of 8,602.14 units,  representing a total investment of
        $885,000. 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 which 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.


<PAGE>



                                JWH GLOBAL TRUST

                          Notes to Financial Statements

                        December 31, 1999, 1998 and 1997

               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 10 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.

              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, 1999, 1998 and 1997 was
              $59, $61 and $92, respectively.

              Certain large investors are eligible for a "Special  Brokerage Fee
              Rate" of 5% per year. As of December 31, 1999,  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 equity in  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  increase  and  decrease  in net assets  from
              operations  during the period.  Actual  results  could differ from
              those estimates.


<PAGE>


                                JWH GLOBAL TRUST

                          Notes to Financial Statements

                        December 31, 1999, 1998 and 1997

              Reclassifications

              Certain  reclassifications of prior year amounts have been made to
conform with the current year presentation.

 (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  Original  Investment
        Program,  the  Financial  and  Metals  Portfolio,  and the G-7  Currency
        Portfolio.

        Under signed agreement, JWH receives 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 the  annual  rate  of  1.25%  (rather  than  6.5%)  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.

        In addition,  the Trust pays to JWH a quarterly  incentive  fee equal to
        15% of the new 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  Brokerage  Fees at a rate of 1.25%
        (rather than the 6.5% rate).

 (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,  $41,242,  and $58,292 for the years ended  December 31,
        1999, 1998 and 1997, 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 impaired 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 which 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


<PAGE>




                                JWH GLOBAL TRUST

                          Notes to Financial Statements

                        December 31, 1999, 1998 and 1997

        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 $229,942,351 and $245,184,015,  respectively,  on December
        31, 1999 and $570,328,165 and $1,063,876,786,  respectively, on December
        31,  1998.  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 fund  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 $5,169,913, $4,860,965
        and $3,290,863 during 1999, 1998 and 1997,  respectively.  Fair value as
        of  December  31,  1999  and  1998  was   $3,339,311   and   $7,559,155,
        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 which 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  futures  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, 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  nonregulated  funds. At December 31, 1998, the cash
        requirement of the commodity interests of the Trust was $9,700,885. This
        cash  requirement  was  met by  $85,532,262  held in  segregated  funds,
        $10,790,940  held in secured funds and $1,418,697  held in  nonregulated
        funds.  At  December  31,  1999 and 1998,  cash was on deposit  with the
        Brokers which exceeded the cash requirement amount.


<PAGE>



                                JWH GLOBAL TRUST

                          Notes to Financial Statements

                        December 31, 1999, 1998 and 1997

        The following  chart  discloses the dollar amount of the unrealized gain
        or loss on open contracts of the Trust at December 31, 1999 and 1998:
<TABLE>

        Commodity Group                                                1999             1998
        ---------------                                           ---------------  ---------------
<CAPTION>
        <S>                                                    <C>                   <C>

        Agricultural                                            $       629,757          283,099
        Currency                                                      1,461,045          337,027
        Stock Indices                                                   190,407         (275,499)
        Energies                                                        401,260          325,869
        Metals                                                         (484,516)         111,650
        Interest                                                      1,141,358        6,777,009
                                                                  ---------------  ---------------

                                                                $     3,339,311        7,559,155
                                                                  ===============  ===============
</TABLE>

        The range of expiration  dates of these open  contracts is February 2000
to December 2000.


<PAGE>



                                JWH GLOBAL TRUST

                                 Acknowledgment

                        December 31, 1999, 1998 and 1997

Acknowledgment

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

/s/ Shaun O'Brien
Shaun O'Brien

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