Exhibit
13.01




Message from the Managing
Owner




Dear
Unitholder:




The JWH
Global Trust posted a loss of  9.77% for 2007.  The Net
Asset Value at year-end was $84.69 compared to $93.86 per unit at the beginning
of the year.  There were no contributions to the Trust during
2007.




The
Trust’s performance was negative for the first quarter of 2007.  The
interest rate sector was the Trust’s best performing sector early in the quarter
only, for gains to be given back.  On high volatility, the European
10-year bond yields, U.K. two-year gilt, German debt, Japanese government bonds
and U.S.Treasuries fell, rallied and fell again during the
quarter.  The currency sector was the Trust’s worst performing sector
during the quarter as currency markets whip-sawed with extreme
volatility.  The largest losses occurred in the British Pound and the
yen with slight gains produced in the euro and Australian dollar.  The
energy sector was positive for the quarter despite changing weather conditions
and predictions which caused extreme volatility within the
sector.  Crude oil and London gas oil were the best performers while
natural gas was the worst performer.  The metals sector was negative
for the quarter as precious metal prices reacted to fluctuations in the U.S.
dollar and the equity markets.  The sector started the quarter with
negative results, moving to slightly positive performance mid-quarter before
reversing back with negative results.  The equity indices sector was
negative for the quarter.  Intra-month volatility early in the quarter
hurt the sector’s performance.  The plunge in the Chinese equity
market sparked a global sell-off and drop in equity prices which continued
through the quarter.  The agriculture sector was negative for the
quarter even with a mid quarter rally.  As global equity markets
plunged, investors took profits out of commodities.  Slight gains were
achieved in corn and New York coffee and sugar.


The
Trust’s performance was positive for the second quarter.  Global
financial markets recovered from the explosion in volatility that occurred at
the end of February and continued into March.  The currency, interest
rate and indices sectors were the best performers for the
quarter.  The euro reached a historical high against both the U.S.
dollar and the Japanese yen and the British pound reached a 25-year high against
the dollar.  The global stock indices sector was  positive
for the quarter driven by  stronger-than-expected  earnings,
an increase in mergers and acquisitions, economic growth in Europe, and benign
inflation in the U.S.  Global interest rates sustained their steady
rise as economic growth continued in Europe and as the U.S. housing market began
to stabilize.  The European government bonds led performance in this
sector.  U.S. Treasuries also bolstered performance.  The
energy sector was negative for the quarter with slight gains achieved in
June.  Prices across this sector were range-bound earlier in the
quarter until increased terrorism fears combined with lower supplies in
Petroleum-based products provided direction.  The metals sector
started the quarter on a positive note, moved negatively mid-quarter to flat at
quarter-end.  Volatility and whip-saw prices were most pronounced in
Copper, Gold and Silver and affected over-all sector performance.  The
agriculture sector was negative for the quarter.  Like the metals
sector, the agriculture sector started on a positive note and moved to negative
and then to flat at quarter-end.  Most losses, at different intervals,
were in CBOT wheat, corn, New York coffee and corn.





The
Trust’s performance was negative for the third quarter.  Many of the
trends which contributed to second quarter gains were either disrupted or
ended.  The U.S sub-prime crisis spread globally and financial markets
were negatively impacted by rising volatility and trend
reversals.  Gains in agriculture, energy and metals were not enough to
offset losses in currencies, interest rates and indices during the middle of the
quarter.  Indices and currencies recovered into positive territory at
the end of the quarter while interest rates did not.  This sector was
the only unprofitable sector by quarter-end.





The
Trust’s performance was positive for the fourth quarter.  Apprehension
regarding the sub-prime crisis spilled into the last quarter of the
year.  The Federal Reserve cut rates mid-quarter, and most markets
were directionless by the end of the quarter. 4 of the
6 sectors traded by the Trust were profitable for most of the quarter, with
metals, energy and agriculture sectors contributing the most.





We thank
you for your continued support.




Past
performance is not indicative of future results.




/s/
      Helen D. McCarthyHelen
      D. McCarthyChief
      Financial OfficerR.J.
      O’Brien Fund Management, LLC





1






JWH
GLOBAL TRUST AND SUBSIDIARY
 Table
of Contents
  Report
      of Independent Registered Public Accounting Firm – CF & Co.,
      L.L.P.
              3Financial
      Statements:Consolidated
      Statements of Financial Condition as of December 31, 2007 and
      2006
              4Condensed
      Consolidated Schedules of Investments as of December 31, 2007 and
      2006
              5-6Consolidated
      Statements of Operations, Years ended December 31, 2007, 2006, and
      2005
              7Consolidated
      Statements of Changes in Unitholders’ Capital, Years ended December 31,
      2007, 2006, and 2005
              8Notes
      to Consolidated Financial Statements
              9
  2
  REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  To the
Managing Owner and Limited Owners of JWH Global Trust and
Subsidiary:
 
 We have
audited the accompanying consolidated statements of financial condition,
including the condensed consolidated schedules of investments, of JWH Global
Trust and Subsidiary (the “Trust”) as of December 31, 2007 and 2006 and the
related consolidated statements of operations and changes in unitholders’
capital for each of the three years in the period ended December 31,
2007.  These financial statements are the responsibility of the
Trust’s management.  Our responsibility is to express an opinion on
these financial statements based on our audits.
 
 We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis
for our opinion.
 
 In our
opinion, the consolidated financial statements referred to above present fairly,
in all material respects, the financial position of JWH Global Trust and
Subsidiary as of December 31, 2007 and 2006 and the results of its operations
and changes in unitholders’ capital, for each of the three years in the period
ended December 31, 2007, in conformity with accounting principles generally
accepted in the United States of America.
 
 We were
not engaged to examine management’s assertion about the effectiveness of the
Trust’s internal control over financial reporting as of December 31, 2007
included in “Management’s Report on Internal Control Over Financial Reporting”
in the Trust’s December 31, 2007 Form 10-K and, accordingly, we do not express
an opinion thereon.
 
  /S/
      CF & Co., L.L.P.CF
      & CO., L.L.P.Dallas,
      TexasMarch
      20, 2008
 
   3
  JWH
GLOBAL TRUST AND SUBSIDIARY
 Consolidated
Statements of Financial Condition
  as
      ofDecember
      31,2007
              
              
              December
      31,2006AssetsAssets:Equity
      in commodity trading accounts:Cash
      on deposit with brokers
              
              $
              72,906,959
              
              
              $
              119,334,561Unrealized
      gain on open contracts
              
              
              1,468,910
              
              
              
              3,249,456Cash
      on deposit with former brokers
              
              
              -
              
              
              
              6,643,944Cash
      on deposit with bank
              
              
              30,436
              
              
              
              10,654,714Cash
      on deposit with bank - Non-Trading
              
              
              8,881,327
              
              
              
              463,48883,287,632
              
              
              
              140,346,163Interest
      receivable
              
              
              135,241
              
              
              
              359,067Total
      Assets
              
              $
              83,422,873
              
              
              $
              140,705,230Liabilities
      and Unitholders' CapitalLiabilities:Accrued
      commissions
              
              $
              271,984
              
              
              $
              518,368Accrued
      management fees
              
              
              123,807
              
              
              
              431,641Accrued
      incentive fees
              
              
              -
              
              
              
              -Accrued
      offering expenses
              
              
              30,000
              
              
              
              37,533Accrued
      operating expenses
              
              
              292,627
              
              
              
              428,002Redemptions
      payable - Trading
              
              
              1,641,786
              
              
              
              4,577,801Redemptions
      payable - Non-Trading
              
              
              -
              
              
              
              4,180,958Accrued
      legal fees - Non-Trading
              
              
              76,170
              
              
              
              359,386Accrued
      management fees to U.S. Bank - Non-Trading
              
              
              29,424
              
              
              
              -Distribution
      payable - Non-Trading
              
              
              39,801
              
              
              
              -Total
      liabilities
              
              
              2,505,599
              
              
              
              10,533,689Unitholders'
      capital:Unitholders’
      capital (Trading):Beneficial
      owners (831,874 and 1,283,572 units outstanding atDecember
      31, 2007 and December 31, 2006, respectively)
              
              
              70,450,079
              
              
              
              120,482,074Managing
      owner (20,218 units outstanding atDecember
      31, 2007 and December 31, 2006)
              
              
              1,712,262
              
              
              
              1,897,788Unitholders'
      capital (LLC equity/Non-Trading):Participating
      owners (798,724 and 1,255,537 units outstanding atDecember
      31, 2007 and December 31, 2006, respectively)
              
              
              3,075,087
              
              
              
              4,303,344Nonparticipating
      owners (1,474,564 and 1,017,751 units outstanding atDecember
      31, 2007 and December 31, 2006, respectively)
              
              
              5,679,846
              
              
              
              3,488,335Total
      unitholders' capital
              
              
              80,917,274
              
              
              
              130,171,541Total
      Liabilities and Unitholders’ Capital
              
              $
              83,422,873
              
              
              $
              140,705,230Net
      asset value per unit:Trading
              
              $
              84.69
              
              
              $
              93.86LLC
      equity/Non-Trading
              
              $
              3.85
              
              
              $
              3.43See
      accompanying notes to consolidated financial statements.
  4
   JWH
GLOBAL TRUST AND SUBSIDIARY
 Condensed
Consolidated Schedule of Investments
 as
of December 31, 2007
 Number
      of
              
              
              Principal
              
              
              Value/opencontracts
              
              
              (notional)
              
              
              trade
      equityLong positions
      (3.24%)Futures
      Positions (2.18%)Agriculture
              
              
              1,145
              
              
              $
              27,440,938
              
              
              $
              1,316,159Energy
              
              
              243
              
              
              
              21,641,588
              
              
              
              704,037Indices
              
              
              61
              
              
              
              13,352,207
              
              
              
              (973
              )Interest
      rates
              
              
              1,332
              
              
              
              340,380,811
              
              
              
              (280,099
              )Metals
              
              
              140
              
              
              
              11,716,520
              
              
              
              23,669414,532,064
              
              
              
              1,762,793Forward
      Positions (1.06%)Currencies
              
              
              4
              
              
              
              142,065,738
              
              
              
              858,449Total
      long positions
              
              
              
              
              
              $
              556,597,802
              
              
              $
              2,621,242Short positions
      (-1.42%)Futures
      positions (0.27%)Agriculture
              
              
              72
              
              
              $
              2,343,040
              
              
              $
              17,480Energy
              
              
              44
              
              
              
              3,327,850
              
              
              
              18,610Indices
              
              
              79
              
              
              
              11,180,426
              
              
              
              321,195Interest
      rates
              
              
              795
              
              
              
              193,800,873
              
              
              
              (220,909
              )Metals
              
              
              82
              
              
              
              6,072,288
              
              
              
              78,700216,724,477
              
              
              
              215,076Forward
      positions (-1.69%)Currencies
              
              
              8
              
              
              
              173,483,740
              
              
              
              (1,367,408
              )Total
      short positions
              
              
              
              
              
              $
              390,208,217
              
              
              $
              (1,152,332
              )Total
      unrealized gain on open contracts (1.82%)
              
              
              
              
              
              
              
              
              
              $
              1,468,910Cash
      on deposit and open contracts with brokers (90.10%)
              
              
              
              
              
              
              
              
              
              
              72,906,959Cash
      on deposit with bank (11.01%)
              
              
              
              
              
              
              
              
              
              
              8,911,763Other
      liabilites in excess of assets (-2.93%)
              
              
              
              
              
              
              
              
              
              
              (2,370,358
              )Net
      assets (100.00%)
              
              
              
              
              
              
              
              
              
              $
              80,917,274See
      accompanying notes to consolidatd financial statements.
   5
  
 JWH
GLOBAL TRUST AND SUBSIDIARY
 Condensed
Consolidated Schedule of Investments
 as
of December 31, 2006
  
  Number of
              
              
              Principal
              
              
              Value/opencontracts
              
              
              (notional)
              
              
              trade equityLong positions
      (0.31%)Futures
      Positions (-0.90%)Agriculture
              
              
              1,441
              
              
              $
              20,618,519
              
              
              $
              1,331,993Interest
      Rates
              
              
              1,847
              
              
              
              758,027,626
              
              
              
              (2,576,495
              )Metals
              
              
              211
              
              
              
              14,882,450
              
              
              
              343,820Indices
              
              
              1,347
              
              
              
              70,608,639
              
              
              
              (266,278
              )864,137,234
              
              
              
              (1,166,960
              )Forward
      positions (1.21%)Currencies
              
              
              23
              
              
              
              443,685,186
              
              
              
              1,569,392Total
      long positions
              
              
              
              
              
              $
              1,307,822,420
              
              
              $
              402,432Short positions
      (2.19%)Futures
      positions (1.56%)Agriculture
              
              
              341
              
              
              $
              6,183,548
              
              
              $
              133,786Interest
      Rates
              
              
              2,930
              
              
              
              2,059,866,081
              
              
              
              829,743Metals
              
              
              358
              
              
              
              22,532,495
              
              
              
              (364,641
              )Energy
              
              
              300
              
              
              
              13,361,418
              
              
              
              1,435,9742,101,943,542
              
              
              
              2,034,862Forward
      Positions (0.63%)Currencies
              
              
              9
              
              
              
              123,462,076
              
              
              
              812,162Total
      short positions
              
              
              
              
              
              $
              2,225,405,618
              
              
              $
              2,847,024Total
      unrealized gain on open contracts (2.50%)
              
              
              
              
              
              
              
              
              
              $
              3,249,456Cash
      on deposit and open contracts with brokers (91.67%)
              
              
              
              
              
              
              
              
              
              
              119,334,561Cash
      on deposit with former broker and bank (13.65%)
              
              
              
              
              
              
              
              
              
              
              17,762,146Other
      liabilities in excess of assets (-7.82%)
              
              
              
              
              
              
              
              
              
              
              (10,174,622
              )Net
      assets (100.00%)
              
              
              
              
              
              
              
              
              
              $
              130,171,541
 
 See
accompanying notes to consolidated financial statements.
  6
   JWH
GLOBAL TRUST AND SUBSIDIARY
 Consolidated
Statements of Operations
 Years
      Ended December 31,2007
              
              
              2006
              
              
              2005Revenues:Gain
      (loss) on trading of commodity contracts:Realized
      gain (loss) on closed positions
              
              $
              (5,619,515
              )
              
              $
              (23,324,177
              )
              
              $
              15,021,455Change
      in unrealized gain (loss) on open positions
              
              
              (1,781,034
              )
              
              
              658,599
              
              
              
              (20,211,508
              )Interest
      income
              
              
              3,065,274
              
              
              
              6,819,136
              
              
              
              8,790,919Foreign
      currency transaction gain (loss)
              
              
              (89,989
              )
              
              
              (7,506
              )
              
              
              (31,403
              )Total
      revenues
              
              
              (4,425,264
              )
              
              
              (15,853,948
              )
              
              
              3,569,463Expenses:Commissions
              
              
              5,125,785
              
              
              
              9,383,368
              
              
              
              16,578,014Management
      fees
              
              
              1,796,178
              
              
              
              3,123,603
              
              
              
              5,857,885Incentive
      fees
              
              
              -
              
              
              
              -
              
              
              
              133,027Ongoing
      offering expenses
              
              
              351,000
              
              
              
              35,000
              
              
              
              546,221Operating
      expenses
              
              
              728,777
              
              
              
              798,653
              
              
              
              888,002Total
      expenses
              
              
              8,001,740
              
              
              
              13,340,624
              
              
              
              24,003,149Trading
      income (loss)
              
              
              (12,427,004
              )
              
              
              (29,194,572
              )
              
              
              (20,433,686
              )Nontrading
      income (loss):Interest
      on Non-Trading reserve
              
              
              228,307
              
              
              
              29,816
              
              
              
              -Loss
      on Non-Trading assets
              
              
              -
              
              
              
              -
              
              
              
              (39,580,944
              )Collections
      in excess of impaired value
              
              
              6,491,275
              
              
              
              -
              
              
              
              -Legal
      and administrative fees
              
              
              (814,142
              )
              
              
              (568,729
              )
              
              
              (297,002
              )Management
      fees paid to U.S. Bank
              
              
              (395,613
              )
              
              
              -
              
              
              
              -Non-Trading
      income (loss)
              
              
              5,509,827
              
              
              
              (538,913
              )
              
              
              (39,877,946
              )Net
      income (loss)
              
              $
              (6,917,177
              )
              
              $
              (29,733,485
              )
              
              $
              (60,311,632
              )See
      accompanying notes to consolidated financial statements.
  7
  JWH
GLOBAL TRUST AND SUBSIDIARY
 Consolidated
Statement of Changes in Unitholders’ Capital
 For
years ended December 31, 2007, 2006, and 2005
 Unitholders'
      Capital (Trading)
              
              Beneficial
      Owners - Trading
              
              
              Managing
      Owners - Trading
              
              
              Total
      Unitholders' Capital - TradingUnits
              
              
              Dollars
              
              
              Units
              
              
              Dollars
              
              
              Units
              
              
              DollarsBalances
      at December 31, 2004
              
              
              2,211,540
              
              
              $
              328,509,395
              
              
              
              23,773
              
              
              $
              3,531,014
              
              
              
              2,235,313
              
              
              $
              332,040,409Net
      income (loss)
              
              
              -
              
              
              
              (20,191,944
              )
              
              
              -
              
              
              
              (241,743
              )
              
              
              -
              
              
              
              (20,433,687
              )Unitholders’
      contributions
              
              
              295,450
              
              
              
              38,681,528
              
              
              
              904
              
              
              
              123,198
              
              
              
              296,354
              
              
              
              38,804,726Unitholders'
      reallocation
              
              
              -
              
              
              
              (56,931,195
              )
              
              
              -
              
              
              
              (613,011
              )
              
              
              -
              
              
              
              (57,544,206
              )Unitholders’
      redemptions
              
              
              (770,681
              )
              
              
              (93,925,546
              )
              
              
              (660
              )
              
              
              (86,447
              )
              
              
              (771,341
              )
              
              
              (94,011,993
              )Balances
      at December 31, 2005
              
              
              1,736,309
              
              
              
              196,142,238
              
              
              
              24,017
              
              
              
              2,713,011
              
              
              
              1,760,326
              
              
              
              198,855,249Net
      income (loss)
              
              
              -
              
              
              
              (28,735,914
              )
              
              
              -
              
              
              
              (458,658
              )
              
              
              -
              
              
              
              (29,194,572
              )Unitholders’
      contributions
              
              
              53,853
              
              
              
              5,055,210
              
              
              
              1,060
              
              
              
              99,501
              
              
              
              54,913
              
              
              
              5,154,711Unitholders'
      reallocation
              
              
              4,859
              
              
              
              456,066
              
              
              
              (4,859
              )
              
              
              (456,066
              )
              
              
              -
              
              
              
              -Unitholders’
      redemptions
              
              
              (511,449
              )
              
              
              (52,435,526
              )
              
              
              -
              
              
              
              
              
              
              
              (511,449
              )
              
              
              (52,435,526
              )Balances
      at December 31, 2006
              
              
              1,283,572
              
              
              
              120,482,074
              
              
              
              20,218
              
              
              
              1,897,788
              
              
              
              1,303,790
              
              
              
              122,379,862Net
      loss
              
              
              
              
              
              
              (12,241,478
              )
              
              
              
              
              
              
              (185,526
              )
              
              
              -
              
              
              
              (12,427,004
              )Unitholders’
      contributions
              
              
              23,183
              
              
              
              1,758,626
              
              
              
              -
              
              
              
              -
              
              
              
              23,183
              
              
              
              1,758,626Unitholders'
      reallocation
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -Unitholders’
      redemptions
              
              
              (474,881
              )
              
              
              (39,549,143
              )
              
              
              -
              
              
              
              -
              
              
              
              (474,881
              )
              
              
              (39,549,143
              )Balances
      at December 31, 2007
              
              
              831,874
              
              
              $
              70,450,079
              
              
              
              20,218
              
              
              $
              1,712,262
              
              
              
              852,092
              
              
              $
              72,162,341
   Unitholders'
      Capital (LLC Equity/Non-Trading)
              
              Participating
      Owners-LLC
      Equity/Non-Trading
              
              
              Nonparticipating
      Owners-
                  LLC
      Equity/Non-Trading
              
              
              Total
      Unitholders' Capital-LLC
      Equity/Non-TradingUnits
              
              
              Dollars
              
              
              Units
              
              
              Dollars
              
              
              Units
              
              
              DollarsBalances
      at December 31, 2004
              
              
              -
              
              
              $
              -
              
              
              
              -
              
              
              $
              -
              
              
              
              -
              
              
              $
              -Net
      income (loss)
              
              
              -
              
              
              
              (39,877,945
              )
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (39,877,945
              )Unitholders'
      reallocation
              
              
              2,273,288
              
              
              
              57,544,206
              
              
              
              -
              
              
              
              -
              
              
              
              2,273,288
              
              
              
              57,544,206Balances
      at December 31, 2005
              
              
              2,273,288
              
              
              
              17,666,261
              
              
              
              -
              
              
              
              -
              
              
              
              2,273,288
              
              
              
              17,666,261Net
      income (loss)
              
              
              -
              
              
              
              (538,913
              )
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (538,913
              )Reallocation
      due to redemptions
              
              
              (1,017,751
              )
              
              
              (3,488,335
              )
              
              
              1,017,751
              
              
              
              3,488,335
              
              
              
              -
              
              
              
              -Unitholders'
      distribution
              
              
              -
              
              
              
              (9,335,669
              )
              
              
              
              
              
              
              -
              
              
              
              -
              
              
              
              (9,335,669
              )Balances
      at December 31, 2006
              
              
              1,255,537
              
              
              
              4,303,344
              
              
              
              1,017,751
              
              
              
              3,488,335
              
              
              
              2,273,288
              
              
              
              7,791,679Net
      income (loss)
              
              
              -
              
              
              
              2,026,373
              
              
              
              -
              
              
              
              3,483,454
              
              
              
              -
              
              
              
              5,509,827Reallocation
      due to Redemptions
              
              
              (456,813
              )
              
              
              (1,496,004
              )
              
              
              456,813
              
              
              
              1,496,004
              
              
              
              -
              
              
              
              -Unitholders'
      distribution
              
              
              -
              
              
              
              (1,758,626
              )
              
              
              -
              
              
              
              (2,787,947
              )
              
              
              -
              
              
              
              (4,546,573
              )Balances
      at December 31, 2007
              
              
              798,724
              
              
              $
              3,075,087
              
              
              
              1,474,564
              
              
              $
              5,679,846
              
              
              
              2,273,288
              
              
              $
              8,754,933Total
      Unitholders Capital at December 31, 2007
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              $
              80,917,274
  Unitholders'
      Capital(Trading)
              
              
              
              
              
              
              Unitholders'
      Capital(LLC
      Equity/Nontrading)Net
      asset value per unit at December 31, 2006
              
              $
              93.86
              
              
              
              
              
              
              $
              3.43Net
      change per unit
              
              
              (9.17
              )
              
              
              
              
              
              
              0.42Net
      asset value per unit at December 31, 2007
              
              $
              84.69
              
              
              
              
              
              
              $
              3.85
  See
accompanying notes to consolidated financial statements.
  8
  Notes
to Consolidated Financial Statements –
 December
31, 2007, 2006, 2005
  (1)
              General
      Information and Summary
  JWH
Global Trust (the Trust), a Delaware statutory trust organized on
November 12, 1996, was formed to engage in the speculative trading of
futures contracts on currencies, interest rates, energy and agricultural
products, metals and stock indices, spot and forward contracts on currencies and
precious metals, and exchanges for physicals pursuant to the trading
instructions of independent trading advisors.  R.J. O’Brien Fund
Management, LLC (“RJOFM”) is the managing owner of the Trust.  R.J.
O’Brien & Associates, LLC (“RJO” or the “Managing Owner”) is the clearing
broker and the broker for forward contracts.
 Units of
beneficial ownership of the Trust commenced selling on April 3,
1997.
  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 without the beneficial
owners holding more than 50% of the outstanding units voting to continue the
business of the Trust without a new Managing Owner; (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.
  On August
31, 2005, Refco Group Ltd., LLC acquired the global brokerage operations of
Cargill Investor Services, Inc. (“CIS”).  CIS was the owner of CIS
Investments, Inc. (“CISI”).  The Managing Owner of the Trust changed
from CIS Investments Inc. to Refco Commodity Management, Inc
(“RCMI”).  The clearing broker changed from CIS to Refco, LLC, an
affiliate of RCMI.  The broker for forward contracts changed from CIS
Financial Services, Inc. to Refco Capital Markets, Ltd. (“RCM”), also an
affiliate of RCMI.
  On
October 10, 2005, Refco, Inc., the ultimate parent of RCMI, announced that it
had discovered through an internal review a receivable owed to Refco, Inc., by
an entity controlled by Phillip R. Bennett, the then Chief Executive Officer and
Chairman of the Board of Directors of Refco, Inc., in the amount of
approximately $430 million.  Mr. Bennett has been charged with
securities fraud in connection with this matter and various actions have been
filed against Refco, Inc.  Thereafter, on October 13, 2005, Refco,
Inc., announced that the liquidity within RCM was no longer sufficient to
continue operations, and that RCM had imposed a fifteen (15) day moratorium on
all of its activities in an attempt to protect the value of that
enterprise.
  On
October 17, 2005, Refco, Inc. and RCM filed for bankruptcy protection in the
Southern District of New York.  Neither the Trust nor RCMI were
covered by the filing.
  Refco,
LLC was not covered by the October 17, 2005 bankruptcy filing of Refco, Inc.,
but filed its own bankruptcy petition on November 25, 2005.  In
addition, a portion of the Trust’s assets (less than 20%, based on net assets as
of October 13, 2005) was on deposit with RCM at the time of the bankruptcy
filing, exposing a number of the Trust’s foreign currency contracts and cash
held at RCM to the risk of non-return of these assets.  While RCM has
unwound any outstanding foreign currency contracts, the Trust does not expect
that in the near future it will be able to access those assets or that its
rights and/or claims in connection with RCM’s bankruptcy will be fully
resolved.
  In light
of the events outlined herein, RCMI, as the managing owner of the Trust, moved
the majority of the Trust’s assets from Refco to Lehman Brothers, Inc. and its
affiliated entities (“Lehman”) to act in the capacity of clearing broker on
behalf of the Managing Owner.  On or about October 18, 2005, the Trust
had transferred the majority of all assets to Lehman.  Pending the
resolution of the Trust’s rights and/or claims against RCM, the Trust will no
longer have assets on deposit with RCM.
 Management
does not believe that the bankruptcy filings of Refco, Inc. and RCM will have a
material impact upon the operations of the Trust or its ability to satisfy a
request for redemption.  In this regard, the operations of the Trust,
including the trading activities of the underlying asset manager, have continued
with minimal interruption.  In particular, with respect to redemptions
made as of October 31, 2005 and thereafter, the Trust made payment in an amount
that represented the proportionate share of the Trust’s net assets that were
held at Lehman, while reserving payment with respect to the Trust’s assets held
at RCM plus a cash reserve in connection with expenses in pursuit of its rights
and/or claims against RCM and other potential third parties.  As such,
through December 31, 2006 the Trust reserved payment with respect to any
redemption proceeds until these monies held at RCM were remitted to the Trust or
the Trust’s rights and/or claims against RCM and/or such potential third parties
were resolved.
   9
  Generally,
investors in the Trust may redeem units effective as of the last trading day of
any month of the Trust based on the Net Asset Value per unit on such date with
five business days’ prior written notice to the Managing
Owner.  Effective October 31, 2005, the Net Asset Value per unit was
split into a “Trading Account” and a “Non-Trading  Account”, the
latter representing the assets held at RCM plus $1,000,000 in cash in connection
with expenses related to the collection of assets held at RCM and potential
third party claims.  On October 31, 2005, $57,544,206 of equity and
2,273,288 in substitute units were transferred to the Non-Trading
Account.  All unitholders of record as of October 1, 2005 retain their
pro-rata right to the assets in the Non-Trading Account with the equivalent
number of units held in the Trust prior to RCM bankruptcy.
  On
October 12, 2006, RCMI, RJO, and RJO’s acquisition subsidiary, RJOFM entered
into an Asset Purchase Agreement (the “Asset Purchase Agreement”) that provided
for, among other things, RJOFM to purchase RCMI’s managing owner interest in the
Trust.  The Asset Purchase Agreement also provided for RCMI to
commence a proceeding under Chapter 11 of the Bankruptcy Code and to obtain the
Bankruptcy Court’s approval of the Asset Purchase Agreement and the transactions
set forth therein.
  RCMI
filed a voluntary petition (the “RCMI Bankruptcy Petition”) in the United States
Bankruptcy Court for the Southern District of New York on October 16, 2006, for
relief under Chapter 11 of Title 11 of the United States
Code.  Contemporaneously with the filing of the RCMI Bankruptcy
Petition, RCMI filed, a motion requesting that the Bankruptcy Court authorize
RCMI to sell and assign substantially all of its assets, including its interest
as managing owner of the Trust, pursuant to the terms of the Asset Purchase
Agreement.  Pursuant to the terms of the Asset Purchase Agreement, as
of October 13, 2006, all clearing functions were moved from Lehman to
RJO.
  On
November 30, 2006, RJOFM became Managing Owner through acquisition of
20,218Trading Account units.  The remaining 3,799 units owned by RCMI
were transferred from Managing Owner units to Beneficial Owner
units.  RJOFM did not acquire any units in the Non-Trading
Account.
  Effective
January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a Delaware limited
liability company, was established to pursue the claims against
RCM.  On January 2, 2007, the Trust transferred all Non-Trading assets
and liabilities, which had a net asset value of $7,791,679 to the
LLC.  The Trust is the sole member of the LLC and holds that
membership for the benefit of the unitholders who were investors in the Trust at
the time of the bankruptcy of RCM and Refco, Inc.  U.S. Bank National
Association (“US Bank”) is the manager of the LLC.  US Bank may make
distributions to the unitholders, as defined above, upon collection, sale,
settlement or other disposition of the bankruptcy claim and after payment of all
fees and expenses pro rata to the unitholders, as explained above, as
follows:
 
 (a)            
Any untiholders who had redeemed their entire interest in the Trust prior to
distribution shall receive cash (“Non Participating Owners”).
 
 (b)           
Any unitholders who had continued to own units in the Trust shall receive
additional units in the Trust at the then Net Asset Value of the Trust
(“Participating Owners”).
 
 The
unitholders have no rights to request redemptions from the LLC.  The
LLC has agreed to compensate US Bank, as manager, the following: (1) An initial
acceptance fee of $120,000,  (2) An annual fee of $25,000,  (3) A
distribution fee of $25,000 per distribution,  (4) Out-of-pocket
expenses,  and  (5) An hourly fee for all personnel at the then
expected hourly rate  ($350 per hour at execution of
agreement).  This transfer of net asset was recorded on a historical
cost basis as it was between entities under common control.
 
 See Note
(6) for further detail regarding collection and distribution activity related to
the assets held at RCM.
 
  (2)
              Summary
      of Significant Accounting Policies
  The
accounting and reporting policies of the Trust confirm to accounting principles
generally accepted in the United States of America and to practices in the
commodities industry.  The following is a description of the more
significant of those policies that the Trust follows in preparing its
consolidated financial statements.
  (a)     Basis
of presentation
  The
accompanying consolidated financial statements of the Trust have been prepared
in accordance with accounting principles generally accepted in the United States
of America.
   10
  
  Reclassifications
of the Trust’s unitholders’ capital (Non-Trading) as of December 31, 2006 have
been made to conform with the current period’s presentation.
  (b)    Principles
of Consolidation
  The
accompanying consolidated financial statements include the accounts of the Trust
and its wholly-owned subsidiary, JWH Special Circumstances, LLC.  All
material intercompany transactions have been eliminated upon
consolidation.
  (c)    Revenue
Recognition
 
 Commodity
futures contracts, forward contracts, physical commodities, and related options
are recorded on the trade date.  All such transactions are recorded on
the identified cost basis and marked to market daily.  Unrealized
gains on open contracts reflected in the statements of financial condition
represent the difference between original contract amount and market value (as
determined by exchange settlement prices for futures contracts and related
options and cash dealer prices at a predetermined time for forward contracts,
physical commodities, and their related options) as of the last business day of
the year or as of the last date of the financial statements.
 
 The Trust
earns interest on 100% of the Trust’s average daily balances on deposit with RJO
during each month at 75% of the average 91-day Treasury bill rate for that month
in respect of deposits denominated in dollars.  For deposits
denominated in other currencies, the Trust earns interest at a rate of
LIBOR  less 100 basis points.
 
 (d)    Redemptions
 
 A
beneficial owner may cause any or all of his or her units to be redeemed by the
Trust effective as of the last business day of any month of the Trust based on
the Net Asset Value per unit on such date on five business days’ written notice
to the Managing Owner.  Payment will generally be made within ten
business days of the effective date of the redemption.  As of
September 1, 2007, any redemption made during the first eleven months of
investment is subject to a 2% redemption penalty, payable to the Managing
Owner.  Any redemption made in the twelfth month of investment or
later will not be subject to any redemption penalty.  The Trust’s
Sixth Amended and Restated Declaration and Agreement of Trust contains a full
description of redemption and distribution policies.  Investors who
redeemed from October 31, 2005 through December 31, 2007 will receive the Net
Asset Value per Unit represented by assets held in the Trading
Account.
 
 (e)     Ongoing
Offering Costs
 
 Ongoing
offering costs subject to a ceiling of 0.50% of the Trust’s average month-end
net assets, are paid by the Trust and expensed as incurred.  In
anticipation of renewing the offering for new subscriptions, $351,000 in ongoing
offering costs were accrued during 2007.  These costs have been
expensed as incurred as there is no assurance of the Trust’s successful
procurement of additional capital in future periods and because of the ongoing
nature of the process.
  
 (f)    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  flat-rate
brokerage fees on a monthly basis of 6.0% per annum (or 0.50% per month) of the
Trust’s month-end assets after reduction of the management fee.  The
clearing brokers receive these brokerage fees irrespective of the number of
trades executed on the Trust’s behalf.  The amount paid is reduced by
exchange fees paid by the Trust.  Commissions were not paid on the
Non-Trading/LLC Account.  As of September 1, 2007, the brokerage
fee was  reduced from 6.0% annually to 5.0% of the Trust’s month end
assets on an annual basis (or approximately 0.417% per month).
   
 11
  
 (g)    Foreign
Currency Transactions
 
 Trading
accounts in foreign currency denominations are susceptible to both movements in
the underlying contract markets as well as fluctuation in currency
rates.  Foreign currencies are translated into U.S. dollars for closed
positions at an average exchange rate for the year, while year-end balances are
translated at the year-end currency rates.  The impact of the
translation is reflected in the statements of operations.
 
 (h)     Use
of Estimates
 
 The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period.  Actual results could differ from those
estimates.
 
 (i)    Valuation
of Assets Held at Refco Capital Markets, Ltd.
  Assets
held by the Trust (and the LLC after December 31, 2006) at RCM were reported at
fair value as determined in good faith by Management as of December 31,
2005.
  Any
recovery from RCM was credited against the then book value of the
claim.
  Through
December 31, 2007, the Trust and/or LLC had received amounts in excess of the
original impairment resulting in no remaining book value.
  Any
future administrative and/or legal expenses associated with liquidation of the
assets held at RCM have not been reflected as such future expenses are not
estimatable.
  (j)
              Recent
      Pronouncements
  In
September, 2006, the Financial Accounting Standards Board issued a Statement of
Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements” which
defined  Fair Value Measurements.  The provisions of SFAS
No. 157 are effective for fiscal years beginning after November 15,
2007.  The Trust is currently evaluating the impact of adopting SFAS
No. 157 on its Financial Statements.  At this time, the impact on the
Trust’s Financial Statements has not been determined.
  (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 four of its trading programs, JWH GlobalAnalytics®, the Financial and
Metals Portfolio, the International Foreign Exchange program and the Global
Diversified program.
  Under
signed agreement JWH receives a monthly management fee at the rate of 0.167% (a
2% annual rate) of the Trust’s month-end net assets calculated after deduction
of a portion of the brokerage fee at an annual rate of 1.25% of month-end Trust
net assets, but before reduction for any incentive fee or other costs and before
inclusion of purchases and redemptions for the month.  These fees were
not paid on the Non-Trading Account.
  Also,
under signed agreement the Trust pays to JWH a quarterly incentive fee equal to
20% of the new trading profits, if any, of the Trust.  The incentive
fee is based on the overall performance of the Trust, not individually in
respect of the performance of the individual programs utilized by the
Trust.  This fee is also calculated by deducting a portion of the
brokerage fees at an annual rate of 1.25%.
  (4)
              Income
      Taxes
  No
provision for Federal income taxes has been made in the accompanying financial
statements as each beneficial owner is responsible for reporting income (loss)
based on the pro rata share of the profits or losses of the
Trust.  Generally, for both federal and state tax purposes, trusts,
such as the JWH Global Trust, are treated as partnerships.  The only
differences in financial and income tax reporting basis are ongoing offering
costs.
  (5)
              Trading
      Activities and Related Risks
  The Trust
engages in the speculative trading of U.S. and foreign futures contracts, and
forward contracts (collectively derivatives).  These derivatives
include both financial and non-financial contracts held as part of a diversified
trading strategy.  The Trust is exposed to both market risk, the risk
arising from changes in the market value of the contracts, and credit risk, the
risk of failure by another party to perform according to the terms of a
contract.
  12
   The
purchase and sale of futures requires margin deposits with a Futures Commission
Merchant (“FCM”).  Additional deposits may be necessary for any loss
on contract value.  The Commodity Exchange Act requires an FCM to
segregate all customer transactions and assets from the FCM’s proprietary
activities.  A customer’s cash and other property, such as U.S.
Treasury Bills, deposited with an FCM are considered commingled with all other
customer funds subject to the FCM’s segregation requirements.  In the
event of an FCM’s insolvency, recovery may be limited to a pro rata share of
segregated funds available.  It is possible that the recovered amount
could be less than the total of cash and other property deposited.
  The Trust
has cash on deposit with an affiliate interbank market maker in connection with
its trading of forward contracts.  In the normal course of business,
the Trust does not require collateral from such interbank market
maker.  Due to forward contracts being traded in unregulated markets
between principals, the Trust also assumes a credit risk, the risk of loss from
counterparty non-performance.
  For
derivatives, risks arise from changes in the market value of the
contracts.  Theoretically, the Trust is exposed to a market risk equal
to the value of futures and forward contracts purchased and unlimited liability
on such contracts sold short.
  Net
trading results from derivatives for the years ended December 31, 2007, 2006,
and 2005, are reflected in the statements of operations and equal gain from
trading less brokerage commissions.  Such trading results reflect the
net gain or loss arising from the Trust’s speculative trading of futures
contracts and forward contracts.
  The
notional amounts of open contracts at December 31, 2007 and 2006, as disclosed
in the respective Condensed Consolidated Schedule of Investments, do not
represent the Trust’s risk of loss due to market and credit risk, but rather
represent the Trust’s extent of involvement in derivatives at the date of the
statement of financial condition.
  The
Beneficial Owners bear the risk of loss only to the extent of the market value
of their respective investments.
  (6)
              Assets
      Held at Refco Capital Markets, Ltd.
  Effective
October 31, 2005, $57,544,206 of equity and 2,273,288 in substitute units, which
represented the assets held at RCM plus $1,000,000 in cash were transferred to a
Non-Trading Account, as explained in Note (1).  On December 31, 2005
the $56,544,206 of assets held at RCM were reduced by $39,580,944 for impairment
to $16,963,262, or 30% of the original value of the assets.
  On
December 29, 2006 the Trust received a partial recovery from RCM in the amount
of $10,319,317.  These proceeds were applied against the then
reflected book value of the claim with a resulting book value of the claim of
$6,643,944.
  Management
elected to retain $983,648 of the above proceeds for legal and administrative
expenses and to distribute $9,335,669.  Unitholders who had previously
redeemed units of theTrading Account received cash in the amount of
$4,180,958.  Unitholders who had not previously redeemed units of
theTrading Account received 54,914 additional units of theTrading Account in
exchange for $5,154,711 which represented their share of the total distribution
of $9,335,669.
  As the
distribution was in process as of December 31, 2006, the Trust reflected cash
distributions of $4,180,958 in the Consolidated Statement of Financial Condition
as of that date.  The distribution payable of $5,154,711, representing
additional units, was eliminated against the subscription receivable of a like
amount.
  Effective
January 1, 2007, the LLC, was established to pursue the claims against
RCM.  On January 1, 2007, the Trust transferred all Non-Trading assets
and liabilities, which had a net asset value of $7,791,679, to the
LLC.   Any funds obtained by the LLC will be distributed to
unitholders who were investors in the Trust at the time of the bankruptcy of RCM
and Refco, Inc., net of expenses, as explained in Note (1).
  On April
20, 2007, the LLC received a second partial recovery from RCM in the amount of
$2,787,629.
  On June
7, 2007, the LLC received a third partial recovery from RCM in the amount of
$265,758.
  On June
28, 2007, the LLC received a fourth partial recovery from RCM in the amount of
$4,783,640.  This recovery, along with the previous recoveries,
resulted in reducing the balance of the amount due from former brokers to zero
and recording a Non-Trading gain of $1,193,083 for the periods ended June 30,
2007, which is reflected as “collections in excess of impaired value” on
the Consolidated Statement of Operations,  as the recoveries have
exceeded management’s original estimate of impairment reflected in
2005.  All future recoveries will be reflected as collections in
excess of impaired value on the consolidated statements of
operations.
 13
 
  On July
3, 2007, the LLC received a fifth partial recovery from RCM in the amount of
$5,655.
  On August
29, 2007, US Bank distributed $4,546,573 (or approximately
$2.00/unit).  Unitholders who had previously redeemed units in the
Trust as of August 31, 2007 received cash in the amount
of  $2,787,947.  Unitholders who had not previously redeemed
units received 23,182.53 additional units of the Trust in exchange for
$1,758,626 which represented their share of the total distribution of
$4,546,573.
  On
September 19, 2007 the LLC received a sixth partial recovery from RCM in the
amount of $2,584,070.
 
 On
December 31, 2007, the LLC received a seventh partial recovery from RCM in the
amount of $2,708,467.  As of December 31, 2007, the cumulative amount
recorded as a Non-Trading gain and reflected as collections in excess of
impaired value on the consolidated statement of operations was
$6,491,275.
  The LLC
is pursuing certain claims against parties other than those named in the
bankruptcy claims noted above.  There is no assurance that such
efforts will result in additional recoveries.
 
  (7)
              Financial
      Highlights
  The
following financial highlights show the Trust’s financial performance of the
Trading units for the periods ended December 31, 2007, 2006 and
2005.  Total return is calculated as the change in a theoretical
beneficial owner’s investment over the entire period – a percentage change in
the net asset value from December 31, 2005 to December 31,
2007.  Total return is calculated based on the aggregate return of the
Trust’s Trading units taken as a whole.
  2007
                
                
                2006
                
                
                2005Net
      Asset per unit at beginning of year
                
                $
                93.86
                
                
                $
                112.96
                
                
                $
                148.54Trading
      income (loss) per unit
                
                
                (9.17
                )
                
                
                (19.10
                )
                
                
                (10.27
                )Distribution
      per unit (to nontrading account)
                
                
                -
                
                
                
                -
                
                
                
                (25.31
                )Net
      Asset Value per unit at end of year
                
                $
                84.69
                
                
                $
                93.86
                
                
                $
                112.96Total
      Return:Total
      return before incentive fee
                
                
                (9.77
                )%
                
                
                (16.91
                )%
                
                
                (23.95
                )%Less
      incentive fee allocation
                
                
                0.00
                %
                
                
                0.00
                %
                
                
                0.04
                %Total
      Return
                
                
                (9.77
                )%
                
                
                (16.91
                )%
                
                
                (23.91
                )%Ratios
      to average net assets:Trading
      Income (Loss):
                
                
                (14.00
                )%
                
                
                (18.33
                )%
                
                
                (7.14
                )%Expenses:Expenses
      less incentive fees
                
                
                9.02
                %
                
                
                8.37
                %
                
                
                8.34
                %Incentive
      fees
                
                
                0.00
                %
                
                
                0.00
                %
                
                
                0.05
                %Total
      Expenses
                
                
                9.02
                %
                
                
                8.37
                %
                
                
                8.39
                %
 The
calculations above do not include activity within the Trust’s Non-Trading
Accounts.
  The net
income and expense ratios are computed based upon the weighted average net
assets for the Trust for the periods ended December 31, 2007, 2006, and
2005.
  14
  
 
 (8)
              Subsequent
      Events
  On March
1, 2008, the assets in the Trust were re-allocated across the following
programs: 20% Financial & Metals, 40% GlobalAnalytics and 40% JWH
Diversified Plus.
 
 The
Seventh Amended and Restated Declaration and Agreement of Trust became effective
March 1, 2008.
 
 Acknowledgment
  To the
best of my knowledge and belief, the information contained herein is accurate
and complete.
  /s/
      Helen D. McCarthyHelen
      D. McCarthyChief
      Financial OfficerR.J.
      O’Brien Fund Management, LLC.,The
      Managing Owner and Commodity Pool Operator ofJWH
      Global TrustMarch
      20, 2008