**UNITEDSTATES**

**SECURITIESAND EXCHANGE COMMISSION**

**Washington,D.C. 20549**

**FORM10-K**

**ANNUALREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIESEXCHANGE ACT OF 1934**

**Forthe fiscal year ended December 31, 2005**

**CommissionFile Number:  000-22887**

**JWHGLOBAL TRUST**

(Exact name ofregistrant as specified in its charter)

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

 

**222 SRiverside Plaza**

**Suite900**

**Chicago,IL  60606**

(Address ofprincipal executive offices) (Zip Code)

**(312)373-5000**

(Registrant’stelephone number, including area code)

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

Securities registeredpursuant to Section 12(g) of the Act:

Units ofBeneficial Interest

Indicate by check mark whether the registrant is awell-known seasoned issuer, as defined in Rule 405 of the Securities Act. o Yes     x No

Indicate by check mark if the registrant is not required to filereports pursuant to Section 13 or Section 15(d) of the Act.

o Yes     x No

Indicate by check mark whether the registrant (1) has filed all reportsrequired to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.

o Yes     x No

Indicate by check mark ifdisclosure of delinquent filers pursuant to Item 405 of Regulation S-K is notcontained herein, and will not be contained, to the best of registrant’sknowledge, in definitive proxy or information statements incorporated byreference in Part III of this Form 10-K or any amendment to this Form10-K.   x

Indicate by check mark whether the registrant is a large acceleratedfiler, an accelerated filer, or a non-accelerated filer.  See definition of accelerated filer andlarge-accelerated filer in Rule 12b-2 of the Exchange Act.

Large-acceleratedfiler  o  Accelerated filer  o   Non-accelerated filer     x

Indicate by check mark whether the registrant is a shell company (asdefined in Rule 12b-2 of the Act).

oYes     x  No

State the aggregatemarket value of the units of the Trust held by non-affiliates of theregistrant.  The aggregate market valueshall be computed by reference to the price at which units were sold as of thelast business day of the registrant’s most recently completed second fiscalquarter:  $316,762,587  as of June 30, 2005.

DOCUMENTSINCORPORATED BY REFERENCE

Portions of the Trust’s prospectus dated on August 2, 2005 is herebyincorporated by reference into Section 1A of this annual report on Form 10-K.

 

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**Explanatory Note**

This annual report onForm 10-K for the year ended December 31, 2005, is being filed after the filingdeadline due to the Trust’s inability to value certain of its assets andcomplete the preparation of its financial statements.  As of December 31,2005, Refco Commodity Management, Inc. was the managing owner of theTrust.  As of the date of this filing,R.J. O’Brien Fund Management, Inc.  isthe managing owner of the Trust.   Pleasesee “Recent Events” included in Part I, Item 1. Business for a description ofthe events that have occurred subsequent to December 31, 2005.

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**TABLEOF CONTENTS**
| Part I   |                                                                                                |   |   |
|----------|-----------------------------------------------------------------------------------------------------|--------|--------|
|     | Item 1. Business                                                                                    |   | 2      |
|     | Item 1A. Risk Factors                                                                               |   | 6      |
|     | Item 1B. Unresolved Staff Comments                                                                  |   | 6      |
|     | Item 2. Properties                                                                                  |   | 6      |
|     | Item 3. Legal Proceedings                                                                           |   | 6      |
|     | Item 4. Submission of Matters to a Vote of Security  Holders                                        |   | 6      |
|     |                                                                                                |   |   |
| Part II  |                                                                                                |   |   |
|     | Item 5. Market for the Registrant’s Units and Related  Security Holder Matters                 |   | 6      |
|     | Item  6. Selected Financial Data                                                                    |   | 7      |
|     | Item 7. Management’s Discussion and Analysis of  Financial Condition and Results of Operations |   | 7      |
|     | Item 7A. Quantitative and Qualitative Disclosures  About Market Risks                               |   | 13     |
|     | Item 8. Financial Statements and Supplementary Data                                                 |   | 17     |
|     | Item 9. Changes  in and Disagreements with Accountants on Accounting and Financial Disclosure       |   | 18     |
|     | Item 9A. Controls and Procedures                                                                    |   | 18     |
|     | Item  9B. Other Information                                                                         |   | 18     |
|     |                                                                                                |   |   |
| Part III |                                                                                                |   |   |
|     | Item 10.  Directors and Executive Officers of the Registrant                                        |   | 19     |
|     | Item 11. Executive  Compensation                                                                    |   | 19     |
|     | Item 12. Security Ownership of Certain Beneficial  Owners and Management                            |   | 20     |
|     | Item 13. Certain Relationships and Related  Transactions                                            |   | 20     |
|     | Item 14. Principal Accounting Fees and Services                                                     |   | 20     |
|     |                                                                                                |   |   |
| Part IV  |                                                                                                |   |   |
|     | Item 15. Exhibits, Financial Statements and Schedules                                               |   | 21     |

 

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**Part I**

**Item 1.  Business**

**General Development of Business: Narrative Descriptionof Business**

JWH Global Trust(the “Trust”) is a Delaware statutory trust organized on November 12, 1996under the Delaware Statutory Trust Act. The business of the Trust is the speculative trading of commodityinterests, including futures contracts on currencies, interest rates, energyand agricultural products, metals and stock indices, spot and forward contractson currencies and precious metals and exchanges for physicals (“CommodityInterests”) pursuant to the trading instructions of an independent tradingadvisor.  Refco Group Ltd. acquired theglobal brokerage operations of Cargill Investor Services, Inc. on August 31,2005.  The managing owner of theTrust  Refco Commodity Management, Inc.,a Delaware corporation organized in August 2005 (“RCMI” or the “Managing Owner”).  The Managing Owner is registered as acommodity pool operator under the Commodity Exchange Act, as amended (“CE Act”),and is responsible for administering the business and affairs of theTrust.  The Managing Owner is anaffiliate of Refco LLC, the former clearing broker for the Trust (“Refco LLC”or the “Clearing Broker”) and Refco Capital Markets (“RCM”), which acted as theTrust’s currency dealer.  Tradingdecisions for the Trust have been delegated to an independent commodity tradingadvisor, John W. Henry & Company, Inc. (“JWH” or the “Advisor”). On October18, 2005, all trading assets for the Trust were moved to Lehman Brothers,Inc.  See “Recent Events” for moreinformation.

Lehman Brothers isa “Futures Commission Merchant”, the Managing Owner is a “Commodity PoolOperator” 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 theCommodity Futures Trading Commission (“CFTC”) and the National FuturesAssociation (“NFA”).  Refco Securities,Inc., an affiliate of the Managing Owner and the lead selling agent for theTrust, is registered as a broker-dealer with the National Association ofSecurities Dealers, Inc. (“NASD”) .

The initial publicoffering of the Trust’s units of beneficial interest (“units”) commenced onApril 3, 1997 and concluded on September 23, 1997.  The initial offering price was $100 per unituntil the initial closing of the Trust on May 30, 1997, and thereafter theoffering price is the current Net Asset Value (“NAV”) per unit of the Trust onthe last business day of the calendar month. The total amount of the initial offering was $50,000,000.  On September 24, 1997, a registrationstatement was declared effective with the SEC to register $155,000,000 ofadditional units.  A Post-Effective Amendmentwas declared effective with the SEC on October 20, 1997 to deregister$3,120,048.99 of units which remained unsold upon the termination of theinitial offering of the units. On July 2, 2003 and on November 1, 2004,registration statements were declared effective with the SEC to register$300,000,000 and $500,000,000 of additional units. Due to the bankruptcy ofRefco, Inc., the ultimate parent of RCMI, the offering of the units wassuspended on October 17, 2005.

Under the terms ofthe Sixth Amended and Restated Declaration and Agreement of Trust, the ManagingOwner may not select Trust transactions involving the purchase or sale of anyCommodity Interests, but must select one or more advisors to direct the Trust’strading with respect thereto.  TheManaging Owner has chosen and caused the Trust to enter into a Trading AdvisoryAgreement (the “Advisory Agreement”) with JWH, the Trust’s sole commoditytrading advisor.  Commencing on June 2,1997, after the conclusion of the offering period with respect to the Trust’sunits, JWH began to provide commodity trading instructions to RCMI on behalf ofthe Trust.

The Managing Owneris responsible for the preparation of monthly and annual reports to theBeneficial Owners; filing reports required by the CFTC, the NFA, the SEC andany other federal or state agencies having jurisdiction over the Trust’soperations; calculation of the NAV (meaning the total assets less totalliabilities of the Trust) and directing payment of the management and incentivefees payable to the Advisor under the Advisory Agreement.

The Managing Ownerprovides suitable facilities and procedures for handling redemptions,transfers, distributions of profits (if any) and, if necessary, the orderlyliquidation of the Trust. Although Lehman Brothers acts as the Trust’s clearingbroker, the Managing Owner is responsible for selecting another clearing brokerin the event Lehman is unable or unwilling to continue in that capacity.  The Managing Owner is further authorized, onbehalf of the Trust (i) to enter into a brokerage clearing agreement andrelated customer agreements with Lehman, pursuant to which Lehman will renderclearing services to the Trust; and (ii) to cause the Trust to pay brokeragecommissions at the rates provided for in the Prospectus; and to pay delivery,insurance, storage, service and other fees and charges incidental to the Trust’strading.  The Managing Owner of the Trustadvanced organization and offering costs of $650,000.  The Trust reimbursed the Managing Owner forthese costs at the initial closing.  TheTrust amortized these costs over the Trust’s first 60 months ofoperations.  The Managing Owner alsoadvances payment of ongoing offering expenses for which it receivesreimbursement, subject to a ceiling of 0.5% of the Trust’s average month-endnet assets during any fiscal year. The Trust has incurred no ongoing offeringexpenses since October 2005.

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The AdvisoryAgreement between the Trust and JWH provides that JWH has sole discretion inand responsibility for the selection of the Trust’s commodity transactions withrespect to that portion of the Trust’s assets allocated to it.  As of December 31, 2005, JWH was managing100% of the Trust’s assets.  The AdvisoryAgreement with JWH commenced on April 3, 1997. The Trust and JWH amended the Advisory Agreement as of September 29,2000 to extend the term of the Advisory Agreement until June 30, 2002 withautomatic renewal for three additional twelve-month terms (beginning January 1and ending December 31 of each year) through June 2005, unless earlierterminated in accordance with the termination provisions contained therein. OnJune 27, 2005 the term of the Advisory Agreement was further extended to June30, 2007, with automatic renewal for additional 12 month periods.

The AdvisoryAgreement shall terminate automatically in the event that the Trust is terminatedin accordance with the Sixth Amended and Restated Declaration and Agreement ofTrust.  The Advisory Agreement may beterminated by the Trust at any time, upon 60 days’ prior written notice to theAdvisor.  In addition, the AdvisoryAgreement may be terminated by the Trust at any time, upon written notice tothe Advisor, in the event that (A) the NAV of Trust funds allocated to theAdvisor’s management decreases as of the close of trading on any business dayby more than 30% from the sum of the NAV of all funds allocated to the Advisor(after adding back all redemptions, distributions and reallocations made to anyadditional trading advisors in respect of such assets); (B) the Advisor isunable, to any material extent, to use the Trading Programs (as defined in theAdvisory Agreement), as the Trading Programs may be refined or modified in thefuture in accordance with the terms of the Advisory Agreement for the benefitof the Trust; (C) the Advisor’s registration as a commodity trading advisorunder the CE Act, or membership as a commodity trading advisor with NFA isrevoked, suspended, terminated or not renewed; (D) the Managing Ownerdetermines in good faith that the Advisor has failed to conform to (i) theTrust’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 AdvisoryAgreement by the Advisor; (F) the Advisor dissolves, merges or consolidateswith another entity or sells a substantial portion of its assets, any portionof the Trading Programs utilized by the Trust or its business goodwill to anyperson or entity other than one controlled, directly or indirectly, by John W.Henry, in each instance without the consent of the Managing Owner; (G) theAdvisor becomes bankrupt or insolvent; (H) John W. Henry ceases to be aprincipal of the Advisor; or (I) the Managing Owner determines in good faiththat such termination is necessary for the protection of the Trust.

The Advisor hasthe right to terminate the Advisory Agreement at any time, upon written noticeto the Trust in the event (i) of the receipt by the Advisor of an opinion ofindependent counsel that solely by reason of the Advisor’s activities withrespect to the Trust, the Advisor is required to register as an investmentadviser under the Investment Advisers Act of 1940; (ii) that the registrationof the Managing Owner as a commodity pool operator under the CE Act, or its NFAmembership as a commodity pool operator is revoked, suspended, terminated or notrenewed; (iii) that the Managing Owner elects (pursuant to Section 1 of theAdvisory Agreement) to have the Advisor use a different trading program in theAdvisor’s management of the Trust’s assets from that which the Advisor is thenusing to manage such assets and the Advisor objects to using such differenttrading program; (iv) that the Managing Owner overrides a trading instructionof the Advisor pursuant to Section 1 of the Advisory Agreement for reasonsunrelated to a determination by the Managing Owner that the Advisor hasviolated the Trust’s trading policies or limitations; (v) that the ManagingOwner imposes additional trading limitation(s) pursuant to Section 1 of theAdvisory Agreement which the Advisor does not agree to follow in the Advisor’smanagement of its allocable share of Trust’s assets; (vi) there is anunauthorized assignment of the Advisory Agreement by the Managing Owner of theTrust; or (vii) other good cause is shown to which the written consent of theManaging Owner is obtained.  The Advisormay also terminate the Advisory Agreement on 60 days’ written notice to theManaging Owner during any renewal term.

The Advisor andits principals, affiliates and employees are free to trade for their ownaccounts and manage other commodity accounts during the term of the AdvisoryAgreement and to use the same information and trading strategy which theAdvisor obtains, produces or utilizes in the performance of services for theTrust.  To the extent that the Advisorrecommends similar or identical trades to the Trust and other accounts, whichit manages, the Trust may compete with those accounts for the execution of thesame or similar trades.

Other tradingadvisors who are not affiliated with the Trust may utilize trading methods thatare similar in some respects to those methods used by the Trust’s Advisor.  These other trading advisors could also becompeting with the Trust for the same or similar trades as requested by theTrust’s Advisor.

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Pursuant to theAdvisory Agreement between the Trust and JWH, prior to October 1, 2000, theTrust paid JWH a monthly management fee of 0.33% of the month-end net assetsunder its management and a quarterly incentive fee of 15% of the Trust’s newtrading profits, if any, attributable to assets under its management (both feesare calculated after deduction of a portion of the brokerage commissions at a1.25% annual rate, rather than the full brokerage commission).  Effective October 1, 2000, the management feewas reduced to 0.167% (a 2% annual rate) and the incentive fee was increased to20%.  Trading profits are calculated onthe basis of the overall performance of the Trust, not the performance of eachTrading Program utilized by JWH, considered individually.

The Trust tradesin the global futures and forward markets pursuant to the Advisor’s proprietarytrading strategies.  From thecommencement of trading on June 2, 1997 until October 1998, the Trust allocatedits assets 50% to the Original Investment Program and 50% to the Financial andMetals Portfolio.  For the periodbeginning October 5, 1998 and ending December 31, 1999, the Trust allocated itsassets 40% to the Original Investment Program, 35% to the Financial and MetalsPortfolio and 25% to the G-7 Currency Portfolio.  On January 1, 2000, the Trust substituted theJWH GlobalAnalytics® Family of Programs for the Original Investment Program andreallocated trust assets 40% to the Financial and Metals Portfolio, 30% to theG-7 Currency Portfolio and 30% to the JWH GlobalAnalytics® Family of Programs.  For the period beginning August 1, 2005,   the Trust allocated 30% of it’s assets toFinancial and Metals Portfolio, 30%  toGlobalAnalytics family of programs, 20% to International Foreign Exchange and20% to Global Financial and Energy.  JWHcontinues to rebalance the Trust’s assets at the end of each quarter amongthese three trading programs in accordance with the proceeding percentages.

The Trust’s netassets are deposited in the Trust’s accounts with Lehman Brothers, the Trust’sclearing broker and currency dealer, respectively.  The Trust earns interest on 100% of the Trust’saverage daily balances on deposit with Lehman brothers during each month at theaverage of 75% of the 91-day Treasury bill rate for that month in respect ofdeposits denominated in U.S. dollars or at the applicable rates in respect ofdeposits denominated in currencies other than U.S. dollars (which may be zeroin some cases).

The Trustcurrently has no salaried employees and all administrative services performedfor the Trust are performed by the Managing Owner.  The Managing Owner has no employees otherthan their officers and directors, all of whom are employees of the affiliatedcompanies of the Managing Owner.

**Recent Events**

OnOctober 10, 2005, Refco, Inc. (“Refco”), the ultimate parent of RCMI ,announced that it had discovered through an internal review a receivable owedto Refco, by an entity controlled by Phillip R. Bennett, the then ChiefExecutive Officer and Chairman of the Board of Directors of Refco, in theamount of approximately $430 million. Mr. Bennett has been charged with securities fraud in connection withthis matter and various actions have been filed against Refco.  Thereafter, on October 13, 2005, Refcoannounced that the liquidity within RCM the Trust’s former currency broker, wasno 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 valueof that enterprise.

On October 17,2005, Refco, and RCM filed for bankruptcy protection in the Southern Districtof New York.  Neither the Trust nor RCMIwere covered by the filing.  RCMI hassubsequently filed for bankruptcy.

Althoughthe Trust’s assets are not directly held by Refco, one of Refco’s affiliatedentities, Refco LLC, did serve as the futures commission merchant for theTrust.  Refco, LLC was not covered by thebankruptcy filing. In addition, a portion of the Trust’s assets (less than 20%,based on net assets as of October 13, 2005) were on deposit with RCM at the timeof the bankruptcy filing, exposing a number of foreign currency contracts heldwithin the Trust to the risk that the Trust will not be able to access suchassets.  While RCM has unwound manyoutstanding foreign currency contracts, the Trust does not expect to be able toaccess those assets in the near future and has been unable to value such assetsfor purposes of determining the Net Asset Value of units.

Inlight of the events outlined herein, RCMI moved the majority of the Trust’sassets from Refco LLC to Lehman Brothers, Inc. and its affiliated entities (“Lehman”)to act in this capacity.  On October 18,2005, the Trust had transferred the majority of all assets to Lehman.

Due to the factthat RCMI does not believe that the bankruptcy filings of Refco and RCM wouldhave a material impact upon the operations of the Trust or its ability tosatisfy a request for redemption the operations of the Trust, including thetrading activities of the underlying asset manager, have continued with minimalinterruption.  However, the Trust delayedpayments of redemptions during the period from November 2005 through March2006. Most of the redemptions were paid during the subsequent month.  With respect to redemptions made as ofOctober 31, 2005 and thereafter, the Trust intends to make payment in an amountthat represents the proportionate share of the Trust’s net assets that are heldat Lehman, while reserving payment with respect to the Trust’s assets currentlyheld at RCM.  As such, the Trust mayreserve payment with respect to approximately 18.2-25% of any redemptionproceeds until these monies held at RCM are remitted to the Trust. Generally,investors in the Trust may redeem units effective as of the last trading day ofany month of the Trust based on the Net Asset Value per unit on such date withfive business days’ prior written notice to the Managing Owner.

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Effective August25, 2006, the Trust engaged the firm of CF & Co., LLP to act as itsindependent auditor for the fiscal year ending December 31, 2005.

On October 12,2006, RCMI, R.J. O’Brien & Associates, Inc. (“RJO”), and RJO’s acquisitionsubsidiary, R.J. O’Brien Fund Management, Inc. (“RJOFM”) entered into an AssetPurchase Agreement (the “Asset Purchase Agreement”) that provides for, amongother things, RJOFM to purchase RCMI’s managing owner interest in the Trust.The Asset Purchase Agreement also provided for RCMI to commence a proceedingunder chapter 11 of the Bankruptcy Code and to obtain the Bankruptcy Court’sapproval of the Asset Purchase Agreement and the transactions set forththerein.

RCMI filed a voluntary petition (the “RCMI BankruptcyPetition”) in the United States Bankruptcy Court for the Southern District ofNew York on October 16, 2006, for relief under chapter 11 of title 11 of theUnited States Code. Contemporaneously with the filing of the RCMI BankruptcyPetition, RCMI filed, a motion requesting that the Bankruptcy Court authorizeRCMI to sell and assign substantially all of its assets, including its interestas managing owner of the Trust, pursuant to the terms of the Asset PurchaseAgreement.  Pursuant to the terms of theAsset Purchase Agreement, as of October 13, 2006, all clearing functions havebeen moved from Lehman to RJO.  Additionally,RJOFM is the current managing owner of the Trust.

On December 29, 2006 the Trust received a partialrecovery from RCM in the amount of $10,319,317.48.  Unitholders who have not redeemed tradingassets will be issued additional units in the Trust as of December 31, 2006.  Unitholders who redeem or who have redeemedwill be paid their portion of the proceeds.

As of January 1, 2007, a special circumstances limitedliability company was established to pursue additional claims against RCM.  Any funds obtained by the specialcircumstances limited liability company will be distributed to investors in theTrust prior to the bankruptcy of RCM and Refco. Units are not currently being offered in the Trust.

**Financial Information about Segments**

The Trust’sbusiness constitutes only one segment for financial reporting purposes; it is aDelaware statutory trust whose purpose is to trade, buy, sell, spread orotherwise acquire, hold or dispose of commodity interests including futurescontracts on currencies, interest rates, energy and agricultural products,metals and stock indices, spot and forward contracts on currencies and preciousmetals and exchanges for physicals.  TheTrust does not engage in the production or sale of any goods or services.  The objective of the Trust business isappreciation of its assets through speculative trading in such commodityinterests.  Financial information aboutthe Trust’s business, as of December 31, 2005, is set forth under Items 6 and 7herein.

**Financial Information about Geographic Areas**

Although the Trusttrades in the global futures and forward markets, it does not have operationsoutside of the United States.

**Available Information**

The Trust files anannual report on Form 10-K, quarterly reports on Form 10-Q, current reports onForm 8-K, and all amendments to these reports with the Securities and ExchangeCommission.  You may read and copy anydocument filed by the Trust at the SEC’s Public Reference Room at 100 F Street,N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 forinformation on the Public Reference Room. The Trust does not maintain an internet website, however, the SECmaintains a website that contains annual, quarterly, and current reports, proxystatements, and other information that issuers (including the Trust) fileelectronically with the SEC.  The SEC’swebsite address is http://www.sec.gov.

The Trust willalso provide paper copies of such reports and amendments free of charge.

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**Item 1A. Risk Factors**

The Trust is inthe business of speculative trading of futures, forwards, and options.  For a detailed description of the risks thatmay affect the Trust or the units offered by the Trust, see the Risk Factorsset forth in the Trust’s prospectus dated August 1, 2005, and filed with theSecurities and Exchange Commission on August 2, 2005, and incorporated hereinby reference.

**Item 1B. Unresolved Staff Comments**

None

**Item 2.  Properties**

The Trust does notutilize any physical properties in the conduct of its business.  The Managing Owner uses the offices of Refcoat no additional charge to the Trust, to perform its administration functions,and the Trust uses the offices of Refco, Inc., again at no additional charge tothe Trust, as its principal administrative offices.

**Item 3.  LegalProceedings**

On October 10, 2005, Refco Inc., the parent company ofRCMI announced that it had discovered through an internal review a receivableowed to the Company by an entity controlled by Phillip R. Bennett, ChiefExecutive Officer and Chairman of the Board of Directors of the Company, in theamount of approximately $430 million. Mr. Bennett repaid the receivable incash, including all accrued interest, on October 10, 2005. Based upon theresults of the review to date, Refco Inc. believes that the receivable was theresult of the assumption by an entity controlled by Mr. Bennett of certain historicalobligations owed by unrelated third parties to Refco, Inc., which may have beenuncollectible. Independent counsel and forensic auditors have been retained toassist Refco, Inc., Audit Committee in the investigation of these matters.

On October 12, 2005, Mr. Bennett was initially chargedwith one count of securities fraud. On November 10, 2005, he was indicted oneight counts of conspiracy, fraud, and other charges by a federal grand jury.The indictment was delivered in the United States District Court for theSouthern District of New York. Prosecutors charge in the indictment that Mr.Bennett hid customer and company losses from Refco, Inc. auditors and investorsfrom as early as the late 1990s. Those losses, according to the indictment,were then transferred to a company controlled by Mr. Bennett and hidden througha series of transactions.

Refco, Inc. and other affiliated entities, includingRCMI, have subsequently filed for bankruptcy. See “Item 1. Business” for more information.  Such information is incorporated by referenceherein.

Since the announcement of these matters at Refco,Inc., the Audit Committee of RCMI (Mr. Richard C. Butt and Ms. Annette A.Cazenave) has undertaken its own review into RCM and the Trust to ensure noneof these matters had any material impact on the results of operations of eitherRCMI as Managing Owner or the Trust. Based upon the results of that review, the Audit Committee has no reasonto believe that the actions of Mr. Bennett had any impact on the operations orfinancial results of the Trust.

**Item 4.  Submission ofMatters to a Vote of Security Holders**

None

**Part II**

**Item 5.  Market for theRegistrant’s Units and Related Security Holder Matters**

(a)          (i) There is noestablished public market for the units and none is expected to develop.

(ii) As ofDecember 31, 2005, there were 1,736,309 units held in the Trading Account bythe Beneficial Owners for an investment of $196,142,238 and 24,017 units heldin the Trading Account by the Managing Owner for an investment of$2,713,011.  A total of  770,681 units had been redeemed by BeneficialOwners and 660 units by the Managing Owner during the period of January 1, 2005to December 31, 2005.  The Trust’s SixthAmended and Restated Declaration and Agreement of Trust contains a fulldescription of redemption and distribution procedures.  4,726,256.24 ($533,877,904.71) units remainunsold as of December 31, 2005.

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(iii) To date nodistributions have been made to owners of beneficial interest in theTrust.  The Sixth Amended and RestatedDeclaration and Agreement of Trust does not provide for regular or periodiccash distributions, but gives the Managing Owner sole discretion of determiningwhat distributions, if any, the Trust will make to its owners of beneficialinterest.  The Managing Owner has notdeclared any such distributions to date, and does not currently intend todeclare such distribution.

(iv) The Trustdoes not authorize the issuance of units under any employee compensation plan(including any individual compensation arrangements).

(b)         TheTrust did not repurchase any units registered pursuant to Section 12 of theSecurities Exchange Act during the period January 1, 2005 through December 31,2005.

**Item6.  Selected Financial Data**

The following Selected FinancialData is presented for the years ended December 31, 2001, 2002, 2003, 2004 and2005 and is derived from the financial statements for such fiscal years.
| ** **                                         | ** ** | **2001** | ** ** | **2002** | ** ** | **2003** | ** ** | **2004** | ** ** | **2005** | ** ** |
|----------------------------------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
| Revenues (000)                                     |       | $        | 4,430      |     | $          | 19,741   |       | $        | 17,203     |     | $          | 36,504 |   | $ | 3,569 |   |
| Net Income (Loss) From Continuing Operations (000) |       | (1,254   | )          | 12,057   |       | 3,964    |       | 8,847    |       | (20,433  | )          |
| Net Loss  Nontrading (000)                         |       |     |       |     |       |     |       |     |       | (39,878  | )          |
| Net Income  (Loss) Per Unit                        |       | (3       | )          | 28       |       | 10       |       | (1       | )          | (28      | )          |
| Total Assets  (000)                                |       | 50,278   |       | 65,112   |       | 210,466  |       | 342,628  |       | 223,617  |       |
| Net Asset Value per  Unit                          |       | 112      |       | 140      |       | 149      |       | 149      |       | 121      |       |
|                                                    |            |          |            |          |            |          |            |          |            |          |            |  |  |  |  |  |

** **

**Item 7.  Management’sDiscussion and Analysis of Financial Condition and Results of Operations**

(a)          Capital Resources

The Trust’scapital resources fluctuate based upon the purchase and redemption of units andthe gains and losses of the Trust’s trading activities.  During 2005, Beneficial Owners purchased294,450 units for $38,681,528.  TheManaging Owner  purchased 904 unitsduring this time.  For the fiscal yearended December 31, 2005, the Beneficial Owners redeemed a total of 770,681units for $93,925,546.  The Managing Owner redeemed a total of 660units for $86,447.  For the fiscal yearended December 31, 2004, the Beneficial Owners redeemed a total of 204,926 unitsfor $27,709,343.  The Managing Ownerredeemed a total of 97 units for $12,141.

The Trust’sinvolvement in the futures and forward markets exposes the Trust to both marketrisk — the risk arising from changes in the market value of the futures andforward contracts held by the Trust — and credit risk — the risk that anotherparty to a contract will fail to perform its obligations according to the termsof the contract.  The Trust is exposed toa market risk equal to the value of the futures and forward contracts purchasedand theoretically unlimited risk of loss on contracts sold short.  The Trading Advisor monitors the Trust’strading activities and attempts to control the Trust’s exposure to market riskby, among other things, refining its trading strategies, adjusting positionsizes of the Trust’s futures and forward contacts and re-allocating Trustassets to different market sectors.  TheTrust’s primary exposure to credit risk is its exposure to the non-performanceof the Forwards Currency Broker.  TheForwards Currency Broker generally enters into forward contracts with large,well-capitalized institutions and then enters into a back-to-back contract withthe Trust.  The Trust also may trade onexchanges that do not have associated clearing houses whose credit supports theobligations of its members and operate as principals markets, in which case theTrust will be exposed to the credit risk of the other party to such trades.

The Trust’strading activities involve varying degrees of off-balance sheet risk wherebychanges in the market values of the futures and forward contracts underlyingthe financial instruments or the Trust’s satisfaction of the obligations mayexceed the amount recognized in the statement of financial condition of theTrust.

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The amount ofassets invested in the Trust generally does not affect its performance, astypically this amount is not a limiting factor on the positions acquired byJWH, and the Trust’s expenses are primarily charged as a fixed percentage ofits asset base, however large.

The Trust borrowsonly to a limited extent and only on a strictly short-term basis in order tofinance losses on non-U.S. dollar denominated trading positions pending theconversion of the Trust’s dollar deposits. These borrowings are at a prevailing short-term rate in the relevantcurrency.  They have been immaterial tothe Trust’s operation to date and are expected to continue to be so.

During the fiscalyear-ended December 31, 2005, the Partnership had no credit exposure to acounterparty which is a foreign commodities exchange which was material.

There are no knownmaterial trends, favorable or unfavorable, that would affect, nor any expectedmaterial changes, to the Trust’s capital resource arrangements at the presenttime.

(b)         Liquidity

The Trust’s netassets are held in brokerage accounts with Refco LLC then Lehman Brothers.  Such assets are used as margin to engage intrading and may be used as margin solely for the Trust’s trading.  As mentioned above, on or about October 18,2005, the Trust had transferred the majority of all assets to Lehman.  Except in very unusual circumstances, theTrust should be able to close out any or all of its open trading positions andliquidate any or all of its securities holdings quickly and at market prices.  This should permit the Advisor to limitlosses as well as reduce market exposure on short notice should its programsindicate reducing market exposure.

The Trust earns interest on 100% of the Trust’s average daily balanceson deposit with  Lehman Brothers as thecase was, during each month at 75% of the average 91-day Treasury bill rate forthat month in respect of deposits denominated in dollars. For depositsdenominated in other currencies, the Trust earns interest on Eurodollars,British pound sterling, and Swiss francs at a rate equal to LCH less 25 basispoints.  Deposits denominated in JapaneseYen earn 100% of LCH and Australian dollars earn interest at a rate of SFECHless 125 basis points.  For the calendaryear ended December 31, 2005, clearing brokers had paid or accrued to payinterest of $ 8,790,919 to the Trust. For the calendar year ended December 31, 2004, the clearing brokers  paid or accrued to pay interest of $3,631,292to the Trust.

Most United Statescommodity exchanges limit the amount of fluctuation in commodity futurescontract prices during a single trading day by regulations.  These regulations specify what are referredto as “daily price fluctuation limits” or “daily limits”.  The daily limits establish the maximum amountthe price of a futures contract may vary either up or down from the previousday’s settlement price at the end of a trading session.  Once the daily limit has been reached in aparticular commodity, no trades may be made at a price beyond the limit.  Positions in the commodity could then betaken or liquidated only if traders are willing to effect trades at or withinthe limit during the period for trading on such day.  Because the “daily limit” rule only governsprice movement for a particular trading day, it does not limit losses.  In the past, futures prices have moved thedaily limit for numerous consecutive trading days and thereby prevented promptliquidation of futures positions on one side of the market, subjecting commodityfutures traders holding such positions to substantial losses for those days.

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

There are no knownmaterial trends, demands, commitments, events or uncertainties at the presenttime that are reasonably likely to result in the Trust’s liquidity increasingor decreasing in any material way.

(c)          Results of Operations

The Trust’ssuccess depends on the Advisor’s ability to recognize and capitalize on majorprice movements and other profit opportunities in different sectors of theworld economy.  Because of thespeculative nature of its trading, operational or economic trends have littlerelevance to the Trust’s results, and its past performance is not necessarilyindicative of its future results.  TheManaging Owner believes, however, that there are certain market conditions —for example, markets with major price movements — in which the Trust has abetter opportunity of being profitable than in others.

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The Advisor’sprograms do not predict price movements. No fundamental economic supply or demand analysis is used in attemptingto identify mispricings in the market, and no macroeconomic assessments of therelative strengths of different national economies or economic sectors ismade.  Instead, the programs applyproprietary computer models to analyze past market data, and from this data aloneattempt to determine whether market prices are trending.  Technical traders such as the Advisor basetheir strategies on the theory that market prices reflect the collectivejudgment of numerous different traders and are, accordingly, the best and most efficientindication of market movements.  However,there are frequent periods during which fundamental factors external to themarket dominate prices.

If the Advisor’smodels identify a trend, they signal positions which follow it.  When these models identify the trend ashaving ended or reversed, these positions are either closed out orreversed.  Due to their trend-followingcharacter, the Advisor programs do not predict either the commencement or theend of a price movement.  Rather, theirobjective is to identify a trend early enough to profit from it and to detectits end or reversal in time to close out the Trust’s positions while retainingmost of the profits made from following the trend.

The performancesummaries set forth below outline certain major price trends which the Advisor’sprograms have identified for the Trust during the last three fiscal years.  The fact that certain trends were captureddoes not imply that others, perhaps larger and potentially more profitabletrends, were not missed or that the Advisor will be able to capture similartrends in the future.  Moreover, the factthat the programs were profitable in certain market sectors in the past doesnot mean that they will be so in the future.

The performancesummaries are an outline description of how the Trust performed in the past,not necessarily any indication of how it will perform in the future.  Furthermore, the general causes to whichcertain trends are attributed may or may not in fact have caused such trends,as opposed to simply having occurred at about the same time.  While there can be no assurance that theAdvisor will be profitable even in trending markets, markets in whichsubstantial and sustained price movements occur offer the best profit potentialfor the Trust.

**2005**

The JWH Global Trust posted a loss of  18.7% for 2005.  The Net Asset Value at year-end was$120.73***  (*** Please see section ‘GeneralInformation and Summary )  compared to$148.54 per unit at the beginning of the year. During 2005, total contributionsto the Trust were $38,804,726.

The Trust’s performance in the first quarter was negative as the bulkof the losses were directly related to the strength of the U.S. dollar againstmost major currencies.  The weak dollartrend, which had dominated during the second half of 2004, began to reverseitself on diminishing expectations of a Yuan revaluation by the Chinese centralbank.  Demand for the dollar alsoincreased when the Federal Reserve raised interest rates by a quarterpercentage point for the seventh time since June 2004. On February 16th Fed Chairman Alan Greenspan’stestimony, stating that the decline in long-term interest rates during the pastyear “remains a conundrum”, sparked inflationary fears worldwide and added tothe Trust’s negative performance in the interest rate sector as the European,Japanese and U.S. bond markets sold-off. The Japanese sell-off was short livedas Japanese bonds rallied amid speculation that exports to the U.S. woulddrop.  The energy sector, the Trust’sbest performer during the quarter, benefited from an increase in inflationaryfears offset some of the previously discussed losses in the currency andinterest rate sectors. Energies rallied as commodity prices surged to a 24-yearhigh on speculation that rising domestic demand may outpace U.S. refinery productionduring peak summer demand.  Overall, thegains made in energies, indices and the agriculture sectors were not enough tooffset the losses incurred in the currency, interest rate and metals sectors.

The Trust’s performance was positive during the second quarter as largegains in the currency and interest rate sectors more than offset losses in theTrust’s other sectors.  The energysector, which had been the best performing sector in the first quarter, was theworst performing sector in the second quarter, as trends experienced sudden andstrong reversals.  In April, energiesexperienced a sudden turnaround as supplies increased and OPEC boosted outputin an effort to lower prices and ensure adequate inventories to meet summerfuel demands.  In contrast, the entireenergy sector rallied in June as expectations increased that global demand foroil would reach record levels in the fourth quarter. The interest rate sectorposted positive returns as the majority of the sector’s gains came from thestrength in the German and Japanese fixed-income markets.  The benchmark German 10-year bund rose to arecord high, as market conjecture grew that the European Central Bank wouldhave to cut interest rates as the European economy slowed.  Further supporting the rally in the Germanbund was the rejection of the European Union Constitution in France.  The currency sector was the best performingsector during the quarter as the U.S. dollar posted its largest quarterly gainagainst the euro since 2001 as the market anticipated a quarter point increaseby the Federal Reserve on June 30th.The dollar also benefited from the yield advantage against the Swiss franc andthe euro.  In the agriculture sector,cotton, corn, wheat, soybeans and N.Y. coffee hindered the Trust’s returns as 

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weather conditions wreaked havoc in the markets.  The metals sector was negative for thequarter as volatility in various markets limited the Trust’s ability to achievereturns. Overall, the gains made in the currency and interest rate sectors drovethe Trust’s performance for the quarter.

The Trust’s performance was positive for the third quarter, despitevolatile market conditions that resulted from terror attacks in London, asurprise devaluation of the Chinese Yuan and Hurricanes Dennis, Emily, Katrinaand Rita.  Fears, over damage to oil rigsand refineries caused by the hurricanes in the Gulf Coast led to record highenergy prices.  With positive returns inevery market traded, the energy sector led performance during the quarter.  The interest rate and currency sectors werethe Trust’s most unprofitable sectors during the quarter as volatility in thefixed income market and the U.S. dollar dominated both sectors. The dollar hadbeen weakening over speculation that record high energy prices would slow U.S.economic growth. However, once it became evident that the Federal Reserve wouldcontinue to raise interest rates and thus keep its “yield advantage”, both thefixed-income sector and the U.S. dollar reversed their trends; the dollarrallied and fixed-income markets sold off. The hurricanes also helped the metal sector to post positive returns forthe quarter as record high energy costs also saw gold reach a 17-year high. Theagriculture and indices sectors also posted positive returns, as N.Y. coffeeand the Nikkei 225 (Osaka) led performance. The Nikkei rose to a four year high on signs that the Japanese economywould continue to grow and on indications that land prices in Tokyo had risenfor the first time in 15-years. Overall, four out of the six sectors werepositive for the quarter.

**TheTrust was negative for the fourth quarter as the energy, interest rate andagriculture sectors suffered from strong and sudden reversals in trends. Theenergy sector was the Trust’s worst performer as energy prices retreated fromrecord highs in the third quarter.  Notonly did natural gas fall from record high levels set in September, but crudeoil also fell from record highs set in August on signs that warmer than normalweather in the Northeastern region of the U.S. could reduce energyconsumption.  The interest rate sector,which had been profiting from downward trending prices in the U.S., Europe andJapan, ended the quarter negative over fears of rising interest rates.  The sudden rally in Japanese and U.S.fixed-income markets was a result of Japanese Prime Minister Koizumi and otherpoliticians stating that it was too early for the Bank of Japan to stopfighting deflation and a sudden optimism that inflation in the U.S. wascontained as the Federal Reserve removed the term “accommodative” from itsstatement after raising rates at their December meeting. While the marketreversals resulted in losses for both the interest rate and energy sectors forthe quarter, the currency sector finished the quarter positive but only afterlosing most of the gains the sector achieved in October and November.  For the most of the quarter the currencysector profited, however, as expectations of further rate hikes from the Feddiminished, the sector gains were limited as the dollar suddenly weakened.  The metal sector benefited as gold reached an18-year high and the prices of LME copper and LME aluminum rallied on increaseddemand and falling supplies. The agriculture sector was slightly negative forthe quarter as N.Y. coffee and cotton were the main contributors to theunderperformance in this sector. Overall, the combined gains in the currencies,indices and metals sectors were unable to offset the losses in the rest of theTrust’s sectors.**

**2004**

The JWH GlobalTrust posted a slight loss of 0.39%, or ($0.58) per unit, for 2004.  The Net Asset Value at year-end was $148.54per unit compared to $149.12 per unit at the beginning of the year.   During 2004, total contributions to theTrust equaled $143,801,533.

Volatility was amajor factor in many markets.  During thefirst half of the year, the trading environment was unfavorable fortrend-following, even with some select markets having strong directional moves.  Although not high by historical standards,the spikes in volatility were apparent through large price moves coupled withstrong reversals.  Nevertheless, thesecond half of the year, especially the fourth quarter, was marked by a strongdollar decline and a good rally in bonds. 

The performancewas slightly positive during the first quarter, with the bulk of the profitscoming from the fixed-income sector, followed by the agriculture, metals andenergy sectors.  The Trust profited fromlower yields in the fixed income sector in both the US and Europe.  US bonds continued to rally during the firstquarter, though higher US yields were expected after Mr. Greenspan’s comment onthe need for higher interest rates.  Inthe European fixed-income market, the Trust posted its largest gains of thequarter as slow growth in the EU (especially Germany) was a strong driver inthe rally by both the Bund and Bobl markets. Profits were seen in agriculture, with soybeans reaching highs not seenin decades.  In metals, profits weregained in both copper and silver.  Basemetal prices rose on the back of strong manufacturing growth in China andcontinued growth in US housing.  Energiesalso posted positive returns.  Limits toproduction and increased talk of an OPEC cut helped to continue the upwardtrend.  Global stock indices added slightlyto performance during the quarter, as no clear trends were apparent.  The currency sector dampened the Trust’sgains from other markets in the first quarter. The markets were hit with strong increases in volatility and dailytrading ranges, as well as some key reversals.

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The Trust’sperformance was down during the second quarter as five out of six marketsectors that traded posted losses.  Thechange in US employment growth prospects hurt profitability.  Concerns about future growth in China and Chinesemonetary policy changes aimed at controlling the growth in credit caused amajor reversal in many commodity markets, especially the base metals.  Currencies saw limited longer-term pricechanges coupled with strong reversals. In the case of the yen, there was no government intervention during thesecond quarter, as there had been during the first quarter, but the relativelyhigh level of volatility continued because of the threat of furtherintervention.  The fixed-income sectoralso hurt performance during the quarter. Even after the first rate increase in four years, the price of the10-year bond was only slightly higher than at the beginning of the year.  The Bund market was also range-bound, becauseof the steadier monetary policy of the European Central Bank, as well as mutedgrowth and inflation prospects in Europe. Stock indices hurt performance, as mixed views on growth prospects inkey economies kept prices in a relatively tight range.  Energy trading proved to be the sole area forprofits during the quarter.

The Trust’sreturns in the third quarter were negative. The three sectors holding back performance were currencies, stockindices, and metals.  US equitiescontinued to stay range-bound for most of the third quarter as the VIX index ofvolatility fell to all-time lows. However, the European and Japanese markets did not follow suit.  The Eurostoxx was able to rally towards theend of summer, while the Nikkei index bounced off the lows it had reachedearlier in the year.  On the other hand,the energy sector once again provided the best returns, as a combination ofhurricanes in the Gulf of Mexico and political risk in the Middle East drovecrude oil prices higher than $50 per barrel at the end of September.  Additional gains were seen during the quarterin fixed income.  Despite the fact thatthe rise in US short term interest rates reduced growth and inflationaryexpectations, there was a major bond rally. Fixed income also rallied in Japan, Australia, Great Britain and, to alesser extent, in Europe.  The Trust alsobenefited as the grain markets continued to fall in response to expectationsthat harvests would be very strong.

Performance duringthe fourth quarter was up over 24.0% as the currency sector was able to breakout of its year-long trading range.  Whenthe markets started expecting a Bush win and grasped the effects of anotherterm, the US dollar sell-off began.  TheUS dollar sell-off also helped the fixed-income sector to post positive returnsfor the quarter, as European rates rallied reflecting slowing economies and thestrengthening euro across Europe. Compared to the currency and fixed-income markets, the other marketsectors (indices, metals, energies and agriculture) were mixed for the quarter,and did not have an appreciable effect on the Trust’s returns.

Overall, the Trusthad a slightly negative year.  After anextremely difficult first half of the year, the Trust’s long-term trendfollowing approach to the markets once again proved profitable in the secondhalf of the year.  CIS Investments, Inc.,the Managing Owner of the Trust, looks towards 2005 with optimism.  We continue to feel our blend of JWH Programs— the Financial and Metals Portfolio, the G-7 Currency Portfolio and the JWHGlobalAnalyticsÒ Family of Programs— are positioned to cover substantially all potential areas of marketopportunity.

**2003**

The Trust postedanother profitable year in 2003.  The NetAsset Value at year-end was $149.12 per unit compared to $139.53 per unit atthe beginning of the year.  Thisrepresented an increase of $9.59 per unit or 6.87% for the calendar year.

Currency tradingwas the driving force behind the profitable year.  The financial markets were influenced bythree dominate themes this past year: the global re-balancing of the U.S.dollar against other major currencies, the accommodative monetary polices ofthe three largest central banks, and the emergence of China as a globaleconomic power.  The latter event hadperhaps the single largest effect on the currency, fixed income, energy andgrain markets. 

The majority ofthe positive performance of 2003 occurred during the first quarter, primarilygenerated in the currency and fixed income sectors.  The pending war between the U.S. and Iraq,growing U.S. budget deficits and shrinking U.S. tax revenues helped propel theEuro against the U.S. dollar, the British pound and the Japanese yen makingthese some of the most profitable currency positions.  The economic slowdown in most of the industrializedworld led to higher bond prices which were most pronounced in Europe andJapan.  The fear of worldwide deflationcast a pall on the major global stock indices which made their lows for theyear in the first quarter allowing the Trust to capture the profitable downtrend.   The entire energy sector waspositive for the quarter, due to the rise in energy prices in anticipation ofthe Iraqi war.  However, once theconflict began energy prices quickly retreated as a result of a quick U.S.victory diminishing the overall profits for this sector.  Metals had mixed results for thequarter.  Gold was positive as the pricerose due to the war concerns, weaker U.S. dollar and lack of producer hedging.  Copper benefited from the robust U.S. housingindustry while silver and aluminum suffered from oversupplied markets.  Agricultural products were negative for thequarter with most components having negligible results.

 

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The second quarterwas positive with the bulk of the profits coming from the currency sectorfollowed by the fixed income sector. This was the transition quarter for 2003.  The U.S.’s quick victory in the Iraqi Warinitially provided strength to the U.S. dollar but the reality of higher thanexpected budget deficits due the cost of the war and a low U.S. savings rateagain placed downward pressure on the U.S. dollar against most majorcurrencies. Perhaps the most significant event for fixed income markets came inMay when the FOMC announced that the risk of inflation was to thedownside.  This marked the end of thetwenty-five year battle that the Federal Reserve had waged against inflation.  Interest rates that appeared poised to riseafter the war made an abrupt about face when yields in the U.S. tumbled.  In June the Fed Funds rate reached 1.00%, thelowest level in forty years.  All of thefixed income components in the U.S. and Europe were positive.  Equities around the globe had mixed resultswhich often occur when markets are in the midst of directional change.  By the end of the quarter most indices werestarting to show consistent strength contributing a modest gain to the Trust.The energy sector was unprofitable for the quarter as a result of volatiletrading conditions.  The metal sectoralso suffered a loss for the quarter when prices moved lower after the initialpost-war economic euphoria, only to rebound against a weakening U.S. dollar andmildly bullish economic news. Agricultural products were down again as most components suffered minorlosses.

All sectors withthe exception of indices were negative for the third quarter.  Positive economic news in the U.S. and partsof Europe reversed the downward trend in the U.S. dollar.  This lasted until mid-September when themembers of the G-7 met and announced that exchange rates should reflecteconomic fundamentals.  The marketperceived this as an invitation to renew U.S. dollar selling causing theforeign exchange sector to be down for the quarter.  The one bright spot was the profitableposition in the Japanese yen against the U.S. dollar which strengthened despitea persistent campaign by the Bank of Japan to maintain a weak yen policy tobenefit Japanese exporters.   Anothereffect of the positive economic news was the reversal in bond markets asinterest rates began moving higher with anticipation of a global economicrecovery.  The results were mixedthroughout the yield curve.  Indices werethe lone profitable sector for the quarter as the upward trend that started inthe previous quarter was firmly entrenched. The combination of continued favorable economic data and increasedcorporate profitability helped buoy share prices.  Energies suffered a mild setback due to thevolatile nature of trading and sensitivity to weekly inventory news andchanging production levels.  Adding tothis confusion was the slower than expected revitalization of Iraqi oilfields.  Metals also failed to make apositive contribution when gold and silver moved lower in response to thestrengthening U.S. dollar.  

The final quarterof the year was marginally profitable. Once again, currencies led the way.  Despite a growing U.S. economy the dollarmoved lower as a result of asset reallocation. Central banks, including Saudi Arabia, China, India and Korea have beenreducing the percentage of U.S. dollars in their respective currency reservesand increasing the percentage in the Euro, British pound and to a lesser extentthe Japanese yen.  This explains some ofthe considerable pressure placed on the U.S. dollar this year especially in thefourth quarter, making it the most profitable sector for the period. The FOMCstated in December that interest rates would remain low for a considerableperiod causing the interest rate markets to quickly reverse their course andmove lower.  This resulted in the largestsector loss for the quarter. Indices were unprofitable for the quarter due tothe volatile trading partly as a result of renewed terrorist threats.  Energies were also down in the fourth quarterin very volatile trading. Overall, the price of energy continues to move higherdue to low inventories and increased demand. China has now surpassed Japan asthe second largest importer of crude for industrial consumption.  Agricultural products and metals madepositive contributions this period as prices rose mainly due to China’s demandfor raw materials.  China has become thelargest recipient of direct foreign investment surpassing the U.S.  Their appetite is enormous.

Effective July 1,2003, the brokerage rate paid by the Trust to CIS was reduced from 6.5%annually to 6.0% annually directly benefiting the shareholders.

(d)         Inflation

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

(e)          Off-Balance-SheetArrangements

The Trust does nothave any off-balance-sheet arrangements (as defined in Regulation S-K303(a)(4)(ii)) that have or are reasonably likely to have a current or futureeffect on its financial condition, changes in financial condition, revenues orexpenses, results of operations, liquidity, capital expenditures or capitalresources that is material to investors.

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(f)            Tabular Disclosure ofContractual Obligations

The business ofthe Trust is the speculative trading of commodity interests, including futurescontracts on currencies, interest rates, energy and agricultural products,metals and stock indices, spot and forward contracts on currencies and preciousmetals and exchanges for physicals.  Themajority of the Trust’s futures and forward positions, which may be categorizedas “purchase obligations” under Item 303 of Regulation S-K, areshort-term.  That is, they are held forless than one year.  Because the Trustdoes not enter into other long-term debt obligations, capital leaseobligations, operating lease obligations or other long-term liabilities thatwould otherwise be reflected on the Trust’s Statement of Financial Condition, atable of contractual obligations has not been presented.

**Item 7A.  Quantitativeand Qualitative Disclosures About Market Risk**

**Introduction**

**PastResults Are Not Necessarily Indicative of Future Performance**

The Trust is aspeculative commodity pool.  The marketsensitive 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 oftrading loss.  Unlike an operatingcompany, 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 ofthe Trust’s open positions and, consequently, in its earnings and cashflow.  The Trust’s market risk is influencedby a wide variety of factors, including the level and volatility of interestrates, exchange rates, equity price levels, the market value of financialinstruments and contracts, the diversification effects among the Trust’s openpositions and the liquidity of the markets in which it trades.

The Trust canacquire and/or liquidate both long and short positions in a wide range ofdifferent markets.  Consequently, it isnot possible to predict how a particular future market scenario will affectperformance, and the Trust’s past performance is not necessarily indicative ofits future results.

**Standardof Materiality**

Materiality asused in this section, “Quantitative and Qualitative Disclosures About MarketRisk,” is based on an assessment of reasonably possible market movements andthe potential losses caused by such movements, taking into account theleverage, optionality and multiplier features of the Trust’s market sensitiveinstruments.

**Quantifyingthe Trust’s Trading Value at Risk**

Value at Risk is ameasure of the maximum amount which the Trust could reasonably be expected tolose in a given market sector.  However,the inherent uncertainty of the Trust’s speculative trading and the recurrencein the markets traded by the Trust of market movements far exceedingexpectations could result in actual trading or non-trading losses far beyondthe indicated Value at Risk or the Trust’s experience to date (i.e., “risk ofruin”).  In light of the foregoing aswell as the risks and uncertainties intrinsic to all future projections, theinclusion of the quantification included in this section should not beconsidered to constitute any assurance or representation that the Trust’slosses in any market sector will be limited to Value at Risk or by the Trust’sattempts to manage its market risk.

**QuantitativeForward-Looking Statements**

The followingquantitative disclosures regarding the Trust’s market risk exposures contain “forward-lookingstatements” within the meaning of the safe harbor from civil liability providedfor such statements by the Private Securities Litigation Reform Act of 1995(set forth in Section 27A of the Securities Act and Section 21E of theSecurities Exchange Act of 1934).  Allquantitative disclosures in this section are deemed to be forward-lookingstatements for purposes of the safe harbor, except for statements of historicalfact.

The Trust’s riskexposure in the various market sectors traded by JWH is quantified below interms of Value at Risk.  Due to the Trust’smark-to-market accounting, any loss in the fair value of the Trust’s openpositions is directly reflected in the Trust’s earnings (realized orunrealized) and cash flow (at least in the case of exchange-traded contracts inwhich profits and losses on open positions are settled daily through variationmargin).

Exchangemaintenance margin requirements have been used by the Trust as the measure ofits Value at Risk.  Maintenance marginrequirements are set by exchanges to equal or exceed the maximum lossesreasonably expected to be incurred in the fair value of any given contract in95% - 99% of any one-day intervals.  Themaintenance margin levels are established by dealers and exchanges usinghistorical 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 maximumexpected near-term one-day price fluctuation.

 

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Maintenance marginhas been used rather than the more generally available initial margin, becauseinitial margin includes a credit risk component, which is not relevant to Valueat Risk.

In the case ofmarket sensitive instruments, which are not exchange traded (almost exclusivelycurrencies in the case of the Trust), the margin requirements for theequivalent futures positions have been used as Value at Risk.  In those rare cases in which afutures-equivalent margin is not available, dealers’ margins have been used.

The fair value ofthe Trust’s futures and forward positions does not have any optionalitycomponent.

In quantifying theTrust’s Value at Risk, 100% positive correlation in the different positionsheld in each market risk category has been assumed.  Consequently, the margin requirementsapplicable to the open contracts have simply been aggregated to determine eachtrading category’s aggregate Value at Risk. The diversification effects resulting from the fact that the Trust’spositions are rarely, if ever, 100% positively correlated have not beenreflected.

**TheTrust’s Trading Value at Risk in Different Market Sectors**

The following tables indicate the average, highest andlowest amounts of trading Value at Risk associated with the Trust’s openpositions by market category for fiscal year 2005 and 2004.  All open position trading risk exposures ofthe Trust have been included in calculating the figures set forth below.  During fiscal year 2005, the Trust’s averagetotal capitalization was approximately $290.00 million, and during fiscal year2004, the Trust’s average total capitalization was approximately $263.95million.

 
| **Fiscal Year 2005** | ** ** |
|--------------------------------|------------|
| ** **                     | ** ** |
| **Market  Sector**             | ** ** | **Highest  Value  at Risk*** | ** ** | **Lowest  Value  at Risk*** | ** ** | **Average  Value  at Risk*** | ** ** | **% of  Average  Capitalization**** | ** ** |
| Agriculture                    |       | $ | 6.40 |   | $ | 1.10 |   | $ | 2.40 |   | 0.80 | % |
| Currencies                     |       | $ | 23.20 |   | $ | 9.70 |   | $ | 17.20 |   | 5.90 | % |
| Energies                       |       | $ | 9.40 |   | $ | 0.90 |   | $ | 4.00 |   | 1.40 | % |
| Indices                        |       | $ | 12.30 |   | $ | 2.00 |   | $ | 7.20 |   | 2.50 | % |
| Interest Rates                 |       | $ | 15.10 |   | $ | 2.90 |   | $ | 9.80 |   | 3.40 | % |
| Metals                         |       | $ | 3.10 |   | $ | 1.10 |   | $ | 2.00 |   | 0.70 | % |
| Total                          |       | $ | 69.50 |   | $ | 17.70 |   | $ | 42.60 |   | 14.70 | % |

 

 
| **Fiscal Year 2004** | ** ** |
|--------------------------------|------------|
| ** **                     | ** ** |
| **Market  Sector**             | ** ** | **Highest  Value  at Risk*** | ** ** | **Lowest  Value  at Risk*** | ** ** | **Average  Value  at Risk*** | ** ** | **% of  Average  Capitalization**** | ** ** |
| Interest Rates                 |       | $ | 15.2 |   | $ | 5.8 |   | $ | 11.2 |   | 4.2 | % |
| Currencies                     |       | $ | 29.3 |   | $ | 2.3 |   | $ | 8.9 |   | 3.4 | % |
| Stock Indices                  |       | $ | 7.2 |   | $ | 0.7 |   | $ | 4.0 |   | 1.5 | % |
| Precious Metals                |       | $ | 3.5 |   | $ | 1.3 |   | $ | 2.2 |   | 0.8 | % |
| Commodities                    |       | $ | 2.4 |   | $ | 1.1 |   | $ | 1.7 |   | 0.7 | % |
| Energy                         |       | $ | 3.8 |   | $ | 0.5 |   | $ | 2.3 |   | 0.9 | % |
| Total                          |       | $ | 61.4 |   | $ | 11.7 |   | $ | 30.3 |   | 11.5 | % |

----

*   Average, highest and lowest Value at Riskamounts relate to the month-end amounts for each calendar month-end during thefiscal year.  All amounts representmillions of dollars.

** AverageCapitalization is the average of the Trust’s capitalization at the end of eachfiscal month during the relevant fiscal year.

14

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**MaterialLimitations on Value at Risk as an Assessment of Market Risk**

The face value ofthe market sector instruments held by the Trust is typically many times theapplicable maintenance margin requirement (maintenance margin requirementsgenerally range between approximately 1% and 10% of contract face value) aswell as many times the capitalization of the Trust.  The magnitude of the Trust’s open positionscreates a “risk of ruin” not typically found in most other investmentvehicles.  Because of the size of itspositions, certain market conditions — unusual, but historically recurring fromtime to time - could cause the Trust to incur severe losses over a short periodof time.  The foregoing Value at Risktable, as well as the past performance of the Trust, gives no indication ofthis “risk of ruin”.

**Non-TradingRisk**

The Trust hasnon-trading market risk on its foreign cash balances not needed formargin.  However, these balances (as wellas any market risk they represent) are immaterial.  The Trust holds substantially all of itsassets in cash on deposit with Lehman Brothers. The Trust has cash flow risk on these cash deposits because if interestrates decline, so will the interest paid out by Lehman Brothers at 75% of the91-day Treasury bill rate.  As ofDecember 31, 2005 and December 31, 2004, the Trust had approximately $202.4million and $312.1 million, respectively, in cash on deposit with LehmanBrothers and Cargill Investor Services, Inc. respectively.

**QualitativeDisclosures Regarding Primary Trading Risk Exposures**

The followingqualitative disclosures regarding the Trust’s market risk exposures - exceptfor (i) those disclosures that are statements of historical fact and (ii) thedescriptions of how the Trust and JWH manage the Trust’s primary market riskexposures - constitute forward-looking statements within the meaning of Section27A of the Securities Act and Section 21E of the Securities Exchange Act.  The Trust’s primary market risk exposures aswell as the strategies used and to be used by JWH for managing such exposuresare subject to numerous uncertainties, contingencies and risks, any one ofwhich could cause the actual results of the Trust’s risk controls to differmaterially from the objectives of such strategies.  Government interventions, defaults and expropriations,illiquid markets, the emergence of dominant fundamental factors, politicalupheavals, changes in historical price relationships, an influx of new marketparticipants, increased regulation and many other factors could result inmaterial losses as well as in material changes to the risk exposures and therisk management strategies of the Trust. There can be no assurance that the Trust’s current market exposureand/or risk management strategies will not change materially or that any suchstrategies will be effective in either the short- or long-term.  Investors must be prepared to lose all orsubstantially all of their investment in the Trust.

The following werethe primary trading risk exposures of the Trust as of December 31, 2005, bymarket sector.

**Currencies**.  The Trust’s currency exposure is to exchangerate fluctuations.  These fluctuationsare influenced by interest rate changes as well as political and generaleconomic conditions.  The Trust trades ina number of currencies, including cross-rates (i.e., positions between twocurrencies other than the U.S. dollar). The Trust’s major exposures have typically been in the dollar/yen,dollar/euro, dollar/Swiss franc and dollar/pound positions but more recentlyhave also included exposure to cross-rates positions such as euro/yen andpound/yen positions.  The Managing Ownerdoes not anticipate that the risk profile of the Trust’s currency sector willchange significantly in the future.

**InterestRates**.  Interest raterisk is a major market exposure of the Trust. Interest rate movements directly affect the price of the sovereign bondpositions held by the Trust and indirectly the value of its stock index andcurrency positions.  Interest ratemovements in one country as well as relative interest rate movements betweencountries materially impact the Trust’s profitability.  The Trust’s primary interest rate exposure isto interest rate fluctuations in the United States and the other G-7countries.  However, the Trust also takespositions in the government debt of smaller nations - e.g., Australia.  The Managing Owner anticipates that G-7interest rates will remain the primary market exposure of the Trust in thissector for the foreseeable future.

**StockIndices**.  The Trust’sprimary equity exposure is to equity price risk in the G-7 countries includingthe U.S.  The stock index futures tradedby the Trust are by law limited to futures on broadly based indices. As ofDecember 31, 2005, the Trust’s primary exposure was in the E-Mini Nasdaq,Eurostoxx 50, Osaka Nikkei (Japan), DAX (Germany) and SFE SPI 200 (Australia)As of December 31, 2004, the Trust’s primary exposure was in the E-Mini Nasdaq,Osaka Nikkei (Japan), SFE SPI 200 (Australia), and Eurostoxx 50.  The Managing Owner anticipates little, if any, trading in non-G-7 stockindices.  The Trust is primarily exposedto the risk of adverse price trends or trendless markets in the major U.S.,European and Japanese indices.  (Trendlessmarkets would not cause major market changes but could make it difficult forthe Trust to avoid being “whipsawed” into numerous small losses.)

15

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**Metals**.  The JWH programs currently used for the Trusttrade mainly precious and base metals. The Trust’s primary metals marketexposure is to price fluctuations.

**Agricultural.**The Trust’s primary commodities exposure is to agriculturalprice movements, which are often directly affected by severe or unexpectedweather conditions.  Coffee, corn, wheat,beans, soybean oil and sugar accounted for the substantial bulk of the Trust’sagricultural exposure as of December 31, 2005 and December 31, 2004.  In the past, the Trust has had marketexposure to cotton, live cattle, and the soybean complex and may do so again inthe future.

**Energy**.  The Trust’s primary energy market exposure isto gas and oil price movements, which sometimes result from politicaldevelopments in the Middle East.  Oilprices can be volatile and substantial profits and losses have been and maycontinue to be experienced in this market.

# **Qualitative Disclosures RegardingNon-Trading Risk Exposure**

The following werethe only non-trading risk exposures of the Trust as of December 31, 2005 andDecember 31, 2004.

**ForeignCurrency Balances**.  TheTrust’s primary foreign currency balances are in Japanese yen, euro/yen cross,euros, British pounds and Swiss francs. The Trust controls the non-trading risk of these balances by regularlyconverting these balances back into U.S. dollars (no less frequently than twicea month).

**CashPosition**.  The Trustheld substantially all its assets in cash at CIS and CISFS,earning interest atthe 91-day Treasury bill rate (calculated daily). As of August 31, 2005, cashwas held at Refco LLC and Refco Capital Markets. As of October 18, 2005 cashwas held at Lehman Brothers at 75% of the average 91-day Treasury bill rate.

# **Qualitative Disclosures RegardingMeans of Managing Risk Exposure**

The Manager Ownermonitors 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 doso, the Managing Owner could require JWH to close out individual positions aswell as entire programs traded on behalf of the Trust.  However, any such intervention would be ahighly unusual event.  The Managing Ownerprimarily relies on JWH’s own risk control policies while maintaining a generalsupervisory overview of the Trust’s market risk exposures.

# **Risk Management**

Given thevolatility of prices (see “Trend Detection”), JWH does not expect that alltrend signals will lead to profitable trades. Stop-losses are used in somemodels and managed in a proprietary manner to balance the potential loss on anytrade versus the opportunity for maximum profit.  Stop losses may not necessarily limit losses,since they become market orders upon execution; as a result, a stop-loss ordermay not be executed at the stop-loss price. Other models do not have anystop-loss methodology but rely on market diversification and a change indirectional signals to offset risk. Risk in some programs may also be managedby varying position size or risk levels for a market, based in part onassessment of market volatility, while other programs will maintain positionsizes in markets regardless of changes in volatility.  There are no systematic constraints onportfolio volatility or the maximum drawdown for any program. Volatility willnot cause systematic adjustments to be made to existing positions. Someprograms consider volatility in determining the size of positions initiated.Other programs do not consider volatility in determining the size of positionsinitiated.

Modern portfoliotechniques are used in an effort to construct an overall diversified portfoliofor each JWH trading program.  However,some programs will have limited diversification because of their sector focusor because JWH requires demonstrated liquidity in the contracts selected for aportfolio.  These techniques will attemptto take into account the volatility and correlation of the markets that areincluded in the program, as well as projected price behavior during specificprojections of market extremes. However, no assurances can be made thathistorical market correlations and diversification will occur or persist in allmarket conditions. In an attempt to maintain diversification, portfolioadjustments will be made to account for systematic changes identified by JWH’sresearch in the relationships across markets. Consistent with JWH’s view ofmarkets, portfolios are managed to meet longer-term risk and volatilitytolerances, rather than trading on the basis of short-term trends or short-termvolatility.

16

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JWH at its sole discretion may overridecomputer-generated signals and may at times use discretion in applying itsquantitative models, which may affect performance positively ornegatively.  This could occur, forexample, when JWH determines that markets are illiquid or erratic, such as mayoccur cyclically during holiday seasons, or on the basis of irregularlyoccurring market events.  Subjectiveaspects in JWH’s application of its quantitative models also include thedetermination of position size in relation to account equity, timing ofcommencement of trading an account, the investment of assets associated withadditions, redemptions, and reallocations, future contracts used and contractmonths traded, and effective trade execution.

The basicphilosophy underlying the firm’s investment methodology has remained intactthroughout its history and most investment programs maintain a consistentportfolio composition to allow profit opportunities in as many major markettrends as possible, in accordance with the investment objectives of eachprogram.

Proprietaryresearch may be conducted to refine the JWH investment strategies. Thepotential benefits to a program of employing more than one investmentmethodology, applying investment methodologies in varying combinations, and thepossible substitution of alternative investment methodologies with respect toparticular contracts may be assessed through the testing of different methodologies,along with the possible benefits of such modifications to improve programperformance over historical levels.  Inaddition, risk management research and investment program analysis may suggestmodifications regarding the relative weighting among various contracts,modifying the style and/or timing used by an investment program to trade aparticular contract, the addition or deletion of a contract traded by aninvestment program, or a change in position size in relation to account equity.  JWH’s research on these and other issues hasresulted in investment program modifications from time to time in the past, andare expected to do so in the future.

Position sizeadjustments relative to account equity****are anintegral part of JWH’s investment strategy and historically have been made in asystematic manner as the equity in the account from trading profitsincreases.  JWH may override indicatedsystematic position size adjustments when, in its discretion, it deems that iswarranted by its assessment of market conditions.  In the case of declines in equity, positionsizes are generally maintained in spite of any trading losses. Systematicmethods for maintaining or adjusting the trade size to equity in an account mayaffect performance and will alter the risk exposure of the account, withleverage increasing in down markets until losses are offset, and decreasing inprofitable market conditions until systematic adjustments are made.

JWH may also usediscretion to adjust the size of a position in relation to equity in theaccount for markets or for entire investment programs.  Such adjustments may not be made for all JWHprograms.  See “Position Size in Relationto Account Equity” under “Notes to Performance” in this disclosure document forinformation about the timing and size of past position size adjustments.Factors that  may affect decisions toadjust the size of a position in relation to account equity include ongoingresearch, program volatility, current market volatility, risk exposure,subjective judgment, and evaluation of these and other general marketconditions.

Decisions tochange the size of a position may positively or negatively affect performanceand will alter risk exposure for an account, since such adjustments will alsoalter the volatility of JWH programs. See “Volatility” for discussion ofposition size in relation to equity inherent in JWH programs. Adjustments inposition size relative to account equity may lead to greater profits or losses,more frequent and larger margin calls, and greater brokerage expense.  No assurance is given that such adjustmentswill result in increased program profitability. JWH reserves the right to alter, at its sole discretion and withoutnotification, its policy regarding adjustments in position size relative toaccount equity.

**Item 8.  FinancialStatements and Supplementary Data**

Reference is madeto the financial statements and the notes thereto attached to this report andincluded in Exhibit 13.01, which is incorporated herein by reference.

The following summarizedquarterly financial information presents the results of operations and otherdata for three-month periods ended March 31, June 30, September 30 and December31, 2005 and 2004.

17

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| ** **                  | ** ** | **First  Quarter** | ** **  | **Second  Quarter** | ** ** | **Third  Quarter** | ** ** | **Fourth  Quarter** | ** ** |
|-----------------------------|------------|--------------------|-------------|---------------------|------------|--------------------|------------|---------------------|------------|
| ** **                  | ** ** | **2005**           | ** **  | **2005**            | ** ** | **2005**           | ** ** | **2005**            | ** ** |
| Total Revenues  (Loss)      |       | $                  | (41,026,338 | )                   | $          | 33,280,586         |       | $                   | 10,940,576 |   | $ | (39,503,307 | ) |
| Total Expenses              |       | $                  | 6,372,628   |                | $          | 6,398,579          |       | $                   | 6,663,212  |   | $ | 4,568,732 |   |
| Net Income  (Loss)          |       | $                  | (47,398,966 | )                   | $          | 26,882,007         |       | $                   | 4,277,364  |   | $ | (44,072,039 | ) |
| Net Income (Loss) per  Unit |       | $                  | (21.11      | )                   | $          | 11.48              |       | $                   | 1.87       |   | $ | (20.05 | ) |

 

 
| ** **                  | ** ** | **First  Quarter** | ** ** | **Second  Quarter** | ** ** | **Third  Quarter** | ** ** | **Fourth  Quarter** | ** ** |
|-----------------------------|------------|--------------------|------------|---------------------|------------|--------------------|------------|---------------------|------------|
| ** **                  | ** ** | **2004**           | ** ** | **2004**            | ** ** | **2004**           | ** ** | **2004**            | ** ** |
| Total Revenues  (Loss)      |       | $                  | 6,680,880  |                | $          | (47,458,520        | )          | $                   | 2,195,583  |   | $ | 75,086,292 |   |
| Total Expenses              |       | $                  | 5,774,450  |                | $          | 5,059,084          |       | $                   | 5,259,942  |   | $ | 11,563,699 |   |
| Net Income  (Loss)          |       | $                  | 906,430    |                | $          | (52,517,604        | )          | $                   | (3,064,359 | ) | $ | 63,522,593 |   |
| Net Income (Loss) per  Unit |       | $                  | 1.14       |                | $          | (29.15             | )          | $                   | (1.72      | ) | $ | 29.15 |   |

 

The Trust has notdisposed of any segments of its business. Year-end adjustments were made for assets held at Refco Capital Markets.Fourth quarter 2005 reflects a net loss on non-trading assets of $39,877,946.

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

On February 9, 2006, the Trust received notification that the firm ofKPMG LLP (“KPMG”) had resigned as the independent accountants and that theclient-auditor relationship between the Trust and KPMG has ceased, effectiveimmediately.  In connection with theaudits of the two fiscal years ended December 31, 2004 and 2003 and thesubsequent interim period through February 9, 2006, there were no disagreementsbetween the Trust and KPMG on any matters of accounting principles orpractices, financial statement disclosure or auditing scope or procedure,which, if not resolved to the satisfaction of KPMG, would have been referred toin their reports.  KPMG’s reports on theTrust’s financial statements for the years ended December 31, 2004 and 2003 didnot contain an adverse opinion or a disclaimer of opinion and were notqualified or modified as to uncertainty, audit scope or accounting principles.In addition, in connection with the audits of the two fiscal years endedDecember 31, 2004 and 2003 and the subsequent interim period through February9, 2006, there were no reportable events (as defined in Item 304(a)(1)(v) ofSecurities and Exchange Commission Regulation S-K).

On August 25, 2006, the firm of CF&Co.,L.L.P. was engaged to act as the Trust’s independent auditor.

**Item 9A.  Controls andProcedures**

Under thesupervision and with the participation of the management of R.J. O’Brien FundManagement, Inc., the managing owner of the Trust at the time this annualreport was filed, including the managing owner’s President and Chief FinancialOfficer, the Trust has evaluated the effectiveness of the design and operationof its disclosure controls and procedures as of the end of the period coveredby this annual report, and, based on their evaluation, the President and ChiefFinancial Officer of the managing owner have concluded that these disclosurecontrols and procedures were effective. There were no changes in the Trust’s internal control over financialreporting, during the year ended December 31, 2005, that have materiallyaffected, or are reasonably likely to materially affect, the Trust’s internalcontrol over financial reporting.

Any controlsystem, no matter how well designed and operated, can provide reasonable (notabsolute) assurance that its objectives will be met.  Furthermore, no evaluation of controls canprovide absolute assurance that all control issues and instances of fraud, ifany, have been detected.

**Item 9B.   OtherInformation.**

**None.**

18

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**Part III**

**Item 10.  Directors andExecutive Officers of the Registrant**

There are nodirectors or executive officers of the Trust. As of December 31, 2005, the Trust was managed by its Managing Owner,Refco Commodity Management, Inc. The officers and directors of the ManagingOwner as of December 31, 2005 were as follows:

**RefcoCommodity Management, Inc.**

*Richard C. Butt* (born January1956) is President and Director.  Mr.Butt has been President of the Refco Alternative Investments, LLC since July2005 and, prior to that, was a Senior Vice President since November 2003. He is in charge of the development for hedge fund and structured note products,and the fund administration, operations and accounting for various productsoffered by the alternative investment division within Refco.  From January2002 to October 2003, Mr. Butt was Senior Vice President of Global DistributionStrategies, Inc., a global financial products distribution firm. Between March1999 and December 2001, Mr. Butt was responsible for the operations of theOrbitex Financial Services Group.  From July 1998 through February 1999,he worked as an independent consultant with various other companies. Prior tothat, he worked for various firms including the Forum Financial Group, KPMG PeatMarwick LLP, Fidelity Investments and Price Waterhouse.  Mr. Butt receivedhis certified public accountant designation in 1981 and holds an A.B. inManagement Science from Duke University.

*EricSimonsen*  is ChiefFinancial officer, Mr. Simonsen is also a Managing Director of Alix Partners,Inc.. Prior to joining AlixPartners, Eric spent ten years at AllmericaFinancial Corporation (NYSE-AFC), a Fortune 400 financial services companywhere he was CFO and Chief of Operations, which included responsibility for thecompany’s IT operations. Among other things, Eric led two IPOs and the disposalof more than a dozen non-core subsidiaries. Earlier in his career, Eric ownedand built a $225 million manufacturing company through five acquisitions,financed through private equity and leverage. He was a Certified PublicAccountant and Partner at Price Waterhouse, working in New York, Boston, andScandinavian offices and managing their Providence, Rhode Island office. He hasbeen a Director of two public companies and is a frequent lecturer at businessand academic forums. Eric holds a master’s degree in business administrationand a bachelor’s degree in accounting from Lehigh University.

*AnnetteA. Cazenave* (born January 1956) is Vice President.  With Refco’s purchase of Cargill InvestorServices, she joined RCMI in August of 2005 with over twenty-five years ofcomprehensive experience in alternative asset management (futures, derivativesand hedge funds) marketing and business management.  Ms Cazenave joined Cargill in March of 2004.Previously, Ms. Cazenave was VP, Marketing and Product Development, for HorizonCash Management, LLC (2002-2004).  Priorto this, she was President and Principal of Skylark Partners, Inc., in NewYork, a financial services consulting firm. Additionally, Ms. Cazenave held senior level positions with ED&F ManFunds Division (now Man Investments) in New York (1986-1993).  Ms. Cazenave began her career in 1979 as aSugar trader and holds a B.A. from Drew University and an M.B.A. fromThunderbird, The American Graduate School of International Management.

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

**AuditCommittee**

The Managing Ownerhas not created an audit committee of its board of directors; therefore, theentire board of directors of the Managing Owner acts as the audit committeewith respect to the Trust. None of the directors are considered to beindependent as that term is used in Item 7(d)(3)(iv) of Schedule 14A under theSecurities Exchange Act of 1934, as amended.

**Codeof Ethics**

The Trust does nothave any officers; therefore, it has not adopted a code of ethics applicable tothe Trust’s principal executive officer, principal financial officer, principalaccounting officer and persons performing similar functions.  The Managing Owner operates the Trust and hasadopted a code of ethics that applies to its principal executive officer,principal financial officer, principal accounting officer and personsperforming similar functions.

# **Item 11.  Executive Compensation**

The Trust has noofficers or directors.  The ManagingOwner administers the business and affairs of the Trust (exclusive of Trusttrading decisions which are made by an independent commodity tradingadvisor).  The officers and directors ofthe Managing Owner receive no compensation from the Trust for acting in theirrespective capacities with the Managing Owner.

19

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**Item12.  Security Ownership of CertainBeneficial Owners and Management**

(a)          As of December 31, 2005,no person was known to the Trust to own beneficially more than 5% of theoutstanding units.

(b)         As of December 31, 2005,the Managing Owner beneficially held an ownership of $2,713,011 (which is theequivalent of 24,016.36 units) or approximately 1.36% of the ownership of theTrust as of that date.

(c)          As of December 31, 2005,no arrangements were known to the registrant, including any pledges by anyperson of units of the Trust or shares of its Managing Owner or the parent ofthe Managing Owner, such that a change in control of the Trust may occur at asubsequent date.

**Item 13.  CertainRelationships and Related Transactions.**

None

**Item 14.  PrincipalAccounting Fees and Services**

KPMG, LLLP resigned as auditor in February 2006, and therefore, did notconduct the audit for fiscal year 2005. This audit was conducted by CF & Co. LLP.

(a)   Audit Fees

The Trust paid CF& Co. L.L.P, the Trust’s independent auditors, $65,000 for the 2005 auditand paid KPMG, L.L.P.  $39,750 in2004  for professional services renderedin connection with the audit of the Trust’s annual financial statements and thereview of financial statements included in the Trust’s Form 10-Q filings andregistration statements on Form S-1 for such years.

(b)   Audit-Related Fees

TheTrust did not pay CF & Co. L.L.P nor KPMG, L.L.P. any amount in 2005 or2004for assurance reviews and related professional services rendered inconnection with the audit or review of the Trust’s financial statements thatare not covered by Item 14(a) above.

(c)   Tax Fees

The Trust did notpay CF & Co. L.L.P nor KPMG, L.L.P. any amount in 2005 or 2004 forprofessional services in connection with tax compliance, tax advice and taxplanning.  The Trust engaged Deloitte& Touche LLP, which does not provide audit services to the Trust, toprovide professional services in connection with tax compliance, tax advice andtax planning and paid Deloitte & Touche LLP $80,800.00 for such servicesrelated to 2005 and $127,300 in 2004. These fees consisted primarily of services rendered in connection withthe preparation of a Schedule K-1 to IRS Form 1065 for each unitholder.

(d)   All Other Fees

None

(e)   Audit Committee Pre-Approval Policies andProcedures

(i)             The board ofdirectors of the Managing Owner acts as the audit committee with respect to theTrust. The board of directors of the Managing Owner has not developedpre-approval policies as of the date of this report.  Consequently, all audit and non-audit servicesprovided by CF & Co L.L.P must be approved by the board of directors of theManaging Owner.

(ii)          None of the servicesdescribed in Item 9(e)(2) through 9(e)(4) of Schedule 14A of the SecuritiesExchange Act of 1934 were provided by CF & Co L.L.P therefore, no serviceswere required to be approved by the board of directors of the Managing Owner onbehalf of the Trust.

(f)    Less than 50% of the hours expended on CF& Co L.L.P’s audit of the Trust’s financial statements were attributable tothe work of persons who were not full-time, permanent employees of C.F & CoL.L.P.

20

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**Part IV**

**Item15.  Exhibits, Financial Statements andSchedules**

(a)          The following documentsare included herein:

(1)                     FinancialStatements:

a.               Report ofIndependent Registered Public Accounting Firm.

b.              Statements ofFinancial Condition as of December 31, 2005 and 2004 .

c.               Statements ofOperations and Statements of Changes in Unitholders’ Capital for the yearsended December 31, 2005, 2004 and 2003.

d.              Condensed Scheduleof Investments.

e.               Notes to FinancialStatements.

(2)          All financial statementschedules have been omitted either because the information required by theschedules is not applicable, or because the information required is containedin the financial statements herein or the notes hereto.

(3)          Exhibits:
| Exhibit Number | ** ** | **Description  of Document**                                                                                                                                                                                                                                                                                                                                            |
|----------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.01           |       | Form of Selling Agreement among CIS Securities, Inc.  (the “Lead Selling Agent”), JWH Global Trust (the “Registrant”), CIS  Investments, Inc (the “Managing Owner”), and John W. Henry & Company, Inc.  (“JWH”).with respective assignments to Refco Securities and R.J. O’Brien  & Fund Management, Inc. (1) |
|           |       |                                                                                                                                                                                                                                                                                                                                                                    |
| 3.01           |       | Sixth Amended and Restated Declaration and Agreement  of Trust of the Registrant. (1)                                                                                                                                                                                                                                                                                   |
|           |       |                                                                                                                                                                                                                                                                                                                                                                    |
| 3.02           |       | Certificate of Amendment of Certificate of Trust of  the Registrant. (2)                                                                                                                                                                                                                                                                                                |

 

21

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#  

# ** **

|   |   |                                                                                                                       |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------|
| 10.01  |   | Form of Subscription Agreement and Power of Attorney.  (1)                                                                 |
|   |   |                                                                                                                       |
| 10.02  |   | Form of Amended Escrow Agreement among the  Registrant,JP Morgan Chase, the Managing Owner and the Lead Selling Agent. (3) |
|   |   |                                                                                                                       |
| 10.03  |   | Form of Trading Advisory Agreement among the  Registrant, the Managing Owner, CIS and JWH. (2)                             |
|   |   |                                                                                                                       |
| 10.04  |   | Form of Customer Agreement between the Registrant and  CIS. (2)                                                            |
|   |   |                                                                                                                       |
| 10.05  |   | Form of Foreign Exchange Account Agreement between  the Registrant and CISFS. (2)                                          |
|   |   |                                                                                                                       |
| 10.07  |   | Form of Transfer Agent Agreement. (2)                                                                                      |
|   |   |                                                                                                                       |
| 13.01  |   | Annual Report to Unitholders for Fiscal Year 2005.                                                                         |
|   |   |                                                                                                                       |
| 14.01  |   | CIS Investments and Refco Commodity Management, Inc.  Code of Ethics.                                                      |
|   |   |                                                                                                                       |
| 14.02  |   | R. J. O’Brien Fund Management, Inc. Code of Ethics.                                                                   |
|   |   |                                                                                                                       |
| 31.01  |   | Rule 13a-14(a)/13d-14(a) Certifications of Principal  Executive Officer.                                                   |
|   |   |                                                                                                                       |
| 31.02  |   | Rule 13a-14(a)/13d-14(a) Certifications of Principal  Financial Officer.                                                   |
|   |   |                                                                                                                       |
| 32.01  |   | Section 1350 Certification of Principal Executive  Officer.                                                                |
|   |   |                                                                                                                       |
| 32.02  |   | Section 1350 Certification of Principal Financial  Officer.                                                                |

----

(1)   Incorporatedby reference from the exhibit of the same description  filed on February 27, 2004 withPost-Effective Amendment No. 1 to the Registrant’s Registration Statement onForm S-1 (Reg No. 333-105282).

(2)   Incorporatedby reference from the exhibit of the same description  filed on February 10, 1997 withPost-Effective Amendment No. 1 to the Registrant’s Registration Statement onForm S-1 (Reg. No. 333-16825).

(3)   Incorporatedby reference herein from the exhibit of the same description filed on August19, 1997 with the Registrant’s Registration Statement on Form S-1 (Reg. No.333-33937).

22

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**SIGNATURES**

Pursuant to therequirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, asamended, the registrant has duly caused this report to be signed on its behalfby the undersigned, thereunto duly authorized.
| Date: March 27 , 2007 |   | JWH GLOBAL TRUST                            |
|-----------------------|--------|---------------------------------------------|
|                  |   |                                        |
|                  |   |                                        |
|                  |   | By: R.J. O’Brien Fund Management, Inc. |
|                  |   | (Managing Owner)                            |
|                  |   |                                        |
|                  |   |                                        |
|                  |   | By:                                         | /s/ Jeffrey R. Miceli |   |
|                  |   | Jeffrey R. Miceli                           |
|                  |   | Senior Vice President and                   |
|                  |   | Chief Financial Officer                     |
|                  |   |                                        |

 

Pursuant to therequirements of the Securities Exchange Act of 1934, as amended, this Form 10-Khas been signed by the following persons on behalf of the Registrant on March27, 2007, and in the capacities indicated:

R. J. O’Brien FundManagement, Inc.
| **Signatures**         | ** ** | **Title**                                    |
|------------------------|------------|----------------------------------------------|
| ** **             | ** ** | ** **                                   |
| /s/ Gerald  Corcoran   |       | Chief Executive Officer and Director         |
| Gerald Corcoran        |       | (principal executive officer)                |
|                   |       |                                         |
|                   |       |                                         |
| /s/ Jeffrey R.  Miceli |       | Chief Financial Officer and Director         |
| Jeffrey R.  Miceli     |       | (principal financial and accounting officer) |
|                   |       |                                         |
| /s/ Colleen  Mitchel1  |       |                                         |
| Colleen Mitchel1       |       | President and Director                       |
|                   |       |                                         |
| /s/ Annette  Cazenave  |       |                                         |
| Annette Cazenave       |       | Senior Vice President and Director           |

 

 

23

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#  

# **EXHIBITINDEX**

| Exhibit Number | ** ** | **Description  of Document**                                             |
|----------------|------------|--------------------------------------------------------------------------|
| 13.01          |       | Annual Report to Unitholders for Fiscal Year 2005.                       |
|           |       |                                                                     |
| 14.01          |       | CIS Investments and Refco Commodity Management, Inc.  Code of Ethics.    |
|           |       |                                                                     |
| 14.02          |       | R. J. O’Brien Fund Management, Inc. Code of Ethics.                 |
|           |       |                                                                     |
| 31.01          |       | Rule 13a-14(a)/13d-14(a) Certifications of Principal  Executive Officer. |
|           |       |                                                                     |
| 31.02          |       | Rule 13a-14(a)/13d-14(a) Certifications of Principal  Financial Officer. |
|           |       |                                                                     |
| 32.01          |       | Section 1350 Certification of Principal Executive  Officer.              |
|           |       |                                                                     |
| 32.02          |       | Section 1350 Certification of Principal Financial  Officer.              |

 

 

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