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## JWH GLOBAL TRUST
Annual Report

Message from the Managing Owner

Dear Unitholder:

The JWH Global Trust posted a slight loss of 0.39% for
    2004.  The Net Asset Value at year-end was $148.54 per unit compared to $149.12 per unit at the beginning
    of the year.

Volatility was a major factor in many markets.  During
    the first half of the year, the trading environment was unfavorable for trend-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 with strong reversals.  Nevertheless, the
    second half of the year, especially the fourth quarter, was marked by a strong dollar decline and a good
    rally in bonds.

The first quarter was slightly positive, with the bulk of the
    profits coming from the fixed-income sector, followed by the agriculture, metals and energy sectors.  The
    Trust profited from lower yields in both the US and Europe.  US bonds continued to rally during the first
    quarter, though higher US yields were expected after Mr. Greenspan's comment on the need for higher
    interest rates. In the European fixed-income market, the Trust posted its largest gains of the quarter as
    slow growth in the EU (especially Germany) was a strong driver in the rally by both the Bund and Bobl
    markets.  Profits were seen in agriculture, with soybeans reaching highs not seen in decades.  In metals,
    profits were gained in both copper and silver.  Base metal prices rose on the back of strong
    manufacturing growth in China and continued growth in US housing.  Energies also posted positive returns.
    Limits to production and increased talk of an OPEC cut helped to continue the upward trend.  Global stock
    indices added slightly to performance during the quarter, as no clear trends were apparent.  The currency
    sector dampened the Trust's gains from other markets in the first quarter. The markets were hit with
    strong increases in volatility and daily trading ranges, as well as some key reversals.

The Trust's performance was down during the second
    quarter as five out of six market sectors that traded posted losses.  The change in US employment growth
    prospects hurt profitability.  Concerns about future growth in China and Chinese monetary policy changes
    aimed at controlling the growth in credit caused a major reversal in many commodity markets, especially
    the base metals.  Currencies saw limited longer-term price changes coupled with strong reversals.  In the
    case of the yen, there was no government intervention during the second quarter, as there had been during
    the first quarter, but the relatively high level of volatility continued because of the threat of further
    intervention.  The fixed-income sector also hurt performance during the quarter.  Even after the first
    rate increase in four years, the price of the 10-year bond was only slightly higher than at the beginning
    of the year.  The Bund market was also range-bound, because of the steadier monetary policy of the
    European Central Bank, as well as muted growth and inflation prospects in Europe.  Stock indices hurt
    performance, as mixed views on growth prospects in key economies kept prices in a relatively tight range.
    Energy trading proved to be the sole area for profits during the quarter.

The Trust's returns in the third quarter were negative.
    The three sectors holding back performance were currencies, stock indices, and metals.  US equities
    continued to stay range-bound for most of the third quarter as the VIX index of volatility fell to
    all-time lows.  However, the European and Japanese markets did not follow suit.  The Eurostoxx was able
    to rally towards the end of summer, while the Nikkei index bounced off the lows it had reached earlier in
    the year.  On the other hand, the energy sector once again provided the best returns, as a combination of
    hurricanes in the Gulf of Mexico and political risk in the Middle East drove crude oil prices higher than
    $50 per barrel at the end of September.  Additional gains were seen during the quarter in fixed income.
    Despite the fact that the rise in US short term interest rates reduced growth and inflationary
    expectations, there was a major bond rally. Fixed income also rallied in Japan, Australia, Great Britain
    and, to a lesser extent, in Europe.  The Trust also benefited as the grain markets continued to fall in
    response to expectations that harvests would be very strong.

Performance during the fourth quarter was up over 24.0%
    as the currency sector was able to break out of its year-long trading range. When the markets started
    expecting a Bush win and grasped the effects of another term, the US dollar sell-off began.  The US dollar
    sell-off also helped the fixed-income sector to post positive returns for the quarter, as European rates
    rallied reflecting slowing economies and the strengthening euro across Europe.  Compared to the currency
    and fixed-income markets, the other market sectors (indices, metals, energies and agriculture) were mixed
    for the quarter, and did not have an appreciable effect on the Trust's returns.

Overall, the Trust had a slightly negative year.  After
    an extremely difficult first half of the year, the Trust's long-term trend following approach to the
    markets once again proved profitable in the second half 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 JWH GlobalAnalytics® Family of
    Programs - are positioned to cover substantially all potential areas of market opportunity.

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

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

### JWH GLOBAL TRUST
    Table of Contents

Report of Independent Registered
    Public Accounting Firm

Financial Statements:
          
    Statements of Financial Condition, December 31, 2004 and 2003

Statements of Operations, Years ended December 31, 2004, 2003, and 2002

Statements of Changes in Unitholders' Capital, Years ended December 31, 2004, 2003, and 2002

Condensed Schedule of Investments, December 31, 2004

Notes to Financial Statements

Acknowledgment

### Report of Independent Registered Public
    Accounting Firm

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

We have audited the accompanying statements of financial
    condition of JWH Global Trust (the Trust) as of December 31, 2004 and 2003, including the condensed
    schedule of investments as of December 31, 2004 and the related statements of operations and changes in
    unitholders' capital for each of the years in the three-year period ended December 31, 2004. These
    financial statements are the responsibility of the Trust's management. Our responsibility is to express
    an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards
    of the Public Company Accounting Oversight Board (United States). Those standards require that we plan
    and perform the audit to obtain reasonable assurance about whether the financial statements are free of
    material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
    disclosures in the financial statements. An audit also includes assessing the accounting principles used
    and significant estimates made by management, as well as evaluating the overall financial statement
    presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to
    above present fairly, in all material respects, the financial position of JWH Global Trust as of
    December 31, 2004 and 2003, and the results of operations and changes in unitholders' capital, for each
    of the years in the three-year period ended December 31, 2004, in conformity with accounting principles
    generally accepted in the United States of America.

KPMG LLPChicago, IllinoisMarch 9, 2005

|JWH GLOBAL TRUST
        Statements of Financial Condition
        December 31, 2004 and 2003                                 
|------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                              
|
|Assets:                                                                                                                       
|Equity in commodity trading accounts:                                                                                         
|Cash on deposit with Brokers                                                                                                  
|Unrealized gain on open contracts                                                                                             
|                                                                                                                              
|                                                                                                                              
|Receivable for units sold                                                                                                     
|Interest Receivable                                                                                                           
|                                                                                                                              
|Total assets                                                                                                                  
|                                                                                                                              
|                                                                                                                              
|Liabilities:                                                                                                                  
|Accrued commissions                                                                                                           
|Accrued management fees                                                                                                       
|Accrued incentive fees                                                                                                        
|Accrued ongoing offering expenses                                                                                             
|Accrued operating expenses                                                                                                    
|Redemptions payable                                                                                                           
|                                                                                                                              
|Total liabilities                                                                                                             
|                                                                                                                              
|Unitholders' Capital:                                                                                                         
|Beneficial owners (2,211,539.65 and 1,381,108.44 units
               outstanding at December 31, 2004 and 2003, respectively)
|Managing owner (23,771.70 and 7,805.08 units outstanding
               at December 31, 2004 and 2003, respectively)          
|                                                                                                                              
|Total unitholders' capital                                                                                                    
|                                                                                                                              
|Total liabilities and unitholders'
         capital                                                                           
|                                                                                                                              
|See accompanying notes to financial statements.                                                                               

|JWH GLOBAL TRUST
         Statements of Operations
        Years ended December 31, 2004, 2003, and 2002
|--------------------------------------------------------------------------------------------------------
|
|
|Revenues:                                                                                               
|Gain on trading of commodity contracts:                                                                 
|Realized gain on closed positions                                                                       
|Change in unrealized gain on open positions                                                             
|Interest Income                                                                                         
|Foreign currency transaction (loss) gain                                                                
|                                                                                                        
|Total revenues                                                                                          
|                                                                                                        
|Expenses:                                                                                               
|Commission                                                                                              
|Exchange, clearing and NFA fees                                                                         
|Management fees                                                                                         
|Incentive fees                                                                                          
|Amortization of prepaid initial offering costs                                                          
|Ongoing offering expenses                                                                               
|Operating expenses                                                                                      
|                                                                                                        
|Total expenses                                                                                          
|                                                                                                        
|Net income                                                                                              
|                                                                                                        
|(Loss) Income per unit of
         beneficial ownership interest*                                       
|(Loss) Income per unit of
         managing ownership interest*                                         
|* Represents the increase
         (decrease) in unit value during the year.                            
|                                                                                                        
|See accompanying notes to
         financial statements.                                                

|JWH GLOBAL TRUST
        Statements of Changes in Unitholders' Capital
        Years ended December 31, 2004, 2003, and 2002
|----------------------------------------------------------------------------------------------------------------------------
|                                                                                                                            
|
|                                                                                                                            
|Balance at December 31, 2001                                                                                                
|                                                                                                                            
|Net income                                                                                                                  
|                                                                                                                            
|Unitholders' contributions                                                                                                  
|                                                                                                                            
|Unitholders' redemptions                                                                                                    
|                                                                                                                            
|Balance at December 31, 2002                                                                                                
|                                                                                                                            
|Net income                                                                                                                  
|                                                                                                                            
|Unitholders' contributions                                                                                                  
|                                                                                                                            
|Unitholders' redemptions                                                                                                    
|                                                                                                                            
|Balance at December 31, 2003                                                                                                
|                                                                                                                            
|Net income                                                                                                                  
|                                                                                                                            
|Unitholders' contributions                                                                                                  
|                                                                                                                            
|Unitholders' redemptions                                                                                                    
|                                                                                                                            
|Balance at December 31, 2004                                                                                                
|                                                                                                                            
|Net asset value per unit at December 31, 2004                                                                               
|                                                                                                                            
|Net asset value per unit at December 31, 2003                                                                               
|                                                                                                                            
|Net asset value per unit at December 31, 2002                                                                               
|                                                                                                                            
|* Units of beneficial ownership.                                                                                            
|                                                                                                                            
|See accompanying notes to financial statements.                                                                             

|JWH GLOBAL TRUST
        Condensed Schedule of Investments
        December 31, 2004
|------------------------------------------------------------------------------------
|                                                                                    
|
|Long positions                                                                      
|Futures positions (0.91%):                                                          
|Agriculture                                                                         
|Interest rates                                                                      
|Metals                                                                              
|Indices                                                                             
|                                                                                    
|                                                                                    
|                                                                                    
|Forward positions (8.42%):                                                          
|Australian Dollar                                                                   
|Swiss Franc                                                                         
|European Euro                                                                       
|British Pound                                                                       
|Japanese Yen                                                                        
|                                                                                    
|                                                                                    
|                                                                                    
|Total long positions                                                                
|                                                                                    
|Short positions                                                                     
|Futures positions (-0.22%):                                                         
|Agriculture                                                                         
|Energy                                                                              
|Interest Rates                                                                      
|Metals                                                                              
|Indices                                                                             
|                                                                                    
|                                                                                    
|                                                                                    
|Forward positions (-2.24%):                                                         
|European Euro                                                                       
|Japanese Yen                                                                        
|Canadian Dollor                                                                     
|                                                                                    
|                                                                                    
|                                                                                    
|Total short positions                                                               
|                                                                                    
|Total open contracts (6.87%)                                                        
|Cash on deposit with brokers (93.98%)                                               
|Other liabilities in excess of assets (-0.85%)                                      
|                                                                                    
|Net assets (100.0%)                                                                 
|                                                                                    
|See accompanying notes to financial statements.                                     

|Notes to Financial Statements
         December 31, 2004, 2003, 2002
|--------------------------------------------------------------------
|                                                                    
|(1)                                                                 
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|(2)                                                                 
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|(3)                                                                 
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|(4)                                                                 
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|(5)                                                                 
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|                                                                    
|(6)                                                                 
|                                                                    
|                                                                    

|Net Asset Value per unit
         at December 31, 2003 | $  149.12
|------------------------------------------------------ | ---------
|Loss per unit                                          | (0.58)   
|                                                       |          
|Net Asset Value per unit at December
         31, 2004 | 148.54   
|                                                       |          
|Total Return:                                          |          
|Total return before incentive fee                      | 1.44%    
|Less
         incentive fee allocation                 | 1.83%    
|                                                       |          
|Total Return                                           | (0.39)%  
|                                                       |          
|Ratio to Average net assets:                           |          
|Net income                                             | 3.41%    
|Expenses:                                              |          
|Expenses                                               | 8.56%    
|Incentive fees                                         | 2.09%    
|                                                       |          
|Total expenses                                         | 10.65%   
|                                                       |          

| | The net income and expense ratios are computed based
    upon the weighted average net assets for the Trust for the period ended December 31, 2004.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------

### Acknowledgment

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

---

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