**Exhibit 13.01**

**Message from the Managing Owner**

DearUnitholder:

The JWH Global Trustposted a loss of 16.8% for 2006.  The NetAsset Value at year-end was $93.86 compared to $112.86 per unit at thebeginning of the year.  There were no contributions to the Trustduring 2006.

The Fund’s performance inthe first quarter was negative. The currency sector led the Fund’s losses asthe sharp reversal in the U.S. dollar’s strength continued into January.  The U.S. dollar dropped 2.3 % and 1.25%against the euro and the British pound, respectively.  The energy sector suffered losses asgeopolitical events and changing weather forecasts induced volatility.  The agriculture sector was slightly negativeas sugar prices rose to their highest levels since 1989.  Metals led the positive performing sectors,along with gains achieved in the indices and interest rate sectors.  Metals benefited as silver gained 31% for thequarter and gold reached a 25-year high. The indices sector also gained asAsian stocks approached a 16-year high. The interest rate sector benefited as Japanese, German and U.S.government debt sold off on stronger-than-expected economic data.  Yields on the German benchmark two-year bondsrose to their highest point in more than 3 years, while Japanese 10-yeargovernment bonds (JGBs) fell after the Bank of Japan (BOJ) ended its 5-yearpolicy of flooding the Japanese economy with cash.

The Fund’s performancewas negative during the second quarter. The German benchmark 10-year bund yield touched 4 % for the first timesince October 2004.  The metal andcurrency sectors also added to performance in April as both precious and basemetals continued to trend higher due to inflationary fears and increaseddemand. Currencies benefited as the U.S. dollar continued to weaken.  Gold climbed above $650/oz for the first timein 25 years while the U.S. dollar fell 4.1 percent against the euro. Inmid-quarter, the interest rate, metal, agriculture and indices sectors sufferedfrom large market corrections.  Increasedinflationary fears and concerns over the global economy led investors to takeprofits and reduce risk exposure.   TheDow Jones Industrial Average closed on May 9th within 84 points of a new record high; howeverlater weakened, ending May with their worst monthly decline in almost twoyears. This caused a “contagion effect” in the metal and currency sectors.  Gold fell 12 % after reaching a 26-year highof $732 an ounce on May 12th.  The dollar fell to an eight-month low of 109yen /dollar on May 17th and reached a one-year low of $1.297 pereuro.  In June, all of April’s gains wereerased as all six sectors were negative, with the currency, metals and interestrate sectors responsible for the majority of the Fund’s losses.   The possibility of a larger-than-expectedinterest rate move sent the U.S. dollar and U.S. treasury yields higher.  However the markets suffered another reversalafter the Fed raised rates by 25 basis points. The dollar ended the quarter 5.3% lower vs. the euro and 2.8% lower vs. the yen — the greatest percentage dropsince the last quarter of 2004.

The Fund’s performancewas positive for the third quarter. The interest rate sector was positive asU.S. treasuries had their biggest quarterly gain in 4 years, and European10-year bonds posted their first quarterly gain since June 2005.  The U.S. 10-year note touched a 7 month lowof 4.53 % on September 25th, down from 5.14 % on June 30th. JGBs also helped performance on speculation that the BOJ would keepinterest rates at their current level for the rest of the year. The energysector was also positive albeit with increased volatility. Natural gas andcrude oil prices tumbled in September as mild weather cut demand andinventories climbed.  Crude oil pricesfell 20 % after touching a record high of $78.40 a barrel on July 14th as stockpiles increased and Middele Easterntensions eased.  Currencies were negativefor a third consecutive quarter. Currency markets continued to experience reversals with speculationabout the health of the U.S. economy and global inflation.    The metals and agricultural sectorssuffered as commodities had their biggest quarterly decline in at least 50years.  The Commodity Research Bureau indexended the third quarter down 12%, its largest decline since 1956.  Gold prices fell 18% from a 26-year high of$732 an ounce in May. The indices were also negative for the quarter as fearsover slower growth in the U.S. and Japan kept equity markets lower for themajority of the quarter.

The Fund’s performancewas negative for the fourth quarter.  Inthe fixed income sector German and U.S. government bonds fell, experiencingreversing trends while the JGBs oscillated due to market speculation. Themetals sector was also negative for the quarter as precious metals fell. Thecurrency sector added to the Fund’s losses in December as the U.S. dollar’sweakening trend suffered a reversal.  Theagriculture and indices sectors offset losses as corn prices had their biggestannual gain ever, reaching a 10-year high.

In conclusion, theTrust finished negative for the year as severe volatility hinderedperformance.  Although some markets didhave definitive moves the severity of the sudden reversals that wereexperienced in many of the same markets hampered the Trust’s systematic trendfollowing approach.

1

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We thank you for yourcontinued support.

**Past performance is notindicative of future results.**

| /s/ Helen D. McCarthy                   |   |
|-----------------------------------------|--------|
| Helen D. McCarthy                       |
| Chief Financial Officer                 |
| R. J. O’Brien Fund Management, Inc |

 

*** Please seeNote 1 — “General Information and Summary” for an explanation of Net AssetValue/unit pursuant to events of October, 2005.

2

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**JWHGLOBAL TRUST**

**Table ofContents**
| Report of Independent  Registered Public Accounting Firm – CF & Co., L.L.P.               | 4      |
|----------------------------------------------------------------------------------------------------|--------|
|                                                                                               |   |
| Report of  Independent Registered Public Accounting Firm – KPMG, LLP                          | 5      |
|                                                                                               |   |
| Financial  Statements:                                                                             |   |
|                                                                                               |   |
| Statements of Financial Condition as of December 31,  2006 and 2005                                | 6      |
|                                                                                               |   |
| Condensed Schedules of Investments as of December  31, 2006 and 2005                               | 7-8    |
|                                                                                               |   |
| Statements of Operations, Years ended December 31,  2006, 2005, and 2004                           | 9      |
|                                                                                               |   |
| Statements of Changes in Unitholders’ Capital, Years  ended December 31, 2006, 2005, and 2004 | 10     |
|                                                                                               |   |
| Notes to Financial Statements                                                                      | 11     |

3

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**REPORT OF INDEPENDENTREGISTERED PUBLIC ACCOUNTING FIRM**

Tothe Managing Owner and Unitholders of JWH Global Trust:

We have audited theaccompanying statements of financial condition including the condensedschedules of investments, of JWH Global Trust (the “Trust”) as of December 31,2006 and 2005 and the related statements of operations and changes inunitholders’ capital for the two years in the period then ended.  These financial statements are theresponsibility of the Trust’s management. Our responsibility is to express anopinion on these financial statements based on our audits. The statement ofoperations and statement of changes in unitholders’ capital for the year endedDecember 31, 2004 were audited by another auditor whose report dated March 9, 2005expressed an unqualified opinion on those statements.

We conducted our audits in accordance with the standards of the PublicCompany Accounting Oversight Board (United States).  Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. The Trust is not required tohave, nor were we engaged to perform, an audit of its internal control overfinancial reporting.  Our audits includedconsideration of internal control over financial reporting as a basis fordesigning audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of the Trust’sinternal control over financial reporting. Accordingly, we express no suchopinion.  An audit includes examining, ona test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation.  Webelieve that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of JWH Global Trust asof December 31, 2006 and 2005 and the results of its operations and changes inunitholders’ capital, for the two years in the period then ended, in conformitywith accounting principles generally accepted in the United States of America.
| /S/ CF & Co., L.L.P. |   |
|--------------------------|--------|
|                     |
| CF & CO.,  L.L.P.    |
|                     |
| Dallas, Texas            |
|                     |
| July 5, 2007   |

 

4

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**Report ofIndependent Registered Public Accounting Firm**

TheBoard of Directors of CIS Investments, Inc. and the Unitholders of JWH GlobalTrust:

We have audited the accompanying statements ofoperations of JWH Global Trust (the “Trust”) and changes in unitholders’capital for the year ended December 31, 2004. These financial statementsare the responsibility of the Trust’s management. Our responsibility is toexpress an opinion on these financial statements based on our audit.

We conducted ouraudit in accordance with the standards of the Public Company AccountingOversight Board (United States).  Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining,on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation.  We believe thatour audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above presentfairly, in all material respects, the results of the Trust’s operations andchanges in unitholders’ capital, for the year ended December 31, 2004, inconformity with accounting principles generally accepted in the United Statesof America.
|                    |
|--------------------|
| Chicago,  Illinois |
| March 9, 2005      |

 

5

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**JWH GLOBAL TRUST**

 

Statements of Financial Condition

 

December 31, 2006 and 2005

 
| ** **                                                                                                   | ** ** | **2006**    | ** **  | **2005**    | ** ** |
|--------------------------------------------------------------------------------------------------------------|------------|-------------|-------------|-------------|------------|
| **Assets**                                                                                                   |       |        |        |        |       |
| Assets:                                                                                                      |       |        |        |        |       |
| Equity in  commodity trading accounts:                                                                       |       |        |        |        |       |
| Cash on deposit  with Brokers                                                                                |       | $           | 119,334,561 |        | $          | 202,443,116 |   |
| Unrealized gain  on open contracts                                                                           |       | 3,249,456   |        | 2,590,858   |       |
| Cash on deposit  with former brokers (nontrading)                                                            |       | 6,643,944   |        | 16,963,262  |       |
| Cash on deposit  with bank nontrading account                                                                |       | 463,488     |        | —      |       |
| Cash on deposit  with bank                                                                                   |       | 10,654,714  |        | 943,758     |       |
|                                                                                                         |       | 140,346,163 |        | 222,940,994 |       |
| Interest receivable                                                                                          |       | 359,067     |        | 675,537     |       |
| Total assets                                                                                                 |       | $           | 140,705,230 |        | $          | 223,616,531 |   |
|                                                                                                         |       |        |        |        |       |
| **Liabilities  and Unitholders’ Capital**                                                               | ** ** | ** **  | ** **  | ** **  | ** ** |
| ** **                                                                                                   | ** ** | ** **  | ** **  | ** **  | ** ** |
| Liabilities:                                                                                                 |       |        |        |        |       |
| Accrued  commissions                                                                                         |       | $           | 518,368     |        | $          | 1,563,331 |   |
| Accrued  management fees                                                                                     |       | 431,641     |        | 338,586     |       |
| Accrued  incentive fees                                                                                      |       | —      |        | —      |       |
| Accrued ongoing offering  expenses                                                                           |       | 37,533      |        | 3,482       |       |
| Accrued  operating expenses                                                                                  |       | 428,002     |        | 348,965     |       |
| Redemptions  payable - trading                                                                               |       | 4,577,801   |        | 4,723,667   |       |
| Redemptions  payable - nontrading                                                                            |       | 4,180,958   |        | —      |       |
| Accrued legal  and administrative fees - nontrading                                                          |       | 359,386     |        | 116,991     |       |
| Total  liabilities                                                                                           |       | 10,533,689  |        | 7,095,022   |       |
| Unitholders’ capital  (trading):                                                                        |       |        |        |        |       |
| Beneficial  owners (1,283,573 and 1,736,309 units outstanding at December 31, 2006 and  2005, respectively)  |       | 120,482,074 |        | 196,142,238 |       |
| Managing owner  (20,218 and 24,017 units outstanding at December 31, 2006 and 2005,  respectively)           |       | 1,897,788   |        | 2,713,011   |       |
| Unitholders’ capital  (nontrading):                                                                     |       |        |        |        |       |
| Beneficial  owners (2,273,288 and 2,249,071 units outstanding at) December 31, 2006 and  2005, respectively) |       | 7,791,679   |        | 17,478,064  |       |
| Managing owner  (0 and 24,217 units outstanding at December 31, 2006 and 2005, respectively)                 |       | —      |        | 188,196     |       |
| Total  unitholders’ capital                                                                             |       | 130,171,541 |        | 216,521,509 |       |
| Total liabilities and  unitholders’ capital                                                             |       | $           | 140,705,230 |        | $          | 223,616,531 |   |

 

See accompanyingnotes to financial statements.

6

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**JWH GLOBAL TRUST**

 

**Condensed Schedule of Investments**

 

**December 31, 2006**
| ** **                                                    | ** ** | **Number of** | ** ** | **Principal**  | ** **    | **Value/open**        | ** **  |
|---------------------------------------------------------------|------------|--------------------|------------|----------------|---------------|-----------------------|-------------|
| ** **                                                    | ** ** | **contracts**      | ** ** | **(notional)** | ** **    | **trade equity** | ** **  |
| **Long  positions (0.31%)**                                   | ** ** | ** **         | ** ** | ** **     | ** **    | ** **            | ** **  |
| **Futures  Positions (-0.90%)**                               | ** ** | ** **         | ** ** | ** **     | ** **    | ** **            | ** **  |
| Agriculture                                                   |       | 1,441              |       | $              | 20,618,519    |                  | $           | 1,331,993 |   |
| Interest Rates                                                |       | 1,847              |       | 758,027,626    |          | (2,576,495            | )           |
| Metals                                                        |       | 211                |       | 14,882,450     |          | 343,820               |        |
| Indices                                                       |       | 1,347              |       | 70,608,639     |          | (266,278              | )           |
|                                                          |       |               |       | 864,137,234    |          | (1,166,960            | )           |
| **Forward  positions (1.21%)**                                | ** ** | ** **         | ** ** | ** **     | ** **    | ** **            | ** **  |
| Currencies                                                    |       | 23                 |       | (443,685,186   | )             | 1,569,392             |        |
|                                                          |       |               |       |           |          |                  |        |
| Total long positions                                          |       |               |       | $              | 420,452,048   |                  | $           | 402,432 |   |
|                                                          |       |               |       |           |          |                  |        |
| **Short  positions (2.19%)**                                  | ** ** | ** **         | ** ** | ** **     | ** **    | ** **            | ** **  |
| **Futures  positions (1.56%)**                                | ** ** | ** **         | ** ** | ** **     | ** **    | ** **            | ** **  |
| Agriculture                                                   |       | 341                |       | $              | 6,183,548     |                  | $           | 133,786 |   |
| Interest Rates                                                |       | 2,930              |       | 2,059,866,081  |          | 829,743               |        |
| Metals                                                        |       | 358                |       | 22,532,495     |          | (364,641              | )           |
| Energy                                                        |       | 300                |       | 13,361,418     |          | 1,435,974             |        |
|                                                          |       |               |       | 2,101,943,542  |          | 2,034,862             |        |
| **Forward  Positions (0.63%)**                                | ** ** | ** **         | ** ** | ** **     | ** **    | ** **            | ** **  |
| Currencies                                                    |       | 9                  |       | 123,462,076    |          | 812,162               |        |
|                                                          |       |               |       |           |          |                  |        |
| Total short positions                                         |       |               |       | $              | 2,225,405,618 |                  | $           | 2,847,024 |   |
|                                                          |       |               |       |           |          |                  |        |
| **Total  unrealized gain on open contracts (2.50%)**          |       |               |       |           |          | $                     | 3,249,456   |   |
| **Cash on  deposit and open contracts with brokers (91.67%)** |       |               |       |           |          | 119,334,561           |        |
| **Cash on  deposit with former broker and bank (13.65%)**     |       |               |       |           |          | 17,762,146            |        |
| **Other  liabilities in excess of assets (-7.82%)**           |       |               |       |           |          | (10,174,622           | )           |
| **Net assets (100.00%)**                                      |       |               |       |           |          | $                     | 130,171,541 |   |

 

See accompanyingnotes to financial statements.

7

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**JWHGLOBAL TRUST**

** **

**Condensed Schedule of Investments**

 

**December 31, 2005**
| ** **                                                    | ** ** | **Number of** | ** ** | **Principal**  | ** **    | **Value/open**        | ** **  |
|---------------------------------------------------------------|------------|--------------------|------------|----------------|---------------|-----------------------|-------------|
| ** **                                                    | ** ** | **contracts**      | ** ** | **(notional)** | ** **    | **trade equity** | ** **  |
| **Long  positions (2.92%)**                                   | ** ** | ** **         | ** ** | ** **     | ** **    | ** **            | ** **  |
| **Futures  Positions (2.50%)**                                | ** ** | ** **         | ** ** | ** **     | ** **    | ** **            | ** **  |
| Agriculture                                                   |       | 560                |       | $              | 7,111,666     |                  | $           | 1,211,971 |   |
| Interest Rates                                                |       | 1,183              |       | 53,299,584     |          | (77,250               | )           |
| Metals                                                        |       | 1,723              |       | 92,446,095     |          | 8,283,119             |        |
| Indices                                                       |       | 326                |       | 42,909,706     |          | 1,408,234             |        |
| Energy                                                        |       | 196                |       | 26,835,120     |          | (5,415,299            | )           |
|                                                          |       |               |       | 222,602,171    |          | 5,410,775             |        |
| **Forward  positions (0.42%)**                                | ** ** | ** **         | ** ** | ** **     | ** **    | ** **            | ** **  |
| Currencies                                                    |       | 28                 |       | 413,711,125    |          | 910,781               |        |
|                                                          |       |               |       |           |          |                  |        |
| Total long positions                                          |       |               |       | $              | 636,313,296   |                  | $           | 6,321,556 |   |
|                                                          |       |               |       |           |          |                  |        |
| **Short  positions (-1.72%)**                                 | ** ** | ** **         | ** ** | ** **     | ** **    | ** **            | ** **  |
| **Futures  positions (-2.58%)**                               | ** ** | ** **         | ** ** | ** **     | ** **    | ** **            | ** **  |
| Agriculture                                                   |       | 826                |       | $              | 15,796,669    |                  | $           | (716,296 | ) |
| Interest Rates                                                |       | 4,475              |       | 932,659,568    |          | (1,371,984            | )           |
| Metals                                                        |       | 584                |       | 35,966,425     |          | (3,806,813            | )           |
| Energy                                                        |       | 768                |       | 36,784,731     |          | 315,722               |        |
|                                                          |       |               |       | 1,021,207,393  |          | (5,579,371            | )           |
| **Forward  positions (0.86%)**                                | ** ** | ** **         | ** ** | ** **     | ** **    | ** **            | ** **  |
| Currencies                                                    |       | 16                 |       | 177,861,577    |          | 1,848,673             |        |
|                                                          |       |               |       |           |          |                  |        |
| Total short positions                                         |       |               |       | $              | 1,199,068,970 |                  | $           | (3,730,698 | ) |
|                                                          |       |               |       |           |          |                  |        |
| **Total  unrealized gain on open contracts (1.20)**           |       |               |       |           |          | $                     | 2,590,858   |   |
| **Cash on  deposit and open contracts with brokers (93.50%)** |       |               |       |           |          | 202,443,116           |        |
| **Cash on  deposit with former broker and bank (8.27%)**      |       |               |       |           |          | 17,907,019            |        |
| **Other  liabilites in excess of assets (-2.96%)**            |       |               |       |           |          | (6,419,484            | )           |
| **Net assets (100.00%)**                                      |       |               |       |           |          | $                     | 216,521,509 |   |

 

See accompanyingnotes to financial statements.

8

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**JWH GLOBAL TRUST**

** **

Statements of Operations

 

Years ended December 31, 2006, 2005, and 2004

 
| ** **                                                                               | ** ** | **2006**    | ** **  | **2005**    | ** ** | **2004**    | ** ** |
|------------------------------------------------------------------------------------------|------------|-------------|-------------|-------------|------------|-------------|------------|
| Revenues  (losses):                                                                      |       |        |        |        |       |        |       |
| Gain (loss) on trading of commodity contracts:  Realized gain (loss) on closed positions |       | $           | (23,324,177 | )           | $          | 15,021,455  |       | $ | 21,176,837 |   |
| Change in unrealized gain (loss) on open positions                                       |       | 658,599     |        | (20,211,508 | )          | 12,110,774  |       |
| Interest income                                                                          |       | 6,819,136   |        | 8,790,919   |       | 3,631,292   |       |
| Foreign currency transaction gain (loss)                                                 |       | (7,506      | )           | (31,403     | )          | (414,668    | )          |
| Total revenues (losses)                                                                  |       | (15,853,948 | )           | 3,569,463   |       | 36,504,235  |       |
|                                                                                     |       |        |        |        |       |        |       |
| Expenses:                                                                                |       |        |        |        |       |        |       |
| Commission                                                                               |       | 9,383,368   |        | 16,578,014  |       | 15,407,292  |       |
| Management fees                                                                          |       | 3,123,603   |        | 5,857,885   |       | 5,141,363   |       |
| Incentive fees                                                                           |       | —      |        | 133,027     |       | 5,419,877   |       |
| Ongoing offering expenses                                                                |       | 35,000      |        | 546,221     |       | 1,271,788   |       |
| Other operating expenses                                                                 |       | 798,653     |        | 888,002     |       | 416,855     |       |
| Total expenses                                                                           |       | 13,340,624  |        | 24,003,149  |       | 27,657,175  |       |
|                                                                                     |       |        |        |        |       |        |       |
| Trading income  (loss)                                                                   |       | (29,194,572 | )           | (20,433,686 | )          | 8,847,060   |       |
|                                                                                     |       |        |        |        |       |        |       |
| Nontrading  income (loss):                                                               |       |        |        |        |       |        |       |
| Interest income on nontrading assets                                                     |       | 29,816      |        | —      |       | —      |       |
| Loss on nontrading assets                                                                |       | —      |        | (39,580,944 | )          | —      |       |
| Legal fees                                                                               |       | (568,729    | )           | (297,002    | )          | —      |       |
| Nontrading net loss:                                                                     |       | (538,913    | )           | (39,877,946 | )          | —      |       |
|                                                                                     |       |        |        |        |       |        |       |
| Net income (loss)                                                                        |       | $           | (29,733,485 | )           | $          | (60,311,632 | )          | $ | 8,847,060 |   |
|                                                                                     |       |        |        |        |       |        |       |
| Income (loss) per unit                                                                   |       | $           | (19.34      | )           | $          | (27.81      | )          | $ | (0.58 | ) |

 

See accompanyingnotes to financial statements.

9

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**JWH GLOBAL TRUST**

**Statements of Changes in Unitholders’ Capital**

Yearsended December 31, 2006, 2005 and 2004

 
| ** **                       | ** ** | **Beneficial Owner** | ** ** | **Managing Owner** | ** ** | **Beneficial Owner** | ** ** | **Managing Owner** | ** ** | ** ** | ** ** |
|----------------------------------|------------|---------------------------|------------|-------------------------|------------|---------------------------|------------|-------------------------|------------|------------|------------|
| ** **                       | ** ** | **Units**                 | ** ** | **Units**               | ** ** | **Units**                 | ** ** | **Units**               | ** ** | **Units**  | ** ** |
| ** **                       | ** ** | **Trading**               | ** ** | **Trading**             | ** ** | **Nontrading**            | ** ** | **Nontrading**          | ** ** | **Total**  | ** ** |
| Balances at  December 31, 2003   |       | 1,381,109                 |       | 7,806                   |       | —                    |       | —                  |       | 1,388,915  |       |
| Unitholders’  contributions |       | 1,035,357                 |       | 16,064                  |       | —                    |       | —                  |       | 1,051,421  |       |
| Unitholders’  redemptions   |       | (204,926                  | )          | (97                     | )          | —                    |       | —                  |       | (205,023   | )          |
| Balances at  December 31, 2004   |       | 2,211,540                 |       | 23,773                  |       | —                    |       | —                  |       | 2,235,313  |       |
| Unitholders’  contributions |       | 295,450                   |       | 904                     |       | —                    |       | —                  |       | 296,354    |       |
| Unitholders’  reallocation  |       | —                    |       | —                  |       | 2,249,071                 |       | 24,217                  |       | 2,273,288  |       |
| Unitholders’  redemptions   |       | (770,681                  | )          | (660                    | )          |                      |       |                    |       | (771,341   | )          |
| Balances at  December 31, 2005   |       | 1,736,309                 |       | 24,017                  |       | 2,249,071                 |       | 24,217                  |       | 4,033,614  |       |
| Unitholders’  contributions |       | 53,854                    |       | 1,060                   |       | —                    |       | —                  |       | 54,914     |       |
| Unitholders’  reallocation  |       | 4,859                     |       | (4,859                  | )          | 24,217                    |       | (24,217                 | )          | —     |       |
| Unitholders’  redemptions   |       | (511,449                  | )          | —                  |       | —                    |       | —                  |       | (511,449   | )          |
| Balances at December  31, 2006   |       | 1,283,573                 |       | 20,218                  |       | 2,273,288                 |       | —                  |       | 3,577,079  |       |

 
| ** **                                       | ** ** | **Beneficial Owner** | ** **  | **Managing Owner** | ** ** | **Beneficial Owner** | ** ** | **Managing Owner** | ** ** | ** **  | ** ** |
|--------------------------------------------------|------------|---------------------------|-------------|-------------------------|------------|---------------------------|------------|-------------------------|------------|-------------|------------|
| ** **                                       | ** ** | **Dollars**               | ** **  | **Dollars**             | ** ** | **Dollars**               | ** ** | **Dollars**             | ** ** | **Dollars** | ** ** |
| ** **                                       | ** ** | **Trading**               | ** **  | **Trading**             | ** ** | **Nontrading**            | ** ** | **Nontrading**          | ** ** | **Total**   | ** ** |
| Unitholders’  capital at December 31, 2003  |       | $                         | 205,949,414 |                    | $          | 1,163,886                 |       | $                       | —     |        | $          | — |   | $ | 207,113,300 |   |
| Net income                                       |       | 8,817,894                 |        | 29,166                  |       | —                    |       | —                  |       | 8,847,060   |       |
| Unitholders’  contributions                 |       | 141,451,430               |        | 2,350,103               |       | —                    |       | —                  |       | 143,801,533 |       |
| Unitholders’  redemptions                   |       | (27,709,343               | )           | (12,141                 | )          | —                    |       | —                  |       | (27,721,484 | )          |
| Unitholders’  capital at December 31, 2004  |       | 328,509,395               |        | 3,531,014               |       | —                    |       | —                  |       | 332,040,409 |       |
| Net loss                                         |       | (20,191,944               | )           | (241,743                | )          | (39,453,131               | )          | (424,814                | )          | (60,311,632 | )          |
| Unitholders’  contributions                 |       | 38,681,528                |        | 123,198                 |       | —                    |       | —                  |       | 38,804,726  |       |
| Unitholders’  reallocation                  |       | (56,931,195               | )           | (613,011                | )          | 56,931,195                |       | 613,011                 |       | —      |       |
| Unitholders’  redemptions                   |       | (93,925,546               | )           | (86,447                 | )          | —                    |       | —                  |       | (94,011,993 | )          |
| Unitholders’ capital  at December 31, 2005  |       | 196,142,238               |        | 2,713,011               |       | 17,478,064                |       | 188,197                 |       | 216,521,510 |       |
| Net loss                                         |       | (28,735,914               | )           | (458,658                | )          | (533,101                  | )          | (5,812                  | )          | (29,733,485 | )          |
| Unitholders’  contributions                 |       | 5,055,210                 |        | 99,501                  |       | —                    |       | —                  |       | 5,154,711   |       |
| Unitholders’  reallocation                  |       | 456,066                   |        | (456,066                | )          | 182,385                   |       | (182,385                | )          | —      |       |
| Distributions                                    |       | —                    |        | —                  |       | (9,335,669                | )          | —                  |       | (9,335,669  | )          |
| Unitholders’  redemptions                   |       | (52,435,526               | )           | —                  |       | —                    |       | —                  |       | (52,435,526 | )          |
| Unitholders’  capital at December 31, 2006  |       | $                         | 120,482,074 |                    | $          | 1,897,788                 |       | $                       | 7,791,679  |        | $          | — |   | $ | 130,171,541 |   |
|                                             |       |                      |        |                    |       |                      |       |                    |       |        |       |
| Net asset value  per unit at December 31, 2004   |       | $                         | 148.54      |                    | $          | 148.54                    |       | $                       | —     |        |       | * | $ | 148.54 |   |
| Net asset value  per unit at December 31, 2005   |       | $                         | 112.96      |                    | $          | 112.96                    |       | $                       | 7.77       |        |       | * | $ | 120.73 | ** |
| Net asset value  per unit at December 31, 2006   |       | $                         | 93.86       |                    | $          | 93.86                     |       | $                       | 3.43       |        |       | * | $ | 97.29 | ** |
| Change in Net  Asset Value per Unit in 2006 |       | $                         | (19.10      | )                       | $          | (19.10                    | )          | $                       | (4.34      | )           |       | * | $ | (23.44 | )** |
| Distribution per  unit                           |       | $                         | —      |                    | $          | —                    |       | $                       | 4.10       |        |       | * | $ | 4.10 |   |
| Net loss per unit                                |       | $                         | (19.10      | )                       | $          | (19.10                    | )          | $                       | (0.24      | )           |       | * | $ | (19.34 | )** |

 

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*       Activityfor all nontrading units—both beneficial and managing ownership—is coveredunder “Beneficial Owner Units Nontrading.”

**    Based onfull participation in both trading and nontrading units for period presented.

See accompanyingnotes to financial statements.

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**Notes toFinancial Statements –**

**December 31, 2006, 2005, 2004**

**(1)**                     General Information andSummary

JWH Global Trust(the Trust), a Delaware statutory trust organized on November 12,1996, was formed to engage in the speculative trading of futures contracts oncurrencies, interest rates, energy and agricultural products, metals and stockindices, spot and forward contracts on currencies and precious metals, andexchanges for physicals pursuant to the trading instructions of independenttrading advisors. R.J. O’Brien Fund Management, Inc. (“RJOFM”) is the ManagingOwner of the Trust. R.J. O’Brien & Associates, Inc. (“RJO”) is the clearingbroker and the broker for forward contracts.

Unitsof beneficial ownership of the Trust commenced selling on April 3, 1997. Unitsare not currently being offered.

TheTrust will be terminated on December 31, 2026, if none of the following occurprior to that date: (1) beneficial owners holding more than 50% of theoutstanding units notify the Managing Owner to dissolve the Trust as of aspecific date; (2) disassociation of the Managing Owner with the Trust; (3)bankruptcy of the Trust; (4), a decrease in the net asset value to less than$2,500,000; (5) a decline in the net asset value per unit to $50 or less; (6)dissolution of the Trust; or (7) any event that would make it unlawful for theexistence of the Trust to be continued or require dissolution of the Trust.

On August 31, 2005, RefcoGroup Ltd., LLC acquired the global brokerage operations of Cargill InvestorServices, Inc. (“CIS”).  CIS was theowner of CIS Investments, Inc. (“CISI”). The Managing Owner of the Trust changed from CIS Investments Inc. toRefco Commodity Management, Inc (“RCMI”). The clearing broker changed from CIS to Refco, LLC (Clearing Broker orRefco), an affiliate of RCMI.  The brokerfor forward contracts changed from CIS Financial Services, Inc. to RefcoCapital Markets, Ltd. (Forwards Currency Broker or RCM), also an affiliate ofRCMI.  The Clearing Broker and theForwards Currency Broker collectively will be referred to as the Brokers.

On October 10, 2005,Refco, Inc., the ultimate parent of RCMI, announced that it had discoveredthrough an internal review a receivable owed to Refco, Inc., by an entitycontrolled by Phillip R. Bennett, the then Chief Executive Officer and Chairmanof the Board of Directors of Refco, Inc., in the amount of approximately $430million.  Mr. Bennett has been chargedwith securities fraud in connection with this matter and various actions havebeen filed against Refco, Inc. Thereafter, on October 13, 2005, Refco, Inc., announced that theliquidity within Refco Capital Markets, Ltd. (“RCM”) was no longer sufficientto continue operations, and that RCM had imposed a fifteen (15) day moratoriumon all of its activities in an attempt to protect the value of that enterprise.

On October 17, 2005,Refco, Inc. and RCM filed for bankruptcy protection in the Southern District ofNew York.  Neither the Trust nor RCMIwere covered by the filing.

Refco, LLC was notcovered by the October 17, 2005 bankruptcy filing of Refco, Inc., but filed itsown bankruptcy petition on November 25, 2005. In addition, a portion of theTrust’s assets (less than 20%, based on net assets as of October 13, 2005) wason deposit with RCM at the time of the bankruptcy filing, exposing a number ofthe Trust’s foreign currency contracts and cash held at RCM to the risk ofnon-return of these assets.  While RCMhas unwound any outstanding foreign currency contracts, the Trust does notexpect that in the near future it will be able to access those assets or thatits rights and/or claims in connection with RCM’s bankruptcy will be fullyresolved.

In light of the eventsoutlined herein, RCMI, managing owner of the Trust, moved the majority of theTrust’s assets from Refco to Lehman Brothers, Inc. and its affiliated entities(“Lehman”) to act in the capacity of clearing broker on behalf of the ManagingOwner.  On or about October 18, 2005, theTrust had transferred the majority of all assets to Lehman.  Pending the resolution of the Trust’s rightsand/or claims against RCM, the Trust will no longer have assets on deposit withRCM.

Management does notbelieve that the bankruptcy filings of Refco, Inc. and RCM will have a materialimpact upon the operations of the Trust or its ability to satisfy a request forredemption. In this regard, the operations of the Trust, including the tradingactivities of the underlying asset manager, have continued with minimalinterruption.  In particular, withrespect to redemptions made as of October 31, 2005 and thereafter, the Trusthas made payment in an amount that represented the proportionate share of theTrust’s net assets that are held at Lehman, while reserving payment withrespect to the Trust’s assets currently held at RCM plus a cash reserve inconnection with expenses in pursuit of its rights and/or claims against RCM andother potential third parties.  As such,the Trust has reserved payment with respect to approximately 18.2%  - 25% of any redemption proceeds until thesemonies held at RCM are remitted to the Trust or the Trust’s rights and/orclaims against RCM and/or such potential third parties are resolved.

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Generally, investors inthe Trust may redeem units effective as of the last trading day of any month ofthe Trust based on the Net Asset Value per unit on such date with five businessdays’ prior written notice to the Managing Owner. Effective October 31, 2005,the Net Asset Value per unit was split into a ‘Trading account” and a “Non-Trading”account, the latter representing the assets held at RCM plus $1,000,000 in cashin connection with expenses related to the collection of assets held at RCM andpotential third party claims. On October 31, 2005 $57,544,206 of equity and2,273,288 in substitute units were transferred to the Non-Trading account.  The October 31, 2005 Net Asset Value was$139.11/unit. $113.80/unit (or 81.8% of total) was the amount in the Tradingaccount and was redeemable. $25.31/unit (or 18.2% of total) was the amount inthe Non-Trading account All unitholders of record October 1, 2005 retain theirpro-rata right to the assets in the Non-Trading account with the equivalentnumber of units held in the Trust prior to RCM bankruptcy.

On October 12, 2006, RCMI, RJO, and RJO’s acquisition subsidiary, RJOFMentered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) thatprovided for, among other things, RJOFM to purchase RCMI’s managing ownerinterest in the Trust. The Asset Purchase Agreement also provided for RCMI tocommence a proceeding under Chapter 11 of the Bankruptcy Code and to obtain theBankruptcy Court’s approval of the Asset Purchase Agreement and thetransactions set forth therein.

On October 12, 2006, the Trust Agreement was amended to allow forchange of Managing Owner and organization of a JWH Special Circumstance LLC.

RCMI filed a voluntary petition (the “RCMI Bankruptcy Petition”) in theUnited States Bankruptcy Court for the Southern District of New York on October16, 2006, for relief under Chapter 11 of Title 11 of the United States Code.Contemporaneously with the filing of the RCMI Bankruptcy Petition, RCMI filed,a motion requesting that the Bankruptcy Court authorize RCMI to sell and assignsubstantially all of its assets, including its interest as managing owner ofthe Trust, pursuant to the terms of the Asset Purchase Agreement.  Pursuant to the terms of the Asset PurchaseAgreement, as of October 13, 2006, all clearing functions were moved fromLehman to RJO.

On November 30, 2006, RJOFM became Managing Owner through acquisitionof 20,218 Trading account units. The remaining 3,799 units owned by RCMI weretransferred from Managing Owner units to Beneficial Owner units. RJOFM did notacquire any units in the Non-Trading account.

**(2)**                    Summary ofSignificant Accounting Policies

The accounting and reporting policies of the Trustconfirm to accounting principles generally accepted in the United States ofAmerica and to practices in the commodities industry. The following is adescription of the more significant of those policies that the Trust follows inpreparing its financial statements.

**(a)              *****Revenue Recognition***

Commodityfutures contracts, forward contracts, physical commodities, and related optionsare recorded on the trade date. All such transactions are recorded on theidentified cost basis and marked to market daily. Unrealized gains on opencontracts reflected in the statements of financial condition represent thedifference between original contract amount and market value (as determined byexchange settlement prices for futures contracts and related options and cashdealer prices at a predetermined time for forward contracts, physicalcommodities, and their related options) as of the last business day of the yearor as of the last date of the financial statements.

The Trust earned intereston its assets on deposit at the brokers at 75% of the 91-day Treasury bill ratefor deposits denominated in U.S. dollars, and at the rates agreed between theTrust and the clearing brokers for deposits denominated in other currencies.  At Lehman, for deposits denominated in othercurrencies, the Trust earned interest on Eurodollars, British pound sterling,and Swiss francs at a rate equal to Lehman Clearing House (“LCH”) less 25 basispoints.  Deposits denominated in JapaneseYen earn 100% of LCH and Australian dollars earn interest at a rate of SydneyFutures Exchange Clearing House (‘SFECH”) less 125 basis points. At RJO, theTrust earns LIBOR less 100 basis points for deposits denominated in othercurrencies.  At RJO, for depositsdenominated in other currencies, the Trust earns interest at LIBOR less 100basis points.

***(b)               Redemptions***

Abeneficial owner may cause any or all of his or her units to be redeemed by theTrust effective as of the last trading day of any month of the Trust based onthe Net Asset Value per unit on such date on five days’ written notice to theManaging Owner. Payment will be made within ten business days of the effectivedate of the redemption. Any redemption made during the first eleven months ofinvestment is subject to a 3% redemption penalty. Any redemption made in thetwelfth month of investment or later will not be subject to any penalty. TheTrust’s Sixth Amended and Restated Declaration and Agreement of Trust containsa full description of redemption and distribution policies. Investors whoredeemed from October 31, 2005 through December 31, 2006  received the Net Asset Value per unitrepresented by assets held in the trading account.

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***(c)***                       OngoingOffering Costs

Ongoingoffering costs subject to a ceiling of 0.50% of the Trust’s average month-endnet assets, are paid by the Trust and expensed as incurred.

***(d)***                      Commissions

Commoditybrokerage commissions are typically paid for each trade transacted and arereferred to as “round-turn commissions”. These commissions cover both theinitial purchase (or sale) and the subsequent offsetting sale (or purchase) ofa commodity futures contract. The Trust does not pay commodity brokeragecommissions on a per-trade basis, but rather pays monthly flat-rate brokeragefees. Effective July 1, 2003, the clearing broker lowered this fee from theannual rate of 6.5% (or approximately 0.542% per month) to 6.0% (or 0.50% permonth) of the Trust’s month-end assets after reduction of the management fee.The clearing brokers receive these brokerage fees irrespective of the number oftrades executed on the Trust’s behalf. The amount paid to the clearing brokeris reduced by exchange fees paid by the Trust. The round-turn equivalent ratefor commissions paid by the Trust for the years ended December 31, 2006, 2005,and 2004 was approximately $26, $27 and $39, respectively. Those commissionswere not paid on the nontrading account.

Certainlarge investors are eligible for a “Special Brokerage Fee Rate” of 4.5% peryear. As of December 31, 2005 and 2006, there were no such eligible investorsin the Trust.

TheManaging Owner, and/or, affiliates, acts as commodity brokers for the Trustthrough RJO. As such, the Managing Owner and affiliates receive all commissionsthat are reflected as such in the financial statements.

***(e)***                       ForeignCurrency Transactions

Tradingaccounts in foreign currency denominations are susceptible to both movements inthe underlying contract markets as well as fluctuation in currency rates.Translation of foreign currencies into U.S. dollars for closed positions aretranslated at an average exchange rate for the year, while year-end balancesare translated at the year-end currency rates. The impact of the translation isreflected in the statements of operations.

***(f)***                         Use of Estimates

Thepreparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America requires management to makeestimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenues and expensesduring the reporting period. Actual results could differ from those estimates.

***(g)***                      Valuation of Assets Held at Refco CapitalMarkets, Ltd.

Assets held by the Fund atRCM are reported at fair value as determined in good faith by the ManagingOwner after consideration of all factors, data and information, includinginformation from financial institutions with no affiliation to RCM, analysis ofthe current market which has developed to purchase RCM creditor claims, thecurrent demand and willingness of third parties to purchase RCM claims andfinancial information received by the Managing Owner from RCM. The valueassigned to this asset is based upon available information and does notnecessarily represent amounts which might ultimately be realized. Furthermore,this value assumes that the Managing Owner would recommend selling these claimsto a third party as opposed to holding RCM assets until the RCM estate makes adistribution to RCM customers and creditors which may or may not be the case.Because of the inherent uncertainty of valuation due to the inability toestimate recoverable RCM assets necessary to remit payment to customers andcreditors as well as the uncertainty as the standing of the Fund vis-a visother customers / creditors, the estimated fair value could be significantlyhigher or lower than the fair value assigned by the Managing Owner.

Any recovery from RCM shallbe credited against the then book value of the claim. The book value isreviewed each month to determine if further impairment has occurredbased upon facts then available.

Any future administrative and/or legal expensesassociated with liquidation of the assets held at RCM have not been reflectedas such futures expenses are not estimatable.

***(h)***                      Recent Pronouncements

InSeptember, 2006, the Financial Accounting Standards Board issued a Statement ofFinancial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurments” whichdefined Fair Value Measurments. The provisions of SFAS No. 157 are effectivefor fiscal years beginning after November 15, 2007. The Trust is currentlyevaluating the impact of adopting SFAS No. 157 on its Financial Statements. At thistime, the impact on the Trust’s Financial Statements has not been determined.

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**(3)**                     Fees

Managementfees are accrued and paid monthly. Incentive fees are accrued monthly and paidquarterly. Trading decisions for the period of these financial statements weremade by John W. Henry & Company, Inc. (JWH) utilizing four of its tradingprograms, JWH GlobalAnalytics®, the Financial and Metals Portfolio, theInternational Foreign Exchange program and the Global Diversified program.

Undersigned agreement JWH receives a monthly management fee at the rate of 0.167% (a2% annual rate) of the Trust’s month-end net assets calculated after deductionof a portion of the brokerage fee at an annual rate of 1.25% of month-end Trustnet assets, but before reduction for any incentive fee or other costs andbefore inclusion of purchases and redemptions for the month. These fees werenot paid on the Non-trading account.

Also,under signed agreement the Trust pays to JWH a quarterly incentive fee equal to20% of the new trading profits, if any, of the Trust. The incentive fee isbased on the overall performance of the Trust, not individually in respect ofthe performance of the individual programs utilized by the Trust. This fee isalso calculated by deducting a portion of the brokerage fees at an annual rateof 1.25%.

Given the uncertainty ofthe outcome of RCM bankruptcy case, for the month of October 2005, JWHmanagement fees and selling commissions paid to brokers were charged to theTrust at 70% of the assets held at RCM. The managing owner, RCMI paid JWH andthe brokers the difference in fees based on the other 30% of the assets held atRCM.

**(4)**                     Income Taxes

Noprovision for Federal income taxes has been made in the accompanying financialstatements as each beneficial owner is responsible for reporting income (loss)based on the pro rata share of the profits or losses of the Trust. Generally,for both federal and state tax purposes, trusts, such as the JWH Global Trust,are treated as partnerships. The only differences in financial and income taxreporting basis are unrealized gains (losses) and the $39,580,944 impairment ofnontrading assets.

**(5)**                     Trading Activities andRelated Risks

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

Thepurchase and sale of futures requires margin deposits with a Futures CommissionMerchant (FCM). Additional deposits may be necessary for any loss on contractvalue. The Commodity Exchange Act (CEAct) requires an FCM to segregate allcustomer transactions and assets from the FCM’s proprietary activities. Acustomer’s cash and other property, such as U.S. Treasury Bills, deposited withan FCM are considered commingled with all other customer funds subject to theFCM’s segregation requirements. In the event of an FCM’s insolvency, recoverymay be limited to a pro rata share of segregated funds available. It ispossible that the recovered amount could be less than the total of cash andother property deposited.

TheTrust has cash on deposit with an affiliate interbank market maker inconnection with its trading of forward contracts. In the normal course ofbusiness, the Trust does not require collateral from such interbank marketmaker. Due to forward contracts being traded in unregulated markets betweenprincipals, the Trust also assumes a credit risk, the risk of loss fromcounterparty non-performance.

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

Nettrading results from derivatives for the years ended December 31, 2006, 2005,and 2004, are reflected in the statements of operations and equal gain fromtrading less brokerage commissions. Such trading results reflect the net gainarising from the Trust’s speculative trading of futures contracts and forwardcontracts.

Thenotional amounts of open contracts at December 31, 2006, as disclosed in theCondensed Schedule of Investments, do not represent the Trust’s risk of lossdue to market and credit risk, but rather represent the Trust’s extent ofinvolvement in derivatives at the date of the statement of financial condition.

TheBeneficial Owners bear the risk of loss only to the extent of the market valueof their respective investments.

**(6)****                    ****AssetsHeld at Refco Capital Markets, Ltd.**

Effective October 31, 2005, $57,544,206 of equity and 2,273,288 insubstitute units, which represented the assets held at RCM plus $1,000,000 incash were transferred to a Nontrading account, as explained in Note 1. OnDecember 31, 2005 the $56,544,206 of assets held at RCM were reduced by$39,580,944 for impairment to $16,963,262, or 30% of the original value of theassets.

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On December 29, 2006 the Trust received a partial recovery from RCM inthe amount of $10,319,317. These proceeds were applied against the thenreflected book value of the claim with a resulting book value of the claim of$6,643,944.

Management elected to retain $983,648 of the above proceeds for legaland administrative expenses and to distribute $9,335,669. Unitholders who hadpreviously redeemed units of the Trading account received cash in the amount of$4,180,958. Unitholders who had not previously redeemed units of the TradingAccount received 54,914 additional units of the Trading account in exchange for$5,154,711 which represented their share of the total distribution of$9,335,669.

As the distribution was in process as of December 31, 2006, the Trustreflected distributions payable of $4,180,958 as of that date. The distributionpayable of $5,154,711 was eliminated against the subscription receivable of alike amount.

See Note 8 for subsequent events affecting the assets held at RCM.

**(7)**                     Financial Highlights

Thefollowing financial highlights show the Trust’s financial performance for theperiods ended December 31, 2006, 2005 and 2004. Total return is calculated asthe change in a theoretical beneficial owner’s investment over the entireperiod – a percentage change in the net asset value from December 31, 2003 toDecember 31, 2006. Total return is calculated based on the aggregate return ofthe Trust taken as a whole.
|                                          | ** ** | **2006** | ** ** | **2005** | ** ** | **2004** | ** ** |
|------------------------------------------|------------|----------|------------|----------|------------|----------|------------|
|                                     |       |     |       |     |       |     |       |
| Net Asset per  unit at beginning of year |       | $        | 120.73     |     | $          | 148.54   |       | $ | 149.12 |   |
| Loss per unit                            |       | (19.34   | )          | (27.81   | )          | (0.58    | )          |
| Distrubution per  unit                   |       | (4.10    | )          | —   |       | —   |       |
| Net Asset Value  per unit at end of year |       | $        | 97.29      |     | $          | 120.73   |       | $ | 148.54 |   |
|                                     |       |     |       |     |       |     |       |
| Total Return:                            |       |     |       |     |       |     |       |
| Total return before incentive fee        |       | (19.42   | )%         | (18.68   | )%         | 1.44     | %          |
| Less incentive fee allocation            |       | 0.00     | %          | 0.04     | %          | 1.83     | %          |
| Total Return                             |       | (19.42   | )%         | (18.72   | )%         | (0.39    | )%         |
|                                     |       |     |       |     |       |     |       |
| Ratios to  average net assets:           |       |     |       |     |       |     |       |
|                                     |       |     |       |     |       |     |       |
| Net Income (Loss):                       |       | (17.31   | )%         | (20.79   | )%         | 3.41     | %          |
|                                     |       |     |       |     |       |     |       |
| Expenses:                                |       |     |       |     |       |     |       |
| Expenses less incentive fees             |       | (8.08    | )%         | 21.97    | %          | 8.56     | %          |
| Incentive fees                           |       | 0.00     | %          | 0.05     | %          | 2.09     | %          |
| Total Expenses                           |       | (8.08    | )%         | 22.02    | %          | 10.65    | %          |

 

The net income and expense ratios are computed basedupon the weighted average net assets for the Trust for the periods endedDecember 31, 2006, 2005, and 2004.

 **(8)****                  SubsequentEvents**

EffectiveJanuary 1, 2007, a JWH Special Circumstance LLC (the “LLC”), a limitedliability company, was established to pursue the claims against RCM. The LLC ismanaged by US Bank, National Association. The LLC was funded with cash of$1,447,136 which represents the $983,648 referred to in Note 6 plus $463,488,the cash remaining of $1,000,000 set up to pay collection costs as disclosed inNote 1.  Any funds obtained by the LLCwill be distributed to unitholders who were investors in the Trust at the timeof the bankruptcy of RCM and Refco, Inc

OnApril 20, 2007, the LLC received a second partial recovery from RCM in theamount of $2,787,629.  Managementbelieves that, after that recovery, the remaining value of $3,856,316represents a fair estimate of the amount of remaining recoveries that may bereceived.

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OnJune 7, 2007, the LLC received a third partial recovery from RCM in the amountof $265,758. Management believes that, after this third recovery, the remainingvalue of $3,590,558 represents a fair estimate of the amount of remainingrecoveries that may be received.

**Acknowledgment**

Tothe best of my knowledge and belief, the information contained herein isaccurate and complete.
| /s/ Helen D. McCarthy                              |   |
|----------------------------------------------------|--------|
| Helen D. McCarthy                                  |
| Chief Financial  Officer                           |
| R. J. O’Brien  Fund Management, Inc.,         |
| The Managing  Owner and Commodity Pool Operator of |
| JWH Global Trust                                   |
| July 5, 2007                                  |

 

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