UNITED
STATES SECURITIES AND EXCHANGE COMMISSION


Washington,
D.C. 20549




FORM
10-K




ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE


SECURITIES
EXCHANGE ACT OF 1934




x ANNUAL REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE


SECURITIES
EXCHANGE ACT OF 1934




For
the fiscal year ended December 31, 2007




OR




o TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE


SECURITIES
EXCHANGE ACT OF 1934




For the transition period fromto.




Commission
File Number:  000-22887




JWH
GLOBAL TRUST


(Exact
name of registrant as specified in its charter)




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





222
S Riverside Plaza


Suite
900


Chicago,
IL  60606


(Address
of principal executive offices) (Zip Code)




(312)
373-5000


(Registrant’s
telephone number, including area code)




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




Securities
registered pursuant to Section 12(g) of the Act:


Units
of Beneficial Interest




Indicate
by check mark whether the registrant is a well-known seasoned issuer, as defined
in Rule 405 of the Securities Act.


o
Yes     x
No




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


o
Yes     x
No




Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.


x
Yes    o  No




Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K is not contained herein, and will not be contained, to the best
of registrant’s knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.  x
YES    o  NO




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer.  See definition of
accelerated filer and large-accelerated filer in Rule 12b-2 of the Exchange
Act.  (Check One):




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




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


o
Yes     x No




State the
aggregate market value of the units of the Trust held by non-affiliates of the
registrant.  The aggregate market value shall be computed by reference
to the price at which units were sold as of the last business day of the
registrant’s most recently completed second fiscal quarter:  $
85,099,519 as of June 30, 2007.




DOCUMENTS
INCORPORATED BY REFERENCE




Portions
of the Trust’s prospectus dated on December 4, 2007 is hereby incorporated by
reference into Item 1A of this annual report on Form 10-K.










TABLE
OF CONTENTS




Part
      IItem
      1. Business
            
            2Item
      1A. Risk Factors
            
            5Item
      1B. Unresolved Staff Comments
            
            5Item
      2. Properties
            
            5Item
      3. Legal Proceedings
            
            5Item
      4. Submission of Matters to a Vote of Security Holders
            
            6Part
      IIItem 5. Market for the Registrant’s Units and Related Security
      Holder Mattersand
      Issuer Purchases of Equity Securities
            
            6Item
      6. Selected Financial Data
            
            6Item
      7. Management’s Discussion and Analysis of Financial Condition and Results
      of Operations
            
            6Item
      7A. Quantitative and Qualitative Disclosures About Market
    Risk
            
            12Item
      8. Financial Statements and Supplementary Data
            
            16Item
      9. Changes in and Disagreements with Accountants on Accounting and
      Financial Disclosure
            
            16Item
      9A(T). Controls and Procedures
            
            16Item
      9B. Other Information
            
            17Part
      IIIItem 10. Directors, Executive Officers of the
      Registrantand
      Corporate Governance
            
            17Item
      11. Executive Compensation
            
            18Item 12. Security Ownership of Certain Beneficial Owners and
      Managementand
      Related Unitholder Matters
            
            18Item 13. Certain Relationships and Related
      Transactionsand
      Director Independence
            
            19Item
      14. Principal Accounting Fees and Services
            
            19Part
      IVItem
      15. Exhibits, Financial Statements and Schedules
            
            19







1


Part
I




Item
1.  Business




General
Development of Business: Narrative Description of Business




JWH
Global Trust (the “Trust”) is a Delaware statutory trust organized on November
12, 1996 under the Delaware Statutory Trust Act.  The business of the
Trust is the speculative trading of commodity interests, including futures
contracts on currencies, interest rates, energy and agricultural products,
metals and stock indices, spot and forward contracts on currencies and precious
metals and exchanges for physicals (“Commodity Interests”) pursuant to the
trading instructions of an independent trading advisor.  R.J. O’Brien
Fund Management, LLC (“RJOFM” or the “Managing Owner”)  acquired the
managing owner interest in the Trust from Refco Commodity Management, Inc
(“RCMI”) on November 30, 2006.  RJOFM was initially organized as an
Illinois corporation in November 2006, and became a Delaware limited liability
company in July 2007.  The Managing Owner is registered as a commodity
pool operator under the Commodity Exchange Act, as amended (“CE Act”), and is
responsible for administering the business and affairs of the
Trust.  The Managing Owner is an affiliate of R.J. O’Brien &
Associates LLC., the clearing broker for the Trust (“RJO” or the “Clearing
Broker”. Trading decisions for the Trust have been delegated to an independent
commodity trading advisor, John W. Henry & Company, Inc. (“JWH” or the
“Advisor”).


RJO is a
“Futures Commission Merchant”, the Managing Owner is a “Commodity Pool Operator”
and the trading advisor to the Trust is a “Commodity Trading Advisor”, as those
terms are used in the CE Act.  As such, they are registered with and
subject to regulation by the Commodity Futures Trading Commission (“CFTC”) and
are each a member of the National Futures Association (“NFA”).  R.J.
O’Brien Securities, LLC., an affiliate of RJOFM and the lead selling agent for
the Trust as of October 2, 2007, is registered as a broker-dealer with the
Financial Industry Regulatory Authority. (“FINRA”).




The
initial public offering of the Trust’s units of beneficial interest (“units”)
commenced on April 3, 1997.  The initial offering price was $100 per
unit until the initial closing of the Trust on May 30, 1997, and thereafter the
offering price is the current Net Asset Value (“NAV”) per unit of the Trust on
the last business day of the prior calendar month.  The total amount
of the initial offering was $50,000,000.  On September 24, 1997, a
registration statement was declared effective with the Securities and Exchange
Commission (the “SEC”) to register $155,000,000 of additional
units.  A Post-Effective Amendment was declared effective with the SEC
on October 20, 1997 to deregister $3,120,048.99 of units which remained unsold
upon the termination of the initial offering of the units.  On July 2,
2003 and on November 1, 2004, registration statements were declared effective
with the SEC to register $300,000,000 and $500,000,000 of additional
units.  Due to the bankruptcy of Refco, Inc., the ultimate parent of
RCMI (the former managing owner of the Trust), the offering of the units was
suspended on October 17, 2005.  On December 4, 2007 a registration
statement was declared effective with the SEC to register 1,000,000 additional
units.


The
Managing Owner is responsible for the preparation of monthly and annual reports
to the beneficial owners of the Trust (the “Beneficial Owners”), filing reports
required by the CFTC, the NFA, the SEC and any other federal or state agencies
having jurisdiction over the Trust’s operations; calculation of the NAV (meaning
the total assets less total liabilities of the Trust) and directing payment of
the management and incentive fees payable to the Advisor under the Advisory
Agreement.




The
Managing Owner provides suitable facilities and procedures for handling
redemptions, transfers, distributions of profits (if any) and, if necessary, the
orderly liquidation of the Trust.  Although RJO acts as the Trust’s
clearing broker, the Managing Owner is responsible for selecting another
clearing broker in the event RJO is unable or unwilling to continue in that
capacity.  The Managing Owner is further authorized, on behalf of the
Trust (i) to enter into a brokerage clearing agreement and related customer
agreements with other brokers, pursuant to which other brokers will render
clearing services to the Trust; and (ii) to cause the Trust to pay brokerage
commissions at the rates provided for in the Prospectus; and to pay delivery,
insurance, storage, service and other fees and charges incidental to the Trust’s
trading.  The Managing Owner also advances payment of ongoing offering
expenses for which it receives reimbursement, subject to a ceiling of 0.5% of
the Trust’s average month-end net assets during any fiscal year.  For
the year ended December 31, 2007, $351,000 of ongoing offering costs were paid
or accrued in connection with  filing of the registration statement to
renew the offering of units.




The
Advisory Agreement between the Trust and JWH provides that JWH has sole
discretion in and responsibility for the selection of the Trust’s commodity
transactions with respect to that portion of the Trust’s assets allocated to
it.  As of December 31, 2007, JWH was managing 100% of the Trust’s
assets.  The Advisory Agreement with JWH commenced on April 3,
1997.  The Trust and JWH amended the Advisory Agreement as of
September 29, 2000 to extend the term of the Advisory Agreement until June 30,
2002 with automatic renewal for three additional twelve-month terms (beginning
January 1 and ending December 31 of each year) through June 2005, unless earlier
terminated in accordance with the termination provisions contained
therein.  On June 27, 2005 the term of the Advisory Agreement was
further extended to June 30, 2007, with automatic renewal for additional 12
month periods.




2







The
Advisory Agreement shall terminate automatically in the event that the Trust is
terminated in accordance with the Seventh Amended and Restated Declaration and
Agreement of Trust.  The Advisory Agreement may be terminated by the
Trust at any time, upon 60 days’ prior written notice to the
Advisor.  In addition, the Advisory Agreement may be terminated by the
Trust at any time, upon written notice to the Advisor, in the event that (A) the
NAV of Trust funds allocated to the Advisor’s management decreases as of the
close of trading on any business day by more than 30% from the sum of the NAV of
all funds allocated to the Advisor (after adding back all redemptions,
distributions and reallocations made to any additional trading advisors in
respect of such assets); (B) the Advisor is unable, to any material extent, to
use the Trading Programs (as defined in the Advisory Agreement), as the Trading
Programs may be refined or modified in the future in accordance with the terms
of the Advisory Agreement for the benefit of the Trust; (C) the Advisor’s
registration as a commodity trading advisor under the CE Act, or membership as a
commodity trading advisor with NFA is revoked, suspended, terminated or not
renewed; (D) the Managing Owner determines in good faith that the Advisor has
failed to conform to (i) the Trust’s trading policies or limitations, as they
may be revised or modified, or (ii) a Trading Program; (E) there is an
unauthorized assignment of the Advisory Agreement by the Advisor; (F) the
Advisor dissolves, merges or consolidates with another entity or sells a
substantial portion of its assets, any portion of the Trading Programs utilized
by the Trust or its business goodwill to any person or entity other than one
controlled, directly or indirectly, by John W. Henry, in each instance without
the consent of the Managing Owner; (G) the Advisor becomes bankrupt or
insolvent; (H) John W. Henry ceases to be a principal of the Advisor; or (I) the
Managing Owner determines in good faith that such termination is necessary for
the protection of the Trust.




The
Advisor has the right to terminate the Advisory Agreement at any time, upon
written notice to the Trust in the event (i) of the receipt by the Advisor of an
opinion of independent counsel that solely by reason of the Advisor’s activities
with respect to the Trust, the Advisor is required to register as an investment
adviser under the Investment Advisers Act of 1940; (ii) that the registration of
the Managing Owner as a commodity pool operator under the CE Act, or its NFA
membership as a commodity pool operator is revoked, suspended, terminated or not
renewed; (iii) that the Managing Owner elects to have the Advisor use a
different trading program in the Advisor’s management of the Trust’s assets from
that which the Advisor is then using to manage such assets and the Advisor
objects to using such different trading program; (iv) that the Managing Owner
overrides a trading instruction of the Advisor for reasons unrelated to a
determination by the Managing Owner that the Advisor has violated the Trust’s
trading policies or limitations; (v) that the Managing Owner imposes additional
trading limitation(s)  which the Advisor does not agree to follow in
the Advisor’s management of its allocable share of Trust’s assets; (vi) there is
an unauthorized assignment of the Advisory Agreement by the Managing Owner of
the Trust; or (vii) other good cause is shown to which the written consent of
the Managing Owner is obtained.  The Advisor may also terminate the
Advisory Agreement on 60 days’ written notice to the Managing Owner during any
renewal term.




The
Advisor and its principals, affiliates and employees are free to trade for their
own accounts and manage other commodity accounts during the term of the Advisory
Agreement and to use the same information and trading strategy which the Advisor
obtains, produces or utilizes in the performance of services for the
Trust.  To the extent that the Advisor recommends similar or identical
trades to the Trust and other accounts, which it manages, the Trust may compete
with those accounts for the execution of the same or similar
trades.




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




Pursuant
to the Advisory Agreement between the Trust and JWH, prior to October 1, 2000,
the Trust paid JWH a monthly management fee of 0.33% of the month-end net assets
under its management and a quarterly incentive fee of 15% of the Trust’s new
trading profits, if any, attributable to assets under its management (both fees
are calculated after deduction of a portion of the brokerage commissions at a
1.25% annual rate, rather than the full brokerage
commission).  Effective October 1, 2000, the management fee was
reduced to 0.167% (a 2% annual rate) and the incentive fee was increased to
20%.  Trading profits are calculated on the basis of the overall
performance of the Trust, not the performance of each Trading Program utilized
by JWH, considered individually.  The Trust trades in the global
futures and forward markets pursuant to the Advisor’s proprietary trading
strategies.  From the commencement of trading on June 2, 1997 until
October 1998, the Trust allocated its assets 50% to the Original Investment
Program and 50% to the Financial and Metals Portfolio.  For the period
beginning October 5, 1998 and ending December 31, 1999, the Trust allocated its
assets 40% to the Original Investment Program, 35% to the Financial and Metals
Portfolio and 25% to the G-7 Currency Portfolio.  On January 1, 2000,
the Trust substituted the JWH GlobalAnalytics® Family of Programs for the
Original Investment Program and reallocated trust assets 40% to the Financial
and Metals Portfolio, 30% to the G-7 Currency Portfolio and 30% to the JWH
GlobalAnalytics® Family of Programs.  For the period beginning August
1, 2005, the Trust allocated 30% of it’s assets to Financial and Metals
Portfolio, 30%  to GlobalAnalytics, 20% to International Foreign
Exchange and 20% to Global Financial and Energy.  For the
period beginning July 1, 2006 the Trust substituted the Global Diversified
program for the Global Financial & Energy program.  Beginning on
March 1, 2008, the Trust allocated 20% of its assets to the Financial and Metals
Portfolio, 40% to GlobalAnalytics, and 40% to JWH Diversified
Plus.  JWH continues to rebalance the Trust’s assets at the end of
each quarter among these three trading programs in accordance with the
proceeding percentages.




3






The
Trust’s net assets are deposited in the Trust’s accounts with RJO, the Trust’s
clearing broker and currency dealer.  The Trust is paid interest on
100% of the Trust’s average daily balances on deposit with RJO during each month
at the average of 75% of the 91-day Treasury bill rate for that month in respect
of deposits denominated in U.S. dollars.  With respect to
non-U.S.dollar deposits, interest is paid to the Trust at a rate of LIBOR less
100 basis points (which may be zero in some cases).




The Trust
currently has no salaried employees and all administrative services performed
for the Trust were performed by the Managing Owner until June 30,
2007.  As of July 1, 2007 accounting services for the Trust are
provided by SS&C Technologies and Transfer Agency services are provided by
Bank of New York Mellon Corp.  The Managing Owner has no employees
other than their officers and directors, all of whom are employees of the
affiliated companies of the Managing Owner.


Recent
Events




In 2005,
certain assets held by the Trust’s prior clearing broker, Refco Capital markets,
LTD (“RCM”), were determined to be illiquid.  On October 31, 2005,
$57,544,206 of equity was moved to a separate Non-Trading Account and 2,273,288
in substitute units were issued to the unitholders at that time, prorata to
their share in the Trust.  At December 31, 2005, the illiquid assets
were determined to be impaired and were reduced by $39,580,944 for impairment,
based on management’s estimate at that time.




Through
2006, the Trust received $10,319,317 from the prior clearing broker in
bankruptcy court and distributed $9,335,669 to unitholders in the manner as
described in (a) and (b) below.




Effective January 1, 2007, JWH Special
Circumstance LLC (the “LLC”), a limited liability company, was established to
pursue additional claims against RCM, and all Non-Trading Accounts were
transferred to the LLC.  Any new funds received from RCM by the LLC,
will be distributed to unitholders who were investors in the Trust at the time of
the bankruptcy of RCM and Refco, Inc.  U.S. Bank National Association (“US
Bank”) is the manager of the LLC.  US Bank may make distributions to
the unitholders, as defined above, upon collection, sale, settlement or other
disposition of the bankruptcy claim and after payment of all fees and expenses
pro rata to the unitholders, as explained above, as follows:




(a)
            Any
      unitholder who had redeemed their entire interest in the Trust prior to
      distribution shall receive cash (“Non Participating
    Owners”).




(b)
            Any
      unitholder who had continued to own units in the Trus shall receive
      additional units in the Trust at the then Net Asset Value of the Trust
      ("Participating Owners").




The
unitholders have no rights to request redemptions from the LLC.




The LLC
has agreed to compensate US Bank, as manager, the following: (1) An initial
acceptance fee of $120,000,  (2) An annual fee of
$25,000,  (3) A distribution fee of $25,000 per
distribution,  (4) Out-of-pocket
expenses,  and  (5) An hourly fee for all personnel at the
then expected hourly rate  ($350 per hour at execution of
agreement).




On April
20, 2007, the LLC received a second partial recovery from RCM in the amount of
$2,787,629.




On June
7, 2007, the LLC received a third partial recovery from RCM in the amount of
$265,758.




On June
28, 2007, the LLC received a fourth partial recovery from RCM in the amount of
$4,783,640.  This recovery, along with the previous recoveries,
resulted in reducing the balance of the amount due from former brokers to zero
and recording a Non-Trading gain of $1,193,083, which is reflected as
“collections in excess of impaired value” on the Consolidated Statement of
Operations,  as the recoveries have exceeded management’s original
estimate of impairment reflected in 2005.  All future recoveries will
be reflected as collections in excess of impaired value on the consolidated
statement of operations.




On July
3, 2007, the LLC received a fifth partial recovery from RCM in the amount of
$5,655.




On August
29, 2007, US Bank, National Association distributed $4,546,573 (or approximately
$2.00/unit).  Unitholders who had redeemed units in the Trust as of
August 31, 2007 received cash in the amount
of  $2,787,947.  Unitholders who had not previously redeemed
received 23,182.53 units of the Trust in exchange for $1,758,626 which
represented their share of the total distribution of $4,546,573.




On
September 19, 2007 the LLC received a sixth partial recovery from RCM in the
amount of $2,584,070.


4





On
December 31, 2007 the LLC recovered a seventh partial recovery from RCM is the
amount of $2,708,467.  As of December 31, 2007, the cumulative amount
recorded as a Non-Trading gain and reflected as “collections in excess of
impaired value” on the Consolidated Statement of Operations was
$6,491,275.




Financial
Information about Segments




The
Trust’s business constitutes only one segment for financial reporting purposes;
it is a Delaware statutory trust whose purpose is to trade, buy, sell, spread or
otherwise acquire, hold or dispose of commodity interests including futures
contracts on currencies, interest rates, energy and agricultural products,
metals and stock indices, spot and forward contracts on currencies and precious
metals and exchanges for physicals.  The Trust does not engage in the
production or sale of any goods or services.  The objective of the
Trust business is appreciation of its assets through speculative trading in such
commodity interests.  Financial information about the Trust’s
business, as of December 31, 2007, is set forth under Items 6, 7, and 8
herein.




Financial
Information about Geographic Areas




Although
the Trust trades in the global futures and forward markets, it does not have
operations outside of the United States.




Available
Information




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




The Trust
will also provide paper copies of such reports and amendments to its investors
free of charge upon written request.




Item
1A. Risk Factors




The Trust
is in the business of the speculative trading of futures, forwards, and
options.  For a detailed description of the risks that may affect the
Trust or the units offered by the Trust, see the Risk Factors set forth in the
Trust’s prospectus dated December 4, 2007, and filed with the Securities and
Exchange Commission on December 5, 2007 (Registration Number 333-146177), and
incorporated herein by reference.




Item
1B. Unresolved Staff Comments




None




Item
2.  Properties




The Trust
does not utilize any physical properties in the conduct of its
business.  The Managing Owner uses the offices of RJO at no additional
charge to the Trust, to perform its administration functions, and the Trust uses
the offices of RJO at no additional charge to the Trust, as its principal
administrative offices.




Item
3.  Legal Proceedings




On
October 10, 2005, Refco Inc., the parent company of RCMI announced that it had
discovered through an internal review a receivable owed to the Company by an
entity controlled by Phillip R. Bennett, Chief Executive Officer and Chairman of
the Board of Directors of the Company, in the amount of approximately $430
million.  Mr. Bennett repaid the receivable in cash, including all
accrued interest, on October 10, 2005.  Based upon the results of the
review to date, Refco Inc. believes that the receivable was the result of the
assumption by an entity controlled by Mr. Bennett of certain historical
obligations owed by unrelated third parties to Refco, Inc., which may have been
uncollectible.  Independent counsel and forensic auditors have been
retained to assist Refco, Inc.’s Audit Committee in the investigation of these
matters.




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


5




Refco,
Inc. and other affiliated entities, including RCMI, have subsequently filed for
bankruptcy.




Since the
announcement of these matters at Refco, Inc., the Informal Committee of RCMI
(Mr. Richard C. Butt and Ms. Annette A. Cazenave) undertook its own review into
RCM and the Trust to ensure none of these matters had any material impact on the
results of operations of either RCMI as the former managing owner or the
Trust.  Based upon the results of that review, the Informal Committee
has no reason to believe that the actions of Mr. Bennett had any impact on the
operations or financial results of the Trust.


Item
4.  Submission of Matters to a Vote of Security Holders




None




Part
II




Item
5.  Market for the Registrant’s Units and Related Security Holder
Mattersand Issuer Purchases of
Equity Securities




(a)
            (i)
      There is no established public market for the units and none is expected
      to develop.(ii)
      As of December 31, 2007, there were 831,874 units held in the Trading
      Account by Beneficial Owners for an investment of $70,450,079 and 20,218
      units held in the Trading Account by the Managing Owner for an investment
      of $1,712,262.  A total of  474,881 units had been
      redeemed by Beneficial Owners and 0 units by the Managing Owner during the
      period of January 1, 2007 to December 31, 2007.  The Trust’s
      Seventh Amended and Restated Declaration and Agreement of Trust contains a
      full description of redemption and distribution
      procedures.  1,000,0000 units ($84,690,000) (SEC
      Registration Number 333-146177) remain unsold as of December 31,
      2007.(iii)
      To date no distributions have been made to owners of beneficial interest
      in the Trading Account of the Trust.  The Seventh Amended and
      Restated Declaration and Agreement of Trust does not provide for regular
      or periodic cash distributions, but gives the Managing Owner sole
      discretion of determining what distributions, if any, the Trust will make
      to its owners of beneficial interest.  The Managing Owner has
      not declared any such distributions to date, and does not currently intend
      to declare such distribution.(iv)
      The Trust does not authorize the issuance of units under any employee
      compensation plan (including any individual compensation
      arrangements).




(b)
            The
      Trust did not repurchase any units registered pursuant to Section 12 of
      the Securities Exchange Act during the period January 1, 2007 through
      December 31, 2007.




Item
6.  Selected Financial Data




The
following Selected Financial Data is presented for the years ended December 31,
2003, 2004, 2005, 2006 and 2007 and is derived from the financial statements for
such fiscal years.




2003
              
              
              2004
              
              
              2005
              
              
              2006
              
              
              20071
      Revenues
              
              $
              17,203
              
              
              $
              36,504
              
              
              $
              3,569
              
              
              $
              (15,853
              )
              
              $
              (4,425
              )2
      Net Income (Loss) From Continuing Operations (000)
              
              
              3,964
              
              
              
              8,847
              
              
              
              (20,433
              )
              
              
              (29,194
              )
              
              
              (12,427
              )3
      Net Income (Loss) Non-Trading (000)
              
              
              -
              
              
              
              -
              
              
              
              (39,879
              )
              
              
              (538
              )
              
              
              5,5104
      Net Income (Loss) Per Unit
              
              
              10
              
              
              
              (1
              )
              
              
              (10
              )
              
              
              (19
              )
              
              
              (9
              )5
      Total Assets (000)
              
              
              210,466
              
              
              
              342,627
              
              
              
              223,617
              
              
              
              140,705
              
              
              
              83,4236
      Net Asset Value per Unit - Trading
              
              
              149
              
              
              
              149
              
              
              
              113
              
              
              
              94
              
              
              
              85




Item
7.  Management’s Discussion and Analysis of Financial Condition and
Results of Operations




(a)  
Capital Resources




The
Trust’s capital resources fluctuate based upon the purchase and redemption of
units and the gains and losses of the Trust’s trading
activities.  During 2007, no units were purchased by the Beneficial
Owners.  The Managing Owner  purchased 0 units during this
time.  For the fiscal year ended December 31, 2007, the Beneficial
Owners redeemed a total of 474,881 units for $39,549,143.  The
Managing Owner redeemed a total of 0 units.  For the fiscal year ended
December 31, 2006, the Beneficial Owners redeemed a total of 511,449 units for
$52,435,526 and the Managing Owner redeemed a total of 0 units.






6






The
Trust’s involvement in the futures and forward markets exposes the Trust to both
market risk — the risk arising from changes in the market value of the futures
and forward contracts held by the Trust — and credit risk — the risk that
another party to a contract will fail to perform its obligations according to
the terms of the contract.  The Trust is exposed to a market risk
equal to the value of the futures and forward contracts purchased and
theoretically unlimited risk of loss on contracts sold short.  The
Trading Advisor monitors the Trust’s trading activities and attempts to control
the Trust’s exposure to market risk by, among other things, refining its trading
strategies, adjusting position sizes of the Trust’s futures and forward contacts
and re-allocating Trust assets to different market sectors.  The
Trust’s primary exposure to credit risk is its exposure to the non-performance
of the Trust’s Forward Currency Broker.  The Forward Currency Broker
generally enters into forward contracts with large, well-capitalized
institutions and then enters into a back-to-back contract with the
Trust.  The Trust also may trade on exchanges that do not have
associated clearing houses whose credit supports the obligations of its members
and operate as principals markets, in which case the Trust will be exposed to
the credit risk of the other party to such trades.




The
Trust’s trading activities involve varying degrees of off-balance sheet risk
whereby changes in the market values of the futures and forward contracts
underlying the financial instruments or the Trust’s satisfaction of the
obligations may exceed the amount recognized in the statement of financial
condition of the Trust.




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




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




During
the fiscal year-ended December 31, 2007, the Trust had no credit exposure to a
counterparty which is a foreign commodities exchange which was
material.




There are
no known material trends, favorable or unfavorable, that would affect, nor any
expected material changes, to the Trust’s capital resource arrangements at the
present time.




(b) 
Liquidity




The
Trust’s net assets are held in brokerage accounts with RJO.  Such
assets are used as margin to engage in trading and may be used as margin solely
for the Trust’s trading.   Except in very unusual circumstances,
the Trust should be able to close out any or all of its open trading positions
and liquidate any or all of its securities holdings quickly and at market
prices.  This should permit the Advisor to limit losses as well as
reduce market exposure on short notice should its programs indicate reducing
market exposure.




The Trust
earns interest on 100% of the Trust’s average daily balances on deposit
with  RJO during each month at 75% of the average 91-day Treasury bill
rate for that month in respect of deposits denominated in
dollars.  For deposits denominated in other currencies, the Trust
earns interest at a rate of LIBOR less 100 basis points.  For the
calendar year ended December 31, 2007, RJO had paid or accrued to pay interest
of $3,076,787 to the Trust.  For the calendar year ended December 31,
2006, the clearing broker paid or accrued to pay interest of $6,848,952 to the
Trust.




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




7




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




There are
no known material trends, demands, commitments, events or uncertainties at the
present time that are reasonably likely to result in the Trust’s liquidity
increasing or decreasing in any material way.




(c)
            Results
      of Operations




The
Trust’s success depends on the Advisor’s ability to recognize and capitalize on
major price movements and other profit opportunities in different sectors of the
world economy.  Because of the speculative nature of its trading,
operational or economic trends have little relevance to the Trust’s results, and
its past performance is not necessarily indicative of its future
results.  The Managing Owner believes, however, that there are certain
market conditions — for example, markets with major price movements — in which
the Trust has a better opportunity of being profitable than in
others.




The
Advisor’s programs do not predict price movements.  No fundamental
economic supply or demand analysis is used in attempting to identify mispricings
in the market, and no macroeconomic assessments of the relative strengths of
different national economies or economic sectors is made.  Instead,
the programs apply proprietary computer models to analyze past market data, and
from this data alone attempt to determine whether market prices are
trending.  Technical traders such as the Advisor base their strategies
on the theory that market prices reflect the collective judgment of numerous
different traders and are, accordingly, the best and most efficient indication
of market movements.  However, there are frequent periods during which
fundamental factors external to the market dominate prices.




If the
Advisor’s models identify a trend, they signal positions which follow
it.  When these models identify the trend as having ended or reversed,
these positions are either closed out or reversed.  Due to their
trend-following character, the Advisor programs do not predict either the
commencement or the end of a price movement.  Rather, their objective
is to identify a trend early enough to profit from it and to detect its end or
reversal in time to close out the Trust’s positions while retaining most of the
profits made from following the trend.




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




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






2007




The JWH
Global Trust posted a loss of 9.77% for 2007.  The Net Asset Value per
Unit at year-end was $84.69 (please see Note (1)  and Note (7) in the
notes to the financial statements for more information with respect to the
calculation of Net Asset Value) compared to $93.86 per unit at the beginning of
the year.  There were no contributions to the Trust during
2007.




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


8







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





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





The
Trust’s performance was positive for the fourth quarter.  Apprehension
regarding the sub-prime crisis spilled into the last quarter of the
year.  The Federal Reserve cut rates mid-quarter, and most markets
were directionless by the end of the quarter.


4 of the
6 sectors traded by the Trust were profitable for most of the quarter, with
metals, energy and agriculture sectors contributing the most.








2006




The JWH
Global Trust posted a loss of 16.9% for 2006.  The Net Asset Value at
year-end was $93.86 (please see Note (1) and Note (7) in the notes to the
financial statements for more information with respect to the calculation of Net
Asset Value) compared to $112.96 per unit at the beginning of the
year.  There were no contributions to the Trust during
2006.




The
Trust’s performance in the first quarter was negative.  The currency
sector led the Trust’s losses as the 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 as geopolitical events and changing weather
forecasts induced volatility.  The agriculture sector was slightly
negative as 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 the quarter and gold reached a 25-year
high.  The indices sector also gained as Asian 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 bonds rose to their
highest point in more than 3 years, while Japanese 10-year government bonds
(JGBs) fell after the Bank of Japan (BOJ) ended its 5-year policy of flooding
the Japanese economy with cash.
  The
Trust’s performance was negative during the second quarter.  The
German benchmark 10-year bund yield touched 4% for the first time since
October  2004.  The metal and currency sectors also added to
performance in April as both precious and base metals continued to trend higher
due to inflationary fears and increased demand.  Currencies benefited
as the U.S. dollar continued to weaken.  Gold climbed above $650/oz
for the first time in 25 years while the U.S. dollar fell 4.1% against the
euro.  In  mid-quarter, the interest rate, metal,
agriculture and indices sectors suffered from large market
corrections.  Increased inflationary fears and concerns over the
global economy led investors to take profits and reduce risk
exposure.   The Dow Jones Industrial Average closed on May 9th within
84 points of a new record high; however later weakened, ending May with their
worst monthly decline in almost two years.  This caused
a  “contagion effect” in the metal and currency
sectors.  Gold fell 12% after reaching a 26-year high of $732 an ounce
on May 12th.  The
dollar fell to an eight-month low of 109 yen /dollar on May 17th and
reached a one-year low of $1.297 per euro.  In June, all of April’s
gains were erased as all six sectors were negative, with the currency, metals
and interest rate sectors responsible for the majority of the Trust’s
losses.   The possibility of a larger-than-expected interest rate
move sent the U.S. dollar and U.S. treasury yields higher.  However
the markets suffered another reversal after the Fed raised rates by only 25
basis points.  The dollar ended the quarter 5.3% lower against the
euro and 2.8% lower versus the yen- the greatest percentage decrease since the
last quarter of 2004.


9




The
Trust’s performance  was positive for the third
quarter.  The interest rate sector was positive as U.S. treasuries had
their biggest quarterly gain in 4 years, and European 10-year bonds posted their
first quarterly gain since June 2005.  The U.S. 10-year note touched a
seven-month low of 4.53% on September 25th, down
from 5.14% on June 30th.  JGBs also helped performance as investors speculated that
the BOJ would keep interest rates at their current level for the remainder of
the year.  The energy sector was also positive  albeit with
increased volatility.  Natural gas and crude oil prices tumbled in
September as mild weather in the Midwestern United States cut demand and
inventories climbed toward an all-time high.   Meanwhile, crude
oil prices fell 20 % after touching a record high of $78.40 a barrel on July
14th
as fuel stockpiles increased and tensions in the Middle East
eased.  Currencies were negative for a third consecutive
quarter.  Currency markets continued to experience reversals with
speculation about the health of the U.S. economy and global
inflation.  The metals sector suffered as commodities as an asset
class had its biggest quarterly decline in at least 50 years.  The
Commodity Research Bureau index ended 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 and agriculture sectors were also
negative for the quarter as sugar prices plunged, while the indices sector
suffered as fears over slower growth in the U.S. and Japan kept equity markets
lower for the majority of the quarter.
  The
Trust’s performance was negative for the fourth quarter.  In the fixed
income sector, German and U.S. government bonds fell, experiencing reversing
trends while the JGBs oscillated due to market speculation.  The
metals sector was also negative for the quarter as precious metals
fell.  The currency sector  added  to the Trust’s
losses in December as the U.S. dollar’s weakening trend suffered a
reversal.  The agriculture and indices sectors offset losses as corn
prices had their biggest annual gain ever, reaching a 10-year high.




2005




The JWH
Global Trust posted a  loss of  10.3% for
2005.  The Net Asset Value at year-end was $112.96 (please see Note
(1)  and Note (7) in the notes to the financial statements for more
information with respect to the calculation of Net Asset Value) compared to
$148.54 per unit at the beginning of the year.  During 2005, total
contributions to the Trust were $38,804,726.




The
Trust’s performance in the first quarter was negative as the bulk of the losses
were directly related to the strength of the U.S. dollar against most major
currencies.  The weak dollar trend, which had dominated during the
second half of 2004, began to reverse itself on diminishing expectations of a
Yuan revaluation by the Chinese central bank.  Demand for the dollar
also increased when the Federal Reserve raised interest rates by a quarter
percentage point for the seventh time since June 2004.  On February
16th
Fed Chairman Alan Greenspan’s testimony, stating that the decline in long-term
interest rates during the past year “remains a conundrum”, sparked inflationary
fears worldwide and added to the Trust’s negative performance in the interest
rate sector as the European, Japanese and U.S. bond markets
sold-off.  The Japanese sell-off was short lived as Japanese bonds
rallied amid speculation that exports to the U.S. would drop.  The
energy sector, the Trust’s best performer during the quarter, benefited from an
increase in inflationary fears offset some of the previously discussed losses in
the currency and interest rate sectors.  Energies rallied as commodity
prices surged to a 24-year high on speculation that rising domestic demand may
outpace U.S. refinery production during peak summer demand.  Overall,
the gains made in energies, indices and the agriculture sectors were not enough
to offset the losses incurred in the currency, interest rate and metals
sectors.




The
Trust’s performance was positive during the second quarter as large gains in the
currency and interest rate sectors more than offset losses in the Trust’s other
sectors.  The energy sector, which had been the best performing sector
in the first quarter, was the worst performing sector in the second quarter, as
trends experienced sudden and strong reversals.  In April, energies
experienced a sudden turnaround as supplies increased and OPEC boosted output in
an effort to lower prices and ensure adequate inventories to meet summer fuel
demands.  In contrast, the entire energy sector rallied in June as
expectations increased that global demand for oil would reach record levels in
the fourth quarter.  The interest rate sector posted
positive returns as the majority of the sector’s gains came from the strength in
the German and Japanese fixed-income markets.  The benchmark German
10-year bund rose to a record high, as market conjecture grew that the European
Central Bank would have to cut interest rates as the European economy
slowed.  Further supporting the rally in the German bund was the
rejection of the European Union Constitution in France.  The currency
sector was the best performing sector during the quarter as the U.S. dollar
posted its largest quarterly gain against the euro since 2001 as the market
anticipated a quarter point increase by the Federal Reserve on June 30th.  The
dollar also benefited from the yield advantage against the Swiss franc and the
euro.  In the agriculture sector, cotton, corn, wheat, soybeans and
N.Y. coffee hindered the Trust’s returns as weather conditions wreaked havoc in
the markets.  The metals sector was negative for the quarter as
volatility in various markets limited the Trust’s ability to achieve
returns.  Overall, the gains made in the currency and interest rate
sectors drove the Trust’s performance for the quarter.




10




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




The Trust
was negative for the fourth quarter as the energy, interest rate and agriculture
sectors suffered from strong and sudden reversals in trends.  The
energy sector was the Trust’s worst performer as energy prices retreated from
record highs in the third quarter.  Not only did natural gas fall from
record high levels set in September, but crude oil also fell from record highs
set in August on signs that warmer than normal weather in the Northeastern
region of the U.S. could reduce energy consumption.  The interest rate
sector, which had been profiting from downward trending prices in the U.S.,
Europe and Japan, ended the quarter negative over fears of rising interest
rates.  The sudden rally in Japanese and U.S. fixed-income markets was
a result of Japanese Prime Minister Koizumi and other politicians stating that
it was too early for the Bank of Japan to stop fighting deflation and a sudden
optimism that inflation in the U.S. was contained as the Federal Reserve removed
the term “accommodative” from its statement after raising rates at their
December meeting.  While the market reversals resulted in losses for
both the interest rate and energy sectors for the quarter, the currency sector
finished the quarter positive but only after losing most of the gains the sector
achieved in October and November.  For the most of the quarter the
currency sector profited, however, as expectations of further rate hikes from
the Fed diminished, the sector gains were limited as the dollar suddenly
weakened.  The metal sector benefited as gold reached an 18-year high
and the prices of LME copper and LME aluminum rallied on increased demand and
falling supplies.  The agriculture sector was slightly negative for
the quarter as N.Y. coffee and cotton were the main contributors to the
underperformance in this sector.  Overall, the combined gains in the
currencies, indices and metals sectors were unable to offset the losses in the
rest of the Trust’s sectors.




(d)
            Inflation




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




(e)
            Off-Balance-Sheet
      Arrangements




The Trust
does not have any off-balance-sheet arrangements (as defined in Regulation S-K
303(a)(4)(ii)) that have or are reasonably likely to have a current or future
effect on its financial condition, changes in financial condition, revenues or
expenses, results of operations, liquidity, capital expenditures or capital
resources that is material to investors.




(f)
              Tabular
      Disclosure of Contractual
Obligations


The
business of the Trust is the speculative trading of commodity interests,
including futures contracts on currencies, interest rates, energy and
agricultural products, metals and stock indices, spot and forward contracts on
currencies and precious metals and exchanges for physicals.  The
majority of the Trust’s futures and forward positions, which may be categorized
as “purchase obligations” under Item 303 of Regulation S-K, are
short-term.  That is, they are held for less than one
year.  Because the Trust does not enter into other long-term debt
obligations, capital lease obligations, operating lease obligations or other
long-term liabilities that would otherwise be reflected on the Trust’s Statement
of Financial Condition, a table of contractual obligations has not been
presented.




11




Item
7A.  Quantitative and Qualitative Disclosures About Market Risk




Introduction




Past
Results Are Not Necessarily Indicative of Future Performance




The Trust
is a speculative commodity pool.  The market sensitive instruments
held by it are acquired for speculative trading purposes, and all or
substantially all of the Trust’s assets are subject to the risk of trading
loss.  Unlike an operating company, the risk of market sensitive
instruments is integral, not incidental, to the Trust’s main line of
business.  Market movements result in frequent changes in the fair
market value of the Trust’s open positions and, consequently, in its earnings
and cash flow.  The Trust’s market risk is influenced by a wide
variety of factors, including the level and volatility of interest rates,
exchange rates, equity price levels, the market value of financial instruments
and contracts, the diversification effects among the Trust’s open positions and
the liquidity of the markets in which it trades.




The Trust
can acquire and/or liquidate both long and short positions in a wide range of
different markets.  Consequently, it is not possible to predict how a
particular future market scenario will affect performance, and the Trust’s past
performance is not necessarily indicative of its future results.




Standard
of Materiality




Materiality
as used in this section, “Quantitative and Qualitative Disclosures About Market
Risk,” is based on an assessment of reasonably possible market movements and the
potential losses caused by such movements, taking into account the leverage,
optionality and multiplier features of the Trust’s market sensitive
instruments.




Quantifying
the Trust’s Trading Value at Risk




Value at
Risk is a measure of the maximum amount which the Trust could reasonably be
expected to lose in a given market sector.  However, the inherent
uncertainty of the Trust’s speculative trading and the recurrence in the markets
traded by the Trust of market movements far exceeding expectations could result
in actual trading or Non-Trading losses far beyond the indicated Value at Risk
or the Trust’s experience to date (i.e., “risk of ruin”).  In light of
the foregoing as well as the risks and uncertainties intrinsic to all future
projections, the inclusion of the quantification included in this section should
not be considered to constitute any assurance or representation that the Trust’s
losses in any market sector will be limited to Value at Risk or by the Trust’s
attempts to manage its market risk.




Quantitative
Forward-Looking Statements




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




The
Trust’s risk exposure in the various market sectors traded by JWH is quantified
below in terms of Value at Risk.  Due to the Trust’s mark-to-market
accounting, any loss in the fair value of the Trust’s open positions is directly
reflected in the Trust’s earnings (realized or unrealized) and cash flow (at
least in the case of exchange-traded contracts in which profits and losses on
open positions are settled daily through variation margin).




Exchange
maintenance margin requirements have been used by the Trust as the measure of
its Value at Risk.  Maintenance margin requirements are set by
exchanges to equal or exceed the maximum losses reasonably expected to be
incurred in the fair value of any given contract in 95% - 99% of any one-day
intervals.  The maintenance margin levels are established by dealers
and exchanges using historical price studies as well as an assessment of current
market volatility (including the implied volatility of the options on a given
futures contract) and economic fundamentals to provide a probabilistic estimate
of the maximum expected near-term one-day price fluctuation.




Maintenance
margin has been used rather than the more generally available initial margin,
because initial margin includes a credit risk component, which is not relevant
to Value at Risk.




In the
case of market sensitive instruments, which are not exchange traded (almost
exclusively currencies in the case of the Trust), the margin requirements for
the equivalent futures positions have been used as Value at Risk.  In
those rare cases in which a futures-equivalent margin is not available, dealers’
margins have been used.
  The fair
value of the Trust’s futures and forward positions does not have any optionality
component.
  In
quantifying the Trust’s Value at Risk, 100% positive correlation in the
different positions held in each market risk category has been
assumed.  Consequently, the margin requirements applicable to the open
contracts have simply been aggregated to determine each trading category’s
aggregate Value at Risk.  The diversification effects resulting from
the fact that the Trust’s positions are rarely, if ever, 100% positively
correlated have not been reflected.


12




The
Trust’s Trading Value at Risk in Different Market Sectors




The
following tables indicate the average, highest and lowest amounts of trading
Value at Risk associated with the Trust’s open positions by market category for
fiscal years 2007 and 2006.  All open position trading risk exposures
of the Trust have been included in calculating the figures set forth
below.  During fiscal year 2007, the Trust’s average total
capitalization was approximately $89.9 million, and during fiscal year 2006, the
Trust’s average total capitalization was approximately $156
million.




Fiscal
Year 2007




Market
              
              Highest
              
              
              Lowest
              
              
              Average
              
              
              % ofSector
              
              Value
              
              
              Value
              
              
              Value
              
              
              Averageat Risk*
              
              
              at Risk*
              
              
              at Risk*
              
              
              Capitalization**Agriculture
              
              $
              3.00
              
              
              $
              1.00
              
              
              $
              2.00
              
              
              
              2.2
              %Currencies
              
              $
              9.70
              
              
              $
              2.20
              
              
              $
              6.40
              
              
              
              7.1
              %Energies
              
              $
              2.40
              
              
              $
              0.05
              
              
              $
              1.70
              
              
              
              1.9
              %Indices
              
              $
              3.00
              
              
              $
              0.30
              
              
              $
              1.90
              
              
              
              2.1
              %Interest
      Rates
              
              $
              6.00
              
              
              $
              2.10
              
              
              $
              3.70
              
              
              
              4.1
              %Metals
              
              $
              2.30
              
              
              $
              0.30
              
              
              $
              1.10
              
              
              
              1.2
              %Total
              
              $
              26.40
              
              
              $
              6.40
              
              
              $
              16.80
              
              
              
              18.6
              %








Fiscal
Year 2006





Market
              Sector
            
            Highest
              Value
              at Risk*
            
            
            Lowest
              Value
              at Risk*
            
            
            Average
              Value
              at Risk*
            
            
            % of
              Average
              Capitalization**Agriculture
            
            $
            2.80
            
            
            $
            1.10
            
            
            $
            1.80
            
            
            
            1.20
            %Currencies
            
            $
            16.10
            
            
            $
            6.10
            
            
            $
            11.00
            
            
            
            7.10
            %Energies
            
            $
            6.70
            
            
            $
            0.90
            
            
            $
            3.37
            
            
            
            2.26
            %Indices
            
            $
            5.00
            
            
            $
            3.10
            
            
            $
            4.00
            
            
            
            2.60
            %Interest
      Rates
            
            $
            8.90
            
            
            $
            1.20
            
            
            $
            5.40
            
            
            
            3.50
            %Metals
            
            $
            2.52
            
            
            $
            0.70
            
            
            $
            1.85
            
            
            
            1.20
            %Total
            
            $
            42.02
            
            
            $
            13.10
            
            
            $
            27.42
            
            
            
            17.86
            %








*   Average,
highest and lowest Value at Risk amounts relate to the month-end amounts for
each calendar month-end during the fiscal year.  All amounts represent
millions of dollars committed to margin.




**
Average Capitalization is the average of the Trust’s capitalization at the end
of each fiscal month during the relevant fiscal year.




Material
Limitations on Value at Risk as an Assessment of Market Risk




The face
value of the market sector instruments held by the Trust is typically many times
the applicable maintenance margin requirement (maintenance margin requirements
generally range between approximately 1% and 10% of contract face value) as well
as many times the capitalization of the Trust.  The magnitude of the
Trust’s open positions creates a “risk of ruin” not typically found in most
other investment vehicles.  Because of the size of its positions,
certain market conditions - unusual, but historically recurring from time to
time - could cause the Trust to incur severe losses over a short period of
time.  The foregoing Value at Risk table, as well as the past
performance of the Trust, gives no indication of this “risk of
ruin”.




Non-Trading
Risk




The Trust
has non-trading market risk on its foreign cash balances not needed for
margin.  However, these balances (as well as any market risk they
represent) are immaterial.  The Trust holds substantially all of its
assets in cash on deposit with RJO.  The Trust has cash flow risk on
these cash deposits because if interest rates decline, so will the interest paid
out by RJO at 75% of the 91-day Treasury bill rate.  As of December
31, 2007 and December 31, 2006, the Trust had approximately $72.9 million and
$119.3 million, respectively, in cash on deposit with RJO.





13







Qualitative
Disclosures Regarding Primary Trading Risk Exposures




The
following qualitative disclosures regarding the Trust’s market risk exposures —
except for (i) those disclosures that are statements of historical fact and (ii)
the descriptions of how the Trust and JWH manage the Trust’s primary market risk
exposures, constitute forward-looking statements within the meaning of Section
27A of the Securities Act and Section 21E of the Securities Exchange
Act.  The Trust’s primary market risk exposures as well as the
strategies used and to be used by JWH for managing such exposures are subject to
numerous uncertainties, contingencies and risks, any one of which could cause
the actual results of the Trust’s risk controls to differ materially from the
objectives of such strategies.  Government interventions, defaults and
expropriations, illiquid markets, the emergence of dominant fundamental factors,
political upheavals, changes in historical price relationships, an influx of new
market participants, increased regulation and many other factors could result in
material losses as well as in material changes to the risk exposures and the
risk management strategies of the Trust.  There can be no assurance
that the Trust’s current market exposure and/or risk management strategies will
not change materially or that any such strategies will be effective in either
the short or long term.  Investors must be prepared to lose all or
substantially all of their investment in the Trust.




The
following were the primary trading risk exposures of the Trust as of December
31, 2007, by market sector.




Currencies. The Trust’s currency
exposure is to exchange rate fluctuations.  These fluctuations are
influenced by interest rate changes as well as political and general economic
conditions.  The Trust trades in a number of currencies, including
cross-rates (i.e., positions between two currencies other than the U.S.
dollar).  The Trust’s major exposures have typically been in the
dollar/yen, dollar/euro, dollar/Swiss franc and dollar/pound positions exposure
to cross-rates positions such as euro/yen, and more recently have also
included aud/yen and pound/yen positions and emerging markets like Singapore
dollar.


Interest
Rates.  Interest rate risk is a major market exposure of the
Trust.  Interest rate movements directly affect the price of the
sovereign bond positions held by the Trust and indirectly the value of its stock
index and currency positions.  Interest rate movements in one country
as well as relative interest rate movements between countries materially impact
the Trust’s profitability.  The Trust’s primary interest rate exposure
is to interest rate fluctuations in the United States and the other G-7
countries.  However, the Trust also takes positions in the government
debt of smaller nations — e.g., Australia.  The Managing Owner
anticipates that G-7 interest rates will remain the primary market exposure of
the Trust in this sector for the foreseeable future.




Stock Indices.  The
Trust’s primary equity exposure is to equity price risk in the G-7 countries
including the U.S.  The stock index futures traded by the Trust are by
law limited to futures on broadly based indices.  As of December 31,
2007, the Trust’s primary exposure was in the Osaka Nikkei (Japan) and SFE
(Sydney Futures Exchange - Australia) SPI 200.  As of December 31,
2006, the Trust’s primary exposure was in the E-Mini NASDAQ, Eurostoxx 50, Osaka
Nikkei (Japan), and SFE SPI 200 (Australia).  The Trust is primarily
exposed to the risk of adverse price trends or trendless markets in the major
U.S., European and Japanese indices.  (Trendless markets would not
cause major market changes but could make it difficult for the Trust to avoid
being “whipsawed” into numerous small losses.)




Metals.  The JWH
programs currently used for the Trust trade mainly precious and base
metals.  The Trust’s primary metals market exposure is to price
fluctuations.




Agricultural.The Trust’s
primary commodities exposure is to agricultural price movements, which are often
directly affected by severe or unexpected weather conditions.  Coffee,
corn, wheat, beans, soybean oil, cotton, cocoa and sugar accounted for the
substantial bulk of the Trust’s agricultural exposure as of December 31, 2007
and December 31, 2006.  In the past, the Trust has had market exposure
to live cattle, and the soybean complex and may do so again in the
future.




Energy.  The Trust’s
primary energy market exposure is to gas and oil price movements, which
sometimes result from political developments in the Middle East.  Oil
prices can be volatile and substantial profits and losses have been and may
continue to be experienced in this market.


14






Qualitative
Disclosures Regarding Non-Trading Risk Exposure




The
following were the only non-trading risk exposures of the Trust as of December
31, 2007 and December 31, 2006.




Foreign Currency
Balances.  The Trust’s primary foreign currency balances are in
Japanese yen,  British pounds and Swiss francs.




Cash Position.  The
Trust held substantially all its assets in cash at  R.J. O’Brien &
Associates, earning interest at 75% of the average 91-day Treasury bill rate
(calculated daily).




Qualitative
Disclosures Regarding Means of Managing Risk Exposure




The
Manager Owner monitors the Trust’s performance and the concentration of its open
positions, and consults with JWH concerning the Trust’s overall risk
profile.  If the Managing Owner felt it necessary to do so, the
Managing Owner could require JWH to close out individual positions as well as
entire programs traded on behalf of the Trust.  However, any such
intervention would be a highly unusual event.  The Managing Owner
primarily relies on JWH’s own risk control policies while maintaining a general
supervisory overview of the Trust’s market risk exposures.




Risk
Management




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




Modern
portfolio techniques are used in an effort to construct an overall diversified
portfolio for each JWH trading program.  However, some programs will
have limited diversification because of their sector focus.  These
techniques will attempt to take into account the volatility and correlation of
the markets that are included in the program.  However, no assurances
can be made that historical market correlations and diversification will occur
or persist in all market conditions.  In an attempt to maintain
diversification, portfolio adjustments will be made to account for systematic
changes identified by JWH’s research in the relationships across
markets.  Consistent with JWH’s view of markets, portfolios are
managed to meet longer-term risk and volatility tolerances, rather than trading
on the basis of short-term trends or short-term volatility.  JWH at
its sole discretion may override computer-generated signals and may at times use
discretion in applying its quantitative models, which may affect performance
positively or negatively.  This could occur, for example, when JWH
determines that markets are illiquid or erratic, such as may occur cyclically
during holiday seasons, or on the basis of irregularly occurring market
events.  Subjective aspects in JWH’s application of its quantitative
models also include the determination of position size in relation to account
equity, timing of commencement of trading an account, the investment of assets
associated with additions, redemptions, and reallocations, future contracts used
and contract months traded, and effective trade execution.




The basic
philosophy underlying the firm’s investment methodology has remained intact
throughout its history and most investment programs maintain a consistent
portfolio composition to allow profit opportunities in as many major market
trends as possible, in accordance with the investment objectives of each
program.
  Proprietary
research may be conducted to refine the JWH investment
strategies.  The potential benefits to a program of employing more
than one investment methodology, applying investment methodologies in varying
combinations, and the possible substitution of alternative investment
methodologies with respect to particular contracts may be assessed through the
testing of different methodologies, along with the possible benefits of such
modifications to improve program performance over historical
levels.  In addition, risk management research and investment program
analysis may suggest modifications regarding the relative weighting among
various contracts, modifying the style and/or timing used by an investment
program to trade a particular contract, the addition or deletion of a contract
traded by an investment program, or a change in position size in relation to
account equity.  JWH’s research on these and other issues has resulted
in investment program modifications from time to time in the past, and are
expected to do so in the future.
  Position
size adjustments relative to account equityare an integral part of
JWH’s investment strategy and historically have been made in a systematic manner
as the equity in the account from trading profits increases.  JWH may
override indicated systematic position size adjustments when, in its discretion,
it deems that is warranted by its assessment of market
conditions.
  15
   the
account, with leverage increasing in down markets until losses are offset, and
decreasing in profitable market conditions until systematic adjustments are
made.




JWH may
also use discretion to adjust the size of a position in relation to equity in
the account for markets or for entire investment programs.  Such
adjustments may not be made for all JWH programs.  Factors that may
affect decisions to adjust the size of a position in relation to account equity
include ongoing research, program volatility, current market volatility, risk
exposure, subjective judgment, and evaluation of these and other general market
conditions.




Decisions
to change the size of a position may positively or negatively affect performance
and will alter risk exposure for an account, since such adjustments will also
alter the volatility of JWH programs.  Adjustments in position size
relative to account equity may lead to greater profits or losses, more frequent
and larger margin calls, and greater brokerage expense.  No assurance
is given that such adjustments will result in increased program
profitability.  JWH reserves the right to alter, at its sole
discretion and without notification, its policy regarding adjustments in
position size relative to account equity.




Item
8.  Financial Statements and Supplementary Data




Reference
is made to the financial statements and the notes thereto filed as Exhibit 13.01
to this report.




The
following summarized (unaudited) quarterly financial information presents the
results of operations and other data for three-month periods ended March 31,
June 30, September 30 and December 31, 2007 and 2006.




First
      Quarter
              
              
              Second
      Quarter
              
              
              Third
      Quarter
              
              
              Fourth
      Quarter2007
              
              
              2007
              
              
              2007
              
              
              2007Total
      Trading Revenues (Loss)
              
              $
              (19,475,025
              )
              
              $
              14,348,770
              
              
              $
              (4,988,722
              )
              
              $
              5,689,713Total
      Trading Expenses
              
              
              2,333,860
              
              
              
              2,120,145
              
              
              
              1,734,035
              
              
              
              1,813,700Trading
      Income (Loss)
              
              
              (21,808,885
              )
              
              
              12,228,625
              
              
              
              (6,722,757
              )
              
              
              3,876,013Non-Trading
      Income (Loss)
              
              
              (466,578
              )
              
              
              1,015,019
              
              
              
              2,560,964
              
              
              
              2,400,422Net
      Income (Loss)
              
              $
              (22,275,463
              )
              
              $
              13,243,644
              
              
              $
              (4,161,793
              )
              
              $
              6,276,435Net
      Income (Loss) per Trading Unit
              
              $
              (17.40
              )
              
              $
              10.91
              
              
              $
              (6.75
              )
              
              $
              4.07
  First
      Quarter
              
              
              Second
      Quarter
              
              
              Third
      Quarter
              
              
              Fourth
      Quarter2006
              
              
              2006
              
              
              2006
              
              
              2006Total
      Trading Revenues (Loss)
              
              $
              (14,649,015
              )
              
              $
              759,644
              
              
              $
              3,450,176
              
              
              $
              (5,414,753
              )Total
      Trading Expenses
              
              
              4,002,136
              
              
              
              3,612,453
              
              
              
              3,011,828
              
              
              
              2,714,207Trading
      Income (Loss)
              
              
              (18,651,151
              )
              
              
              (2,852,809
              )
              
              
              438,348
              
              
              
              (8,128,960
              )Non-Trading
      Income (Loss)
              
              
              (253,651
              )
              
              
              (169,996
              )
              
              
              (246,582
              )
              
              
              131,316Net
      Income (Loss)
              
              $
              (18,904,802
              )
              
              $
              (3,022,805
              )
              
              $
              191,766
              
              
              $
              (7,997,644
              )Net
      Income (Loss) per Trading Unit
              
              $
              (10.71
              )
              
              $
              (2.70
              )
              
              $
              0.47
              
              
              $
              (6.16
              )




The Trust
has not disposed of any segments of its business.  In 2007, the Trust
recorded income of $1,193,083, $2,589,725 and $2,708,467 on collections from the
RCM bankruptcy in excess of impaired value in the quarters ended June 30,
September 30, and December 31, 2007, respectively.


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


None
  Item
9A(T).  Controls and Procedures
  Evaluation of
Disclosure Controls and Procedures: Under the supervision and with the
participation of the management of R.J. O’Brien Fund Management, LLC, the
managing owner of the Trust at the time this annual report was filed, including
the managing owner’s President and Chief Financial Officer, has evaluated the
effectiveness of the design and operation of the Trust’s  disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the
Exchange Act) as of December 31, 2007.  The Trust’s disclosure
controls and procedures are designed to provide reasonable assurance that
information the Trust is required to disclose in the reports that the Trust
files or submits under the Exchange Act are recorded, processed and summarized
and reported within the time period specified in the applicable rules and
forms.  Based on
this evaluation, the President and Chief Financial Officer of the managing owner
have concluded that the disclosure controls and procedures of the Trust were
effective at December 31, 2007.
   16


Management's Report on Internal
Control Over Financial Reporting.  The Managing Owner of the
Trust is responsible for establishing and maintaining adequate internal control
over financial reporting (as defined in Rule 13a-15(f) under the Exchange
Act).  The Managing Owner has assessed the effectiveness of the
Trust's internal control over financial reporting as of December 31,
2007.  In making this assessment, the Managing Owner used the criteria
set forth by the Committee of Sponsoring Organizations of the Treadway
Commission, known as COSO, in Internal Control-Integrated
Framework.  The Managing Owner has concluded that, as of December 31,
2007, the Trust's internal control over financial reporting is effective based
on these criteria.  This report shall not be deemed to be filed for
purposes of Section 18 of the Exchange Act or otherwise subject to the
liabilities of that section.  This annual report does not include an
attestation report of the Trust's independent registered public accounting firm
regarding internal control over financial reporting.  Management's
report was not subject to attestation by the Trust's independent registered
public accounting firm pursuant to temporary rules of the Securities and
Exchange Commission that permit the Trust to provide only management's report in
this annual report.
  Changes in Internal Control Over
Financial Reporting:  There
were no changes in the Trust’s internal control over financial reporting, during
the quarter ended December 31, 2007, that have materially affected, or are
reasonably likely to materially affect, the Trust’s internal control over
financial reporting.
  Limitations on the Effectiveness of
Controls: Any control system, no matter how well designed and operated,
can provide reasonable (not absolute) assurance that its objectives will be
met.  Furthermore, no evaluation of controls can provide absolute
assurance that all control issues and instances of fraud, if any, have been
detected.




Item
9B.   Other Information




None.




Part
III




Item
10.  Directors, Executive Officers of the Registrant and
Corporate Governance




There are
no directors or executive officers of the Trust.  As of December 31,
2007, the Trust was managed by its Managing Owner, R.J. O’Brien Fund Management,
LLC. The officers and directors of the Managing Owner as of December 31, 2007
were as follows:




R.J.
O’Brien Fund Management, LLC




Gerald Corcoran is Chief Executive
Officer and Director of RJOFM:Gerry Corcoran was appointed Chief
Executive Officer of RJO in June 2000 and was appointed as Chief Executive
Officer of RJOFM in November of 2006.  He joined the RJO family in
1987 as Chief Financial Officer and served as Chief Operating Officer, a
position he was promoted to in 1992.  He is also a member of the Board
of Directors.  Prior to joining RJO, Mr. Corcoran served as controller
for the Chicago Sun-Times, the nation’s 7th largest
daily newspaper.  He is a former member of the Chicago Mercantile
Exchange where he served on the Clearing House Committee.  Mr.
Corcoran also serves on the Board of Governors of the Chicago Board of Trade
Clearing Corporation, the only AAA rated clearing organization in the
world.  Mr. Corcoran has a Bachelor of Business Administration from
Loyola University and is a Certified Public Accountant.




Colleen Mitchell is President and
Director of RJOFM:Colleen Mitchell was promoted to President
of R.J.O’Brien in June 2000.  Prior to this position, she served as
vice president for the futures commission merchant.  Ms. Mitchell was
responsible for marketing, clearing, and execution services to commodity trading
advisors, hedge fund managers, and introducing brokers.  Formerly, Ms.
Mitchell served as senior vice president for Terra Nova Trading in Chicago,
where she launched and brokered for a NASD broker-dealer and NFA introducing
brokerage firm.  She has a Bachelor of Arts from Saint Mary’s College
in South Bend, Indiana.




Jeffrey R. Miceli was Chief
Financial Officer and Director  of RJOFM:  Mr. Miceli
served as Chief Financial Officer of R.J. O’Brien Alternative Asset Management,
Inc. until April 2007.  Prior to joining R.J. O’Brien, he was a senior
manager in the Investment Services practice of KPMG LLP.  He is a
Certified Public Accountant and graduated from Northern Illinois University with
a B. S. in Accounting in 1988.  He is a member of the AICPA and the
Illinois CPA Society.  As of April 30, 2007, the Board of Directors of
RJOFM voted to remove Mr. Miceli from his position as Vice President and Chief
Financial Officer of RJOFM in order to reassign Mr. Miceli to another position
within the larger R.J. O’Brien & Associates family.




17





Helen D. McCarthy is Chief Financial
Officer and Director of RJOFM:.Ms. McCarthy was named CFO of
RJOFM on April 30, 2007.Prior to joining
R.J. O’Brien, Ms. McCarthy was VP of Finance/Controller at ACNielsen, a global
marketing information company.  Before ACNielsen, she served as Vice
President of Finance at the Sun-Times Media Group, a newspaper conglomerate with
over 100 publications.  Ms. McCarthy was responsible for all financial
management and Controllership duties.  Ms. McCarthy also spent 7 years
with Ernst & Young auditing both Public and Private
companies.  Ms. McCarthy began serving as Chief Financial Officer in
April 2007.
  Annette A. Cazenave is Senior Vice President and
Director of RJOFM:  With RJOFM’s purchase of RCMI in December
of 2006, Ms. Cazenave joined RJOFM with over twenty-five years of comprehensive
experience in alternative asset management (futures, derivatives and hedge
funds) marketing and business management.  Ms Cazenave joined Cargill
in March of 2004.  Previously, Ms. Cazenave was VP, Marketing and
Product Development, for Horizon Cash Management, LLC
(2002-2004).  Prior to this, she was President and Principal of
Skylark Partners, Inc., in New York, a financial services consulting
firm.  Additionally, Ms. Cazenave held senior level positions with
ED&F Man Funds Division (now Man Investments) in New York
(1986-1993).  Ms. Cazenave began her career in 1979 as a Sugar trader
and holds a B.A. from Drew University and an M.B.A. from Thunderbird, The
American Graduate School of International Management.


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




Section
16(a) Beneficial Ownership Reporting Compliance




The Trust
does not have any directors or officers of its own and no person is known to the
Trust to beneficially own more than 10% or the outstanding units.




Audit
Committee




The
Managing Owner has not created an audit committee of its board of directors;
therefore, the entire board of directors of the Managing Owner acts as the audit
committee with respect to the Trust.  None of the directors are
considered to be independent as that term is used in Item 7(d)(3)(iv) of
Schedule 14A under the Securities Exchange Act of 1934, as
amended.  Therefore, there is no Audit Committee Financial
Expert.




Code
of Ethics




The Trust
does not have any officers; therefore, it has not adopted a code of ethics
applicable to the Trust’s principal executive officer, principal financial
officer, principal accounting officer and persons performing similar
functions.  The Managing Owner operates the Trust and has adopted a
code of ethics that applies to its principal executive officer, principal
financial officer, principal accounting officer and persons performing similar
functions.  This code of ethics is included by reference in Exhibit
14.01 to this annual report.




Item
11.  Executive Compensation




The Trust
has no officers or directors.  The Managing Owner administers the
business and affairs of the Trust (exclusive of Trust trading decisions which
are made by an independent commodity trading advisor).  The officers
and directors of the Managing Owner receive no compensation from the Trust for
acting in their respective capacities with the Managing Owner.




Item
12.  Security Ownership of Certain Beneficial Owners and Managementand Related Unitholder
Matters




(a)
            As
      of December 31, 2007, no person was known to the Trust to own beneficially
      more than 5% of the outstanding
units.




(b)
            As
      of December 31, 2007, the Managing Owner beneficially held an ownership of
      $1,712,262 (which is the equivalent of 20,218 units) or approximately 2.1%
      of the ownership of the Trust as of that
date.




(c)
            As
      of December 31, 2007, no arrangements were known to the registrant,
      including any pledges by any person of units of the Trust or shares of its
      Managing Owner or the parent of the Managing Owner, such that a change in
      control of the Trust may occur at a subsequent
  date.






18


Item
13.  Certain Relationships and Related Transactionsand Director
Independence
  None.  The
Trust does not have any directors.
  Item
14.  Principal Accounting Fees and Services
  (a)           Audit
Fees
  The Trust
paid CF & Co., L.L.P, the Trust’s independent registered public accounting
firm, $140,000 and $174,823 respectively for the 2007 and 2006 audits and for
professional services rendered in connection with the audit of the Trust’s
annual financial statements filed with the Trust’s Form 10-Ks, the review of
financial statements included in the Trust’s Form 10-Q filings and review of
other SEC filings.
  (b)           Audit-Related
Fees




The Trust
did not pay CF & Co., L.L.P any amount in 2007 or 2006 for assurance reviews
and related professional services rendered in connection with the audit or
review of the Trust’s financial statements that are not covered by Item 14(a)
above.




(c)           Tax
Fees




The Trust
did not pay CF & Co., L.L.P any amount in 2007 or 2006 for professional
services in connection with tax compliance, tax advice and tax
planning.  The Trust engaged Deloitte & Touche LLP, which does not
provide audit services to the Trust, to provide professional services in
connection with tax compliance, tax advice and tax planning and paid Deloitte
& Touche LLP $120,000 for such services for 2007 and $65,000 for
2006.  These fees consisted primarily of services rendered in
connection with the preparation of a Schedule K-1 to IRS Form 1065 for each
unitholder.




(d)           All
Other Fees




None.




(e)           Audit
Committee Pre-Approval Policies and Procedures




(i)
            The
      board of directors of the Managing Owner acts as the audit committee with
      respect to the Trust.  The directors of the Managing Owner have
      not developed pre-approval policies as of the date of this
      report.  Consequently, all audit and non-audit services provided
      by CF & Co., L.L.P must be approved by the directors of the Managing
      Owner.(ii)
            None
      of the services described in Item 9(e)(2) through 9(e)(4) of Schedule 14A
      of the Securities Exchange Act of 1934 were provided by CF & Co.,
      L.L.P therefore, no services were required to be approved by the board of
      directors of the Managing Owner on behalf of the Trust.(f)
            
            Less
      than 50% of the hours expended on CF & Co., L.L.P’s audit of the
      Trust’s financial statements were attributable to the work of persons who
      were not full-time, permanent employees of CF & Co
    L.L.P.




Part
IV




Item
15.  Exhibits, Financial Statements and Schedules




(a)
            The
      following documents are included
herein:




(1)
            Financial
      Statements:




a.
            Report
      of Independent Registered Public Accounting Firm — CF & Co.,
      L.L.P.




b.
            Consolidated
      Statements of Financial Condition as of December 31, 2007 and
      2006.




c.
            Condensed
      Consolidated Schedule of Investments as of December 31, 2007 and
      2006.




d.
            Consolidated
      Statements of Operations, Years ended December 31, 2007, 2006 and
      2005.




19


e.
            Consolidated
      Statements of Changes in Unitholders’ Capital for the years ended December
      31, 2007, 2006 and 2005.




f.
            Notes
      to Consolidated Financial
Statements.




(2)
            All
      financial statement schedules have been omitted either because the
      information required by the schedules is not applicable, or because the
      information required is contained in the financial statements herein or
      the notes hereto.




(3)
            Exhibits:




20


Index to Exhibits
  ExhibitNumber
                
                Description
      of Document1.01
                
                Amended
      and Restated Selling Agreement among R.J. O’Brien  Securities,
      LLC (the “Lead Selling Agent”), JWH Global Trust (the “Registrant”), R.J.
      O’Brien Fund Management LLC (the “Managing Owner”), and R.J. O'Brien &
      Associates, LLC.1.02
                
                Form
      of Amended and Restated Additional Selling Agreement.(1)3.01
                
                Seventh
      Amended and Restated Declaration and Agreement of Trust of the
      Registrant.(2)3.02
                
                Certificate
      of Amendment of Certificate of Trust of the
  Registrant.(3)10.01
                
                Form
      of Subscription Agreement and Power of Attorney.(4)10.02
                
                Subscription
      and Transfer Agent Agreement, dated as of April 2, 2007, by and among The
      Bank of New York, the Managing Owner, and the
    Registrant.(5)10.03
                
                Form
      of Trading Advisory Agreement among the Registrant, the Managing Owner,
      RJO and JWH, as assigned to R.J.O’Brien Fund Management,
      LLC.(3)10.04
                
                First
      Amendment to the Trading Advisory Agreement, dated as of September 29,
      2000, by and among JWH Global Trust, CIS Investments, Inc., and John W.
      Henry & Company, Inc.(5)10.05
                
                Second
      Amendment to the Trading Advisory Agreement, dated as of June 23, 2005, by
      and among JWH Global Trust, CIS Investments, Inc., and John W. Henry &
      Company, Inc.(5)10.06
                
                Third
      Amendment to the Trading Advisory Agreement, dated as of June 27, 2006,
      between JWH Global Trust, Refco Commodity Management, Inc., and John W.
      Henry & Company.(5)10.07
                
                Customer
      Agreement between the Registrant and R.J. O’Brien & Associates, Inc.,
      dated as of September 27, 2006. (6)13.01
                
                Annual
      Report to Unitholders for Fiscal Year 2007.14.01
                
                R.J.
      O’Brien Fund Management, LLC. Code of Ethics.31.01
                
                Rule
      13a-14(a)/13d-14(a) Certifications of Principal Executive
      Officer.31.02
                
                Rule
      13a-14(a)/13d-14(a) Certifications of Principal Financial
      Officer.32.01
                
                Section
      1350 Certification of Chief Executive Officer.32.02
                
                Section
      1350 Certification of Chief Financial
Officer.
 
 
 (1) 
Incorporated by reference from the exhibit of the same description filed on
November 29, 2007 with Pre-Effective Amendment No. 1 to the Registrant’s
Registration Statement on Form S-1 (Reg No. 333-146177).
  (2) 
Incorporated by reference from the exhibit of the same description filed on
March 4, 2008 on the Registrant's Form 8-K.
  (3) 
Incorporated by reference from the exhibit of the same description filed on
February 10, 1997 with Post-Effective Amendment No. 1 to the Registrant's
Registration Statement on Form S-1 (Reg. No. 333-16825; declared effective April
3, 1997).
  (4) 
Incorporated by reference from the exhibit of the same description filed on
December 5, 2007 with the Registrant's Prospectus on Form 424B3.
  (5) 
Incorporated by reference from the exhibit of the same description filed on
September 19, 2007 with the Registrant's Registration Statement on Form S-1
(Reg. No. 333-146177; declared effective December 4, 2007).
  (6) 
Incorporated by reference from the exhibit of the same description filed on July
5, 2007 on the Registrant's Form 10-K.





21


SIGNATURES




Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.




Date:
      March 20, 2008
            JWH
      GLOBAL TRUSTBy:
      R.J. O’Brien Fund Management,LLC.(Managing
      Owner)By:
            /s/
      Helen
      D. McCarthyHelen
      D. McCarthyVice
      President andChief
      Financial Officer








Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, this
Form 10-K has been signed below by the following persons on behalf of the
Registrant on March 20, 2008, and in the capacities indicated:




R.J.
O’Brien Fund Management, LLC.




Signatures
            
            Title/s/ Gerald Corcoran
            
            Chief
      Executive Officer and DirectorGerald
      Corcoran
            
            (principal
      executive officer)/s/ Helen
      D. McCarthy
            
            Chief
      Financial Officer and DirectorHelen
      D. McCarthy
            
            (principal
      financial and accounting officer)/s/ Colleen Mitchell
            
            President
      and DirectorColleen
      Mitchell/s/ Annette Cazenave
            
            Senior
      Vice President and DirectorAnnette
      Cazenave




















22