**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**

**Forthe fiscal year ended December 31, 2006**

**OR**

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

**SECURITIES EXCHANGE ACT OF 1934**

**Forthe transition period from                       to**                      .

**CommissionFile Number:  000-22887**

**JWH GLOBAL TRUST**

(Exact name ofregistrant as specified in its charter)

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

 

**222 SRiverside Plaza**

**Suite900**

**Chicago,IL  60606**

(Address ofprincipal executive offices) (Zip Code)

**(312)373-5000**

(Registrant’stelephone number, including area code)

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

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

**Units ofBeneficial Interest**

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

o Yes     **x** No

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

o Yes     **x** No

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

o Yes     **x** No

Indicate by check mark ifdisclosure of delinquent filers pursuant to Item 405 of Regulation S-K is notcontained herein, and will not be contained, to the best of registrant’sknowledge, in definitive proxy or information statements incorporated byreference in Part III of this Form 10-K or any amendment to this Form10-K.  **x YES   ****o**** NO**

Indicate by check markwhether the registrant is a large accelerated filer, an accelerated filer, or anon-accelerated filer.  See definition ofaccelerated filer and large-accelerated filer in Rule 12b-2 of the ExchangeAct.  (Check One):

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

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

oYes     xNo

State the aggregatemarket value of the units of the Trust held by non-affiliates of theregistrant.  The aggregate market valueshall be computed by reference to the price at which units were sold as of thelast business day of the registrant’s most recently completed second fiscalquarter:  $ 162,515,577 as of June 30,2006.

DOCUMENTS INCORPORATEDBY REFERENCE

Portions of the Trust’sprospectus dated on August 1, 2005 is hereby incorporated by reference intoItem 1A of this annual report on Form 10-K.

 

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**ExplanatoryNote**

This annual report onForm 10-K for the year ended December 31, 2006, is being filed after the filingdeadline due to the Trust’s inability to value certain of its assets andcomplete the preparation of its financial statements.

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**TABLEOF CONTENTS**
| Part I   |   |                                                                                                 |   |   |
|----------|--------|------------------------------------------------------------------------------------------------------|--------|--------|
|     |   | Item  1. Business                                                                                    |   | 4      |
|     |   | Item  1A. Risk Factors                                                                               |   | 7      |
|     |   | Item 1B. Unresolved  Staff Comments                                                                  |   | 7      |
|     |   | Item  2. Properties                                                                                  |   | 7      |
|     |   | Item 3. Legal Proceedings                                                                            |   | 7      |
|     |   | Item 4. Submission  of Matters to a Vote of Security Holders                                         |   | 8      |
|     |   |                                                                                                 |   |   |
| Part II  |   |                                                                                                 |   |   |
|     |   | Item 5. Market  for the Registrant’s Units and Related Security Holder Matters                  |   | 8      |
|     |   | Item 6. Selected Financial  Data                                                                     |   | 8      |
|     |   | Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of  Operations |   | 9      |
|     |   | Item 7A.  Quantitative and Qualitative Disclosures About Market Risks                                |   | 14     |
|     |   | Item 8. Financial  Statements and Supplementary Data                                                 |   | 18     |
|     |   | Item 9. Changes  in and Disagreements with Accountants on Accounting and Financial Disclosure        |   | 19     |
|     |   | Item 9A. Controls  and Procedures                                                                    |   | 19     |
|     |   | Item 9B. Other Information                                                                           |   | 19     |
|     |   |                                                                                                 |   |   |
| Part III |   |                                                                                                 |   |   |
|     |   | Item 10.  Directors and Executive Officers of the Registrant                                         |   | 19     |
|     |   | Item 11. Executive  Compensation                                                                     |   | 20     |
|     |   | Item 12. Security  Ownership of Certain Beneficial Owners and Management                             |   | 21     |
|     |   | Item 13. Certain  Relationships and Related Transactions                                             |   | 21     |
|     |   | Item 14. Principal  Accounting Fees and Services                                                     |   | 21     |
|     |   |                                                                                                 |   |   |
| Part IV  |   |                                                                                                 |   |   |
|     |   | Item 15. Exhibits,  Financial Statements and Schedules                                               |   | 22     |

 

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**Part I**

**Item 1.  Business**

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

JWH Global Trust(the “Trust”) is a Delaware statutory trust organized on November 12, 1996under the Delaware Statutory Trust Act. The business of the Trust is the speculative trading of commodityinterests, including futures contracts on currencies, interest rates, energyand agricultural products, metals and stock indices, spot and forward contractson currencies and precious metals and exchanges for physicals (“CommodityInterests”) pursuant to the trading instructions of an independent tradingadvisor.  R. J. O’Brien Fund Management,Inc (“RJOFM” or the “Managing Owner”) acquired the Managing Owner interest in the Trust from Refco CommodityManagement, Inc (“RCMI”) on November 30, 2006. The managing owner of the Trust is RJOFM, an Illinois corporationorganized in November 2006.  The ManagingOwner is registered as a commodity pool operator under the Commodity ExchangeAct, as amended (“CE Act”), and is responsible for administering the businessand affairs of the Trust.  The ManagingOwner is an affiliate of R. J. O’Brien & Associates Inc., the clearingbroker for the Trust (“RJO” or the “Clearing Broker”). Trading decisions forthe Trust have been delegated to an independent commodity trading advisor, JohnW. Henry & Company, Inc. (“JWH” or the “Advisor”).

RJO is a “FuturesCommission Merchant”, the Managing Owner is a “Commodity Pool Operator” and thetrading advisor to the Trust is a “Commodity Trading Advisor”, as those termsare used in the CE Act.  As such, theyare registered with and subject to regulation by the Commodity Futures TradingCommission (“CFTC”) and are each a member of the National Futures Association (“NFA”).  Refco Securities, Inc., an affiliate of theRCMI and the lead selling agent for the Trust until November 30, 2006, isregistered as a broker-dealer with the National Association of SecuritiesDealers, Inc. (“NASD”).

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

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

The Managing Owneris responsible for the preparation of monthly and annual reports to theBeneficial Owners; filing reports required by the CFTC, the NFA, the Securitiesand Exchange Commission (the “SEC”) and any other federal or state agencieshaving jurisdiction over the Trust’s operations; calculation of the NAV(meaning the total assets less total liabilities of the Trust) and directingpayment of the management and incentive fees payable to the Advisor under theAdvisory Agreement.

The Managing Ownerprovides suitable facilities and procedures for handling redemptions,transfers, distributions of profits (if any) and, if necessary, the orderlyliquidation of the Trust. Although RJO acts as the Trust’s clearing broker, theManaging Owner is responsible for selecting another clearing broker in theevent RJO is unable or unwilling to continue in that capacity.  The Managing Owner is further authorized, onbehalf of the Trust (i) to enter into a brokerage clearing agreement andrelated customer agreements with other brokers, pursuant to which other brokerswill render clearing services to the Trust; and (ii) to cause the Trust to paybrokerage commissions at the rates provided for in the Prospectus; and to paydelivery, insurance, storage, service and other fees and charges incidental tothe Trust’s trading.  The Managing Owneralso advances payment of ongoing offering expenses for which it receivesreimbursement, subject to a ceiling of 0.5% of the Trust’s average month-endnet assets during any fiscal year. The Trust has paid no ongoing offeringexpenses from October 2005 through December 2006. On December 31, 2006, $35,000of offering costs were accrued in anticipation of renewing the offering ofunits in the near term.

The AdvisoryAgreement between the Trust and JWH provides that JWH has sole discretion inand responsibility for the selection of the Trust’s commodity transactions withrespect to that portion of the Trust’s assets allocated to it.  As of

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December 31, 2006,JWH was managing 100% of the Trust’s assets. The Advisory Agreement with JWHcommenced on April 3, 1997.  The Trustand JWH amended the Advisory Agreement as of September 29, 2000 to extend theterm of the Advisory Agreement until June 30, 2002 with automatic renewal forthree additional twelve-month terms (beginning January 1 and ending December 31of each year) through June 2005, unless earlier terminated in accordance withthe termination provisions contained therein. On June 27, 2005 the term of theAdvisory Agreement was further extended to June 30, 2007, with automaticrenewal for additional 12 month periods.

The AdvisoryAgreement shall terminate automatically in the event that the Trust isterminated in accordance with the Sixth Amended and Restated Declaration andAgreement of Trust.  The AdvisoryAgreement may be terminated by the Trust at any time, upon 60 days’ priorwritten notice to the Advisor.  Inaddition, 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 Trustfunds allocated to the Advisor’s management decreases as of the close oftrading on any business day by more than 30% from the sum of the NAV of allfunds allocated to the Advisor (after adding back all redemptions,distributions and reallocations made to any additional trading advisors in respectof such assets); (B) the Advisor is unable, to any material extent, to use theTrading Programs (as defined in the Advisory Agreement), as the TradingPrograms may be refined or modified in the future in accordance with the termsof the Advisory Agreement for the benefit of the Trust; (C) the Advisor’sregistration as a commodity trading advisor under the CE Act, or membership asa commodity trading advisor with NFA is revoked, suspended, terminated or notrenewed; (D) the Managing Owner determines in good faith that the Advisor hasfailed to conform to (i) the Trust’s trading policies or limitations, as theymay be revised or modified, or (ii) a Trading Program; (E) there is anunauthorized assignment of the Advisory Agreement by the Advisor; (F) the Advisordissolves, merges or consolidates with another entity or sells a substantialportion of its assets, any portion of the Trading Programs utilized by theTrust or its business goodwill to any person or entity other than onecontrolled, directly or indirectly, by John W. Henry, in each instance withoutthe consent of the Managing Owner; (G) the Advisor becomes bankrupt orinsolvent; (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 necessaryfor the protection of the Trust.

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

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

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

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

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The Trust tradesin the global futures and forward markets pursuant to the Advisor’s proprietarytrading strategies.  From thecommencement of trading on June 2, 1997 until October 1998, the Trust allocatedits assets 50% to the Original Investment Program and 50% to the Financial andMetals Portfolio.  For the periodbeginning October 5, 1998 and ending December 31, 1999, the Trust allocated itsassets 40% to the Original Investment Program, 35% to the Financial and MetalsPortfolio and 25% to the G-7 Currency Portfolio.  On January 1, 2000, the Trust substituted theJWH GlobalAnalytics® Family of Programs for the Original Investment Program andreallocated trust assets 40% to the Financial and Metals Portfolio, 30% to theG-7 Currency Portfolio and 30% to the JWH GlobalAnalytics® Family ofPrograms.  For the period beginningAugust 1, 2005,   the Trust allocated 30%of it’s assets to Financial and Metals Portfolio, 30%  to GlobalAnalytics family of programs, 20% toInternational Foreign Exchange and 20% to Global Financial and Energy. For theperiod beginning July 1, 2006 substituted the Global Diversified program forthe Global Financial & Energy program. JWH continues to rebalance the Trust’sassets at the end of each quarter among these three trading programs inaccordance with the proceeding percentages.

The Trust’s netassets are deposited in the Trust’s accounts with RJO, the Trust’s clearingbroker and currency dealer.  The Trustearns interest on 100% of the Trust’s average daily balances on deposit withRJO during each month at the average of 75% of the 91-day Treasury bill ratefor that month in respect of deposits denominated in U.S. dollars or at LIBORless 100 basis points in respect of deposits denominated in currencies otherthan U.S. dollars (which may be zero in some cases).

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

**Recent Events**

On February 9,2006, KPMG LLP (“KPMG”) resigned as the independent accountants of the Trust.

Effective August 25, 2006, the Trust engaged the firmof CF & Co., LLP to act as its independent auditor for the fiscal yearending December 31, 2005.

On October 12,2006, RCMI, RJO and RJOFM entered into an Asset Purchase Agreement (the “AssetPurchase Agreement”) that provides for, among other things, RJOFM to purchaseRCMI’s managing owner interest in the Trust. The Asset Purchase Agreement alsoprovided for RCMI to commence a proceeding under Chapter 11 of the BankruptcyCode and to obtain the Bankruptcy Court’s approval of the Asset PurchaseAgreement and the transactions set forth therein.

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

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

On December 29, 2006 the Trust received a partialrecovery from RCM in the amount of $10,319,317. Management elected toretain $983,648 of these proceeds for legal and administrative expenses and todistribute $9,335,669  as of December 31,2006.  Unitholders who had previously redeemed units of the Tradingaccount received cash in the amount of $4,180,958 as disclosed in Note 1 — “GeneralInformation and Summary” in the notes to the financial statements filed asExhibit 13.01. Unitholders who had not previously redeemed units of the Tradingaccount received 54,914 additional units of the Trading account in exchange for$5,154,711, their share of the total distribution of $9,335,669 referred toabove.

Effective January 1, 2007, JWH Special CircumstanceLLC (the “LLC”), a limited liability company, was established to pursueadditional claims against RCM. The LLC was funded with cash of $1,447,136 whichrepresents the $983,648 referred to above plus $463,488, the cash remaining of$1,000,000 set up to pay collection costs as disclosed in Note 1 — “GeneralInformation and Summary” in the notes to the financial statements.  Any funds obtained by the LLC will bedistributed to unitholders who were investors in the Trust at the time of thebankruptcy of RCM and Refco, Inc.

On April 20, 2007, the LLC received a second partialrecovery from RCM in the amount of $2,787,629. Management believes that, after that recovery,  the remaining value of $3,856,316 representsa fair estimate of the amount of remaining recoveries that may be received.

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On June 7, 2007,the LLC received a third partial recovery from RCM in the amount of$265,758.  Management believes that,after this third recovery, the remaining value of $3,590,558 represents a fairestimate of the amount of remaining recoveries that may be received.

**Financial Information about Segments**

The Trust’sbusiness constitutes only one segment for financial reporting purposes; it is aDelaware statutory trust whose purpose is to trade, buy, sell, spread orotherwise acquire, hold or dispose of commodity interests including futurescontracts on currencies, interest rates, energy and agricultural products,metals and stock indices, spot and forward contracts on currencies and preciousmetals and exchanges for physicals.  TheTrust does not engage in the production or sale of any goods or services.  The objective of the Trust business isappreciation of its assets through speculative trading in such commodityinterests.  Financial information aboutthe Trust’s business, as of December 31, 2006, is set forth under Items 6, 7,and 8 herein.

**Financial Information about Geographic Areas**

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

**Available Information**

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

The Trust willalso provide paper copies of such reports and amendments to its investors freeof charge upon written request.

**Item 1A. Risk Factors**

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

**Item 1B. Unresolved Staff Comments**

None

**Item 2.  Properties**

The Trust does notutilize any physical properties in the conduct of its business.  The Managing Owner uses the offices of RJO atno additional charge to the Trust, to perform its administration functions, andthe Trust uses the offices of RJO at no additional charge to the Trust, as itsprincipal administrative offices.

**Item 3.  LegalProceedings**

On October 10, 2005, Refco Inc., the parent companyof RCMI announced that it had discovered through an internal review areceivable 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 receivablein cash, including all accrued interest, on October 10, 2005. Based upon theresults of the review to date, Refco Inc. believes that the receivable was theresult of the assumption by an entity controlled by Mr. Bennett of certainhistorical obligations owed by unrelated third parties to Refco, Inc., whichmay have been uncollectible. Independent counsel and forensic auditors havebeen retained to assist Refco, Inc.’s Audit Committee in the investigation ofthese matters.

On October 12, 2005, Mr. Bennett was initiallycharged with one count of securities fraud. On November 10, 2005, he wasindicted on eight counts of conspiracy, fraud, and other charges by a federalgrand jury. The indictment was delivered in the United States District Courtfor the Southern District of New York. Prosecutors charge in the indictmentthat Mr. Bennett

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hid customer and company losses from Refco, Inc.auditors and investors from as early as the late 1990s. Those losses, accordingto the indictment, were then transferred to a company controlled by Mr. Bennettand hidden through a series of transactions.

Refco, Inc. and other affiliated entities, includingRCMI, have subsequently filed for bankruptcy. See Note 7 — “Subsequent Events” in the notes to the financialstatements filed as Exhibit 13.01 for more information.  Such information is incorporated herein byreference.

Since the announcement of these matters at Refco,Inc., the Informal Committee of RCMI (Mr. Richard C. Butt and Ms. Annette A.Cazenave) has undertaken its own review into RCM and the Trust to ensure noneof these matters had any material impact on the results of operations of eitherRCMI as the former  managing owner or theTrust.  Based upon the results of thatreview, 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 ofMatters to a Vote of Security Holders**

None

**Part II**

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

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

(ii) As ofDecember 31, 2006, there were 1,283,573 units held in the Trading Account bythe Beneficial Owners for an investment of $120,482,074 and 20,218 units heldin the Trading Account by the Managing Owner for an investment of $1,897,788  A total of 511,449 units had been redeemed by Beneficial Owners and 0 units by theManaging Owner during the period of January 1, 2006 to December 31, 2006.  The Trust’s Sixth Amended and RestatedDeclaration and Agreement of Trust contains a full description of redemptionand distribution procedures. 5,237,705 ($491,610,991) units remain unsold as of December 31, 2006.

(iii) To date nodistributions have been made to owners of beneficial interest in the Tradingaccount of the Trust.  The Sixth Amendedand Restated Declaration and Agreement of Trust does not provide for regular orperiodic cash distributions, but gives the Managing Owner sole discretion ofdetermining what distributions, if any, the Trust will make to its owners ofbeneficial interest.  The Managing Ownerhas not declared any such distributions to date, and does not currently intendto declare such distribution. (See explanation of distribution to Non-tradingaccount on December 29, 2006 in Item 1, “Recent events”).

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

(b)         The Trustdid not repurchase any units registered pursuant to Section 12 of theSecurities Exchange Act during the period January 1, 2006 through December 31, 2006.

**Item6.  Selected Financial Data**

The following SelectedFinancial Data is presented for the years ended December 31, 2002, 2003, 2004,2005 and 2006 and is derived from the financial statements for such fiscalyears.
| ** **                                          | ** ** | **2002** | ** ** | **2003** | ** ** | **2004** | ** ** | **2005** | ** ** | **2006** | ** ** |
|-----------------------------------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
|                                                |       |     |       |     |       |     |       |     |       |     |       |
| Revenues (000)                                      |       | $        | 19,741     |     | $          | 17,203   |       | $        | 36,504     |     | $          | 3,569 |   | $ | (15,853 | ) |
| Net Income  (Loss) From Continuing Operations (000) |       | 12,057   |       | 3,964    |       | 8,847    |       | (20,433  | )          | (29,194  | )          |
| Net Loss  Nontrading (000)                          |       |     |       |     |       |     |       | (39,878  | )          | (538     | )          |
| Net Income  (Loss) Per Unit                         |       | 28       |       | 10       |       | (1       | )          | (28      | )          | (19      | )          |
| Total Assets  (000)                                 |       | 65,112   |       | 210,466  |       | 342,628  |       | 223,617  |       | 140,705  |       |
| Net Asset Value per  Unit                           |       | 140      |       | 149      |       | 149      |       | 121      |       | 97       |       |
|                                                     |            |          |            |          |            |          |            |          |            |          |            |  |  |  |  |  |

 

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

(a)          Capital Resources

The Trust’scapital resources fluctuate based upon the purchase and redemption of units andthe gains and losses of the Trust’s trading activities.  During 2006, no units were purchased byBeneficial Owners. The Managing Owner purchased 0 units during this time. For the fiscal year ended December 31, 2006, the Beneficial Ownersredeemed a total of 511,449 units for $52,435,526. The Managing Owner redeemeda total of 0 units.  For the fiscal yearended December 31, 2005, the Beneficial Owners redeemed a total of 770,681units for $93,925,546 and the Managing Owner redeemed a total of 660 units for$86,447.

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

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

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

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

During the fiscalyear-ended December 31, 2006, the Trust had no credit exposure to acounterparty which is a foreign commodities exchange which was material.

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

(b)         Liquidity

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

The Trust earns interest on 100% of the Trust’s average daily balanceson deposit with  RJO during each month at75% of the average 91-day Treasury bill rate for that month in respect ofdeposits 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 31,2006, clearing brokers had paid or accrued to pay interest of $6,848,952 to theTrust.  For the calendar year endedDecember 31, 2005, the clearing brokers paid or accrued to pay interest of $8,790,919  to the Trust.

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

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

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

(c)          Results of Operations

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

The Advisor’s programsdo not predict price movements.  Nofundamental economic supply or demand analysis is used in attempting toidentify mispricings in the market, and no macroeconomic assessments of therelative strengths of different national economies or economic sectors ismade.  Instead, the programs applyproprietary computer models to analyze past market data, and from this dataalone attempt to determine whether market prices are trending.  Technical traders such as the Advisor basetheir strategies on the theory that market prices reflect the collectivejudgment of numerous different traders and are, accordingly, the best and mostefficient indication of market movements. However, there are frequent periods during which fundamental factorsexternal to the market dominate prices.

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

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

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

**2006**

The JWH Global Trust posted a loss of  16.8 % for 2006.  The Net Asset Value at year-end was $93.86(please see Note 1 — “GeneralInformation and Summary” in the notes to the financial statements for moreinformation with respect to the calculation of Net Asset Value) compared to$112.86 per unit at the beginning of the year. There were no contributions tothe Trust during 2006.

The Fund’s performance inthe first quarter was negative. The currency sector led the Fund’s losses asthe sharp reversal in the U.S. dollar’s strength continued into January.  The U.S. dollar dropped 2.3 % and 1.25%against the euro and the British

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pound, respectively.  The energy sector suffered losses  as geopolitical events and changing weatherforecasts induced volatility.  Theagriculture sector was slightly negative as sugar prices rose to their highestlevels since 1989.  Metals led thepositive performing sectors, along with gains achieved in the indices andinterest rate sectors.  Metals benefitedas silver gained 31% for the quarter and gold reached a 25-year high. Theindices sector also gained as Asian stocks approached a 16-year high.  The interest rate sector benefited asJapanese, German and U.S. government debt sold off on stronger-than-expectedeconomic data.  Yields on the Germanbenchmark two-year bonds rose to their highest point in more than 3 years, whileJapanese 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 Fund’s performancewas negative during the second quarter. The German benchmark 10-year bund yield touched 4 % for the first timesince October  2004.  The metal and currency sectors also added toperformance in April as both precious and base metals continued to trend higherdue to inflationary fears and increased demand. Currencies benefited as theU.S. dollar continued to weaken.  Goldclimbed above $650/oz for the first time in 25 years while the U.S. dollar fell4.1 percent against the euro. In mid-quarter,  the interest rate,metal, agriculture and indices sectors suffered from large marketcorrections.  Increased inflationaryfears and concerns over the global economy led investors to take profits andreduce risk exposure.   The Dow JonesIndustrial Average closed on May 9th within 84 points of a new record high; howeverlater weakened, ending May with their worst monthly decline in almost twoyears. This caused a  “contagion effect”in the metal and currency sectors.  Goldfell 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 pereuro.  In June, all of April’s gains wereerased as all six sectors were negative, with the currency, metals and interestrate sectors responsible for the majority of the Fund’s losses.   The possibility of a larger-than-expectedinterest rate move sent the U.S. dollar and U.S. treasury yields higher.  However the markets suffered another reversalafter the Fed raised rates by only 25 basis points. The dollar ended thequarter 5.3 % lower against the euro and 2.8% lower versus the yen- the greatestpercentage decrease since the last quarter of 2004.

The Fund’sperformance  was positive for the thirdquarter. The interest rate sector was positive as U.S. treasuries had theirbiggest quarterly gain in 4 years, and European 10-year bonds posted theirfirst quarterly gain since June 2005. The U.S. 10-year note touched a seven-month low of 4.53 % on September25th,down from 5.14 % on June 30th.  JGBs also helped performance as investorsspeculated that the BOJ would keep interest rates at their current level forthe remainder of the year. The energy sector was also positive  albeit with increased volatility. Natural gasand crude oil prices tumbled in September as mild weather in the MidwesternUnited States cut demand and inventories climbed toward an all-time high.   Meanwhile, crude oil prices fell 20 % aftertouching a record high of $78.40 a barrel on July 14th asfuel stockpiles increased and tensions in the Middle East eased.  Currencies were negative for a thirdconsecutive quarter.  Currency marketscontinued to experience reversals with speculation about the health of the U.S.economy and global inflation.    Themetals sector suffered as commodities as an asset class had its biggestquarterly decline in at least 50 years. The Commodity Research Bureau index ended the third quarter down 12%,its largest decline since 1956.  Goldprices fell 18% from a 26-year high of $732 an ounce in May. The indices andagriculture 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. andJapan kept equity markets lower for the majority of the quarter.

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

**2005**

The JWH Global Trust posted a loss of  18.7% for 2005.  The Net Asset Value at year-end was $120.73(please see Note 1  — “General Information and Summary” in the notesto the financial statements for more information with respect to thecalculation of Net Asset Value) compared to $148.54 per unit at the beginningof 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 bulkof the losses were directly related to the strength of the U.S. dollar againstmost major currencies.  The weak dollartrend, which had dominated during the second half of 2004, began to reverseitself on diminishing expectations of a Yuan revaluation by the Chinese centralbank.  Demand for the dollar alsoincreased when the Federal Reserve raised interest rates by a quarterpercentage point for the seventh time since June 2004. On February 16th Fed Chairman Alan Greenspan’stestimony, stating that the decline in long-term interest rates during the pastyear “remains a conundrum”, sparked inflationary fears worldwide and added tothe Trust’s negative performance in the interest rate sector as the European,Japanese and U.S. bond markets sold-off. The Japanese sell-off was short livedas Japanese bonds rallied amid speculation that exports to the U.S. woulddrop.  The energy sector, the Trust’s

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best performer during the quarter, benefited from an increase ininflationary fears offset some of the previously discussed losses in thecurrency and interest rate sectors. Energies rallied as commodity prices surgedto 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 sectorswere not enough to offset the losses incurred in the currency, interest rateand metals sectors.

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

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

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

**2004**

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

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

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

The Trust’sperformance was down during the second quarter as five out of six marketsectors that traded posted losses.  Thechange in US employment growth prospects hurt profitability.  Concerns about future growth in China andChinese monetary policy changes aimed at controlling the growth in creditcaused a major reversal in many commodity markets, especially the basemetals.  Currencies saw limitedlonger-term price changes coupled with strong reversals.  In the case of the yen, there was nogovernment intervention during the second quarter, as there had been during thefirst quarter, but the relatively high level of volatility continued because ofthe threat of further intervention.  Thefixed-income sector also hurt performance during the quarter.  Even after the first rate increase in fouryears, the price of the 10-year bond was only slightly higher than at thebeginning of the year.  The Bund marketwas also range-bound, because of the steadier monetary policy of the EuropeanCentral Bank, as well as muted growth and inflation prospects in Europe.  Stock indices hurt performance, as mixedviews on growth prospects in key economies kept prices in a relatively tightrange.  Energy trading proved to be thesole area for profits during the quarter.

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

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

Overall, the Trusthad a slightly negative year.  After anextremely difficult first half of the year, the Trust’s long-term trendfollowing approach to the markets once again proved profitable in the secondhalf of the year.

(d)         Inflation

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

(e)          Off-Balance-SheetArrangements

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

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(f)    Tabular Disclosure ofContractual Obligations

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

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

**Introduction**

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

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

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

**Standardof Materiality**

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

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

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

**QuantitativeForward-Looking Statements**

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

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

Exchangemaintenance margin requirements have been used by the Trust as the measure ofits Value at Risk.  Maintenance marginrequirements are set by exchanges to equal or exceed the maximum lossesreasonably expected to be incurred in the

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fair value of anygiven contract in 95% - 99% of any one-day intervals.  The maintenance margin levels are establishedby dealers and exchanges using historical price studies as well as anassessment of current market volatility (including the implied volatility ofthe options on a given futures contract) and economic fundamentals to provide aprobabilistic estimate of the maximum expected near-term one-day pricefluctuation.

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

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

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

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

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

The followingtables indicate the average, highest and lowest amounts of trading Value atRisk associated with the Trust’s open positions by market category for fiscalyears 2006 and 2005.  All open positiontrading risk exposures of the Trust have been included in calculating thefigures set forth below.  During fiscalyear 2006, the Trust’s average total capitalization was approximately $156million, and during fiscal year 2005, the Trust’s average total capitalizationwas approximately $290 million.

**FiscalYear 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 | % |

 

**FiscalYear 2005**

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

 

 

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

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

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

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

**Non-TradingRisk**

The Trust hasnon-trading market risk on its foreign cash balances not needed formargin.  However, these balances (as wellas any market risk they represent) are immaterial.  The Trust holds substantially all of itsassets in cash on deposit with RJO.  TheTrust has cash flow risk on these cash deposits because if interest ratesdecline, so will the interest paid out by RJO at 75% of the 91-day Treasurybill rate.  As of December 31, 2006 andDecember 31, 2005, the Trust had approximately $119.3 million and $202.4million, respectively, in cash on deposit with RJO and Lehman Brothersrespectively.

**QualitativeDisclosures Regarding Primary Trading Risk Exposures**

The followingqualitative disclosures regarding the Trust’s market risk exposures — exceptfor (i) those disclosures that are statements of historical fact and (ii) thedescriptions of how the Trust and JWH manage the Trust’s primary market riskexposures — constitute forward-looking statements within the meaning of Section27A of the Securities Act and Section 21E of the Securities Exchange Act.  The Trust’s primary market risk exposures aswell as the strategies used and to be used by JWH for managing such exposuresare subject to numerous uncertainties, contingencies and risks, any one ofwhich could cause the actual results of the Trust’s risk controls to differmaterially from the objectives of such strategies.  Government interventions, defaults andexpropriations, illiquid markets, the emergence of dominant fundamentalfactors, political upheavals, changes in historical price relationships, aninflux of new market participants, increased regulation and many other factorscould result in material losses as well as in material changes to the riskexposures and the risk management strategies of the Trust.  There can be no assurance that the Trust’scurrent market exposure and/or risk management strategies will not changematerially or that any such strategies will be effective in either the short-or long-term.  Investors must be preparedto lose all or substantially all of their investment in the Trust.

The following werethe primary trading risk exposures of the Trust as of December 31, 2006, bymarket sector.

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

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

**StockIndices**.  The Trust’sprimary equity exposure is to equity price risk in the G-7 countries includingthe U.S.  The stock index futures tradedby the Trust are by law limited to futures on broadly based indices. As ofDecember 31, 2006, the Trust’s primary exposure was in the E-Mini Nasdaq,Eurostoxx 50, Osaka Nikkei (Japan), and SFE SPI 200 (Australia).  As

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of December 31,2005, the Trust’s primary exposure was in the E-Mini Nasdaq, Osaka Nikkei(Japan), SFE SPI 200 (Australia), DAX (Germany) and Eurostoxx 50.    The Trust is primarily exposed to the riskof adverse price trends or trendless markets in the major U.S., European andJapanese indices.  (Trendless marketswould not cause major market changes but could make it difficult for the Trustto avoid being “whipsawed” into numerous small losses.)

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

**Agricultural.**The Trust’s primary commodities exposure is to agriculturalprice movements, which are often directly affected by severe or unexpectedweather conditions.  Coffee, corn, wheat,beans, soybean oil, cotton, cocoa and sugar accounted for the substantial bulkof the Trust’s agricultural exposure as of December 31, 2006 and December 31,2005.  In the past, the Trust has hadmarket exposure to live cattle, and the soybean complex and may do so again inthe future.

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

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

The following werethe only non-trading risk exposures of the Trust as of December 31, 2006 andDecember 31, 2005.

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

**CashPosition**.  The Trustheld substantially all its assets in cash at Lehman Brothers and later R.J. O’Brien& Associates, earning interest at 75% of the average 91-day Treasury billrate (calculated daily).

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

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

# **Risk Management**

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

Modern portfoliotechniques are used in an effort to construct an overall diversified portfoliofor each JWH trading program.  However,some programs will have limited diversification because of their sector focus.These techniques will attempt to take into account the volatility andcorrelation of the markets that are included in the program. However, noassurances can be made that historical market correlations and diversificationwill occur or persist in all market conditions. In an attempt to maintaindiversification, portfolio adjustments will be made to account for systematicchanges identified by JWH’s research in the relationships across markets.Consistent with JWH’s view of markets, portfolios are managed to meetlonger-term risk and volatility tolerances, rather than trading on the basis ofshort-term trends or short-term volatility.

17

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

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

Proprietaryresearch may be conducted to refine the JWH investment strategies. Thepotential benefits to a program of employing more than one investmentmethodology, applying investment methodologies in varying combinations, and thepossible substitution of alternative investment methodologies with respect toparticular contracts may be assessed through the testing of differentmethodologies, along with the possible benefits of such modifications toimprove program performance over historical levels.  In addition, risk management research andinvestment program analysis may suggest modifications regarding the relativeweighting among various contracts, modifying the style and/or timing used by aninvestment program to trade a particular contract, the addition or deletion ofa contract traded by an investment program, or a change in position size inrelation to account equity.  JWH’sresearch on these and other issues has resulted in investment programmodifications from time to time in the past, and are expected to do so in thefuture.

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

JWH may also usediscretion to adjust the size of a position in relation to equity in theaccount for markets or for entire investment programs.  Such adjustments may not be made for all JWHprograms.  Factors that may affectdecisions to adjust the size of a position in relation to account equityinclude ongoing research, program volatility, current market volatility, riskexposure, subjective judgment, and evaluation of these and other general marketconditions.

Decisions tochange the size of a position may positively or negatively affect performanceand will alter risk exposure for an account, since such adjustments will alsoalter the volatility of JWH programs. Adjustments in position size relative toaccount equity may lead to greater profits or losses, more frequent and largermargin calls, and greater brokerage expense. No assurance is given that such adjustments will result in increasedprogram profitability.  JWH reserves theright to alter, at its sole discretion and without notification, its policyregarding adjustments in position size relative to account equity.

**Item 8.  FinancialStatements and Supplementary Data**

Reference is madeto the financial statements and the notes thereto filed as Exhibit 13.01 tothis report.

The following summarized (unaudited)quarterly financial information presents the results of operations and otherdata for three-month periods ended March 31, June 30, September 30 and December31, 2006 and 2005.
| ** **                  | ** ** | **First  Quarter** | ** **  | **Second  Quarter** | ** ** | **Third  Quarter** | ** ** | **Fourth  Quarter** | ** ** |
|-----------------------------|------------|--------------------|-------------|---------------------|------------|--------------------|------------|---------------------|------------|
| ** **                  | ** ** | **2006**           | ** **  | **2006**            | ** ** | **2006**           | ** ** | **2006**            | ** ** |
| Total Revenues  (Loss)      |       | $                  | (14,633,780 | )                   | $          | 766,346            |       | $                   | 3,454,390  |   | $ | (5,411,088 | ) |
| Total Expenses              |       | 4,271,022          |        | 3,789,151           |       | 3,262,624          |       | 2,586,556           |       |
| Net Income  (Loss)          |       | $                  | (18,904,802 | )                   | $          | (3,022,805         | )          | $                   | 191,766    |   | $ | (7,997,644 | ) |
| Net Income (Loss) per  Unit |       | $                  | (10.82      | )                   | $          | (2.78              | )          | $                   | 0.37       |   | $ | (9.55 | ) |

 

18

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| ** **                  | ** ** | **First  Quarter** | ** **  | **Second  Quarter** | ** ** | **Third  Quarter** | ** ** | **Fourth  Quarter** | ** ** |
|-----------------------------|------------|--------------------|-------------|---------------------|------------|--------------------|------------|---------------------|------------|
| ** **                  | ** ** | **2005**           | ** **  | **2005**            | ** ** | **2005**           | ** ** | **2005**            | ** ** |
| Total Revenues  (Loss)      |       | $                  | (41,026,338 | )                   | $          | 33,280,586         |       | $                   | 10,940,576 |   | $ | (39,206,305 | ) |
| Total Expenses              |       | 6,372,628          |        | 6,398,579           |       | 6,663,212          |       | 4,865,734           |       |
| Net Income  (Loss)          |       | $                  | (47,398,966 | )                   | $          | 26,882,007         |       | $                   | 4,277,364  |   | $ | (44,072,039 | ) |
| Net Income (Loss) per  Unit |       | $                  | (21.11      | )                   | $          | 11.48              |       | $                   | 1.87       |   | $ | (20.05 | ) |

 

The Trust has notdisposed of any segments of its business. Year—end adjustments were made for impairment of assets held at RefcoCapital Markets.

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

On February 9, 2006, the Trust received notification that the firm ofKPMG LLP (“KPMG”) had resigned as the independent accountants and that theclient-auditor relationship between the Trust and KPMG has ceased, effectiveimmediately.  In connection with theaudits of the two fiscal years ended December 31, 2004 and 2003 and thesubsequent interim period through February 9, 2006, there were no disagreementsbetween the Trust and KPMG on any matters of accounting principles orpractices, financial statement disclosure or auditing scope or procedure,which, if not resolved to the satisfaction of KPMG, would have been referred toin their reports.  KPMG’s reports on theTrust’s financial statements for the years ended December 31, 2004 and 2003 didnot contain an adverse opinion or a disclaimer of opinion and were not qualifiedor modified as to uncertainty, audit scope or accounting principles. Inaddition, in connection with the audits of the two fiscal years ended December31, 2004 and 2003 and the subsequent interim period through February 9, 2006,there were no reportable events (as defined in Item 304(a)(1)(v) of Securitiesand Exchange Commission Regulation S-K).

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

**Item 9A.  Controls andProcedures**

Under the supervisionand with the participation of the management of R.J. O’Brien Fund Management,Inc., the managing owner of the Trust at the time this annual report was filed,including the managing owner’s President and Chief Financial Officer, hasevaluated the effectiveness of the design and operation of its disclosurecontrols and procedures as of the end of the period covered by this annualreport, and, based on their evaluation, the President and Chief FinancialOfficer of the managing owner have concluded that these disclosure controls andprocedures were effective.  There were nochanges in the Trust’s internal control over financial reporting, during thequarter ended December 31, 2006, that have materially affected, or arereasonably likely to materially affect, the Trust’s internal control overfinancial reporting.

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

**Item 9B.   OtherInformation.**

**None.**

**Part III**

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

There are nodirectors or executive officers of the Trust. As of December 31, 2006, the Trust was managed by its Managing Owner,R.J. O’Brien Fund Management, Inc. The officers and directors of the ManagingOwner as of December 31, 2006 were as follows:

**R.J.O’Brien Fund Management, Inc.**

*GeraldCorcoran is Chief Executive Officer.*Gerry Corcoran was appointed Chief Executive Officerof RJO in June 2000 and was appointed as Chief Executive Officer of RJOFM inNovember of 2006. He joined the RJO family in 1987 as Chief Financial Officerand 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 ChicagoSun-Times, the nation’s 7th

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largest daily newspaper.He is a former member of the Chicago Mercantile Exchange where he served on theClearing House Committee. Mr. Corcoran also serves on the Board of Governors ofthe Chicago Board of Trade Clearing Corporation, the only AAA rated clearingorganization in the world.  Mr. Corcoranhas a Bachelor of Business Administration from Loyola University and is aCertified Public Accountant.

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

*Jeffrey R. Miceli was ChiefFinancial Office of RJOFM.*. Mr. Miceli served as Chief Financial Officer of R. J. O’BrienAlternative Asset Management, Inc. until April 2007.  Prior to joining R. J. O’Brien, he was asenior manager in the Investment Services practice of KPMG LLP.  He is a Certified Public Accountant andgraduated from Northern Illinois University with a B. S. in Accounting in1988.  He is a member of the AICPA andthe Illinois CPA Society.  As of April30, 2007, the Board of Directors of RJOFM voted to remove Mr. Miceli from hisposition as Vice President and Chief Financial Officer of RJOFM in order toreassign Mr. Miceli to another position within the larger R.J. O’Brien &Associates family.

*HelenD. McCarthy is Chief Financial Officer. *Ms. McCarthy was named CFO of RJOFM on April30, 2007*.*Prior to joining R.J. O’Brien,Ms. McCarthy was VP of Finance/Controller at ACNielsen, a global marketinginformation company.  Before ACNielsen,she served as Vice President of Finance at the Sun-Times Media Group, anewspaper conglomerate with over 100 publications.  Ms. McCarthy was responsible for allfinancial management and Controllership duties. Ms. McCarthy also spent 7 years with Ernst & Young auditing bothPublic and Private companies.  Ms.McCarthy began serving as Chief Financial Officer in April 2007.

*AnnetteA. Cazenave**is Senior Vice Presidentof RJOFM*.  With RJOFM’spurchase of RCMI in December of 2006, Ms. Cazenave joined RJOFM with overtwenty-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 HorizonCash Management, LLC (2002-2004).  Priorto this, she was President and Principal of Skylark Partners, Inc., in NewYork, a financial services consulting firm. Additionally, Ms. Cazenave held senior level positions with ED&F ManFunds Division (now Man Investments) in New York (1986-1993).  Ms. Cazenave began her career in 1979 as aSugar trader and holds a B.A. from Drew University and an M.B.A. fromThunderbird, The American Graduate School of International Management.

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

**AuditCommittee**

The Managing Owner hasnot created an audit committee of its board of directors; therefore, the entireboard of directors of the Managing Owner acts as the audit committee withrespect to the Trust. None of the directors are considered to be independent asthat term is used in Item 7(d)(3)(iv) of Schedule 14A under the SecuritiesExchange Act of 1934, as amended. Therefore, there is no Audit Committee Financial Expert.

**Codeof Ethics**

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

# **Item 11.  Executive Compensation**

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

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

(a)   As of December 31, 2006, noperson was known to the Trust to own beneficially more than 5% of the outstandingunits.

(b)   As of December 31, 2006, theManaging Owner beneficially held an ownership of $1,897,788 (which is theequivalent of 20,218 units) or approximately 1.55 % of the ownership of theTrust as of that date.

(c)   As of December 31, 2006, no arrangementswere known to the registrant, including any pledges by any person of units ofthe 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.

**Item 13.  CertainRelationships and Related Transactions**

None

**Item 14.  PrincipalAccounting Fees and Services**

(a)   Audit Fees

The Trust paid CF& Co., L.L.P, the Trust’s independent auditors, $100,000 for the 2006 auditand $65,000 for the 2005 audit and for professional services rendered inconnection with the audit of the Trust’s annual financial statements filed withthe Trust’s Form 10-Ks and the review of financial statements included in theTrust’s Form 10-Q filings.

(b)   Audit-Related Fees

TheTrust did not pay CF & Co., L.L.P any amount in 2006 or 2005 for assurancereviews and related professional services rendered in connection with the auditor review of the Trust’s financial statements that are not covered by Item14(a) above.

(c)   Tax Fees

The Trust did notpay CF & Co., L.L.P any amount in 2006 or 2005 for professional services inconnection 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 servicesin connection with tax compliance, tax advice and tax planning and paidDeloitte & Touche LLP $65,000 for such services in 2006 and $80,000 in2005.  These fees consisted primarily ofservices rendered in connection with the preparation of a Schedule K-1 to IRSForm 1065 for each unitholder.

(d)   All Other Fees

None

(e)   Audit Committee Pre-ApprovalPolicies and Procedures

(i)    The board of directors of theManaging Owner acts as the audit committee with respect to the Trust. Thedirectors of the Managing Owner has not developed pre-approval policies as ofthe date of this report.  Consequently,all audit and non-audit services provided by CF & Co., L.L.P must beapproved by the directors of the Managing Owner.

(ii)   None of the services describedin Item 9(e)(2) through 9(e)(4) of Schedule 14A of the Securities Exchange Actof 1934 were provided by CF & Co., L.L.P therefore, no services wererequired to be approved by the board of directors of the Managing Owner onbehalf of the Trust.

(f)    Less than 50% of the hoursexpended on CF & Co., L.L.P’s audit of the Trust’s financial statementswere attributable to the work of persons who were not full-time, permanentemployees of CF & Co L.L.P.

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**Part IV**

**Item15.  Exhibits, Financial Statements andSchedules**

(a)   The following documents areincluded herein:

(1)       Financial Statements:

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

b.     Report of IndependentRegistered Public Accounting Firm — KPMG, LLP.

c.     Statements of FinancialCondition as of December 31, 2006 and 2005.

d.     Condensed Schedule ofInvestments as of December 31, 2006 and 2005.

e.     Statements of Operations,Years ended December 31, 2006, 2005 and 2004.

f.      Statements of Changes inUnitholders’ Capital for the years ended December 31, 2006, 2005 and 2004.

g.     Notes to FinancialStatements.

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

(3)   Exhibits:

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# **Index toExhibits**

| Exhibit    | ** ** | ** **                                                                                                                                                                                                                                                                                                                    |
|------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Number** | ** ** | **Description of Document**                                                                                                                                                                                                                                                                                                   |
| ** ** | ** ** | ** **                                                                                                                                                                                                                                                                                                                    |
| 1.01       |       | Form of Selling Agreement among CIS Securities, Inc.  (the “Lead Selling Agent”), JWH Global Trust (the “Registrant”), CIS  Investments, Inc. (the “Managing Owner”), and John W. Henry & Company,  Inc. (“JWH”), as assigned to R.J. O’Brien & Fund Management, Inc.(1) |
|       |       |                                                                                                                                                                                                                                                                                                                          |
| 3.01       |       | Sixth 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.(2)                                                                                                                                                                                                                                                                     |
|       |       |                                                                                                                                                                                                                                                                                                                          |
| 10.02      |       | Form of Amended Escrow Agreement among the  Registrant, JP Morgan Chase, the Managing Owner and the Lead Selling Agent.(4)                                                                                                                                                                                                    |
|       |       |                                                                                                                                                                                                                                                                                                                          |
| 10.03      |       | Form of Trading Advisory Agreement among the  Registrant, the Managing Owner, CIS and JWH, as assigned to R.J.O’Brien Fund  Management, Inc.(3)                                                                                                                                                                          |
|       |       |                                                                                                                                                                                                                                                                                                                          |
| 10.04      |       | Customer Agreement between the Registrant and R.J.  O’Brien & Associates, Inc., dated as of September 27, 2006.                                                                                                                                                                                                      |
|       |       |                                                                                                                                                                                                                                                                                                                          |
| 10.07      |       | Form of Transfer Agent Agreement.(3)                                                                                                                                                                                                                                                                                          |
|       |       |                                                                                                                                                                                                                                                                                                                          |
| 13.01      |       | Annual Report to Unitholders for Fiscal Year 2006.                                                                                                                                                                                                                                                                            |
|       |       |                                                                                                                                                                                                                                                                                                                          |
| 14.01      |       | R.J. O’Brien Fund Management, Inc. Code of Ethics.                                                                                                                                                                                                                                                                       |
|       |       |                                                                                                                                                                                                                                                                                                                          |
| 31.01      |       | Rule 13a-14(a)/13d-14(a) Certifications of Principal  Executive Officer.                                                                                                                                                                                                                                                      |
|       |       |                                                                                                                                                                                                                                                                                                                          |
| 31.02      |       | Rule 13a-14(a)/13d-14(a) Certifications of Principal  Financial Officer.                                                                                                                                                                                                                                                      |
|       |       |                                                                                                                                                                                                                                                                                                                          |
| 32.01      |       | Section 1350 Certification of Chief Executive  Officer.                                                                                                                                                                                                                                                                       |
|       |       |                                                                                                                                                                                                                                                                                                                          |
| 32.02      |       | Section 1350 Certification of Chief Financial  Officer.                                                                                                                                                                                                                                                                       |

 

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(1)    Incorporatedby reference from the exhibit of the same description filed on March 12, 2002with Post-Effective Amendment No. 6 to the Registrant’s Registration Statementon Form S-1 (Reg No. 333-33937).

(2)    Incorporatedby reference from the exhibit of the same description filed on February 27,2004 with Post-Effective Amendment No. 1 to the Registrant’s RegistrationStatement on Form S-1 (Reg No. 333-105282).

(3)    Incorporatedby reference from the exhibit of the same description filed on February 10,1997 with Post-Effective Amendment No. 1 to the Registrant’s RegistrationStatement on Form S-1 (Reg. No. 333-16825).

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

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**SIGNATURES**

Pursuant to therequirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, asamended, the registrant has duly caused this report to be signed on its behalfby the undersigned, thereunto duly authorized.
| Date: July 5, 2007 | JWH GLOBAL TRUST                             |
|-------------------------|----------------------------------------------|
|                    |                                         |   |
|                    |                                         |   |
|                    | By: R.J. O’Brien  Fund Management, Inc. |
|                    | (Managing Owner)                             |
|                    |                                         |
|                    |                                         |
|                    | By:                                          | /s/ Helen D. McCarthy |   |
|                    |                                         | Helen D. McCarthy |
|                    |                                         | Vice President  and |
|                    |                                         | Chief Financial  Officer |
|                         |                                              |  |  |  |

 

 

Pursuant to therequirements of the Securities Exchange Act of 1934, as amended, this Form 10-Khas been signed by the following persons on behalf of the Registrant on July 5,2007, and in the capacities indicated:

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

 

24

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