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


       For the fiscal year ended     Commission File No.  333-16825
           December 31, 1997


                           JWH GLOBAL TRUST
        (Exact name of registrant as specified in its charter)

            Delaware                              36-4113382
  (State or other jurisdiction of             (I.R.S. Employer
   incorporation or organization)              Identification #)


      233 South Wacker Drive, Suite 2300, Chicago, IL  60606
       (Address of principal executive offices)      (Zip Code)


    Registrant's telephone number, including area code (312) 460-4000


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


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


Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports) and (2) has been subject to such filing
requirements for the past 90 days:    Yes    X       No


Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein
and will not be contained, to the best of the registrant's
knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K:   [X]


The aggregate market value of the voting and non-voting common
equity held by non-affiliates of the Registrant as of February
28, 1998:	$71,222,852




                Index to exhibits on page 19


             Documents Incorporated by Reference


Incorporated by Reference in Part IV, Item 14 is Amendment No. 2
to Registration Statement No. 333-16825 of the Trust on Form S-1
under the Securities Act of 1933, declared effective on April 3,
1997.

Incorporated by Reference in Part IV, Item 14 is Registration
Statement No. 333-33937 of the Trust on Form S-1 under the
Securities Act of 1933, declared effective on September 24, 1997.



                          Part I

Item 1.  Business

JWH Global Trust  (the "Trust") is a Delaware business trust
organized on November 12, 1996 under the Delaware Business Trust
Act.  The business of the Trust is the speculative trading of
commodity interests, including futures contracts on currencies,
interest rates, energy and agricultural products, metals and
stock indices, spot and forward contracts on currencies and
precious metals and exchanges for physicals ("Commodity
Interests") pursuant to the trading instructions of an
independent trading advisor.  The managing owner of the Trust is
CIS Investments, Inc., a Delaware corporation organized in June
1983 ("CISI" or the "Managing Owner").  The Managing Owner is
registered as a commodity pool operator under the Commodity
Exchange Act, as amended, and is responsible for administering
the business and affairs of the Trust exclusive of trading
decisions.  The Managing Owner is an affiliate of Cargill
Investor Services, Inc., the clearing broker for the Trust
("CIS" or the "Clearing Broker") and CIS Financial Services,
Inc., which acts as the Trust's currency  dealer ("CISFS").
Trading decisions for the Trust are made by an independent
commodity trading advisor, John W. Henry & Company, Inc.

CIS is a "Futures Commission Merchant", the Managing Owner is a
"Commodity Pool Operator" and the trading advisor to the Trust
is a "Commodity Trading Advisor", as those terms are used in the
CE Act.  As such, they are registered with and subject to
regulation by the Commodity Futures Trading Commission ("CFTC")
and the National Futures Association ("NFA").  CIS is also
registered as a broker-dealer with the National Association of
Securities Dealers, Inc. ("NASD") and the Securities and
Exchange Commission (the "SEC").

The initial public offering of the Trust's units of beneficial
interest ("Units") commenced on April 3, 1997 and concluded on
September 23, 1997.  The initial offering price was $100 per
Unit until the initial closing of the Trust on May 30, 1997, and
thereafter at the current Net Asset Value of the Trust on the
last business day of the calendar month. The total amount of the
initial offering was $50,000,000.  On September 24, 1997, a
registration statement was declared effective with the SEC to
register $155,000,000 of additional Units.  The Units are
currently offered pursuant to a Prospectus dated September 26,
1997.   A Post-Effective Amendment was declared effective with
the SEC on October 20, 1997 to deregister $3,120,048.99 of Units
which remained unsold upon the termination of the initial
offering of the Units.  As a result of the Units being offered
at each month-end's Net Asset Value, the total number of Units
authorized for the Trust is not determinable and therefore is
not disclosed in the financial statements.

The initial closing of the Trust was on May 30, 1997 and the
Trust commenced trading on June 2, 1997.  The initial Beneficial
Owners of the Trust, representing ownership of $1,000, were
redeemed on May 30, 1997, prior to the commencement of trading.

Under the terms of the Third Amended and Restated Declaration
and Agreement of Trust, the Managing Owner may not select Trust
transactions involving the purchase or sale of any commodity
interests, but must select one or more advisors to direct the
Trust's trading with respect thereto.  The Managing Owner has
chosen and caused the Trust to enter into a Trading Advisory
Agreement (the " Advisory Agreement") with John W. Henry and
Company, Inc. ("JWH" or the "Advisor"), the Trust's sole
commodity trading advisor.  Commencing on June 2, 1997, after
the conclusion of the offering period with respect to the
Trust's Units, JWH began to provide commodity trading
instructions to CIS on behalf of the Trust.

The Managing Owner is responsible for the preparation of monthly
and annual reports to the Beneficial Owners; filing reports
required by the CFTC, the NFA, the SEC and any other Federal or
State agencies having jurisdiction over the Trust's operations;
calculation of the Net Asset Value (meaning the total assets
less total liabilities of the Trust) and directing payment of
the management and incentive fees payable to the Advisor under
the Advisory Agreement.

The Managing Owner provides suitable facilities and procedures
for handling redemptions, transfers, distributions of profits
(if any) and orderly liquidation of the Trust.  Although CIS, an
affiliate of the Managing Owner, acts as the Trust's clearing
broker, the Managing Owner is responsible for selecting another
clearing broker in the event CIS is unable or unwilling to
continue in that capacity.  The Managing Owner is further
authorized, on behalf of the Trust (i) to enter into a brokerage
clearing agreement and related customer agreements with CIS,
pursuant to which CIS will render clearing services to the
Trust; and (ii) to cause the Trust to pay brokerage commissions
at the rates provided for in the Prospectus; and to pay
delivery, insurance, storage, service and other fees and charges
incidental to the Trust's trading.  The Managing Owner of the
Trust advanced organization and offering costs of $650,000.  The
Trust reimbursed the Managing Owner for these costs at the
initial closing.  The Trust is amortizing these costs over the
Trust's first 60 months of operations.  The Managing Owner also
advances payment of ongoing offering expenses for which it
receives reimbursement of 0.5% of the Trust's net assets per
year.  The Prospectus includes a complete discussion of the
Trust's fees and expenses.

The Advisory Agreement between the Trust and JWH provides that
JWH shall have sole discretion in and responsibility for the
selection of the Trust's commodity transactions with respect to
that portion of the Trust's assets allocated to it.  As of
December 31, 1997, JWH was managing 100% of the Trust's assets.
The Advisory Agreement with JWH commenced on April 3, 1997 and
will continue in effect until the close of business on the last
day of the 12th full calendar month following the commencement
of trading activities by the Trust, with automatic renewal for
three additional twelve-month terms, unless earlier terminated
in accordance with the termination provisions contained therein.

The Advisory Agreement shall terminate automatically in the
event that the Trust is terminated in accordance with the Third
Amended and Restated Declaration and Agreement of Trust.  The
Advisory Agreement may be terminated by the Trust at any time,
upon 60 days' prior written notice to the Advisor.  In addition,
the Advisory Agreement may be terminated by the Trust at any
time, upon written notice to the Advisor, in the event that (A)
the Net Asset Value of Trust funds allocated to the Advisor's
management decreases as of the close of trading on any business
day by more than 30% from the sum of the Net Asset Value of the
Trust's funds allocated to the Advisor on the date that Trust
commenced trading plus the Net Asset Value of any funds which
may be allocated to the Advisor thereafter (after adding back
all redemptions, distributions and reallocations made to any
additional trading advisors in respect of such assets); (B) the
Advisor is unable, to any material extent, to use the Trading
Programs (as defined in the Advisory Agreement attached hereto
as Exhibit 10.1), as the Trading Programs may be refined or
modified in the future in accordance with the terms of the
Advisory Agreement for the benefit of the Trust; (C) the
Advisor's registration as a commodity trading advisor under the
CE Act, or membership as a commodity trading advisor with NFA is
revoked, suspended, terminated or not renewed; (D) the Managing
Owner determines in good faith that the Advisor has failed to
conform to (i) the Trust's trading policies or limitations, as
they may be revised or modified, or (ii) a Trading Program; (E)
there is an unauthorized assignment of the Advisory Agreement by
the Advisor; (F) the Advisor dissolves, merges or consolidates
with another entity or sells a substantial portion of its
assets, any portion of the Trading Programs utilized by the
Trust or its business goodwill to any person or entity other
than one controlled, directly or indirectly, by John W. Henry,
in each instance without the consent of the Managing Owner; (G)
the Advisor becomes bankrupt or insolvent; (H) John W. Henry
ceases to be a principal of the Advisor; or (I) the Managing
Owner determines in good faith that such termination is
necessary for the protection of the Trust.

The Advisor has the right to terminate the Advisory Agreement at
any time, upon written notice to the Trust in the event (i) of
the receipt by the Advisor of an opinion of independent counsel
that solely by reason of the Advisor's activities with respect
to the Trust, the Advisor is required to register as an
investment adviser under the Investment Advisers Act of 1940;
(ii) that the registration of the Managing Owner as a commodity
pool operator under the CE Act, or its NFA membership as a
commodity pool operator is revoked, suspended, terminated or not
renewed; (iii) that the Managing Owner elects (pursuant to
Section 1 of the Advisory Agreement) to have the Advisor use a
different trading program in the Advisor's management of the
Trust's assets from that which the Advisor is then using to
manage such assets and the Advisor objects to using such
different trading program; (iv) that the Managing Owner
overrides a trading instruction of the Advisor pursuant to
Section 1 of the Advisory Agreement for reasons unrelated to a
determination by the Managing Owner that the Advisor has
violated the Trust's trading policies or limitations; (v) that
the Managing Owner imposes additional trading limitation(s)
pursuant to Section 1 of the Advisory Agreement which the
Advisor does not agree to follow in the Advisor's management of
its allocable share of Trust's assets; (vi) there is an
unauthorized assignment of the Advisory Agreement by the
Managing Owner of the Trust; or (vii) other good cause is shown
to which the written consent of the Managing Owner is obtained.
The Advisor may also terminate the Advisory Agreement on 60 days
written notice to the Managing Owner during any renewal term.

The Advisor will continue to advise other futures trading
accounts.  The Advisor and its officers, directors and employees
also will be free to trade commodity interests for their own
accounts provided such trading is consistent with the Advisor's
obligations and responsibilities to the Trust.  To the extent
that the Advisor recommends similar or identical trades to the
Trust and other accounts which they manage, the Trust may
compete with those accounts for the execution of the same or
similar trades.

Pursuant to the Advisory Agreement between the Trust and JWH,
the Trust receives 0.33% of the month-end assets under its
management after deduction of a portion of the brokerage
commissions at a 1.25% annual rate (rather than the full
brokerage commission at a 6.5% annual rate).  The Trust pays JWH
a quarterly incentive fee of 15% of trading profits (after
deduction of a portion of the brokerage commissions at a 1.25%
annual rate, rather than the 6.5% annual rate) achieved on the
assets of the Trust allocated by the Managing Owner to JWH's
management.  Trading profits are calculated on the basis of the
overall performance of the Trust, not the performance of each
Trading Program, utilized by JWH, considered individually.  See
pages 6-8 of Exhibit 10.1 incorporated by reference herein for a
description of NAV and trading profits.

The Trust's net assets are deposited in the Trust's accounts
with CIS and CISFS, the Trust's clearing broker and currency
dealer, respectively.  The Trust earns interest on 100 percent
of the Trust's average daily balances on deposit with CIS or
CISFS, as the case may be, during each month at the average
91-day Treasury bill rate for that month in respect of deposits
denominated in dollars or at the applicable rates in respect of
deposits denominated in currencies other than dollars (which may
be zero in some cases).

The Trust currently has no salaried employees and all
administrative services performed for the Trust are performed by
the Managing Owner.  The Managing Owner has no employees other
than their officers and directors, all of whom are employees of
the affiliated companies of the Managing Owner.

The Trust's business constitutes only one segment for financial
reporting purposes; it is a Delaware business trust whose
purpose is to trade, buy, sell, spread or otherwise acquire,
hold or dispose of commodity interests including futures
contracts on currencies, interest rates, energy and agricultural
products, metals and stock indices, spot and forward contracts
on currencies and precious metals and exchanges for physicals.
The Trust does not engage in the production or sale of any goods
or services.  The objective of the Trust business is
appreciation of its assets through speculative trading in such
commodity interests.  Financial information about the Trust's
business, as of December 31, 1997, is set forth under Items 6
and 7 herein.


Competition

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

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


Item 2.	Properties

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


Item 3.	Legal Proceedings

None.


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

None.


                             Part II


Item 5.	Market for the Registrant's Units and Related Security
        Holder Matters


        (a)     There is no established public market for the Units and
                none is expected to develop.

        (b)     As of December 31, 1997, there were 580,678.76 Units held
                by the Beneficial Owners for an investment of $63,702,878. The
                Managing Owner held an investment of $648,646 (which is the
                equivalent of 5,912.68 Units).  A total of 9,235.43 Units had
                been redeemed by Beneficial Owners during the period from June
                30, 1997 (the first possible redemption date) to December 31,
                1997.   The Trust's Third Amended and Restated Declaration and
                Agreement of Trust (Exhibit 3.1 hereto) contains a full
                description of redemption and distribution procedures.

         (c)    To date no distributions have been made to owners of
                beneficial interest in the Trust.

                The Third Amended and Restated Declaration and
                Agreement of Trust does not provide for regular or
                periodic cash distributions, but gives the Managing Owner
                sole discretion in determining what distributions, if any,
                the Trust will make to its owners of beneficial interest.
                The Managing Owner has not declared any such distributions
                to date, and do not currently intend to declare such
                distributions.



         (d)    Information Previously Reported on Form S-R

During the fiscal year ended December 31, 1997, Units of the
Trust were offered pursuant to two separate registration
statements.  Units were offered pursuant to the initial
registration statement (No.  333-16825) until September 23,
1997.   On September 24, 1997, a registration statement (No.
333-33937) was declared effective with the SEC to register
$155,000,000 of additional Units.


Registration Statement No.  333-16825 (subsequent report)
Item 701(f):

(1)	The use of proceeds information is being disclosed for
        Registration Statement No. 333-16825, declared effective with
        the SEC on April 3, 1997.


Registration Statement No.  333-33937 (subsequent report)
Item 701(f):

(1)	The use of proceeds information is being disclosed for
        Registration Statement No. 333-33937, declared effective with
        the SEC on September 24, 1997.

(4)(iv)	For the account of the issuer, the amount of Units of
        Beneficial Interest sold in the offering as of December 31,
        1997 is $14,140,185; and the aggregate offering price of the
        amount sold as of December 31, 1997 is $14,140,185.

   (vi) The net offering proceeds to the issuer totaled $14,140,185.

  (vii) From the effective date of the registration statement
        to December 31, 1997, the amount of net offering proceeds to
        the issuer used for Commodity Futures and Forward Trading (as
        a direct or indirect payment to others) totaled $14,140,185.


Item 6.	Selected Financial Data

        (1997 was the Trust's first year of trading, so no data is
        available prior to 1997)

                                Year ended December 31,
                                          1997

1. Operating Revenues(000)           $  6,988
2. Income (Loss) From
     Continuing Operations(000)         3,651
3. Income (Loss) Per Unit                9.70
4. Total Assets(000)                   65,693
5. Long Term Obligations                    0
6. Cash Dividend Per Unit                   0



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


Liquidity and Capital Resources

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

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

The Trust's net assets are held in brokerage accounts with CIS
and CISFS.  The Trust earns interest on 100 percent of the
Trust's average daily balances on deposit with CIS or CISFS, as
the case may be, during each month at the average 91-day
Treasury bill rate for that month in respect of deposits
denominated in dollars or at the applicable rates in respect of
deposits denominated in currencies other than dollars (which may
be zero in some cases).  For the calendar year ended December
31, 1997 CIS and CISFS had paid or accrued to pay interest of
$1,042,648 to the Trust.

For the fiscal year ended December 31, 1997, investors redeemed
a total of 9,235.43 Units for $929,860.

During 1997, Beneficial Owners purchased 589,914.19 Units for
$61,020,136.  The Managing Owner made a contribution of $610,000
in 1997, therefore, total contribution during 1997 equal
$61,630,136.

On December 31, 1997, the Trust had unrealized profits of
$4,481,153 and cash on deposit of $56,278,134.  These positions
required margin deposits of $9,299,511.  The total balance of
the Trust's accounts at  CIS and CISFS was $60,759,287.

During the fiscal year ended December 31, 1997, the Trust had no
credit exposure to a counterparty which is a foreign commodities
exchange which was material.

The Trust trades futures contracts on recognized global futures
exchanges through CIS.  It also trades over the counter foreign
exchange forwards contracts through CISFS.  At December 31,
1997, the Trust had assets of $6,599,325 on deposit at CISFS.
CISFS does not deal in foreign exchange forwards, but acts as a
broker, placing the trades immediately with large banks having
assets in excess of $100 million.  At the settlement date all
transactions with each of the banks are netted and any excess or
deficit is received from or sent to the bank.  All of the
Trust's foreign exchange transactions are transacted in US.
dollars.

See Footnote 5 of the Financial Statements for procedures
established by the Managing Owner to monitor and minimize market
and credit risks for the Trust.  In addition to the procedures
set out in Footnote 5, the Managing Owner reviews on a daily
basis reports of the Trust's performance, including monitoring
of the daily net asset value of the Trust.  The Managing Owner
also reviews the financial situation of the Trust's Clearing
Broker on a monthly basis.  The Managing Owner relies on the
policies of the Clearing Broker to monitor specific credit
risks.  The Clearing Broker does not engage in proprietary
trading and thus has no direct market exposure which provides
the Managing Owner assurance that the Trust will not suffer
trading losses through the Clearing Broker.


Year 2000 Issue

The Trust does not have any anticipated costs, problems or
uncertainties associated with the Year 2000 issue.  The Trust
relies on the Managing Owner to provide the Trust with certain
calculations and reports, so if the Year 2000 issue is material
to the Managing Owner, then it may impact the Trust.  However,
the Year 2000 issue is not material for the Managing Owner since
the administration software is currently being replaced and will
be in compliance with Y2000 prior to the end of 1998.  In
addition, the Clearing Broker is undergoing an intensive review
to determine what areas (if any) are not in compliance with
Y2000, and expects to be in compliance by the end of 1998.
Neither the software replacement nor the compliance review are
expected to be material or to yield noncompliance issues that
are material.


Results of Operations

The Trust posted positive returns for 1997, which was the
Trust's first year of trading.

In 1997 the global futures markets showed a great deal of
volatility and the Advisors were well positioned to profit from
these moves.  The Trust produced a net gain of 9.70% for the
calendar year.  The year 1997 was marked by declining gold
prices and interest rates around the globe and a rising US.
dollar relative to the German mark and Japanese yen.  The
strength of these market moves proved beneficial to the Trust.
The price of gold declined to the lowest level in over a decade
reflecting its declining value as an alternative monetary asset
as central banks increased their willingness to sell or lease
the precious metal.  Solid gains were generated in the global
interest rate markets, particularly in the Japanese Government
bond where yields plummeted to historic lows as the nation sank
relentlessly into a recession.  Strong gains were also recorded
in Australian 10-year bonds and 3-year notes and in German and
Italian bonds.  Gains were realized in positions in the German
mark, which weakened in world markets as hopes for European
monetary union rose.  The US dollar dominated the world
currencies reflecting sound economic fundamentals in the US.
The Trust benefited from the upward price movement in natural
gas during the summer and fall.  However, energy markets were
disappointing as ample world inventories and mild weather kept
supply and demand in balance.  In addition, losses were incurred
in agricultural markets, despite strong performance by coffee
futures earlier in the year.  The Trust ended the year with a
profit of $3,651,248.

Since this is the first year of the Trust's trading, no
comparison can be made to earlier year's results.


Inflation

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


Item 7(A).	Quantitative and Qualitative Disclosures
                About Market Risk

Not Applicable.


Item 8.         Financial Statements and Supplementary Data

Reference is made to the financial statements and the notes
thereto attached to this report.


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

None.



                                Part III


Item 10.	Directors and Executive Officers of the Registrant


The Trust is managed by its Managing Owner, CIS Investments,
Inc.  The officers and directors of the Managing Owner as of
December 31, 1997 were as follows:


CIS Investments, Inc.

Hal T. Hansen (born in November 1936), President and Director.
Mr. Hansen has been President of Cargill Investor Services, Inc.
since November 1978.  He serves on the Executive Committees of
the Board of Directors of the NFA and the Futures Industry
Association ("FIA") and is Chairman of the NFA.  Mr. Hansen
graduated from the University of Kansas in 1958.  He started
work at Cargill, Incorporated in 1958 and was employed by
Cargill S.A.C.I. in Argentina from 1965 to 1969.  Mr. Hansen has
been employed by Cargill Investor Services, Inc. since 1974 and
has been President and Director of CISI since June 1983.

L. Carlton Anderson (born in August 1937), Vice President and
Director.  Mr. Anderson is a graduate of Northwestern
University, Evanston, Illinois.  He started working at Cargill,
Incorporated in 1959 in the Commodity Marketing Division.  He
served as President of Stevens Industries Inc., Cargill's peanut
shelling subsidiary, from 1979 to 1981.  He has been employed by
Cargill Investor Services, Inc. since 1981, is currently Vice
President of Cargill Investor Services, Inc., and has been Vice
President and Director of CISI since June 1983.  Mr. Anderson
recently served on the Board of Directors of the Managed Futures
Association.

Richard A. Driver (born in September 1947), Vice President,
Treasurer and Director.  Mr. Driver has served as Vice President
and Director of CISI since June 1993 and was elected Treasurer
of CISI in August 1997.  Mr. Driver graduated from the
University of North Carolina in 1969 and received a Masters
Degree from American Graduate School of International Management
in 1973.  Mr. Driver began working for Cargill, Incorporated in
1973 and joined Cargill Investor Services, Inc. in 1977 as Vice
President of Operations.  Mr. Driver currently serves as Vice
President, Controller, Treasurer and Director of Cargill
Investor Services, Inc.

Jan R. Waye (born in June 1948), Senior Vice President.  Mr.
Waye assumed the position of Senior Vice President of Cargill
Investor Services, Inc. in September 1996, after returning from
London where he held various management positions for Cargill
Investor Services, Ltd. including most recently Managing
Director for CIS Europe.  He was appointed Senior Vice President
of CISI in June 1997.  Mr. Waye joined Cargill, Incorporated in
1970 and served in various commodity trading and management
positions in Chesapeake, VA; Winnipeg, Manitoba; and Vancouver,
BC.  In 1978 he moved to New York and shortly thereafter
Minneapolis as head of Foreign Exchange for Cargill's metals
trading business.  Mr. Waye served in various management
positions in the Financial Markets Group until 1988 when he
assisted in the management and sale of Cargill's life insurance
business in Akron, Ohio.  He moved to London in late 1988.  Mr.
Waye has served as a member of the Board of LIFFE, the London
International Financial Futures and Options Exchange, and as
Vice Chairman of its Membership and Rules Committee.  He also
served on the Board of the London Commodity Exchange up to its
merger with LIFFE.  Mr. Waye graduated from Concordia College,
Moorhead, MN, with a B.A. degree in Communications and Economics
in 1970.

Christopher Malo (born in August 1956), Vice President.  Mr.
Malo graduated from Indiana University in 1976.  He started
working at Cargill, Incorporated in June 1978 as an internal
auditor.  He transferred to Cargill Investor Services, Inc. in
August 1979 and served as Secretary/Treasurer from November 1983
until July 1991.  He was elected as a Vice President in July
1991.  He is a member of the FIA Operations Division and has
served as Chairman of the FIA Finance Committee.

Barbara A. Pfendler (born in May 1953), Vice President.  Ms.
Pfendler graduated from the University of Colorado in 1975.  She
has held various merchandising and management positions within
Cargill's Oilseed Processing Division before transferring to CIS
in 1986 as the Sales Manager for the Fund Services Group.  She
was appointed Vice President of CISI in May 1990 and Vice
President of Cargill Investor Services, Inc. in June 1996.  Ms.
Pfendler is currently the manager in charge of all activities of
the Fund Services Group at Cargill Investor Services, Inc.

Rebecca S. Steindel (born in April 1965), Secretary.  Ms.
Steindel graduated from the University of Illinois in 1987.  She
began working at Cargill Investor Services, Inc. in August 1987.
She has held various financial and risk management positions at
Cargill Investor Services, Inc. and was elected Risk and
Compliance Officer and Secretary of Cargill Investor Services,
Inc. in August 1997.  Ms. Steindel was elected Secretary of CISI
in September 1997.  She currently serves on the Board of
Directors and Executive Committee of the FIA Financial
Management Division.

Bruce H. Barnett (born in June 1947), Assistant Secretary.  Mr.
Barnett graduated in 1968 from Southern Connecticut State
College.  New York University Law School awarded Mr. Barnett a
J.D. in 1971 and an LL.M. in 1973.  He started working at
Cargill, Incorporated in 1990 as Vice President, Taxes.  From
1987 to 1990, Mr. Barnett was employed in various positions at
Unilever, a European based multinational corporation.

Henry W. Gjersdal, Jr. (born in May 1954), Assistant Secretary.
Mr. Gjersdal received a bachelor of arts degree from Gustavus
Adolphus College in 1976 and a J.D. degree from the University
of Michigan in 1979.  He is a member of the American Bar
Association and the Tax Executives Institute.  He joined the Law
Department of Cargill, Incorporated in April 1981.  He had
previously been an associate with Doherty, Rumble and Butler,
Minneapolis, Minnesota.  In June 1985 he was named European Tax
Manager for Cargill, International, Geneva, and in 1987 was
named Senior Tax Attorney for the Law Department.  He became
Assistant Tax Director in the Tax Department in December 1990.
Mr. Gjersdal was named Assistant Vice President of Cargill,
Incorporated's Administrative Division in April 1994 with
responsibility for the audit and international groups in
Cargill's Tax Department and became Assistant Secretary of CISI
in June 1996.

Patrice H. Halbach (born in August 1953), Assistant Secretary.
Ms. Halbach graduated phi beta kappa from the University of
Minnesota with a bachelor of arts degree in history.  In 1980
she received a J.D. degree cum laude from the University of
Minnesota.  She is a member of the Tax Executives Institute, the
American Bar Association and the Minnesota Bar Association.  Ms.
Halbach joined the Law Department of Cargill, Incorporated in
February 1983.  She had previously been an attorney with
Fredrikson & Byron, Minneapolis, Minnesota.  In December 1990
she was named Senior Tax Manager for Cargill, Incorporated's Tax
Department and became Assistant Tax Director in March 1993 and
was responsible for the oversight of federal audits and
international compliance.  She was named Assistant Vice
President of Cargill, Incorporated's Administrative Division in
April 1994.  She became Assistant Secretary of CISI in June
1996.

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


Item 11.	Executive Compensation

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

All operating and administrative expenses attributable to the
Trust are paid by the Managing Owner except for brokerage
commissions, advisory fees, legal, accounting, auditing,
printing, recording and filing fees, postage charges and Trustee
fees which are paid directly by the Trust.

CIS and CISFS, affiliates of the Managing Owner, are the Trust's
clearing broker and currency dealer, respectively.  During the
year ended December 31, 1997, the Trust accrued and paid
$1,441,635 in brokerage commissions to CIS.


Item 12.        Security Ownership of Certain Beneficial Owners and
                Management

                (a)     As of December 31, 1997, no person was known to
                        the Trust to own beneficially more than 5% of
                        the outstanding Units.

                (b)     As of December 31, 1997, the Managing Owner
                        beneficially held an ownership of $648,646
                        (which is the equivalent of 5,912.68 Units)
                        or approximately 1.01% of the ownership of the
                        Trust as of that date.  At December 31, 1997,
                        Rebecca S. Steindel, Secretary of the Managing
                        Owner, beneficially owned 49.94 Units in joint
                        tenancy, or approximately .0085% of the Units
                        outstanding as of that date.

                (c)     As of December 31, 1997, no arrangements were
                        known to the registrant, including any pledges
                        by any person of Units of the Trust or shares
                        of its Managing Owner or the parent of the
                        Managing Owner, such that a change in control
                        of the Trust may occur at a subsequent date.



Item 13.	Certain Relationships and Related Transactions.

                (a)     None other than the compensation arrangements
                        described herein.

                (b)     None.

                (c)     None.

                (d)     Not Applicable.



                                Part IV

Item 14.	Exhibits, Financial Statements, Schedules and Reports
                on Form 8-K

                (a)     The following documents are included herein:

                    (1) Financial Statements:

                        a.      Report of Independent Public Accountants.

                        b.      Statements of Financial Condition as of
                                December 31, 1997 and 1996.

                        c.      Statements of Operations,
                                Statements of Unitholders' Capital and
                                Statements of Cash Flows for the year ended
                                December 31, 1997.

                        d.      Notes to Financial Statements.


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


                    (3) Exhibits:

                        See the Index to Exhibits annexed hereto.


                (b)     Reports on Form 8-K:

                        None.




                        SIGNATURES

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

Date:  March 26, 1998             JWH GLOBAL TRUST


                                  By: CIS Investments, Inc.
                                      (Managing Owner)



                                  By: /s/ Hal T. Hansen
                                          Hal T. Hansen
                                          President


                                  By: /s/ Richard A. Driver
                                          Richard A. Driver
                                          Vice President and Treasurer



Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the
date indicated.

Date:  March 26, 1998


                                    /s/ Hal T. Hansen
                                        Hal T. Hansen
                                        Director and President


                                    /s/ L. Carlton Anderson
                                        L. Carlton Anderson
                                        Director and Vice President


                                    /s/ Richard A. Driver
                                        Richard A. Driver
                                        Vice President and Treasurer



                        Index to Exhibits


Number           Exhibit



3.1             Third Amended and Restated Declaration and Agreement
                of Trust (Incorporated by reference to Registration
                Statement No. 333-33937 of the Trust on Form S-1 under
                the Securities Act of 1933, declared effective on
                September 24, 1997).


10.1            Trading Advisory Agreement dated as of April 3, 1997
                between JWH Global Trust, CIS Investments, Inc.
                and John W. Henry & Company, Inc.  (Incorporated by
                Reference to Amendment No. 2 to Registration Statement
                No. 333-16825 of the Trust on Form S-1 under the
                Securities Act of 1933, declared effective on April 3,
                1997).



                       Index to Financial Statements

                            JWH GLOBAL TRUST



Report of Independent Public Accountants       Page 21

Statements of Financial Condition as of
December 31, 1997 and 1996                     Page 22

Statements of Operations, for the year ended
December 31, 1997                              Page 23

Statements of Changes in Unitholders' Capital,
for the year ended December 31, 1997           Page 24

Statements of Cash Flows, for the year ended
December 31, 1997                              Page 25

Notes to Financial Statements                  Page 26

Acknowledgment                                 Page 30




                     Independent Auditors' Report


The Unitholders
JWH Global Trust:


We have audited the accompanying statements of financial
condition of JWH Global Trust as of December 31, 1997 and 1996,
and the related statements of operations, unitholders' capital,
and cash flows for the year ended December 31, 1997.  These
financial statements are the responsibility of the Trust's
management.  Our responsibility is to express an opinion on
these financial statements based on our audits.

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

In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of JWH Global Trust as of December 31, 1997 and 1996, and the
results of its operations and its cash flows for the year ended
December 31, 1997, in conformity with generally accepted
accounting principles.


                                        January 30, 1998
                                        KPMG Peat Marwick LLP


<TABLE>
JWH GLOBAL TRUST

Statements of Financial Condition

December 31, 1997 and 1996


Assets                                                                     1997              1996
                                                                        -------           -------
<S>                                                               <C>               <C>
Assets:
         Receivable for units sold                                   $4,109,623             1,000
         Equity in commodity futures trading accounts:
                  Cash on deposit with Clearing Broker               56,278,134                 0
                  Unrealized gain on open futures contracts           4,481,153                 0
                                                                   ------------      ------------
                                                                     64,868,910             1,000

Interest receivable                                                     240,745                 0
Prepaid initial organization and offering costs                         583,762                 0
                                                                   ------------      ------------
Total assets                                                        $65,693,417             1,000
                                                                  ==============    ==============
Liabilities and Partners Capital

Liabilities:
         Accrued commissions on open futures contracts                  330,854                 0
                  due to CIS
         Accrued management fees                                        205,109                 0
         Accrued incentive fees                                         656,583                 0
         Accrued operating expenses                                      93,023                 0
         Accrued organization and offering expenses                      25,129                 0
         Redemptions payable                                             31,195                 0
                                                                   ------------      ------------
Total liabilities                                                     1,341,893                 0

Unitholders capital:
         Beneficial owners (580,678.76 and 8.17 units outstanding at
                  December 31, 1997 and 1996, respectively) (note    63,702,878               817
         Managing owner (5,912.68 and 1.83 units outstanding at
                  December 31, 1997 and 1996, respectively) (note       648,646               183
                                                                   ------------      ------------
Total unitholders capital                                            64,351,524             1,000
                                                                   ------------      ------------
Total liabilities and unitholders capital                           $65,693,417             1,000
                                                                  ==============    ==============

See accompanying notes to financial statements.



JWH GLOBAL TRUST

Statements of Operations

Year ended December 31, 1997

<S>                                                               <C>
Revenues:
         Gain on trading of commodity futures and forwards contracts,
                  physical commodities, and related options:
                           Realized gain on closed positions         $1,761,637
                           Increase in unrealized gain on open pos    4,481,153
         Interest income                                              1,042,648
         Foreign currency transaction loss                             (297,458)
                                                                   ------------
Total revenues                                                        6,987,980

Expenses:
         Commission paid to CIS                                       1,441,635
         Exchange, clearing, and NFA fees                                12,426
         Management fees                                                896,312
         Incentive fees                                                 715,477
         Amortization of prepaid initial organization and offering       66,238
         Ongoing organization and offering expenses                     110,352
         Operating expenses                                              94,292
                                                                   ------------
Total expenses                                                        3,336,732
                                                                   ------------
Net profit                                                           $3,651,248
                                                                  ==============

Profit per unit of beneficial ownership interest (note 1)                 $9.70
Profit per unit of managing ownership interest (note 1)                   $9.70


See accompanying notes to financial statements.


JWH GLOBAL TRUST

Statements of Unitholders Capital

Year ended December 31, 1997



                                                                     Beneficial          Managing
                                                       Units*            owners             owner             Total
                                                 ------------      ------------      ------------      ------------
<S>                                          <C>                  <C>               <C>               <C>
Balance at December 31, 1996                             8.17              $817               183             1,000

Redemption of initial ownership interests               -8.17              -817              -183            (1,000)

Net income                                                  0         3,612,602            38,646         3,651,248
Partners contributions                             589,914.19        61,020,136           610,000        61,630,136
Partner's redemptions                               (9,235.43)         (929,860)              0            (929,860)
                                                 ------------      ------------      ------------      ------------
Balance at December 31, 1997                       580,678.76       $63,702,878           648,646        64,351,524
                                               ==============     ==============    ==============    ==============
Net asset value per unit at December 31, 1997 (note 1)                  $109.70            109.70
Net asset value per unit at December 31, 1996 (note 1)                  $100.00            100.00

*Units of beneficial ownership.


See accompanying notes to financial statements.


JWH GLOBAL TRUST

Statement of Cash Flows

Year ended December 31, 1997

<S>                                                                                 <C>
Cash flows from operating activities:
         Net profit                                                                    $3,651,248
         Adjustments to reconcile net profit to
                  net cash used in operating activities:
                           Change in assets and liabilities:
                                    Increase in unrealized gain on open futures cont   (4,481,153)
                                    Increase in interest receivable                      (240,745)
                                    Increase in prepaid initial organization and off     (583,762)
                                    Increase in accrued liabilities                     1,310,698
                                                                                     ------------
Net cash used in operating activities                                                    (343,714)

Cash flows from financing activities:
         Net proceeds from sale of units                                               57,521,513
         Unit redemptions                                                                (899,665)
                                                                                     ------------
Net cash provided by financing activities                                              56,621,848
                                                                                     ------------
Net increase in cash                                                                   56,278,134

Cash at beginning of year                                                                       0
                                                                                     ------------
Cash at end of year                                                                   $56,278,134
                                                                                    ==============

See accompanying notes to financial statements.

</TABLE>


(1)    General Information and Summary

JWH Global Trust (the Trust), a Delaware business trust
organized on November 12, 1996, was formed to engage in the
speculative trading of futures contracts on currencies, interest
rates, energy and agricultural products, metals and stock
indices, spot and forward contracts on currencies and precious
metals, and exchanges for physicals pursuant to the trading
instructions of independent trading advisors.  The Managing
Owner of the Trust is CIS Investments, Inc.  The clearing broker
is Cargill Investor Services, Inc. (Clearing Broker or CIS), the
parent company of CISI.  The forwards broker is CIS Financial
Services, Inc. (CISFS or Forwards Currency Broker), an affiliate
of CISI.

Units of beneficial ownership of the Trust commenced selling on
April 3, 1997.  The initial amount offered for investment was
$50,000,000.  Trading began on June 2, 1997 with initial
capitalization of $13,027,103.  On September 26, 1997, the Trust
registered an additional $155,000,000 for further investment and
continued the offering.  By December 31, 1997, a total of
580,678.76 units representing an investment for $60,090,276 of
beneficial ownership interest had been sold in the combined
offerings.  In addition, during the offerings, the Managing
Owner purchased a total of 5,912.68 units, representing a total
investment of $610,000.  See the JWH Global Trust prospectus for
further details of the offering.

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


(2)    Summary of Significant Accounting Policies

The accounting and reporting policies of the Trust conform to
generally accepted accounting principles and to general
practices in the commodities industry.  The following is a
description of the more significant of those policies which the
Trust follows in preparing its financial statements.


Revenue Recognition

Commodity futures contracts, forward contracts, and physical
commodities are recorded on the trade date.  All such
transactions are reported on an identified cost basis.
Unrealized gains and losses reflected in the statements of
financial condition represent the difference between original
contract amount and market value (as determined by exchange
settlement prices for futures contracts and cash dealer prices
at a pre-determined time for forward contracts and physical
commodities) as of the last business day of the year or as of
the last date of the financial statements.

The Trust earns interest on its assets on deposit at CIS and
CISFS at 100% of the 91-day Treasury bill rate for deposits
denominated in U.S. dollars, and at the rates agreed between the
Trust and CIS and CISFS for deposits denominated in other
currencies.


Redemptions

A beneficial owner may cause any or all of his or her units to
be redeemed by the Trust effective as of the last trading day of
any month of the Trust based on the Net Asset Value per unit on
five days' written notice to the Managing Owner.  Payment will
be made within 10 business days of the effective date of the
redemption.  Any redemption made during the first 11 months of
investment is subject to a 3% redemption penalty.  Any
redemption made in the 12th month of investment or later will
not be subject to any penalty.  The Trust's Amended and Restated
Declaration and Agreement of Trust contains a full description
of redemption and distribution policies.


Commissions

Commodity brokerage commissions are typically paid for each
trade transacted and are referred to as "round-turn
commissions".  These commissions cover both the initial purchase
(or sale) and the subsequent offsetting sale (or purchase) of a
commodity futures contract.  The Trust does not pay commodity
brokerage commissions on a per-trade basis, but rather pays
monthly flat-rate Brokerage Fees at the annual rate of 6.5% (or
a monthly rate of approximately 0.542%) of the Trust's month-end
assets after reduction of the Management Fee.  CIS receives
these Brokerage Fees irrespective of the number of trades
executed on the Trust's behalf.  The round-turn equivalent rate
for commissions paid by the Trust for the year ended December
31, 1997 was $91.80.

Certain large investors are eligible for a "Special Brokerage
Fee Rate" of 5% per year.  As of December 31, 1997, there were
no such eligible investors in the Trust.


Foreign Currency Transactions

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


Statements of Cash Flows

For purposes of the statements of cash flows, cash includes
cash on deposit with the Clearing Broker in the equity in
commodity futures trading accounts.


Use of Estimates

The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of increase and decrease in net assets from
operations during the period.  Actual results could differ from
those estimates.


(3)    Fees

Management fees are accrued and paid monthly, incentive fees
are accrued monthly and paid quarterly.  Trading decisions for
the period of these financial statements were made by John W.
Henry & Company, Inc. (JWH) utilizing two of its trading
programs, the Original Investment Program and the Financial and
Metals Portfolio.

Under signed agreement, JWH receives a monthly management fee
of 1/12 of 4% of the Trust's month-end assets after deduction of
a portion of the Brokerage Fee at the annual rate of 1.25%
(rather than 6.5%) of month-end Trust assets but before
deduction of any management fees, redemptions, distributions, or
incentive fee accrued or payable as of the relevant month end.

In addition, the Trust pays to JWH, a quarterly incentive fee
equal to 15% of the new trading profits of the Trust.  The
incentive fee is based on the overall performance of the Trust,
not individually in respect of the performance of the individual
programs utilized by the Trust.  This fee is also calculated by
deducting Brokerage Fee at a rate of 1.25% (rather than the 6.5%
rate).


(4)    Income Taxes

No provision for Federal income taxes has been made in the
accompanying financial statements as each beneficial owner is
responsible for reporting income (loss) based on the pro rata
share of the profits or losses of the Trust.  Generally, for
both Federal and state tax purposes trusts, such as the JWH
Global Trust, are treated as partnerships.  The Trust is
responsible for the Illinois State Partnership Information and
Replacement Tax based on the operating results of the Trust.
Such tax amounted to $58,292 for the year ended December 31,
1997 and is included in operating expenses in the statement of
operations.


(5)    Financial Instruments with Off-balance Sheet Risk

The Trust was formed to speculatively trade commodity
interests.  The Trust's commodity interest transactions and its
related cash balance are on deposit with the Clearing Broker or
the Forward Currency Broker (Brokers) at all times.  In the
event that volatility of trading of other customers of the
Brokers impaired the ability of the Brokers to satisfy the
obligations to the Trust, the Trust would be exposed to
off-balance sheet risk.  Such risk is defined in Statement of
Financial Accounting Standards No. 105 (SFAS 105) as a credit
risk.  To mitigate this risk, the Clearing Broker, pursuant to
the mandates of the Commodity Exchange Act, is required to
maintain funds deposited by customers relating to futures
contracts in regulated commodities in separate bank accounts
which are designated as segregated customers' accounts.  In
addition, the Clearing Broker has set aside funds deposited by
customers relating to foreign futures and options in separate
bank accounts which are designated as customer-secured accounts.
Lastly, the Clearing Broker is subject to the Securities and
Exchange Commission's Uniform Net Capital Rule, which requires
the maintenance of minimum net capital at least equal to 4% of
the funds required to be segregated pursuant to the Commodity
Exchange Act.  The Clearing Broker and Forwards Currency Broker
both have controls in place to make certain that all customers
maintain adequate margin deposits for the positions in which
they maintain at each Broker.  Such procedures should protect
the Trust from the off-balance sheet risk as mentioned earlier.
Neither the Clearing Broker nor the Forwards Currency Broker
engage in proprietary trading and thus has no direct market
exposure.

The contractual amounts of commitments for the Trust to
purchase and sell exchange traded futures contracts and foreign
currency forwards contracts was $368,276,971 and $240,130,546,
respectively on December 31, 1997, and $-0- and $-0-,
respectively on December 31, 1996.  The contractual amounts of
these instruments reflect the extent of the Trusts' involvement
in the related futures and forwards contracts and do not reflect
the risk of loss due to counterparty performance.  Such risk is
defined by SFAS 105 as credit risk.  The counterparty of the
Trust for futures contracts traded in the United States and most
non-U.S. exchanges on which the fund trades is the Clearing
House associated with the exchange.  In general, Clearing Houses
are backed by their membership and will act in the event of
nonperformance by one of their members or one of the members'
customers and as such should significantly reduce this credit
risk.  In cases where the Trust trades on exchanges on which the
Clearing House is not backed by the membership, the sole
recourse of the Trust for nonperformance will be the Clearing
House.  The Forwards Currency Broker is the counterparty for the
Trust's forwards transactions.  CISFS policies require that they
execute transactions only with top rated financial institutions
with assets in excess of $100,000,000.

The average fair value of commodity interests was $3,290,863
during 1997.  Fair value as of December 31, 1997 was $4,481,153.
The net gains or losses arising from the trading of commodity
interests are presented in the statement of operations.

The Trust holds futures positions on various exchanges
throughout the world and forwards positions with CISFS which
transacts with various top rated banks throughout the world.  As
defined by SFAS 105, futures and forward currency contracts are
classified as financial instruments.  SFAS 105 requires that the
Partnership disclose the market risk of loss from all of its
financial instruments.  Market risk is defined as the
possibility that future changes in market prices may make a
financial instrument less valuable or more onerous.  If the
markets should move against all of the futures and forwards
positions of the Trust at the same time (both long positions and
short positions), and if the markets moved such that the CTA was
unable to offset the futures positions of the Trust, the Trust
could lose all of its assets and the beneficial owners would
realize a 100% loss.  The Trust utilizes two of the trading
programs of the CTA.  One trading program is diversified among
all commodity groups, while the other is diversified among the
various futures contracts and forwards contracts in the
financial and metals group.  Both programs trade in the U.S. and
outside of the U.S.  Such diversification should greatly reduce
this market risk.

At December 31, 1997, the cash requirement of the commodity
interests of the Trust was $9,299,511.  This cash requirement is
met by $48,132,040 held in segregated funds, $6,027,922 held in
secured funds and $6,599,325 held in nonregulated funds.  At
December 31, 1997, cash was on deposit with the Clearing Broker
and the Forwards Currency Broker which exceeded the cash
requirement amount.

The following chart discloses the dollar amount of the
unrealized gain or loss on open contracts of the Trust at
December 31, 1997:


        Commodity Group

        Agricultural       $   99,960

        Currency              720,970

        Stock Indices         321,503

        Energies              490,370

        Metals              1,955,345

        Interest              893,005

        Total            $  4,481,153


	The range of maturity dates of these open contracts is January
        1998 to December 1998.



                        Acknowledgment


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

                                        /s/ Richard A. Driver
                                            Richard A. Driver
                                            Treasurer, CIS Investments, Inc.,
                                            one of the General Partners
                                            and Commodity Pool Operators of
                                            JWH Global Trust