** **

**UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,D.C. 20549**

**FORM 10-Q/A**

**AmendmentNo. 1**

**QUARTERLY REPORT PURSUANT TOSECTION 13 OR 15(d) OF THE**

**SECURITIESEXCHANGE ACT OF 1934**

**For thequarterly period ended March 31, 2006**

**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 South Riverside Plaza**

**Suite 900**

**Chicago, IL 60606**

(Address ofprincipal executive offices) (Zip Code)

**(312) 373-5000**

(Registrant’stelephone number, including area code)

**30 S Wacker Dr., Suite 1603,Chicago, IL 60606, (312) 456-6462**

(Former name, former address and former fiscal year, if changed sincelast report.)

Indicate by check mark whether the registrant (1) hasfiled all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter periodthat the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.   o  Yes    x  No

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer,or a non-accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
| o  Large  Accelerated Filer | o  Accelerated  Filer | x  Non-Accelerated  Filer |
|---------------------------------------|---------------------------------|-------------------------------------|

 

Indicate by check markwhether the Registrant is a shell company (as defined in Rule 12b-2 of theExchange Act).

oYes    x  No

 

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**Explanatory Note**

This quarterly report on Form 10-Q for the quarterended March 31, 2006, is being filed after the filing deadline due to the Trust’sinability to value certain of its assets and complete the preparation of itsfinancial statements.  Please see “Note 7 — SubsequentEvents” included in our Notes to Financial Statements filed with this Form 10-Qfor more information.

This Form 10-Q/A amends the Form 10-Q filed onApril 30, 2007 and reflects certain changes made to the Condensed Scheduleof Investments and Statement of Changes in Unitholders’ Capital.

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**TABLE OFCONTENTS**

PART I. FINANCIALINFORMATION
|                                                                                                     | ** ** | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|------------|
| Item  1. Financial Statements                                                                       |       |       | 1 |   |
| Statements of Financial Condition (unaudited), quarter  ended March 31, 2006                        |       |       | 1 |   |
| Statements of Operations (unaudited), quarter ended  March 31, 2006                                 |       |       | 2 |   |
| Statement of Changes in Unitholders’ Capital  (unaudited), quarter ended March 31, 2006        |       |       | 3 |   |
| Condensed Schedule of Investments (unaudited), as of  March 31, 2006                                |       |       | 4 |   |
| Notes  to Financial Statements                                                                      |       |       | 5 |   |
|                                                                                                |       |       |   |   |
| Item 2. Management’s Discussion and Analysis of  Financial Condition and Results of Operations |       |       | 9 |   |
|                                                                                                |       |       |   |   |
| Item 3. Quantitative and Qualitative Disclosures about  Market Risk                                 |       |       | 15 |   |
|                                                                                                |       |       |   |   |
| Item 4. Controls and Procedures                                                                     |       |       | 15 |   |
|                                                                                                |       |       |   |   |
| PART  II. OTHER INFORMATION                                                                         |       |       | 15 |   |
|                                                                                                |       |       |   |   |
| Item  1. Legal Proceedings                                                                          |       |       | 15 |   |
|                                                                                                |       |       |   |   |
| Item 2. Unregistered Sales of Equity Securities and  Use of Proceeds                                |       |       | 16 |   |
|                                                                                                |       |       |   |   |
| Item 6.  Exhibits                                                                                   |       |       | 17 |   |
|                                                                                                |       |       |   |   |
| SIGNATURES                                                                                          |       |       | 18 |   |

 

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**PART I — FINANCIALINFORMATION**

**Item 1.  Financial Statements**

**JWHGLOBAL TRUST**

**Statementsof Financial Condition**

**Quarter endedMarch 31, 2006**
| ** **                                                                                                            | ** ** | **March 31, 2006** | ** **  | **December 31, 2005** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------|------------|------------------------------|-------------|---------------------------------|------------|
| ** **                                                                                                            | ** ** | **UNAUDITED**                | ** **  | ** **                      | ** ** |
| **Assets**                                                                                                            | ** ** | ** **                   | ** **  | ** **                      | ** ** |
| Assets:                                                                                                               |       |                         |        |                            |       |
| Equity in commodity  trading accounts:                                                                                |       |                         |        |                            |       |
| Cash on deposit with  brokers                                                                                         |       | $                            | 165,613,348 |                            | $          | 202,443,116 |   |
| Unrealized gain on open  contracts                                                                                    |       | 7,958,212                    |        | 2,590,858                       |       |
| Cash on deposit with  former brokers                                                                                  |       | 16,963,262                   |        | 16,963,262                      |       |
| Cash on deposit with  bank                                                                                            |       | 699,878                      |        | 943,758                         |       |
|                                                                                                                  |       | 191,234,700                  |        | 222,940,994                     |       |
| Receivable for  units sold                                                                                            |       | —                       |        | —                          |       |
| Interest  receivable                                                                                                  |       | 640,858                      |        | 675,537                         |       |
| Total Assets                                                                                                          |       | $                            | 191,875,558 |                            | $          | 223,616,531 |   |
|                                                                                                                  |       |                         |        |                            |       |
| **Liabilities  and Unitholders’ Capital**                                                                        | ** ** | ** **                   | ** **  | ** **                      | ** ** |
| Liabilities:                                                                                                          |       |                         |        |                            |       |
| Accrued commissions                                                                                                   |       | $                            | 679,948     |                            | $          | 1,563,331 |   |
| Accrued management fees                                                                                               |       | 616,852                      |        | 338,586                         |       |
| Accrued incentive fees                                                                                                |       | —                       |        | —                          |       |
| Accrued offering  expenses                                                                                            |       | 2,663                        |        | 3,482                           |       |
| Accrued operating  expenses                                                                                           |       | 643,383                      |        | 348,965                         |       |
| Redemptions payable                                                                                                   |       | 5,779,824                    |        | 4,723,667                       |       |
| Accrued legal &  admin fees - nontrading                                                                          |       | 268,917                      |        | 116,991                         |       |
| Total liabilities                                                                                                     |       | 7,991,587                    |        | 7,095,022                       |       |
|                                                                                                                  |       |                         |        |                            |       |
| Unitholders’ capital  (trading):                                                                                 |       |                         |        |                            |       |
| Beneficial owners  (1,604,136 and 1,736,309 units outstanding at March 31, 2006 and December 31,  2005, respectively) |       | 164,015,825                  |        | 196,142,238                     |       |
|                                                                                                                  |       |                         |        |                            |       |
| Managing owner (24,017  units outstanding at March 31, 2006 and December 31, 2005)                                    |       | 2,455,568                    |        | 2,713,011                       |       |
|                                                                                                                  |       |                         |        |                            |       |
| Unitholders’ capital  (nontrading):                                                                              |       |                         |        |                            |       |
| Beneficial owner  (2,249,070 and 2,249,071 units outstanding at March 31, 2006 and December 31,  2005, respectively)  |       | 17,227,084                   |        | 17,478,064                      |       |
| Managing owner  (24,217 units outstanding at March 31, 2006 and December 31, 2005)                                    |       | 185,494                      |        | 188,196                         |       |
| Total unitholders’  capital                                                                                      |       | 183,883,971                  |        | 216,521,509                     |       |
|                                                                                                                  |       |                         |        |                            |       |
| Total Liabilities and  Unitholders’ Capital                                                                      |       | $                            | 191,875,558 |                            | $          | 223,616,531 |   |
|                                                                                                                  |       |                         |        |                            |       |

 

See accompanying notes tofinancial statements.

1

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**JWHGLOBAL TRUST**

**Statementsof Operations**

**Quarterended March 31, 2006**

**UNAUDITED**
| ** **                                                 | ** ** | **January 1, 2006** | ** **  | **January 1, 2005** | ** ** |
|------------------------------------------------------------|------------|-------------------------------|-------------|-------------------------------|------------|
| ** **                                                 | ** ** | **through**                   | ** **  | **through**                   | ** ** |
| ** **                                                 | ** ** | **March 31, 2006**  | ** **  | **March 31, 2005**  | ** ** |
|                                                       |       |                          |        |                          |       |
| Revenues:                                                  |       |                          |        |                          |       |
| Gain (loss) on trading of commodity contracts:             |       |                          |        |                          |       |
| Realized gain (loss) on closed positions                   |       | $                             | (22,146,150 | )                             | $          | (28,523,529 | ) |
| Change in unrealized gain (loss) on open positions         |       | 5,367,353                     |        | (13,895,329                   | )          |
| Interest income                                            |       | 1,894,068                     |        | 1,938,865                     |       |
| Foreign currency transaction gain (loss)                   |       | 235,714                       |        | (546,345                      | )          |
| Total revenues                                             |       | (14,649,015                   | )           | (41,026,338                   | )          |
|                                                       |       |                          |        |                          |       |
| Expenses:                                                  |       |                          |        |                          |       |
| Commission                                                 |       | 2,591,947                     |        | 4,394,758                     |       |
| Exchange, clearing and NFA fees                            |       | 129,227                       |        | 37,333                        |       |
| Management fees                                            |       | 907,309                       |        | 1,477,773                     |       |
| Incentive fees                                             |       | —                        |        | —                        |       |
| Ongoing offering expenses                                  |       | —                        |        | 367,249                       |       |
| Operating expenses                                         |       | 373,653                       |        | 95,515                        |       |
| Total expenses                                             |       | 4,002,136                     |        | 6,372,628                     |       |
|                                                       |       |                          |        |                          |       |
| Nontrading net  loss:                                      |       |                          |        |                          |       |
| Interest on nontrading reserve                             |       | 15,235                        |        | —                        |       |
| Legal & Admin fees                                     |       | (268,886                      | )           | —                        |       |
| Nontrading net loss                                        |       | (253,651                      | )           | —                        |       |
|                                                       |       |                          |        |                          |       |
| Net income  (loss)                                         |       | $                             | (18,904,802 | )                             | $          | (47,398,966 | ) |
| Income (loss)  per unit of beneficial ownership interest * |       | $                             | (10.82      | )                             | $          | (21.11 | ) |
| Income (loss)  per unit of managing ownership interest *   |       | $                             | (10.82      | )                             | $          | (21.11 | ) |
|                                                       |       |                          |        |                          |       |

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*                    Representsthe increase (decrease) in unit value during the period.

See accompanying notes tofinancial statements.

2

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**JWH GLOBAL TRUST**

**Statementsof Changes in Unitholders’ Capital**

**Quarter ended March 31, 2006**

UNAUDITED
| ** **                                         | ** ** | **Beneficial  Owner Units  Trading** | ** ** | **Managing  Owner Units  Trading** | ** ** | **Beneficial  Owner Units  Nontrading** | ** ** | **Managing  Owner Units  Nontrading** | ** ** | **Total** | ** ** |
|----------------------------------------------------|------------|-------------------------------------------|------------|-----------------------------------------|------------|----------------------------------------------|------------|--------------------------------------------|------------|-----------|------------|
| Unitholders’ capital at  January 1, 2006 |       | 1,736,309                                 |       | 24,017                                  |       | 2,249,071                                    |       | 24,217                                     |       | 4,033,614 |       |
| Unitholders’  contributions                   |       | —                                    |       | —                                  |       | —                                       |       | —                                     |       | —    |       |
| Unitholders’  redemptions                     |       | (132,173                                  | )          | —                                  |       | (1                                           | )          | —                                     |       | (132,174  | )          |
| Unitholders’ capital at March 31, 2006   |       | 1,604,136                                 |       | 24,017                                  |       | 2,249,070                                    |       | 24,217                                     |       | 3,901,440 |       |

 
| ** **                                         | ** ** | **Beneficial  Owner Dollars  Trading** | ** **  | **Managing  Owner Dollars  Trading** | ** ** | **Beneficial  Owner Dollars  Nontrading** | ** ** | **Managing  Owner Dollars  Nontrading** | ** ** | **Total**   | ** ** |
|----------------------------------------------------|------------|---------------------------------------------|-------------|-------------------------------------------|------------|------------------------------------------------|------------|----------------------------------------------|------------|-------------|------------|
| Unitholders’ capital at  January 1, 2006 |       | $                                           | 196,142,238 |                                      | $          | 2,713,011                                      |       | $                                            | 17,478,064 |        | $          | 188,197 |   | $ | 216,521,509 |   |
| Net loss                                           |       | (18,393,707                                 | )           | (257,444                                  | )          | (250,948                                       | )          | (2,702                                       | )          | (18,904,802 | )          |
| Unitholders’  contributions                   |       | —                                      |        | —                                    |       | —                                         |       | —                                       |       | —      |       |
| Unitholders’  redemptions                     |       | (13,732,705                                 | )           | —                                    |       | (31                                            | )          | —                                       |       | (13,732,736 | )          |
|                                               |       |                                        |        |                                      |       |                                           |       |                                         |       |        |       |
| Unitholders’ capital at  March 31, 2006  |       | $                                           | 164,015,825 |                                      | $          | 2,455,567                                      |       | $                                            | 17,227,085 |        | $          | 185,494 |   | $ | 183,883,971 |   |
|                                               |       |                                        |        |                                      |       |                                           |       |                                         |       |        |       |
| Net asset value per  unit at January 1, 2006  |       | $                                           | 112.96      |                                      | $          | 112.96                                         |       | $                                            | 7.77       |        | $          | 7.77 |   | $ | 120.73 |   |
| Net loss per unit                                  |       | $                                           | (10.71      | )                                         | $          | (10.71                                         | )          | $                                            | (0.11      | )           | $          | (0.11 | ) | $ | (10.82 | ) |
| Net asset value per unit at March 31, 2006    |       | $                                           | 102.25      |                                      | $          | 102.25                                         |       | $                                            | 7.66       |        | $          | 7.66 |   | $ | 109.91 |   |

 

See accompanying notes tofinancial statements.

3

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**JWHGLOBAL TRUST**

**CondensedSchedule of Investments**

**asof March 31, 2006**

**UNAUDITED**
| ** **                                                | ** ** | **Number of** | ** ** | **Principal**  | ** **    | **Value (OTE)** | ** **  |
|-----------------------------------------------------------|------------|--------------------|------------|----------------|---------------|----------------------|-------------|
| ** **                                                | ** ** | **contracts**      | ** ** | **(notional)** | ** **    | ** **           | ** **  |
| **Long positions**                                        | ** ** | ** **         | ** ** | ** **     | ** **    | ** **           | ** **  |
| **Futures positions (2.89%)**                             | ** ** | ** **         | ** ** | ** **     | ** **    | ** **           | ** **  |
| Agriculture                                               |       | 540                |       | $              | 11,580,000    |                 | $           | 97,202 |   |
| Interest Rates                                            |       | 114                |       | 36,160,775     |          | (7,554               | )           |
| Metals                                                    |       | 947                |       | 48,267,643     |          | 2,327,290            |        |
| Indices                                                   |       | 787                |       | 45,142,320     |          | 2,837,483            |        |
| Energy                                                    |       | 714                |       | 41,385,582     |          | 65,772               |        |
|                                                      |       |               |       | 182,536,320    |          | 5,320,193            |        |
| **Forward positions (-0.59%)**                            | ** ** | ** **         | ** ** | ** **     | ** **    | ** **           | ** **  |
| Currencies                                                |       | 60                 |       | 902,170,718    |          | (1,085,795           | )           |
| ** **                                                |       |               |       | 902,170,718    |          | (1,085,795           | )           |
|                                                      |       |               |       |           |          |                 |        |
| Total long  positions                                     |       |               |       | $              | 1,084,707,038 |                 | $           | 4,234,398 |   |
|                                                      |       |               |       |           |          |                 |        |
| **Short positions**                                       | ** ** | ** **         | ** ** | ** **     | ** **    | ** **           | ** **  |
| **Futures positions (3.88%)**                             | ** ** | ** **         | ** ** | ** **     | ** **    | ** **           | ** **  |
| Agriculture                                               |       | 584                |       | $              | 12,524,464    |                 | $           | 357,401 |   |
| Interest rates                                            |       | 8,563              |       | 1,055,335,128  |          | 6,872,290            |        |
| Indices                                                   |       | 18                 |       | 1,043,334      |          | (37,095              | )           |
| Energy                                                    |       | 128                |       | 7,419,264      |          | (56,640              | )           |
|                                                      |       |               |       | 1,076,322,190  |          | 7,135,956            |        |
| **Forward positions (-1.86%)**                            | ** ** | ** **         | ** ** | ** **     | ** **    | ** **           | ** **  |
| Currencies                                                |       | 71                 |       | 1,082,604,862  |          | (3,412,142           | )           |
|                                                      |       |               |       | 1,082,604,862  |          | (3,412,142           | )           |
|                                                      |       |               |       |           |          |                 |        |
| Total short  positions                                    |       |               |       | $              | 2,158,927,052 |                 | $           | 3,723,814 |   |
|                                                      |       |               |       |           |          |                 |        |
| Total unrealized gain  on open contracts (4.32%)          |       |               |       |           |          | $                    | 7,958,212   |   |
| Cash on deposit and  open contracts with brokers (90.06%) |       |               |       |           |          | 165,613,348          |        |
| Cash on deposit with  former broker and bank (9.62%)      |       |               |       |           |          | 17,663,140           |        |
| Other liabilities in  excess of assets (-4%)              |       |               |       |           |          | (7,350,729           | )           |
| Net assets (100.0%)                                       |       |               |       |           |          | $                    | 183,883,971 |   |

 

See accompanying notes tofinancial statements.

4

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**JWH GLOBAL TRUSTNOTES TO FINANCIAL STATEMENTSMarch 31, 2006**(Unaudited)

**(1)           General Information and Summary**

JWH Global Trust (the “Trust”),a Delaware statutory trust organized on November 12, 1996, was formed to engagein the speculative trading of futures contracts on currencies, interest rates,energy and agricultural products, metals and stock indices, spot and forwardcontracts on currencies and precious metals, and exchanges for physicalspursuant to the trading instructions of independent trading advisors.  On August 31, 2005, Refco Group Ltd., LLC (“RefcoGroup”) acquired the global brokerage operations of Cargill’s subsidiary,Cargill Investor Services, Inc. (“CIS”). CIS is the owner of CIS Investments, Inc. (“CISI”).  The managing owner of the Trust changed fromCISI to Refco Commodity Management, Inc (“RCMI” or the “Managing Owner”) andthe clearing broker changed from CIS to Refco, LLC (“Clearing Broker”), anaffiliate of RCMI.  The broker forforward contracts changed from CIS Financial Services, Inc. to Refco CapitalMarkets, Ltd. (“Forwards Currency Broker”), also an affiliate of RCMI.  The Clearing Broker and the Forwards CurrencyBroker collectively will be referred to as the “Brokers”.

Units of beneficialownership of the Trust commenced selling in April 3, 1997. Units are notcurrently being offered.

The Trust will beterminated on December 31, 2026, if none of the following occur prior to thatdate:  (1) beneficial owners holding morethan 50% of the outstanding units notify the Managing Owner to dissolve theTrust as of a specific date; (2) disassociation of the Managing Owner with theTrust; (3) bankruptcy of the Trust; (4) a decrease in the net asset value toless 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 forthe existence of the Trust to be continued or require dissolution of the Trust.

On October 10, 2005, Refco, Inc., the ultimate parentof RCMI, announced that it had discovered through an internal review areceivable owed to Refco, Inc., by an entity controlled by Phillip R. Bennett,the then Chief Executive Officer and Chairman of the Board of Directors ofRefco, Inc., in the amount of approximately $430 million.  Mr. Bennett has been charged with securitiesfraud in connection with this matter and various actions have been filedagainst Refco, Inc.  Thereafter, onOctober 13, 2005, Refco, Inc., announced that the liquidity within RefcoCapital Markets, Ltd. (“RCM”) was no longer sufficient to continue operations,and that RCM had imposed a fifteen (15) day moratorium on all of its activitiesin an attempt to protect the value of that enterprise.

On October 17, 2005, Refco, Inc. and RCM filed forbankruptcy protection in the Southern District of New York.  Neither the Trust nor RCMI were covered bythe filing.  As discussed in Note 7, RCMIsubsequently filed for bankruptcy protection on October 16, 2006.

Refco, LLC was not covered by the October 17, 2005bankruptcy filing of Refco, Inc. but filed its own bankruptcy petition onNovember 25, 2005. In addition, a portion of the Trust’s assets (less than 20%,based on net assets as of October 13, 2005) was on deposit with RCM at the timeof the bankruptcy filing, exposing a number of the Trust’s foreign currencycontracts and cash held at RCM to the risk of non-return of these assets.  While RCM has unwound any outstanding foreigncurrency contracts, the Trust does not expect that in the near future it willbe able to access those assets or that its rights and/or claims in connectionwith RCM’s bankruptcy will be fully resolved.

In light of the events outlined herein, RCMI, managingowner of the Trust, moved the majority of the Trust’s assets from Refco, LLC toLehman Brothers, Inc. and its affiliated entities (“Lehman”) to act in thecapacity of clearing broker.  On or aboutOctober 18, 2005, the Trust had transferred the majority of all assets toLehman.  Pending the resolution of theTrust’s rights and/or claims against RCM, the Trust will no longer have assetson deposit with RCM.

Management does not believe that the bankruptcyfilings of Refco, Inc. and RCM will have a material impact upon the operationsof the Trust or its ability to satisfy a request for redemption. In this regard,  the operations of the Trust, including thetrading activities of the underlying asset manager, have continued with minimalinterruption.  Inparticular, with respect to redemptionsmade as of October 31, 2005 and thereafter, the Trust has made payment in anamount that represented the proportionate share of the Trust’s net assets thatare held at Lehman, while reserving payment with respect to the Trust’s assetscurrently held at RCM, plus a cash reserve in connection with expenses inpursuit of its rights and/or claims against RCM and other potential thirdparties.  As such, the Trust has reservedpayment with respect to approximately 18.2% - 25% of any redemption proceedsuntil these monies held at RCM are remitted to the Trust or the Trust’s rightsand/or claims against RCM and/or such potential third parties are resolved.

 

5

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Generally, investors in the Trust may redeem unitseffective as of the last trading day of any month of the Trust based on the NetAsset Value per unit on such date with five business days’ prior written noticeto the Managing Owner. Effective October 31, 2005, the Net Asset Value per unitwas split into a ‘Trading account” and a “Non-Trading” account, the latterrepresenting the assets held at RCMI plus $1,000,000 in cash in connection withexpenses related to the collection of assets held at RCM and potential thirdparty claims. On October 31, 2005, 57,544,206 units of equity and 2,273,288 insubstitute units were transferred to the Non-Trading account.  All unitholders of record as of October 1,2005 retain their pro-rata right to the assets in the Non-Trading account withthe equivalent number of units held in the Trust prior to RCM bankruptcy.

**(2)****                                 Summaryof Significant Accounting Policies**

The accounting and reportingpolicies of the Trust conform to accounting principles generally accepted inthe United States of America and to general practices in the commoditiesindustry. The following is a description of the more significant of thosepolicies that the Trust follows in preparing its financial statements.

**Revenue Recognition**

Commodity futures contracts,forward contracts, physical commodities, and related options are recorded onthe trade date.  All such transactionsare recorded on the identified cost basis and marked to market daily.  Unrealized gains on open contracts reflectedin the statements of financial condition represent the difference betweenoriginal contract amount and market value (as determined by exchange settlementprices for futures contracts and related options and cash dealer prices at apredetermined time for forward contracts, physical commodities, and theirrelated options) as of the last business day of the year or as of the last dateof the financial statements.

TheTrust earned interest on 100% of its assets on deposit at the brokers at 75% ofthe 91-day Treasury bill rate for deposits denominated in U.S. dollars, and atthe rates agreed between the Trust and the brokers for deposits denominated inother currencies.  For depositsdenominated in other currencies, the Trust earns interest on Eurodollars,British pound sterling, and Swiss francs at a rate equal to Lehman ClearingHouse (“LCH”) less 25 basis points.  Deposits denominated in Japanese Yenearn 100% of LCH and Australian dollars earn interest at a rate of SydneyFutures Exchange Clearing House (‘SFECH”) less 125 basis points.

**Redemptions**

A beneficial owner maycause any or all of his or her units to be redeemed by the Trust effective asof the last business day of any month of the Trust based on the Net Asset Valueper unit on such date on five business days’ written notice to the ManagingOwner.  Payment will generally be madewithin ten business days of the effective date of the redemption.  Any redemption made during the first elevenmonths of investment is subject to a 3% redemption penalty.  Any redemption made in the twelfth month ofinvestment or later will not be subject to any redemption penalty.  The Trust’s Sixth Amended and RestatedDeclaration and Agreement of Trust contains a full description of redemptionand distribution policies.  Investors whoredeemed on or after October 31, 2005 will receive the Net Asset Value per Unitrepresented by assets held in the trading account.

**Ongoing Offering Costs**

Ongoingoffering costs subject to a ceiling of 0.50% of the Trust’s averagemonth-end net assets, are paid by the Trust and expensed as incurred. There areno units currently being offered therefore no offering costs were incurredduring the quarter ended March 31, 2006.

**Commissions**

Commodity brokeragecommissions are typically paid for each trade transacted and are referred to as“round-turn commissions.”  Thesecommissions cover both the initial purchase (or sale) and the subsequentoffsetting sale (or purchase) of a commodity futures contract.  The Trust does not pay commodity brokeragecommissions on a per-trade basis, but rather pays  flat-rate Brokerage Fees on a monthly basisof 6.0% per annum (or 0.50% per month) of the Trust’s month-end assets afterreduction of the Management Fee.  Theclearing brokers receive these brokerage fees irrespective of the number of 

6

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trades executed on theTrust’s behalf. The amount paid to the clearing broker is reduced by exchangefees paid by the Trust. The round-turn equivalent rate for commissions paid bythe Trust for the years ended December 31, 2005, 2004, and 2003 was $27, $39,and $38, respectively.

Certain large investorsare eligible for a “Special Brokerage Fee Rate” of 4.5% per year.  As of March 31, 2006, there were no sucheligible investors in the Trust.

TheManaging Owner, and/or, affiliates, acts as commodity brokers for theTrust.  As such, the Managing Owner andaffiliates receive all commissions that are reflected as such in the financialstatements.

**Foreign Currency Transactions**

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

**Use of Estimates**

The preparation offinancial statements in conformity with accounting principles generallyaccepted in the United States of America requires management to make estimatesand assumptions that affect the reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of the financialstatements and the reported amounts of revenues and expenses during thereporting period.  Actual results coulddiffer from those estimates.

**Valuation of Assets Held at Refco Capital Markets,Ltd.**

Assetsheld by the Fund at RCM are reported at fair value as determined in good faithby the Managing Owner after consideration of all factors, data and information,including information from financial institutions with no affiliation to RCM,analysis of the current market which has developed to purchase RCM creditorclaims, the current demand and willingness of third parties to purchase RCM claimsand financial information received by the Managing Owner from RCM. The valueassigned to this asset is based upon available information and does notnecessarily represent amounts which might ultimately be realized. Furthermore,this value assumes that the Managing Owner would recommend selling these claimsto a third party as opposed to holding RCM assets until the RCM estate makes adistribution to RCM customers and creditors which may or may not be the case.Because of the inherent uncertainty of valuation due to the inability toestimate recoverable RCM assets necessary to remit payment to customers andcreditors as well as the uncertainty as the standing of the Fund vis-a-visother customers/creditors, the estimated fair value could be significantlyhigher or lower than the fair value assigned by the Investment Manager. Basedupon this fair value methodology, the assets held by the Fund at RCM had atotal value of $16,963,262 as of both December 31, 2005, and March 31, 2006.

**(3)           Fees**

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

Under signed agreementJWH receives a monthly management fee at the rate of 0.167% (a 2% annual rate)of the Trust’s month-end net assets calculated after deduction of a portion ofthe Brokerage Fee at an annual rate of 1.25% of month-end Trust net assets, butbefore reduction for any incentive fee or other costs and before inclusion ofpurchases and redemptions for the month.

Also, under signedagreement the Trust pays to JWH a quarterly incentive fee equal to 20% of thenew trading profits, if any, of the Trust. The incentive fee is based on theoverall performance of the Trust, not individually in respect of theperformance of the individual programs utilized by the Trust. This fee is alsocalculated by deducting a portion of the Brokerage Fees at an annual rate of1.25%.

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**(4)           Income Taxes**

No provision for Federalincome taxes has been made in the accompanying financial statements as eachbeneficial owner is responsible for reporting income (loss) based on the prorata share of the profits or losses of the Trust.  Generally, for both Federal and state taxpurposes, trusts, such as the JWH Global Trust, are treated as partnerships.

**(5)           Trading Activities and Related Risks**

The Trust engages in thespeculative trading of U.S. and foreign futures contracts, and forwardcontracts (collectively derivatives). These derivatives include both financial and non-financial contractsheld as part of a diversified trading strategy. The Trust is exposed to both market risk, the risk arising from changesin the market value of the contracts, and credit risk, the risk of failure byanother party to perform according to the terms of a contract.

The purchase and sale offutures requires margin deposits with a futures commission merchant (“FCM”).  Additional deposits may be necessary for anyloss on contract value.  The CommodityExchange Act (“CEAct”) requires an FCM to segregate all customer transactionsand assets from the FCM’s proprietary activities.  A customer’s cash and other property, such asU.S. Treasury Bills, deposited with an FCM are considered commingled with allother customer funds subject to the FCM’s segregation requirements.  In the event of an FCM’s insolvency, recoverymay be limited to a pro rata share of segregated funds available.  It is possible that the recovered amountcould be less than the total of cash and other property deposited.

The Trust has cash ondeposit with an affiliated interbank market maker in connection with itstrading of forward contracts.    In thenormal course of business, the Trust does not require collateral from suchinterbank market maker.  Due to forwardcontracts being traded in unregulated markets between principals, the Trustalso assumes a credit risk, the risk of loss from counter partynon-performance.

For derivatives, risksarise from changes in the market value of the contracts.  Theoretically, the Trust is exposed to amarket risk equal to the value of futures and forward contracts purchased andunlimited liability on such contracts sold short.

Net trading results fromderivatives for the quarters ended March 31, 2006 and 2005, are reflected inthe statements of operations and equal gain from trading less brokeragecommissions.  Such trading resultsreflect the net gain or loss arising from the Trust’s speculative trading offutures contracts and forward contracts.

The notional amounts ofopen contracts at March 31, 2006, as disclosed in the Condensed Schedule ofInvestments, do not represent the Trust’s risk of loss due to market and creditrisk, but rather represent the Trust’s extent of involvement in derivatives atthe date of the statement of financial condition.

The beneficial ownersbear the risk of loss only to the extent of the market value of theirrespective investments.

**(6)           Financial Highlights**

The following financial highlights show the Trust’s financialperformance for the three-month period ended March 31, 2006.  Total return is calculated as the change in atheoretical beneficial owner’s investment over the entire period — a percentage change in the net asset valuefrom December 31, 2005 to March 31, 2006. Total return is calculated based on the aggregate return of the Trusttaken as a whole.

 
| **2006**                                       |   |   |   |
|------------------------------------------------|--------|--------|--------|
|                                           |   |   |   |
| Net Asset Value  per unit At December 31, 2005 |   | $      | 120.73 |   |
| Loss per unit                                  |   | (10.82 | )      |
| Net Asset Value  per unit At March 31, 2006    |   | $      | 109.91 |   |
| Total Return:                                  |   |   |   |
|                                           |   |   |   |
| Total return  before incentive fee             |   | (8.96  | )%     |
| Less incentive  fee allocation                 |   | 0.00   | %      |
| Total return                                   |   | (8.96  | )%     |
|                                           |   |   |   |
| Ratio to average  net assets:                  |   |   |   |
| Net loss                                       |   | (9.52  | )%     |
|                                           |   |   |   |
| Expenses:                                      |   |   |   |
| Expenses                                       |   | (2.14  | )%     |
| Incentive fee                                  |   | 0.00   | %      |
| Total expenses                                 |   | (2.14  | )%     |
|                                           |   |   |   |
| **2005**                                       |   |   |   |
|                                           |   |   |   |
| Net Asset Value per unit At December  31, 2004 |   | $      | 148.54 |   |
| Loss per unit                                  |   | (21.11 | )      |
| Net Asset Value  per unit At March 31, 2005    |   | $      | 127.43 |   |
|                                           |   |   |   |
| Total Return:                                  |   |   |   |
| Total return  before incentive fee             |   | (14.21 | )%     |
| Less incentive  fee allocation                 |   | 0.00   | %      |
| Total return                                   |   | (14.21 | )%     |
|                                           |   |   |   |
| Ratio to average  net assets:                  |   |   |   |
| Net loss                                       |   | (15.47 | )%     |
|                                           |   |   |   |
| Expenses:                                      |   |   |   |
| Expenses                                       |   | 2.08   | %      |
| Incentive fees                                 |   | 0.00   | %      |
| Total expenses                                 |   | 2.08   | %      |

 

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The net income andexpense ratios are computed based upon the weighted average net assets for theTrust for the three-month period ended March 31, 2006. The amounts are notannualized.

**(7)           Subsequent Events**

On October 12, 2006,RCMI, R.J. O’Brien & Associates, Inc. (“RJO”), and RJO’s acquisitionsubsidiary, R.J. O’Brien Fund Management, Inc. (“RJOFM”) entered into an AssetPurchase Agreement (the “Asset Purchase Agreement”) that provides for, amongother things, RJOFM to purchase RCMI’s managing-owner interest in the Trust.The Asset Purchase Agreement also provided for RCMI to commence a proceedingunder Chapter 11 of the Bankruptcy Code and to obtain the Bankruptcy Court’sapproval of the Asset Purchase Agreement and the transactions set forththerein.

RCMI filed a voluntarypetition (the “RCMI Bankruptcy Petition”) in the United States Bankruptcy Courtfor the Southern District of New York on October 16, 2006, for relief underChapter 11 of title 11 of the United States Code. Contemporaneously with thefiling of the RCMI Bankruptcy Petition, RCMI filed a motion requesting that theBankruptcy Court authorize RCMI to sell and assign substantially all of itsassets, including its interest as managing owner of the Trust, pursuant to theterms of the Asset Purchase Agreement. Pursuant to the terms of the Asset Purchase Agreement, as of October 13,2006, all clearing functions have been moved from Lehman to RJO.

On December 29, 2006 the Trust received a partialrecovery from RCM in the amount of $10,319,317. Management elected toretain $983,649 of these proceeds for legal and administrative expenses and todistribute $9,335,668 as redemptions as of December 31, 2006.  Unitholderswho had previously redeemed units of the Trading account received cash in theamount of $4,180,957 in exchange for 167,573 substitute units of theNon-Trading account, as disclosed in Note (1). Unitholders who had notpreviously redeemed units of the Trading account received 54,913 additionalunits of the Trading account in exchange for $5,154,711, their share of thetotal distribution of $9,335,668 referred to above. These unitholders redeemed206,602 substitute units of the Non-Trading account in exchanged for the$5,154,711 distribution.

Effective January 1, 2007, a Special Circumstances Limited LiabilityCompany (the “LLC”) was established to pursue additional claims against RCM.The LLC was funded with cash of $1,446,766.36 which represents the $983,649referred to above plus $463,488, the cash remaining of $1,000,000 set up to paycollection costs, as disclosed in Note (1) . Any funds obtained by the LLC will be distributed to unitholders whowere investors in the Trust at the time of the bankruptcy of RCM and Refco,Inc.

## **Item2.  Management’s Discussion and Analysisof Financial Condition and Results of Operations**

**(a)           Capital Resources**

The Trust’s capitalresources fluctuate based upon the purchase and redemption of units and thegains and losses of the Trust’s trading activities.   The amount of assets invested in the Trustgenerally does not affect its performance, as typically this amount is not alimiting factor on the positions acquired by JWH, and the Trust’s expenses areprimarily charged as a fixed percentage of its asset base, however large.

The Trust’s involvementin the futures and forward markets exposes the Trust to both market risk — therisk arising from changes in the market value of the futures and forwardcontracts held by the Trust — and credit risk — the risk that another party toa contract will fail to perform its obligations according to the terms of thecontract.  The Trust is exposed to amarket risk equal to the value of the futures and forward contracts purchasedand theoretically unlimited risk of loss on contracts sold short.  JWH monitors the Trust’s trading activitiesand attempts to control the Trust’s exposure to market risk by, among otherthings, refining its trading strategies, adjusting position sizes of the Trust’sfutures and forward contacts and re-allocating Trust assets to different marketsectors.  The Trust’s primary exposure tocredit risk is its exposure to the non-performance of the Forwards CurrencyBroker.  The Forwards Currency Brokergenerally enters into forward contracts with large, well-capitalizedinstitutions and then enters into a back-to-back contract with the Trust.  The Trust also may trade on exchanges that donot have associated clearinghouses whose credit supports the obligations of itsmembers and operate as principals markets, in which case the Trust will beexposed to the credit risk of the other party to such trades.

 

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

The Trust borrows only toa limited extent and only on a strictly short-term basis in order to financelosses on non-U.S. dollar denominated trading positions pending the conversionof the Trust’s dollar deposits.  Theseborrowings are at a prevailing short-term rate in the relevant currency.  They have been immaterial to the Trust’soperation to date and are expected to continue to be so.

Thereare no known material trends, favorable or unfavorable, that would affect, norany expected material changes, to the Trust’s capital resource arrangements atthe present time.

**(b)           Liquidity**

The Trust’s assets atMarch 31, 2006 were held in brokerage accounts with Lehman Brothers.  Such assets are used as margin to engage intrading and may be used as margin solely for the Trust’s trading.  As mentioned above, on or about October 18,2005, the Trust had transferred the majority of all assets to Lehman.  Except in unusual circumstances, the Trustshould be able to close out any or all of its open trading positions andliquidate any or all of its holdings quickly and at market prices.  This should permit JWH to limit losses aswell as reduce market exposure on short notice should its programs indicatereducing market exposure.

The Trust earns intereston 100% of the Trust’s average daily balances on deposit with Lehman duringeach month at 75% of the average 91-day Treasury bill rate for that month inrespect of deposits denominated in dollars or at the applicable rates inrespect of deposits denominated in currencies other than dollars (which may bezero in some cases).  For the fiscalquarter ended March 31, 2006, the Trust had received or accrued to receiveinterest of $1,894,068.  For the fiscalquarter ended March 31, 2005, the Trust had received or accrued to receiveinterest of $1,938,865.

Most United Statescommodity exchanges limit the amount of fluctuation in commodity futures contractprices 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 also possible foran exchange or the CFTC to suspend trading in a particular contract, orderimmediate settlement of a particular contract, or direct that trading in aparticular 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’s successdepends on JWH’s ability to recognize and capitalize on major price movementsand other profit opportunities in different sectors of the world economy.  Because of the speculative nature of itstrading, operational or economic trends have little relevance to the Trust’sresults, and its past performance is not necessarily indicative of its futureresults.  The Managing Owner believes,however, that there are certain market conditions — for example, markets withmajor price movements — in which the Trust has a better opportunity of beingprofitable than in others.

JWH’s programs do notpredict price movements.  No fundamentaleconomic supply or demand analysis is used in attempting to identifymispricings in the market, and no macroeconomic assessments of the relativestrengths of different national economies or economic sectors is made.  Instead, the programs apply proprietarycomputer models to analyze past market data, and from this data alone attemptto determine whether market prices are trending.  Technical traders such as JWH base their strategieson the theory that market prices reflect the collective judgment of numerousdifferent traders and are, accordingly, the best and most efficient indicationof market movements.  However, there arefrequent periods during which fundamental factors external to the marketdominate prices.

 

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

The performance summariesset forth below outline certain major price trends which JWH’s programs haveidentified for the Trust during the first quarter of fiscal years 2006 and2005.  The fact that certain trends werecaptured does not imply that others, perhaps larger and potentially moreprofitable trends, were not missed or that JWH 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 performance summariesare an outline description of how the Trust performed in the past, notnecessarily 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 JWH willbe profitable even in trending markets, markets in which substantial andsustained price movements occur offer the best profit potential for the Trust.

**Fiscal Quarter ended March 31,2006**

The Trust recorded net loss of $18,904,802 or $10.82 per unitin the first quarter of 2006 (Please see “Note 7 — Subsequent Events” in Part I — Item 1 forexplanation of Net Asset Value/unit pursuant to events of October 2005). As ofMarch 31, 2006, the Trust had gained 9.91%since its inception in June 1997.

On March 31, 2006, JWHwas managing 100% of the Trust’s assets. The Trust assets were allocated as follows:  JWH GlobalAnalyticsÒFamily of Programs (30%), Financial and Metals Portfolio (30%), InternationalForeign Exchange Program (20%), and Global Financial and Energy Program (20%).

The Trust’s overallreturn was negative for the month of January as losses in the interest rates,currencies and energy sectors outweighed the gains achieved in the othersectors. The fixed income sector was the Trust’s worst—performing sector as the fixed incomemarkets in the U.S., Europe and Japan sold-off over fears of the respective centralbanks raising interest rates.  Japanesegovernment bonds (the Trust’s largest loss for the month) traded at theirlowest level in almost two months with Japanese unemployment falling amidgrowing confidence that economic growth is sustainable and that the Bank ofJapan (BOJ) may increase interest rates. Meanwhile, the German bund reached 2.97%, the highest rate sinceDecember 2002, on speculation that a strengthening European economy wouldencourage the European Central Bank (ECB) to raise rates in March.  Further hindering performance were theU.S.10-year and 30-year bonds as U.S. treasuries had their first monthlydecline since October 2005 as a result of the Federal Reserve raising interestrates for the fourteenth consecutive time. The currency sector also suffered losses as the U.S. dollar posted itsbiggest monthly decline against the euro since November 2004.   The euro also benefited as the market waitedto see if the ECB would signal at their meeting on February 2nd that they would raise borrowing costs asEurope’s economy strengthened.  Thedollar also suffered losses against the Swiss franc, and the Japanese yen asthe spread narrowed between the U.S. and both European and Japanese interestrates, which circumstances no longer benefited the dollar. The Trust was ableto limit losses as the British pound strengthened against the dollar onspeculation that the Bank of England would keep interest rates on hold thisyear. The largest gains in this sector were the British pound and the Singaporedollar; the largest loss occurred in the Japanese yen.   Performance in the energy sector was alsonegative for the month. The Trust underperformed as volatility within theenergy sector increased as oil and natural gas were being used as “geopoliticalweapons” by Iran, Russia, Venezuela and militants in Bolivia.  Crude oil (the Trust’s largest gain for themonth), which was up 41 percent from a year ago and 11 percent for the month,helped to limit losses in this sector despite the increased volatility.  The Trust’s largest loss occurred in naturalgas, which for the first time in almost 6 months dropped below $8 in NewYork.  Natural gas fell 17 percent forthe month as mild weather decreased demand in the largest U.S. consumingregions.  The metals sector was the best—performing sector for the month. Gold(largest gain) extended its surge to a 25-year high, and silver climbed to itshighest level since March 1984. Gold’s increase occurred on concerns that thedollar may weaken because of higher oil prices. LME copper prices rose to anear record as production from the world’s mines were failing to keep pace withincreased demand from countries like China. Adding to the production shortfall was the threat of a strike fromworkers of Chile’s Codelco, the world’s largest copper producer.   Indices were positive for the month asEuropean stock indices had their best January rally in eight years led byenergy, mining, and steel stocks. Leading the sectors performance was theNikkei (Osaka), which despite increased volatility caused by geopoliticalevents, approached a decade high and managed to gain 3.3% during the month. TheNasdaq E-Mini also helped performance as it rose 3.7% for the month.  The agriculture sector was also positive onthe month as sugar reached a 16-year high in London and a 25-year high in NewYork (largest gains).  The record highswere a result of increased demand for ethanol, a sugar cane by-product.Limiting profitability in the sector was New York coffee as it rose to a seven—month high as worldwide demand outpacedsupply. The largest loss occurred in soybean oil.  The Trust recorded a trading loss of 1.76%for the month. The January month-end trading NAV per unit was $110.87.

 

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The Trust’s performancewas negative for the month of February as listless markets continued to hamperthe Trust’s long-term trend following approach. The majority of the losses were realized in the currency and energysectors, along with more modest losses in the other sectors.  Currencies were the Trust’s worst performingsector for the month as markets gyrated over speculation about potential globalinterest rate moves.  The dollar rose1.3% against the euro as new Federal Reserve Chairman Ben S. Bernanke made commentssuggesting further tightening by the Federal Reserve.  The British pound declined versus the dollaron signs of slowing home price growth and sluggish retail sales. The largestloss in the sector was in the yen as the currency strengthened after Bank ofJapan Governor Toshihiko Fukui said the central bank would “immediately” reducethe amount of cash pumped into the financial system, a precursor to raisingrates. Limiting losses in this sector was the Brazilian real (largest gain) asit gained 3.4% against the dollar. The energy sector incurred losses onconcerns over geopolitical events. While the market continued to be sensitiveto the situation in Iran and Iraq, attacks in Nigeria and Saudi Arabia added tothe market’s trepidation.  In SaudiArabia, there was an assault on a processing center which handles two-thirds ofSaudi oil. Limiting losses in this sector was falling natural gas prices withU.S. stockpiles for the week ended February 17, 2006 were almost 700 billioncubic feet above the 5- year average. The metals sector was also negative forthe month as volatility hurt performance. Gold once again hit a 25-year high of $579.50 per ounce. Meanwhile,after reaching a record high of $5,100 per metric ton, LME copper dropped to$4,665, the lowest since January 2005. The largest gain in this sector was insilver on speculation that demand for the metal will accelerate, extending itsyear-long rally. Indices did not perform well for the month as Asian stocksposted their first monthly decline since October 2005 and the Nasdaq dropped1.1 %.  Market instability was also afactor in the indices sector as U.S. stocks suffered their biggest lost in fiveweeks on the last day of trading in February. The largest gain was in theEurostoxx 50, while the largest loss occurred in the Nikkei (Osaka).  The interest rate sector was slightlynegative for the month as performance in various markets counterbalanced eachother. The sector benefited from Japanese government bonds, which saw a price declinefor the month. Offsetting the sector gains, however, were losses in U.S.30-year bonds, German bunds and the Long gilt. Both European and U.S. fixed income markets gyrated. The largest gain inthis sector was in the Eurodollar. The largest loss occurred in the U.S.30-year bond. Performance in the agriculture sector was also slightly negativefor the month.. N.Y. coffee (largest loss) contributed to the sector’sunderperformance as coffee production threatens to exceed demand. N.Y. sugaralso hurt performance as prices fell to a 20-month low. CBOT wheat (largestgain) rose to a 20-month high on speculation that unusually hot, dry weatherfrom Texas to Nebraska reduced U.S. production. The Trust recorded a tradingloss of 9.61% for the month.  The Februarymonth-end trading NAV per unit was $100.21.

The Trust’s performance was positive for the month ofMarch.  Performance was led by the fixedincome, indices and metals sectors. Limiting the Trust’s gains for the month was the currency sector, whichcontinued to suffer from range-bound trading, along with underperformance inboth the energy and agriculture sectors. The fixed income sector was the Trust’sstrongest performer for month as German, Japanese, and U.S. government debtendured increased consumer confidence and rising inflationary fears. The bundfell for the seventh consecutive month, as reports showed business confidenceat an almost 15-year peak. The Japanese 10-year government bonds (JGB’s) fellafter the Bank of Japan ended its 5-year policy of flooding the Japaneseeconomy with cash.  U.S. treasuriesposted their biggest quarterly drop since 2004 on concerns that inflationarygrowth will cause the Federal Reserve to increase its interest ratetarget.  The Federal Reserve and theEuropean Central Bank raised their interest rates 25 bps, but the true catalystfor the sell-off was growing speculation that both would be forced to continueto raise rates after confidence reports released were much stronger thanexpected. The largest gains in this sector were achieved in the bund and theJGB’s, while the largest loss occurred in the Australian 3-year bond.   The indices sector was also positive for themonth as Asian stocks approached a 16-year high on surging demand for metalsand oil, and the Nikkei 225 climbed above 17,000 for the first time in morethan five years. The All Ordinaries Index rose 8 percent this quarter, whilethe Nasdaq Composite Index rose to a 5- year high.  The Nikkei (Osaka) was the best performer inthe sector.  The only loss occurred inthe Nasdaq E-Mini.  The metals sector wasalso profitable for the Trust for the month as silver reached $11.66 onMarch  30th, thehighest intra-day price since September 1983.  Silver gained 21 percent this month alone in anticipation of approvalfor the first exchange-traded fund for this precious metal.  Also helping this sector’s performance wasLME copper, which was up approximately 25 percent for the quarter.  This metal, used in wiring and plumbing,continued to set new 

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all-time highs towards the end of the month as demand for themetal continued, especially in China. The only loss in this sector occurred in gold.  The energy sector was the Trust’s worstperforming sector as geopolitically-induced volatility limited gains.  Crude oil rose to a 2-month high and gasolinesurged as U.S. supplies declined and the UN asked Iran to curb its nuclearprogram.   Prices then fell after Iransaid it would not use crude oil as leverage in a dispute with western countriesover its nuclear program.  All componentsof this sector were negative for the month with the largest loss coming fromcrude oil.  The currency sector was alsonegative for the month as range-bound trading continued to negatively affectthe Trust’s long-term trend-following approach. Although some currencies had directional moves during the month, theywere then accompanied by strong reversals. Since December 2005, the U.S. dollar has dropped 2.3 percent and 1.25percent against the euro and the British pound, respectively. The largest gainsin this sector were achieved in the euro/yen cross, Australian dollar and theNew Zealand dollar while the largest losses occurred in the euro and Polishzloty.  The agriculture sector wasslightly negative for the Trust as gains made in London sugar were offset bythe weakness in CBOT wheat and corn. Sugar prices in London hit their highestlevels since 1989 on speculation that expensive oil will force Brazil, theworld’s largest sugar producer, to direct more of its output towards producingethanol. Wheat prices weakened as rains revived winter crops in the U.S. GreatPlains.  Corn hurt performance as pricesin Chicago rose after U.S. farmers indicated that they plan to slash this year’splantings to 2001 levels.  The Trustrecorded a trading  gain of 2.04% for themonth.  The March month-end trading NAVper unit was $102.25.

Duringthe quarter no units were sold. Beneficial owners redeemed a total of132,172.78 units during the quarter. The Managing Owner redeemed a total of 0units during the quarter. At the end of the quarter there were 1,604,135.27units outstanding owned by the Beneficial Owners and 24,016.36 unitsoutstanding owned by the Managing Owner.

During the fiscal quarterending March 31, 2006, the Trust had no material credit exposure to acounterparty, which is a foreign commodity exchange, or to any counterpartiesdealing in over the counter contracts.

**Fiscal Quarter ended March 31,2005**

TheTrust recorded a net loss of $47,398,966 or ($21.11) per unit in the firstquarter of 2005. As of March 31, 2005, the Trust had gained 27.43% since itsinception in June 1997.

On March31, 2005, JWH was managing 100% of the Trust’s assets. Approximately 30% of theassets were allocated to each of the JWH GlobalAnalyticsÒ Family ofPrograms and the G-7 Currency Portfolio. Approximately 40% of the Trust’sassets were allocated to JWH’s Financial and Metals Portfolio.

TheTrust’s performance was negative in January. While both the fixed-income andagriculture sectors had gains for the month, they weren’t enough to offset thelosses in other sectors. The Trust’s underperformance was driven by thestrength of the U.S. dollar, which rebounded from the previous year’s weakeningtrend.  The dollar’s sudden turnaroundwas the dominant factor that drove most market sectors during the month, andtherefore resulted in the overall loss for the program.  The weak U.S. dollar trend, which haddominated the markets during the second half of last year, began to reverseitself as market expectations of a Yuan revaluation by the Chinese central bankbegan to diminish.  The Canadiandollar/Japanese yen cross was the only positive contributor to the month, whilethe largest loss was in the euro. Trading in both metals and indices was also negative during the month.The loss in metals was due to the weakening of both gold and aluminum.  Gold, which has recently had a strong inverserelationship with the U.S. dollar, came under pressure as the U.S. dollarstrengthened throughout the month. Aluminum also added to the Trust’s losses as supply increases in Shanghaiput pressure on the market.  The Trust’sreturns in the indices sector further hindered performance.  The loss in indices resulted from a sell offin world equity markets. The largest gain in the indices sector was achieved inthe Eurostoxx 50, while the largest loss occurred in the Nasdaq E-Mini.  Higher prices in energies led to negativeperformance for the Trust in this sector. In addition to the events in the Middle East, weather dominated thesector’s price action.  Brent crude wasthe only positive contributor of this sector, while the largest loss came fromnatural gas.  The agricultural sectorprovided positive returns for the month of January. Wheat helped returns asprices fell to a 20-month low. Corn boosted returns slightly as prices fell tothe lowest level since June 2001. The largest gain in the agricultural sectorwas achieved in wheat, while the largest loss occurred in cotton.   The fixed income was also positive for theTrust for the month. Japanese Government bonds (JGBs) rose during the monthafter Japanese government reports showed household spending and industrialproduction fell. The largest gain was achieved in the JGBs, while the largestloss occurred in Australian 10-year bond, although January underperformed, itis the above described types of markets that have provided the catalysthistorically for long-term trends to emerge.  Overall, the Trust recorded a loss of (9.54)% for the month.

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TheTrust’s performance was negative in February. Gains in both the indices and energy sectors weren’t enough to offsetthe combined losses in the other sectors traded.  The Trust’s underperformance was driven bythe apparent end to some long-term trends in the global fixed-income market andthe unfavorable performance in the currency sector.  A significant portion of February’s losseswas directly related to the fixed-income sector as the European, Japanese andU.S. bond markets sold off.  The catalystfor the dramatic moves higher in world interest rates was the cumulative effectof various events. On February 10th, the U.S. 10-year Treasury note fell afterjobless claims unexpectedly declined, exports rose, and the U.S. governmentsold $14 billion 10-year notes at a higher-than-expected yield.  On February 16th,Federal Reserve Chairman Alan Greenspan’s testimony prepared for the SenateBanking Committee added pressure to the sector and long-term rates declineddespite rate hikes over the last year. Two days later, the release of a higher-than-expected Producer PriceIndex in the U.S. helped to spark inflation fears worldwide. The largest gainwas achieved in the Eurodollar, while the largest loss occurred in the Japanesegovernment bond.  Currencies were theother main contributor to the Trust’s losses. The U.S. dollar rose to a 3-month high against the yen after a CommerceDepartment report showed the U.S. trade deficit narrowed in January. Furtheradding to the yen’s weakness were reports that Japan had officially fallen intoa recession for the fourth time since 1991. Additional losses in this sectoroccurred during the middle of month as the Swiss franc rose against the U.S.dollar. The largest gain was achieved in the Australian/Japanese yen cross,while the largest loss occurred in the Japanese yen.  The energy sector had positive returns andwas the Trust’s best performing sector. Energies rallied as commodity prices surged to a 24-year high. Londongas oil and crude oil led performance after the U.S. government reported anunexpected decline in U.S. oil stockpiles. In addition, the InternationalEnergy Agency raised its prediction for global consumption.  All components of this sector were positivewith the largest gain achieved in London gas oil.  The Trust’s three other sectors, indices,metals, and agriculture all had relatively little effect on overall performanceduring the month. Indices posted gains as the Nikkei rallied. The only loss inthis sector was in the Nasdaq E-Mini. The metals sector posted negativereturns. The largest gain in this sector was achieved in aluminum, while thelargest loss occurred in gold.  Lastly,the agricultural sector was flat. Overall, the Trust recorded a loss of 5.63% for the month.

TheTrust’s performance was positive for the month of March.  The energy sector exhibited moderate returns,and the agricultural sector also contributed to the Trust’s positiveperformance. The combined positive performance in both of these sectors wasable to offset the losses suffered in the other sectors.  The energy sector was the Trust’s bestperforming sector as crude oil and gasoline surged to near all-time highs onnews that demand may outpace supply during the peak summer months. A GoldmanSachs prediction that crude oil prices could spike to as high as $105 perbarrel also bolstered the rise in oil prices. All components of this sectorwere positive with the largest gain coming from London gas oil.  Currencies were the most unprofitable sectorfor the Trust during the month. The single most influential factor driving performancewas the U.S. dollar.  The dollar beganthe month in a weakening trend as the U.S. trade deficit widened to its secondhighest level ever. However, this trend reversed as the price of oil soared,the yield on the 10-year note rose to its highest level in seven months, andthe Federal Reserve increased borrowing costs by a quarter percentage point.The largest gain in this sector was achieved in the Japanese yen, while thelargest loss occurred in the British pound. The Trust was unprofitable in the fixed income sector for the month, as Europeanand Domestic markets sold off and the Japanese bond markets rallied. Increasesin energy prices and inflation expectations were the catalyst for the dramaticmove higher in most of the world interest rates. In Japan, bonds rallied amidspeculation that exports to the U.S. would drop.  Additionally, Japanese fixed-income gained onincreased signs that its economy is struggling to recover from a fourthrecession since 1991. The largest gain in this sector was achieved in theEurodollar, while the largest loss occurred in the bund.  Metals were unprofitable during March as goldand silver, which tend to have an inverse relationship with the U.S. dollar,were driven by the volatility in the U.S. dollar.  The Trust did benefit as LME aluminum rose toa 10-year high, however not enough to offset the combined losses in gold andsilver.  Performance in indices was downslightly for the month as equity markets weakened worldwide.  Higher bond yields and oil prices madeequities less attractive to investors as inflationary pressures started toweigh on the global economy. The largest gain was achieved in the NasdaqE-Mini, while the largest loss occurred in the Nikkei.  The Trust’s performance in the agriculturalsector was slightly profitable for the month. The Trust was able to benefit from rising New York coffee prices asproduction declined and reserves fell to their lowest level in 15 years.Overall, the gains achieved in the energy and agricultural sectors were enoughto offset the combined losses in the various other sectors.  Overall, the Trust posted a gain of .50% forthe month.

Duringthe quarter there were 156,555.52 units sold to the beneficial owners for aninvestment of $20,278,995. Beneficial owners redeemed a total of 61,635.92units during the quarter. The Managing Owner redeemed a total of 0 units duringthe quarter. At the end of the quarter there were 2,306,459.25 unitsoutstanding owned by the Beneficial Owners and 23,771.70 units outstandingowned by the Managing Owner.

During the fiscal quarterending March 31, 2005, the Trust had no material credit exposure to acounterparty, which is a foreign commodity exchange, or to any counterpartiesdealing in over the counter contracts.

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**(d)           Off-Balance-Sheet Arrangements;Disclosure of Contractual Obligations**

The Trust does not haveany off-balance-sheet arrangements that have or are reasonably likely to havea  current or future affect on itsfinancial condition, changes in financial condition, revenues or expenses, resultsof operations, liquidity, capital expenditures or capital resources that arematerial to investors.  The trust doesnot have any material contractual obligations.

**Item3.  Quantitative and QualitativeDisclosures About Market Risk**

There has been nomaterial change with respect to market risk since the “Quantitative andQualitative Disclosures About Market Risk” was made in the Form 10-K of theTrust dated December 31, 2005.

**Item4.  Controls and Procedures**

Under the supervision andwith the participation of the management of R.J. O’Brien Fund Management, Inc.,the managing owner of the Trust at the time this quarterly report was filed,including the managing owner’s President and Chief Financial Officer, the Trusthas evaluated the effectiveness of the design and operation of its disclosurecontrols and procedures as of the end of the period covered by this quarterlyreport, 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 March 31, 2006, that have materially affected, or are reasonablylikely to materially affect, the Trust’s internal control over financialreporting.

Any control system, nomatter how well designed and operated, can provide reasonable (not absolute)assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance thatall control issues and instances of fraud, if any, have been detected.

**PART II - OTHER INFORMATION**

**Item1.  Legal Proceedings**

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., which mayhave been uncollectible. Independent counsel and forensic auditors wereretained to assist Refco, Inc., Informal 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 hid customer and company losses from Refco, Inc. auditors andinvestors from as early as the late 1990s. Those losses, according to theindictment, were then transferred to a company controlled by Mr. Bennett andhidden through a series of transactions.

Refco, Inc. and other affiliated entities, includingRCMI, have subsequently filed for bankruptcy. See “Note 7 — Subsequent Events” in Part I — Item 1 for moreinformation.  Such information isincorporated herein by reference.

Since the announcement of these matters at Refco,Inc., the Informal Committee of RCMI (Mr. Richard C. Butt and Ms. Annette A.Cazenave) had 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 Managing Owner or the Trust. Based upon the results of that review, the Informal Committee had noreason to believe that the actions of Mr. Bennett had any impact on theoperations or financial results of the Trust.

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**Item2.  Unregistered Sales of Securities andUse of Proceeds**

a)  None

b)  The Trust permits unitholdersto redeem units at the end of each month at the Net Asset Value per unit on theredemption date.  The redemption of unitshas no impact on the net asset value of the units that remain outstanding andunits may not be reissued once they are redeemed.

The following tablesummarizes the redemptions by unitholders during the first quarter of 2006:
| **Month** | ** ** | **Units Redeemed** | ** ** | **Redemption Date NAV per Unit** | ** ** |
|-----------|------------|-------------------------|------------|------------------------------------------------------|------------|
| January   |       | 34,498.02               |       | 110.87                                               |       |
| February  |       | 42,016.38               |       | 100.21                                               |       |
| March     |       | 55,658.38               |       | 102.25                                               |       |
| Total     |       | 132,172.78              |       |                                                 |       |

 

Units sold 1/1/06 through3/31/06: 0Units unsold through 3/31/06: 5,221,299.80   ($533,877,904.71)Aggregate price paid for units sold 1/1/06 through 3/31/06: $0

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**Item6.  Exhibits**

a)              Exhibits

# Index to Exhibits

| Exhibit    | ** ** | ** **                                                                                  |
|------------|------------|---------------------------------------------------------------------------------------------|
| **Number** | ** ** | **Description  of Document**                                                                |
|       |       |                                                                                        |
|  3.01 |       | Sixth Amended and Restated Declaration and Agreement  of Trust of the Registrant.(1)        |
|       |       |                                                                                        |
|  3.02 |       | Certificate of Amendment of Certificate of Trust of  the Registrant.(2)                     |
|       |       |                                                                                        |
| 31.01      |       | Rule 13a-14(a)/15d-14(a) Certifications of Principal  Executive Officer.                    |
|       |       |                                                                                        |
| 31.02      |       | Rule 13a-14(a)/15d-14(a) Certifications of Principal  Financial Officer.                    |
|       |       |                                                                                        |
| 32.01      |       | Section 1350 Certification of Principal Executive  Officer and Principal Financial Officer. |

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(1) Incorporated byreference from the exhibit of the same description filed on February 27, 2004with Post-Effective Amendment No. 1 to the Registrant’s Registration Statementon Form S-1 (Reg No. 333-105282).

(2) Incorporated byreference from the exhibit of the same description filed on February 10, 1997with Post-Effective Amendment No. 1 to the Registrant’s Registration Statementon Form S-1 (Reg. No. 333-16825; declared effective April 3, 1997).

 

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**SIGNATURES**

Pursuant to therequirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned and thereuntoduly authorized.

**JWHGlobal Trust**
| Date:  | April 30, 2007                                                                                        |
|--------|------------------------------------------------------------------------------------------------------------|
|   |                                                                                                       |
| By:    | R. J. O’Brien Fund Management, Inc.                                                                   |
|   | Managing Owner                                                                                             |
|   |                                                                                                       |
|   |                                                                                                       |
| By:    | /s/ Jeffrey R. Miceli                                                                                      |   |
|   | Jeffrey R. Miceli                                                                                          |
|   | Chief Financial Officer                                                                                    |
|   | (Duly authorized officer of the Managing Owner and  the Principal Financial Officer of the Managing Owner) |

 

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