**UNITED
      STATES SECURITIES AND EXCHANGE COMMISSION**







Washington,
      D.C. 20549





**FORM
      10-Q**





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


**SECURITIES
      EXCHANGE ACT OF 1934**





**For
      the quarterly period ended September 30, 2007**




**OR**




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


**SECURITIES
      EXCHANGE ACT OF 1934**





**For
      the transition period from ______ to_______**





**Commission
      File Number:  000-22887**











**JWH
      GLOBAL TRUST**


(Exact
      name of registrant as specified in its charter)








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




**222
      South Riverside Plaza**


**Suite
      900**


**Chicago,
      IL  60606**


(Address
      of principal executive offices) (Zip Code)





**(312)
      373-5000**


(Registrant's
      telephone number, including area code)





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


x
      Yes          ̈
      No





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


o
      Large
      Accelerated Filer      o Accelerated
      Filer   x
      Non-Accelerated Filer





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


o
      Yes         x
      No




1





**TABLE
      OF CONTENTS**







PART
                I. FINANCIAL INFORMATIONItem
                1. Financial Statements
            3Consolidated
                Statements of Financial Condition, as of September 30, 2007
                (unaudited)and
                December 31, 2006
            3Condensed
                Consolidated Schedule of Investments, as of September 30, 2007
                (unaudited)
            4Condensed
                Consolidated Schedule of Investments, as of December 31,
                2006
            5Consolidated
                Statements of Operations, quarter and nine months ended September
                30,
                2007and
                2006 (unaudited)
            6Consolidated
                Statement of Changes in Unitholders' Capital, for the nine months
                endedSeptember
                30, 2007 (unaudited)
            7Notes
                to Financial Statements
            8Item
                2. Management's Discussion and Analysis of Financial Condition and
                Results
                of Operations
            14Item
                3. Quantitative and Qualitative Disclosures about Market
                Risk
            27Item
                4. Controls and Procedures
            28PART
                II. OTHER INFORMATION
            28Item
                1. Legal Proceedings
            28Item
                1.A. Risk Factors
            28Item
                2. Unregistered Sales of Equity Securities and Use of
                Proceeds
            29Item
                6. Exhibits
            30SIGNATURES
            31






2







**PART
        I — FINANCIAL INFORMATION**
  **Item
        1.  Financial Statements**
 **JWH
          GLOBAL TRUST AND SUBSIDIARY**
 **Consolidated
        Statements of Financial Condition**


September
                30, 2007
            
            
            December
                31, 2006UNAUDITED**Assets**Assets:Equity
                in commodity trading accounts:Cash
                on deposit with brokers
            
            $
            72,108,525
            
            
            $
            119,334,561Unrealized
                gain on open contracts
            
            
            5,339,605
            
            
            
            3,249,456Cash
                on deposit with former brokers
            
            
            -
            
            
            
            6,643,944Cash
                on deposit with bank
            
            
            16,653
            
            
            
            10,654,714Cash
                on deposit with bank - nontrading
            
            
            6,878,204
            
            
            
            463,48884,342,987
            
            
            
            140,346,163Interest
                receivable
            
            
            217,472
            
            
            
            359,067Total
                Assets
            
            $
            84,560,459
            
            
            $
            140,705,230**Liabilities
                and Unitholders' Capital**Liabilities:Accrued
                commissions
            
            $
            238,932
            
            
            $
            518,368Accrued
                management fees
            
            
            129,325
            
            
            
            431,641Accrued
                incentive fees
            
            
            -
            
            
            
            -Accrued
                offering expenses
            
            
            127,005
            
            
            
            37,533Accrued
                operating expenses
            
            
            81,943
            
            
            
            428,002Redemptions
                payable trading
            
            
            1,236,318
            
            
            
            4,577,801Redemptions
                payable - nontrading
            
            
            -
            
            
            
            4,180,958Accrued
                legal fees - nontrading
            
            
            46,786
            
            
            
            359,386Accrued
                management fees to U.S. Bank - nontrading
            
            
            71,256
            
            
            
            -Distribution
                payable - nontrading
            
            
            434,650
            
            
            
            -Total
                liabilities
            
            
            2,366,215
            
            
            
            10,533,689Unitholders'
                capital:Unitholders’
                capital (trading):Beneficial
                owners (920,453 and 1,283,572 units outstanding atSeptember
                30, 2007 and December 31, 2006, respectively)
            
            
            74,209,757
            
            
            
            120,482,074Managing
                owner (20,218 units outstanding atSeptember
                30, 2007 and December 31, 2006)
            
            
            1,629,975
            
            
            
            1,897,788Unitholders'
                capital (LLC equity/nontrading):Participating
                owners (864,536 and 1,255,537 units outstanding atSeptember
                30, 2007 and December 31, 2006, respectively)
            
            
            2,416,635
            
            
            
            4,303,344Nonparticipating
                owners (1,408,752 and 1,017,751 units outstanding atSeptember
                30, 2007 and December 31, 2006, respectively)
            
            
            3,937,877
            
            
            
            3,488,335Total
                unithiolders' capital
            
            
            82,194,244
            
            
            
            130,171,541Total
                Liabilities and Unitholders’ Capital
            
            $
            84,560,459
            
            
            $
            140,705,230See
                accompanying notes to consolidated financial statements.




3







**JWH
        GLOBAL TRUST AND SUBSIDIARY**
 **Condensed
          Consolidated Schedule of Investments**
 **as
            of September 30, 2007**
 UNAUDITED




Number
                of
            
            
            Principal
            
            
            Value/opencontracts
            
            
            (notional)
            
            
            trade
                equity**Long
                positions (10.43%)****Futures
                Positions (6.00%)**Agriculture
            
            
            1,244
            
            
            $
            34,585,394
            
            
            $
            2,659,456Energy
            
            
            399
            
            
            
            30,192,921
            
            
            
            827,020Indices
            
            
            386
            
            
            
            44,627,450
            
            
            
            433,665Interest
                rates
            
            
            2,864
            
            
            
            678,361,968
            
            
            
            (490,434
            )Metals
            
            
            396
            
            
            
            30,159,642
            
            
            
            1,496,146817,927,375
            
            
            
            4,925,853**Forward
                positions (4.43%)**Currencies
            
            
            22
            
            
            
            368,985,985
            
            
            
            3,644,853Total
                long positions
            
            
            
            
            
            $
            1,186,913,360
            
            
            $
            8,570,706**Short
                positions (-3.93%)****Futures
                Positions (-0.93%)**Agriculture
            
            
            211
            
            
            $
            3,215,563
            
            
            $
            (23,299
            )Energy
            
            
            53
            
            
            
            4,304,490
            
            
            
            10,430Indices
            
            
            135
            
            
            
            9,800,905
            
            
            
            (531,948
            )Interest
                rates
            
            
            441
            
            
            
            89,590,170
            
            
            
            (61,853
            )Metals
            
            
            217
            
            
            
            15,737,950
            
            
            
            (160,375
            )122,649,078
            
            
            
            (767,045
            )**Forward
                positions (-3.00%)**Currencies
            
            
            9
            
            
            
            137,709,587
            
            
            
            (2,464,056
            )Total
                short positions
            
            
            
            
            
            $
            260,358,665
            
            
            $
            (3,231,101
            )Total
                unrealized gain on open contracts (6.50%)
            
            
            
            
            
            
            $
            5,339,605Cash
                on deposit and open contracts with brokers (87.73%)
            
            
            
            72,108,525Cash
                on deposit with bank (8.39%)
            
            
            
            
            
            
            
            
            
            
            6,894,857Other
                liabilites in excess of assets (-2.61%)
            
            
            
            
            
            
            
            
            
            
            (2,148,743
            )Net
                assets (100.00%)
            
            
            
            
            
            
            
            
            
            $
            82,194,244See
                accompanying notes to consolidatd financial statements.






4








**JWH
        GLOBAL TRUST AND SUBSIDIARY**
 **Condensed
        Consolidated Schedule of Investments**
 **as
        of December 31, 2006**


**Number of**
              
              
              **Principal**
              
              
              **Value/open****contracts**
              
              
              **(notional)**
              
              
              **trade equity****Long
                  positions (0.31%)****Futures
                  Positions (-0.90%)**Agriculture
              
              
              1,441
              
              
              $
              20,618,519
              
              
              $
              1,331,993Interest
                  rates
              
              
              1,847
              
              
              
              758,027,626
              
              
              
              (2,576,495
              )Metals
              
              
              211
              
              
              
              14,882,450
              
              
              
              343,820Indices
              
              
              1,347
              
              
              
              70,608,639
              
              
              
              (266,278
              )864,137,234
              
              
              
              (1,166,960
              )**Forward
                  positions (1.21%)**Currencies
              
              
              23
              
              
              
              443,685,186
              
              
              
              1,569,392Total
                  long positions
              
              
              
              
              
              $
              1,307,822,420
              
              
              $
              402,432**Short
                  positions (2.19%)****Futures
                  positions (1.56%)**Agriculture
              
              
              341
              
              
              $
              6,183,548
              
              
              $
              133,786Interest
                  rates
              
              
              2,930
              
              
              
              2,059,866,081
              
              
              
              829,743Metals
              
              
              358
              
              
              
              22,532,495
              
              
              
              (364,641
              )Energy
              
              
              300
              
              
              
              13,361,418
              
              
              
              1,435,9742,101,943,542
              
              
              
              2,034,862**Forward
                  Positions (0.63%)**Currencies
              
              
              9
              
              
              
              123,462,076
              
              
              
              812,162Total
                  short positions
              
              
              
              
              
              $
              2,225,405,618
              
              
              $
              2,847,024**Total
                  unrealized gain on open contracts (2.50%)**
              
              
              
              
              
              
              
              
              
              $
              3,249,456**Cash
                  on deposit and open contracts with brokers
                  (91.67%)**
              
              
              
              
              
              
              
              
              
              
              119,334,561**Cash
                  on deposit with former broker and bank (13.65%)**
              
              
              
              
              
              
              
              
              
              
              17,762,146**Other
                  liabilities in excess of assets (-7.82%)**
              
              
              
              
              
              
              
              
              
              
              (10,174,622
              )**Net
                  assets (100.00%)**
              
              
              
              
              
              
              
              
              
              $
              130,171,541




See
        accompanying notes to consolidatd financial statements.




5







**JWH
        GLOBAL TRUST AND SUBSIDIARY**
 **Consolidated
          Statements of Operations**
 UNAUDITED




Three
                Months Ended September 30,
            
            
            Nine
                Months Ended September 30,2007
            
            
            2006
            
            
            2007
            
            
            2006Revenues:Gain
                (loss) on trading of commodity contracts:Realized
                gain (loss) on closed positions
            
            $
            (8,001,847
            )
            
            $
            (7,547,202
            )
            
            $
            (14,720,850
            )
            
            $
            (18,939,188
            )Change
                in unrealized gain (loss) on open positions
            
            
            2,317,304
            
            
            
            9,617,817
            
            
            
            2,114,790
            
            
            
            3,312,432Interest
                income
            
            
            690,629
            
            
            
            1,720,376
            
            
            
            2,597,161
            
            
            
            5,520,780Foreign
                currency transaction gain (loss)
            
            
            5,192
            
            
            
            (340,815
            )
            
            
            (105,937
            )
            
            
            (333,220
            )Total
                revenues
            
            
            (4,988,722
            )
            
            
            3,450,176
            
            
            
            (10,114,836
            )
            
            
            (10,439,196
            )Expenses:Commissions
            
            
            1,098,169
            
            
            
            2,003,834
            
            
            
            4,155,914
            
            
            
            7,076,814Management
                fees
            
            
            388,223
            
            
            
            827,994
            
            
            
            1,407,759
            
            
            
            2,815,953Incentive
                fees
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Ongoing
                offering expenses
            
            
            60,000
            
            
            
            -
            
            
            
            257,000
            
            
            
            -Operating
                expenses
            
            
            187,643
            
            
            
            180,000
            
            
            
            367,367
            
            
            
            733,653Total
                expenses
            
            
            1,734,035
            
            
            
            3,011,828
            
            
            
            6,188,040
            
            
            
            10,626,420Trading
                income (loss)
            
            
            (6,722,757
            )
            
            
            438,348
            
            
            
            (16,302,876
            )
            
            
            (21,065,616
            )Nontrading
                income (loss):Interest
                on nontrading reserve
            
            
            80,613
            
            
            
            4,214
            
            
            
            175,481
            
            
            
            26,151Collections
                in excess of impaired value
            
            
            2,589,725
            
            
            
            -
            
            
            
            3,782,808
            
            
            
            -Legal
                and administrative fees
            
            
            (85,849
            )
            
            
            (250,796
            )
            
            
            (529,301
            )
            
            
            (696,380
            )Management
                fees paid to U.S. Bank
            
            
            (23,525
            )
            
            
            -
            
            
            
            (319,582
            )
            
            
            -Nontrading
                income (loss)
            
            
            2,560,964
            
            
            
            (246,582
            )
            
            
            3,109,406
            
            
            
            (670,229
            )Net
                income (loss)
            
            $
            (4,161,793
            )
            
            $
            191,766
            
            
            $
            (13,193,470
            )
            
            $
            (21,735,845
            )See
                accompanying notes to consolidated financial statements.




6













**JWH
                GLOBAL TRUST AND SUBSIDIARY****Consolidated
                Statement of Changes in Unitholders’ Capital****For
                the nine months ended September 30, 2007****UNAUDITED**





**Unitholders'
                Capital (Trading)**
            
            **Beneficial
                Owners - Trading**
            
            
            **Managing
                Owners - Trading**
            
            
            **Total
                Unitholders' Capital - Trading****Units**
            
            
            **Dollars**
            
            
            **Units**
            
            
            **Dollars**
            
            
            **Units**
            
            
            **Dollars**Balances
                at December 31, 2006
            
            
            1,283,572
            
            
            $
            120,482,074
            
            
            
            20,218
            
            
            $
            1,897,788
            
            
            
            1,303,790
            
            
            $
            122,379,862Net
                loss
            
            
            
            
            
            
            (16,035,063
            )
            
            
            
            
            
            
            (267,813
            )
            
            
            -
            
            
            
            (16,302,876
            )Unitholders’
                contributions
            
            
            23,183
            
            
            
            1,758,626
            
            
            
            -
            
            
            
            -
            
            
            
            23,183
            
            
            
            1,758,626Unitholders’
                redemptions
            
            
            (386,302
            )
            
            
            (31,995,880
            )
            
            
            -
            
            
            
            -
            
            
            
            (386,302
            )
            
            
            (31,995,880
            )Balances
                at September 30, 2007
            
            
            920,453
            
            
            $
            74,209,757
            
            
            
            20,218
            
            
            $
            1,629,975
            
            
            
            940,671
            
            
            $
            75,839,732**Unitholders'
                Capital (LLC Equity/Nontrading)**
            
            **Participating
                  Owners-**
              **LLC
                Equity/Nontrading**
            
            
            ****Nonparticipating
                Owners-****
              LLC
                Equity/Nontrading
            
            
            **Total
                  Unitholders' Capital-**
              **LLC
                Equity/Nontrading****Units**
            
            
            **Dollars**
            
            
            **Units**
            
            
            **Dollars**
            
            
            **Units**
            
            
            **Dollars**Balances
                at December 31, 2006
            
            
            1,255,537
            
            
            $
            4,303,344
            
            
            
            1,017,751
            
            
            $
            3,488,335
            
            
            
            2,273,288
            
            
            $
            7,791,679Net
                income (loss)
            
            
            
            
            
            
            1,182,981
            
            
            
            
            
            
            
            1,926,425
            
            
            
            -
            
            
            
            3,109,406Unitholders’
                contributions
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Reallocation
                due to Redemptions
            
            
            (391,001
            )
            
            
            (1,311,064
            )
            
            
            391,001
            
            
            
            1,311,064
            
            
            
            -
            
            
            
            -Unitholders'
                distribution
            
            
            -
            
            
            
            (1,758,626
            )
            
            
            -
            
            
            
            (2,787,947
            )
            
            
            -
            
            
            
            (4,546,573
            )Balances
                at September 30, 2007
            
            
            864,536
            
            
            $
            2,416,635
            
            
            
            1,408,752
            
            
            $
            3,937,877
            
            
            
            2,273,288
            
            
            $
            6,354,512Total
                Unitholders Capital atSeptember
                30, 2007
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            $
            82,194,244





**Unitholders'
                Capital (Trading)**
            
            
            
            
            
            
            **Unitholders'
                Capital (LLC Equity/Nontrading)**Net
                asset value per unit at December 31, 2006
            
            $
            93.86
            
            
            
            
            
            
            $
            3.43Net
                change per unit
            
            
            (13.24
            )
            
            
            
            
            
            
            (0.63
            )Net
                     asset value per unit at September 30, 2007
            
            $
            80.62
            
            
            
            
            
            
            $
            2.80





See
                accompanying notes to consolidated financial statements.




7








**JWH
      GLOBAL TRUST AND SUBSIDIARY**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**September
      30, 2007**


(Unaudited)





**(1)**




**(1)General
      Information and
      Summary**





JWH
      Global Trust (the “Trust”), a Delaware statutory trust organized on November 12,
      1996, was formed to engage in the speculative trading of futures contracts
      on
      currencies, interest rates, energy and agricultural products, metals and stock
      indices, spot and forward contracts on currencies and precious metals, and
      exchanges for physicals pursuant to the trading instructions of independent
      trading advisors. As of December 1, 2006, R.J. O’Brien Fund Management, LLC
      (“RJOFM” or the “Managing Owner”) has been the managing owner of the Trust. R.J.
      O’Brien & Associates, LLC (“RJO”), an affiliate of RJOFM, is the clearing
      broker and the broker for forward contracts for the Trust.




Units
      of
      beneficial ownership of the Trust commenced selling on April 3,
      1997.  Units are not currently being offered. The Managing Owner filed
      a registration statement on Form S-1 on behalf of the Trust with respect to
      the
      registration of 1,000,000 units of beneficial interest on September 19, 2007
      (File No. 333-146177) and plans to offer new units once such registration
      statement is effective.





The
      Trust
      will be terminated on December 31, 2026, unless terminated earlier upon the
      occurrence of one of the following:


(1)
      the beneficial owners holding more than 50% of the outstanding units
      notifying the Managing Owner to dissolve the Trust as of a specific date; (2)
      disassociation of the Managing Owner with the Trust; (3) bankruptcy of the
      Trust; (4) a decrease in the net asset value to less than $2,500,000; (5) a
      decline in the net asset value per unit to $50 or less; (6) dissolution of
      the
      Trust; or (7) any event that would make it unlawful for the existence of the
      Trust to be continued or require dissolution of the Trust.





On
      August
      31, 2005, Refco Group Ltd., LLC acquired the global brokerage operations of
      Cargill Investor Services, Inc. (“CIS”).  CIS was the owner of CIS
      Investments, Inc. (“CISI”).  The Managing Owner of the Trust changed
      from CIS Investments Inc. to Refco Commodity Management, Inc.
      (“RCMI”).  The clearing broker changed from CIS to Refco, LLC, an
      affiliate of RCMI.  The broker for forward contracts changed from CIS
      Financial Services, Inc. to Refco Capital Markets, Ltd. (“RCM”), also an
      affiliate of RCMI.




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




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




Refco,
      LLC, the Trust’s former clearing broker was not covered by the October 17, 2005
      bankruptcy filing of Refco, Inc. but filed its own bankruptcy petition on
      November 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
      time
      of the bankruptcy filing, exposing a number of the Trust’s foreign currency
      contracts and cash held at RCM to the risk of non-return of these
      assets.




In
      light
      of the events outlined herein, the Managing Owner of the Trust, moved the
      majority of the Trust’s assets from Refco, LLC to Lehman Brothers, Inc. and its
      affiliated entities (“Lehman”) to act in the capacity of clearing broker on
      behalf of the Managing Owner.  On or about October 18, 2005, the Trust
      had transferred the majority of all assets to Lehman.  Pending the
      resolution of the Trust’s rights and/or claims against RCM, the Trust will no
      longer have assets on deposit with RCM.




Management
      does not believe that the bankruptcy filings of Refco, Inc., RCM, or Refco
      LLC
      will have a material impact upon the operations of the Trust or its ability
      to
      satisfy a request for redemption. In this regard,  the operations of
      the Trust, including the trading activities of the underlying asset manager,
      have continued with minimal interruption.  Inparticular, with respect
      to redemptions made as of October 31, 2005, and thereafter, the Trust made
      payment in an amount that represented the proportionate share of the Trust’s net
      assets that were held at Lehman and later held at RJO, while reserving payment
      with respect to the Trust’s assets held at RCM, plus a cash reserve in
      connection with expenses in pursuit of its rights and/or claims against RCM
      and
      other potential third parties.  As such, through December 31, 2006 the
      Trust reserved payment with respect to any
      redemption proceeds until these monies held at RCM were remitted to the Trust
      or
      the Trust’s rights and/or claims against RCM and/or such potential third
      parties were resolved.




8







Generally,
      investors in the Trust may redeem units effective as of the last trading day
      of
      any month of the Trust based on the Net Asset Value per unit on such date with
      five business days’ prior written notice to the Managing Owner. Effective
      October 31, 2005, the Net Asset Value per unit was split into a “Trading
      account” and a “Non-Trading” account, the latter representing the assets held at
      RCM plus $1,000,000 in cash in connection with expenses related to the
      collection of assets held at RCM and potential third party claims. On October
      31, 2005, $57,544,206 of equity and 2,273,288 in substitute units were
      transferred to the Non-Trading account.  All unitholders of record as
      of October 1, 2005 retained their pro-rata right to the assets in the
      Non-Trading account with the equivalent number of units held in the Trust prior
      to RCM bankruptcy.




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




RCMI
      filed a voluntary petition (the “RCMI Bankruptcy Petition”) in the United States
      Bankruptcy Court for the Southern District of New York on October 16, 2006,
      for
      relief under Chapter 11 of Title 11 of the United States Code. Contemporaneously
      with the filing of the RCMI Bankruptcy Petition, RCMI filed, a motion requesting
      that the Bankruptcy Court authorize RCMI to sell and assign substantially all
      of
      its assets, including its interest as managing owner of the Trust, pursuant
      to
      the terms of the Asset Purchase Agreement.  Pursuant to the terms of
      the Asset Purchase Agreement, as of October 13, 2006, all clearing functions
      were moved from Lehman to RJO.




On
      November 30, 2006, RJOFM became Managing Owner through acquisition of 20,218
      Trading account units. The remaining 3,799 units owned by RCMI were transferred
      from Managing Owner units to Beneficial Owner units. RJOFM did not acquire
      any
      units in the Non-Trading account.




Effective
      January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a Delaware limited
      liability company, was established to pursue the claims against RCM. On January
      2, 2007, the Trust transferred all non-trading assets and liabilities, which
      had
      a net asset value of $7,791,679 to the LLC. The Trust is the sole member of
      the
      LLC and holds that membership for the benefit of the unitholders who were
      investors in the Trust at the time of the bankruptcy of RCM and Refco,
      Inc.  U.S. Bank National Association (“US Bank”) is the manager of the
      LLC. US Bank may make distributions to the unitholders upon collection, sale,
      settlement or other disposition of the bankruptcy claim and after payment of
      all
      fees and expenses pro rata to the unitholders, as explained above, as
      follows:






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




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




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




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




See
      Note
      (6) for further detail regarding collection and distribution activity related
      to
      the assets held at RCM.




**(2)    Summary
      of Significant Accounting Policies**




**(a)**Basis
        of presentation****




The
      accompanying unaudited consolidated financial statements of the Trust have
      been
      prepared in accordance with accounting principles generally accepted in the
      United States of America for interim financial information and with the
      instructions to Form 10-Q and Rule 10-01 of Regulation
      S-X.  Accordingly, they do not include all of the information and
      footnotes required by accounting principles generally accepted in the United
      States of America for complete financial statements.  In the opinion
      of management, all adjustments (consisting only of normal recurring adjustments)
      considered necessary for a fair statement of the financial condition and results
      of operation of the Trust for the period presented have been
      included.




Reclassifications
      of the Trust’s unitholders’ capital
      (nontrading) as of December 31, 2006 have been made to conform with the current
      period’s presentation.




9











The
      Trust’s unaudited financial statements and the related notes should be read
      together with the financial statements and related notes included in the Trust’s
      Annual Report on Form 10-K for the year ended December 31, 2006.




**(b)**Principles
        of Consolidation****




The
      accompanying consolidated financial statements include the accounts of the
      Trust
      and its wholly-owned subsidiary, JWH Special Circumstances, LLC. All material
      intercompany transactions have been eliminated upon consolidation.




**(c) Revenue
      Recognition**





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





The
      Trust
      earns interest on 100% of the Trust’s average daily balances on deposit with RJO
      during each month at 75% of the average 91-day Treasury bill rate for that
      month
      in respect of deposits denominated in dollars.  For deposits
      denominated in other currencies, the Trust earns interest at a rate of
      LIBOR less 100 basis points.





**(d)Redemptions**





A
      beneficial owner may cause any or all of his or her units to be redeemed by
      the
      Trust effective as of the last business day of any month of the Trust based
      on
      the Net Asset Value per unit on such date on five business days’ written notice
      to the Managing Owner.  Payment will generally be made within ten
      business days of the effective date of the redemption. As of September 1, 2007,
      any redemption made during the first eleven months of investment is subject
      to a
      2% redemption penalty, payable to the Managing Owner. Prior to August 31,
      2007, the redemption penalty was 3%. Any redemption made in the twelfth month
      of
      investment or later will not be subject to any redemption
      penalty.  The Trust’s Sixth Amended and Restated Declaration and
      Agreement of Trust, as amended, contains a full description of redemption
      and distribution policies.  Investors who redeemed from October 31,
      2005 through September 30, 2007 received the Net Asset Value per Unit
      represented by assets held in the Trading account.





**(e)     Ongoing
      Offering Costs**





Ongoing
      offering costs subject to a ceiling of 0.50% of the Trust’s average month-end
      net assets, are paid by the Trust and expensed as incurred. In anticipation
      of
      renewing the offering for new subscriptions, $257,000 in ongoing offering costs
      were accrued during the first nine months of 2007.




**(f)    Commissions**





Commodity
      brokerage commissions are typically paid for each trade transacted and are
      referred to as “round-turn commissions.”  These commissions cover both
      the initial purchase (or sale) and the subsequent offsetting sale (or purchase)
      of a commodity futures contract.  The Trust does not pay commodity
      brokerage commissions on a per-trade basis, but rather pays  flat-rate
      brokerage fees on a monthly basis of 6.0% per annum (or 0.50% per month) of
      the
      Trust’s month-end assets after reduction of the management fee.  The
      clearing brokers receive these brokerage fees irrespective of the number of
      trades executed on the Trust’s behalf.  The amount paid is reduced by
      exchange fees paid by the Trust.  Commissions were not paid on the
      Nontrading/LLC account. As of September 1, 2007, the brokerage fee
      was  reduced from 6.0% annually to 5.0% of the Trust’s month end
      assets on an annual basis (or approximately 0.417% per month).




Certain
      large investors are eligible for a “Special Brokerage Fee Rate” of 4.5% per
      year.  As of August 31, 2007, there were no such eligible investors in
      the Trust. As of September 1, 2007, large investors were no
      longer  eligible for the Special Brokerage Fee.




10









Since
      December 1, 2006, the Managing Owner and/or affiliates act as commodity brokers
      for the Trust through RJO.  As such, the Managing Owner and/or
      affiliates receive all commissions after December 1, 2006 that were recorded
      as
      such in the financial statements.




**(g)    Foreign
      Currency Transactions**





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





**(h)     Use
      of Estimates**





The
      preparation of financial statements in conformity with accounting principles
      generally accepted in the United States of America requires management to make
      estimates and assumptions that affect the reported amounts of assets and
      liabilities and disclosure of contingent assets and liabilities at the date
      of
      the financial statements and the reported amounts of revenues and expenses
      during the reporting period.  Actual results could differ from those
      estimates.





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




Assets
      held by the Trust (and the LLC after December 31, 2006) at RCM are reported
      at
      fair value as determined in good faith by  RJOFM 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 creditor claims, the current demand and
      willingness of third parties to purchase RCM claims and financial information
      received by RJOFM from RCM. The value assigned to this asset is based upon
      available information and does not necessarily represent amounts which might
      ultimately be realized. Furthermore, this value assumes that RJOFM would
      recommend selling these claims to a third party as opposed to holding RCM assets
      until the RCM estate makes a distribution to RCM customers and creditors which
      may or may not be the case. Because of the inherent uncertainty of valuation
      due
      to the inability to estimate recoverable RCM assets necessary to remit payment
      to customers and creditors as well as the uncertainty as the standing of the
      Trust vis-a vis other customers / creditors, the estimated fair value could
      be
      significantly higher or lower than the fair value assigned by the
      RJOFM.




Prior
      recoveries from RCM were credited against the then-impaired book value of
      the claim. Through
      September 30, 2007, the Trust and/or LLC had received amounts in excess of
      the
      original impairment resulting in no remaining book value. Any future recoveries
      will be reflected as "collections in excess of impaired value" on the
      Consolidated Statement of Operations, as the recoveries have exceeded
      management's original estimate of impairment. See Note (6) for additional
      information.




Any
      future administrative and/or legal expenses associated with liquidation of
      the
      assets held at RCM have not been reflected as such future expenses are not
      estimatable.




**(j)**Recent
        Pronouncements****




In
      September, 2006, the Financial Accounting Standards Board issued a Statement
      of
      Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements” which
      defined  Fair Value Measurements. The provisions of SFAS No. 157 are
      effective for fiscal years beginning after November 15, 2007. The Trust is
      currently evaluating the impact of adopting SFAS No. 157 on its Financial
      Statements. At this time, the impact on the Trust’s Financial Statements has not
      been determined.




**(3)**  **Fees**





Management
      fees are accrued and paid monthly. Incentive fees are accrued monthly and paid
      quarterly. Trading decisions for the period of these financial statements were
      made by John W. Henry & Company, Inc. (JWH) utilizing four of its trading
      programs,  JWH GlobalAnalytics®, the Financial and Metals Portfolio, the
      International Foreign Exchange program and the Global Diversified
      Portfolio.






11







Pursuant
      to the Trust’s agreement with JWH, JWH 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 of the Brokerage Fee at an annual rate of 1.25%
      of
      the Trust’s month-end net assets, but before reduction for any incentive fee or
      other costs and before inclusion of purchases and redemptions for the month.
      These management fees were not paid on the Nontrading/LLC net assets.




The
      Trust
      also pays  JWH a quarterly incentive fee equal to 20% of the net
      trading profits, if any, of the Trust. The incentive fee is based on the overall
      performance of the Trust, not individually in respect of the performance of
      the
      individual programs utilized by the Trust. This fee is  calculated by
      including realized and unrealized profits and losses, excluding interest income,
      and deducting the management fee and a portion of the brokerage fees at an
      annual rate of 1.25%.




**(4)** **Income
      Taxes**





No
      provision for Federal income taxes has been made in the accompanying financial
      statements as each beneficial owner is responsible for reporting income (loss)
      based on the pro rata share of the profits or losses of the
      Trust.  Generally, for both Federal and state tax purposes, trusts,
      such as the JWH Global Trust, are treated as partnerships. The LLC will also
      be
      treated as a partnership. The only significant differences in financial and
      income tax reporting basis are unrealized gains (losses) and the $39,580,944
      impairment of Nontrading/LLC assets.




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





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





The
      purchase and sale of futures requires margin deposits with a futures commission
      merchant (“FCM”).  Additional deposits may be necessary for any loss
      on contract value.  The Commodity Exchange Act requires an FCM to
      segregate all customer transactions and assets from the FCM’s proprietary
      activities.  A customer’s cash and other property, such as U.S.
      Treasury Bills, deposited with an FCM are considered commingled with all other
      customer funds subject to the FCM’s segregation requirements.  In the
      event of an FCM’s insolvency, recovery may be limited to a pro rata share of
      segregated funds available.  It is possible that the recovered amount
      could be less than the total of cash and other property deposited.





The
      Trust
      has cash on deposit with an affiliated interbank market maker in connection
      with
      its trading of forward contracts.    In the normal course of
      business, the Trust does not require collateral from such interbank market
      maker.  Due to forward contracts being traded in unregulated markets
      between principals, the Trust also assumes a credit risk, the risk of loss
      from
      counter party non-performance.





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





Net
      trading results from derivatives for the periods ended September 30, 2007 and
      2006, are reflected in the statements of operations and equal gain from trading
      less brokerage commissions.  Such trading results reflect the net gain
      or loss arising from the Trust’s speculative trading of futures contracts and
      forward contracts.





The
      notional amounts of open contracts at September 30, 2007, as disclosed in the
      Condensed Schedule of Investments, do not represent the Trust’s risk of loss due
      to market and credit risk, but rather represent the Trust’s extent of
      involvement in derivatives at the date of the statement of financial
      condition.





The
      beneficial owners bear the risk of loss only to the extent of the market value
      of their respective investments.





**(6)Assets
      Held at Refco
      Capital Markets, Ltd.**




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




12







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




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




As
      the
      distribution was in process as of December 31, 2006, the Trust reflected cash
      distributions of $4,180,958 in the Consolidated Statement of Financial Condition
      as of that date. The distribution payable of $5,154,711, representing additional
      units, was eliminated against the subscription receivable of a like
      amount.




Effective
      January 1, 2007, the LLC, was established to pursue the claims against
      RCM.  On January 1, 2007, the Trust transferred all nontrading assets
      and liabilities, which had a net asset value of $7,791,679, to the
      LLC.   Any funds obtained by the LLC will be distributed to
      unitholders who were investors in the Trust at the time of the bankruptcy of
      RCM
      and Refco, Inc., net of expenses, as explained in Note 1.




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




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




On
      June
      28, 2007, the LLC received a fourth partial recovery from RCM in the amount
      of
      $4,783,640.  This recovery, along with the previous recoveries,
      resulted in reducing the balance of the amount due from former brokers to zero
      and recording a nontrading gain of $1,193,083 for the periods ended June 30,
      2007, which is reflected as “collections in excess of impaired value” on
      the Consolidated Statement of Operations,  as the recoveries have
      exceeded management’s original estimate of impairment reflected in
      2005.




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




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




On
      September 19, 2007 the LLC received a sixth partial recovery from RCM in the
      amount of $2,584,070. This recovery, along with the previous recoveries,
      resulted in the recording of an additional nontrading gain which is reflected
      as
“collections in excess of impaired value” on the Consolidated Statement of
      Operations, as the recoveries have exceeded management’s original estimate of
      impairment reflected in 2005.




The
      LLC
      is pursuing certain claims against parties other than those named in the
      bankruptcy claims noted above. There is no assurance that such efforts will
      result in additional recoveries. For more information, please review the notice
      prepared by U.S. Bank National Association at www.usbank.com/abs. Any
      information at this website is not in any way incorporated into this
      document.




**(7)   Financial
      Highlights**





The
      following financial highlights show the Trust’s financial performance for the
      three-month and nine-month periods ended September 30, 2007 and
      2006.  Total return is calculated as the change in a theoretical
      beneficial owner’s investment over the entire period and is not
      annualized.  Total return is calculated based on the aggregate return
      of the Trust taken as a whole.




13








**Three months ended September
                  30,**
              
              
              **Nine months ended September
                  30,****2007**
              
              
              **2006**
              
              
              **2007**
              
              
              **2006**Net
                  asset value of trading units at beginning of period
              
              $
              87.37
              
              
              $
              99.55
              
              
              $
              93.86
              
              
              $
              112.96Trading
                  income (loss) per unit
              
              
              (6.75
              )
              
              
              0.47
              
              
              
              (13.24
              )
              
              
              (12.94
              )Net
                  asset value of trading units
              
              $
              80.62
              
              
              $
              100.02
              
              
              $
              80.62
              
              
              $
              100.02Total
                  Return:Total
                  return before incentive fee
              
              
              (7.73
              %)
              
              
              0.47
              %
              
              
              (14.11
              %)
              
              
              (11.46
              %)Less
                  incentive fee allocation
              
              
              0.00
              %
              
              
              0.00
              %
              
              
              0.00
              %
              
              
              0.00
              %Total
                  Return:
              
              
              (7.73
              %)
              
              
              0.47
              %
              
              
              (14.11
              %)
              
              
              (11.46
              %)Ratios
                  to average net assets:Trading
                  income (loss):
              
              
              (8.61
              %)
              
              
              0.31
              %
              
              
              (17.54
              %)
              
              
              (12.90
              %)Expenses:Expenses
                  less incentive fees
              
              
              (2.22
              %)
              
              
              (2.15
              %)
              
              
              (6.66
              %)
              
              
              (6.51
              %)Incentive
                  fees
              
              
              0.00
              %
              
              
              0.00
              %
              
              
              0.00
              %
              
              
              0.00
              %Total
                  expenses
              
              
              (2.22
              %)
              
              
              (2.15
              %)
              
              
              (6.66
              %)
              
              
              (6.51
              %)
  The
            calculations above do not include activity within the Trust’s nontrading
            accounts.


The
        net
        loss and expense ratios are computed based upon the weighted average net
        assets
        for the Trust for the three-month and nine-month periods ended September
        30,
        2007 and 2006. The amounts are not annualized.
  **Item
          2.  Management’s Discussion and Analysis of Financial Condition and
          Results of Operations**
 **(a)**Capital
            Resources****
  The
        Trust’s capital resources fluctuate based upon the purchase and redemption of
        units and the gains and losses of the Trust’s trading
        activities.   The amount of assets invested in the Trust
        generally does not affect its performance, as typically this amount is not
        a
        limiting factor on the positions acquired by JWH, and the Trust’s expenses are
        primarily charged as a fixed percentage of its asset base.
 
 The
        Trust’s trading activities involve varying degrees of off-balance sheet risk
        whereby changes in the market values of the futures and forward contracts
        underlying the financial instruments or the Trust’s satisfaction of the
        obligations may exceed the amount recognized in the statement of financial
        condition of the Trust.
 
 The
        Trust
        borrows only to a limited extent and only on a strictly short-term basis
        in
        order to finance losses on non-U.S. dollar denominated trading positions
        pending
        the conversion of the Trust’s dollar deposits.  These borrowings are
        at a prevailing short-term rate in the relevant currency.  They have
        been immaterial to the Trust’s operation to date and are expected to continue to
        be so.
 
 There
        are
        no known material trends, favorable or unfavorable, that would affect, nor
        any
        expected material changes, to the Trust’s capital resource arrangements at the
        present time.
 
 **(b)      Liquidity**
 
 The
        Trust’s assets at September 30, 2007 are held in brokerage accounts with
        RJO.  Such assets are used as margin to engage in trading and may be
        used as margin solely for the Trust’s trading.   Except in
        unusual circumstances, the Trust should be able to close out any or all of
        its
        open trading positions and liquidate any or all of its holdings quickly and
        at
        market prices.  This should permit JWH to limit losses as well as
        reduce market exposure on short notice should its programs indicate reducing
        market exposure.
  14
 
 The
        Trust
        earns interest on 100% of the Trust’s average daily balances on deposit with RJO
        during each month at 75% of the average 91-day Treasury bill rate for that
        month
        in respect of deposits denominated in dollars. For deposits denominated in
        currencies other than dollars, the Trust earns interest at a rate of LIBOR
        less
        100 basis points.  For the fiscal quarter ended September 30, 2007 and
        2006, the Trust had received or accrued to receive trading interest of $690,629
        and $1,720,376 respectively.  For the nine months ended September 30,
        2007 and 2006, the Trust had received or accrued to receive trading interest
        of
        $2,597,161 and $5,520,780 respectively.
 
 The
        Trust’s involvement in the futures and forward markets exposes the Trust to both
        market risk – the risk arising from changes in the market value of the futures
        and forward contracts held by the Trust – and credit risk – the risk that
        another party to a contract will fail to perform its obligations according
        to
        the terms of the contract.  The Trust is exposed to a market risk
        equal to the value of the futures and forward contracts purchased and
        theoretically unlimited risk of loss on contracts sold short.  JWH
        monitors the Trust’s trading activities and attempts to control the Trust’s
        exposure to market risk by, among other things, refining its trading strategies,
        adjusting position sizes of the Trust’s futures and forward contacts and
        re-allocating Trust assets to different market sectors.  The Trust’s
        primary exposure to credit risk is its exposure to the non-performance of
        the
        forwards currency broker.  The forwards currency broker generally
        enters into forward contracts with large, well-capitalized institutions and
        then
        enters into a back-to-back contract with the Trust.  The Trust also
        may trade on exchanges that do not have associated clearinghouses whose credit
        supports the obligations of its members and operate as principals markets,
        in
        which case the Trust will be exposed to the credit risk of the other party
        to
        such trades.
 
 Most
        United States commodity exchanges limit the amount of fluctuation in commodity
        futures contract prices during a single trading day by
        regulations.  These regulations specify what are referred to as “daily
        price fluctuation limits” or “daily limits.”  The daily limits
        establish the maximum amount the price of a futures contract may vary either
        up
        or down from the previous day’s settlement price at the end of a trading
        session.  Once the daily limit has been reached in a particular
        commodity, no trades may be made at a price beyond the
        limit.  Positions in the commodity could then be taken or liquidated
        only if traders are willing to effect trades at or within the limit during
        the
        period for trading on such day.  Because the “daily limit” rule only
        governs price movement for a particular trading day, it does not limit
        losses.  In the past, futures prices have moved the daily limit for
        numerous consecutive trading days and thereby prevented prompt liquidation
        of
        futures positions on one side of the market, subjecting commodity futures
        traders holding such positions to substantial losses for those
        days.
 
 It
        is
        also possible for an exchange or the CFTC to suspend trading in a particular
        contract, order immediate settlement of a particular contract, or direct
        that
        trading in a particular contract be for liquidation only.
 
 There
        are
        no known material trends, demands, commitments, events or uncertainties at
        the
        present time that are reasonably likely to result in the Trust’s liquidity
        increasing or decreasing in any material way.
 
 **(c)           Results
        of Operations**
 
 The
        Trust’s success depends on JWH’s ability to recognize and capitalize on major
        price movements and other profit opportunities in different sectors of the
        world
        economy.  Because of the speculative nature of its trading,
        operational or economic trends have little relevance to the Trust’s results, and
        its past performance is not necessarily indicative of its future
        results.  The Managing Owner believes, however, that there are certain
        market conditions — for example, markets with major price movements — in which
        the Trust has a better opportunity of being profitable than in
        others.
 
 JWH’s
        programs do not predict price movements.  No fundamental economic
        supply or demand analysis is used in attempting to identify mispricings in
        the
        market, and no macroeconomic assessments of the relative strengths of different
        national economies or economic sectors is made.  Instead, the programs
        apply proprietary computer models to analyze past market data, and from this
        data alone attempt to determine whether market prices are
        trending.  Technical traders such as JWH base their strategies on the
        theory that market prices reflect the collective judgment of numerous different
        traders and are, accordingly, the best and most efficient indication of market
        movements.  However, there are frequent periods during which
        fundamental factors external to the market dominate prices.
 
 If
        JWH’s
        models identify a trend, they signal positions which follow it.  When
        these models identify the trend as having ended or reversed, these positions
        are
        either closed out or reversed.  Due to their trend-following
        character, JWH’s programs do not predict either the commencement or the end of a
        price movement.  Rather, their objective is to identify a trend early
        enough to
  15
 
 profit
        from it and to detect its end or reversal in time to close out the Trust’s
        positions while retaining most of the profits made from following the trend.
 
 The
        performance summaries are an outline description of how the Trust performed
        in
        the past, not necessarily any indication of how it will perform in the
        future.  Furthermore, the general causes to which certain trends are
        attributed may or may not in fact have caused such trends, as opposed to
        simply
        having occurred at about the same time.  While there can be no
        assurance that JWH will be profitable even in trending markets, markets in
        which
        substantial and sustained price movements occur offer the best profit potential
        for the Trust.
 
 **Fiscal
        Quarter ended September 30, 2007**
 
 The
        Trust
        recorded a net trading loss of ($6,722,757) or ($6.75) per unit in the third
        quarter of 2007*** (*** Please see "Notes to Financial Statements" in Part
        I,
        Item 1 for explanation of Net Asset Value/unit pursuant to events of October,
        2005). As of September 30, 2007 the Trust had lost -1.42 % since its inception
        in June 1997.
  On
        September 30, 2007, JWH was managing 100% of the
        Trust's assets. The Trust's assets were allocated as follows: JWH
        GlobalAnalytics® Family
        of
        Programs (30%), Financial and Metals Portfolio (30%), International Foreign
        Exchange Program (20%), and Global Diversified Program (20%).
  The
        Trust’s performance was negative for July as many of the trends that contributed
        to second quarter gains were disrupted or ended.  Concerns about
        strains in the U.S. housing market, exposure to sub-prime mortgages and excess
        leverage in the financial system resurfaced prompting investors to reduce
        positions in “risky” assets. The manifestation of this “flight to quality” was
        most noticeable in the credit markets where market forces pushed borrowing
        costs
        significantly higher. In this volatile trading environment, government bond
        prices rose while global equities and higher yielding currencies declined.
        The
        Trust benefited from the diversification associated with its commodity
        allocation. While the financial sectors of the Trust were negatively impacted
        by
        trend reversals and rising volatility, overall Trust losses were partially
        mitigated by gains resulting from the rising price of crude oil and trends
        in
        the grain markets. Strong global growth, rising inflationary concerns and
        vigilant central banks were three factors that combined to drive global interest
        rates higher during the second quarter of 2007. Festering near the surface
        of
        the market consciousness however, was real concern about the state of the
        U.S.
        housing market, hedge fund and investment bank exposure to sub-prime mortgages
        and the fragility of the liquidity dependent capital markets. These fears
        increased in July resulting in higher bond prices and a clear re-pricing
        of
        risk.  The broad-based trend reversals in global bonds caused the
        Trust to incur losses in the interest rate sector. Trading in currencies
        was
        also unprofitable. At the start of the month, the profile of the Trust’s
        currency portfolio generally reflected the markets’ desire for higher yielding
        currencies at the expense of lower yielding currencies. As it turned out,
        the
        turmoil in the credit markets had a collateral effect on the currency markets
        as
        investors bought back short positions in low yielding currencies that were
        used
        to finance long positions in higher yielding currencies. The Trust’s largest
        loss was in the Japanese yen. Global equity prices suffered a significant
        setback in July as the S&P 500 and most emerging markets fell more than five
        percent from their highs during the month. Trading in this sector was difficult
        in July as a number of long held positions were stopped out. The energy sector
        was profitable and helped to offset losses in other areas of the Trust’s
        portfolio. While crude and petroleum products were moving higher, natural
        gas
        prices were moving lower. Unlike the financial sectors, where correlations
        within sectors were rising because of the flight to quality, the energy markets
        moved independently generating profit opportunities for the Trust. Outside
        the
        energy sector, other commodity prices were mixed on the month. The Trust
        benefited from positions in the grain markets. Trading in other commodities
        was
        uneventful with only modest influences on the Trust’s overall performance during
        July.
  The
        Trust’s performance was negative for the month of August as the crisis that
        began in the sub-prime mortgage market continued spreading globally. This
        produced short-lived, sharp and unusually well correlated spikes in volatility
        throughout global financial markets.  As a result, the Trust’s
        long-term diversified trend-following methodology suffered losses as the
        market
        dislocations forced the exiting of positions. The interest rate sector was
        the
        Trust’s strongest performer for the month as investors sought the relative
        safety of government debt.  Japanese Government 10-year bonds (JGBs)
        were the sector’s best performer. They completed their biggest monthly gain in a
        year as investors speculated that the Bank of Japan would delay raising interest
        rates. U.S. Treasuries also helped performance as benchmark 10-year note
        yields
        decreased 21 basis points for the month.  The sector’s gains were
        hampered as various central banks added liquidity. Despite these
        attempts, the fixed-income trends remained intact with the U.S. 3-month
        bill yields falling more than any other month in almost six years. The currency
        sector was the Trust’s worst performer for the month.  The yen was the
        sector’s best performer ending the month at a 2.5% increase vs. the dollar. The
        Trust experienced losses as it systematically exited positions in the British
        pound and


16
 
 the
        Euro
        on strong downward spikes, only to see both currencies immediately rally
        higher
        after the Fed rate change. The energy sector was negative as petroleum products
        suffered strong trend reversals.  Crude oil, the sector’s worst
        performer, traded near an 8-week low after reaching a record $78.77 a barrel
        on
        August 1st.  This
        was due to the forecast of diminishing demand for gasoline as concern grew
        that
        credit woes would lead to lower demand in the U.S., the world’s largest oil
        user.  Crude oil finished the month down 5.3%.  The
        agricultural, metals and indices sectors were slightly negative for the month
        as
        range-bound markets and trend reversals dominated these sectors.  The
        only component that exhibited noteworthy performance was CBOT
        wheat.  Wheat was up 23% for the month, its largest monthly gain since
        1975.  For the year, wheat is up 92% as global consumption exceeded
        production and inventories headed for their lowest levels since
        1982.  The gains were offset by the combined losses of the other
        agricultural commodities.
  The
        Trust’s performance was positive for the month of September.  The
        Trust gained as its systematic trend-following approach capitalized on the
        dollar’s plunge and also benefited from the enhanced appeal of energies, grains
        and precious metals, which drove commodities to their biggest monthly gain
        in 32
        years. The currency sector was the Trust’s strongest performer for the month as
        the U.S. dollar hit record lows with the interest rate cut by the
        Fed.  The New York Board of Trade’s dollar index fell to its lowest
        level since the gauge began in 1973.  The Fed’s trade-weighted index
        comparing the dollar vs. other major currencies dropped  to the lowest
        level since its inception in 1971.  The weakness of the dollar against
        the euro was a significant contributor to gains as its fall led to an all-time
        low of $1.4278 per euro. The agriculture sector was positive for the
        month.  Wheat futures for December delivery reached a record $9.6175,
        rising 21 % for the month on projections that “global inventories would dwindle
        to their lowest level in 26 years”.  Soybeans also trended higher as
        November futures reached the highest price since May 2004.  Soybean
        futures rallied 14 % in September and 79 % in the past year after U.S. farmers
        cut acreage 15% to a 12-year low. The energy sector was positive in September
        as
        petroleum products rose to record highs.  The falling dollar makes oil
        cheaper in countries using foreign currencies.  Crude oil reached a
        record-breaking $83.90 a barrel on September 20th.  This
        record high was less than a dollar from the all-time inflation-adjusted high
        reached in 1981, when prices jumped because Iran cut oil exports. The metal
        sector was positive for the month as gold extended its rally to its highest
        price since 1980. Gold gained 11 % for the month and 15 % for the third quarter,
        the most of any quarter since 1986. The indices and interest rate sectors
        did
        not exhibit noteworthy performance for the month as both equity and fixed-income
        markets experienced trend reversals.  The interest rate sector was
        negative for September; European government bonds fell on the month amid
        indications that German inflation was accelerating. The benchmark 10-year
        bund
        yields, the worst performer in the interest rate sector, touched a six-week
        high.  The indices sector was slightly positive for the month as
        stocks rose to complete their steepest September advance since
        1998.
 
 During
        the quarter no units were sold, however 23,182.53 new units were issued to
        Beneficial owners who had not redeemed through August 31, 2007. These units
        were
        issued as a result of US Bank distributing $1,758,626.39 to continuing
        unitholders. Beneficial owners redeemed a total of 76,768.92 units during
        the
        quarter. The Managing Owner redeemed a total of 0 units during the quarter.
        At
        the end of the quarter there were 920,453 units outstanding owned by the
        Beneficial Owners and 20,218 units outstanding owned by the Managing
        Owner.
 
 During
        the fiscal quarter ending September 30, 2007, the Trust had no material credit
        exposure to a counterparty, which is a foreign commodity exchange, or to
        any
        counterparties dealing in over-the-counter contracts.
  **Fiscal
        Quarter ended September 30, 2006**
 
 The
        Trust
        recorded net gain of $191,765 or $0.37 per unit in the third quarter of 2006***
        (*** Please see “Notes to Financial Statements” in Part I – Item 1 for
        explanation of Net Asset Value/unit pursuant to events of October, 2005).
        As of
        September 30, 2006, the Trust had gained 7.50% since its inception in June
        1997.
 
 On
        September 30, 2006, JWH was managing 100% of the Trust’s assets.  The
        Trust assets were allocated as follows:  JWH GlobalAnalyticsÒ Family
        of Programs
        (30%), Financial and Metals Portfolio (30%), International Foreign Exchange
        Program (20%), and Global Diversified Program (20%).
 
 The
        Trust’s performance was negative for the month of July. Five out of six sectors
        traded were negative, with the currency and interest rate sectors responsible
        for the majority of the Trust’s losses. Geopolitical events, extreme weather
        conditions, and speculation over U.S. interest rate policy caused spikes
        in
        volatility within all sectors. The currency sector was the Trust’s worst
        performing sector as fighting between Israel and Hezbollah caused a sharp
        reversal in the weakening U.S. dollar trend.
  17
 
 The
        dollar rallied from July 13th to July
        19th as fighting
        escalated, sending the currency 1.3% higher against the yen and up 0.8% vs.
        the
        Euro. Most of the gains disappeared after Federal Reserve Chairman Bernanke
        stated that “moderation” in the economy was under way.  The U.S.
        dollar was unable to sustain its strength as the GDP report signaled slower
        economic growth, reducing the chance that the Federal Reserve would raise
        interest rates at its August 8th meeting.
        The
        largest gain occurred in British pound/Japanese yen cross, as the British
        pound
        touched a two-month high on July 27th. The
        largest loss
        occurred in the Japanese yen. The interest rate sector was also negative
        for the
        month as speculation of a slowing U.S. economy and the crisis in the Middle
        East
        attracted investors to the perceived safety in fixed-income markets. The
        benchmark 10-year Japanese government bond along with the Eurodollar
        (three-month) futures were the worst performers in the sector as the slowing
        U.S. economy spurred speculation that the Federal Reserve will stop raising
        interest rates. The Bank of Japan (BOJ) raised the rate between lenders 25
        basis
        points on July 14th, ending
        a
        five-year policy of keeping borrowing costs near zero percent.  The
        largest gain in this sector was in the Australian three-year bond. The
        agriculture sector was also negative for the month.  London sugar led
        the underperformance on speculation of slowing demand.  London sugar
        prices have climbed 52% over the past year partly on the theory that Brazil,
        the
        world’s biggest sugar producer, would divert more of its harvest to making
        ethanol.  However, London sugar fell 6% during the month, due to
        slowing demand in Russia and increased output from India. Corn and soybeans
        also
        hurt performance as price volatility caused by fluctuating weather conditions
        in
        the U.S. Midwest threatened crop yields.  Also contributing to corn
        price volatility was a U.S. Department of Agriculture report that indicated
        that
        about 59% of the corn crop was in good or excellent condition, which was
        the
        lowest percentage of the year.  The largest gain in this sector
        occurred in soy meal. Performance in the energy sector was negative for the
        month as geopolitical events and record-breaking heat waves in
        the  U.S. caused volatility throughout the entire
        sector.  Natural gas was the sectors worst performer as it rallied to
        its biggest gain this year. Natural gas for September delivery rose $1.001,
        or
        up 14%, to $8.185 per million British thermal units on July 31st.  Natural
        gas hadn’t surpassed $8 since April 24th and it
        then surged
        over 44% between July 18th and July
        31st.  London
        gas oil also hurt performance as prices rose on the back of the rally in
        natural
        gas. The metals sector was negative for the month as increased volatility
        in
        gold hurt performance. Gold jumped to a two-month high of $676.53 on July
        17th and has
        since fallen 6%.  Gold’s volatility, or the rate at which a price
        moves up and down, was 27% in the past 30 days, compared with 10% a year
        earlier. Gold was up 5% in July after dropping 5.1% in June.  The
        largest gain in this sector was in LME aluminum as prices have declined 24%
        from
        its May peak. The indices sector was slightly positive for the month as the
        NASDAQ fell about 3.7%.  The majority of world equity markets were
        trendless for the month as speculation continued over the Federal Reserve’s next
        move.  The S&P 500 and the Dow Jones Industrial Average were up
        slightly for the month, while the Nikkei lost 0.3% in July. The largest gain
        in
        the sector was the NASDAQ E-Mini, while the largest loss occurred in All
        Ordinaries index. The Trust recorded a trading loss of 8.12% for the month.
        The
        July month-end trading NAV was $91.47.
 
 The
        Trust’s performance was positive in August as four out of six sectors traded
        were profitable for the month.  The fixed-income sector led the gains
        followed by the currency sector. U.S., Japanese, and European bond markets
        trended higher on signs that inflationary pressures are receding. The Japanese
        yen weakened against the U.S. dollar and Euro on speculation that Japan’s
        central bank wouldn’t raise interest rates again this year.  The
        Trust’s performance was further enhanced by more modest gains in the metals and
        agriculture sectors, while the Trust suffered small losses in the indices
        and
        energy sectors. The fixed-income sector was the Trust’s strongest performer as
        Japanese government bonds (JGBs), German Bunds, and the U.S. benchmark 10-year
        bond all rallied for the month.   JGB yields fell to their lowest
        level since March on speculation that the Bank of Japan (BOJ) would keep
        interest rates at their current level for the remainder of the
        year.  Bunds yields also hit their lowest levels since March. The
        rally was due to European Central Bank (ECB) signaling that it may be ready
        to
        raise interest rates again at its meeting on October 5th. Investors
        were
        optimistic that the ECB’s policy on interest rates will successfully restrain
        inflation.  U.S. Treasuries extended their second straight monthly
        advance.  Bonds were supported by the Federal Reserve’s decision to
        keep the benchmark U.S. interest rate at 5.25 percent. The sector’s worst
        performer was the Australian three-year bond. The currency sector was a solid
        performer for the month, as the Japanese yen fell against the U.S. dollar
        and
        Euro on speculation that the BOJ would keep interest rates at their current
        level. The yen has been the worst performer among major currencies since
        June,
        while the Australian dollar, euro, and U.S. dollar have gained 5.7%, 2.7%
        and
        2.3%, respectively, against the yen.  On August 11th, BOJ
        further
        weakened the yen by indicating borrowing costs would stay at very low levels
        for
        some time, while ECB president Trichet signaled another rate hike at its
        next
        meeting in October.  Also helping performance was the British
        pound/Japanese yen cross. The largest loss occurred in the South African
        rand.  The metals sector was also profitable for the month led by
        December silver futures reaching their highest price since May 30th.  The
        precious metal has gained 90% in the past year.  Silver’s rally is due
        to increased demand throughout the world, and expectations of continued economic
        expansion in developing nations. The only loss occurred in gold as geopolitical
        tension in the Middle East kept the metal vulnerable to price fluctuations.
        The
        agriculture sector was also positive for the Trust for the month led by gains
        made in London and New York sugar.  Sugar prices in London have
        dropped almost 25% in the past three months after rising to a record $497
        a
        metric ton on May 12th.  The
        sector was hindered by losses in CBOT wheat. The indices sector was slightly
   18
 
 negative
        for the month as global equity markets reversed the recent losing trend and
        rallied on decreased fears of inflation.  For the month, the S&P
        500 rose 2.4%, the biggest gain since January, the Dow advanced 1.8% and
        the
        NASDAQ jumped 4.4%, the first increase since March.  The largest gain
        in this sector was in the Eurostoxx 50 as the ECB signaled it may increase
        borrowing costs, curbing inflation expectations. The largest loss occurred
        in
        the NASDAQ E-Mini. The energy sector was the Trust’s worst performing sector.
        Natural gas soared on August 2nd on concerns that Tropical Storm
        Chris could strengthen and track towards the Gulf of Mexico. However by August
        31st, natural gas closed at a six-week low as the storm became a
        non-event. Further hindering the sector’s profitability was crude oil, which
        traded near a three-week high in early August and then reversed. The Trust
        recorded a trading gain of 8.81% for the month. The August month-end trading
        NAV
        was $99.53.
  The
        Trust’s performance was positive for the month of September. Although four out
        of the six sectors traded by the Fund were negative, the gains made in the
        energy and fixed-income sectors offset the other sector losses. The energy
        sector was the Trust’s strongest performer. Natural gas and crude oil prices
        tumbled as mild weather cut demand and inventories climbed toward an all-time
        high. Natural gas futures for October delivery saw a four-year low of $4.05
        amid
        concerns that storage capacity will reach its limit. The Energy Department’s
        gas-storage report of September 23rd showed U.S. natural gas
        inventories rose 77 billion cubic feet for the weekwith winter
        reserves reported to be 354 billion cubic feet above the five-year
        average.  Crude oil prices have fallen over 20% since touching a
        record high $78.40 a barrel on July 14th as fuel stockpiles increased
        and tensions in the Middle East eased. The largest gain was in natural gas.
        Performance in the interest rate sector was also positive for the month as
        U.S.
        Treasuries had their biggest quarterly gain in 4 years and European 10-year
        bonds posted their first quarterly gain since June 2005.  The U.S.
        10-year yield touched a seven-month low of 4.53% on September
        25th.  Speculation increased that the cumulative effects of
        17 rate increases since June 2004 would likely slow the economy and curb
        inflation.  European 10-year government bonds (Bunds) was the sector’s
        best performer. The underperforming U.K. 10-year benchmark note (Long gilt)
        was
        caused by uncertainty as to whether the Bank of England would raise interest
        rates again this year. The currency sector was the worst performing sector
        for
        the month for the Trust with speculation regarding the health of the U.S.
        economy global inflation.  The dollar fluctuated as economic data kept
        the market guessing on the Federal Reserve’s next move.  The
        Philadelphia Federal Reserve surprised investors by announcing that its broadest
        measure of manufacturing activity fell to its first negative reading since
        April
        2003, triggering fears that the economy could be cooling too quickly. The
        sector’s worst performing components were the British pound and Swiss Franc. The
        sector’s best performer was the Norwegian krone. Performance in the metals
        sector was negative for the month. Base and precious metals suffered with
        commodities’ biggest quarterly decline in more than 50 years.  The
        Commodity Research Bureau index ended the third quarter down 12%. Gold and
        silver prices fell as lower energy prices and a stronger dollar eroded the
        appeal of the precious metals. The largest loss occurred in silver. The stock
        indices sector was also negative for the month. European stocks rallied,
        ending
        the quarter close to a five-year high in a record year of mergers and
        acquisitions.  Fears of slower U.S. and Japanese economic growth kept
        the Nikkei (Osaka) lower for most of the month. Fears subsided and the Nikkei
        rallied on signs of economic growth in Japan. Japan’s index of production rose
        1.9% to a record 106.9. The EuroStoxx 50 was the sector’s best performer. The
        agriculture sector was negative for the month as losses in CBOT wheat offset
        gains in cotton and N.Y. sugar.  Sugar prices plunged on speculation
        that demand would fall as lower energy costs would erode the value of
        ethanol.  Also contributing to the decline in sugar was a mild
        hurricane season which helped crops in the largest U.S. sugar-growing states.
        Cotton prices also fell on speculation that an attempted coup in Thailand
        would
        reduce imports from the United States. The Trust recorded a trading loss
        of
        0.49% for the month. The September month-end trading NAV was
        $100.02.
 
 During
        the quarter no units were sold. Beneficial owners redeemed a total of 103,400.31
        units during the quarter. The Managing Owner redeemed a total of 0 units
        during
        the quarter. At the end of the quarter there were 1,357,674.54 units outstanding
        owned by the Beneficial Owners and 24,016.36 units outstanding owned by the
        Managing Owner.
 
 During
        the fiscal quarter ending September 30, 2006, the Trust had no material credit
        exposure to a counterparty, which is a foreign commodity exchange, or to
        any
        counterparties dealing in over-the-counter contracts.
  **Fiscal
        Quarter ended June 30, 2007**
 
 The
        Trust
        recorded net gain of $12,228,625 or $10.91 per unit in the second quarter
        of
        2007*** (*** Please see "Notes to Financial Statements" in Part I, Item 1
        for
        explanation of Net Asset Value/unit Pursuant to events of October, 2005).
        As of
        June 30, 2007, the Trust had gained 6.80% since its inception in June
        1997.
  On June
          30, 2007, JWH was managing 100% of the
          Trust's assets. The Trust's assets were allocated as follows: JWH
          GlobalAnalytics® Family
          of
          Programs (30%), Financial and Metals Portfolio (30%), International Foreign
          Exchange Program (20%), and Global Diversified Program (20%).
 
 The
        Trust’s performance was positive for the month of April.  Global
        financial markets recovered from the explosion in volatility that occurred
        at
        the end of February and continued into March.  The currency sector was
        the best performer for the month as the euro reached a historical high against
        both the U.S. dollar and the Japanese yen and the British pound reached a
  19
 
 25-year
        high against the dollar. The dollar weakened on speculation that the Federal
        Reserve Board would cut rates. At the same time, expectations grew that the
        European Central Bank and the Bank of England would raise rates as their
        economies strengthened.  The Japanese yen reached a record low against
        the euro and was weaker against major currencies. The majority of the sector
        was
        positive for the month, with the largest gain achieved in the euro. The
        agriculture sector was positive for the month. Gains in N.Y. cotton and coffee
        were partially offset by losses in CBOT wheat.  N.Y. cotton trended
        lower throughout April as supply continued to outpace demand.  U.S. exports
        to China, the largest consumer of the fiber, fell to 1.5 million
        bales  from 5.4 million bales a year earlier.  N.Y. coffee
        continued to trend lower and fell to a six-month low due to increases in
        inventories from last year. Wheat, which had been trending lower prior to
        the
        cold weather at the beginning of the month , suffered a reversal due to the
        resulting global supply concerns. The global stock indices sector was positive
        for April driven by  stronger-than-expected 1st quarter
        earnings,
        an increase in mergers and acquisitions, economic growth in Europe, and benign
        inflation in the U.S.  In April, the S&P 500 gained 4.3%, the Dow
        Jones Industrial Average soared 5.7%, and the Euro Stoxx 50 gained .2%. Osaka
        Nikkei was slightly negative as the Trust exited positions when Asian stocks
        fell on April 19thin reaction
        to China’s benchmark CSI 300 Index falling
        4.7%.  The metals sector was positive for the month
        as****LME copper strengthened in April to the highest it has
        been in more than 7 months.  Gold also added to performance as the
        precious metal reached an 11 month high.  Silver was negative for the
        month as speculation that the rally in precious metals was overdone which
        caused
        reversals as prices dropped. The energy sector was negative for the month.
        Natural gas fluctuated throughout the month as weather drove
        demand.  Crude oil, the sector’s worst performer,  fell to
        $61.34 a barrel on April 19th before
        reversing
        to $66.70 a barrel on April 27th.  The
        interest rate sector was negative for the month on uncertainty in interest
        rate
        policy of the world’s two largest economies.  Both U.S. Treasuries and
        Japanese Government 10-year Bonds (JGBs) were trendless in April. While
        uncertainty surrounded the state of these two economies, the German Benchmark
        10-year bund and the British long gilts supported performance. Bund yields
        rose
        to their highest level since August 2005.
 
 The
        Trust’s performance was positive for the month of May.  The interest
        rate sector was the Trust’s strongest performer for the
        month.   Global interest rates sustained their steady rise as
        economic growth continued in Europe and as the U.S. housing market began
        to
        stabilize.  The German Benchmark 10-year bund led performance as
        consumer confidence climbed and manufacturing expanded in the euro region
        economy. U.S. Treasuries also bolstered performance as the benchmark 10-year
        bond yield increased 26 basis points since April 30th, its
        biggest
        monthly increase since March 2006.  The indices sector was also
        positive for May as equity markets reached new highs due to continued economic
        growth in Europe and indications from the U.S. Federal Reserve Board (Fed)
        that
        growth would accelerate.  $1.1 trillion of announced Merger and
        Acquisition deals so far this year pushed the S&P 500 past its 2000 peak.
        The EuroStoxx 50 and NASDAQ E-mini led performance as the NASDAQ ended the
        month
        at 2604.52, its highest level since February 2001.The energy sector was negative
        for the month as energy markets remained range-bound.  U.S. oil
        futures traded between $60 and $67 the past two months as ample domestic
        stockpiles countered the impact of supply shutdowns in Alaska and
        Nigeria.  The metals sector was negative for the month.  The
        LME Copper strengthening trend faltered during the month on speculation that
        China may be oversupplied.  Gold limited performance as it fell to a
        two-month low in May.  Silver dropped 0.7 % in May.  Despite
        the drop, gold has gained 4.5% for the year, while silver has risen 4.1%.
        The
        currency sector was negative for the month. The U.S. dollar rebounded in
        May
        from an all-time low against the euro and rose 1% against the British
        pound.  The dollar reversed as signs of economic strength reduced the
        likelihood of cuts in interest rates by the Fed.  A majority of the
        sector’s losses were offset by the dollar’s strengthening against the Japanese
        yen.  The U.S. currency gained 1.9% against the yen in May and reached
        a three-month high.  The agriculture sector was negative for the
        month.  Soybean futures rallied to a 35-month high as U.S. farmers
        said they would cut soybean acreage  67.1 million, the smallest since
        1996.  Trend reversals in London sugar, CBOT Wheat and New York coffee
        more than offset the gains. Bean oil was the sector’s best
        performer.
 
 The
        Trust’s performance was positive for the month of
        June.  The  interest rate sector was positive as European
        government bonds recorded their steepest quarterly decline in almost 8
        years.  The German Benchmark 10-year bund trended lower for the fourth
        month in June.  The yield touched 4.70 % on June 13th, its’
highest
        since August of 2002.  U.S. Treasuries also fell, suffering their
        biggest quarterly decline since the 1st quarter
        of 2006.
        The energy sector was positive in June as increased terrorism fears combined
        with lower supplies in petroleum-based products and higher supplies in natural
        gas drove the sector’s performance.  Natural gas futures for August
        delivery plunged to a five-month low. This move occurred after a weekly
        government report indicated that inventories rose more than analysts expected
        and the outlook for colder temperatures this summer was likely to cut demand.
        The currency sector was positive for the month as the Japanese yen suffered
        its
        biggest quarterly loss against the euro and the dollar since
        2001.  The weakness of the U.S. dollar against both the British pound
        and the euro limited the sector’s gains.  The weakness was caused by
        speculation that the Federal Reserve Board would keep borrowing costs unchanged
        for the remainder of the year, while both the Bank of England and the European
        Central Bank would continue to raise rates. The metals and agriculture sectors
        were basically flat for the month, while the indices sector was slightly
        negative as range-bound markets and trend reversals dominated these sectors.
         The only components
   20
 
 that
        exhibited noteworthy performance were wheat and corn.  The Trust
        profited as  wheat futures  trended higher. The gains were
        offset by losses in corn.  Corn plunged to a 12-week low in Chicago after
        the government said U.S. farmers planted more acres than forecast in March
        and
        the most since 1944. The Trust recorded a trading gain of 7.08% for the
        month.  The June month-end trading NAV was $ 87.37.
  During
        the quarter no units were sold. Beneficial owners redeemed a total of 200,636
        units during the quarter. The Managing Owner redeemed a total of 0 units
        during
        the quarter. At the end of the quarter there were 974,039 units outstanding
        owned by the Beneficial Owners and 20,218 units outstanding owned by the
        Managing Owner.
  During
        the fiscal quarter ending June 30, 2007, the Trust had no material credit
        exposure to a counterparty, which is a foreign commodity exchange, or to
        any
        counterparties dealing in over the counter contracts.
  **Fiscal
        Quarter ended June 30, 2006**
 
 The
        Trust
        recorded net loss of $3,022,805 or $2.78 per unit in the second quarter of
        2006*** (*** Please see "Notes to Financial Statements" in Part I, Item 1
        for explanation of Net Asset Value/unit pursuant to events of October, 2005).
        As
        of June 30, 2006, the Trust had gained 7.13% since its inception in June
        1997.
 
 On
        June
        30, 2006, JWH was managing 100% of the Trust’s assets.  The Trust
        assets were allocated as follows:  JWH GlobalAnalyticsÒ Family
        of Programs
        (30%), Financial and Metals Portfolio (30%), International Foreign Exchange
        Program (20%), and Global Financial and Energy Program (20%). However, John
        W.
        Henry & Company, Inc., the advisor to the Trust, has decided to stop
        offering its two-phase systems to clients in its present form. Therefore,
        after
        consultation with the Managing Owner, effective July 1, 2006, the program
        allocations within the Trust changed. The Trust’s previous 20% allocation to
        Global Financial and Energy program was replaced with the Global
        Diversified program. All other program allocations remain the same: 30%
        GlobalAnalytics, 30% Financial and Metals, 20% International Foreign
        Exchange.
 
 The
        Trust’s performance was positive for the month of April. The metals sector had
        strong gains in both precious and base metals. The interest rate and currency
        sectors also added to performance with higher global interest rates and a
        weakening U.S. dollar. The energy sector had modest gains while volatility
        hampered performance in the agriculture and indices. The metals sector was
        positive with all components being profitable for the month.  Gold
        climbed above $650/oz for the first time in 25 years.  The escalating
        dispute with Iran, combined with a falling U.S. dollar, helped to push the
        precious metal higher during the month. Silver added to performance, rallying
        on
        speculation that investor demand will grow with a new offering of an
        exchange-traded silver-backed fund.  Gains were achieved in LME copper
        rally fed by speculation that disruptions at mines would curb
        supplies.  Further gains were achieved as LME aluminum reached a
        17-year high in London as growing demand in the U.S. and China drove prices
        higher. The fixed-income sector was the Trust’s strongest performing sector as
        European, Japanese and U.S. fixed income markets sold off.  The
        largest gain in the sector was in the German benchmark 10-year bund, touching
        a
        4% yield for the first time since October 2004 on speculation that the European
        Central Bank will raise its key rates this year. The Japanese 10-year bond
        (JGB)
        also added to the sector’s performance as it fell for a fifth month on concerns
        that the Bank of Japan will also raise interest rates this year. The 10-year
        gilt (UK) fell for the fourth consecutive month pushing yields to a one-year
        high of 4.71%.  The only loss in this sector came from the euro-yen.
        The currency sector was positive on the month as the U.S. dollar fell on
        expectations of narrowing interest rate differentials. Federal Reserve Chairman
        Ben Bernanke said in testimony to Congress that the central bank may stop
        raising rates “at some point”, ending an almost a two-year cycle of rate
        increases.  Meanwhile, speculation was increasing that the Bank of
        Japan, the Swiss National Bank and the European Central Bank would all raise
        rates.  The dollar extended its losses even further after the
        University of Michigan said its index of consumer sentiment decreased from
        88.9
        to 87.4.  The dollar fell 4.1% against the euro (largest gain in this
        sector), the biggest monthly decline since December 2003, and the British
        pound
        gained against the dollar for a fourth week, its longest winning streak in
        a
        year.  Hindering performance was the strength of the yen which rallied
        after the G-7 called for faster currency appreciation in Asia and after China
        unexpectedly lifted its key interest rate for the first time since October
        2004.  The largest loss was in the Australian dollar. Performance in
        the energy sector was also positive during the month. Concerns that UN-imposed
        sanctions could lead Iran to cut shipments, drove the June crude oil contract
        to
        a new high of $75.35 a barrel. Increased geopolitical uncertainty drove all
        petroleum based products higher as Brent crude oil for June settlement reached
        a
        new high of $74.79 a barrel.  Mild weather in the U.S., however,
        hindered performance as natural gas fell 20% and approached a nine-month
        low as
        demand slowed. The indices sector was slightly negative for the month as
        increased geopolitical instability in the global stock markets, as well as
        a
        volatile interest rate environment hindered performance. Asian stocks dropped
        from a sixteen-year high during the month after China unexpectedly raised
        its
        key lending rate. The rate rise sent shares of mining companies and commodity
        producers lower on speculation that increased borrowing costs could curb
        demand
        for raw materials in the world’s fastest growing economy. The largest gain in
        this sector was the
  21
 
 All
        Ordinaries Index while the largest loss occurred in Eurostoxx 50. The
        agriculture sector was the Trust’s worst performing sector, but was only
        slightly negative for the month. Cotton fell to its lowest close since December
        2. The gains in cotton however were not enough to offset the losses in the
        rest
        of the sector dominated by choppy price action. The largest loss occurred
        in
        N.Y. coffee.  The Trust recorded a trading gain of 10.68% for the
        month. The April month-end trading NAV was $113.17.
  The
        Trust’s performance was negative in May as the interest rate, metals,
        agriculture and stock indices sectors saw broad market corrections in the
        second
        half of the month. Increased inflationary fears and concerns over the global
        economy led investors to take profits and reduce risk exposure.  A
        major catalyst for the reversal was the news that the Federal Reserve on
        May
        10th signaled
        that “further policy firming may yet be needed” instead of signaling a possible
“pause”. This unexpected announcement caused the equity markets to fall in
        response. The currency sector was positive for the month despite extreme
        volatility. The U.S. dollar lost 1.4% against the euro and 1.1% against the
        Japanese yen as investors expected central banks in Europe and Japan to raise
        interest rates at a quicker pace than the Federal Reserve.  For the
        year, the U.S. dollar has fallen 7.5% against the euro and 4.4% against the
        yen.  The largest gain in the sector was the British pound, which
        posted its first back-to-back monthly gain against the U.S. dollar since
        the end
        of 2004. The euro/Japanese yen cross has the largest loss. The fixed income
        sector was the Trust’s worst performing sector as uncertain inflationary
        prospects and global growth led to increased volatility.  The worst
        performer in the sector was the ten-year Japanese government bonds (JGBs),
        which
        ended its longest losing streak since 1990 with flight-to-quality moves from
        the
        Japanese stock and commodity markets.  JGBs had risen to 2.005% on May
        10th, the
        highest rate since August 1999. The largest gains in this sector were in
        the
        U.S. 10-year note and the 3-month Eurodollar. Performance in the energy sector
        was also negative for the month as petroleum products retreated from record
        or
        near record highs during the month.  Brent crude oil for July
        settlement touched a contract high of $74.97 a barrel on May 2nd and May
        3rd as attacks
        in
        Nigeria and tensions with Iran kept crude related products from suffering
        the
        severe intra month reversals that plagued the majority of the other sectors.
        The
        largest gain in the sector was natural gas which closed the month at its
        highest
        price in almost three weeks in New York. The largest loss was crude oil.
        The
        metal sector was also negative for the Trust for the month as precious and
        base
        metals fell from record highs set earlier in the month.  With Investor
        profit taking, a strengthening of the U.S. Dollar, lower energy prices and
        the
        U.S. joining nuclear talks with Iran and the EU, gold fell 12% after reaching
        a
        26-year high of $732 an ounce on May 12th.  Aluminum
        rose on the LME due to speculation that a fifth of the Alcoa Inc.’s U.S. workers
        may go on strike. LME copper was the best performer in this sector as its
        futures reached a record high on May 12th of $8,600.
        The
        largest loss in this sector occurred in silver as concerns that rising global
        interest rates may curb demand in India and China. Indices also underperformed
        for the month driven by the Federal Reserve’s uncertainty about inflation, and
        the lackluster U.S. consumer confidence report.  The Dow Jones
        Industrial Average closed on May 9th within
        84 points
        of a new record high.  However, global equity markets began to fall
        after the Federal Reserve meeting on May 10th, when
        it became
        apparent an additional rate hike was still a possibility in June.  As
        a result, U.S. stocks ended May with their worst monthly decline in almost
        two
        years.  The Dow Jones Industrial Average lost 1.7% during the month,
        while the NASDAQ fell 6.2%. The only gain in this sector was in the NASDAQ
        E-Mini. The largest loss occurred in the Nikkei (Osaka). The agriculture
        sector
        was also slightly negative for the Trust for the month as London and New
        York
        sugar hindered performance.  Sugar, whose demand has increased on its
        ability to be made into ethanol, fell as energy prices dropped during the
        month.  Contributing to sugar’s fall in London was speculation that
        the European Union will increase exports, and that Brazilian sugar exporters
        will accelerate shipments as the nation’s currency weakens.  The
        largest gain in this sector was in New York coffee. The Trust recorded a
        trading
        loss of 1.15% for the month. The May month-end trading NAV was
        $111.87.
 
 The
        Trust’s performance was negative for the month of June. All six sectors were
        negative with the currency and interest rate sectors being responsible for
        the
        majority of the Trust’s losses. These sectors saw trend-reversing markets caused
        by anticipated, but unrealized, fears that the Federal Reserve would raise
        rates
        at its June 29th meeting
        and
        reinforce expectations for further rate increases. Currencies were the Trust’s
        worst performing sector as the U.S. dollar strengthened against most major
        currencies.  Stronger than expected June core Consumer Price Index
        (CPI) coupled with statements from Federal Reserve Chairman Bernanke, led
        to
        speculation that the Federal Reserve might raise rates 50 basis
        points.  The Federal Reserve raised rates 25 basis points and
        suggested it may be nearing the end of its 2-year cycle of rate
        increases.  As a result, the dollar reversed and weakened during the
        last two days of the month: 5.3% lower vs. the euro and 2.8% vs. the yen
        - the
        greatest percentage decrease since the last quarter of 2004.  The
        largest loss occurred in the Japanese yen, while the largest gain was achieved
        in the South African rand. The interest rate sector was unprofitable for
        the
        month led by declines in the U.S. 10-year and 30-year treasury bonds and
        German
        10-year government bonds (bunds).  Treasuries began the month
        strengthening only to sell-off after the core CPI came in higher than expected.
        This data, along with Federal Reserve Chairman Bernanke’s comments, put pressure
        on the entire U.S. fixed income market. Bonds rebounded the last two days
        of the
        month after the Federal Reserve raised rates only 25 basis
        points.  The gains marked the Treasuries’ 2nd straight quarterly loss
        and worst yearly start since 1999.  On June 8th, the
        European
        Central Bank (ECB) raised its benchmark interest rate to 2.75% for its third
        hike in six months, and other ECB council members signaled that the ECB was
        ready to increase rates further. The largest gain
    22
 
 occurred
        in Eurodollar (3-month), while the largest loss occurred in the U.S. 30-year
        bond. The metals sector was also negative for the month as both base and
        precious metals continued to retreat from May highs.  With a stronger
        dollar, gold fell to a three month low of $542.45/ounce, only to surge again
        the
        last 2 days of the month. Gold is still up 18% for the year. All components
        of
        this sector were negative with the largest loss coming from gold. The
        agriculture sector also underperformed during the month as weather conditions
        had severe affects on various crops worldwide. Wheat, which was the sector’s
        worst performer, fell to a five-week low in the middle of June. Corn and
        soybeans also hindered performance as prices fell due to Midwest rains. The
        only
        gain in this sector was N.Y. coffee. Indices were slightly negative for the
        month again as speculation over the Federal Reserve meeting caused severe
        market
        fluctuations.  Most of the world’s equity markets suffered losses
        during the first three weeks of the month. Speculation that the actions of
        the
        Federal Reserve would hurt economic growth and 16 central banks raising interest
        rates during the month fueled the losses.  As it became evident that
        the Federal Reserve was actually closer to ending its rate-hiking cycle,
        world
        equity markets rallied. The largest gain was in the NASDAQ E-Mini, while
        the
        largest loss occurred in Eurostoxx 50. The energy sector was also slightly
        negative for the month due to choppy market conditions. Weakness in the markets
        at the beginning of the month was replaced by strength due to renewed tensions
        in the Middle East and speculation that gasoline consumption will jump during
        the 4th of July
        holiday weekend.  Crude oil futures for August delivery touched $74.10
        on the NYMEX, after falling to a low of $68.75 during the month. The largest
        gain in this sector was in natural gas. The largest loss was in crude oil.
        The
        Trust recorded a trading loss of 11.01% for the month. The June month-end
        trading NAV was $99.55.
  During
        the quarter no units were sold. Beneficial owners redeemed a total of 143,060
        units during the quarter. The Managing Owner redeemed 0 units during the
        quarter. At the end of the quarter there were 1,461,076 units outstanding
        owned
        by the Beneficial Owners and 24,017 units outstanding owned by the Managing
        Owner.
  During
        the fiscal quarter ending June 30, 2006, the Trust had no material credit
        exposure to a counterparty, which is a foreign commodity exchange, or to
        any
        counterparties dealing in over the counter contracts.
  **Fiscal
        Quarter ended March 31, 2007**
 
 The
        Trust
        recorded net trading losses of $21,808,885 or $17.40 per trading unit in
        the
        first quarter of 2007*** (*** Please see “Notes to Financial Statements” in Part
        I — Item 1 for explanation of Net Asset Value/unit pursuant to events of
        October, 2005). As of March 31, 2007, the Trust had lost -6.54% since its
        inception in June 1997.
  On
        March
        31, 2007, JWH was managing 100% of the Trust’s assets.  The Trust
        assets were allocated as follows:  JWH GlobalAnalyticsÒ (30%),
        Financial
        and Metals Portfolio (30%), International Foreign Exchange Program (20%),
        and
        Global Diversified Program (20%).
  The
        Trust’s performance was negative for the month of January. The interest rate
        sector was the Fund’s best performing sector.  European 10-year bond
        yields reached 6-month highs and U.K. two-year gilt yields moved toward 5-year
        highs.  German debt fell during the month with a decline in
        unemployment and a rise in retail sales.  Long gilts slumped as yields
        soared after the Bank of England unexpectedly raised interest rates by a
        quarter
        point on January 11th.  U.S.
        Treasuries also helped performance: the U.S. 10-year note yield touched a
        5-month high of 4.9% on January 26th, as the
        U.S.
        economy expanded faster in the fourth quarter than
        expected.  Continued volatility in 10-year Japanese Government bonds
        (JGBs) limited the sector’s performance.  With no change in rates,
        JGBs had the biggest weekly gain since August.  The currency sector
        was the Fund’s worst performing sector as currency markets whip-sawed. The U.S.
        dollar’s weakening trend against the euro and the British pound continued its
        reversal. On January 3rd, the
        dollar rose
        to a 6-month high against the euro. The December Federal Reserve Board (Fed)
        meeting minutes stated that inflation (vs. waning growth) was their “predominant
        concern,” hence supporting the dollar.  The British pound fell to
        $1.9296 on January 5th from
        $1.9848 on
        December 1st
        (highest level since September 1992).  On January 11th, the
        pound rose
        again to a 14-year high of $1.9916 vs. the dollar before falling
        again.  Offsetting some of the losses was the Japanese yen, which fell
        1.4% (to lowest point in more than 4 years) vs. the dollar.  Towards
        the end of January, however, the dollar had its largest fall vs. the yen
        in more
        than two months. The  yen was the best performer, while the euro
        suffered the largest loss.  The energy sector was positive for the
        month despite changing weather conditions which caused extreme volatility
        within
        the sector.  Warmer-than-expected weather in the beginning of the
        month, led to decreased demand and lower prices.  Following a
        government report indicating that U.S. supplies of crude oil, gasoline, heating
        oil and diesel were above the five-year average for the period, crude oil
        prices
        plunged and reached a 19-month low of $49.90 a barrel.  Forecasts of
        colder weather throughout February reversed the weakening trend. On January
        30th, natural
        gas rose 12% and closed at its highest price since December 4th  (ending
        the month with a 21% gain).  By the
        end of January, crude oil rebounded to above $58 a barrel in New
        York.  Crude oil and London gas oil were the best performers; natural
        gas was the
  23
 
 worst
        performer. The metals sector was negative for the month as precious metal
        prices
        reacted to fluctuations in the U.S. dollar.  The early January
        strengthening in the U.S. dollar weakened Gold prices which fell
        3.1%.  However, gold then rose 3.9% for the month as the dollar once
        again weakened.  LME copper limited   losses as copper
        prices fell 10% in January and 35% since reaching a record high in May
        2006.  The equity indices sector was negative for the month as losses
        in the NASDAQ E-mini offset the gains of the other components in the
        sector.  U.S. stocks completed their longest stretch of monthly gains
        in more than a decade but, intra-month volatility hurt the sector’s overall
        performance.  On January 13th, U.S.
        stocks rose
        to a more than 3-month high.   The NASDAQ had a 2.8% increase to
        2,502.82, a level not seen since February 2001.  However, stocks fell
        towards the end of the month after profit reports caused concern that analysts’
forecasts for earnings at computer-related companies were too
        high.  The NASDAQ E-Mini was the worst performer in the sector, while
        all other components of the sector were positive. The agriculture sector
        was
        negative for the month as price instability hurt performance.  New
        York coffee fell from a 19-month high of $1.30 on December 15th.  Corn
        suffered a sharp reversal by falling 7.2% in the first 2 days of the year
        then
        rebounded, along with soybeans, during the rest of the month.  Corn
        reached a 10-year high on January 17th, while
        soybeans
        reached an 18-month high on January 18th.  The
        sector’s best performer was New York sugar, while the sector’s worst performer
        was corn.
  
 The
        Trust’s performance was negative for the month of February. This negative
        performance was a direct result of the explosion in volatility in the last
        week
        of the month.  Trading up to that point was positive for the month,
        but the events of the week reverberated throughout global markets and reversed
        what few trends of earlier in the month. The events were primarily portrayed
        in
        the U.S. media as a stock market decline, but the issues were far broader
        than
        that.  Whether due to the Chinese stock market or the trouble in the
        sub-prime loan sector, global markets awoke to a measure of short-term
        volatility not seen for many months and was not confined to the equities
        markets.  Example: the gold market hovered around the high $690s, a
        level not seen since May of ‘06.  Similarly, the wheat, corn and
        soybean markets were hitting full-year highs opening the last week of
        February.  All of these markets suffered sharp declines during the
        last week, which translated to losses for the
        Trust.  Example:  the Japanese yen which was at its yearly
        low strengthened over 2% against the dollar in the last three trading sessions.
        These examples in unconnected markets indicate how widespread the difficulty
        was
        in the last three days of the month.  The agriculture sector was the
        Trust’s best performing sector as corn rose to a 10-year high in Chicago and
        soybeans reached $8.0775, their highest level since June 2004, as wet weather
        threatened to prevent U.S. farmers from planting enough crops to meet surging
        demand for crop-based fuels.  Cotton and CBOT wheat limited gains as
        wheat dropped in excess of 2% after prices had reached $5.09, the highest
        since
        December 26th,
        as investors bailed out of the commodity following the global plunge in
        equities. Corn was the best performing component in the sector. The metals
        sector was slightly positive for the month as both precious and base metals
        suffered strong reversals.  Copper rallied for the majority of the
        month on speculation that China would accelerate its buying.  However,
        the month end slump in equities prices drove the metal lower once again as
        markets speculated that demand would decline as economic expansion
        slowed.  Prior to the drop in equities, industrial and precious metals
        led a commodity rally amid renewed inflation concerns.  Performance in
        gold and silver offset losses as prices climbed to nine-month highs. The
        currency sector was negative for the month as the yen rallied against the
        dollar
        to its highest level in more than 19 months on February 27th.  The
        Swiss franc also reacted to the drop in equities by reversing its weakening
        trend and rallied to3- month highs against the dollar.  Slight gains
        were produced by the euro as the dollar fell to its lowest level in almost
        2
        months against the currency.  The energy sector was negative for the
        month as natural gas reversed its strengthening trend and had its biggest
        loss
        in more than 6 weeks. After reaching a 2-month high on February 5th of $8.035,
        natural
        gas for March delivery dropped 7.7 % on February 12th, its
        biggest
        one-day percentage decline since December 26th. Crude
        oil’s
        reversal also hurt performance as it rose to $61.79 a barrel, its highest
        closing price this year. All components of this sector exhibited negative
        performance for the month. The interest rate sector was negative for the
        month
        as global bond markets reversed their weakening trend as global equity sell-off
        fueled demand for government debt.   The rally in German
        Benchmark 10-year bonds (bunds) and U.K. fixed income also hurt performance
        as
        long gilts posted their biggest gain since May.  U.S. Treasuries
        posted their biggest gains since December 2004 and yields of U.S. 10-year
        Treasury notes fell to their lowest level since December 2006 as the drop
        in
        equity prices caused concern that investors would avoid riskier
        assets**.**  Japanese Government Benchmark 10-year bonds
        (JGBs) added to the Trust’s negative performance as speculation grew that the
        Bank of Japan would pause before raising borrowing costs any further. The
        stock
        indices sector was negative for the month as a result of the severe volatility
        in global equity markets.  U.S. stocks had their biggest tumble since
        2002, after a plunge in the Chinese equity market.  This sparked a
        global drop in equity prices and raised concerns that investors would unload
        equities after a four-year bull market.  On February 27th Chinese
        stocks
        suffered their greatest loss in a decade, while the Dow Jones Stoxx 600 Index
        dropped 3% and the Dow Jones Industrial Average fell as much as 546 points
        intraday, the most since the first day of trading after September 11th, 2001.
        The
        Eurostoxx 50 was the sector’s worst performer while the Nikkei 225 offset some
        losses as the sector’s best performer.
  24
 
 The
        Trust’s performance was negative for the month of March. The Trust experienced
        losses as the February explosion in volatility continued into early
        March.  The currency sector was negative for the month as the Japanese
        yen’s sharp reversal continued during the first few days of
        March.  The yen advanced to near its highest level in almost 2 months
        against the dollar and gained against all 16 of the most-active currencies
        during the first week of March.  The British pound (worst performer
        during the month) fell to its lowest level against the yen in more than 4
        months, as one month sterling/yen implied volatility soared to a record high
        of
        11.75 due to concerns of rising risk. Offsetting some of the losses was the
        strengthen trend in the Australian dollar. The interest rate sector was negative
        for the month. Global bond markets fluctuated during the first half of the
        month
        as fixed-income market sentiment vacillated between two conflicting views
        before
        ending the month lower. Fixed-income markets, which had rallied throughout
        February, continued to strengthen as uncertainty increased that the drop
        in
        equities and the rising defaults among the riskiest mortgages, called subprime
        mortgages, would slow consumer spending and the global economy.  In
        reaction, yields in the German benchmark 10-year bund slid to their lowest
        in
        2007.  However, economic data and central bank statements out of both
        the U.S. and Europe throughout the month relieved investors’ fears and
        eventually sent fixed-income markets lower, reversing the previous
        trend.  The German 10-year bund was the sector’s worst performer.
        European government bonds posted their biggest back-to-back weekly decline
        in
        three months. On March 30th, the
        U.S. 10-year
        Treasury surrendered the remainder of the gains it had amassed after the
        equity
        sell-off that began on February 27th. The
        rally had
        driven the yield to as low as 4.44% on March 5th.  The
        shifting market sentiment led all components of the sector to end the month
        in
        negative territory. The metals sector was negative for the month as the drop
        in
        price in the equity markets sent precious metals lower. By March 6th, gold
        (the
        sector’s worst performer) had dropped almost $50, or 7.3% since February 26th, when
        it closed
        trading at $686.65.  Although gold eventually began to rally, ending
        the month down only .5%, the extreme drop in prices at the beginning of the
        month caused the Trust’s systematic investment style to exit positions, which
        resulted in losses for the Trust.  The stock indices sector was
        negative for the month as the global sell-off that began on February 27th caused
        more than
        $2.4 trillion in share value to be lost over five days.  All
        components of the sector were negative.  The Osaka Nikkei was the
        sector’s worst performer.  The agriculture sector was negative for the
        month as investors sought to cover losses and reduce risk in all markets
        as a
        result of the plunge in global equity prices.  As a result, investors
        bailed out of commodities and took profits in corn and soybeans, which had
        just
        reached multi-year highs.  Slight gains were produced in New York
        coffee. The energy sector was slightly positive for the month as weather
        and
        geopolitical events were the driving forces of price movements. Natural gas,
        the
        sector’s worst performer, dropped to its lowest price in two months on March
        19th as
        forecasts for milder weather signaled reduced consumption of the heating
        fuel.  However, when forecasters predicted a shift in the weather
        pattern that would deliver colder than normal air, prices rose to a one-month
        high.  Offsetting the losses in natural gas, were the gains achieved
        in petroleum products.  While gains were achieved in crude oil as it
        continued its weakening trend for most of the month, they were limited as
        crude
        oil spiked higher and traded near a six-month high. The Trust recorded a
        trading
        gain of 2.04% for the month.  The March month-end trading NAV was
        $76.46.
  During
        the quarter no units were sold. Beneficial owners redeemed a total of 108,895.93
        units during the quarter. The Managing Owner redeemed a total of 0 units
        during
        the quarter. At the end of the quarter there were 1,174,676 units outstanding
        owned by the Beneficial Owners and 20,218 units outstanding owned by the
        Managing Owner.
  During
        the fiscal quarter ending March 31, 2007, the Trust had no material credit
        exposure to a counterparty, which is a foreign commodity exchange, or to
        any
        counterparties dealing in over the counter contracts.
  **Fiscal
        Quarter ended March 31, 2006**
 
 The
        Trust
        recorded net loss of $18,904,802 or $10.83 per unit in the first quarter
        of 2006
        *** (*** Please see "Notes to Financial Statements" in Part I – Item 1 for
        explanation of Net Asset Value/unit pursuant to events of October,
        2005).  As of March 31, 2006, the Trust had gained 9.91% since its
        inception in June 1997.
 
 On
        March
        31, 2006, JWH was managing 100% of the Trust’s assets.  The Trust
        assets were allocated as follows:  JWH GlobalAnalyticsÒ Family
        of Programs
        (30%), Financial and Metals Portfolio (30%), International Foreign Exchange
        Program (20%), and Global Financial and Energy Program (20%).
 
 The
        Trust’s overall return was negative for the month of January as losses in the
        interest rates, currencies and energy sectors outweighed the gains achieved
        in
        the other sectors. The fixed income sector was the Trust’s worst performing
        sector as the fixed income markets in the U.S., Europe and Japan sold-off
        over
        fears of the respective central banks raising interest
        rates.  Japanese government bonds (largest loss) traded at their
        lowest level in almost two months with Japanese unemployment falling amid
        growing confidence that economic growth is sustainable and that the Bank
        of
        Japan (BOJ) may increase interest rates.  Meanwhile, the German bund
        reached 2.97%, the highest rate since December 2002, on speculation that
        a
        strengthening European economy will encourage the European Central Bank (ECB)
        to
        raise rates in March.  Further hindering performance
   25
 
  were
        the
        U.S.10-year and 30-year bonds as U.S. treasuries had their first monthly
        decline
        since October 2005 as a result of the Federal Reserve raising interest rates
        for
        the 14th
        straight time.  The currency sector also suffered losses as the U.S.
        dollar posted its biggest monthly decline against the euro since November
        2004.   The euro also benefited as the market waited to see if
        the ECB would signal, at their meeting on February 2nd, that
        they would
        raise borrowing costs as Europe’s economy strengthened.  The dollar
        also suffered losses against the Swiss franc, and the Japanese yen as the
        spread
        narrowed between the U.S. and both European and Japanese interest rates,
        no
        longer benefiting the dollar. The Trust was able to limit losses as the British
        pound strengthened against the dollar on speculation that the Bank of England
        would keep interest rates on hold this year. The largest gains in this sector
        were the British pound and the Singapore dollar.  The largest loss
        occurred in the Japanese yen.   Performance in the energy sector
        was also negative for the month. The Trust underperformed as volatility within
        the energy sector increased as oil and natural gas are now being used as
        “geopolitical weapons” by Iran, Russia, Venezuela and militants in
        Bolivia.  Crude oil (largest gain), which is up 41% from a year ago
        and 11% for the month, helped to limit losses in this sector despite the
        increased volatility.  The largest loss occurred in natural gas, which
        for the first time in almost 6 months dropped below $8 in New
        York.  Natural gas fell 17% for the month as mild weather decreased
        demand in the largest U.S. consuming regions.  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 its highest level since March 1984.
        Gold’s increase occurred on concerns that the dollar may weaken because of
        higher oil prices. LME copper prices rose to a near record as production
        from
        the world’s mines are failing to keep pace with increased demand from countries
        like China.  Adding to the production shortfall is the threat of a
        strike from workers of Chile’s Codelco, the world’s largest copper
        producer.   Indices were positive for the month as European stock
        indices had their best January rally in eight years led by energy, mining
        and
        steel stocks. Leading the sectors performance was the Nikkei (Osaka), which
        despite increased volatility caused by geopolitical events, approached a
        decade
        high and managed to gain 3.3% during the month. The NASDAQ E-Mini also helped
        performance as it rose 3.7% for the month.  The agriculture sector was
        also positive on the month as sugar reached a 16-year high in London and
        a
        25-year high in New York (largest gains).  The record highs were a
        result of increased demand for ethanol, a sugar cane by-product. Limiting
        profitability in the sector was N.Y. coffee as it rose to seven month highs
        as
        worldwide demand outpaced supply. 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 was $110.87.
  The
        Trust’s performance was negative for the month of February as listless markets
        continued to hamper the Trust’s long-term trend following
        approach.  The majority of the losses were realized in the currency
        and energy sectors, along with more modest losses in the other
        sectors.  Currencies were the Trust’s worst performing sector for the
        month as markets gyrated over speculation about potential global interest
        rate
        moves.  The dollar rose 1.3% against the euro as new Federal Reserve
        Chairman Ben S. Bernanke comments suggested further tightening by the
        Fed.  Thee British pound declined versus the dollar on signs of
        slowing home price growth and sluggish retail sales. The largest loss in
        the
        sector was in the yen as the currency strengthened after Bank of Japan Governor
        Toshihiko Fukui said the central bank would “immediately” reduce the amount of
        cash pumped into the financial system, a precursor to raising rates. Limiting
        losses in this sector was the Brazilian real (largest gain) as it gained
        3.4%
        against the dollar. The energy sector incurred losses on concerns over
        geopolitical events. While the market continued to be sensitive to the situation
        in Iran and Iraq, attacks in Nigeria and Saudi Arabia added to the market’s
        trepidation.  In Saudi Arabia, there was an assault on a processing
        center which handles two-thirds of Saudi oil. Limiting losses in this sector
        was
        falling natural gas prices with U.S. stockpiles for the week ended February
        17,
        2006 were almost 700 billion cubic feet above the 5 year average. The metals
        sector was also negative for the month as volatility hurt
        performance.  Gold once again hit a 25-year high of $579.50 oz.
        Meanwhile, after reaching a record high of $5,100 per metric ton on, LME
        copper
        dropped to $4,665, the lowest since January 2005. The largest gain in this
        sector was in silver on speculation that demand for the metal will accelerate,
        extending its year-long rally. Indices did not perform well for the month
        as
        Asian stocks posted their first monthly decline since October 2005 and the
        NASDAQ dropped 1.1%.  Market instability was also a factor in the
        indices sector as U.S. stocks suffered their biggest lost in five weeks on
        the
        last day of trading in February. The largest gain was in the Eurostoxx 50,
        while
        the largest loss occurred in the Nikkei (Osaka).  The interest rate
        sector was slightly negative for the month as performance in various markets
        counterbalanced each other. The sector benefited from Japanese government
        bonds,
        which saw a price decline for 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 in this sector was in the Eurodollar. The largest loss occurred
        in
        the U.S. 30-year bond. Performance in the agriculture sector was also slightly
        negative for the month. N.Y. coffee (largest loss) contributed to the sector’s
        underperformance as coffee production threatens to exceed demand. N.Y. sugar
        also hurt performance as prices fell to a 20-month low. CBOT wheat (largest
        gain) rose to a 20-month high on speculation that unusually hot, dry weather
        from Texas to Nebraska reduced U.S. production. The Trust recorded a trading
        loss of 9.61% for the month.  The February month-end
        trading  NAV was $100.21.
  The
        Trust’s performance was positive for the month of March.  Performance
        was led by the fixed income, indices and metals sectors.  Limiting the
        Trust’s gains for the month was the currency sector, which continued to suffer
        from range-bound trading, along
 26
 
 with
        underperformance in both the energy and agriculture sectors. The fixed income
        sector was the Trust’s strongest performer for month as German, Japanese, and
        U.S. government debt endured increased consumer confidence and rising
        inflationary fears. The bund fell for the seventh consecutive month, as reports
        showed business confidence at an almost 15-year peak. The Japanese 10-year
        government bonds (JGB’s) fell after the Bank of Japan ended its 5-year policy of
        flooding the Japanese economy with cash.  U.S. treasuries posted their
        biggest quarterly drop since 2004 on concerns that inflationary growth will
        cause the Federal Reserve to increase its interest rate target.  The
        Federal Reserve and the European Central Bank raised their interest rates
        25
        bps, but the true catalyst for the sell-off was growing speculation that
        both
        would be forced to continue to raise rates after confidence reports released
        were much stronger than expected. The largest gains in this sector were achieved
        in the bund and the JGB’s, while the largest loss occurred in the Australian
        3-year bond.   The indices sector was also positive for the month
        as Asian stocks approached a 16-year high on surging demand for metals and
        oil,
        and the Nikkei 225 climbed above 17,000 for the first time in more than five
        years. The All Ordinaries Index rose 8% this quarter, while the NASDAQ Composite
        Index rose to a 5- year high.  The Nikkei (Osaka) was the best
        performer in the sector.  The only loss occurred in the NASDAQ
        E-Mini.  The metals sector was also profitable for the Trust for the
        month as silver reached $11.66 on March  30th, the
        highest
        intra-day price since September 1983.  Silver gained 21% this month
        alone in anticipation of approval for the first exchange-traded fund for
        this
        precious metal.  Also helping this sector’s performance was LME
        copper, which was up approximately 25% for the quarter.  This metal,
        used in wiring and plumbing, continued to set new all time highs towards
        the end
        of the month as demand for the metal continued, especially in
        China.  The only loss in this sector occurred in gold.  The
        energy sector was the Trust’s worst performing sector as geopolitically-induced
        volatility limited gains.  Crude oil rose to a 2-month high and
        gasoline surged as U.S. supplies declined and the UN asked Iran to curb its
        nuclear program.   Prices then fell after Iran said it would not
        use crude oil as leverage in a dispute with western countries over its nuclear
        program.  All components of this sector were negative for the month
        with the largest loss coming from crude oil.  The currency sector was
        also negative for the month as range-bound trading continued to negatively
        affect the Trust’s long-term trend following approach.  Although some
        currencies had directional moves during the month, they were then accompanied
        by
        strong reversals.  Since December 2005 the U.S. dollar has dropped
        2.3% and 1.25% against the euro and the British pound, respectively. The
        largest
        gains in this sector were achieved in the euro/yen cross, Australian dollar
        and
        the New Zealand dollar while the largest losses occurred in the euro and
        Polish
        zloty.  The agriculture sector was slightly negative for the Trust as
        gains made in London sugar were offset by the weakness in CBOT wheat and
        corn.
        Sugar prices in London hit their highest levels since 1989 on speculation
        that
        expensive oil will force Brazil, the world’s largest sugar producer, to direct
        more of its output towards producing ethanol. Wheat prices weakened as rains
        revived winter crops in the U.S. Great Plains.  Corn hurt performance
        as prices in Chicago rose after U.S. farmers indicated that they plan to
        slash
        this year’s plantings to 2001 levels.  The Trust recorded a
        trading  gain of 2.04% for the month.  The March month-end
        trading NAV was $102.25.
 
 During
        the quarter no units were sold. Beneficial owners redeemed a total of 132,172.78
        units during the quarter. The Managing Owner redeemed a total of 0 units
        during
        the quarter. At the end of the quarter there were 1,604,135.27 units outstanding
        owned by the Beneficial Owners and 24,016.36 units outstanding owned by the
        Managing Owner.
 
 During
        the fiscal quarter ending March 31, 2006, the Trust had no material credit
        exposure to a counterparty, which is a foreign commodity exchange, or to
        any
        counterparties dealing in over the counter contracts.
  **(d)           Off-Balance-Sheet
        Arrangements; Disclosure of Contractual Obligations**
 
 The
        Trust
        does not have any off-balance-sheet arrangements that have or are reasonably
        likely to have a  current or future affect on its financial condition,
        changes in financial condition, revenues or expenses, results of operations,
        liquidity, capital expenditures or capital resources that are material to
        investors.   The Trust does not have any material contractual
        obligations.
  **Item
        3.  Quantitative and Qualitative Disclosures About Market
        Risk**
 
 There
        has
        been no material change with respect to market risk since the "Quantitative
        and
        Qualitative Disclosures About Market Risk" was made in the Form 10-K of the
        Trust dated December 31, 2006.
  27
 
  **Item
        4.  Controls and Procedures**
 
 Under
        the
        supervision and with the participation of the management of R.J. O’Brien Fund
        Management, LLC, the managing owner of the Trust,  including the
        managing owner’s President and Chief Financial Officer, the Trust has evaluated
        the effectiveness of the design and operation of its disclosure controls
        and
        procedures as of the end of the period covered by this quarterly report,
        and,
        based on their evaluation, the President and Chief Financial Officer of the
        managing owner have concluded that these disclosure controls and procedures
        were
        effective.  There were no changes in the Trust’s internal control over
        financial reporting, during the quarter ended September 30, 2007, that have
        materially affected, or are reasonably likely to materially affect, the Trust’s
        internal control over financial reporting.
 
 Any
        control system, no matter how well designed and operated, can provide reasonable
        (not absolute) assurance that its objectives will be
        met.  Furthermore, no evaluation of controls can provide absolute
        assurance that all control issues and instances of fraud, if any, have been
        detected.
 
 **PART
        II - OTHER INFORMATION**
 
 **Item
        1.  Legal Proceedings**
 
 On
        October 10, 2005, Refco Inc., the parent company of RCMI announced that it
        had
        discovered through an internal review a receivable owed to the Company by
        an
        entity controlled by Phillip R. Bennett, Chief Executive Officer and Chairman
        of
        the Board of Directors of the Company, in the amount of approximately $430
        million. Mr. Bennett repaid the receivable in cash, including all accrued
        interest, on October 10, 2005. Based upon the results of the review to date,
        Refco Inc. believes that the receivable was the result of the assumption
        by an
        entity controlled by Mr. Bennett of certain historical obligations owed by
        unrelated third parties to Refco, Inc., which may have been uncollectible.
        Independent counsel and forensic auditors have been retained to assist Refco,
        Inc., Informal Committee in the investigation of these matters.
 
 On
        October 12, 2005, Mr. Bennett was initially charged with one count of securities
        fraud. On November 10, 2005, he was indicted on eight counts of conspiracy,
        fraud, and other charges by a federal grand jury. The indictment was delivered
        in the United States District Court for the Southern District of New York.
        Prosecutors charge in the indictment that Mr. Bennett hid customer and company
        losses from Refco, Inc. auditors and investors from as early as the late
        1990s.
        Those losses, according to the indictment, were then transferred to a company
        controlled by Mr. Bennett and hidden through a series of
        transactions.
 
 Refco,
        Inc. and other affiliated entities, including RCMI, have subsequently filed
        for
        bankruptcy.  See the “Notes to Financial Statements” in Part
        I for additional information regarding legal
        proceedings.  Such information is incorporated 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) has undertaken its own
        review
        into RCM and the Trust to ensure none of these matters had any material impact
        on the results of operations of either RCMI as Managing Owner or the
        Trust.  Based upon the results of that review, the Informal Committee
        has no reason to believe that the actions of Mr. Bennett had any impact on
        the
        operations or financial results of the Trust.
 
 **Item
        1A. Risk Factors**
 
 The
        risk
        factors disclosed in the Registration Statement on Form S-1 filed on September
        19, 2007 are hereby incorporated by reference.
 
 
 
 28
  
  **Item
          2.  Unregistered Sales of Securities and Use of
          Proceeds**
 
 a)  None
 b)  The
          Trust permits unitholders to redeem units at the end of each month at the
          Net
          Asset Value per unit on the redemption date.  The redemption of units
          has no impact on the net asset value of the units that remain outstanding
          and
          units may not be reissued once they are redeemed.
 The
        following table summarizes the redemptions by unitholders during the third
        quarter of 2007:
  **Month**
              **Units
                  Redeemed**
              **Redemption
                  Date NAV per Unit**July
              28,565
              $81.53August
              32,255
              $75.86September
              15,947
              $80.62Total
              76,767
 
 Units
        sold 7/1/07 through 9/30/07: 0
 Units
        unsold through September 30, 2007: 5,560,387.43, ($448,278,434.61)
 Aggregate
        price paid for units sold 7/1/07 through 9/30/07: $0
  29
  
 
 Item
          6.  Exhibits
     
 Exhibit
                  Number
                
                Description
                  of Document3.01
                
                Sixth
                    Amended and Restated Declaration and Agreement of Trust of the
                    Registrant.13.02
                
                Certificate
                    of Amendment of Certificate of Trust of the Registrant.23.03
                
                First
                    Amendment to the Sixth Amended and Restated Declaration and Agreement
                    of
                    Trust. 33.04
                
                Second
                    Amendment to the Sixth Amended and Restated declaration and Agreement
                    of
                    Trust. 410.01
                
                Form
                    of Services and Indemnification Agreement among the Registrant,
                    the
                    Managing Owner, and JWH.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.
 
 1 gistrant’s Registration Statement on Form S-1
            (Reg No.
            333-105282).
 2
  3
  4
  **SIGNATURES**
 
 Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned and
        thereunto duly authorized.
 
 
 **JWH
        Global Trust**
  Date:
              November
                14, 2007By:
              R.J.
                  O’Brien Fund Management, LLC
                Managing
                  OwnerBy:
              /s/
                Helen D. McCarthyHelen
                  D. McCarthy
                Chief
                  Financial Officer and duly authorized officer