SECURITIES AND EXCHANGE COMMISSION

                         Washington, D.C.  20549

                                FORM 10-Q

          Quarterly report pursuant to Section 12(b) or (g) of the
                      Securities Exchange Act of 1934

                      
               For the quarterly period ended June 30, 1997

   
                     Commission File Number 333-16825


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


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


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

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


                           Not Applicable
(Former name, former address and former fiscal year, if changed
 since last report.)


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

                        Yes      No   X    


<TABLE>
                                                                 Part I.  Financial Information


Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ended June 30, 1997,
and the additional time frames as noted:


                                               Fiscal Quarter    Year to Date      Fiscal Year   Fiscal Quarter Year to Date
                                                Ended 6/30/97     To 6/30/97     Ended 12/31/96  Ended 6/30/96   To 6/30/96
                                               --------------    --------------   --------------  --------------------------
<S>                                            <C>               <C>             <C>             <C>            <C>
Statement of
Financial Condition                                   X                                X

Statement of
Operations                                            X                X                              N/A           N/A

Statement of Changes
in Partners' Capital                                                   X

Statement of
Cash Flows                                                             X                                            N/A

Notes to Financial
Statements                                            X


               JWH GLOBAL TRUST
       STATEMENTS OF FINANCIAL CONDITION
                   UNAUDITED

                                                Jun 30, 1997     Dec 31, 1996
                                               ---------------   -------------
<S>                                            <C>               <C>
ASSETS
Cash                                                 $100,113          $1,000
Equity in commodity futures
   trading accounts:
   Account balance                                 21,903,554               0                  
   Unrealized gain on open
     futures contracts                                551,773               0
                                               ---------------   -------------
                                                   22,555,440           1,000

Interest receivable                                    52,560               0
Prepaid Initial O&O                                   645,648               0
                                               ---------------   -------------
      Total assets                                $23,253,648          $1,000
                                               ===============   =============

LIABILITIES AND UNITHOLDERS' CAPITAL
Liabilities:
   Accrued commissions on open
     futures contracts due to CIS                     $70,808              $0
   Accrued management fee                              43,858               0
   Accrued incentive fee                                6,507               0
   Accrued operating expenses                           5,458               0
   Redemptions payable                                845,153               0
   Selling and Offering Expenses Payable              655,441               0
                                               ---------------   -------------
      Total liabilities                             1,627,225               0

Unitholders' Capital:
   Beneficial owners ( 213,425.82 units outstan    21,376,183             817
  at 6/30/97, 8.17 units outstanding at 12/31/96)
             (see Note 1)
   Managing owner  (2,498.40 units outstanding        250,240             183
    6/30/97 and 1.83 at 12/31/96) (see Note 1)
                                               ---------------   -------------
      Total unitholders' capital                   21,626,423           1,000
                                               ---------------   -------------
      Total liabilities and
        unitholders' capital                      $23,253,648          $1,000
                                               ===============   =============



In the opinion of management, these statements reflect all adjustments necessary
to fairly state the financial condition of JWH Global Trust. (See Note 6)




               JWH GLOBAL TRUST
           STATEMENTS OF OPERATIONS
                   UNAUDITED

                                                Jun  2, 1997*    Jun  2, 1997*
                                                   through          through
                                                Jun 30, 1997     Jun 30, 1997
                                               ---------------   -------------
<S>                                            <C>               <C>
REVENUES

Gains on trading of commodity futures
  and forwards contracts, physical
  commodities and related options:
  Realized gain (loss) on closed positions          ($458,844)      ($458,844)
   Change in unrealized gain (loss)
     on open positions                                551,773         551,773
Interest income                                        56,200          56,200
Foreign currency transaction gain (loss)                8,004           8,004
                                               ---------------   -------------
      Total revenues                                  157,133         157,133


EXPENSES

   Commissions paid to CIS                             70,808          70,808
   Exchange fees                                          413             413
   Management fees                                     43,858          43,858
   Incentive fees                                       6,507           6,507

   Operating expenses                                  15,251          15,251
                                               ---------------   -------------
      Total expenses                                  136,836         136,836  
                                               ---------------   -------------
      Net profit (loss)                               $20,296         $20,296
                                               ===============   =============


PROFIT (LOSS) PER UNIT OF
  OWNERSHIP INTEREST                                    $0.16           $0.16
                                               ===============   =============
                                               (see Note 1)      (see Note 1)
* Commencement of Operations

This Statement of Operations, in the opinion of management, reflects all adjustments 
necessary to fairly state the financial condition of JWH Global Trust. (See Note 6)



               JWH GLOBAL TRUST
 STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL
From June 2 (commencement of operations) through June 30, 1997

                   UNAUDITED

                                                                  Beneficial       Managing 
                                                   Units*           Owners           Owner           Total
                                               ---------------   -------------   --------------  -------------
<S>                                            <C>               <C>             <C>             <C>
Unitholders' capital at January 1, 1997                  8.17            $817             $183         $1,000

Redemption of Initial Owners                            (8.17)           (817)            (183)       ($1,000)

Additional Units Sold (See Note 1)                 221,863.85      22,201,280          250,000     22,451,280

Net profit (loss)                                                      20,056              240         20,296

Redemptions (see Note 1)                            (8,438.02)       (845,153)                       (845,153)
                                               ---------------   -------------   --------------  -------------
Unitholders' capital at June 30, 1997              213,425.82     $21,376,183         $250,240    $21,626,423
                                               ===============   =============   ==============  =============

Net asset value per unit
   June 2, 1997 (see Note 1)                                           100.00           100.00

Net profit (loss) per unit (see Note 1)                                  0.16             0.16
                                                                 -------------   --------------
Net asset value per unit
  June 30, 1997                                                       $100.16          $100.16

* Units of Beneficial Ownership.


This Statement of Changes in Unitholders' Capital, in the opinion of management, reflects all adjustments
necessary to fairly state the financial condition of JWH Global Trust. (See Note 6)



               JWH GLOBAL TRUST
           STATEMENTS OF CASH FLOWS
                   UNAUDITED

                                                June 2, 1997*
                                                  through 
                                                June 30, 1997
                                               ---------------
<S>                                            <C>
Cash flows from operating activities:
   Net profit (loss)                                  $20,296
   Adjustments to reconcile net profit
     (loss) to net cash provided by
     (used in) operating activities:
   Change in assets and liabilities:
     Unrealized gain (loss) on open
       futures contracts                             (551,773)
     Interest receivable                              (52,560)
     Prepaid Organization and Offering Expenses      (645,648)
     Accrued liabilities                              126,632
     Redemptions payable                              845,153
     Selling and Offering Expenses Payable            655,441
                                               ---------------
     Net cash provided by (used in)
       operating activities                           397,540

Cash flows from financing activities:
   Additional Units Sold                           22,451,280
   Unitholder redemptions                            (846,153)
                                               ---------------
   Net cash provided by (used in)
     financing activities                          21,605,127
                                               ---------------
Net increase (decrease) in cash                    22,002,667

Cash at beginning of period                             1,000
                                               ---------------
Cash at end of period                             $22,003,667
                                               ===============

* Commencement of Operations

This Statement of Cash Flows, in the opinion of management, reflects all adjustments 
necessary to fairly state the financial condition of JWH Global Trust. (See Note 6)

</TABLE>






                          JWH GLOBAL TRUST

                     NOTES TO FINANCIAL STATEMENTS

                           JUNE 30, 1997
  

(1)  GENERAL INFORMATION AND SUMMARY

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

The public offering of the Trust's units of beneficial interest
("Units") commenced on April 3, 1997.  The initial offering
price was $100 per Unit until the initial closing of the Trust,
and thereafter at the current Net Asset Value of the Trust on
the last business day of the calendar month. The total amount of
the initial offering is $50,000,000.  As a result of the Units
being offered at each month-end Net Asset Value, the total
number of Units authorized for the Trust is not determinable and
therefore is not disclosed in the financial statements.

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

The minimum subscription size for the offering is $5,000 for
individuals and $2,000 for trustees or custodians of eligible
employee benefit plans and individual retirement accounts
(subject to higher minimums in certain States); and $1,000 for
existing investors in the Trust  (the "Unitholders").  By June
30, 1997, a total of 224,362.25 Units (including 2,498.40 Units
of managing ownership) representing a total investment of
$22,451,280 had been sold in the offering period commencing
April 3, 1997. 

A Unitholder may cause the Trust to redeem any or all of such
Unitholder's Units at Net Asset Value as of the last business
day of any calendar month.  Written redemption requests must be
received by the Managing Owner on or before the 20th of a month
(or, if the 20th is not a business day, the next business day)
to effect redemption as of such month-end.  A Unit which is
redeemed at or prior to the end of the eleventh full month after
its sale will be assessed a redemption charge of 3% of the Net
Asset Value per Unit as of the date of redemption. The Managing
Owner may declare additional redemption dates by notice to the
Unitholders.  Redemption proceeds will generally be paid within
ten business days after the month-end of redemption.  The
Trust's Second Amended and Restated Declaration and Agreement of
Trust contains a full description of the Trust's redemption and
distribution procedures.

The Trust shall terminate on December 31, 2026 if none of the
following occur prior to that date:  (1) investors holding more
than 50 percent of the outstanding Units notify the Managing
Owner to dissolve the Trust as of a specific date;  (2)
withdrawal, insolvency, bankruptcy, retirement, resignation,
expulsion or dissolution of the Managing Owner of the Trust; 
(3) bankruptcy or insolvency of the Trust;  (4) decline in the
aggregate Net Assets of the Trust to less than $2,500,000;  (5)
decline in the Net Asset Value per Unit to $50 or less; (6)
dissolution of the Trust pursuant hereto; or (7) any other event
which shall make it unlawful for the existence of the Trust to
be continued or require dissolution of the Trust.  The Trust's
Second Amended and Restated Declaration and Agreement of Trust
contains a full description of the Trust's term and dissolution
procedures.


(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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


Financial Accounting Standards Board ("FASB") Interpretation No.
39 Reporting

Reporting in accordance with FASB Interpretation No. 39 ("FIN
39") is not applicable to the Trust and the provisions of FIN 39
do not have any effect on the Trust's financial statements.  


Revenue Recognition
 
Commodity futures contracts, forward contracts, physical
commodities and related options are recorded on the trade date. 
All such transactions are reported on an identified cost basis. 
realized gains and losses are determined by comparing the
purchase price to the sales price when the trades are offset. 
Unrealized gains and losses reflected in the statements of
financial condition represent the difference between original
contract amount and market value (as determined by exchange
settlement prices for futures contracts and 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 quarter-end.
 
CIS and CISFS will credit the Trust,  as of each month-end, with
interest on the Trust's assets deposited with CIS and CISFS at
100% of the 91-day Treasury bill rate for deposits denominated
in dollars and at the rates agreed between the Trust and CIS and
CISFS for deposits denominated in other currencies. 


Commissions

The Trust pays the Clearing Broker a monthly flat-rate brokerage
commission at an annual rate of 6.5% (or approximately 0.54% per
month) of the Trust's month-end assets after deduction of the
management fee paid to the trading advisor (see section (3)
below).  Certain large investors are eligible to be charged a
brokerage fee of 5%.  


Foreign Currency Transactions

Trading accounts on foreign currency denominations are
susceptible to both movements on 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 quarter while quarter-end balances are
translated at the quarter-end currency rates.  The impact of the
translation is reflected in the statement of operations.
     

Statements of Cash Flows

For purposes of the statements of cash flows, cash represents
cash on deposit with the Clearing Broker and CISFS .


(3) FEES

Management fees are accrued and paid monthly and 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"), the Trust's commodity trading
advisor.  Pursuant to an agreement between the Trust and JWH,
JWH receives 0.33% of the month-end assets under its management
after deduction of a portion of the brokerage commissions at a
1.25% annual rate (rather than the 6.5% annual rate).  The Trust
pays JWH a quarterly incentive fee of 15% of trading profits
(after deduction of a portion of the brokerage commissions at a
1.25% annual rate, rather than the 6.5% annual rate) achieved on
the assets of the Trust allocated by the Managing Owner to JWH's
management.  Trading profits are calculated on the basis of the
overall performance of the Trust, not the performance of each
Trading Program, utilized by JWH, considered individually.
  

(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.  The Trust is
responsible for the Illinois Personal Property Replacement Tax
based on the operating results of the Trust.  Such tax amounted
to $458 for the period ended June 30, 1997 and is included in
operating expenses in the Statement of Operations.


(5) FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

The Trust was formed to speculatively trade Commodity Interests.
 It has commodity transactions and cash on deposit at its
Clearing Broker.  In the event that volatility of trading of
other customers of the Clearing Broker impaired the ability of
the Clearing Broker to satisfy its obligations to the Trust, the
Trust would be exposed to off-balance sheet risk.  Such risk is
defined in Statement of Financial Accounting Standards No. 105
("SFAS 105") as a credit risk.  To mitigate this risk, the
Clearing Broker, pursuant to the mandates of the Commodity
Exchange Act, is required to maintain funds deposited by
customers relating to futures contracts in regulated commodities
in separate bank accounts which are designated as segregated
customers' accounts.  In addition, the Clearing Broker has set
aside funds deposited by customers relating to foreign futures
and options in separate bank accounts which are designated as
customer secured accounts.  Lastly, the Clearing Broker is
subject to the Securities and Exchange Commission's Uniform Net
Capital Rule which requires the maintenance of minimum net
capital of at least 4% of the funds required to be segregated
pursuant to the Commodity Exchange Act.  The Clearing Broker has
controls in place to make certain that all customers maintain
adequate margin deposits for the positions which they maintain
at the Clearing Broker.  Such procedures should protect the
Trust from the off-balance sheet risk as mentioned earlier.  The
Clearing Broker does not engage in proprietary trading and thus
has no direct market exposure.

The counterparty of the Trust for futures contracts traded in
the United States and most non-U.S. exchanges on which the Trust
trades is the Clearing House associated with the exchange.  In
general, Clearing Houses are backed by the exchange membership
and will act in the event of non-performance by one of its
members or one of the members' customers and as such should
significantly reduce this credit risk.  In the cases where the
Trust trades on exchanges on which the Clearing House is not
backed by the exchange membership, the sole recourse of the
Trust for nonperformance will be the Clearing House.

The Trust holds futures and futures options positions on the
various exchanges throughout the world.  The Trust holds foreign
exchange forward contracts with CISFS.  CISFS acts as a broker
to these transactions and deals only with bank counterparties
having assets in excess of $100,000,000.   As defined by SFAS
105, futures positions are classified as financial instruments. 
SFAS 105 requires that the Trust disclose the market risk of
loss from all of its financial instruments.  Market risk is
defined as the possibility that future changes in market prices
may make a financial instrument less valuable or more onerous. 
If the markets should move against all of the futures positions
held by the Trust at the same time, and if the markets moved
such that the CTA was unable to offset the futures positions of
the Trust, the Trust could lose all of its assets and the
beneficial owners would realize a 100% loss.  The Trust has a
contract with one CTA who makes all of the trading decisions. 
The CTA trades one program diversified among all commodity
groups and another program diversified among the various futures
contracts in the financials and metals group.  The CTA trades on
U.S. and non-U.S. exchanges.  Cash was on deposit with the
Clearing Broker and CISFS in each time period of the financial
statements which exceeded the cash requirements of the Commodity
Interests of the Trust.

The following chart discloses the dollar amount of the
unrealized gain or loss on open contracts related to Commodity
Interests for the Trust as of June 30, 1997:

     COMMODITY GROUP                UNREALIZED GAIN/(LOSS)

AGRICULTURAL COMMODITIES                    67,305
                         
FOREIGN CURRENCIES                          (6,461)

STOCK INDICES                               80,758
               
ENERGIES                                   (44,730)
        
METALS                                     167,335

INTEREST RATE INSTRUMENTS                  287,566
                         
TOTAL                                      551,773
                                                 
The range of maturity dates of these exchange traded open
contracts is July of 1997 to June of 1998.  The average open
trade equity for the period of June 1, 1997 to June 30, 1997 was
$551,773.

The margin requirement at June 30, 1997 was $3,509,592.  To meet
this requirement, the Trust had on deposit with the Clearing
Broker $21,494,011 in segregated funds and $961,316 in secured
funds.  
                                                   

(6) FINANCIAL STATEMENT PREPARATION

The interim financial statements are unaudited but reflect all
adjustments that are, in the opinion of management, necessary to
a fair statement of the results for the interim periods
presented.  These adjustments consist primarily of normal
recurring accruals.
                                              
The results of operations for interim periods are not
necessarily indicative of the operating results to be expected
for the fiscal year.


Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operation

                  Fiscal Quarter ended June 30, 1997
           
The Trust recorded a gain of $20,296.37 or $.16 per Unit for the
second quarter of 1997.  
           
Trading for the Trust commenced on June 2, 1997, therefore there
was only one month of trading activity for the Trust during the
second quarter and there is no comparative to prior year
activity.  The Trust experienced gains due to profitable
positions in metals, interest rates and stock indices.  At June
30, 1997, John W. Henry & Company, Inc. was managing 100% of the
Trust's assets.
           
In June, gold prices fell to a four-year low as the U.S. dollar
strengthened and inflation indicators remained favorable. 
Positions in both gold and silver were profitable.  Continued
uncertainty surrounding the European currency union benefited
bond markets outside the EMU circle of nations.  In the currency
markets, the Swiss monetary authority's determination to keep
the franc from appreciating against major currencies succeeded
in pushing the price of that currency down.  After reaching a
20-year high in May, coffee prices fell steadily in June on news
of higher world exports and concerns about the impact of high
prices on demand.  The Trust recorded a gain of $20,296.37 or
$.16 per Unit in June.
           
On June 24, 1997, Jan R. Waye was elected Senior Vice President
of CIS Investments, Inc., the Managing Owner of the Trust. 

During the quarter there were 224,362.25 additional Units sold,
including 2,498.40 Units sold to the Managing Owner representing
a total of $22,451,280.  Investors redeemed a total of 8,438.02
Units during the quarter (not including the redemption by the
initial beneficial owners of the Trust, representing ownership
of $1,000).  At the end of the quarter there were 215,924.22
Units outstanding (including 2,498.40 Units owned by the
Managing Owner).

During the fiscal quarter ended June 30, 1997, the Trust had no
material credit exposure to a counterparty which is a foreign
commodities exchange or to any counterparty dealing in over the
counter contracts.

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


                  Part II.  OTHER INFORMATION

Item 1.	Legal Proceedings

The Trust and its affiliates may from time to time be parties to various
legal actions arising in the normal course of business.  The Managing Owner
believes that there are no proceedings threatened or pending against the
Trust or any of its affiliates which, if determined adversely, would have a
material adverse effect on the financial condition or results of operations
of the Trust.

                                                          
Item 2.	Changes in Securities
                                                          
        None
              

Item 3.	Defaults Upon Senior Securities

        None
        

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

        None


Item 5. Other Information

        None
                 

Item 6. Exhibits and Reports on Form 8-K
        
        a) Exhibits
           
           None

        b) Reports on Form 8-K

           None

               

                              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: August 14, 1997                  By: CIS Investments, Inc.
                                           its Managing Owner

                                                        

                                       By: /s/ Donald J. Zyck
                                               Donald J. Zyck
                                               Secretary and Treasurer

                                    

                                          (Duly authorized officer of the
                                           Managing Owner and the
                                           Principal Financial Officer of
                                           the Managing Owner)