SECURITIES AND EXCHANGE COMMISSION

                         Washington, D.C.  20549

                         
                              FORM 10-Q

                              
        Quarterly report pursuant to Section 13 or 15 (d) of the
                     Securities Exchange Act of 1934

                             
             For the quarterly period ended September 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 X     No         

<TABLE>
                                                                 Part I.  Financial Information


Item 1.  Financial Statements

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


                                               Fiscal Quarter    Year to Date      Fiscal Year   Fiscal Quarter Year to Date
                                                Ended 9/30/97     To 9/30/97     Ended 12/31/96  Ended 9/30/96   To 9/30/96
                                               --------------    --------------   --------------  --------------------------
<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

                                                Sep 30, 1997     Dec 31, 1996
                                               ---------------   -------------
<S>                                            <C>               <C>
ASSETS
Cash                                                       $0          $1,000
Equity in commodity futures
   trading accounts:
   Account balance                                 45,191,462               0                  
   Unrealized gain on open futures 
     and forwards contracts                         1,546,714               0
                                               ---------------   -------------
                                                   46,738,176           1,000

Interest receivable                                   149,351               0
Prepaid Initial O&O                                   616,805               0
                                               ---------------   -------------
      Total assets                                $47,504,331          $1,000
                                               ===============   =============

LIABILITIES AND UNITHOLDERS' CAPITAL
Liabilities:

   Accrued commissions due to CIS                    $568,094              $0
   Accrued management fee                             127,803               0
   Accrued incentive fee                               58,783               0
   Accrued operating expenses                          27,219               0
   Redemptions payable                                      0               0
   Selling and Offering Expenses Payable               43,043               0
                                               ---------------   -------------
      Total liabilities                               824,942               0

Unitholders' Capital:
   Beneficial owners ( 449,120.26 units outstan    46,205,726             817
  at 9/30/97, 8.17 units outstanding at 12/31/96)
             (see Note 1)
   Managing owner  (4,604.04 units outstanding        473,663             183
    9/30/97 and 1.83 at 12/31/96) (see Note 1)
                                               ---------------   -------------
      Total unitholders' capital                   46,679,389           1,000
                                               ---------------   -------------
      Total liabilities and
        unitholders' capital                      $47,504,331          $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

                                                 Jul 1, 1997     Jun  2, 1997*
                                                   through          through
                                                Sep 30, 1997     Sep 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          ($194,893)      ($653,738)
   Change in unrealized gain (loss)
     on open positions                                994,940       1,546,714
Interest income                                       373,497         429,697
Foreign currency transaction gain (loss)              (45,933)        (37,929)
                                               ---------------   -------------
      Total revenues                                1,127,611       1,284,744


EXPENSES

   Commissions paid to CIS                            497,286         568,094
   Exchange fees                                        4,196           4,609
   Management fees                                    309,168         353,025
   Incentive fees                                      52,276          58,783

   Operating expenses                                  89,706         104,957
                                               ---------------   -------------
      Total expenses                                  952,632       1,089,468  
                                               ---------------   -------------
      Net profit (loss)                              $174,979        $195,276
                                               ===============   =============


PROFIT (LOSS) PER UNIT OF
  OWNERSHIP INTEREST                                    $2.72           $2.88
                                               ===============   =============
                                               (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 September 30, 1997

                   UNAUDITED
<S>                                            <C>               <C>             <C>             <C>
Additional Units Sold                                             Beneficial       Managing 
(see Note 1)                                       Units*           Owners           Owner           Total
                                               ---------------   -------------   --------------  -------------

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                              457,755.33      46,879,951          470,000     47,349,951
(see Note 1)

Net profit (loss)                                                     191,613            3,663        195,276

Redemptions (see Note 1)                            (8,635.08)       (865,838)                       (865,838)
                                               ---------------   -------------   --------------  -------------
Unitholders' capital at September 30, 1997         449,120.26     $46,205,726         $473,663    $46,679,389
                                               ===============   =============   ==============  =============

Net asset value per unit
   June 2, 1997 (see Note 1)                                              100              100

Net profit (loss) per unit (see Note 1)                                  2.88             2.88
                                                                 -------------   --------------
Net asset value per unit
  September 30, 1997                                                  $102.88          $102.88

* 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

                                                Jun 2, 1997*
                                                  through 
                                                Sep 30, 1997
                                               ---------------
<S>                                            <C>
Cash flows from operating activities:
   Net profit (loss)                                 $195,276
   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                           (1,546,714)
     Interest receivable                             (149,351)
     Prepaid Organization and Offering Expenses      (616,805)
     Accrued liabilities                              781,899
     Redemptions payable                                    0
     Selling and Offering Expenses Payable             43,043
                                               ---------------
     Net cash provided by (used in)
       operating activities                        (1,292,652)

Cash flows from financing activities:
   Additional Units Sold                           47,349,951
   Unitholder redemptions                            (866,838)
                                               ---------------
   Net cash provided by (used in)
     financing activities                          46,483,114
                                               ---------------
Net increase (decrease) in cash                    45,190,462

Cash at beginning of period                             1,000
                                               ---------------
Cash at end of period                             $45,191,462
                                               ===============

* 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
                           SEPTEMBER 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 initial public offering of the Trust's units of beneficial
interest ("Units") commenced on April 3, 1997 and concluded on
September 23, 1997.  The initial offering price was $100 per
Unit until the initial closing of the Trust, and thereafter at
the current Net Asset Value of the Trust on the last business
day of the calendar month. The total amount of the initial
offering was $50,000,000.  On September 24, 1997, a registration
statement was declared effective with the SEC to register
$155,000,000 of additional Units.  The Units are currently
offered pursuant to a Prospectus dated September 26, 1997.   A
Post-Effective Amendment was declared effective with the SEC on
October 20, 1997 to deregister $3,120,048.99 of Units which
remained unsold upon the termination of the initial offering of
the Units.  As a result of the Units being offered at each
month-end 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
September 30, 1997, a total of 457,755.33 Units were sold to
Beneficial Owners of the Trust for an investment of $46,879,951
and 4,604.04 Units were sold to the Managing Owner of the Trust
for an investment of $470,000, resulting in a total of
462,359.37 Units representing a total investment of $47,349,951
being sold in the offering period commencing April 3, 1997. 

The Managing Owner of the Trust advanced organization and
offering costs of $650,000.  The Trust reimbursed the Managing
Owner for these costs.  The Trust is amortizing these costs over
60 months.

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 no later than five business days
prior to month-end (including the last business day of the
month) 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 Third 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 to the Third Amended and
Restated Declaration and Agreement of Trust; 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 Third 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 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 $4,188 for the period ended September 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 non-performance 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 September 30, 1997:

                       
     COMMODITY GROUP                UNREALIZED GAIN/(LOSS)

                       
AGRICULTURAL COMMODITIES		(309,809)
                                            
FOREIGN CURRENCIES                      (155,479)
                                
STOCK INDICES                            263,950
                                            
ENERGIES                                (402,910)
                     
METALS                                   339,420
              
INTEREST RATE INSTRUMENTS              1,811,542

                           
TOTAL                                  1,546,714

The range of maturity dates of these exchange traded open
contracts is December of 1997 to September of 1998.  The average
open trade equity for the period of June 1, 1997 to September
30, 1997 was $1,710,145.
                                               
The margin requirement at September 30, 1997 was $8,354,053.  To
meet this requirement, the Trust had on deposit with the
Clearing Broker $39,332,537 in segregated funds, $5,529,705 in
secured funds and $1,875,934 in non-regulated funds.  
                                            
(6) FINANCIAL STATEMENT PREPARATION            

The interim financial statements are unaudited but reflect all
adjustments that are, in the opinion of management, necessary
for a fair statement of the results for the interim periods
presented.  These adjustments consist primarily of normal
recurring accruals.  

Results of operations for interim periods are not
necessarily indicative of the operating results to be expected
for the fiscal year.


(7)  INFORMATION PREVIOUSLY REPORTED ON FORM S-R

During the fiscal quarter ended September 30, 1997, Units of the
Trust were offered pursuant to two separate registration
statements.  Units were offered pursuant to the initial
registration statement (No.  333-16825) until September 23,
1997.   On September 24, 1997, a registration statement (No.
333-33937) was declared effective with the SEC to register
$155,000,000 of additional Units.   The information previously
reported on Form S-R will be reported separately below for each
registration statement.


REGISTRATION STATEMENT N0.  333-16825 (subsequent report)
 
Item 701(f):

(1)     The use of proceeds information is being disclosed for
        Registration Statement No. 333-16825, declared effective with
        the SEC on April 3, 1997.
        
(2)	The offering commenced on April 3, 1997.
        
(4)(i)	The offering concluded on September 23, 1997.  On October
        20, 1997 a Post-Effective Amendment was declared effective
        with the SEC to deregister $3,120,048.99 of Units which
        remained unsold upon the termination of the initial offering
        of the Units.  
        
   (iv)	For the account of the issuer, the amount sold in the
        offering totaled $46,879,951    and the aggregate offering price
        of the amount sold was $46,879,951. 
        
   (vi)	The net offering proceeds to the issuer, after deducting
        the total expenses previously reported in Item 9 of Form SR,
        totaled $46,879,951.
        
   (vii)From the effective date of the registration statement
        to September 30, 1997, the amount of net offering proceeds to
        the issuer used for Commodity Futures and Forward Trading (as
        a direct or indirect payment to others) totaled $46,879,951.  
                           


REGISTRATION STATEMENT NO.  333-33937 (initial report)
                         
Item 701(f):
                         
(1)	The use of proceeds information is being disclosed for
        Registration Statement No. 333-33937, declared effective with
        the SEC on September 24, 1997.
        
(2)	The offering commenced on September 26, 1997.
        
(3)	The offering has not terminated before any securities were
        sold.
        
(4)(i)	The offering has not terminated.
        
   (ii)	The name of the managing underwriter is Cargill Investor
        Services, Inc.
        
   (iii)The title of the security registered is Units of
        Beneficial Interest.
        
   (iv)	For the account of the issuer, the amount of Units of
        Beneficial Interest registered is $155,000,000; the aggregate
        price of the offering amount registered is $155,000,000; the
        amount sold in the offering as of September 30, 1997 is $0; and
        the aggregate offering price of the amount sold as of September
        30, 1997 is $0.   This information is not applicable for the
        account(s) of any selling security  holder(s).
                                            
   (v)	From the effective date of the registration statement to
        September 30, 1997, the amount of expenses incurred for the
        issuer's account in connection with the issuance and
        distribution of the securities registered is $0.  
        
   (vi)	The net offering proceeds to the issuer, after deducting
        the total expenses reported in (v) above, totaled $0.
                          
   (vii)From the effective date of the registration statement
        to September 30, 1997, the amount of net offering proceeds to
        the issuer used for Commodity Futures and Forward Trading (as
        a direct or indirect payment to others) totaled $0.  
          
   (viii)The use of proceeds as described above does not
        represent a material change in the use of proceeds described
        in the prospectus.


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

             Fiscal Quarter ended September 30, 1997
             
The Trust recorded a gain of $174,979 or $2.72 per Unit for the
third quarter of 1997.  Trading for the Trust commenced on June
2, 1997, therefore there were only four months of trading
activity for the Trust during the fiscal year of 1997 and there
is no comparative to prior year activity.  For the four month
period ended September 30, 1997, the Trust posted a gain of
$195,276 or $2.88 per Unit.   
             
The Trust experienced gains during the first month of the
quarter as a result of strong profits in global interest rate
positions, metals and some currencies.  During the second month
of the quarter, the Trust suffered losses in U.S and European
interest rates, currencies, crude oil and metals, while the
third month of the quarter experienced losses in foreign
exchange, agricultural markets, currencies and metals.  At
September 30, 1997, John W. Henry & Company, Inc. was managing
100% of the Trust's assets in two trading programs, the Original
Investment Program and the Financial and Metals Portfolio.
             
In July, positions in U.S. Treasuries resulted in strong gains
as did positions in Japanese Government bonds.  In the currency
markets, investors traded German marks and Swiss francs for U.S.
dollars, pushing the dollar to new highs against both
currencies.  Except for sugar, positions in all other
agricultural commodities traded resulted in losses.  Silver and
gold prices fell reflecting the sale by the Australian central
bank of 60% of its gold reserves; the positions held by the
Trust in both metals were profitable.  The Trust recorded a gain
of $1,436,591.42 or $6.65 per Unit in July.
             
In August, crude oil prices were pressured downward and traded
erratically in part due to the recent return of Iraqi oil to
world markets.  Trading volatility also accounted for losses in
the global interest rate sector and metals.  Price reversals in
the U.S. 30-year bond and U.S. and Australian 10-year notes
resulted in losses for the Trust.  While losses occurred in the
Deutsche mark and Swiss franc, gains were made in the Japanese
yen and the Nikkei stock index.  Positions in coffee, cotton and
corn also resulted in gains for the Trust.  However, these gains
did not offset the losses incurred and the Trust recorded a loss
of $702,857.20 or $2.41 per Unit in August.
             
In September, performance was negatively impacted by positions
in agricultural markets, currencies, metals and foreign
exchange.  Positions in global interest rate markets and the
Japanese Nikkei were slightly profitable.  Except for the
Australian dollar, positions in all other currencies traded
resulted in losses.  Small gains in cotton failed to offset
losses in coffee, sugar and other agricultural markets. 
Positions in silver and copper resulted in gains, offsetting
losses in gold.  The Trust recorded a loss of $558,754.99 or
$1.50 per Unit in September.
             
During the quarter there were 235,891.50 additional Units sold
to the Beneficial Owners for an investment of $24,678,671 and
2,105.63 Units sold to the Managing Owner for an investment of
$220,000, representing a total of 237,997.13 additional Units
sold for a total investment of $24,898,671.  Investors redeemed
a total of 197.05 Units during the quarter.  At the end of the
quarter there were 449,120.26 Units outstanding owned by the
Beneficial Owners and 4,604.04 Units outstanding owned by the
Managing Owner.
             
During the fiscal quarter ended September 30, 1997, the Trust
had no credit exposure to a counterparty which is a foreign
commodities exchange or to any counterparty dealing in over the
counter contracts which was material.

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.   

Effective September 12, 1997, Donald J. Zyck resigned as
Secretary and Treasurer of CIS Investments, Inc., the Managing
Owner of the Trust.  Effective September 13, 1997, Rebecca S.
Steindel was elected Secretary and Richard A. Driver was elected
Treasurer of CIS Investments, Inc. 


                 Fiscal Quarter ended June 30, 1997
                    
The Trust recorded a gain of $20,296.37 or $0.16 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 two trading programs, the Original Investment
Program and the Financial and Metals Portfolio.
           
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.
         
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
credit exposure to a counterparty which is a foreign commodities
exchange or to any counterparty dealing in over the counter
contracts which was material.


                  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: November 13, 1997                 By: CIS Investments, Inc.,
                                            its Managing Owner

                                        By: /s/ Richard A. Driver
                                                Richard A. Driver
                                                Treasurer

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