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 June 30, 2008




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.)




c/o
R.J. O’Brien Fund Management, LLC


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, a non-accelerated filer, or a smaller reporting
company.  See definition of “large accelerated filer,” “accelerated
filer” and “smaller reporting company” in Rule 12b-2 of the Exchange
Act.





Large
      accelerated filer      £
            Accelerated
      filer                     
      £Non-accelerated
      filer        x
      (Do not check if smaller reporting company)
            Smaller
      reporting company     £





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 June 30, 2008
      (unaudited)and
      December 31, 2007
            3Condensed
      Consolidated Schedule of Investments, as of June 30, 2008
      (unaudited)
            4Condensed
      Consolidated Schedule of Investments, as of December 31,
    2007
            5Consolidated
      Statements of Operations, for the three and six months ended June 30, 2008
      and 2007 (unaudited)
            6Consolidated
      Statement of Changes in Unitholders' Capital, for the six months
      ended June
      30, 2008 (unaudited)
            7Notes to
      Consolidated Financial Statements (unaudited)
            8Item 2. Management's
      Discussion and Analysis of Financial Condition and Results of
      Operations
            13Item 3. Quantitative
      and Qualitative Disclosures about Market Risk
            22Item 4T. Controls
      and Procedures
            22PART II. OTHER
      INFORMATION
            22Item 1. Legal
      Proceedings
            22Item 1.A. Risk
      Factors
            23Item 2. Unregistered
      Sales of Equity Securities and Use of Proceeds
            23Item 6.
      Exhibits
            24SIGNATURES
            25






2





PART
I – FINANCIAL INFORMATION








Item
1.  Financial Statements




JWH
GLOBAL TRUST AND SUBSIDIARY
 Consolidated
Statements of Financial Condition




June
      30, 2008
              
              
              December
      31, 2007UNAUDITEDAssetsAssets:Equity
      in commodity Trading accounts:Cash
      on deposit with brokers
              
              $
              81,745,290
              
              
              $
              72,906,959Unrealized
      gain on open contracts
              
              
              2,722,519
              
              
              
              1,468,910Cash
      on deposit with bank
              
              
              30,256
              
              
              
              30,436Cash
      on deposit with bank - Non-Trading
              
              
              7,029,667
              
              
              
              8,881,32791,527,732
              
              
              
              83,287,632Interest
      receivable
              
              
              134,436
              
              
              
              135,241Total
      Assets
              
              $
              91,662,168
              
              
              $
              83,422,873Liabilities
      and Unitholders' CapitalLiabilities:Accrued
      commissions
              
              $
              319,724
              
              
              $
              271,984Accrued
      management fees
              
              
              140,848
              
              
              
              123,807Accrued
      incentive fees
              
              
              -
              
              
              
              -Accrued
      offering expenses
              
              
              34,000
              
              
              
              30,000Accrued
      operating expenses
              
              
              92,325
              
              
              
              292,627Redemptions
      payable - Trading
              
              
              826,018
              
              
              
              1,641,786Accrued
      legal fees - Non-Trading
              
              
              117,547
              
              
              
              76,170Accrued
      management fees to U.S. Bank - Non-Trading
              
              
              35,731
              
              
              
              29,424Distribution
      payable - Non-Trading
              
              
              39,801
              
              
              
              39,801Total
      liabilities
              
              
              1,605,994
              
              
              
              2,505,599Unitholders'
      capital:Unitholders’
      capital (Trading):Beneficial
      owners (759,841 and 831,874 units outstanding atJune
      30, 2008 and December 31, 2007, respectively)
              
              
              81,682,621
              
              
              
              70,450,079Managing
      owner (14,223 and 20,218 units outstanding atJune
      30, 2008 and December 31, 2007, respectively)
              
              
              1,528,965
              
              
              
              1,712,262Unitholders'
      capital (LLC equity/Non-Trading):Participating
      owners (704,668 and 798,724 units outstanding atJune
      30, 2008 and December 31, 2007, respectively)
              
              
              2,121,051
              
              
              
              3,075,087Nonparticipating
      owners (1,568,620 and 1,474,564 units outstanding atJune
      30, 2008 and December 31, 2007, respectively)
              
              
              4,723,537
              
              
              
              5,679,846Total
      unitholders' capital
              
              
              90,056,174
              
              
              
              80,917,274Total
      Liabilities and Unitholders’ Capital
              
              $
              91,662,168
              
              
              $
              83,422,873Net
      asset value per unit:Trading
              
              $
              107.50
              
              
              $
              84.69LLC
      equity/Non - Trading
              
              $
              3.01
              
              
              $
              3.85See
      accompanying notes to consolidated financial statements.


3




JWH
GLOBAL TRUST AND SUBSIDIARY
 Condensed
Consolidated Schedule of Investments
 as of June 30, 2008
 UNAUDITED





Number
      of
            
            
            Principal
            
            
            Value/opencontracts
            
            
            (notional)
            
            
            trade
      equityLong positions
      (3.69%)Futures
      Positions (2.26%)Agriculture
            
            
            597
            
            
            $
            23,155,263
            
            
            $
            1,006,943Energy
            
            
            237
            
            
            
            32,159,855
            
            
            
            961,245Indices
            
            
            11
            
            
            
            713,124
            
            
            
            (37,235
            )Interest
      rates
            
            
            11
            
            
            
            1,255,844
            
            
            
            3,984Metals
            
            
            72
            
            
            
            6,955,313
            
            
            
            100,84564,239,399
            
            
            
            2,035,782Futures
      Positions (1.43%)Currencies
            
            
            2
            
            
            
            13,702,891
            
            
            
            1,289,759Total
      long positions
            
            
            
            
            
            $
            77,942,290
            
            
            $
            3,325,541Short positions
      (-0.67%)Futures
      Positions (0.58%)Indices
            
            
            210
            
            
            $
            21,819,385
            
            
            $
            549,444Interest
      rates
            
            
            1,406
            
            
            
            325,357,569
            
            
            
            182,400Metals
            
            
            57
            
            
            
            4,925,040
            
            
            
            (213,305
            )352,101,994
            
            
            
            518,539Forward
      positions (-1.25%)Currencies
            
            
            6
            
            
            
            88,876,418
            
            
            
            (1,121,561
            )Total
      short positions
            
            
            
            
            
            $
            440,978,412
            
            
            $
            (603,022
            )Total
      unrealized gain on open contracts (3.02%)
            
            
            
            
            
            
            
            
            
            $
            2,722,519Cash
      on deposit and open contracts with brokers (90.77%)
            
            
            
            
            
            
            
            
            
            
            81,745,290Cash
      on deposit with bank (7.84%)
            
            
            
            
            
            
            
            
            
            
            7,059,923Other
      liabilites in excess of assets (-1.63%)
            
            
            
            
            
            
            
            
            
            
            (1,471,558
            )Net
      assets (100.00%)
            
            
            
            
            
            
            
            
            
            $
            90,056,174See
      accompanying notes to consolidated financial statements.





4




JWH
GLOBAL TRUST AND SUBSIDIARY


Condensed
Consolidated Schedule of Investments


December
31, 2007






Number
      of
              
              
              Principal
              
              
              Value/opencontracts
              
              
              (notional)
              
              
              trade
      equityLong positions
      (3.24%)Futures
      Positions (2.18%)Agriculture
              
              
              1,145
              
              
              $
              27,440,938
              
              
              $
              1,316,159Energy
              
              
              243
              
              
              
              21,641,588
              
              
              
              704,037Indices
              
              
              61
              
              
              
              13,352,207
              
              
              
              (973
              )Interest
      rates
              
              
              1,332
              
              
              
              340,380,811
              
              
              
              (280,099
              )Metals
              
              
              140
              
              
              
              11,716,520
              
              
              
              23,669414,532,064
              
              
              
              1,762,793Forward
      Positions (1.06%)Currencies
              
              
              4
              
              
              
              142,065,738
              
              
              
              858,449Total
      long positions
              
              
              
              
              
              $
              556,597,802
              
              
              $
              2,621,242Short positions
      (-1.42%)Futures
      positions (0.27%)Agriculture
              
              
              72
              
              
              $
              2,343,040
              
              
              $
              17,480Energy
              
              
              44
              
              
              
              3,327,850
              
              
              
              18,610Indices
              
              
              79
              
              
              
              11,180,426
              
              
              
              321,195Interest
      rates
              
              
              795
              
              
              
              193,800,873
              
              
              
              (220,909
              )Metals
              
              
              82
              
              
              
              6,072,288
              
              
              
              78,700216,724,477
              
              
              
              215,076Forward
      positions (-1.69%)Currencies
              
              
              8
              
              
              
              173,483,740
              
              
              
              (1,367,408
              )Total
      short positions
              
              
              
              
              
              $
              390,208,217
              
              
              $
              (1,152,332
              )Total
      unrealized gain on open contracts (1.82%)
              
              
              
              
              
              
              
              
              
              $
              1,468,910Cash
      on deposit and open contracts with brokers (90.10%)
              
              
              
              
              
              
              
              
              
              
              72,906,959Cash
      on deposit with bank (11.01%)
              
              
              
              
              
              
              
              
              
              
              8,911,763Other
      liabilites in excess of assets (-2.93%)
              
              
              
              
              
              
              
              
              
              
              (2,370,358
              )Net
      assets (100.00%)
              
              
              
              
              
              
              
              
              
              $
              80,917,274See
      accompanying notes to consolidated financial statements.


5


JWH
GLOBAL TRUST AND SUBSIDIARY


Consolidated
Statements of Operations


UNAUDITED


Three
      Months Ended June 30,
            
            
            Six
      Months Ended June 30,2008
            
            
            2007
            
            
            2008
            
            
            2007Trading
      gain (loss):Gain
      (loss) on trading of commodity contracts:Realized
      gain (loss) on closed positions
            
            $
            (221,258
            )
            
            $
            11,310,368
            
            
            $
            20,550,245
            
            
            $
            (6,719,004
            )Change
      in unrealized gain (loss) on open positions
            
            
            1,232,669
            
            
            
            2,283,789
            
            
            
            1,253,609
            
            
            
            (202,516
            )Foreign
      currency transaction gain (loss)
            
            
            (76,030
            )
            
            
            (72,814
            )
            
            
            (1,566
            )
            
            
            (111,130
            )Total
      Trading gain (loss)
            
            
            935,381
            
            
            
            13,521,343
            
            
            
            21,802,288
            
            
            
            (7,032,650
            )Investment
      Income:Interest
      income
            
            
            312,215
            
            
            
            827,427
            
            
            
            636,854
            
            
            
            1,906,393Expenses:Commissions
            
            
            1,026,322
            
            
            
            1,248,898
            
            
            
            2,097,954
            
            
            
            2,675,662Management
      fees
            
            
            410,614
            
            
            
            654,222
            
            
            
            839,290
            
            
            
            1,401,617Incentive
      fees
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Ongoing
      offering expenses
            
            
            104,000
            
            
            
            127,000
            
            
            
            207,000
            
            
            
            197,000Operating
      expenses
            
            
            119,999
            
            
            
            90,025
            
            
            
            241,206
            
            
            
            179,724Total
      expenses
            
            
            1,660,935
            
            
            
            2,120,145
            
            
            
            3,385,450
            
            
            
            4,454,003Trading
      income (loss)
            
            
            (413,339
            )
            
            
            12,228,625
            
            
            
            19,053,692
            
            
            
            (9,580,260
            )Non-Trading
      income (loss):Interest
      on Non-Trading reserve
            
            
            24,457
            
            
            
            50,819
            
            
            
            76,798
            
            
            
            94,867Collections
      in excess of impaired value
            
            
            701,148
            
            
            
            1,193,083
            
            
            
            1,747,216
            
            
            
            1,193,083Legal
      and administrative fees
            
            
            (138,643
            )
            
            
            (62,480
            )
            
            
            (245,408
            )
            
            
            (443,452
            )Management
      fees paid to US Bank
            
            
            (136,285
            )
            
            
            (166,403
            )
            
            
            (193,456
            )
            
            
            (296,057
            )Non-Trading
      income (loss)
            
            
            450,677
            
            
            
            1,015,019
            
            
            
            1,385,150
            
            
            
            548,441Net
      income (loss)
            
            $
            37,338
            
            
            $
            13,243,644
            
            
            $
            20,438,842
            
            
            $
            (9,031,819
            )See
      accompanying notes to consolidated financial statements.





6




JWH
GLOBAL TRUST AND SUBSIDIARY


Consolidated
Statement of Changes in Unitholders’ Capital


For
the six months ended June 30, 2008
 UNAUDITED


Unitholders'
      Capital (Trading)
            
            Beneficial
      Owners - Trading
            
            
            Managing
      Owners - Trading
            
            
            Total
      Unitholders' Capital - TradingUnits
            
            
            Dollars
            
            
            Units
            
            
            Dollars
            
            
            Units
            
            
            DollarsBalances
      at December 31, 2007
            
            
            831,874
            
            
            $
            70,450,079
            
            
            
            20,218
            
            
            $
            1,712,262
            
            
            
            852,092
            
            
            $
            72,162,341Net
      income
            
            
            -
            
            
            
            18,594,212
            
            
            
            -
            
            
            
            459,480
            
            
            
            -
            
            
            
            19,053,692Unitholders’
      contributions
            
            
            10,736
            
            
            
            1,053,815
            
            
            
            -
            
            
            
            -
            
            
            
            10,736
            
            
            
            1,053,815Unitholders’
      redemptions
            
            
            (82,769
            )
            
            
            (8,415,485
            )
            
            
            (5,995
            )
            
            
            (642,777
            )
            
            
            (88,764
            )
            
            
            (9,058,262
            )Balances
      at June 30, 2008
            
            
            759,841
            
            
            $
            81,682,621
            
            
            
            14,223
            
            
            $
            1,528,965
            
            
            
            774,064
            
            
            $
            83,211,586Participating
      Owners-
            
            
            Nonparticipating
      Owners-
            
            
            Total
      Unitholders' Capital-Unitholders'
      Capital (LLC Equity/Non-Trading)
            
            LLC
      Equity/Non-Trading
            
            
            LLC
      Equity/Non-Trading
            
            
            LLC
      Equity/Non-TradingUnits
            
            
            Dollars
            
            
            Units
            
            
            Dollars
            
            
            Units
            
            
            DollarsBalances
      at December 31, 2007
            
            
            798,724
            
            
            $
            3,075,087
            
            
            
            1,474,564
            
            
            $
            5,679,846
            
            
            
            2,273,288
            
            
            $
            8,754,933Net
      income
            
            
            -
            
            
            
            459,708
            
            
            
            -
            
            
            
            925,442
            
            
            
            -
            
            
            
            1,385,150Unitholders’
      contributions
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Reallocation
      due to Redemptions
            
            
            (94,056
            )
            
            
            (359,929
            )
            
            
            94,056
            
            
            
            359,929
            
            
            
            -
            
            
            
            -Unitholders'
      distribution
            
            
            -
            
            
            
            (1,053,815
            )
            
            
            -
            
            
            
            (2,241,680
            )
            
            
            -
            
            
            
            (3,295,495
            )Balances
      at June 30, 2008
            
            
            704,668
            
            
            $
            2,121,051
            
            
            
            1,568,620
            
            
            $
            4,723,537
            
            
            
            2,273,288
            
            
            $
            6,844,588Total
      Unitholders Capital at June 30, 2008
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            $
            90,056,174Unitholders'
            
            
            
            
            
            Unitholders'
      CapitalCapital(Trading)
            
            
            
            
            
            
            (LLC
      Equity/Non-Trading)Net
      asset value per unit at December 31, 2007
            
            $
            84.69
            
            
            
            
            
            
            $
            3.85Net
      change per unit
            
            
            22.81
            
            
            
            
            
            
            
            (0.84
            )Net
      asset value per unit at June 30, 2008
            
            $
            107.50
            
            
            
            
            
            
            $
            3.01See
      accompanying notes to consolidated financial statements.





7




JWH
GLOBAL TRUST AND SUBSIDIARY


NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS


June
30, 2008


(Unaudited)





(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. Since 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.




John W.
Henry & Company, Inc. (“JWH”) serves as the Trust’s trading
advisor.  The advisory agreement between the Trust and JWH provides
that JWH has sole discretion in and responsibility for the selection of the
Trust’s commodity transactions with respect to that portion of the Trust’s
assets allocated to it.  As of June 30, 2008, JWH was managing 100% of
the Trust’s assets.





Units of
beneficial ownership of the Trust commenced selling on April 3,
1997.  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). This
registration statement became effective with the Securities and Exchange
Commission (the “SEC”) on December 4, 2007 and was amended by Post-Effective
Amendment No. 1 on Form S-1, filed with the SEC on April 18, 2008.





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


(1)
beneficial owners holding more than 50% of the outstanding units notify the
Managing Owner to dissolve the Trust as of a specific date; (2) dissolution of
the Managing Owner of 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.





Prior to
December 1, 2006, the managing owner of the Trust was Refco Commodity
Management, Inc. (“RCMI”).  An affiliate of RCMI, Refco Capital
Markets, Ltd. (“RCM”) had held certain assets of the Trust acting as the Trust’s
broker of forward contracts during 2005.  During that year, RCM
experienced financial difficulties resulting in RCM’s inability to liquidate the
assets.  RCM filed for bankruptcy protection in October,
2005.




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.  US Bank National Association (“US Bank”) is the manager of the
LLC. US Bank may make distributions to the unitholders, as defined above, 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.




8




(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 periods presented have been
included.




The
Trust’s unaudited consolidated financial statements and the related notes should
be read together with the consolidated financial statements and related notes
included in the Trust’s Annual Report on Form 10-K for the year ended December
31, 2007.




(b)    Principles
of Consolidation




The
accompanying consolidated financial statements include the accounts of the Trust
and its wholly-owned subsidiary, JWH Special Circumstance, 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 consolidated 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 consolidated 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 4 week 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 3-month
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 Bank of New York Mellon or 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.  Any redemption made in the twelfth month of
investment or later will not be subject to any redemption
penalty.  The Trust’s Seventh Amended and Restated Declaration and
Agreement of Trust contains a full description of redemption and distribution
policies.




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.  All unitholders of record as of October 31, 2005 received
their pro-rata right to the assets and the 2,273,288 in substitute units that
were transferred to the Non-Trading account.  Investors who redeemed
from October 31, 2005 through June 30, 2008 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, $207,000 in ongoing offering costs
were accrued during the first six months of 2008.




(f)    Commissions




Commodity
brokerage commissions are typically paid for each trade transacted and is
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 5.0% per annum
(or approximately 0.417% 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




9


executed
on the Trust’s behalf.  The amount paid is reduced by exchange fees
paid by the Trust.  Commissions are not paid with respect to the
LLC.




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 consolidated 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.




The Trust
recorded an impairment charge against its assets held at RCM at December 31,
2005, based on management’s estimate of fair value at that
time.  Subsequent recoveries from RCM were credited against the then
book value of the claim.  On June 28, 2007, the Trust’s cumulative
recoveries from RCM exceeded the book value of the impaired assets held at RCM,
which resulted in no remaining book value for those assets.  All
recoveries in excess of the book value of the impaired assets have been recorded
as “Collections in excess of impaired value” on the Trust’s consolidated
statement of operations.  See Note (6) for further
details.  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 estimable.





(j)   Recent
Pronouncements




In
September, 2006, the Financial Accounting Standards Board (“FASB”) issued a
Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value
Measurements” which defined Fair Value Measurements.  The Trust
adopted SFAS 157 effective January 1, 2008, resulting in additional disclosures
regarding fair value measurements.  The Trust’s financial assets and
liabilities fall into exchange and inter-bank dealer market(s) as it pertains to
inputs to the fair valuation techniques described in the
pronouncement.  The Trust’s financial assets and liabilities are all
“Level 1” inputs, as described in the fair value hierarchy.  The
valuation of the Trust’s assets and liabilities can be obtained through price
quotes provided by active futures and forward trading exchanges and the
inter-bank currency dealing market.  These price quotes represent fair
value measurement at a particular date of the financial assets and liabilities
held within the Trust.





In
March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative
Instruments and Hedging Activities” (“SFAS 161”).  SFAS 161
establishes, among other things, the disclosure requirements for derivative
instruments and for hedging activities.  This statement requires
qualitative disclosures about objectives and strategies for using derivatives,
quantitative disclosures about fair values amounts of and gains and losses on
derivative instruments, and disclosures about contingent features related to
credit risk in derivative agreements. SFAS 161 is effective for the Trust
beginning January 1, 2009.  The Trust is evaluating the effect
the adoption of SFAS 161 will have on its consolidated financial
statements.





(3) Fees





Management
fees are accrued and paid monthly. Incentive fees are accrued monthly and paid
quarterly. Trading decisions for the Trust were made by John W. Henry &
Company, Inc. (JWH) utilizing four of its trading programs through February 29,
2008: JWH Global Analytics®, the Financial and Metals Portfolio, the
International Foreign Exchange program, and Global Diversified. As of March 1,
2008, the Trust’s assets were re-allocated to utilize three of the JWH programs:
20% Financial and Metals Portfolio, 40% JWH Global Analytics® and 40% JWH
Diversified Plus portfolio.




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%




10


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 Non-Trading/LLC net
assets.




The Trust
also pays JWH a quarterly incentive fee equal to 20% of the “New Trading
Profit”, 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. New Trading Profit in any quarter is
equal to the “Trading Profit” for such quarter that is in excess of the highest
level of such cumulative trading profit as of any previous calendar
quarter-end.  Trading Profit 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 is also
treated as a partnership. The only significant differences in financial and
income tax reporting basis are ongoing offering costs.







(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 market risk and credit
risk. Market risk arises from changes in the market value of the contracts; and
credit risk occurs from the 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 June 30, 2008 and 2007,
are reflected in the consolidated 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 June 30, 2008 and December 31, 2007, as
disclosed in the respective Condensed Consolidated 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 investment in the Trust.





(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
Non-Trading account, as explained in Note 2(d). 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. The table below
summarizes all recoveries from RCM and distributions to redeemed and continuing
unitholders:




11





Recoveries
      from RCM, Distributions paid by US Bank from the LLC, and effect on
      impaired value of assets held at RCMAmounts
                Received
      from
              
              
              Balance
      of
              
              
              Collections
      in
                Excess
      of
              
              
              Cash
      Distributions to
                Non-Participating
              
              
              Additional
      Units in Trust for
                Participating
      OwnersDate
              
              RCM
              
              
              Impaired
      Value
              
              
              Impaired
      Value
              
              
              Owners
              
              
              Units
              
              
              Dollars12/29/06
              
              $
              10,319,317
              
              
              $
              6,643,944
              
              
              $
              -
              
              
              $
              4,180,958
              
              
              
              54,914
              
              
              $
              5,154,71104/20/07
              
              
              2,787,629
              
              
              
              3,856,315
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -06/07/07
              
              
              265,758
              
              
              
              3,590,557
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -06/28/07
              
              
              4,783,640
              
              
              
              -
              
              
              
              1,193,083
              
              
              
              -
              
              
              
              -
              
              
              
              -07/03/07
              
              
              5,654
              
              
              
              -
              
              
              
              5,654
              
              
              
              -
              
              
              
              -
              
              
              
              -08/29/07
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              2,787,947
              
              
              
              23,183
              
              
              
              1,758,62609/19/07
              
              
              2,584,070
              
              
              
              -
              
              
              
              2,584,070
              
              
              
              -
              
              
              
              -
              
              
              
              -12/31/07
              
              
              2,708,467
              
              
              
              -
              
              
              
              2,708,467
              
              
              
              -
              
              
              
              -
              
              
              
              -03/28/08
              
              
              1,046,068
              
              
              
              -
              
              
              
              1,046,068
              
              
              
              -
              
              
              
              -
              
              
              
              -04/29/08
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              2,241,680
              
              
              
              10,736
              
              
              
              1,053,81506/26/08
              
              
              701,148
              
              
              
              -
              
              
              
              701,148
              
              
              
              -
              
              
              
              -
              
              
              
              -Totals
              
              $
              25,201,751
              
              
              $
              -
              
              
              $
              8,238,490
              
              
              $
              9,210,585
              
              
              
              88,833
              
              
              $
              7,967,152




(7)       
 Financial Highlights





The
following financial highlights show the Trust’s financial performance for the
three-month and six-month periods ended June 30, 2008 and 2007.  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.




Three
      months ended June 30,
              
              
              Six
      months ended June 30,2008
              
              
              2007
              
              
              2008
              
              
              2007Net
      asset value of trading units at beginning of period
              
              $
              107.91
              
              
              $
              76.46
              
              
              $
              84.69
              
              
              $
              93.86Trading
      income (loss) per unit
              
              
              (0.41
              )
              
              
              10.91
              
              
              
              22.81
              
              
              
              (6.49
              )Net
      asset value of trading units
              
              $
              107.50
              
              
              $
              87.37
              
              
              $
              107.50
              
              
              $
              87.37Total
      Return:Total
      return before incentive fee
              
              
              (0.38
              %)
              
              
              14.27
              %
              
              
              26.93
              %
              
              
              (6.91
              %)Less
      incentive fee allocation
              
              
              0.00
              %
              
              
              0.00
              %
              
              
              0.00
              %
              
              
              0.00
              %Total
      Return:
              
              
              (0.38
              %)
              
              
              14.27
              %
              
              
              26.93
              %
              
              
              (6.91
              %)Ratios
      to average net assets:Trading
      income (loss):
              
              
              (0.50
              %)
              
              
              13.65
              %
              
              
              23.66
              %
              
              
              (9.52
              %)Expenses:Expenses
      less incentive fees
              
              
              (2.03
              %)
              
              
              (2.37
              %)
              
              
              (4.20
              %)
              
              
              (4.43
              %)Incentive
      Fees
              
              
              0.00
              %
              
              
              0.00
              %
              
              
              0.00
              %
              
              
              0.00
              %Total
      expenses
              
              
              (2.03
              %)
              
              
              (2.37
              %)
              
              
              (4.20
              %)
              
              
              (4.43
              %)The
      calculations above do not include activity within the Trust's Non-Trading
      accounts.




The net
loss and expense ratios are computed based upon the weighted average net assets
for the Trust for the three-month and six-month periods ended June 30, 2008 and
2007. The amounts are not annualized.





12




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 consolidated 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 June 30, 2008 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.





The Trust
is paid interest on the average daily U.S. dollar balances on deposit with RJO
at a rate equal to 75% of the average four-week Treasury Bill rate; the
remaining 25% of the average four-week Treasury Bill rate is retained by
RJO.  With respect to non-U.S. dollar deposits, the rate of interest
is equal to a rate of 3-month LIBOR less 1.0%.  Any amounts received
by RJO in excess of amounts paid to the Trust are retained by
RJO.  For the fiscal quarters ended June 30, 2008 and 2007, the Trust
had received or accrued to receive trading interest of $312,215 and $827,427,
respectively.  For the six months ended June 30, 2008 and 2007, the
Trust has received or accrued to receive trading interest of $636,854 and
$1,906,393, respectively.





The
Trust’s involvement in the futures and forward markets exposes the Trust to both
market risk and credit risk.  Market risk arises from changes in the
market value of the futures and forward contracts held by the
Trust.  Credit risk occurs when another party to a contract fails 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 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




13




be made
at a price beyond that 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 Commodity Futures Trading Commission 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 are 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 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 set forth below outline certain major price trends which
JWH’s programs have identified for the Trust during the second quarters of
fiscal years 2008 and 2007.  The fact that certain trends were
captured does not imply that others, perhaps larger and potentially more
profitable trends, were not missed or that JWH will be able to capture similar
trends in the future.  Moreover, the fact that the programs were
profitable in certain market sectors in the past does not mean that they will be
so in the future.





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 June 30, 2008





The Trust
recorded net trading loss of $413,339 or $0.41 per unit in the second quarter of
2008.  (*** Please see “Notes to Consolidated Financial Statements” in
Part I – Item 1 for an explanation of Net Asset Value/unit pursuant to events of
October, 2005, as the following excludes the Trust’s Non-Trading
accounts.)  As of June 30, 2008, the Trust had gained 31.41% since its
inception in June 1997.





The
Trust’s performance was negative in April as many of the year-to-date trends
were interrupted or came to an end. Earlier market pessimism and fear began to
ebb as massive monetary and fiscal stimuli were digested by traders and
investors. In




14




retrospect,
the actions taken by the Federal Reserve Board (the Fed) in the second half of
March to bail out Bear Stearns and add liquidity to the financial system marked
an intermediate turning point in many markets. As volatility subsided and
sentiment improved into April, long held positions were unwound.  The
overall improvement in sentiment was evident in the stock market as the Dow
Industrials closed April well off the March lows and near its high for the year.
The S&P 500 rallied 4.8% in April, posting its best month in almost 5
years.  The CBOE Volatility Index (VIX), a popular measure of implied
market volatility, which is sometimes referred to as the “fear index”, closed
the month at 20.8%, more than 40% below its highest levels in March. In this
environment of declining volatility, global equity indices rallied, reducing the
profitability of open trades in this sector.  The interest rate
markets also experienced significant reversals in April as the combination of
Fed policy, better-than-expected economic data and improving stock market
performance combined to push intermediate-to-long-term global interest rates
higher during the month. The Fed punctuated the month by announcing the seventh
interest rate cut in eight months. The economic data released during the month,
including first quarter Gross Domestic Product, which was up 0.6%, proved better
than the market expected and still creates doubts as to whether the U.S. economy
is or will be in a recession. Positions in European interest rates fared better
than those in the U.S. and Asia.  The currency sector was also
unprofitable in April. The dollar staged a modest recovery in April. Positions
in the Japanese yen and Swiss franc were hardest hit. The Australian dollar
contributed positively to performance as it remained strong against the U.S.
dollar. Positions in non-dollar cross-rates were largely flat on the
month.  The metals sector was negative for the month. Gold remained
under pressure and somewhat linked to the fortunes of the U.S. dollar, however
the Trust’s models were able to adjust to the price action and limit
losses.  Positions in London copper were slightly profitable, as
declining stocks and strong global demand continue to support
prices.  Performance in agricultural commodities was mixed for the
month. Price action was relatively tame when compared to the extreme volatility
of the first quarter. Positions in the grain markets worked well as the Trust
profited from divergent trends in corn and wheat. Small losses were incurred in
the soft commodities.  The Trust’s performance in the energy sector
was positive in April. Crude oil continued its march higher – more than 12% for
the month - bolstered by strong demand and tight supplies. Higher prices have
not deterred demand according to the International Energy Agency who reported
that they expect global demand to rise by close to 2% this year with Chinese
consumption increasing by 5%.  Unrest in Nigeria has exacerbated the
supply situation. Natural gas, reacting to separate fundamentals also moved
higher and contributed positively to performance.





The Trust
produced positive performance for the month of May.  The majority of
the markets traded were relatively quiet and directionless with the exception of
the energy sector.  The most notable gains were centered in the energy
markets as crude traded above $135 per barrel, gasoline topped $4.00 at the pump
in the U.S. and natural gas rallied more than 11%. The general fundamentals
supporting the rise in energy prices did not change in May. Supply continues to
be tight and demand from large emerging economies continues to be
strong.  On May 21st, a day
before the monthly high price in crude oil was reached, the U.S. reported that
crude oil inventories fell 5.32 million barrels in the prior week, the largest
drop in four months. Commodity analysts began to raise their price targets for
energy. The increases in energy prices led to calls in the U.S. Congress for
increased regulatory scrutiny of those markets. Critical focus was on the effect
of speculation in the commodity markets and the impact of passive commodity
indexing. Time will tell, but the government furor may coincide with the market
peak. The Trust’s trading in energies accounted for a majority of the Trust’s
gains for the month.  The interest rate sector also contributed to the
monthly gains, as the prospect for higher inflation and more stable financial
markets on a global scale outweighed concerns over slowing economic activity.
The U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) releases
aligned with expectations, but year-over-year rates of 3.9% and 6.5%
respectively, are indications that inflationary pressures are building in the
U.S. economy. The yield on the benchmark U.S. 10-year bond rose to close the
month at 4.05%. Positions in European interest rates were among the most
profitable.  Global equity markets, on the surface, were stable in May
as volatility continued to decline from the peak levels witnessed earlier in the
year.  The ranges were relatively tight and offered few opportunities
for trend-followers. The U.S. S&P 500 opened the month at 1386 and closed at
1400, a gain of 1%. Underneath the surface, shares of banks and brokerage firms
remained under pressure. The equity sector contributed little to the Trust’s
profit/loss as small gains from Japanese positions were largely offset by small
losses in other markets.  The currency markets were also quiet in May.
While the significant downward pressure on the U.S. dollar appears to have
abated, there was little evidence of strong demand to own
dollars.  Price action in May affirmed the fact that there remains a
link between the EUR/USD exchange rate and oil prices; however, this correlation
is not as strong across all currencies traded in the Trust. Nevertheless, this
link has become an important consideration for policy makers. Official rhetoric
throughout the month suggested that continued weakness in the dollar would be
unwelcome. Overall trading in the currency markets was trendless and
consequently unprofitable for the Trust.  Trading in the metals
markets was also calm in May as prices were directionless. The demand for metals
as a safe haven has ebbed for now as a degree of stability has returned to the
financial markets. Additionally, the stability of the dollar took away one of
the fundamentals in support of owning metals. Trading in both base and precious
metals produced slightly negative results in May.  Trading in the
agricultural markets produced slight gains.




15




Positions
in certain grain markets were profitable as concerns about growing conditions in
the Midwest impacted prices. Positions in other markets were light with
trend-less patterns.





The Trust
was positive in June. While many strong macro economic trends, including
weakness in the housing market, the rationing of credit, and significant stress
in the financial system remain intact and continue to pressure global equity
prices, many financial markets continue to be choppy and devoid of clear
trends.  The majority of the gains for the Trust came from the
commodity markets; global demand for energy continued to push prices higher and
flooding in the Midwest impacted the outlook for the future supply of
grain.   In difficult market conditions, the Trust was able to
limit losses in the interest rate sector. Global bond prices were generally
continued the falling trend from May.  A marked change toward a more
hawkish tone from central banks, declining stock prices and the flight to
quality were powerful forces that combined to disrupt this trend.  The
U.S. benchmark yield fell from an intra-month high of 4.27% on June 17th to
close the month below 4% amidst heavy quarter-end selling in the stock
markets.  Positions in U.S. and Japanese bonds were unprofitable but
positions in European bonds fared better because of a more muted price
reversal.  The major currency markets were unable to find direction
from changing and conflicting signals on the economy and global interest rate
differentials.  The dollar attempted to rally from its weakened state
early in June only to fall back later in the month as the stock market declined,
risk was reduced, and U.S. interest rates fell.  Trading in currencies
was unprofitable for the month as gains from trades in Swiss franc, Euro and
crossrates were unable to offset losses from positions in other
currencies.  Global equity markets suffered significant declines
during the month of June as higher energy prices, tighter monetary conditions
and continued stress in the financial sector depressed prices. For example, the
S&P 500 was down 8.6% for the month. The Dow Jones Industrial Average
approached bear market territory as the decline from its high approached
20%.  The MSCI world stock index declined more than 8% in June,
extending year-to-date losses through June 2008 to 10%.  Financial
shares led the decline. In contrast to March, when market volatility was
extremely high, the price action in June was relatively tame with the move lower
being more of a steady, persistent decline. The Trust’s performance in this
sector was slightly positive as it entered the month with a mix of both long and
short positions.  Trading performance in the metals sector was
flat.  Although metals prices staged a rally in the second half of the
month, positions in both precious and base metals were light as the price action
was largely directionless.  A good portion of the Trust’s monthly
gains came from the energy sector as crude, crude products and natural gas
continued to move higher. On June 19th, China
announced that they would be raising crude and jet fuel prices by more than 15%.
The market initially tumbled on the prospect for lower demand from one of the
world’s largest energy consumers. The market not only recovered from this news,
but went on to post another record high at month end as analysts began to
reassess China’s announcement, the dollar and stock market slides and the rise
of geo-political tensions in the Middle East.  The agricultural
markets, and in particular, grains, were also profitable. Corn and soybean
prices started the month moving higher as floods affected the Midwest growing
regions. Uncertainty over how the floods would impact plantings and future
yields pushed corn and other grain prices up sharply with corn finishing the
month more than 20% higher than May’s close.  The Trust recorded a
trading gain of 4.19% for the month.  The June month-end trading net
asset value was $107.50.





During
the quarter no units were sold.  Beneficial owners redeemed a total of
35,552 units during the quarter.  The Managing Owner redeemed a total
of 872 units during the quarter.  At the end of the quarter there were
759,841 units outstanding owned by the Beneficial Owners and 14,223 units
outstanding owned by the Managing Owner.





During
the fiscal quarter ending June 30, 2008, 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 trading gain of $12,228,625 or $10.91 per unit in the second
quarter of 2007.  (*** Please see “Notes to Consolidated Financial
Statements” in Part I – Item 1 for an explanation of Net Asset Value/unit
pursuant to events of October, 2005, as the following excludes the Trust’s
Non-Trading accounts.) As of June 30, 2007, the Trust had gained 6.80% since its
inception in June 1997.





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
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




16




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 first 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 asLME 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 Euro Stoxx 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, it’s
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 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.




17




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 March 31, 2008





The Trust
recorded net trading gain of $19,467,031 or $ 23.22 per trading unit in the
first quarter of 2008.  (*** Please see “Notes to Consolidated
Financial Statements” in Part I – Item 1 for an explanation of Net Asset
Value/unit pursuant to events of October, 2005, as the following excludes the
Trust’s Non-Trading accounts.)  As of March 31, 2008, the Trust had
gained 31.91% since its inception in June 1997.




On March
31, 2008, JWH was managing 100% of the Trust’s assets.  The Trust
assets were allocated as follows:  JWH GlobalAnalyticsÒ (40%), Financial and
Metals Portfolio (20%), and JWH Diversified Plus (40%).




The Trust
experienced positive performance for the month of January.  An
important shift in the market’s focus seemed to be emerging at the start of
2008. Last year the global economy was relatively strong. The market
consternation was related to specific issues affecting the housing and credit
markets in the U.S. In January, the concern was more generalized, as the market
began to adjust to the possibility of a U.S. recession and a significant
slowdown in global growth. By mid month, many of the world’s major stock markets
were experiencing double-digit declines. Concerns about the economy and the
performance of U.S. equities led the U.S. Federal Reserve Board (the Fed) to cut
interest rates 75 basis points on January 22nd - the
first inter-meeting rate move since 2001. This reduction was followed by a
second cut of 50 basis points on January 30th. The
Fed Funds rate ended the month at 3%. The aggressive stance of the Fed and the
White House and Congress coming to an agreement on an economic stimulus package
combined to stabilize equity prices towards the end of the month.  The
Trust’s trading in global equity futures was profitable during the month. U.S.
equities suffered through one of the worst January’s on record as fears of a
U.S. recession intensified. The S&P 500 lost 6.1% for the month, while the
Nasdaq Composite shed 9.9%.  Financial shares were particularly hard
hit as uncertainty about the extent of sub-prime write-offs persisted.
Increasing risk of recession took its toll on the technology sector as a number
of bellwether issuers suffered significant declines. Global decoupling and the
belief that the world economy can be immune from weakness in the U.S. was put to
the test in January as stock markets worldwide and, in particular, those in
Japan and Europe experienced worse declines than the U.S. markets. Similarly,
there was strong performance in the interest rate sector as both the long and
the short end of the U.S. yield curve rallied sharply in response to weakening
economic data, declining stock prices and monetary stimulus. The yield on the
benchmark U.S. 10-year bond declined 43 basis points to 3.59% by month-end. The
actions by the Fed were notable in terms of both magnitude and timing, as they
reduced interest rates by close to 30% in two separate moves over an 8-day
period. Significant profits were generated in Eurodollar futures and Japanese
government bonds (JGBs) performed well. Trading in currencies was more
challenging, resulting in slightly positive performance from this sector. The
dollar declined modestly. Rising volatility and investor fear resulted in a
general unwinding of currency carry trades. Within the G-10 universe, the
low-yielding Japanese yen and Swiss franc were the strongest currencies,
appreciating the most. The relative weakness of the British pound continued in
January and the long position in the euro/British pound cross rate was a top
performer for the Trust.  Trading in metals was positive with
positions in gold driving performance. Gold traded to an all-time high during
the month above $930 per ounce. The continued weakness of the U.S. dollar, stock
and credit markets as well as disruptions in African mining activity drove the
rally. Positions in silver also contributed to performance in the sector as it
loosely followed the direction of gold. Positions in base metals were
unprofitable. Trading in energies was negative for January.  Crude oil
and the crude oil products started the year faltering from near record prices.
Trading was volatile as an impending OPEC meeting on February 1st added
to market uncertainty. Positions in natural gas were also unprofitable as the
market traded in a directionless pattern for most of the month. The Trust
continues to benefit from the bull market in grain prices. Positions in corn,
wheat, soybeans and bean oil were all profitable. Corn positions led the way as
the price moved higher in response to a USDA report that showed a sharp drop-off
in the U.S. corn stockpile. Wheat prices also were helped by reports of lower
than expected planting intentions. Positions in sugar and coffee also
contributed to profits this month.





February
was another positive month for the Trust. Data released during the month
continues to point to a weakening in the U.S. economy.  As the
severity of the credit crisis and its ramifications become more apparent and
pessimism about the deteriorating state of the economy was met with optimism
about the prospects of official forms of economic stimulus, an interesting
trading dynamic was created.  Some sectors were confined to broad
ranges, while others experienced explosive moves.  Generally, major
global equity indices traded in a broad range during the month as market anxiety
vacillated between




18




fears of
recession and concerns about inflation.  The S&P 500 finished with
a modest loss for the month as market volatility declined from the peak readings
registered in January. In this environment, the Trust’s trading was positive as
positions in European and U.S. markets offset losses in the Japanese Nikkei.
Trading in interest rates was unprofitable as the psychology of the market
shifted during the month. In January, fear and prospects for a slower global
economy drove global bond prices to extremes. In his testimony to the U.S.
Senate Banking Committee, Fed chairman, Ben Bernanke, underscored the Fed’s
dovish stance on interest rates. He warned that downside risks to the economy
remain due to weakness in the housing, labor and credit market.  The
U.S. yield curve steepened as long-term interest rates moved higher. The
benchmark U.S. 10-year note yield approached 4% during the month, up from a low
of 3.30% in January, only to end the month at 3.5%.  After rallying
early in February, the dollar reversed course and closed the month weaker
against most major currencies as narrowing interest rate differentials and the
prospect for higher inflation in the U.S. combined to weigh on the currency. The
low-yielding Swiss franc and Japanese yen were among the strongest currencies
against the dollar as risk appetite in the market remains low. The USD/JPY
exchange rate closed the month at a multi-year low of 103.75. Trading in the
euro was choppy and less profitable; nevertheless, the currency did manage to
close at an all-time high of 1.5180. As global demand pushed commodity prices to
historic levels, the commodity markets generated the majority of the Trust’s
February returns. The greatest profits came from the agriculture markets,
particularly from grains and soft commodities. In some cases, the moves were
significant: bean oil was up 27% during the month, coffee was up 19%, wheat was
up 15%, and sugar was up 14%.  It is uncommon for these markets in
this sector to move higher so strongly in the same month. The demand for
food-related commodities from a flatter, more prosperous global economy is an
important theme driving agricultural commodities. The weakness of the dollar is
another important factor. The energy sector was also profitable as crude oil
surged above $100 per barrel. The initial stage of the approximate 10% rally in
the price of crude during the month may be attributable to the unwinding of
large short positions that were established in January. In addition to the old
themes of strong demand and dollar weakness, the perception in the market that
OPEC would defend levels below $90 per barrel helped to support prices. Natural
gas was a significant contributor to the sector’s profits during the month also.
Performance from the metals sector was positive as both precious and base metals
were higher. Gold continues its march toward the $1,000/ounce level. The weak
dollar, further Fed rate cuts and macroeconomic concerns, including the
prospects for further inflation, are fundamentals that can have a positive
influence on the price of gold.  The movements higher in base metals
during the month were based on production outages reported in both China and
South Africa. This puts further pressure on inventories which are at multi-year
lows.





The Trust
posted a positive return in March. The crisis in the financial markets continued
in March possibly reaching the nadir on March 17th.  This
date also marked the year-to-date low in the S&P 500 and coincided with
price reversals in a number of key markets. U.S. officials provided a
substantial policy response to the deteriorating markets: in addition to
reducing the Federal Funds rate by 75 bps on March 18th, the
Federal Reserve established new lending facilities aimed at adding more
liquidity and providing access to a broader array of financial institutions. The
U.S. Treasury also proposed an overhaul of the financial system. In the near
term these measures were effective in alleviating some of the stress in the
markets. Equity prices rallied, certain credit spreads tightened and volatility
subsided. Currencies were the most profitable sector this month as interest rate
differentials between the U.S. and Europe widened further. The Euro traded at a
record level of 1.5804 during the month and closed near its all-time high at
month-end. The Federal Reserve rate cut on March 18th brought
the Fed Funds rate to 2.25%.  On the other hand, the European Central
Bank has left official lending rates stable at 4.00% during 2008. The fund
generated profits in most major currencies against the dollar. The interest rate
sector was at the center of the storm in March as the U.S Federal Reserve
actions described above provided a powerful boost to a market that was reeling
from fear. These actions prompted meaningful price reversals across the
sector.   The stock market was also under pressure which made
government bonds and securities the logical haven from the storm. Yields on
10-year U.S. government bonds fell early in the month to close at 3.44%.
Performance from this sector was slightly positive. Positions in U.S. and
Japanese interest rates performed best.  Equity markets sold off early
in March as financial shares were battered on credit concerns. The technology
sector was marked down along with growth projections for the U.S economy.
However, stocks did recover in the second half of the month. Overall, trading in
global equities was profitable for the month with positions in the Japanese
Nikkei being the best performer.  Precious metals keyed off of
developments in the financial markets. Gold soared to record highs early in the
month.  When the markets staged their recovery, gold sold off
sharply.  Gold traded down from a monthly high near $1,040/ounce to
close the month at $921. Positions in both precious and base metals were
unprofitable for the month. Although crude oil prices reached new highs above
$100 per barrel in March, natural gas supplied a majority of the profits in the
energy sector. Natural gas rallied more than 7% during the month as
colder-than-expected temperatures and increased demand may slow the build in
natural gas inventories. Positions in London gas oil were also profitable. The
agricultural sector was a significant drag on performance in March as trading in
all component markets was negative. Trading and price action in the grain
markets was largely independent from the moves in the financial markets and the
dollar. Most grain prices were enjoying a remarkable bull market heading into
March and arguably due for a correction.  Recently expanded daily
exchange price limits allowed for dramatic moves to the downside in wheat,
soybeans and soybean products. Corn bucked the trend and finished the




19




month
stronger, buoyed by bullish reports from the USDA. Soft commodities such as
sugar, coffee and cotton reversed course during the month, suffering from a
reduction in speculative risk taking.





During
the quarter no units were sold. Beneficial Owners redeemed a total of 47,216
units during the quarter. The Managing Owner redeemed a total of 5,123 units
during the quarter. At the end of the quarter there were 784,658 units
outstanding owned by the beneficial owners and 15,095 units outstanding owned by
the Managing Owner.




During
the fiscal quarter ending March 31, 2008, 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 Consolidated
Financial Statements” in Part I – Item 1 for an explanation of Net Asset
Value/unit pursuant to events of October, 2005, as the following excludes the
Trust’s Non-Trading accounts.)  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 Global AnalyticsÒ (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 reversed back and
forth. 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 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.




20




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 to three 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 two 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 Euro Stoxx 50 was the sector’s worst performer while the Nikkei 225 offset
some losses as the sector’s best performer.




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




21




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.





(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 the Trust’s market risk as described in
the section entitled "Quantitative and Qualitative Disclosures About Market
Risk" in our annual report on Form 10-K for the year ended December 31,
2007.





Item
4T.  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 June 30, 2008, 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 as of June 30,
2008.  There were no changes in the Trust’s internal control over
financial reporting, during the quarter ended June 30, 2008 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





The LLC
is pursuing certain claims with respect to assets of the Trust formerly held by
RCM.  See “Notes to Consolidated Financial Statement – Note
1.”  There is no assurance that such efforts will result in additional
recoveries.




22








Item
1A. Risk Factors





There
have been no material changes from the risk factors in the section entitled “The
Risks You Face” in the Trust Post-Effective Amendment Number 1 to the
Registration Statement on Form S-1 filed on April 18, 2008.





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 second
quarter of 2008:




Month
              
              Units
      Redeemed
              
              
              Redemption
      Date NAV per UnitApril
              
              
              11,500
              
              
              $
              98.16May
              
              
              17,311
              
              
              $
              103.17June
              
              
              7,613
              
              
              $
              107.50Total
              
              
              36,424




Units
sold January 1, 2008 through June 30, 2008: 0


Units
unsold through June 30, 2008: 1,000,000 ($107,500,000)


Aggregate
price paid for units sold January 1, 2008 through June 30, 2008: $0





23


Item
6.  Exhibits





a)
            Exhibits





Index to
Exhibits





Exhibit                                Description of
Document




Number3.01
            Seventh
      Amended and Restated Declaration and Agreement of Trust of the
      Registrant.13.02
            Certificate of
      Amendment of Certificate of Trust of the Registrant.231.01
            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
Incorporated by reference from the exhibit of the same description filed on
March 4, 2008 on the Registrant's Form 8-K., and incorporated herein by
reference
 2
Incorporated by reference from the exhibit of the same description filed on
February 10, 1997 with Post-Effective Amendment No. 1 to the Registrant’s
Registration Statement on Form S-1 (Reg. No. 333-16825; declared effective April
3, 1997).


24


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 8,
    2008By:
              R.J. O’Brien Fund
      Management, LLC.Managing
    OwnerBy:
              /s/  Thomas J. AndersonThomas J.
      AndersonChief Financial
      Officer and duly authorized officer