# UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

# FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934

# For the quarterly period ended September 30, 2002

# Commission File Number: 333-33937

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.)

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

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

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

Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.    |X| Yes     |_| No

Indicate by check mark whether the registrant is an accelerated filer
         (as defined in Rule 126-2 of the Exchange Act).   |_| Yes     |X| No

The number of units outstanding, as of September 30, 2002, are 428,002.93.

# TABLE OF CONTENTS

|PART I.  FINANCIAL INFORMATION
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|PART II.  OTHER INFORMATION   
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|SIGNATURES                    
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|CERTIFICATIONS                
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|EXHIBIT 99                    
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|FORM 10-K DECEMBER 31, 2001   

# PART 1  FINANCIAL INFORMATION

## Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ended
     September 30, 2002 and the additional time frames as noted:

|                                          | Fiscal QuarterEnded 9/30/02 | Year to DateEnded 9/30/02 | Fiscal YearEnded 12/31/01 | Fiscal QuarterEnded 9/30/01 | Year to DateEnded 9/30/01
|----------------------------------------- | --------------------------- | ------------------------- | ------------------------- | --------------------------- | -------------------------
|                                         
|Statement of Financial Condition          | X                           |                           | X                         |                             |                          
|                                         
|Statement of Operations                   | X                           | X                         |                           | X                           | X                        
|                                         
|Statement of Changes in Partners' Capital |                             | X                         |                           |                             |                          
|                                         
|Notes to Financial Statements             | X                           |                           |                           |                             |                          
|                                         

# JWH GLOBAL TRUST
STATEMENTS OF FINANCIAL CONDITION

|                                                                                                                                                  |   | Sept. 30, 2002 |  |   | Dec. 31, 2001
|------------------------------------------------------------------------------------------------------------------------------------------------- | - | -------------- |  | - | -------------
|                                                                                                                                                  |   | (unaudited)    |  |   |              
|Assets                                                                                                                                            |  
|Assets:                                                                                                                                          
|Equity in commodity trading accounts:                                                                                                             |  
|Cash on deposit with
         Brokers                                                                                                             | $ | 58,408,986     |  | $ | 46,976,650   
|Unrealized gain on
         open contracts                                                                                                        |   | 4,177,394      |  |   | 2,557,319    
|                                                                                                                                                 
|                                                                                                                                                  |   | 62,586,380     |  |   | 49,533,969   
|                                                                                                                                                 
|Receivable for units sold                                                                                                                         |   | 1,188,031      |  |   | 618,077      
|Interest receivable                                                                                                                               |   | 81,148         |  |   | 70,569       
|Prepaid initial organization and
         offering costs                                                                                          |   | 0              |  |   | 55,072       
|                                                                                                                                                 
|Total Assets                                                                                                                                      | $ | 63,855,559     |  | $ | 50,277,687   
|                                                                                                                                                 
|Liabilities and Unitholders' Capital                                                                                                              |  
|Liabilities:                                                                                                                                     
|Accrued commissions                                                                                                                               | $ | 337,333        |  | $ | 265,856      
|Accrued management fees                                                                                                                           |   | 104,339        |  |   | 82,703       
|Accrued incentive fees                                                                                                                            |   | 1,701,976      |  |   | 0            
|Accrued operating expenses                                                                                                                        |   | 41,157         |  |   | 60,000       
|Accrued offering expenses                                                                                                                         |   | 25,201         |  |   | 20,526       
|Redemptions payable                                                                                                                               |   | 450,855        |  |   | 313,509      
|                                                                                                                                                 
|Total liabilities                                                                                                                                 |   | 2,660,861      |  |   | 742,594      
|                                                                                                                                                 
|Unitholders' capital:                                                                                                                            
|Beneficial owners ( 422,248.43 and
         438,008.69 units outstanding at
              September 30, 2002 and December 31, 2001, respectively) |   | 60,371,941     |  |   | 48,892,753   
|Managing owner (5,754.50 units
         outstanding at
              September 30, 2002 and December 31, 2001)                                    |   | 822,757        |  |   | 642,340      
|                                                                                                                                                 
|Total unitholders' capital                                                                                                                        |   | 61,194,698     |  |   | 49,535,093   
|                                                                                                                                                 
|Total liabilities and unitholders' capital                                                                                                        | $ | 63,855,559     |  | $ | 50,277,687   
|                                                                                                                                                 
|Net Asset Value per Unit                                                                                                                          | $ | 142.98         |  | $ | 111.63       
|                                                                                                                                                 
|See accompanying notes to financial statements.                                                                                                  

# JWH GLOBAL TRUST
STATEMENTS OF OPERATIONS
(unaudited)

|                                                                                        |   | July 1, 2002
         through
         Sept. 30, 2002 |   |  |   | Jan. 1, 2002
         through
         Sept. 30, 2002 |  |  |   | July 1, 2001
         through
         Sept. 30, 2001 |  |  |   | Jan. 1, 2001
         through
         Sept. 30, 2001 |  
|--------------------------------------------------------------------------------------- | - | ----------------------------------------------------- | - |  | - | ----------------------------------------------------- |  |  | - | ----------------------------------------------------- |  |  | - | ----------------------------------------------------- | -
|Revenues:                                                                              
|Gain (loss) on trading of commodity
         contracts:                                 |  
|Realized gain on
         closed positions                                              | $ | 13,592,380                                            |   |  | $ | 17,295,791                                            |  |  | $ | 591,044                                               |  |  | $ | 10,534,796                                            |  
|Change in unrealized
         gain (loss) on open positions                             |   | (4,493,742                                            | ) |  |   | 1,620,074                                             |  |  |   | 670,004                                               |  |  |   | (6,382,699                                            | )
|Interest Income                                                                         |   | 229,885                                               |   |  |   | 608,836                                               |  |  |   | 402,111                                               |  |  |   | 1,411,804                                             |  
|Foreign currency transaction gain                                                       |   | 18,535                                                |   |  |   | 93,428                                                |  |  |   | 60,970                                                |  |  |   | 174,975                                               |  
|                                                                                       
|Total revenues                                                                          |   | 9,347,058                                             |   |  |   | 19,618,129                                            |  |  |   | 1,724,129                                             |  |  |   | 5,738,876                                             |  
|                                                                                       
|Expenses:                                                                              
|Commission                                                                              | $ | 971,274                                               |   |  | $ | 2,506,721                                             |  |  | $ | 795,155                                               |  |  | $ | 2,428,788                                             |  
|Exchange, clearing and NFA fees                                                         |   | 3,299                                                 |   |  |   | 12,212                                                |  |  |   | 10,567                                                |  |  |   | 24,504                                                |  
|Management fees                                                                         |   | 300,366                                               |   |  |   | 776,304                                               |  |  |   | 248,332                                               |  |  |   | 756,129                                               |  
|Incentive fees                                                                          |   | 1,725,874                                             |   |  |   | 2,741,520                                             |  |  |   | 0                                                     |  |  |   | 990,171                                               |  
|Amortization of prepaid initial
         organization and offering
               costs |   | 0                                                     |   |  |   | 55,072                                                |  |  |   | 33,043                                                |  |  |   | 99,129                                                |  
|Ongoing organization and offering
         expenses                                     |   | 73,107                                                |   |  |   | 190,811                                               |  |  |   | 61,639                                                |  |  |   | 187,249                                               |  
|Operating expenses                                                                      |   | 15,000                                                |   |  |   | 44,882                                                |  |  |   | 15,000                                                |  |  |   | 45,000                                                |  
|                                                                                       
|Total expenses                                                                          |   | 3,088,920                                             |   |  |   | 6,327,522                                             |  |  |   | 1,163,736                                             |  |  |   | 4,530,970                                             |  
|                                                                                       
|Net profit                                                                              | $ | 6,258,138                                             |   |  | $ | 13,290,606                                            |  |  | $ | 560,393                                               |  |  | $ | 1,207,906                                             |  
|                                                                                       
|Profit per unit of beneficial ownership
         interest                               | $ | 14.82                                                 |   |  | $ | 31.35                                                 |  |  | $ | 1.30                                                  |  |  | $ | 2.87                                                  |  
|Profit per unit of managing ownership
         interest                                 | $ | 14.82                                                 |   |  | $ | 31.35                                                 |  |  | $ | 1.30                                                  |  |  | $ | 2.87                                                  |  
|See accompanying notes to financial statements.                                        

# JWH GLOBAL TRUST
STATEMENT OF CHANGES IN UNITHOLDERS' CAPITAL
From January 1, 2002 through September 30, 2002
(unaudited)

|                                                | Units*     |   |  |   | BeneficialOwners |   |  |   | ManagingOwner |  |  |   | Total      |  
|----------------------------------------------- | ---------- | - |  | - | ---------------- | - |  | - | ------------- |  |  | - | ---------- | -
|                                               
|Unitholders' capital at January 1, 2002         | 438,008.69 |   |  | $ | 48,892,753       |   |  | $ | 642,340       |  |  | $ | 49,535,093 |  
|                                               
|Net profit                                      |            |   |  |   | 13,110,190       |   |  |   | 180,417       |  |  |   | 13,290,607 |  
|                                               
|Unitholders' contributions                      | 45,196.05  |   |  |   | 5,390,322        |   |  |   | 0             |  |  |   | 5,390,322  |  
|                                               
|Unitholders' redemptions                        | (60,956.31 | ) |  |   | (7,021,324       | ) |  |   | 0             |  |  |   | (7,021,324 | )
|                                               
|Unitholders' capital at September 30, 2002      | 422,248.43 |   |  | $ | 60,371,941       |   |  | $ | 822,757       |  |  | $ | 61,194,698 |  
|                                               
|Net asset value per unit January 1, 2002        |            |   |  |   | 111.63           |   |  |   | 111.63        |  |  |   |            |  
|                                               
|Net profit per unit                             |            |   |  |   | 31.35            |   |  |   | 31.35         |  |  |   |            |  
|                                               
|Net asset value per unit September 30, 2002     |            |   |  | $ | 142.98           |   |  | $ | 142.98        |  |  |   |            |  
|                                               
|* Units of Beneficial Ownership.               
|                                               
|See accompanying notes to financial statements.

# JWH GLOBAL TRUST
     NOTES TO FINANCIAL STATEMENTS

September 30, 2002

## (1)  General Information and Summary

JWH Global Trust (the
Trust), a Delaware business 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. The
Managing Owner of the Trust is CIS Investments, Inc. (CISI). The clearing broker
is Cargill Investor Services, Inc. (Clearing Broker or CIS), the parent company
of CISI. The broker for forward contracts is CIS Financial Services, Inc. (CISFS
or Forwards Currency Broker), an affiliate of CISI. The Clearing Broker and the
Forwards Currency Broker will collectively be referred to as the Brokers.

Units of beneficial
ownership of the Trust commenced selling on April 3, 1997 and trading began on
June 2, 1997. The initial amount offered for investment was $50,000,000. On
September 26, 1997, the Trust registered an additional $155,000,000 for further
investment and continued the offering. By September 30, 2002, a total of
1,249,349.35 units representing an investment for $132,860,918.18 of beneficial
ownership interest had been sold in the combined offerings. In addition, during
the offerings, the Managing Owner purchased a total of 8,602.73 units,
representing a total investment of $885,058. See the JWH Global Trust prospectus
for further details of the offering.

The Trust will be
terminated on December 31, 2026, if none of the following occur prior to that
date: (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)
disassociation of the Managing Owner with the Trust; (3) bankruptcy of the
Trust; (4) a decrease in the net asset value (NAV) to less than $2,500,000; (5)
a decline in the NAV 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.

## (2)  Summary of Significant Accounting Policies

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

## 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 and losses on open
contracts reflected in the statements of financial condition represent the
difference between original contract amount and market value (as determined by
exchange settlement prices for futures contracts and related options and cash
dealer prices at a predetermined time for forward contracts, physical
commodities, and their related options) as of the last business day of the year
or as of the last date of the financial statements.

The Trust earns interest on
its assets on deposit at the Brokers at 100% of the 91-day Treasury bill rate
for deposits denominated in U.S. dollars, and at the rates agreed between the
Trust and CIS and CISFS for deposits denominated in other currencies.

## 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 trading day of any month of the Trust based on the NAV per unit on five
days written notice to the Managing Owner. Payment will be made within ten
business days of the effective date of the redemption. Any redemption made
during the first 11 months of the investment is subject to a 3% redemption
penalty. Any redemption made in the 12th month of investment or later will not
be subject to any penalty. The Trusts Amended and Restated Declaration and
Agreement of Trust contains a full description of redemption and distribution
policies.

## Organizational and Offering Costs

Initial organizational and
offering costs advanced to the Trust were amortized over the first 60 months of
the Trusts operations, subject to a maximum monthly payment of 1/60 of 2%
of the month-end net assets. Ongoing offering costs, subject to a ceiling of
0.5% of the Trusts, average month-end net assets, are paid by the Trust
and expensed as incurred.

## Commissions

Commodity brokerage
commissions are typically paid for each trade transacted and are referred to as
round-turn commissions. These commissions cover both the initial
purchase (or sale) and the subsequent offsetting sale (or purchase) of a
commodity futures contract. The Trust does not pay commodity brokerage
commissions on a per-trade basis, but rather pays monthly flat-rate Brokerage
Fees at the annual rate of 6.5% (or a monthly rate of approximately 0.542%) of
the Trusts average month-end assets after reduction of the management fee.
CIS receives these Brokerage Fees irrespective of the number of trades executed
on the Trusts behalf. The amount paid to CIS is reduced by exchange fees
paid by the Trust.

## Foreign Currency Transactions

Trading accounts in foreign
currency denominations are susceptible both to movements in the underlying
contract markets as well as to fluctuation in currency rates. Translation of
foreign currencies into U.S. dollars for closed positions are translated 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.

## 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.

## (3)  Fees

Management fees are accrued
and paid monthly, incentive fees are accrued monthly and paid quarterly. Trading
decisions for the period of these financial statements were made by John W.
Henry & Company, Inc. (JWH) utilizing three of its trading programs, the JWH
GlobalAnalytics Family of Programs, the Financial and Metals Portfolio, and the
G-7 Currency Portfolio.

Under signed agreement,
prior to October 1, 2000, JWH received a monthly management fee of 1/12 of 4% of
the Trusts month-end net assets after deduction of a portion of the
Brokerage Fees at an annual rate of 1.25% of month-end Trust assets but before
deduction of any management fees, redemptions, distributions, or incentive fee
accrued or payable as of the relevant month end. Effective October 1, 2000, the
agreement with JWH was changed to reduce the monthly management fee to 1/12 of
2% of the month-end net assets after the deductions.

Also, under signed
agreement, prior to October 1, 2000, the Trust paid to JWH a quarterly incentive
fee equal to 15% of the new trading profits of the Trust. The incentive fee is
based on the overall performance of the Trust, not individually in respect of
the performance of the individual programs utilized by the Trust. This fee is
also calculated by deducting a portion of the Brokerage Fees at an annual rate
of 1.25%. Effective October 1, 2000, the agreement with JWH was changed to
increase the incentive fee to 20% of the new trading profits.

## (4)  Income Taxes

No provisions 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 Trust is responsible for the Illinois State Partnership
Information and Replacement Tax based on the operating results of the Trust.
Such tax amounted to $0 for the quarters ended September 30, 2002 and 2001 and
is included in operating expenses in the statement of operations.

## (5)  Trading Activities and Related Risks

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

The purchase and sale of
futures requires margin deposits with a Futures Commission Merchant (FCM).
Additional deposits may be necessary for any loss on contract value. The
Commodity Exchange Act (CE Act) requires a 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 a FCM are considered commingled with all other customer funds subject to
the FCMs segregation requirements. In the event of a 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 affiliate interbank market maker in connection with its trading
of forward contracts. In the event of interbank market makers insolvency,
recovery of the Trust assets on deposit may be limited to account insurance or
other protection afforded such deposits. In the normal course of business, the
Trust does not require collateral from such interbank market maker. Because
forward contracts are traded in unregulated markets between principals, the
Trust also assumes a credit risk, the risk of loss from counter party
non-performance.

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

Net trading results from
derivatives for the periods ended September 30, 2002 and 2001, are reflected in
the statements of operations and equal gains (losses) from trading less
brokerage commissions. Such trading results reflect the net gain arising from
the Trusts speculative trading of futures contracts and forward contracts.

The notional amounts of
open contracts at September 30, 2002, as disclosed in the Schedule of
Investments, do not represent the Trusts risk of loss due to market and
credit risk, but rather represent the Trusts extent of involvement in
derivatives at the date of the statement of financial condition.

The Beneficial Owners bear
the risk of loss only to the extent of the market value of their respective investments.

## (6)  Financial Statement Preparation

The interim financial
statements are unaudited but reflect all adjustments that are, in the opinion of
management, necessary for a fair statement of the results for the interim
periods presented. These adjustments consist primarily of normal recurring
accruals. These interim financial statements should be read in conjunction with
the audited financial statements of the Trust for the year ended December 31,
2001, as filed with the Securities and Exchange Commission (SEC) on March 29,
2002, as part of its Annual Report on Form 10-K.

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

## (7)  Financial Highlights

The following financial
highlights show the Trusts financial performance for the nine month period
ended September 30, 2002. Total return is calculated as the change in the
theoretical beneficial owners investment over the entire period. Total
return is calculated based on the aggregate return of the Trust taken as a
whole.

|Total return                          | 28.08% | 
|------------------------------------- | ------ | 
|                                      |        | 
|Ratio to
         average net assets: |        | 
|Net Income                            | 26.64% | 
|                                      |        | 
|Expenses:                             |        | 
|Expenses                              | 7.19%  | 
|Incentive fees                        | 5.50%  | 
|Total expenses                        | 12.69% | 

The net investment income
and operating expenses ratios are computed based upon the weighted average net
assets for the Trust for the nine month period ended September 30, 2002.

# JWH GLOBAL TRUST
    Schedule of Investments

September 30, 2002

|                                                        | Number of
        contracts |           | Principal
        (notional) |  |   | Value (OTE) |  
|------------------------------------------------------- | --------------------------- | --------- | ---------------------------- |  | - | ----------- | -
|Long positions                                         
|Futures positions (6.44%)                              
|Agriculture                                             | 287                         |           | 3,803,449                    |  | $ | 257,944     |  
|Energy                                                  | 185                         |           | 5,395,160                    |  |   | 102,317     |  
|Interest Rates                                         
|ERX E BUND                                              | 354                         |           | 39,374,787                   |  |   | 821,609     |  
|CBT T-BOND                                              | 128                         |           | 456,320                      |  |   | 690,968     |  
|CBT 10Y TN                                              | 125                         |           | 450,352                      |  |   | 571,727     |  
|CBT 5YR TN                                              | 52                          |           | 185,396                      |  |   | 192,156     |  
|SFE BILLS                                               | 33                          |           | 1,702,596                    |  |   | 8,622       |  
|IMM EURDLR                                              | 181                         |           | 44,354,050                   |  |   | 231,400     |  
|LF S.STRLG                                              | 223                         |           | 42,034,682                   |  |   | 157,338     |  
|LF EURO SF                                              | 72                          |           | 12,083,310                   |  |   | 32,308      |  
|LF GILT                                                 | 64                          |           | 12,121,206                   |  |   | 315,296     |  
|ERX E BOBL                                              | 165                         |           | 17,896,891                   |  |   | 289,933     |  
|SFE 3Y BND                                              | 190                         |           | 9,806,953                    |  |   | 70,498      |  
|SFE 10Y BD                                              | 162                         |           | 8,332,682                    |  |   | 176,160     |  
|ERX E SCTZ                                              | 100                         |           | 10,376,039                   |  |   | 86,812      |  
|TSE YEN BD                                              | 42                          |           | 48,403,293                   |  |   | (54,586     | )
|LIFE EURIB                                              | 182                         |           | 43,604,394                   |  |   | 152,785     |  
|Metals                                                  | 308                         |           | 10,113,576                   |  |   | (160,140    | )
|                                                        |                             |           | 310,495,136                  |  |   | 3,943,147   |  
|Forward positions (0.46%)                              
|Currencies                                              | 31                          |           | 137,275,793                  |  |   | 279,522     |  
|Total long positions                                    |                             |           | 447,770,929                  |  | $ | 4,222,669   |  
|                                                       
|Short positions                                        
|Futures positions (1.24%)                              
|Agriculture                                             | 14                          |           | 310,940                      |  | $ | (4,590      | )
|Metals                                                  | 312                         |           | 10,229,646                   |  |   | 208,945     |  
|Indices                                                 | 216                         |           | 10,054,222                   |  |   | 552,319     |  
|                                                        |                             |           | 20,594,808                   |  |   | 756,674     |  
|                                                       
|Forward positions (-1.31%)                             
|Currencies                                              | 27                          |           | 125,167,241                  |  |   | (801,948    | )
|Total short positions                                   |                             |           | 145,762,049                  |  | $ | (45,274     | )
|                                                       
|Total open contracts (6.83%)                            | $                           | 4,177,394 |                             
|Cash on deposit with brokers (95.45%)                   | 58,408,986                  |          
|Other assets in excess of
         liabilities (-2.27%) | (1,391,683                  | )        
|Net assets (100%)                                       |                             |           |                              |  | $ | 61,194,698  |  

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

## Fiscal Quarter ended September 30, 2002

The Trust posted a gain of
$6,258,138 or $14.82 per unit in the third quarter of 2002. As of
September 30, 2002, the Trust has made 42.98% since inception.

The Trust was up throughout
the quarter. On September 30, 2002, the JWH was managing 100% of the
Trusts assets. Approximately 30% of the assets were allocated to each of
the JWH GlobalAnalytics® Family of Programs and the G-7 Currency Portfolio.
Approximately 40% of the Trusts assets were allocated to JWHs
Financial and Metals Portfolio.

The Trust began the quarter
with strong performance in July despite extreme volatility in all market
sectors. Interest rates were the highlight in July. The downward trend in global
interest rates accelerated during July. Sizable gains were accrued in short-term
interest rates denominated in British pounds and Euros. Long positions in the
U.S. 5, 10 and 30 year bonds were also very profitable. The currency sector was
slightly negative after having been the star performer in the second quarter.
The Dollars weakness versus the British pound produced profits but could
not offset losses absorbed in Japanese yen and Euro trading. Aided by accounting
scandals and decreased consumer confidence, the worlds stock markets
plunged, aiding the Trusts short positions in the German and Japan stock
indices. The Trusts long positions in the metals sector were hurt when
gold prices fell sharply but were rewarded when short positions in industrial
metals such as copper and aluminum accrued profits. Dry weather triggered fears
of a sharply reduced harvest. This aided the Trusts long positions in the
soybean and corn markets. Overall, the Trust recorded a gain of $3,095,470 or
$7.33 per unit in July.

Profitable trading in the
interest rate sector allowed the Trust to record a positive return in August.
Fears of new accounting woes continued to erode consumer confidence in the U.S.
and aided a bond market rally. As stocks sold off late in the month, the
Trusts long positions in the 5, 10, and 30 year U.S. bond markets
appreciated significantly. Japanese government bond prices rose as well and were
extremely profitable for the Trust. Long positions in Euro denominated bonds led
the balance of the positive contributions in this sector. Performance in the
currency sector continued to slip. The long-term downward trend of the U.S.
dollar ceased and, in fact, moved in a slightly negative direction. The biggest
loss was taken in the British pound where choppy markets created
losses in both long and short positions. Speculation on a potential attack on
Iraq pushed energy prices higher. Four of the five markets traded in the energy
sector were profitable. However, a short position in natural gas was enough to
negate much of the other energy markets gains. The stock index and metal sectors
had little effect on the Trusts performance. Overall, the Trust recorded a
gain of $610,411 or $1.45 per unit in August.

The Trust posted positive
performance for the fifth consecutive month in September. The U.S. economy
continued to lead other industrialized nations in a global economic slowdown.
Subsequently, interest rates denominated in Euros, British pounds, Australian
dollars and most significantly, Japanese yen, continued to fall providing
positive returns for the Trust. The most profitable markets in this sector were
the US 10-year bond, German bund, and British treasury bill. The currency sector
was the poorest performing sector in September. Gains made in long Euro / short
Japanese yen positions were more then offset by losses absorbed in U.S. dollar
trading. The global slowdown enhanced performance in the stock index sector.
Short positions in the U.S., German and Japanese indices prospered. The energy
markets were also positive as long positions in crude oil, natural gas and
heating oil posted gains. Returns in the metal and agricultural sectors were
negligible. Overall, the Trust recorded a gain of $2,552,257 or $6.04 per unit
in September.

During the quarter there
were 20,215.32 units sold to the beneficial owners for an investment of
2,809,734. Investors redeemed a total of 14,255.30 units during the quarter. At
the end of the quarter, there were 422,248.43 units outstanding owned by the
beneficial owners and 5,754.50 units outstanding owned by the Managing Owner.

During the fiscal quarter
ending September 30, 2002, the Trust had no material credit exposure to a
counter-party which is a foreign commodity exchange or to any counter parties
dealing in over the counter contracts.

## Fiscal Quarter ended September 30, 2001

The Trust recorded a gain
of $560,393 or $1.30 per unit in the third quarter of 2001. The Trust was up
2.50% for the first three quarters of 2001. As of September 30, 2001, the Trust
gained 17.46% since inception.

After being down in July,
the Trust was up in August and September. On September 30, 2001, JWH was
managing 100% of the Trusts assets. Approximately 30% of the assets were
allocated to each of JWHs Global Analytics® Family of Programs and
G-7 Currency Portfolio. Approximately 40% of the Trusts assets were
allocated to JWHs Financial and Metals Portfolio.

In July, the Trust endured
negative performance as unclear economic signals made for erratic financial
markets. In the interest rate sector, the Trust made money in the geographic
areas. However, losses stemming from concerns about the financing of the growing
debt in Japan reversed the long-term upward trend of that market and reduced
open trade profits. Currency markets continued to challenge market participants.
Long-term trends indicated strength in the U.S. dollar versus all other major
currencies. However, in July, some currency markets bounced after
reaching new lows against the U.S. dollar. This resulted in losses for the
Trusts positions in the industrial metal position. However, long positions
in gold reduced this sectors profitability. The Trusts exposure in
the commodity sector remained very small. Overall, the Trust recorded a loss of
$2,119,277 or $4.95 per unit in July.

In August, the Trust
enjoyed a positive month due to the continued slowing of the global economy.
Reductions in the official lending rates of the United States and Euro
denominated markets put downward pressure on interest rates throughout the
month. Profits were accrued from various positions ranging from short-term
Treasury bills to 30-year bonds. Interest rate trading was profitable in all
geographic regions except Japan. The currency sector posted a positive result
due to trading in European markets. Long positions in the Euro, Swiss franc, and
British pound against the U.S. dollar and Yen were quite profitable. Despite
being on the brink of economic disaster, the Yen gained value against the U.S.
dollar, which reduced the overall gains of this sector. The Trust amassed small
gains in the stock index sector area due to short positions in Japanese, German
and British stock index futures. In the energy sector, gains in heating oil were
offset by losses in all other energy markets. In metals, a rally in gold
reversed abruptly and let to small losses in that sector. Gains in cotton were
not enough for the commodity sector to post a gain. Overall, the Trust recorded
a gain of $2,014,468 or $4.71 per unit in August.

The Trust stumbled early in
September only to rally sharply and close the month positively. The continued
economic slowdown coupled with flight to quality buying allowed the
Trusts interest rate sector to exhibit strong returns. The stock index
sector was a strong positive contributor as global stock markets lost value.
However, the currency sector experienced violent swings and ultimately closed
lower. At the end of September, the Trusts largest positions were long
interest rates around the globe as well as short U.S. dollar versus the Yen,
Euro, and Swiss franc. Slightly smaller positions were held in long gold as well
as short British, Japanese and German stock indices.

On Tuesday, September 11,
2001, CIS Investments, Inc and Cargill Investor Services, Inc., the Trusts
Managing Owner and Clearing Broker respectively evacuated their Sears Tower
location to operate out of their Disaster Recovery site in suburban Chicago. All
daily functions related to the Trust, such as trade processing, accounting and
monitoring of trading activity, were performed in a routine manner. On
Wednesday, CISI and CIS resumed their normal operations from their Sears Tower
location.

The Investment Policy
Committee of JWH also met on September 11th in its Boca Raton office to review
all of the trading positions on a market by market basis and the
stops associated with each position. No material changes were made
to any positions. The Committee decided to take a day by day approach going
forward. The Trust recorded a gain of $665,202 or $1.54 per unit in September.

During the quarter there
were 16,705.95 units sold to the Beneficial Owners for an investment of
$1,936,588. Investors redeemed a total of 13,178.12 units during the quarter. At
the end of the quarter there were 425,783.91 units outstanding owned by the
Beneficial Owners and 5,754.50 units outstanding owned by the Managing Owner.

During the fiscal quarter
ending September 30, 2001, the Trust had no material credit exposure to a
counter-party which is a foreign commodity exchange or to any counter parties
dealing in over the counter contracts.

## Fiscal Quarter ended June 30, 2002

The Trust posted a gain of
$13,268,444 or $30.64 per unit in the second quarter of 2002. As of June 30,
2002, the Trust has made 28.16% since inception.

The Trust was up
substantially in the quarter. On June 30, 2002, the JWH was managing 100% of the
Trusts assets. Approximately 30% of the assets were allocated to each of
the JWH GlobalAnalytics® Family of Programs and the G-7 Currency Portfolio.
Approximately 40% of the Trusts assets were allocated to JWHs
Financial and Metals Portfolio.

The Trust began the quarter
with slightly lower performance in April. Weakness in the U.S. dollar provided
strong results in the currency sector. Profits were accrued in short Dollar
positions against the Japanese yen, Swiss franc, British pound and Euro. The
long Dollar, short Euro position was the Trusts most profitable position
in April. Performance in the interest rate sector was very disappointing. Short
positions in Dollar and Euro denominated bond markets were closed out as losses.
Our profitable long position in the Japanese government bond market offset most
of the other losses incurred by interest rate trading. Turmoil in the Middle
East lifted the energy market higher, providing small gains. The metals sector
was slightly lower as gains in gold could not offset losses in copper, silver
and aluminum. Overall, the Trust recorded a small loss of $129,119 or $0.29 per
unit in April.

The currency sector paved
the way for strong performance in May. The U.S. dollar continued to weaken
against most major currencies; most notably were the Euro, the Japanese yen and
the Swiss franc which provided strong profits. Trends in the currency markets
were aided by the U.S. Treasurys stand aside approach on the
dollar policy and the Bank of Japans failed intervention attempts. The
Australian dollar continued to rise as the currency linked to physical
commodities, due to expectations of higher global inflation. The Trusts
long Euro versus short Japanese yen position was also profitable. The stock
index sector registered modest gains during May, primarily due to the German
DAX. The steepening U.S. yield curve allowed long positions in the two, five and
ten-year bonds to accrue profits. However, performance in the 30-year bond
contract was negative. The Japanese government bond provided the largest profit
in the interest rate sector as it continued to climb. Losses were absorbed in
the Australian and European interest rate markets. The metals sector was also
positive for the month. Profits in long gold positions more than offset losses
in industrial and base metals. All in all, the Trust recorded a gain of
$3,756,934 or $8.56 per unit in May.

The JWH Global Trust
followed Mays gain with an extremely positive June. The economic drivers
that fueled the strong performance included a confluence of events influencing
the currency sector, which was the strongest performing sector due to the recent
weakness of the Dollar. The Euro gained approximately 15% on the Dollar for the
year-to-date. Investors selling U.S. stocks due to fear of additional accounting
abnormalities puts pressure on stocks as well as the Dollar. Much of the
proceeds of these sales appear to be moving into non-Dollar investments along
with global bonds and gold. The global bond market rallied as a result of money
coming from sales of equities. This flight to quality helped the
Trusts long positions in the European, Japanese and U.S. bond markets to
appreciate throughout the month. Short positions in the worlds stock
markets via stock index futures were positive contributors in June. Corn and
soybeans prices gained over 15% since lows were made in May. For June, the Trust
recorded a gain of $9,640,629 or $22.37 per unit.

During the quarter there
were 7,842.88 units sold to the beneficial owners for an investment of $834,593.
Beneficial Owners redeemed a total of 28,505.53 units during the quarter. The
Managing Owner redeemed a total of 0 units during the quarter. At the end of the
quarter there were 416,299.40 units outstanding owned by the beneficial owners
and 5,754.50 units outstanding owned by the Managing Owner.

During the fiscal quarter
ending June 30, 2002, the Trust had no material credit exposure to a
counter-party which is a foreign commodity exchange or to any counter parties
dealing in over the counter contracts.

## Fiscal Quarter ended June 30, 2001

The Trust recorded a loss
of $4,252,550 or $10.11 per unit in the second quarter of 2001. As of June 30,
2001, the Trust had gained 16.16% since inception.

On June 30, 2001, JWH was
managing 100% of the Trusts assets. Approximately 30% of the assets were
allocated to each of JWHs GlobalAnalytics® Family of Programs and G-7
Currency Portfolio. Approximately 40% of the Trusts assets were allocated
to JWHs Financial and Metals Portfolio.

In April, the Trust
suffered losses as the economy and the U.S. stock market demonstrated signs of
rebounding. An unexpected discount rate cut in the U.S., coupled with a lack of
an interest rate cut in Europe, caused trend reversals in both Euro and U.S.
dollar denominated bond markets. These reversals were negative for the Trust.
Long positions in the Japanese bond market, which had been maintained for
several months, were closed out after similar price behavior. Trading in
British, Swiss and Australian interest rates was also slightly negative. The
currency sector experienced losses in April. The biggest loss came in the Yen,
which was up against the U.S. dollar for the first month since August. The U.S.
dollar fared slightly better against the Euro, Swiss franc and the British
pound, but lost ground to each for the month. Gold rallied slightly off its low,
which reduced open trade profits and led to a small loss in the metal sector.
Petroleum prices continued trading in a volatile, sideways manner which
accounted for a small loss in energy. Overall, the Trust recorded a loss of
$3,683,039 or $8.79 per unit in April.

In May, short positions in
the Euro proved to be very profitable for the Trust. The Euro continued to erode
in value against the U.S. dollar as EU members reconsidered the need for a
common currency. Trading in the interest rate sector was challenging. Despite
rate cuts by both the Fed and the European Central Bank, many interest rate
markets moved in a trendless manner which resulted in losses. Energy markets
were indecisive in May. Gains in short natural gas positions were the most
profitable while long crude oil positions incurred losses. As had been the case
for several months, the Trust had very small positions in metal and commodity
markets due to a lack of price trends. The Trust recorded a gain of $1,551,800
or $3.70 per unit in May.

In June, the Trust suffered
losses in interest rate and currency trading primarily due to the uncertainty in
the global economy. The interest rate sector experienced negative performance
largely due to the volatility associated with the U.S. Federal Reserves
rate cut. Markets failed to follow through after the cut, which led to losses in
all U.S. dollar and Euro denominated interest rate trading. Australian interest
rate trading was negative as well. The only bright spot in the interest rate
sector came from the long positions in Japanese government bonds. The
re-election of U.K. Prime Minister Tony Blair added to an already confusing
situation in the currency sector. The Euro and British pound closed the month
about unchanged against the Dollar. However, the intra-month volatility in each
of these markets triggered stop-loss selling. The Trusts long Yen/short
Euro position, which had been profitable in May, was closed due to weakness in
the Yen. Losses in crude oil and gasoline trading more then offset gains made in
short positions in natural gas. The Trust recorded a loss of $2,121,311 or $5.02
per unit in June.

During the quarter there
were 23,428.07 units sold to the beneficial owners for an investment of
$2,774,455. Investors redeemed a total of 14,501.65 units during the quarter. At
the end of the quarter there were 422,256.08 units outstanding owned by the
beneficial owners and 5,754.50 units outstanding owned by the Managing Owner.

During the fiscal quarter
ending June 30, 2001, the Trust had no material credit exposure to a
counter-party which is a foreign commodity exchange or to any counter parties
dealing in over the counter contracts.

## Fiscal Quarter ended March 31, 2002

The Trust recorded a loss
of 6,235,975 or $14.11 per unit in the first quarter of 2002. As of March 31,
the Trust has lost 2.48% since its inception in June 1997.

All three months of the
quarter were unprofitable for the Trust. On March 31, 2002, JWH was managing
100% of the Trusts assets. Approximately 30% of the assets were allocated
to each of the JWH GlobalAnalytics® Family of Programs and the G-7 Currency
Portfolio. Approximately 40% of the Trusts assets were allocated to
JWHs Financial and Metals Portfolio.

In January, performance was
positive in the currency and energy sectors while interest rate, metal, stock
index and commodity markets posted losses. The most significant gains came from
the currency sector where the Japanese Yen continued to lose value. This was
beneficial to Trust investors because the short Yen position was the largest in
the portfolio. Trading in all other currency markets was negative. The Enron
news created a flight to quality situation which led to higher U.S.
and European bond prices. These news items and others ceased the selling
activity in global bonds and caused losses in the Trusts interest rate
long positions. The energy sector posted a very small gain as short positions in
natural gas exceeded losses taken in all other energy markets. Precious metals
rallied sharply for the first time in months. Initially this was negative for
the Trust. However, by month end, a long position was taken and the loss
absorbed earlier in the month was lessened. Overall, the Trust recorded a loss
of $793,776 or $1.79 per unit in January.

During February,
fluctuating price patterns continued which led to a difficult month for the
Trust. The key element in the Trusts performance was the trend reversals
in the Japanese financial markets. The Nikkei (stock index), Japanese government
bonds and the Yen accounted for over one half of the losses in the portfolio.
Losses in the currency sector also occurred in the British pound, Swiss franc
and Euro. As earlier stated, trading in Japanese government bonds was negative
as was trading in U.S. and Euro denominated bond markets. Performance in the
energy sector was also unprofitable. Short positions in crude oil, natural gas
and gasoline suffered as prices rose. Gold prices continued to rise, which
allowed the metal sector to be positive in February.

During late February, CIS
Securities, Inc. replaced CIS as JWH Global Trusts Lead Selling Agent.
This change will not have a material effect on the business of the Trust. The
Trust recorded a loss of $2,702,058 or $6.13 per unit in February.

March was another
disappointing month. Positive returns from the energy and interest rate sectors
were overpowered by losses in the currency sector, specifically in the Yen where
Japanese corporations spurred a rally when they actively repatriated Yen for
year-end accounting purposes. This proved to be detrimental for the Trusts
short Yen position. The balance of interest rate trading amounted to additional
losses. The energy and interest rate sectors each posted gains. Profits accrued
in short positions in Euro denominated markets outweighed losses in Japanese
bond markets. Nearly all markets in the metals sector were positive. However,
gains were small due to small position sizes and small price changes. The Trust
recorded a loss of $2,740,141 or $6.19 per unit in March.

During the quarter there
were 17,137.84 units sold to the Beneficial Owners for an investment of
$1,745,995. Beneficial Owners redeemed a total of 18,195.48 units during the
quarter. The Managing Owner redeemed a total of 0 units during the quarter. At
the end of the quarter there were 436,951.05 units outstanding owned by the
Beneficial Owners and 5,754.50 units outstanding owned by the Managing Owner.

During the fiscal quarter
ending March 31, 2002, the Trust had no material credit exposure to a
counter-party, which is a foreign commodity exchange, or to any counter parties
dealing in over the counter contracts.

## Fiscal Quarter ended March 31, 2001

The Trust recorded a gain
of $4,900,063 or $11.68 per unit in the first quarter of 2001. As of March 31,
the Trust had gained 26.27% since inception.

All three months of the
quarter were profitable for the Trust. On March 31, 2001, JWH was managing 100%
of the Trusts assets. Approximately 30% of the assets were allocated to
each of the JWH GlobalAnalytics® Family of Programs and the G-7 Currency
Portfolio. Approximately 40% of the Trusts assets were allocated to
JWHs Financial and Metals Portfolio.

In early January, the
interest rate and currency sectors continued to accrue profits as they had in
the fourth quarter of 2000. However, by midmonth, these markets began to
consolidate and move against their long-term trends. The single most profitable
position in the Trusts portfolio was short Japanese yen. Long positions in
the Euro and the U.S. dollar against the Yen offset losses in other currency
markets. In the interest rate sector, the Trusts long bond positions in
various countries around the world remained the cornerstone of the portfolio.
Smaller profits were produced in almost every geographic area with European
markets leading the way. Crude and heating oil prices bounced about in a
featureless pattern. The metal sector showed signs of breaking out of its
prolonged down trend as silver, copper and aluminum rallied sharply. The Trust
recorded a gain of $853,853 or $1.95 per unit in January.

During February, the Bank
of Japan once again adopted a policy of reducing interest rates as Japans
economic recovery stalled. This allowed the Trusts long positions in
Japanese bonds to greatly appreciate in value. Smaller gains were made in long
positions in U.S., German, Great Britain, and Australian interest rates. Trading
in European currencies was negative. Both the Euro and Swiss franc traded in
erratic patterns for much of the month, which more than offset the gains made in
the Yen. OPEC agreed to cut output by 1.5 million barrels a day in order to
support prices. However, the slowing of global economies counteracted this
decrease leading to an unprofitable trading environment for the Trust. By the
end of the month, the Trust all but exited the energy sector. The Trust recorded
a gain of $43,430 or $0.11 per unit in February.

In March, the Trust
continued its positive performance. Despite a trend interruption late in the
month, trading in the interest rate sector was positive in March with some
geographic areas dramatically outperforming others. The Bank of Japans
decision to stimulate Japans economy at all costs hastened the decline of
Japanese interest rates which allowed the Trusts long Japanese bond
positions to be the most profitable in the portfolio. Gloomy growth outlooks for
Europe and Great Britain directed the U.S. interest rates was negative. The
currency sector, which had been up dramatically since September, continued its
stellar performance in March. The unyielding strength of the U.S. dollar versus
the Japanese yen was the cornerstone of the sectors performance. The Yen
lost approximately 8% to the U.S. dollar in March and approximately 17% since
September 2000. Gains also accrued in long U.S. dollar positions against the
Swiss franc and Australian dollar. Trading in the U.S. dollar versus the Euro
was slightly negative. As had been the case for several months, position sizes
in the commodity, metal, energy and stock index sectors were quite small due to
lack of price trends. The Trust recorded a gain of $4,002,780 or $9.62 per unit
in March.

During the quarter there
were 13,100.23 units sold to the Beneficial Owners for an investment of
$1,594,086. Beneficial Owners redeemed a total of 30,535.95 units during the
quarter. The Managing Owner redeemed a total of 949.41 units during the quarter.
At the end of the quarter there were 413,329.66 units outstanding owned by the
beneficial owners and 5,754.50 units outstanding owned by the Managing Owner.

During the fiscal quarter
ending March 31, 2001, the Trust had no material credit exposure to a
counter-party which is a foreign commodity exchange or to any counter parties
dealing in over the counter contracts.

## Item 3.  Quantitative and Qualitative Disclosures About Market
         Risk

There has been no material
change with respect to market risk since the Quantitative and Qualitative
Disclosures About Market Risk was made in the Form 10-K of the Trust dated
December 31, 2001.

## Item 4.  Controls and Internal Procedures

Under the supervision and
with the participation of the management of CIS Investments, Inc., 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 within 90 days of the filing
date of this quarterly report, and, based on their evaluation, the President and
Chief Financial Officer of the Managing Owner have concluded that these
disclosure controls and procedures are effective. There were no significant
changes in the Trusts internal controls or in other factors that could
significantly affect these controls subsequent to the date of their evaluation.

# PART II  OTHER INFORMATION

## Item 1.  Legal Proceedings

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

## Item 2.  Changes in Securities and Use of Proceeds

| | a)  None                                                                                                                                                                                                                
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | b)  None                                                                                                                                                                                                                
| | c)  None                                                                                                                                                                                                                
| | d)  Regulation S-K Item 701(f)                                                                                                                                                                                          
| |                                                                                                                                                                                                                         
| | (1)  The use of proceeds information
         is being disclosed for Registration Statement No. 333-33937 declared effective on September 24, 1997.                                                                     
| |                                                                                                                                                                                                                         
| | (4)(iv)  For the account of the
         issuer, the amount of Units sold as of September 30, 2002 is $132,860,918, and the aggregate offering price of the amount
         sold as of June 30, 2002 is $132,860,918.   
| |                                                                                                                                                                                                                         
| | (vi)  The net offering proceeds to
         the issuer totaled $132,860,918.                                                                                                                                            
| |                                                                                                                                                                                                                         
| | (vii)  From the
         effective date of the Registration Statements to September 30, 2002, the amount of net offering proceeds to the issuer
         for commodity futures and forward trading totaled $132,860,918.

## Item 3.  Defaults Upon Senior Securities

None

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

None

## Item 5.  Other Information

None

## Item 6.  Exhibits and Reports on Form 8-K

a)  
         Exhibits

Exhibit 99

b)  
         Reports on Form 8-K

None

# SIGNATURES

Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned and thereunto
duly authorized.

# JWH Global Trust

|Date: | November 12, 2002                                      
|----- | -------------------------------------------------------
|      |                                                        
|By:   | CIS Investment, Inc.,
         Its Managing Owner      
|      |                                                        
|      |                                                        
|By:   | /s/  Shaun D. O'Brien                                  
|      | Shaun D. O'Brien
               Chief Financial Officer

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

# CERTIFICATION

I, James A. Davison, the President of CIS Investments, Inc. ("CISI"), the
     Managing Owner of JWH Global Trust (the "Trust"), do hereby certify that:

1.  I have reviewed this quarterly report on Form 10-Q of JWH
     Global Trust;

2.  Based on my knowledge, this quarterly report does not contain
         any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this quarterly report;

3.  Based on my knowledge, the financial statements, and other
         financial information included in this quarterly report, fairly
present in all material respects the financial condition, results of operations and cash flows of the Trust as of, and for, the
periods presented in this quarterly report;

4.  The Trust's other certifying officers and I are responsible
         for establishing and maintaining disclosure controls and
procedures (as such term is defined in paragraph (c) of Exchange Act Rule 15d-14) for the Trust and we have:

| | (i)  designed such disclosure
         controls and procedures to ensure that material information relating to the Trust, including its consolidated
         subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly
         report is being prepared;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                           
| | (ii)  evaluated the effectiveness of
         the Trust's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly
         report (the "Evaluation Date"); and                                                                                                          
| |                                                                                                                                                                                                                                                                                                                           
| | (iii)  presented in this quarterly
         report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the
         Evaluation Date;                                                                                                                          

5.  The Trust's other certifying officers and I have disclosed,
         based on our most recent evaluation, to the Trust's auditors and
the audit committee of the Trust's board of directors (or persons performing the equivalent functions):

| | i)  all significant deficiencies in
         the design or operation of internal controls which could adversely affect the Trust's ability to record, process,
         summarize and report financial data and have identified for the Trust's auditors any material weaknesses in internal
         controls; and
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                    
| | (ii)  any fraud, whether or not
         material, that involves management or other employees who have a significant role in the Trust's internal controls; and                                                                                                                                                   

6.  The Trust's other certifying officers and I have indicated in
         this quarterly report whether or not there were significant
         changes in internal controls or in other factors that could significantly affect internal controls subsequent to the
         date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and
         material weaknesses.

|    |                                                                                              
|--- | ---------------------------------------------------------------------------------------------
|By: | /s/ James A. Davison                                                                         
|    | James A. Davison
         President
         CIS Investments, Inc.
         November 12, 2002

# CERTIFICATION

I, Shawn OBrien, the
Chief Financial Officer of CIS Investments, Inc. (CISI), the
Managing Owner of JWH Global Trust (the Trust), do hereby certify
that:

1.  I have reviewed this quarterly report on Form 10-Q of JWH
         Global Trust;

2.  Based on my knowledge, this quarterly report does not contain
         any untrue statement of a material fact or omit to state a
         material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
         not misleading with respect to the period covered by this quarterly report;

3.  Based on my knowledge, the financial statements, and other
         financial information included in this quarterly report, fairly
         present in all material respects the financial condition, results of operations and cash flows of the Trust as of, and
         for, the periods presented in this quarterly report;

4.  The Trust's other certifying officers and I are responsible
         for establishing and maintaining disclosure controls and
         procedures (as such term is defined in paragraph (c) of Exchange Act Rule 15d-14) for the Trust and we have:

| | (i)  designed such disclosure
         controls and procedures to ensure that material information relating to the Trust, including its consolidated
         subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly
         report is being prepared;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                           
| | (ii)  evaluated the effectiveness of
         the Trust's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly
         report (the "Evaluation Date"); and                                                                                                          
| |                                                                                                                                                                                                                                                                                                                           
| | (iii)  presented in this quarterly
         report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the
         Evaluation Date;                                                                                                                          

5.  The Trust's other certifying officers and I have disclosed,
         based on our most recent evaluation, to the Trust's auditors and
     the audit committee of the Trust's board of directors (or persons performing the equivalent functions):

| | (i)  all significant deficiencies in
         the design or operation of internal controls which could adversely affect the Trust's ability to record, process,
         summarize and report financial data and have identified for the Trust's auditors any material weaknesses in internal
         controls; and
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                     
| | (ii)  any fraud, whether or not
         material, that involves management or other employees who have a significant role in the Trust's internal controls; and                                                                                                                                                    

6.  The Trust's other certifying officers and I have indicated in
         this quarterly report whether or not there were significant
         changes in internal controls or in other factors that could significantly affect internal controls subsequent to the
         date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and
         material weaknesses.

|    |                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------
|By: | /s/ Shaun D. O'Brien                                                                                       
|    | Shaun D. O'Brien
         Chief Financial Officer
         CIS Investments, Inc.
         November 12, 2002