# 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 June 30, 2005
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.)

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 12b-2
of the Exchange Act).
 |_| Yes       |X| No

The number of units outstanding, as of June 30, 2005, is 2,304,347.03.

|TABLE OF CONTENTS                                                                                              
|---------------------------------------------------------------------------------------------------------------
|                                                                                                               
|                                                                                                               
|                                                                                                               
|PART I.   FINANCIAL INFORMATION                                                                                
|                                                                                                               
|Item 1.  
        Financial Statements                                                                         
|                                                                                                               
|                                                                                                               
|                                                                                                               
|                                                                                                               
|                                                                                                               
|                                                                                                               
|Item 2.  
        Management's Discussion and Analysis of Financial
        Condition and Results of Operations
|                                                                                                               
|Item 3.  
        Quantitative and Qualitative Disclosures About
        Market Risk                           
|                                                                                                               
|Item 4.  
        Controls and Procedures                                                                      
|                                                                                                               
|Item 5.  
        Subsequent Event                                                                             
|                                                                                                               
|                                                                                                               
|PART II.  OTHER INFORMATION                                                                                    
|                                                                                                               
|Item 1.  
        Legal Proceedings                                                                            
|                                                                                                               
|Item 2.  
        Unregistered Sales of Securities and Use of Proceeds                                         
|                                                                                                               
|Item 3.  
        Defaults Upon Senior Securities                                                              
|                                                                                                               
|Item 4.  
        Submission of Matters to a Vote of Security Holders                                          
|                                                                                                               
|Item 5.  
        Other Information                                                                            
|                                                                                                               
|Item 6.  
        Exhibits                                                                                     
|                                                                                                               
|SIGNATURES                                                                                                     
|                                                                                                               
|EXHIBIT 31.01 -Certification of Principal Executive Officer                                                    
|                                                                                                               
|EXHIBIT 31.02 -Certification of Principal Financial Officer                                                    
|                                                                                                               
|EXHIBIT 32.01 -Section 1350 Certifications                                                                     
|                                                                                                               

# PART I -
        FINANCIAL INFORMATION

## Item 1. Financial Statements

(Following
        are Financial Statements for the fiscal quarter ended June 30, 2005
        and the additional time frames as noted:

|                                          | Fiscal Quarter
        Ended 06/30/05 | Year to Date
        Ended 06/30/05 | Fiscal Year
        Ended 12/31/04 | Fiscal Quarter
        Ended 06/30/04 | Year to Date
        Ended 06/30/04
|----------------------------------------- | ------------------------------------- | ----------------------------------- | ---------------------------------- | ------------------------------------- | -----------------------------------
|                                         
|Statements of Financial Condition         | X                                     |                                     | X                                  |                                       |                                    
|                                         
|Statements 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

|                                                                                                                                            |   | June 30, 2005 |  |   | Dec 31, 2004
|------------------------------------------------------------------------------------------------------------------------------------------- | - | ------------- |  | - | ------------
|
|ASSETS                                                                                                                                      |  
|Assets:                                                                                                                                    
|Equity in commodity futures trading accounts:                                                                                               |  
|Cash on deposit with Brokers                                                                                                                | $ | 298,650,612   |  |   | 312,053,398 
|Unrealized gain on open contracts                                                                                                           |   | 27,562,040    |  |   | 22,802,365  
|                                                                                                                                            |   |               |  |   |             
|                                                                                                                                            |   | 326,212,652   |  |   | 334,855,763 
|                                                                                                                                           
|Receivable for units sold                                                                                                                   |   | 1,989,122     |  |   | 7,210,442   
|Interest receivable                                                                                                                         |   | 729,415       |  |   | 561,543     
|                                                                                                                                            |   |               |  |   |             
|Total assets                                                                                                                                | $ | 328,931,189   |  |   | 342,627,748 
|                                                                                                                                            |   |               |  |   |             
|LIABILITIES AND UNITHOLDERS' CAPITAL                                                                                                        |  
|Liabilities:                                                                                                                               
|Accrued commissions                                                                                                                         | $ | 1,615,980     |  |   | 1,667,412   
|Accrued management fees                                                                                                                     |   | 544,364       |  |   | 558,459     
|Accrued incentive fees                                                                                                                      |   | -             |  |   | 4,531,999   
|Accrued ongoing offering expenses                                                                                                           |   | -             |  |   | 136,802     
|Accrued operating expenses                                                                                                                  |   | 16,226        |  |   | 90,000      
|Redemptions payable                                                                                                                         |   | 6,664,880     |  |   | 3,602,667   
|                                                                                                                                            |   |               |  |   |             
|Total liabilities                                                                                                                           |   | 8,841,450     |  |   | 10,587,339  
|                                                                                                                                            |   |               |  |   |             
|Unitholders' capital:                                                                                                                      
|Beneficial owners ( 2,280,393.89 and 2,211,539.65 units outstanding at
                  June 30, 2005 and December 31, 2004, respectively) |   | 316,762,587   |  |   | 328,509,395 
|Managing owner (23,953.14 and 23,771.70 units outstanding at
               June 30, 2005 and December 31, 2004)                            |   | 3,327,152     |  |   | 3,531,014   
|                                                                                                                                            |   |               |  |   |             
|Total unitholders' capital                                                                                                                  |   | 320,089,739   |  |   | 332,040,409 
|                                                                                                                                            |   |               |  |   |             
|Total liabilities and unitholders' capital                                                                                                  | $ | 328,931,189   |  | $ | 342,627,748 
|                                                                                                                                            |   |               |  |   |             
|See accompanying notes to financial statements.                                                                                            

JWH GLOBAL TRUST 
        Statements of Operations
        (unaudited)

|                                                                      |   | April 1, 2005through
        June 30, 2005 |  |  | Jan 1, 2005through
        June 30, 2005 |  |  | April 1, 2004through
        June 30, 2004 |  |  | Jan 1, 2004through
        June 30, 2004 | 
|--------------------------------------------------------------------- | - | ------------------------------------------ |  |  | ---------------------------------------- |  |  | ------------------------------------------ |  |  | ---------------------------------------- | 
|                                                                      |   | Current Qtr                                |  |  | Year to Date                             |  |  | Current Qtr                                |  |  | Year to Date                             | 
|Revenues:                                                            
|Gain (loss) on trading of commodity contracts:                        |  
|Realized gain (loss) on closed positions                              | $ | 12,533,710                                 |  |  | (15,989,818)                             |  |  | (38,067,806)                               |  |  | (23,106,452)                             | 
|Change in unrealized loss on open positions                           |   | 18,655,004                                 |  |  | 4,759,675                                |  |  | (9,820,533)                                |  |  | (18,675,790)                             | 
|Interest income                                                       |   | 2,089,452                                  |  |  | 4,028,317                                |  |  | 709,550                                    |  |  | 1,217,169                                | 
|Foreign currency transaction gain (loss)                              |   | 2,420                                      |  |  | (543,925)                                |  |  | (279,731)                                  |  |  | (212,566)                                | 
|                                                                      |   |                                            |  |  |                                          |  |  |                                            |  |  |                                          | 
|Total revenues                                                        |   | 33,280,586                                 |  |  | (7,745,751)                              |  |  | (47,458,520)                               |  |  | (40,777,639)                             | 
|                                                                      |   |                                            |  |  |                                          |  |  |                                            |  |  |                                          | 
|Expenses:                                                            
|Commissions                                                           |   | 4,506,070                                  |  |  | 8,900,828                                |  |  | 3,495,095                                  |  |  | 6,908,207                                | 
|Exchange, clearing and NFA fees                                       |   | 38,143                                     |  |  | 75,476                                   |  |  | 29,728                                     |  |  | 54,716                                   | 
|Management fees                                                       |   | 1,515,157                                  |  |  | 2,992,929                                |  |  | 1,176,799                                  |  |  | 2,323,814                                | 
|Incentive fees                                                        |   | -                                          |  |  | -                                        |  |  | -                                          |  |  | 861,423                                  | 
|Ongoing offering expenses                                             |   | 241,278                                    |  |  | 608,528                                  |  |  | 292,462                                    |  |  | 575,374                                  | 
|Operating expenses                                                    |   | 97,931                                     |  |  | 193,447                                  |  |  | 65,000                                     |  |  | 110,000                                  | 
|                                                                      |   |                                            |  |  |                                          |  |  |                                            |  |  |                                          | 
|Total expenses                                                        |   | 6,398,579                                  |  |  | 12,771,208                               |  |  | 5,059,084                                  |  |  | 10,833,534                               | 
|                                                                      |   |                                            |  |  |                                          |  |  |                                            |  |  |                                          | 
|Net income (loss)                                                     | $ | 26,882,007                                 |  |  | (20,516,959)                             |  |  | (52,517,604)                               |  |  | (51,611,173)                             | 
|                                                                      |   |                                            |  |  |                                          |  |  |                                            |  |  |                                          | 
|Income (loss) per unit of beneficial ownership interest *             | $ | 11.48                                      |  |  | (9.63)                                   |  |  | (29.15)                                    |  |  | (28.01)                                  | 
|Income (loss) per unit of managing ownership interest *               | $ | 11.48                                      |  |  | (9.63)                                   |  |  | (29.15)                                    |  |  | (28.01)                                  | 
|                                                                     
|* Represents the increase (decrease) in unit
value during the period.
|                                                                     
|See accompanying notes to financial
statements.                      

JWH GLOBAL TRUST 
        Statement of Changes in Unitholders' Capital
        From January 1, 2005 through June 30, 2005
        (unaudited)

|                                                  | Units*       |  |  |   | BeneficialOwners |  |  |  | ManagingOwner |  |  |  | Total        | 
|------------------------------------------------- | ------------ |  |  | - | ---------------- |  |  |  | ------------- |  |  |  | ------------ | 
|                                                 
|Unitholders' capital at January 1,2005            | 2,211,539.65 |  |  | $ | 328,509,395      |  |  |  | 3,531,014     |  |  |  | 332,040,409  | 
|                                                 
|Net loss                                          |              |  |  |   | (20,289,737)     |  |  |  | (227,222)     |  |  |  | (20,516,959) | 
|                                                 
|Unitholders' contributions                        | 229,133.74   |  |  |   | 29,457,390       |  |  |  | 23,360        |  |  |  | 29,480,750   | 
|Unitholders' redemptions                          | (160,279.50) |  |  |   | (20,914,461)     |  |  |  | -             |  |  |  | (20,914,461) | 
|                                                  |              |  |  |   |                  |  |  |  |               |  |  |  |              | 
|Unitholders' capital at June 30, 2005             | 2,280,393.89 |  |  | $ | 316,762,587      |  |  |  | 3,327,152     |  |  |  | 320,089,739  | 
|                                                  |              |  |  |   |                  |  |  |  |               |  |  |  |              | 
|Net asset value per unit January 1,2005           |              |  |  | $ | 148.54           |  |  |  | 148.54        |  |  |  |              | 
|                                                 
|Net loss per unit                                 |              |  |  |   | (9.63)           |  |  |  | (9.63)        |  |  |  |              | 
|                                                  |              |  |  |   |                  |  |  |  |               |  |  |  |              | 
|Net
        asset value per unit at June 30, 2005 |              |  |  | $ | 138.91           |  |  |  | 138.91        |  |  |  |              | 
|                                                  |              |  |  |   |                  |  |  |  |               |  |  |  |              | 
|* Units of Beneficial Ownership.                 
|                                                 
|See accompanying notes to financial
statements.  

|JWH GLOBAL TRUST L.P.
        Condensed Schedule of Investments
        June 30, 2005
        (unaudited)
|---------------------------------------------------------------------------------------------------------
|
|Long positions                                                                                           
|Futures positions (2.56%)                                                                                
|Agriculture                                                                                              
|Interest Rates                                                                                           
|Metals                                                                                                   
|Indices                                                                                                  
|Energy                                                                                                   
|                                                                                                         
|                                                                                                         
|                                                                                                         
|Forward positions (-3.25%)                                                                               
|Australian Dollar                                                                                        
|British Pound                                                                                            
|Canadian Dollar                                                                                          
|European Euro                                                                                            
|Japanese yen                                                                                             
|Swiss Franc                                                                                              
|                                                                                                         
|                                                                                                         
|                                                                                                         
|Total long positions                                                                                     
|                                                                                                         
|Short positions                                                                                          
|Futures positions (-0.12%)                                                                               
|Agriculture                                                                                              
|Metals                                                                                                   
|Indices                                                                                                  
|                                                                                                         
|                                                                                                         
|                                                                                                         
|Forward positions (9.42%)                                                                                
|Australian Dollar                                                                                        
|British Pound                                                                                            
|Canadian Dollar                                                                                          
|European Euro                                                                                            
|Japanese yen                                                                                             
|Swiss Franc                                                                                              
|                                                                                                         
|                                                                                                         
|                                                                                                         
|Total short positions                                                                                    
|                                                                                                         
|Total open contracts (8.61%)                                                                             
|Cash on deposit with brokers (93.30%)                                                                    
|Liabilities in excess of other assets (-1.91%)                                                           
|                                                                                                         
|Net assets (100.0%)                                                                                      
|                                                                                                         
|See
accompanying notes to financial statements.                                                          

# JWH GLOBAL TRUST
       NOTES TO FINANCIAL STATEMENTS
       June 30, 2005
        (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.  The Managing Owner of the Trust is CIS Investments, Inc.
(CISI).  The clearing broker is Cargill Investor Services, Inc. (Clearing Broker or CIS), an affiliate of CISI.  The broker for
forward contracts is CIS Financial Services, Inc. (CISFS or Forwards Currency Broker), also an affiliate of CISI.  The Clearing
Broker and the Forwards Currency Broker collectively will 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 24, 1997, July 2, 2003,
and again on November 1, 2004, the Trust registered an additional $155,000,000, $300,000,000, and $500,000,000, respectively, for
further investment and continued the offering.  By June 30, 2005, a total of 3,531,097.14 units representing an investment for
$455,119,498.39 of beneficial ownership interest had been sold in the combined offerings.  In addition, during the offerings, the
Managing Owner purchased a total of 26,914.33 units, representing a total investment of $3,558,587.56.  Refer to 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 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.

## (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 in 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 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 Net Asset Value per unit on such date 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 eleven months of 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 Sixth Amended and Restated Declaration and
Agreement of Trust contains a full description of redemption and distribution policies.

## Ongoing Offering Costs

In the first five months, the Trust has been charged at a rate of 0.50% of
average month-end net assets for ongoing offering costs, which was based on historical expenditures.   Current expenditures have been
accruing at a lower rate, therefore, no expenses were charged to the Trust in June and the amount charged in subsequent months may
also be reduced to reflect the actual costs paid by CISI on behalf of the Trust.

## 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.  Effective July 1, 2003, CIS lowered this fee from the annual rate of 6.5%
(or approximately 0.542% per month) to 6.0% (or 0.50% per month) of the Trust's 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.

Certain large investors are eligible for a "Special Brokerage Fee Rate" of 4.5%
per year.  As of June 30, 2005, there were no such eligible investors in the Trust.

## 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.  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, JWH receives a monthly management fee of 0.167% (a 2%
annual rate) of the Trust's month-end net assets calculated after deduction of a portion of the Brokerage Fee at an annual rate of
1.25% of month-end Trust net assets, but before reduction for any incentive fee or other costs and before inclusion of purchases and
redemptions for the month.

Also, under signed agreement, the Trust pays to JWH a quarterly incentive fee
equal to 20% of the new trading profits, if any, of the Trust.  The incentive fee is based on the overall performance of the Trust,
not individually in respect of the performance of the individual programs utilized by the Trust.  This fee is also calculated by
deducting 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.

## (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 (CEAct)
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 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.  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, 2005 and
2004, are reflected in the statements of operations and equal gain 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 June 30, 2005, as disclosed in the
Condensed Schedule of Investments, do not represent the Trust's risk of loss due to market and credit risk, but rather represent the
Trust's extent of involvement in derivatives at the date of the statement of financial condition.

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

## (6)    Financial Highlights

The following financial
highlights show the Trust's financial performance for the six-month period
ended June 30, 2005.  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.

|Net Asset Value per unit At December 31, 2004 |  | $ | 148.54 
|--------------------------------------------- |  | - | -------
|Loss per unit                                 |  |   | (9.63) 
|Net Asset Value per unit At June 30, 2005     |  | $ | 138.91 
|Total Return:                                 |  |   |        
|Total return before incentive fee             |  |   | (6.48)%
|Less incentive fee allocation                 |  |   | 0.00%  
|Total return                                  |  |   | (6.48)%
|Ratio to average net assets:                  |  |   |        
|Net loss                                      |  |   | (6.76)%
|Expenses:                                     |  |   |        
|Expenses:                                     |  |   | 4.21%  
|Incentive fees                                |  |   | 0.00%  
|Total expenses                                |  |   | 4.21%  

The net loss and expense
ratios are computed based upon the weighted average net assets for the Trust
for the six-month period ended June 30, 2005. The amounts are not annualized.

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

## (a)    Capital Resources

The Trust's capital resources fluctuate based upon the purchase and redemption
of units and the gains and losses of the Trust's trading activities.   The amount of assets invested in the Trust generally does not
affect its performance, as typically this amount is not a limiting factor on the positions acquired by JWH, and the Trust's expenses
are primarily charged as a fixed percentage of its asset base, however large.

The Trust's involvement in the futures and forward markets exposes the Trust to
both market risk - the risk arising from changes in the market value of the futures and forward contracts held by the Trust - and
credit risk - the risk that another party to a contract will fail to perform its obligations according to the terms of the contract.
The Trust is exposed to a market risk equal to the value of the futures and forward contracts purchased and theoretically unlimited
risk of loss on contracts sold short.  JWH monitors the Trust's trading activities and attempts to control the Trust's exposure to
market risk by, among other things, refining its trading strategies, adjusting position sizes of the Trust's futures and forward
contacts and re-allocating Trust assets to different market sectors.  The Trust's primary exposure to credit risk is its exposure to
the non-performance of the Forwards Currency Broker.  The Forwards Currency Broker generally enters into forward contracts with
large, well-capitalized institutions and then enters into a back-to-back contract with the Trust.  The Trust also may trade on
exchanges that do not have associated clearinghouses whose credit supports the obligations of its members and operate as principals
markets, in which case the Trust will be exposed to the credit risk of the other party to such trades.

The Trust's trading activities involve varying degrees of off-balance sheet risk
whereby changes in the market values of the futures and forward contracts underlying the financial instruments or the Trust's
satisfaction of the obligations may exceed the amount recognized in the statement of financial condition of the Trust.

The Trust borrows only to a limited extent and only on a strictly short-term
basis in order to finance losses on non-U.S. dollar denominated trading positions pending the conversion of the Trust's dollar
deposits.  These borrowings are at a prevailing short-term rate in the relevant currency.  They have been immaterial to the Trust's
operation to date and are expected to continue to be so.

## (b)   Liquidity

The Trust's assets are held in brokerage accounts with CIS and CISFS.  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 earns interest on 100% of the Trust's average daily balances on
deposit with CIS or CISFS, as the case may be, during each month at the average 91-day Treasury bill rate for that month in respect
of deposits denominated in dollars or at the applicable rates in respect of deposits denominated in currencies other than dollars
(which may be zero in some cases).  For the fiscal quarter ended June 30, 2005, CIS and CISFS had paid or accrued to pay interest of
$4,028,734 to the Trust.  For the fiscal quarter ended June 30, 2004, CIS and CISFS had paid or accrued to pay interest of
$1,217,169 to the Trust.

Most United States commodity exchanges limit the amount of fluctuation in
commodity futures contract prices during a single trading day by regulations.  These regulations specify what are referred to as
"daily price fluctuation limits" or "daily limits".  The daily limits establish the maximum amount the price of a futures contract may
vary either up or down from the previous day's settlement price at the end of a trading session.  Once the daily limit has been
reached in a particular commodity, no trades may be made at a price beyond the limit.  Positions in the commodity could then be taken
or liquidated only if traders are willing to effect trades at or within the limit during the period for trading on such day.  Because
the "daily limit" rule only governs price movement for a particular trading day, it does not limit losses.  In the past, futures
prices have moved the daily limit for numerous consecutive trading days and thereby prevented prompt liquidation of futures positions
on one side of the market, subjecting commodity futures traders holding such positions to substantial losses for those days.

It is also possible for an exchange or the CFTC to suspend trading in a
particular contract, order immediate settlement of a particular contract, or direct that trading in a particular contract be for
liquidation only.

## (c)   Results of Operations

The Trust's success depends on JWH's ability to recognize and capitalize on
major price movements and other profit opportunities in different sectors of the world economy.  Because of the speculative nature of
its trading, operational or economic trends have little relevance to the Trust's results, and its past performance is not necessarily
indicative of its future results.  The Managing Owner believes, however, that there are certain market conditions - for example,
markets with major price movements - in which the Trust has a better opportunity of being profitable than in others.

JWH's programs do not predict price movements.  No fundamental economic supply
or demand analysis is used in attempting to identify mispricings in the market, and no macroeconomic assessments of the relative
strengths of different national economies or economic sectors is made.  Instead, the programs apply proprietary computer models to
analyze past market data, and from this data alone attempt to determine whether market prices are trending.  Technical traders such
as JWH base their strategies on the theory that market prices reflect the collective judgment of numerous different traders and are,
accordingly, the best and most efficient indication of market movements.  However, there are frequent periods during which
fundamental factors external to the market dominate prices.

If JWH's models identify a trend, they signal positions which follow it.  When
these models identify the trend as having ended or reversed, these positions are either closed out or reversed.  Due to their
trend-following character, JWH's programs do not predict either the commencement or the end of a price movement.  Rather, their
objective is to identify a trend early enough to 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 first quarter of fiscal years 2005 and 2004.  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, 2005

The Trust recorded a net income of $26,882,007 or $11.48 per unit in the first
quarter of 2005. As of June 30, 2005, the Trust had gained 38.91% since its inception in June 1997.

On June 30, 2005, 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's overall performance was negative for the month of April.  The
Trust's underperformance was driven by the Federal Reserve changing its view on inflationary pressures.  After higher energy prices
showed a pickup in the US inflation rate in March, new economic data released in April showing inflationary pressures may not be as
strong as previously thought forced the Fed to change its view.  The fixed income sector posted positive returns during the month.
The majority of the sector's gains came from the strength in Germany's and Japan's fixed-income markets.  The yield on the German
benchmark 10-year bond held near a record low after an industry survey showed manufacturing in Europe contracted. Japanese government
bond yields held near 14-month lows on expectations that slowing economic growth in the U.S. will spread to Asia because of waning
demand for the region's exports.  The largest gain in this sector was achieved in the Japanese government bond, while the largest
loss occurred in the eurodollar.  The stock indices sector was slightly positive for the month as the world's equity markets traded
lower. The Trust was able to profit from the decline in the Nasdaq e-mini, but the profits were held back by the combined losses
suffered in the Eurostoxx and Nikkei.  The currency sector was the most unprofitable sector during April for the Trust due to the
strength of both the Japanese yen and the Canadian dollar / Japanese yen cross. Adding to the underperformance was the fact that the
Swiss franc rallied as the Swiss government left its growth forecast for 2005 unchanged. The largest gain in this sector was achieved
in the euro/British pound cross, while the largest loss occurred in the Japanese yen.  The energy sector also contributed to the
Trust's underperformance during the month. Energies, which had been trending higher, experienced a sudden turnaround as supplies
increased and OPEC boosted output. The sector came under additional pressure amid speculation over slowing economic growth in the
U.S., Europe and Japan due to high energy prices. All components of this sector were negative with the largest loss coming from
London gas oil.  The metals sector was unprofitable for the month. LME aluminum and LME copper had the largest losses within the
sector, while gold and silver also added to the sector's losses as currency-related volatility plagued the precious metal markets.
All components of this sector were negative.  The Trust was unprofitable in the agriculture sector for the month as a result of the
instability of the NY coffee market.  The largest gain in this sector was achieved in cotton, while the largest loss occurred in NY
coffee.  Overall, the Trust recorded a loss of (6.40)% for the month.

The  Trust's  performance was positive for the month of May. The currency and
fixed-income  sectors  led  profitability  with  robust  gains  that were more than  enough to offset  lackluster  returns in the other
sectors.  The currency  sector was the Trust's  strongest  performer for the month,  as the euro fell to a seven-month  low against the
U.S. dollar and weakened against most other major currencies.  France's  rejection of the European Union  constitution was the catalyst
for the euro's  dramatic move lower.  The largest gain in this sector was achieved in the euro,  while the largest loss occurred in the
euro/British  pound cross.  The  fixed-income  sector was the Trust's other solid  performer,  as both European and American bonds rose
during the month.  The benchmark  German 10-year bund rose to a record high, as market  conjecture grew that the European  Central Bank
(ECB) would have to cut interest rates as the European economy slowed. U.S.  Treasuries also rallied on diminished  inflation fears and
the 10-year  note broke 4% for the first time since  February.  The largest  gain in this  sector was  achieved in the bund,  while the
only loss occurred in the  Eurodollar.  The energy  sector  underperformed  for the month as a result of  volatility,  which  dominated
trading  throughout the sector.  Natural gas was the lone profitable market within the sector.  Energy markets weakened for most of the
month and reversed  itself towards the end of the month when crude oil stockpiles  fell for the first time in five weeks..  The largest
loss  occurred in London gas oil. The Trust's  performance  in the metals sector was slightly  positive  during the month as volatility
in various  markets  limited the Trust's  ability to achieve  returns.  The Trust was able to benefit as gold traded near a three-month
closing low as the U.S.  dollar  strengthened.  The largest gain in this sector was achieved in gold,  while the largest loss  occurred
in LME copper.  Performance  in the  agriculture  sector was  negative for the month as trading in cotton,  N.Y.  coffee and CBOT wheat
affected  returns.  Cotton fell almost 13 percent from April's highs as supply outpaced demand and wheat  strengthened on concerns that
hot weather would hurt U.S.  crops.  The largest gain in this sector was achieved in London coffee,  while the largest loss occurred in
cotton.  Indices  were  negative  for the  month.  Most of the  world  indices  were  higher on the  month,  which was the cause of the
sector's  underperformance.  All components of this sector were negative with the largest loss coming from the NASDAQ e-mini.  Overall,
the Trust recorded a gain of 7.95% for the month.

The Trust's performance was positive for the month of June. The currency and
fixed income sectors led profitability on the strength of the U.S. dollar and the global fixed income markets. These gains were
mainly due to the U.S. Federal Reserve raising interest rates another quarter point to 3.25 percent.  Hindering performance was
volatility in the metals and agriculture sectors.  The currency sector was the Trust's strongest performer for the month. The U.S.
dollar posted its largest quarterly gain against the euro since 2001 and rose against the yen as the market anticipated the quarter
point increase by the Federal Reserve on June 30th. The dollar also benefited from the yield advantage against the Japanese yen,
Swiss franc and the euro.  Also boosting the sector's performance was the weakness in the British pound against the U.S. dollar.  The
largest gain in this sector was achieved in the Japanese yen, while the largest loss occurred in the British pound/Japanese yen
cross.  The fixed income sector was the Trust's other solid performer, as global bond markets continued to rally.  The majority of
the sector's gains came from the strength in both Germany's and Japan's fixed income markets.    The largest gain in this sector was
achieved in the bund, while the largest loss occurred in the Eurodollar.  The energy sector was profitable for the month as
volatility dominated these markets.  The entire sector rallied during the first half of the month as expectations increased that
global demand for oil would reach a record 86.4 million barrels a day in the 4th quarter.  Most components of this sector were
positive; however the sectors performance was hindered by the losses in natural gas.  Metals were negative for the month as
volatility hurt this sector's performance.  Gold rose for the majority of the month and then fell towards the end of the month as the
U.S. dollar strengthened and the U.S. Federal Reserve raised interest rates.  All components of this sector were negative with the
largest loss coming from gold.  Performance in the agriculture sector was down for the month as trading in cotton, wheat and soybeans
hindered returns.  Gains in NY coffee were not enough to offset the combined negative performance experienced in the rest of the
sector.  Performance was slightly positive in indices during the month.  Overall, stocks fell during the month as the Federal Reserve
raised its benchmark interest rate for the ninth time this year. The largest gain in this sector was achieved in the EuroStoxx 50,
while the largest loss was in the Nasdaq E-Mini.  Overall, the Trust recorded a gain of 7.89% for the month.

During the quarter there were 72,578.27 units sold to the beneficial owners for
an investment of $9,178,395.  Beneficial owners redeemed a total of 98,644.05 units during the quarter. The Managing Owner redeemed a
total of 0 units during the quarter. At the end of the quarter there were 2,280,393.89 units outstanding owned by the Beneficial
Owners and 23,953.14 units outstanding owned by the Managing Owner.

During the fiscal quarter ending June 30, 2005, 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, 2004

The Trust recorded a net loss of $52,517,604 or $(29.15) per unit for the second
quarter of 2004.  As of June 30, 2004, the Trust had gained 21.11% since its inception in June 1997.

On June 30, 2004, 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 second quarter of 2004 did not produce any meaningful trends with the
possible exception of the energy markets. The lack of price trends in other markets was a result of the confusion in financial
markets as analysts attempted to anticipate the major central banks' exit strategy from their highly accommodative monetary policy of
the past two years.

There were two main themes dominating the financial markets in April. First, the
emerging strength of the U.S. economy led to market speculation that the Federal Reserve may begin raising interest rates in the near
term. The effects of this speculation have been the strengthening of the U.S. dollar and tepid support for global equity indices.
Second, the country with the fastest growing economy, China, decided to rein in growth to avoid creating potentially dangerous
financial bubbles like the ones it faced a decade ago. The Chinese Central Bank mandate to start limiting available credit and
raising domestic interest rates reduced consumption of basic commodities, which diminished the recent vigor in the base metals and
grain markets. Energies were profitable for the Trust in April. Concerns about the continued violence in the Middle East and
increased global consumer demand helped to maintain prices at their current lofty levels. The Trust's positions in crude oil and
related products were positive. Natural gas positions were the only component of the Trust's portfolio with negative performance. The
agricultural sector was negative for April. The grain markets traded in a volatile fashion, reacting to both continued strong demand
in some areas and possibly reduced demand by China as well as the recent strength of the U.S. dollar. Cotton and London sugar had the
best performance in the sector while wheat had the largest loss for the Trust. The fixed-income sector was negative in April.
Fixed-income markets, particularly in the U.S., were affected by the improvement of the economy and by statements made by members of
the Federal Reserve, leading to market speculation that interest rates may be raised sooner than anticipated. This sector registered
no positive components for the Trust with the largest losses in the Euro Bund and U.S. 30-year bond. The currency sector was
unprofitable in April. The U.S. dollar strengthened against most major currencies in response to advances in U.S. job creation, while
consumer confidence and manufacturing activity appeared to be waning in Germany, exerting downward pressure on the Euro. The Swiss
franc and Euro were the best performers, while the Japanese yen was the detractor from the Trust's performance. Indices positions for
the Trust were negative in April. Of the companies in the Standard & Poor's 500 Index reporting earnings, 78% of them surpassed
analysts' forecasts. Japanese equity markets were strong all month. U.S. and some European stock markets faltered later in the month.
This sector registered no positive components, with the largest loss coming from the Eurostoxx 50 contract. The metals sector was
unprofitable for the Trust in April. Precious metal investors liquidated long positions, which had been a hedge against the current
negative real rate of return environment in the US.

Overall, the Trust was down for the month of May.  Improving global economies
created expectations that central banks may raise interest rates to moderate growth and curtail an increase in inflation. China
continued to try to rein in growth by reducing available credit and money supply. Uncertainty dominated the financial markets,
preventing strong trends from emerging. Energies were profitable for the Trust in May. Energy prices continued to surge higher due to
supply concerns and increased geopolitical risks raised concerns about supply disruptions. China's increasing appetite for petroleum
also placed strains on available production.  Saudi Arabia's offer to increase production had little effect in stabilizing the price
of crude oil.  All of the Trust's positions in this sector were positive, with London gas oil being the best performer. The
fixed-income sector was positive in May. The U.S. economy continued to show signs of improvement with fears of rising inflation
diminishing. The best result was achieved in the Euro Bund. The largest losses occurred in Japanese government bond and the
Australian 10-year bond. The currency sector was unprofitable in May.  The U.S. dollar was heavily influenced by the release of
improving economic numbers and revised expectations for continued growth. The best results for the Trust from this sector were
achieved in the British pound / Japanese yen cross and the Australian dollar.  The largest detractors from performance were the
Japanese yen and the Swiss franc. The global equity markets continued to struggle. World GDP continued at a strong pace; yet concerns
over rising interest rates and energy prices reduced enthusiasm for stocks. This sector registered no positive components with the
largest loss coming from the Nikkei. The agricultural sector was negative for May. Coffee, the best performer, surged higher due to
fears of frost in Brazil. Live cattle made large gains after the USDA expressed uncertainties about reinstating Canadian cattle
imports to the U.S.  Corn and soybeans had the largest losses. The metals sector was unprofitable for the Trust in May. Prices fell
lower for most of the month, coming under pressure with prospects that China's demand for raw materials will weaken as its economy
slows. The Trust's largest loss came from aluminum.

Overall, the Trust was negative for the month of June.  The fixed-income sector
was negative for June. U.S. interest rates were heavily influenced by the outcome of the Federal Open Market Committee meeting at the
end of the month, and whether it would raise the Federal Funds rate by 25 or 50 basis points. Interest rates in Japan rose during the
month on expectations that the Japanese economy will extend its longest expansion since 1997. The foreign exchange sector was
negative for June. The U.S. dollar, after weakening mid-month against most major currencies, ended the month with little change. The
Japanese yen strengthened against most currencies, including the U.S. dollar, as prospects for a continued expanding economy in Japan
took hold. The energy sector was negative for June.  The energy markets remained very volatile, with a bias towards higher prices.
However, the wide price ranges made trend following difficult.  Crude oil prices and related products remained robust as a result of
strong growth in the U.S. and China, and continued geopolitical tensions in the Middle East. The agricultural sector was negative for
June.  The grain markets faced downward price pressure for most of the month as a result of China's decreased demand. The stock
indices and metals sectors were positive for the Trust for June.  Base metals initially moved lower this month. However, low levels
of global inventories of base metals propelled prices higher by the end of month. Stock indices appeared to be reacting to recent
information that implies a sterile macro economic outlook.

During the quarter there were 324,614.95 units sold to the beneficial owners for
an investment of $41,513,412. Beneficial owners redeemed a total of 42,093.44 units during the quarter. The Managing Owner redeemed a
total of 0 units during the quarter. At the end of the quarter there were 1,997,645.14 units outstanding owned by the Beneficial
Owners and 21,743.03 units outstanding owned by the Managing Owner.

During the fiscal quarter ending June 30, 2004, 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, 2005

The Trust recorded a net loss of $47,398,966 or ($21.11) per unit in the first
quarter of 2005. As of March 31, 2005, the Trust had gained 27.43% since its inception in June 1997.

On March 31, 2005, 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's performance was negative in January.  While both the fixed-income and
agriculture  sectors had gains for the month, they weren't enough to offset the losses in other sectors.  The Trust's  underperformance
was driven by the strength of the US dollar,  which rebounded from last year's  weakening  trend.  The dollar's  sudden  turnaround was
the dominant factor that drove most market sectors during the month,  and therefore  resulted in the overall loss for the program.  The
weak US dollar  trend,  which had  dominated  the  markets  during the  second  half of last  year,  began to reverse  itself as market
expectations  of a Yuan  revaluation  by the Chinese  central bank began to diminish.  The Canadian  dollar/Japanese  yen cross was the
only positive  contributor to the month,  while the largest loss was in the euro.  Trading in both metals and indices was also negative
during  the month.  The loss in metals was due to the  weakening  of both gold and  aluminum.  Gold,  which has  recently  had a strong
inverse  relationship with the US dollar, came under pressure as the US dollar strengthened  throughout the month.  Aluminum also added
to the Trust's  losses as supply  increases in Shanghai put pressure on the market.  The Trust's  returns in the indices sector further
hindered  performance.  The loss in indices  resulted from a sell off in world equity  markets.  The largest gain in the indices sector
was achieved in the  Eurostoxx  50, while the largest loss  occurred in the Nasdaq  e-mini.  Higher  prices in energies led to negative
performance  for the Trust in this  sector.  In  addition  to the events in the Middle  East,  weather  dominated  the  sector's  price
action.  Brent  crude  was the only  positive  contributor  of this  sector,  while  the  largest  loss  came  from  natural  gas.  The
agricultural  sector provided  positive  returns for the month of January.  Wheat helped returns as prices fell to a 20-month low. Corn
boosted returns slightly as prices fell to the lowest level since June 2001. The largest gain in the  agricultural  sector was achieved
in wheat,  while the  largest  loss  occurred  in cotton.  The fixed  income was also  positive  for the Trust for the month.  Japanese
Government bonds (JGBs) rose during the month after Japanese  government  reports showed household  spending and industrial  production
fell.  The largest  gain was  achieved in the JGBs,  while the largest loss  occurred in  Australian  10-year  bond.  Although  January
underperformed,  it is these types of markets that have provided the catalyst  historically  for long-term  trends to emerge.  Overall,
the Trust recorded a loss of       (9.54)% for the month.

The Trust's performance was negative in February.  Gains in both the indices and
energy sectors  weren't enough to offset the combined losses in the other sectors traded.  The Trust's  underperformance  was driven by
the apparent end to some long-term  trends in the global  fixed-income  market and the unfavorable  performance in the currency sector.
A significant  portion of February's  losses was directly  related to the fixed-income  sector as the European,  Japanese and U.S. bond
markets sold off. The catalyst for the dramatic moves higher in world interest rates was the cumulative  effect of various  events.  On
February 10th, the U.S. 10-year Treasury note fell after jobless claims  unexpectedly  declined,  exports rose, and the U.S. government
sold $14 billion 10-year notes at a  higher-than-expected  yield. On February 16th, Fed Chairman Alan  Greenspan's  testimony  prepared
for the Senate  Banking  Committee  added pressure to the sector and long-term  rates  declined  despite rate hikes over the last year.
Two days later, the release of a higher-than-expected  Producer Price Index in the U.S. helped to spark inflation fears worldwide.  The
largest gain was achieved in the  Eurodollar,  while the largest loss occurred in the Japanese  government  bond.  Currencies  were the
other main contributor to the Trust's losses.  The U.S. dollar rose to a three-month  high against the yen after a Commerce  Department
report showed the U.S. trade deficit  narrowed in January.  Further adding to the yen's weakness were reports that Japan had officially
fallen into a recession for the fourth time since 1991.  Additional  losses in this sector  occurred  during the middle of month as the
Swiss franc rose against the U.S. dollar.  The largest gain was achieved in the  Australian/Japanese  yen cross, while the largest loss
occurred in the Japanese yen. The energy  sector had positive  returns and was the Trust's best  performing  sector.  Energies  rallied
as commodity  prices surged to a 24-year  high.  London gas oil and crude oil led  performance  after the U.S.  government  reported an
unexpected  decline  in U.S.  oil  stockpiles.  In  addition,  the  International  Energy  Agency  raised  its  prediction  for  global
consumption.  All  components  of this sector were  positive  with the largest gain achieved in London gas oil. The Trust's three other
sectors,  indices,  metals, and agriculture all had relatively little effect on overall  performance  during the month.  Indices posted
gains as the Nikkei  rallied.  The only loss in this sector was in the Nasdaq e-mini.  The metals sector posted negative  returns.  The
largest gain in this sector was achieved in aluminum,  while the largest loss occurred in gold.  Lastly,  the  agricultural  sector was
flat.  Overall, the Trust recorded a loss of (5.63)% for the month.

The Trust's  performance was positive for the month of March. The energy sector
exhibited moderate returns,  and the agricultural  sector also contributed to the Trust's positive  performance.  The combined positive
performance  in both of these sectors was able to offset the losses  suffered in the other  sectors.  The energy sector was the Trust's
best  performing  sector as crude oil and gasoline surged to near all-time highs on news that demand may outpace supply during the peak
summer months.  A Goldman Sachs  prediction  that crude oil prices could spike to as high as $105 per barrel also bolstered the rise in
oil prices.  All  components of this sector were positive  with the largest gain coming from London gas oil.  Currencies  were the most
unprofitable  sector for the Trust during the month. The single most influential  factor driving  performance was the U.S. dollar.  The
dollar began the month in a weakening  trend as the U.S. trade deficit  widened to its second highest level ever.  However,  this trend
reversed as the price of oil soared,  the yield on the 10-year note rose to its highest level in seven months,  and the Federal Reserve
increased  borrowing costs by a quarter  percentage  point. The largest gain in this sector was achieved in the Japanese yen, while the
largest loss  occurred in the British  pound.  The Trust was  unprofitable  in the fixed income  sector for the month,  as European and
Domestic  markets sold off and the Japanese  bond markets  rallied.  Increases in energy  prices and  inflation  expectations  were the
catalyst for the dramatic move higher in most of the world interest rates.  In Japan,  bonds rallied amid  speculation  that exports to
the U.S. would drop.  Additionally,  Japanese  fixed-income  gained on increased signs that its economy is struggling to recover from a
fourth  recession  since 1991. The largest gain in this sector was achieved in the  Eurodollar,  while the largest loss occurred in the
bund.  Metals were  unprofitable  during March as gold and silver,  which tend to have an inverse  relationship  with the U.S.  dollar,
were driven by the  volatility in the U.S.  dollar.  The Trust did benefit as LME aluminum  rose to a 10-year high,  however not enough
to offset the combined  losses in gold and silver.  Performance in indices was down slightly for the month as equity  markets  weakened
worldwide.  Higher bond yields and oil prices made equities less  attractive to investors as  inflationary  pressures  started to weigh
on the global  economy.  The  largest  gain was  achieved in the Nasdaq  e-mini,  while the largest  loss  occurred in the Nikkei.  The
Trust's  performance in the  agricultural  sector was slightly  profitable for the month. The Trust was able to benefit from rising New
York coffee  prices as  production  declined and reserves fell to their lowest level in 15 years.  Overall,  the gains  achieved in the
energy and  agricultural  sectors were enough to offset the combined losses in the various other sectors.  Overall,  the Trust posted a
gain of .50% for the month.

During the quarter there were 156,555.52 units sold to the beneficial owners for
an investment of $20,278,995. Beneficial owners redeemed a total of 61,635.92 units during the quarter. The Managing Owner redeemed a
total of 0 units during the quarter. At the end of the quarter there were 2,306,459.25 units outstanding owned by the Beneficial
Owners and 23,771.70 units outstanding owned by the Managing Owner.

During the fiscal quarter ending March 31, 2005, 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, 2004

The Trust recorded a net profit of $906,431 or $1.14 per unit in the first
quarter of 2004. As of March 31, 2004, the Trust had gained 50.26% since its inception in June 1997.

The Trust had an auspicious start in January and February but in March the Trust
gave back much of the previous gains. On March 31, 2004, 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.

Overall, the Trust was positive for the month of January.  The worldwide trend
of interest rates moving lower continued from December. The long Japanese 10-year bond and the Euro Bund positions had the best
performance for the fixed income sector, while the U.S. 30-year bond had the largest loss. For the first half of the month, the
weakening U.S. dollar trend continued against most major currencies.  The long Japanese yen and the British pound positions made the
greatest contributions to profits, while the Swiss franc had the largest loss. Stock indices in Europe, the U.S. and Japan maintained
their upward trend for most of the month on positive economic growth and a favorable interest rate environment.  The Eurostoxx posted
the largest profit, while the Osaka Nikkei posted a loss.  The upward trend in crude prices and related products continued in a
volatile fashion. Crude oil and heating oil posted the best sector gains. The price of gold has been highly correlated with the Euro;
therefore it was higher initially at the beginning of the month, but finished lower at the end.  Long copper, aluminum and silver
positions had the best performance, while gold was the biggest detractor from profits. The agricultural sector was positive for
January, primarily on the performance of corn, soybeans and coffee.  Overall, the Trust recorded a 1.07% gain of $2,217,924 or
$1.60 per unit in January.

Overall, the Trust was positive for the month of February.  Interest rates
continued to move lower in G7 nations due to benign inflationary pressures.  The best results in the sector were achieved in the long
Euro bunds, Japanese 10-year bond and the U.S. 10-year note and 30-year bond positions.  Energies, with the exception of natural gas,
remained on an upward trend because of supply concerns.  The U.S. dollar, which had been weakening against most major currencies,
found strength mid-month and reversed its five-month downtrend. The best performance for this sector came from the British pound and
the Euro/British pound cross.  The short Japanese yen and Swiss franc positions recorded the largest losses.  Base metals continued
the strong move upward due to low inventory levels, while precious metals followed currencies and reversed course during the month.
The best performance for this sector came from copper, followed by silver and aluminum.  Gold posted a loss for the month.  Despite
exhibiting a degree of volatility, most equity indices ended the month close to unchanged.  Overall, the Trust recorded a 4.54% gain
of $10,165,199 or $6.86 per unit in February.

Overall, the Trust was down for the month of March.  The month was dominated by
increased geopolitical risks, which consequently led to a reduction in speculative market positions.   In March, the most influential
market factors for the Trust were the effects of Japan's fiscal year end.  The Bank of Japan, through intervention in foreign
exchange markets, bolstered the U.S. dollar against the Japanese yen which in turn propelled Japanese equities and interest rates.
The only profitable trade in this sector was the Euro/Pound cross. The largest losses came from the Japanese yen, British pound and
the Euro. The U.S. employment data showed a paltry rise in jobs created during February, sending bond prices higher and interest
rates lower. Interest rates in the ECB community fell as the terrorist attack in Spain dampened confidence in local economies.  The
biggest change in interest rates occurred in Japan, where rates actually increased. The Euro bund, U.S. 10-year and 30-year bonds
were profitable while the largest loss for the sector was incurred in the Japanese 10-year bond. Metals, agriculture, and energies
all were profitable sectors for the Trust but could not overcome the losses in interest rates and currencies.  Overall, the Trust
recorded a 4.64% loss of $11,476,691 or $7.32 per unit in March.

During the quarter there were 380,983.44 units sold to the beneficial owners for
an investment of $58,139,432. Beneficial owners redeemed a total of 46,967.88 units during the quarter. The Managing Owner redeemed a
total of 32.78 units during the quarter. At the end of the quarter there were 1,715,123.63 units outstanding owned by the Beneficial
Owners and 21,743.03 units outstanding owned by the Managing Owner.

During the fiscal quarter ending March 31, 2004, 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

There have been no changes with respect to the Trust's off-balance-sheet
arrangements (as defined in Regulation S-K 303(a)(4)(ii)) or disclosure of contractual obligations as reported in the Trust's Annual
Report on Form 10-K for fiscal year 2004.

## 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, 2004.

## Item 4.  Controls and 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 Chief Executive Officer and Chief Financial
Officer, the Trust has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the
end of the period covered by this quarterly report, and, based on their evaluation, the Chief Executive Officer 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 over financial reporting or in other factors that could materially affect these controls
subsequent to the date of their evaluation.

## Item 5.  Subsequent Event

On June 22, 2005, Cargill, Incorporated ("Cargill") and Refco Group Ltd., LLC
("Refco") announced that they had entered into a definitive agreement for Refco to acquire the global brokerage operations of
Cargill's subsidiary, Cargill Investor Services, Inc. ("CIS").  CIS is the owner of CISI.  After the acquisition closes, Refco will
become the owner of CISI and Refco's subsidiary, Refco, LLC, will become the futures broker for the Trust.  The acquisition will
close upon receipt of necessary regulatory approvals and satisfaction of other contractual closing conditions.

## 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.  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 2005:

|Month | Units Redeemed | Redemption Date NAV per Unit
|----- | -------------- | ----------------------------
|April | 26,082.41      | 119.27                      
|May   | 24,581.80      | 128.75                      
|June  | 47,979.85      | 138.91                      
|Total | 98,644.06      |                             

## Item 3.  Defaults Upon Senior Securities

None

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

None

## Item 5.  Other Information

| | a) | None
| | -- | ----
| | b) | None

## Item 6.  Exhibits

| | a) | Exhibits
| | -- | --------

Index to Exhibits

| | ExhibitNumber                                                                                                                                                                                                                                                     |  | Description of Document                                                                                                                                   
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------
| | 3.01                                                                                                                                                                                                                                                              |  | Sixth Amended and Restated Declaration and Agreement of
      Trust of the Registrant.1                                                                   
| | 3.02                                                                                                                                                                                                                                                              |  | Certificate of Amendment of  Certificate of Trust of the Registrant.2                                                                                     
| | 10.01                                                                                                                                                                                                                                                             |  | Form of Subscription Agreement and Power of Attorney.1                                                                                                    
| | 10.02                                                                                                                                                                                                                                                             |  | Form of Amended Escrow Agreement among the Registrant, The First National Bank of Chicago,
                the Managing Owner and the Lead Selling Agent.3
| | 10.03                                                                                                                                                                                                                                                             |  | Form of Trading Advisory Agreement among the Registrant, the Managing Owner, CIS and JWH.2                                                                
| | 10.04                                                                                                                                                                                                                                                             |  | Form of Customer Agreement between the Registrant and CIS.2                                                                                               
| | 10.05                                                                                                                                                                                                                                                             |  | Form of Foreign Exchange Account Agreement between the Registrant and CIS Financial Services, Inc. ("CISFS").2                                            
| | 10.06                                                                                                                                                                                                                                                             |  | Form of Cash Bullion Account Agreement between the Registrant and CISFS.2                                                                                 
| | 10.07                                                                                                                                                                                                                                                             |  | Form of Transfer Agent Agreement.3                                                                                                                        
| | 31.01                                                                                                                                                                                                                                                             |  | Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer                                                                                    
| | 31.02                                                                                                                                                                                                                                                             |  | Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer                                                                                    
| | 32.01                                                                                                                                                                                                                                                             |  | Section 1350 Certification                                                                                                                                
|
| | 1Incorporated by reference from the exhibit of the same description
        filed on February 27, 2004 with Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form S-1 (Reg No. 333-105282).                                          
| | 2Incorporated 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).
| | 3Incorporated by reference herein from the exhibit of the same description
        filed on August 19, 1997 with the Registrant's Registration Statement on Form S-1 (Reg. No. 333-33937).                                                                       
|

# 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 15, 2005                                                                          
|----- | -----------------------------------------------------------------------------------------
|     
|By:   | CIS Investment, Inc.,
        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)

# EXHIBIT INDEX

| | ExhibitNumber |  | Description of Document                                               
| | ------------- |  | ----------------------------------------------------------------------
| | 31.01         |  | Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer
| | 31.02         |  | Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer
| | 32.01         |  | Section 1350 Certification                                            
|