# 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 March 31, 2004
Commission File Number: 333-105282

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 March 31, 2004,
        is 1,736,866.66.

|TABLE OF CONTENTS                                            
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|PART I. FINANCIAL INFORMATION                                
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|Part II. OTHER INFORMATION                                   
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|EXHIBIT 31.01 - Certifications of Principal Executive Officer
|EXHIBIT 31.02 - Certifications of Principal Financial Officer
|EXHIBIT 32 - Section 1350 Certifications                     

# PART 1 - FINANCIAL INFORMATION

## Item 1.   Financial Statements

Following are Financial Statements for the fiscal quarter
        ended March 31, 2004 and the additional time frames as noted:

|                                              | Fiscal QuarterEnded 03/31/04 | Year to DateEnded 03/31/04 | Fiscal YearEnded 12/31/03 | Fiscal QuarterEnded 03/31/03 | Year to DateEnded 03/31/03
|--------------------------------------------- | ---------------------------- | -------------------------- | ------------------------- | ---------------------------- | --------------------------
|                                             
|Statements of Financial Condition             | X                            |                            | X                         |                              |                           
|                                             
|Statements of Operations                      | X                            | X                          |                           | X                            | X                         
|                                             
|Statements of Changes in Unitholders' Capital |                              | X                          |                           |                              |                           
|                                             
|Notes to Financial Statements                 | X                            |                            |                           |                              |                           
|                                             

# JWH GLOBAL TRUST
STATEMENTS OF FINANCIAL CONDITION

|                                                                                                                                                          |   | Mar. 31, 2004 |  |   | Dec. 31, 2003
|--------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ------------- |  | - | -------------
|
|Assets                                                                                                                                                    |  
|Assets:                                                                                                                                                  
|Equity in commodity trading accounts:                                                                                                                     |  
|Cash on deposit with Brokers                                                                                                                              | $ | 236,265,712   |  | $ | 183,255,388  
|Unrealized gain on open contracts                                                                                                                         |   | 1,836,334     |  |   | 10,691,591   
|                                                                                                                                                          |   |               |  |   |              
|                                                                                                                                                          |   | 238,102,046   |  |   | 193,946,979  
|                                                                                                                                                         
|Receivable for units sold                                                                                                                                 |   | 26,860,524    |  |   | 16,383,699   
|Interest receivable                                                                                                                                       |   | 197,273       |  |   | 135,329      
|                                                                                                                                                          |   |               |  |   |              
|Total assets                                                                                                                                              |   | 265,159,843   |  |   | 210,466,007  
|                                                                                                                                                          |   |               |  |   |              
|Liabilities and Unitholders' Capital                                                                                                                      |  
|Liabilities:                                                                                                                                             
|Accrued commissions                                                                                                                                       |   | 1,181,608     |  |   | 962,528      
|Accrued management fees                                                                                                                                   |   | 396,764       |  |   | 323,143      
|Accrued incentive fees                                                                                                                                    |   | 786,906       |  |   | 272,694      
|Accrued operating expenses                                                                                                                                |   | 115,750       |  |   | 90,000       
|Accrued offering expenses                                                                                                                                 |   | 98,258        |  |   | 80,181       
|Redemptions payable                                                                                                                                       |   | 1,605,930     |  |   | 1,624,161    
|                                                                                                                                                          |   |               |  |   |              
|Total liabilities                                                                                                                                         |   | 4,185,216     |  |   | 3,352,707    
|                                                                                                                                                          |   |               |  |   |              
|Unitholders' Capital:                                                                                                                                    
|Benefical Owners (1,715,123.63 units outstanding at March 31, 2004,
               and 1,381,108.44 units outstanding at December 31, 2003, respectively) |   | 257,707,519   |  |   | 205,949,414  
|Managing Owner (21,743.03 units outstanding at March 31, 2004,
               and 7,805.08 units outstanding at December 31, 2003, respectively)          |   | 3,267,108     |  |   | 1,163,886    
|                                                                                                                                                          |   |               |  |   |              
|Total unitholders' capital                                                                                                                                |   | 260,974,627   |  |   | 207,113,300  
|                                                                                                                                                          |   |               |  |   |              
|Total liabilities and unitholders' capital                                                                                                                | $ | 265,159,843   |  | $ | 210,466,007  
|                                                                                                                                                          |   |               |  |   |              
|Net asset per unit                                                                                                                                        | $ | 150.26        |  | $ | 149.12       
|                                                                                                                                                         
|See accompanying notes to financial statements.                                                                                                          

# JWH GLOBAL TRUST
STATEMENTS OF OPERATIONS
(unaudited)

|                                                 |   | Jan. 1, 2004throughMar. 31, 2004 |  |   | Jan. 1, 2004throughMar. 31, 2004 |  |   | Jan. 1, 2003throughMar. 31, 2003 |  |   | Jan. 1, 2003throughMar. 31, 2003 | 
|------------------------------------------------ | - | -------------------------------- |  | - | -------------------------------- |  | - | -------------------------------- |  | - | -------------------------------- | 
|Revenues:                                       
|Gain (loss) on trading of commodity contracts:   |  
|Realized gain on closed positions                | $ | 14,961,353                       |  | $ | 14,961,353                       |  | $ | 14,746,237                       |  | $ | 14,746,237                       | 
|Change in unrealized loss on open contracts      |   | (8,855,257)                      |  |   | (8,855,257)                      |  |   | (7,589,396)                      |  |   | (7,589,396)                      | 
|Interest income                                  |   | 507,619                          |  |   | 507,619                          |  |   | 202,480                          |  |   | 202,480                          | 
|Foreign currency transaction gain                |   | 67,165                           |  |   | 67,165                           |  |   | 20,872                           |  |   | 20,872                           | 
|                                                 |   |                                  |  |   |                                  |  |   |                                  |  |   |                                  | 
|Total revenues                                   |   | 6,680,880                        |  |   | 6,680,880                        |  |   | 7,380,193                        |  |   | 7,380,193                        | 
|                                                 |   |                                  |  |   |                                  |  |   |                                  |  |   |                                  | 
|Expenses:                                       
|Commissions                                      |   | 3,413,112                        |  |   | 3,413,112                        |  |   | 1,240,769                        |  |   | 1,240,769                        | 
|Exchange, clearing and NFA fees                  |   | 24,988                           |  |   | 24,988                           |  |   | 6,213                            |  |   | 6,213                            | 
|Management fees                                  |   | 1,147,015                        |  |   | 1,147,015                        |  |   | 384,299                          |  |   | 384,299                          | 
|Incentive fees                                   |   | 861,423                          |  |   | 861,423                          |  |   | 1,221,849                        |  |   | 1,221,849                        | 
|Ongoing offering expenses                        |   | 282,912                          |  |   | 282,912                          |  |   | 93,707                           |  |   | 93,707                           | 
|Operating expenses                               |   | 45,000                           |  |   | 45,000                           |  |   | 15,000                           |  |   | 15,000                           | 
|                                                 |   |                                  |  |   |                                  |  |   |                                  |  |   |                                  | 
|Total expenses                                   |   | 5,774,450                        |  |   | 5,774,450                        |  |   | 2,961,837                        |  |   | 2,961,837                        | 
|                                                 |   |                                  |  |   |                                  |  |   |                                  |  |   |                                  | 
|Net profit                                       | $ | 906,430                          |  | $ | 906,430                          |  | $ | 4,418,356                        |  | $ | 4,418,356                        | 
|                                                 |   |                                  |  |   |                                  |  |   |                                  |  |   |                                  | 
|Profit per unit of beneficial ownership interest | $ | 1.14                             |  | $ | 1.14                             |  | $ | 10.06                            |  | $ | 10.06                            | 
|Profit per unit of managing ownership interest   | $ | 1.14                             |  | $ | 1.14                             |  | $ | 10.06                            |  | $ | 10.06                            | 
|                                                
|See accompanying notes to financial statements. 

# JWH GLOBAL TRUST
STATEMENT OF CHANGES IN UNITHOLDERS' CAPITAL
(unaudited)

|                                                | Units*       |  |  |   | BeneficialOwners |  |  |   | ManagingOwner |  |  |   | Total       | 
|----------------------------------------------- | ------------ |  |  | - | ---------------- |  |  | - | ------------- |  |  | - | ----------- | 
|                                               
|Unitholders' capital at January 1, 2004         | 1,381,108.44 |  |  | $ | 205,949,414      |  |  | $ | 1,163,886     |  |  | $ | 207,113,300 | 
|                                               
|Net profit                                      |              |  |  |   | 898,144          |  |  |   | 8,286         |  |  |   | 906,430     | 
|                                               
|Unitholders' contributions                      | 380,983.44   |  |  |   | 58,139,432       |  |  |   | 2,100,101     |  |  |   | 60,239,533  | 
|                                               
|Unitholders' redemptions                        | (46,967.88)  |  |  |   | (7,279,471)      |  |  |   | (5,166)       |  |  |   | (7,284,637) | 
|                                                |              |  |  |   |                  |  |  |   |               |  |  |   |             | 
|Unitholders' capital at March 31, 2004          | 1,715,123.63 |  |  | $ | 257,707,519      |  |  | $ | 3,267,108     |  |  | $ | 260,974,627 | 
|                                                |              |  |  |   |                  |  |  |   |               |  |  |   |             | 
|                                               
|Net asset value per unit January 1, 2004        |              |  |  |   | 149.12           |  |  |   | 149.12        |  |  |   |             | 
|                                               
|Net profit per unit                             |              |  |  |   | 1.14             |  |  |   | 1.14          |  |  |   |             | 
|                                                |              |  |  |   |                  |  |  |   |               |  |  |   |             | 
|Net asset value per unit March 31, 2004         |              |  |  | $ | 150.26           |  |  | $ | 150.26        |  |  |   |             | 
|                                                |              |  |  |   |                  |  |  |   |               |  |  |   |             | 
|* Units of beneficial ownership.               
|                                               
|See accompanying notes to financial statements.

# JWH GLOBAL TRUST
       NOTES TO FINANCIAL STATEMENTS

March 31, 2004

## (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), the parent company
of CISI. The broker for forward contracts is CIS Financial Services, Inc. (CISFS
or Forwards Currency Broker), an affiliate of CISI. The Clearing Broker and the
Forwards Currency Broker 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 26, 1997 and again on July 2, 2003, the Trust registered an additional
$155,000,000 and $300,000,000, respectively, for further investment and
continued the offering. By March 31, 2004, a total of 1,715,123.63 units
representing an investment for $257,707,519 of beneficial ownership interest had
been sold in the combined offerings. In addition, during the offerings, the
Managing Owner purchased a total of 21,743.03 units, representing a total
investment of $3,267,107.91. 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.

## Offering Costs

Ongoing offering costs, subject to a ceiling of
0.5% of the Trusts average month-end net assets, are paid by the Trust and
expensed as incurred.

## Commissions

Commodity brokerage
commissions are typically paid for each trade transacted and are referred to as
round-turn commissions. These commissions cover both the initial
purchase (or sale) and the subsequent offsetting sale (or purchase) of a
commodity futures contract. The Trust does not pay commodity brokerage
commissions on a per-trade basis, but rather pays monthly flat-rate Brokerage
Fees. 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
December 31, 2003, 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 0.166% of 2% 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. The Trust is responsible for the Illinois State Partnership
Information and Replacement Tax based on the operating results of the Trust.
Such tax amounted to $0, and $0 for the quarters ended March 31, 2004, and 2003,
respectively, and is included in operating expenses in the statements of
operations.

## (5)   Trading Activities and Related Risks

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

The purchase and sale of
futures requires margin deposits with a Futures Commission Merchant (FCM).
Additional deposits may be necessary for any loss on contract value. The
Commodity Exchange Act (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 March 31, 2004, and 2003, 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 March 31, 2004, 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 three-month
period ended March 31, 2004. 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.

|Total Return:                    
|---------------------------------
|Total return before incentive fee
|Less incentive fee allocation    
|                                 
|Total Return                     
|                                 
|Ratio to average net assets:     
|Net income                       
|                                 
|Expenses:                        
|Expenses                         
|Incentive fees                   
|                                 
|Total expenses                   
|                                 

The net income and expense
ratios are computed based upon the weighted average net assets for the Trust for
the three-month period ended March 31, 2004. The amounts are not annualized.

# JWH GLOBAL TRUST
    Condensed Schedule of Investments
    March 31, 2004
    (unaudited)

|                                              | Number of
        contracts |           | Principal
        (notional) |  |   | Value (OTE)  | 
|--------------------------------------------- | --------------------------- | --------- | ---------------------------- |  | - | ------------ | 
|Long positions                               
|Futures positions (5.17%)                    
|Agriculture                                   | 2,244                       | $         | 47,756,680                   |  | $ | 3,454,455    | 
|Energy                                        | 1,040                       |           | 36,136,536                   |  |   | 783,080      | 
|Interest rates                                | 8,601                       |           | 1,224,463,789                |  |   | 5,942,345    | 
|Metals                                        | 1,249                       |           | 56,377,190                   |  |   | 2,323,960    | 
|Indices                                       | 464                         |           | 44,766,389                   |  |   | 985,902      | 
|                                              |                             |           |                              |  |   |              | 
|                                              |                             |           | 1,409,500,584                |  |   | 13,489,742   | 
|                                              |                             |           |                              |  |   |              | 
|Forward positions (5.91%)                    
|Currencies                                    | 49                          |           | 793,976,968                  |  |   | 15,434,448   | 
|                                              |                             |           |                              |  |   |              | 
|Total long positions                          |                             | $         | 2,203,477,552                |  | $ | 28,924,190   | 
|                                              |                             |           |                              |  |   |              | 
|Short positions                              
|Futures positions (-0.07%)                   
|Agriculture                                   | 302                         | $         | 9,448,850                    |  | $ | 660,160      | 
|Interest Rates                                | 51                          |           | 67,216,105                   |  |   | (199,108)    | 
|Metals                                        | 124                         |           | 5,352,150                    |  |   | (227,850)    | 
|Indices                                       | 912                         |           | 28,835,516                   |  |   | (410,191)    | 
|                                              |                             |           |                              |  |   |              | 
|                                              |                             |           | 110,852,621                  |  |   | (176,989)    | 
|                                              |                             |           |                              |  |   |              | 
|Forward positions (-10.31%)                  
|Currencies                                    | 48                          |           | 799,318,152                  |  |   | (26,910,867) | 
|                                              |                             |           |                              |  |   |              | 
|Total short positions                         |                             | $         | 910,170,773                  |  | $ | (27,087,856) | 
|                                              |                             |           |                              |  |   |              | 
|Total open contracts (0.71%)                  | $                           | 1,836,334 |                             
|Cash on deposit with brokers (90.53%)         | 236,265,712                 |          
|Other assets in excess of liabilities (8.76%) | 22,872,581                  |          
|                                              |                             |           |                              |  |   |              | 
|Net assets (100%)                             |                             |           |                              |  | $ | 260,974,627  | 
|                                              |                             |           |                              |  |   |              | 

## 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
clearing houses 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 net assets
are held in brokerage accounts with CIS and CISFS. Except in very 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 securities 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 March 31, 2004, CIS and
CISFS had paid or accrued to pay interest of $507,619 to the Trust. For the
fiscal quarter ended March 31, 2003, CIS and CISFS had paid or accrued to pay
interest of $202,480 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 year 2004 and
2003. 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 March 31, 2004

The Trust recorded a gain
of $906,433 or $1.14 per unit in the first quarter of 2004. As of March 31,
2004, the Trust has 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 gain of $2,217,923.59 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 gain of
$10,165,199.05 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 loss of
$11,476,691.33 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.

## Fiscal Quarter ended March 31, 2003

The Trust recorded a net
profit of $4,418,356 or $10.06 per unit in the first quarter of 2003. As of
March 31, the Trust has gained 49.59% since its inception in June 1997.

The Trust began the year
auspiciously with strong gains in January and February but closed lower in
March, still ending the quarter, however, in positive territory. On March 31,
2003, 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 while approximately 40% of the
Trusts assets were allocated to JWHs Financial and Metals Portfolio.

In January, the currency
sector supplied most of the months gain. Non-dollar trading had the
largest effect on performance. The Trusts long Euro, short Yen position
was the most profitable position in this sector capitalizing on the very slow
growth rate of Japan. Additional gains were made in the long U.S. dollar, short
Yen position as well as the Swiss Franc. The steady slowing of the worlds
economies fueled the decline of worldwide interest rates. Positions denominated
in Euro and Yen were the most profitable. Gains were also posted in the British
and U.S. markets. The energy portfolio of the Trust was positive despite a small
allocation to this sector. The uncertainty of the Middle East cast a dark shadow
over all markets. The remainder of the market sectors traded had little impact
on performance. Overall, the Trust recorded a gain of $4,531,380 or $9.86 per
unit in January.

The Trust continued its
positive performance in February. The impending war with Iraq, slowing global
economies, a weaker U.S. dollar and higher energy prices became a recurring
theme in the quarter. The currency sector was unchanged in February. The long
Euro, short British pound position had the best return of the sector. The
Australian dollar and the Swiss franc also performed well. The Japanese yen and
the British pound suffered the largest losses due to the sharp reversal from
Januarys rally. All geographic components of the interest rate sector
posted positive results as money market and bond yields worldwide continued to
move lower. Notable returns were achieved in the Euro Bund, the U.S. 30-year and
10-year bonds and the Japanese Government bond. The energy sector was the
second-best performing sector for the month. The highest returns came from
London gas oil and NYMEX natural gas. Gold prices dropped $40 after the German
Bundesbank announced that it had sold a portion of its gold reserves. This was
the primary reason for negative performance from this sector. Overall, the Trust
recorded a gain of $2,630,102 or $5.34 per unit in February.

The Trust closed lower in
March as the war in Iraq created volatile moves in the worlds financial
and commodity markets. Nearly all markets traded in the interest rate sector
were negative as a whipsaw action in the U.S. dollar and interest rates led to
losses. This was due to disappointing news in the progress of the war in Iraq.
The nearly 35% rise in crude oil since mid-December was erased in just over one
weeks time immediately before the start of the war. This caused negative
performance in the energy sector. The metal and agricultural sectors had little
impact on performance. The stock index sector was the only positive performer
for the month. The Trust recorded a loss of $2,743,126 or $5.14 per unit in
March.

In early March, out of
concern for heightened volatility in global markets, JWH reduced the
Trusts exposure to all markets traded but continued to follow its
disciplined trading approach.

During the quarter there
were 144,935.32 units sold to the beneficial owners for an investment of
$21,895,406. Beneficial owners redeemed a total of 7,730.71 units during the
quarter. The Managing Owner redeemed a total of 0 units during the quarter. At
the end of the quarter there were 591,082.79 units outstanding owned by the
beneficial owners and 5,754.50 units outstanding owned by the Managing Owner.

During the fiscal quarter
ending March 31, 2003, 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 2003

## 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, 2003.

## 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, over financial reporting have evaluated the
effectiveness of the design and operation of its disclosure controls and
procedures as of the filing date of 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 or in other factors that could materially affect these controls
subsequent to the date of their evaluation.

# PART II - OTHER INFORMATION

## Item 1.   Legal Proceedings

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

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

| | a)      | None                                                                                                                                                                                                                                                                  
| | ------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | b)      | None                                                                                                                                                                                                                                                                  
| | c)      | None                                                                                                                                                                                                                                                                  
| | d)      | Regulation S-K Item 701(f)                                                                                                                                                                                                                                            
| | (1)     | The use of proceeds information is being disclosed for Registration Statement
        Nos. 333-16875, 333-33937 and 333-105282, filed pursuant to Commission Rule 429, delcared effective on April 3, 1997, September
        24, 1997 and July 2, 2003, respectively.
| | (4)(iv) | For the account of the issuer, the amount of units sold as of March 31, 2004
        is 1,736,866.66, and the aggregate offering price of the amount sold as of March 31, 2004 is $260,974,627.                                                                       
| | (vi)    | The net offering proceeds to the issuer totaled $260,974,627.                                                                                                                                                                                                         
| | (vii)   | From the effective date of the Registration Statements to March 31, 2004,
        the amount of net offering proceeds to the issuer for commodity futures and forward trading totaled $260,974,627.                                                                   

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 first quarter of 2004:

|Month    | Units Redeemed | Redemption Date NAV per Unit
|-------- | -------------- | ----------------------------
|January  | 6,296.20       | 150.72                      
|February | 30,016.78      | 157.57                      
|March    | 10,687.68      | 150.26                      
|Total    | 47,000.66      |                             

## 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 and Reports on Form 8-K

| | a)                                                                                                                                                                                                                                                                |  | Exhibits                                                                                                                                                  
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------
| | ExhibitNumber                                                                                                                                                                                                                                                     |  | Description of Document                                                                                                                                   
| | 3.01                                                                                                                                                                                                                                                              |  | Sixth Amended and Restated Declaration and Agreement of Trustof 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).                                                                       
|
| | b)                                                                                                                                                                                                                                                                |  | Reports on Form 8-K                                                                                                                                       
| |                                                                                                                                                                                                                                                                   |  | None                                                                                                                                                      

# SIGNATURES

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

JWH Global Trust

Date:  May 17, 2004

|By: | CIS Investments, Inc.,
        Its Managing Owner                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------
|   
|   
|   
|   
|By: | /s/ Shaun D. O'Brien
        Shaun D. O'Brien
        Vice President, Chief Financial Officer
         and Director

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