**UNITEDSTATES**

**SECURITIESAND EXCHANGE COMMISSION**

**Washington,D.C. 20549**

**FORM 10-Q**

**x**                              QUARTERLYREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**Forthe quarterly period ended June 30, 2007**

**OR**

**o**                                 TRANSITIONREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**Forthe transition period from                 to                 **

**CommissionFile Number:  000-22887**

**JWH GLOBAL TRUST**

(Exact name ofregistrant as specified in its charter)

| **Delaware**                                                    |   | **36-4113382**                        |
|-----------------------------------------------------------------|--------|---------------------------------------|
| (State or other  jurisdiction of incorporation or organization) |   | (I.R.S. Employer  Identification No.) |

 

**222 South Riverside Plaza**

**Suite 900**

**Chicago, IL  60606**

(Address ofprincipal executive offices) (Zip Code)

**(312) 373-5000**

(Registrant’stelephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reportsrequired to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.

oYes         xNo

Indicate by check markwhether the registrant is a large accelerated filer, an accelerated filer, or anon-accelerated filer.  See definition of“accelerated filer and large accelerated filer” in Rule 12b-2 of the ExchangeAct.  (Check one.)

| o  Large Accelerated Filer |   | o  Accelerated Filer |   | x  Non-Accelerated Filer |
|----------------------------|--------|----------------------|--------|--------------------------|

 

Indicate by check mark whether the Registrant is a shell company (asdefined in Rule 12b-2 of the Exchange Act).

oYes         xNo

 

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**TABLE OFCONTENTS**
| PART I. FINANCIAL INFORMATION |   | 3                                                                                                                    |
|-------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
| Item 1.                       |   | Financial  Statements                                                                                                |   | 3 |
|                          |   | Consolidated  Statements of Financial Condition, as of June 30, 2007 (unaudited) and  December 31, 2006              |   | 3 |
|                          |   | Condensed  Consolidated Schedule of Investments, as of June 30, 2007 (unaudited)                                     |   | 4 |
|                          |   | Condensed  Consolidated Schedule of Investments, as of December 31, 2006                                             |   | 5 |
|                          |   | Consolidated  Statements of Operations, for the three and six months ended June 30, 2007  and 2006 (unaudited)       |   | 6 |
|                          |   | Consolidated  Statement of Changes in Unitholders’ Capital, for the six months ended June  30, 2007 (unaudited) |   | 7 |
|                          |   |                                                                                                                 |   |   |
|                          |   | Notes to  Financial Statements                                                                                       |   | 8 |
|                          |   |                                                                                                                 |   |   |
| Item 2.                       |   | Management’s  Discussion and Analysis of Financial Condition and Results of Operations                          |   | 14 |
|                          |   |                                                                                                                 |   |   |
| Item 3.                       |   | Quantitative and  Qualitative Disclosures about Market Risk                                                          |   | 24 |
|                          |   |                                                                                                                 |   |   |
| Item 4.                       |   | Controls and  Procedures                                                                                             |   | 24 |
|                          |   |                                                                                                                 |   |   |
| PART II. OTHER INFORMATION    |   | 24                                                                                                                   |
|                          |   |                                                                                                                 |   |   |
| Item 1.                       |   | Legal  Proceedings                                                                                                   |   | 24 |
|                          |   |                                                                                                                 |   |   |
| Item 1A.                      |   | Risk Factors                                                                                                         |   | 24 |
|                          |   |                                                                                                                 |   |   |
| Item 2.                       |   | Unregistered Sales  of Equity Securities and Use of Proceeds                                                         |   | 24 |
|                          |   |                                                                                                                 |   |   |
| Item 6.                       |   | Exhibits                                                                                                             |   | 26 |
|                          |   |                                                                                                                 |   |   |
| SIGNATURES                    |   | 27                                                                                                                   |

** **

2

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**PART I — FINANCIAL INFORMATION**

**Item1.  Financial Statements**

**JWH GLOBAL TRUST AND SUBSIDIARY**

**ConsolidatedStatements of Financial Condition**

 
| ** **                                                                                                                 | ** ** | **June 30, 2007** | ** **  | **December 31, 2006** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------|-------------|---------------------------------|------------|
| ** **                                                                                                                 | ** ** | **UNAUDITED**               | ** **  | ** **                      | ** ** |
| **Assets**                                                                                                                 | ** ** | ** **                  | ** **  | ** **                      | ** ** |
| Assets:                                                                                                                    |       |                        |        |                            |       |
| Equity in  commodity trading accounts:                                                                                     |       |                        |        |                            |       |
| Cash on deposit  with brokers                                                                                              |       | $                           | 89,954,669  |                            | $          | 119,334,561 |   |
| Unrealized gain  on open contracts                                                                                         |       | 3,046,939                   |        | 3,249,456                       |       |
| Cash on deposit  with former brokers                                                                                       |       | —                      |        | 6,643,944                       |       |
| Cash on deposit  with bank                                                                                                 |       | 67,521                      |        | 10,654,714                      |       |
| Cash on deposit  with bank - nontrading                                                                                    |       | 8,729,546                   |        | 463,488                         |       |
|                                                                                                                       |       | 101,798,675                 |        | 140,346,163                     |       |
|                                                                                                                       |       |                        |        |                            |       |
| Interest  receivable                                                                                                       |       | 267,024                     |        | 359,067                         |       |
| Total Assets                                                                                                               |       | $                           | 102,065,699 |                            | $          | 140,705,230 |   |
|                                                                                                                       |       |                        |        |                            |       |
| **Liabilities  and Unitholders’ Capital**                                                                             | ** ** | ** **                  | ** **  | ** **                      | ** ** |
| Liabilities:                                                                                                               |       |                        |        |                            |       |
| Accrued  commissions                                                                                                       |       | $                           | 303,298     |                            | $          | 518,368 |   |
| Accrued  management fees                                                                                                   |       | 213,046                     |        | 431,641                         |       |
| Accrued  incentive fees                                                                                                    |       | —                      |        | —                          |       |
| Accrued offering  expenses                                                                                                 |       | 173,551                     |        | 37,533                          |       |
| Accrued  operating expenses                                                                                                |       | 219,517                     |        | 428,002                         |       |
| Redemptions  payable trading                                                                                               |       | 5,543,213                   |        | 4,577,801                       |       |
| Redemptions  payable - nontrading                                                                                          |       | —                      |        | 4,180,958                       |       |
| Accured legal  fees - nontrading                                                                                           |       | 387,547                     |        | 359,386                         |       |
| Accured  management fees to U.S. Bank - nontrading                                                                         |       | 19,441                      |        | —                          |       |
|                                                                                                                       |       |                        |        |                            |       |
| Total liabilities                                                                                                          |       | 6,859,613                   |        | 10,533,689                      |       |
|                                                                                                                       |       |                        |        |                            |       |
| Unitholders’ capital:                                                                                                 |       |                        |        |                            |       |
|                                                                                                                       |       |                        |        |                            |       |
| Unitholders’ capital  (trading):                                                                                      |       |                        |        |                            |       |
| Beneficial owners  (974,039 and 1,283,572 units outstanding at June 30, 2007 and December 31,  2006, respectively)         |       | 85,099,519                  |        | 120,482,074                     |       |
| Managing owner (20,218  units outstanding at June 30, 2007 and December 31, 2006)                                          |       | 1,766,447                   |        | 1,897,788                       |       |
|                                                                                                                       |       | 86,865,966                  |        | 122,379,862                     |       |
| Unitholders’ capital (LLC  Equity nontrading):                                                                        |       |                        |        |                            |       |
| Participating owners (985,366  and 1,255,537 units outstanding at June 30, 2007 and December 31, 2006,  respectively)      |       | 3,615,059                   |        | 4,303,344                       |       |
| Nonparticipating owners  (1,287,922 and 1,017,751 units outstanding at June 30, 2007 and December 31,  2006, respectively) |       | 4,725,061                   |        | 3,488,335                       |       |
|                                                                                                                       |       | 8,340,120                   |        | 7,791,679                       |       |
|                                                                                                                       |       |                        |        |                            |       |
| Total unitholders’  capital                                                                                           |       | 95,206,086                  |        | 130,171,541                     |       |
|                                                                                                                       |       |                        |        |                            |       |
| Total Liabilities and Unitholders’ Capital                                                                            |       | $                           | 102,065,699 |                            | $          | 140,705,230 |   |

 

See accompanyingnotes to consolidated financial statements.

3

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**JWH GLOBAL TRUST AND SUBSIDIARY**

**CondensedConsolidated Schedule of Investments**

**as of June 30, 2007**

UNAUDITED

 
| ** **                                                | ** ** | **Number of** | ** ** | **Principal**  | ** **    | **Value/open**        | ** ** |
|-----------------------------------------------------------|------------|--------------------|------------|----------------|---------------|-----------------------|------------|
| ** **                                                | ** ** | **contracts**      | ** ** | **(notional)** | ** **    | **trade equity** | ** ** |
| **Long positions (3.56%)**                                |       |               |       |           |          |                  |       |
| **Futures Positions (0.86%)**                             |       |               |       |           |          |                  |       |
| Agriculture                                               |       | 1,110              |       | $              | 27,808,066    |                  | $          | 711,123 |   |
| Energy                                                    |       | 403                |       | 28,317,182     |          | 450,276               |       |
| Indices                                                   |       | 658                |       | 50,643,763     |          | 206,924               |       |
| Interest rates                                            |       | 81                 |       | 4,949,861      |          | 85,513                |       |
| Metals                                                    |       | 194                |       | 15,055,625     |          | (634,998              | )          |
|                                                      |       |               |       | 126,774,497    |          | 818,838               |       |
| **Forward Positions (2.70%)**                             |       |               |       |           |          |                  |       |
| Currencies                                                |       | 25                 |       | 429,201,348    |          | 2,570,167             |       |
| ** **                                                |       |               |       |           |          |                  |       |
|                                                      |       |               |       |           |          |                  |       |
| Total long  positions                                     |       |               |       | $              | 555,975,845   |                  | $          | 3,389,005 |   |
|                                                      |       |               |       |           |          |                  |       |
| **Short positions (-0.36%)**                              |       |               |       |           |          |                  |       |
| **Futures positions (3.90%)**                             |       |               |       |           |          |                  |       |
| Agriculture                                               |       | 600                |       | $              | 13,214,678    |                  | $          | 2,893 |   |
| Energy                                                    |       | 83                 |       | 5,829,090      |          | 391,560               |       |
| Indices                                                   |       | 740                |       | 157,031,491    |          | 272,644               |       |
| Interest rates                                            |       | 3,755              |       | 802,616,157    |          | 2,713,096             |       |
| Metals                                                    |       | 1,062              |       | 150,999,241    |          | 335,555               |       |
|                                                      |       |               |       | 1,129,690,657  |          | 3,715,748             |       |
| **Forward positions (-4.26%)**                            |       |               |       |           |          |                  |       |
| Currencies                                                |       | 21                 |       | 578,650,217    |          | (4,057,814            | )          |
|                                                      |       |               |       |           |          |                  |       |
|                                                      |       |               |       |           |          |                  |       |
| Total short  positions                                    |       |               |       | $              | 1,708,340,874 |                  | $          | (342,066 | ) |
|                                                      |       |               |       |           |          |                  |       |
| Total unrealized gain  on open contracts (3.20%)          |       |               |       |           |          | $                     | 3,046,939  |   |
| Cash on deposit and  open contracts with brokers (94.48%) |       |               |       |           |          | 89,954,669            |       |
| Cash on deposit with  bank (9.24%)                        |       |               |       |           |          | 8,797,067             |       |
| Other liabilites in  excess of assets (-6.92%)            |       |               |       |           |          | (6,592,589            | )          |
| Net assets (100.00%)                                      |       |               |       |           |          | $                     | 95,206,086 |   |

 

See accompanyingnotes to consolidatd financial statements.

4

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**JWH GLOBAL TRUST AND SUBSIDIARY**

**Condensed Consolidated Schedule ofInvestments**

**as of December 31, 2006**

 
| ** **                                                    | ** ** | **Number of** | ** ** | **Principal**  | ** **    | **Value/open**        | ** **  |
|---------------------------------------------------------------|------------|--------------------|------------|----------------|---------------|-----------------------|-------------|
| ** **                                                    | ** ** | **contracts**      | ** ** | **(notional)** | ** **    | **trade equity** | ** **  |
| **Long positions (0.31%)**                                    |       |               |       |           |          |                  |        |
| **Futures Positions (-0.90%)**                                |       |               |       |           |          |                  |        |
| Agriculture                                                   |       | 1,441              |       | $              | 20,618,519    |                  | $           | 1,331,993 |   |
| Interest rates                                                |       | 1,847              |       | 758,027,626    |          | (2,576,495            | )           |
| Metals                                                        |       | 211                |       | 14,882,450     |          | 343,820               |        |
| Indices                                                       |       | 1,347              |       | 70,608,639     |          | (266,278              | )           |
|                                                          |       |               |       | 864,137,234    |          | (1,166,960            | )           |
| **Forward positions (1.21%)**                                 |       |               |       |           |          |                  |        |
| Currencies                                                    |       | 23                 |       | 443,685,186    |          | 1,569,392             |        |
|                                                          |       |               |       |           |          |                  |        |
| Total long  positions                                         |       |               |       | $              | 1,307,822,420 |                  | $           | 402,432 |   |
|                                                          |       |               |       |           |          |                  |        |
| **Short positions (2.19%)**                                   |       |               |       |           |          |                  |        |
| **Futures positions (1.56%)**                                 |       |               |       |           |          |                  |        |
| Agriculture                                                   |       | 341                |       | $              | 6,183,548     |                  | $           | 133,786 |   |
| Interest rates                                                |       | 2,930              |       | 2,059,866,081  |          | 829,743               |        |
| Metals                                                        |       | 358                |       | 22,532,495     |          | (364,641              | )           |
| Energy                                                        |       | 300                |       | 13,361,418     |          | 1,435,974             |        |
|                                                          |       |               |       | 2,101,943,542  |          | 2,034,862             |        |
| **Forward Positions (0.63%)**                                 |       |               |       |           |          |                  |        |
| Currencies                                                    |       | 9                  |       | 123,462,076    |          | 812,162               |        |
|                                                          |       |               |       |           |          |                  |        |
| Total short  positions                                        |       |               |       | $              | 2,225,405,618 |                  | $           | 2,847,024 |   |
|                                                          |       |               |       |           |          |                  |        |
| **Total unrealized gain on open  contracts (2.50%)**          |       |               |       |           |          | $                     | 3,249,456   |   |
| **Cash on deposit and open  contracts with brokers (91.67%)** |       |               |       |           |          | 119,334,561           |        |
| **Cash on deposit with former  broker and bank (13.65%)**     |       |               |       |           |          | 17,762,146            |        |
| **Other liabilities in excess of  assets (-7.82%)**           |       |               |       |           |          | (10,174,622           | )           |
| **Net assets (100.00%)**                                      |       |               |       |           |          | $                     | 130,171,541 |   |

 

See accompanyingnotes to consolidated financial statements.

5

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**JWH GLOBAL TRUST AND SUBSIDIARY**

**Consolidated Statements of Operations**

UNAUDITED

 
| ** **                                          | ** ** | **Three Months Ended June 30,** | ** ** | **Six Months Ended June 30,** | ** ** |
|-----------------------------------------------------|------------|-----------------------------------------------------|------------|---------------------------------------------------|------------|
| ** **                                          | ** ** | **2007**                                            | ** ** | **2006**                                          | ** ** | **2007** | ** ** | **2006** | ** ** |
| Revenues:                                           |       |                                                |       |                                              |       |   |   |   |   |
| Gain (loss) on  trading of commodity contracts:     |       |                                                |       |                                              |       |   |   |   |   |
| Realized gain  (loss) on closed positions           |       | $                                                   | 11,310,368 |                                              | $          | 10,594,365 |   | $ | (6,719,004 | ) | $ | (11,551,786 | ) |
| Change in  unrealized gain (loss) on open positions |       | 2,283,789                                           |       | (11,672,738                                       | )          | (202,516 | ) | (6,305,385 | ) |
| Interest income                                     |       | 827,427                                             |       | 1,906,336                                         |       | 1,906,393 |   | 3,800,404 |   |
| Foreign currency  transaction gain (loss)           |       | (72,814                                             | )          | (68,319                                           | )          | (111,130 | ) | 167,395 |   |
| Total revenues                                      |       | 14,348,770                                          |       | 759,644                                           |       | (5,126,257 | ) | (13,889,372 | ) |
|                                                |       |                                                |       |                                              |       |   |   |   |   |
| Expenses:                                           |       |                                                |       |                                              |       |   |   |   |   |
| Commissions                                         |       | 1,248,898                                           |       | 2,576,487                                         |       | 2,675,662 |   | 5,297,662 |   |
| Management fees                                     |       | 654,222                                             |       | 855,966                                           |       | 1,401,617 |   | 1,763,276 |   |
| Incentive fees                                      |       | —                                              |       | —                                            |       | — |   | — |   |
| Ongoing offering  expenses                          |       | 127,000                                             |       | —                                            |       | 197,000 |   | — |   |
| Operating  expenses                                 |       | 90,025                                              |       | 180,000                                           |       | 179,724 |   | 553,653 |   |
| Total expenses                                      |       | 2,120,145                                           |       | 3,612,453                                         |       | 4,454,003 |   | 7,614,591 |   |
|                                                |       |                                                |       |                                              |       |   |   |   |   |
| Trading income (loss)                               |       | 12,228,625                                          |       | (2,852,809                                        | )          | (9,580,260 | ) | (21,503,963 | ) |
|                                                |       |                                                |       |                                              |       |   |   |   |   |
| Nontrading income  (loss):                          |       |                                                |       |                                              |       |   |   |   |   |
| Interest on  nontrading reserve                     |       | 50,819                                              |       | 6,702                                             |       | 94,867 |   | 21,938 |   |
| Collections in  excess of impaired value            |       | 1,193,083                                           |       | —                                            |       | 1,193,083 |   | — |   |
| Legal and  administrative fees                      |       | (62,480                                             | )          | (176,698                                          | )          | (443,452 | ) | (445,584 | ) |
| Management fees  paid to U.S. Bank                  |       | (166,403                                            | )          | —                                            |       | (296,057 | ) | — |   |
| Nontrading  income (loss)                           |       | 1,015,019                                           |       | (169,996                                          | )          | 548,441 |   | (423,646 | ) |
|                                                |       |                                                |       |                                              |       |   |   |   |   |
| Net income (loss)                                   |       | $                                                   | 13,243,644 |                                              | $          | (3,022,805 | ) | $ | (9,031,819 | ) | $(21,927,609 | ) |
|                                                     |            |                                                     |            |                                                   |            |  |  |  |  |  |  |  |  |

 

See accompanyingnotes to consolidated financial statements.

6

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**JWH GLOBALTRUST AND SUBSIDIARY**

**ConsolidatedStatement of Changes in Unitholders’ Capital**

**For the sixmonths ended June 30, 2007**

**UNAUDITED**

 
| **Trust Equity**            | ** ** | **Beneficial Owners - Trading** | ** ** | **Managing Owners - Trading** | ** **  | **Total Unitholders’ Capital - Trading** | ** ** |
|----------------------------------|------------|-------------------------------------------|------------|----------------------------------------------|-------------|-------------------------------------------------------------------|------------|
| ** **                       | ** ** | **Units**                                 | ** ** | **Dollars**                                  | ** **  | **Units**                                                         | ** ** | **Dollars** | ** ** | **Units** | ** ** | **Dollars** | ** ** |
| Balances at December 31,  2006   |       | 1,283,572                                 |       | $                                            | 120,482,074 |                                                              | 20,218     |   | $ | 1,897,788 |   | 1,303,790 |   | $ | 122,379,862 |   |
| Net loss                         |       |                                      |       | (9,448,919                                   | )           |                                                              |       | (131,341 | ) | — |   | (9,580,260 | ) |
| Unitholders’  contributions |       | —                                    |       | —                                       |        | —                                                            |       | — |   | — |   | — |   |
| Unitholders’ redemptions    |       | (309,533                                  | )          | (25,933,636                                  | )           | —                                                            |       | — |   | (309,533 | ) | (25,933,636 | ) |
| Balances at June 30,  2007       |       | 974,039                                   |       | $                                            | 85,099,519  |                                                              | 20,218     |   | $ | 1,766,447 |   | 994,257 |   | $ | 86,865,966 |   |

 
| ** **                                        | ** ** | **Participating Owners -  LLC Equity/Nontrading** | ** ** | **Nonparticipating Owners -  LLC Equity/Nontrading** | ** ** | **Total Unitholders’ Capital -  LLC Equity/Nontrading** | ** ** |
|---------------------------------------------------|------------|------------------------------------------------------------------|------------|---------------------------------------------------------------------|------------|----------------------------------------------------------------------------------|------------|
| ** **                                        | ** ** | **Units**                                                        | ** ** | **Dollars**                                                         | ** ** | **Units**                                                                        | ** ** | **Dollars** | ** ** | **Units** | ** ** | **Dollars** | ** ** |
| Balances at December 31,  2006                    |       | 1,255,537                                                        |       | $                                                                   | 4,303,344  |                                                                             | 1,017,751  |   | $ | 3,488,335 |   | 2,273,288 |   | $ | 7,791,679 |   |
| Net income                                        |       |                                                             |       | 232,254                                                             |       |                                                                             |       | 316,187 |   |   |   | 548,441 |   |
| Unitholders’  contributions                  |       | —                                                           |       | —                                                              |       | —                                                                           |       | — |   | — |   | — |   |
| Reallocation due to  redemptions                  |       | (270,171                                                         | )          | (920,539                                                            | )          | 270,171                                                                          |       | 920,539 |   | — |   | — |   |
| Balances at June 30,  2007                        |       | 985,366                                                          |       | $                                                                   | 3,615,059  |                                                                             | 1,287,922  |   | $ | 4,725,061 |   | 2,273,288 |   | $ | 8,340,120 |   |
|                                              |       |                                                             |       |                                                                |       |                                                                             |       |   |   |   |   |   |   |
| Total  Unitholders’ capital at June 30, 2007 |       |                                                             |       |                                                                |       |                                                                             |       |   |   |   |   | $ | 95,206,086 |   |

 
| ** **                                     | ** ** | **Trust Equity -** | ** ** | ** ** | ** ** | **Trust Equity -**   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|------------------------------------------------|------------|------------------------------|------------|------------|------------|--------------------------------|------------|------------|------------|------------|------------|------------|------------|
| ** **                                     | ** ** | **Trading**                  | ** ** | ** ** | ** ** | **LLC Equity/Nontrading** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Net asset value per unit  at December 31, 2006 |       | $                            | 93.86      |       |       |                           | $          | 3.43       |       |       |       |       |       |   |   |
| Net change per unit                            |       | (6.49                        | )          |       |       | .24                            |       |       |       |       |       |       |       |
| Net asset value per unit at June 30, 2007      |       | $                            | 87.37      |       |       |                           | $          | 3.67       |       |       |       |       |       |   |   |

 

See accompanying notes to consolidated financial statements.

 

 

7

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**JWH GLOBAL TRUST AND SUBSIDIARY**

**NOTES TOCONSOLIDATED FINANCIAL STATEMENTS**

**June 30, 2007**

### **(Unaudited)**

**(1)****                    GeneralInformation and Summary**

JWH Global Trust (the “Trust”), a Delaware statutory trust organized onNovember 12, 1996, was formed to engage in the speculative trading of futurescontracts on currencies, interest rates, energy and agricultural products,metals and stock indices, spot and forward contracts on currencies and preciousmetals, and exchanges for physicals pursuant to the trading instructions ofindependent trading advisors. As of December 1, 2006, R.J. O’Brien FundManagement, LLC. (“RJOFM”) is the Managing Owner of the Trust. R.J. O’Brien& Associates, LLC. (“RJO”), an affiliate of RJOFM, is the clearing brokerand the broker for forward contracts.

Units of beneficialownership of the Trust commenced selling on April 3, 1997.  Units are not currently being offered. Themanaging owner filed  Post-EffectiveAmendment Number 3 to the Trust’s Registration Statement on Form S-1 (File No.333-119560) on July 26, 2007 and plans to offer new units once such Post-EffectiveAmendment is effective.

The Trust will beterminated on December 31, 2026, if none of the following occur prior to thatdate:  (1) beneficial owners holding morethan 50% of the outstanding units notify the Managing Owner to dissolve theTrust as of a specific date; (2) disassociation of the Managing Owner with theTrust; (3) bankruptcy of the Trust; (4) a decrease in the net asset value toless than $2,500,000; (5) a decline in the net asset value per unit to $50 orless; (6) dissolution of the Trust; or (7) any event that would make itunlawful for the existence of the Trust to be continued or require dissolutionof the Trust.

On August 31, 2005, Refco Group Ltd., LLC acquired the global brokerageoperations of Cargill Investor Services, Inc. (“CIS”).  CIS was the owner of CIS Investments, Inc. (“CISI”).  The Managing Owner of the Trust changed fromCIS Investments Inc. to Refco Commodity Management, Inc (“RCMI”).  The clearing broker changed from CIS toRefco, LLC , an affiliate of RCMI.  Thebroker for forward contracts changed from CIS Financial Services, Inc. to RefcoCapital Markets, Ltd. (“RCM”), also an affiliate of RCMI.

On October 10, 2005, Refco, Inc., the ultimate parent of RCMI,announced that it had discovered through an internal review a receivable owedto Refco, Inc., by an entity controlled by Phillip R. Bennett, the then ChiefExecutive Officer and Chairman of the Board of Directors of Refco, Inc., in theamount of approximately $430 million. Mr. Bennett has been charged with securities fraud in connection withthis matter and various actions have been filed against Refco, Inc.  Thereafter, on October 13, 2005, Refco, Inc.,announced that the liquidity within Refco Capital Markets, Ltd. (“RCM”) was nolonger sufficient to continue operations, and that RCM had imposed a fifteen(15) day moratorium on all of its activities in an attempt to protect the valueof that enterprise.

On October 17, 2005, Refco, Inc. and RCM filed for bankruptcyprotection in the Southern District of New York.  Neither the Trust nor RCMI were covered bythe filing.

Refco, LLC, the Trust’s former clearing broker was not covered by theOctober 17, 2005 bankruptcy filing of Refco, Inc. but filed its own bankruptcypetition on November 25, 2005. In addition, a portion of the Trust’s assets(less than 20%, based on net assets as of October 13, 2005) was on deposit withRCM at the time of the bankruptcy filing, exposing a number of the Trust’sforeign currency contracts and cash held at RCM to the risk of non-return ofthese assets.  While RCM has unwound anyoutstanding foreign currency contracts, the Trust does not expect that in thenear future it will be able to access those assets or that its rights and/orclaims in connection with RCM’s bankruptcy will be fully resolved.

In light of the events outlined herein, the Managing Owner of theTrust, moved the majority of the Trust’s assets from Refco, LLC to LehmanBrothers, Inc. and its affiliated entities (“Lehman”) to act in the capacity ofclearing broker on behalf of the Managing Owner.  On or about October 18, 2005, the Trust hadtransferred the majority of all assets to Lehman.  Pending the resolution of the Trust’s rightsand/or claims against RCM, the Trust will no longer have assets on deposit withRCM.

Management does not believe that the bankruptcy filings of Refco, Inc.,RCM, or Refco LLC will have a material impact upon the operations of the Trustor its ability to satisfy a request for redemption. In this regard,  the operations of the Trust, including thetrading activities of the underlying asset manager, have continued with minimalinterruption.  Inparticular, with respect to redemptionsmade as of October 31, 2005, and thereafter, the Trust made payment in anamount that represented the proportionate share of the Trust’s net assets thatwere held at Lehman and later held at RJO, while reserving payment with respectto the Trust’s assets held at RCM, plus a cash reserve in connection withexpenses in pursuit of its rights and/or claims 

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against RCM and other potential third parties.  As such, through December 31, 2006 the Trustreserved payment with respect to any redemption proceeds until these moniesheld at RCM were remitted to the Trust or the Trust’s rights and/or claimsagainst RCM and/or such potential third parties were resolved.

Generally, investors in the Trust may redeem units effective as of thelast trading day of any month of the Trust based on the Net Asset Value perunit on such date with five business days’ prior written notice to the ManagingOwner. Effective October 31, 2005, the Net Asset Value per unit was split intoa “Trading account” and a “Non-Trading” account, the latter representing theassets held at RCM plus $1,000,000 in cash in connection with expenses relatedto the collection of assets held at RCM and potential third party claims. OnOctober 31, 2005, $57,544,206 of equity and 2,273,288 in substitute units weretransferred to the Non-Trading account. All unitholders of record as of October 1, 2005 retained their pro-rataright to the assets in the Non-Trading account with the equivalent number ofunits held in the Trust prior to RCM bankruptcy.

On October 12, 2006,RCMI, RJO, and RJO’s acquisition subsidiary, RJOFM entered into an AssetPurchase Agreement (the “Asset Purchase Agreement”) that provided for, amongother things, RJOFM to purchase RCMI’s managing owner interest in the Trust.The Asset Purchase Agreement also provided for RCMI to commence a proceedingunder chapter 11 of the Bankruptcy Code and to obtain the Bankruptcy Court’sapproval of the Asset Purchase Agreement and the transactions set forththerein.

RCMI filed a voluntarypetition (the “RCMI Bankruptcy Petition”) in the United States Bankruptcy Courtfor the Southern District of New York on October 16, 2006, for relief underChapter 11 of Title 11 of the United States Code. Contemporaneously with thefiling of the RCMI Bankruptcy Petition, RCMI filed, a motion requesting thatthe Bankruptcy Court authorize RCMI to sell and assign substantially all of itsassets, including its interest as managing owner of the Trust, pursuant to theterms of the Asset Purchase Agreement. Pursuant to the terms of the Asset Purchase Agreement, as of October 13,2006, all clearing functions have been moved from Lehman to RJO.

On November 30, 2006,RJOFM became Managing Owner through acquisition of 20,218 Trading accountunits. The remaining 3,799 units owned by RCMI were transferred from ManagingOwner units to Beneficial Owner units. RJOFM did not acquire any units in theNon-Trading account.

EffectiveJanuary 1, 2007, JWH Special Circumstance LLC (the “LLC”), a Delaware limitedliability company, was established to pursue the claims against RCM. On January2, 2007, the Trust transferred all non-trading assets and liabilities, whichhad a net asset value of $7,791,679 to the LLC. The Trust is the sole member ofthe LLC and holds that membership for the benefit of the unitholders who wereinvestors in the Trust at the time of the bankruptcy of RCM and Refco,Inc.  U.S. Bank National Association (“USBank”) is the manager of the LLC. US Bank may make distributions to theunitholders, as defined above, upon collection, sale, settlement or otherdisposition of the bankruptcy claim and after payment of all fees and expensespro rata to the unitholders, as explained above, as follows:

(a)             Any untiholders who had redeemed their entire interestin the Trust prior to distribution shall receive cash (“Non ParticipatingOwners”).

(b)            Any unitholders who had continued to own units in theTrust shall receive additional units in the Trust at the then Net Asset Valueof the Trust (“Participating Owners”).

The unitholders have norights to request redemptions from the LLC.

The LLChas agreed to compensate US Bank, as manager, the following: (1) An initialacceptance fee of $120,000,  (2) Anannual fee of $25,000,  (3) Adistribution fee of $25,000 per distribution, (4) Out-of-pocket expenses, and  (5) an hourly fee for allpersonnel at the then expected hourly rate ($350 per hour at execution of agreement).

Thistransfer of net asset was recorded on a historical cost basis as it was betweenentities under common control.

SeeNote (6) for further detail regarding collection and distribution activityrelated to the assets held at RCM.

**(2)****                    Summaryof Significant Accounting Policies**

**(a)****                     Basisof presentation**

The accompanyingunaudited consolidated financial statements of the Trust have been prepared inaccordance with accounting principles generally accepted in the United Statesof America for interim financial information and with the instructions to Form10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotesrequired by accounting principles generally accepted in the United States ofAmerica for complete financial statements. In the opinion 

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of management, alladjustments (consisting only of normal recurring adjustments) considerednecessary for a fair statement of the financial condition and results ofoperation of the Trust for the period presented have been included.

Reclassifications of theTrust’s unitholders’ capital (nontrading) as of December 31, 2006 have beenmade to conform with the current period’s presentation.

The Trust’s unauditedfinancial statements and the related notes should be read together with thefinancial statements and related notes included in the Trust’s Annual Report onForm 10-K for the year ended December 31, 2006.

**(b)****                                  Principlesof Consolidation**

The accompanyingconsolidated financial statements include the accounts of the Trust and itswholly-owned subsidiary, JWH Special Circumstances, LLC. All materialintercompany transactions have been eliminated upon consolidation.

**(c)           Revenue Recognition**

Commodity futurescontracts, forward contracts, physical commodities, and related options arerecorded on the trade date.  All suchtransactions are recorded on the identified cost basis and marked to marketdaily.  Unrealized gains on opencontracts reflected in the statements of financial condition represent thedifference between original contract amount and market value (as determined byexchange settlement prices for futures contracts and related options and cashdealer prices at a predetermined time for forward contracts, physicalcommodities, and their related options) as of the last business day of the yearor as of the last date of the financial statements.

The Trust earns intereston 100% of the Trust’s average daily balances on deposit with RJO during eachmonth at 75% of the average 91-day Treasury bill rate for that month in respectof deposits denominated in dollars.  Fordeposits denominated in other currencies, the Trust earns interest  at a rate of LIBOR  less 100 basis points.

**(d)           Redemptions**

A beneficial owner maycause any or all of his or her units to be redeemed by the Trust effective asof the last business day of any month of the Trust based on the Net Asset Valueper unit on such date on five business days’ written notice to the ManagingOwner.  Payment will generally be madewithin ten business days of the effective date of the redemption.  Any redemption made during the first elevenmonths of investment is subject to a 3% redemption penalty, payable to theManaging Owner.  Any redemption made inthe twelfth month of investment or later will not be subject to any redemptionpenalty.  The Trust’s Sixth Amended andRestated Declaration and Agreement of Trust contains a full description ofredemption and distribution policies. Investors who redeemed from October 31, 2005 through June 30, 2007 willreceive the Net Asset Value per Unit represented by assets held in the Tradingaccount.  As of September 1, 2007, theredemption penalty will be reduced to 2%.

**(e)           Ongoing Offering Costs**

Ongoingoffering costs subject to a ceiling of 0.50% of the Trust’s average month-endnet assets, are paid by the Trust and expensed as incurred. In anticipation ofrenewing the offering for new subscriptions, $197,000 in ongoing offering costswere accrued during the first six months of 2007.

**(f)            Commissions**

Commodity brokeragecommissions are typically paid for each trade transacted and are referred to as“round-turn commissions.”  Thesecommissions cover both the initial purchase (or sale) and the subsequentoffsetting sale (or purchase) of a commodity futures contract.  The Trust does not pay commodity brokeragecommissions on a per-trade basis, but rather pays  flat-rate brokerage fees on a monthly basisof 6.0% per annum (or 0.50% per month) of the Trust’s month-end assets afterreduction of the management fee.  Theclearing brokers receive these brokerage fees irrespective of the number oftrades executed on the Trust’s behalf. The amount paid is reduced by exchange fees paid by the Trust.  Commissions were not paid on theNontrading/LLC account. As of September 1, 2007, the brokerage fee will bereduced from 6.0% annually to 5.0% of the Trust’s month end assets on an annualbasis (or approximately 0.417% per month).

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Certain large investorsare eligible for a “Special Brokerage Fee Rate” of 4.5% per year.  As of June 30, 2007, there were no sucheligible investors in the Trust. As of September 1, 2007, large investors willno longer be eligible for the Special Brokerage Fee.

Since December 1, 2006,the Managing Owner and/or affiliates act as commodity brokers for the Trustthrough RJO.  As such, the Managing Ownerand/or affiliates receive all commissions after December 1, 2006 that wererecorded as such in the financial statements.

**(g)           Foreign Currency Transactions**

Trading accounts inforeign currency denominations are susceptible to both movements in theunderlying contract markets as well as fluctuation in currency rates.  Foreign currencies are translated into U.S.dollars for closed positions at an average exchange rate for the year, whileyear-end balances are translated at the year-end currency rates.  The impact of the translation is reflected inthe statements of operations.

**(h)           Use of Estimates**

The preparation of financialstatements in conformity with accounting principles generally accepted in theUnited States of America requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements andthe reported amounts of revenues and expenses during the reporting period.  Actual results could differ from thoseestimates.

**(i)            Valuation of Assets Held at Refco Capital Markets, Ltd.**

Assets held by the Trust (and the LLC after December 31, 2006) at RCMare reported at fair value as determined in good faith by  Management after consideration of allfactors, data and information, including information from financialinstitutions with no affiliation to RCM, analysis of the current market whichhas developed to purchase RCM creditor claims, the current demand andwillingness of third parties to purchase RCM claims and financial informationreceived by Management from RCM. The value assigned to this asset is based uponavailable information and does not necessarily represent amounts which mightultimately be realized. Furthermore, this value assumes that Management wouldrecommend selling these claims to a third party as opposed to holding RCM assetsuntil the RCM estate makes a distribution to RCM customers and creditors whichmay or may not be the case. Because of the inherent uncertainty of valuationdue to the inability to estimate recoverable RCM assets necessary to remitpayment to customers and creditors as well as the uncertainty as the standingof the Trust vis-a vis other customers / creditors, the estimated fair valuecould be significantly higher or lower than the fair value assigned by theManagement.

Any recovery from RCM shall be credited against the then book value ofthe claim. The book value is reviewed each month to determine if furtherimpairment has occurred based upon facts then available.

Through June 30,2007, the Trust and/or LLC had received amounts in excess of the original impairmentresulting in no remaining book value.

Any futureadministrative and/or legal expenses associated with liquidation of the assetsheld at RCM have not been reflected as such futures expenses are notestimatable.

**(j)****                                    RecentPronouncements**

In September, 2006, theFinancial Accounting Standards Board issued a Statement of Financial AccountingStandards (“SFAS”) No. 157, “Fair Value Measurements” which defined  Fair Value Measurements. The provisions ofSFAS No. 157 are effective for fiscal years beginning after November 15, 2007.The Trust is currently evaluating the impact of adopting SFAS No. 157 on itsFinancial Statements. At this time, the impact on the Trust’s FinancialStatements has not been determined.

**(3)****                    Fees**

Management fees areaccrued and paid monthly. Incentive fees are accrued monthly and paidquarterly. Trading decisions for the period of these financial statements weremade by John W. Henry & Company, Inc. (JWH) utilizing four of its tradingprograms,  JWH GlobalAnalytics®, the Financial and Metals Portfolio, theInternational Foreign Exchange program and the Global Financial & Energyprogram.

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Under signed agreementJWH receives a monthly management fee at the rate of 0.167% (a 2% annual rate)of the Trust’s month-end net assets calculated after deduction of a portion ofthe Brokerage Fee at an annual rate of 1.25% of the Trust’s month-end netassets, but before reduction for any incentive fee or other costs and beforeinclusion of purchases and redemptions for the month. These management feeswere not paid on the Nontrading/LLC net assets.

Also, under signedagreement the Trust pays to JWH a quarterly incentive fee equal to 20% of thenet trading profits, if any, of the Trust. The incentive fee is based on theoverall performance of the Trust, not individually in respect of theperformance of the individual programs utilized by the Trust. This fee is alsocalculated by deducting a portion of the brokerage fees at an annual rate of1.25%.

**(4)****                    IncomeTaxes**

No provision for Federalincome taxes has been made in the accompanying financial statements as eachbeneficial owner is responsible for reporting income (loss) based on the prorata share of the profits or losses of the Trust.  Generally, for both Federal and state taxpurposes, trusts, such as the JWH Global Trust, are treated as partnerships.The LLC will also be teated as a partnership. The only significant differencesin financial and income tax reporting basis are unrealized gains (losses) andthe $39,580,944 impairment of Nontrading/LLC assets.

**(5)****                    TradingActivities and Related Risks**

The Trust engages in thespeculative trading of U.S. and foreign futures contracts, and forwardcontracts (collectively derivatives). These derivatives include both financial and non-financial contracts heldas part of a diversified trading strategy. The Trust is exposed to both market risk, the risk arising from changesin the market value of the contracts, and credit risk, the risk of failure byanother party to perform according to the terms of a contract.

The purchase and sale offutures requires margin deposits with a futures commission merchant (“FCM”).  Additional deposits may be necessary for anyloss on contract value.  The CommodityExchange Act requires an FCM to segregate all customer transactions and assetsfrom the FCM’s proprietary activities.  Acustomer’s cash and other property, such as U.S. Treasury Bills, deposited withan FCM are considered commingled with all other customer funds subject to theFCM’s segregation requirements.  In the eventof an FCM’s insolvency, recovery may be limited to a pro rata share ofsegregated funds available.  It ispossible that the recovered amount could be less than the total of cash andother property deposited.

The Trust has cash ondeposit with an affiliated interbank market maker in connection with itstrading of forward contracts.    In thenormal course of business, the Trust does not require collateral from suchinterbank market maker.  Due to forwardcontracts being traded in unregulated markets between principals, the Trustalso assumes a credit risk, the risk of loss from counter partynon-performance.

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

Net trading results fromderivatives for the periods ended June 30, 2007 and 2006, are reflected in thestatements of operations and equal gain from trading less brokeragecommissions.  Such trading resultsreflect the net gain or loss arising from the Trust’s speculative trading offutures contracts and forward contracts.

The notional amounts ofopen contracts at June 30, 2007, as disclosed in the Condensed Schedule ofInvestments, do not represent the Trust’s risk of loss due to market and creditrisk, but rather represent the Trust’s extent of involvement in derivatives atthe date of the statement of financial condition.

The beneficial ownersbear the risk of loss only to the extent of the market value of theirrespective investments.

**(6)****          ****AssetsHeld at Refco Capital Markets, Ltd.**

Effective October 31, 2005,$57,544,206 of equity and 2,273,288 in substitute units, which represented theassets held at RCM plus $1,000,000 in cash were transferred to a nontradingaccount, as explained in Note 1. On December 31, 2005 the 

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$56,544,206 of assets heldat RCM were reduced by $39,580,944 for impairment to $16,963,262, or 30% of theoriginal value of the assets.

On December 29, 2006 theTrust received a partial recovery from RCM in the amount of $10,319,317. Theseproceeds were applied against the then reflected book value of the claim with aresulting book value of the claim of $6,643,944.

Management elected to retain$983,648 of the above proceeds for legal and administrative expenses and todistribute $9,335,669. Unitholders who had previously redeemed units of theTrading account received cash in the amount of $4,180,958. Unitholders who hadnot previously redeemed units of the Trading Account received 54,914 additionalunits of the Trading account in exchange for $5,154,711 which represented theirshare of the total distribution of $9,335,669. As the cash distribution was inprocess as of December 31, 2006, the Trust reflected distributions payable of$4,180,958 as of that date.

EffectiveJanuary 1, 2007, the LLC, was established to pursue the claims againstRCM.  On January 1, 2007, the Trusttransferred all nontrading assets and liabilities, which had a net asset valueof $7,791,679, to the LLC.   Any fundsobtained by the LLC will be distributed to unitholders who were investors inthe Trust at the time of the bankruptcy of RCM and Refco, Inc., net ofexpenses, as explained in Note 1.

OnApril 20, 2007, the LLC received a second partial recovery from RCM in theamount of $2,787,629.

On June7, 2007, the LLC received a third partial recovery from RCM in the amount of$265,758.

On June28, 2007, the LLC received a fourth partial recovery from RCM in the amount of$4,783,640.  This recovery, along withthe previous recoveries, resulted in reducing the balance of the amount duefrom former brokers to zero and recording a nontrading gain of $1,193,083,which is reflected as “collections in excess of impaired value” on theConsolidated Statement of Operations,  asthe recoveries have exceeded management’s original estimate of impairmentreflected in 2005.

**(7)           Financial Highlights**

The following financialhighlights show the Trust’s financial performance for the three-month andsix-month periods ended June 30, 2007 and 2006. Total return is calculated as the change in a theoretical beneficialowner’s investment over the entire period and is not annualized.  Total return is calculated based on theaggregate return of the Trust taken as a whole.               
| ** **                                               | ** ** | **Three months ended June 30,** | ** ** | **Six months ended June 30,** | ** ** |
|----------------------------------------------------------|------------|------------------------------------------------|------------|---------------------------------------------------|------------|
| ** **                                               | ** ** | **2007**                                       | ** ** | **2006**                                          | ** ** | **2007** | ** ** | **2006** | ** ** |
|                                                     |       |                                           |       |                                              |       |   |   |   |   |
| Net asset value  of trading units at beginning of period |       | $                                              | 76.46      |                                              | $          | 102.25 |   | $ | 93.86 |   | $ | 112.96 |   |
| Trading income  (loss) per unit                          |       | 10.91                                          |       | (2.70                                             | )          | (6.49 | ) | (13.41 | ) |
| Net asset value  of trading units                        |       | $                                              | 87.37      |                                              | $          | 99.55 |   | $ | 87.37 |   | $ | 99.55 |   |
|                                                     |       |                                           |       |                                              |       |   |   |   |   |
| Total Return:                                            |       |                                           |       |                                              |       |   |   |   |   |
| Total return before incentive fee                        |       | 14.27                                          | %          | (2.64                                             | %)         | (6.91 | %) | (11.87 | %) |
| Less incentive fee allocation                            |       | 0.00                                           | %          | 0.00                                              | %          | 0.00 | % | 0.00 | % |
| Total Return:                                            |       | 14.27                                          | %          | (2.64                                             | %)         | (6.91 | %) | (11.87 | %) |
|                                                     |       |                                           |       |                                              |       |   |   |   |   |
| Ratios to  average net assets:                           |       |                                           |       |                                              |       |   |   |   |   |
|                                                     |       |                                           |       |                                              |       |   |   |   |   |
| Trading income (loss):                                   |       | 13.65                                          | %          | (1.73                                             | %)         | (9.52 | %) | (12.33 | %) |
|                                                     |       |                                           |       |                                              |       |   |   |   |   |
| Expenses:                                                |       |                                           |       |                                              |       |   |   |   |   |
| Expenses less incentive fees                             |       | (2.37                                          | %)         | (2.19                                             | %)         | (4.43 | %) | (4.37 | %) |
| Incentive fees                                           |       | 0.00                                           | %          | 0.00                                              | %          | 0.00 | % | 0.00 | % |
| Total expenses                                           |       | (2.37                                          | %)         | (2.19                                             | %)         | (4.43 | %) | (4.37 | %) |

 

The calculations above do not include activity withinthe trust’s LLC equity/nontrading accounts.

The net loss and expenseratios are computed based upon the weighted average net assets for the Trustfor the three-month and six-month periods ended June 30, 2007 and 2006. Theamounts are not annualized.

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## **Item2.  Management’s Discussion and Analysisof Financial Condition and Results of Operations**

**(a)****                      CapitalResources**

The Trust’s capitalresources fluctuate based upon the purchase and redemption of units and thegains and losses of the Trust’s trading activities.   The amount of assets invested in the Trustgenerally does not affect its performance, as typically this amount is not alimiting factor on the positions acquired by JWH, and the Trust’s expenses areprimarily charged as a fixed percentage of its asset base, however large.

The Trust’s involvementin the futures and forward markets exposes the Trust to both market risk — therisk arising from changes in the market value of the futures and forwardcontracts held by the Trust — and credit risk — the risk that another party toa contract will fail to perform its obligations according to the terms of thecontract.  The Trust is exposed to amarket risk equal to the value of the futures and forward contracts purchasedand theoretically unlimited risk of loss on contracts sold short.  JWH monitors the Trust’s trading activitiesand attempts to control the Trust’s exposure to market risk by, among otherthings, refining its trading strategies, adjusting position sizes of the Trust’sfutures and forward contacts and re-allocating Trust assets to different marketsectors.  The Trust’s primary exposure tocredit risk is its exposure to the non-performance of R.J. O’Brien &Associates, LLC (“RJO”), the Trust’s clearing broker and the broker for forwardcontracts.   RJO generally enters intoforward contracts with large, well-capitalized institutions and then entersinto a back-to-back contract with the Trust. The Trust also may trade on exchanges that do not have associatedclearinghouses whose credit supports the obligations of its members and operateas principals markets, in which case the Trust will be exposed to the creditrisk of the other party to such trades.

The Trust’s tradingactivities involve varying degrees of off-balance sheet risk whereby changes inthe market values of the futures and forward contracts underlying the financialinstruments or the Trust’s satisfaction of the obligations may exceed theamount recognized in the statement of financial condition of the Trust.

The Trust borrows only toa limited extent and only on a strictly short-term basis in order to financelosses on non-U.S. dollar denominated trading positions pending the conversionof the Trust’s dollar deposits.  Theseborrowings are at a prevailing short-term rate in the relevant currency.  They have been immaterial to the Trust’soperation to date and are expected to continue to be so.

Thereare no known material trends, favorable or unfavorable, that would affect, norany expected material changes, to the Trust’s capital resource arrangements atthe present time.

**(b)           Liquidity**

The Trust’s assets atJune 30, 2007 are held in brokerage accounts with RJO.  Such assets are used as margin to engage intrading and may be used as margin solely for the Trust’s trading.   Except in unusual circumstances, the Trustshould be able to close out any or all of its open trading positions andliquidate any or all of its holdings quickly and at market prices.  This should permit JWH to limit losses aswell as reduce market exposure on short notice should its programs indicatereducing market exposure.

The Trust earns intereston 100% of the Trust’s average daily balances on deposit with RJO during eachmonth at 75% of the average 91-day Treasury bill rate for that month in respectof deposits denominated in dollars. For deposits denominated in currenciesother than dollars, the Trust earns interest at a rate of LIBOR less 100 basispoints..  For the fiscal quarter endedJune 30, 2007 and 2006, the Trust had received or accrued to receive tradinginterest of $827,427 and $1,906,336 respectively.  For the six months ended June 30, 2007 and2006, the Trust had received or accrued to receive trading interest of$1,906,393 and $3,800,404, respectively.

The Trust’s involvementin the futures and forward markets exposes the Trust to both market risk — therisk arising from changes in the market value of the futures and forwardcontracts held by the Trust — and credit risk — the risk that another party toa contract will fail to perform its obligations according to the terms of thecontract.  The Trust is exposed to amarket risk equal to the value of the futures and forward contracts purchasedand theoretically unlimited risk of loss on contracts sold short.  JWH monitors the Trust’s trading activitiesand attempts to control the Trust’s exposure to market risk by, among otherthings, refining its trading strategies, adjusting position sizes of the Trust’sfutures and forward contacts and re-allocating Trust assets to different marketsectors.  The Trust’s primary exposure tocredit risk is its exposure to the non-performance of the 

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Forwards CurrencyBroker.  The Forwards Currency Brokergenerally enters into forward contracts with large, well-capitalizedinstitutions and then enters into a back-to-back contract with the Trust.  The Trust also may trade on exchanges that donot have associated clearinghouses whose credit supports the obligations of itsmembers and operate as principals markets, in which case the Trust will beexposed to the credit risk of the other party to such trades.

Most United Statescommodity exchanges limit the amount of fluctuation in commodity futurescontract prices during a single trading day by regulations.  These regulations specify what are referredto as “daily price fluctuation limits” or “daily limits.”  The daily limits establish the maximum amountthe price of a futures contract may vary either up or down from the previousday’s settlement price at the end of a trading session.  Once the daily limit has been reached in aparticular commodity, no trades may be made at a price beyond the limit.  Positions in the commodity could then betaken or liquidated only if traders are willing to effect trades at or withinthe limit during the period for trading on such day.  Because the “daily limit” rule only governsprice movement for a particular trading day, it does not limit losses.  In the past, futures prices have moved thedaily limit for numerous consecutive trading days and thereby prevented promptliquidation of futures positions on one side of the market, subjectingcommodity futures traders holding such positions to substantial losses forthose days.

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

There are no knownmaterial trends, demands, commitments, events or uncertainties at the presenttime that are reasonably likely to result in the Trust’s liquidity increasingor decreasing in any material way.

**(c)           Results of Operations**

The Trust’s successdepends on JWH’s ability to recognize and capitalize on major price movementsand other profit opportunities in different sectors of the world economy.  Because of the speculative nature of itstrading, operational or economic trends have little relevance to the Trust’sresults, and its past performance is not necessarily indicative of its futureresults.  The Managing Owner believes,however, that there are certain market conditions — for example, markets withmajor price movements — in which the Trust has a better opportunity of beingprofitable than in others.

JWH’s programs do notpredict price movements.  No fundamentaleconomic supply or demand analysis is used in attempting to identifymispricings in the market, and no macroeconomic assessments of the relativestrengths of different national economies or economic sectors is made.  Instead, the programs apply proprietary computermodels to analyze past market data, and from this data alone attempt todetermine whether market prices are trending. Technical traders such as JWH base their strategies on the theory thatmarket prices reflect the collective judgment of numerous different traders andare, accordingly, the best and most efficient indication of marketmovements.  However, there are frequentperiods during which fundamental factors external to the market dominateprices.

If JWH’s models identifya trend, they signal positions which follow it. When these models identify the trend as having ended or reversed, thesepositions are either closed out or reversed. Due to their trend-following character, JWH’s programs do not predicteither the commencement or the end of a price movement.  Rather, their objective is to identify atrend early enough to profit from it and to detect its end or reversal in timeto close out the Trust’s positions while retaining most of the profits madefrom following the trend.

The performance summariesset forth below outline certain major price trends which JWH’s programs haveidentified for the Trust during the first two quarters of fiscal years 2007 and2006.  The fact that certain trends werecaptured does not imply that others, perhaps larger and potentially more profitabletrends, were not missed or that JWH will be able to capture similar trends inthe future.  Moreover, the fact that theprograms were profitable in certain market sectors in the past does not meanthat they will be so in the future.

The performance summariesare an outline description of how the Trust performed in the past, notnecessarily any indication of how it will perform in the future.  Furthermore, the general causes to whichcertain 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 willbe profitable even in trending markets, markets in which substantial andsustained price movements occur offer the best profit potential for the Trust.

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**Fiscal Quarter ended June 30,2007**

The Trust recorded net gain of $12,228,625 or $10.91 per unitin the second quarter of 2007. As of June 30, 2007, the Trust hadgained 6.80% since its inception in June 1997.

The Trust’s performancewas positive for the month of April. Global financial markets recovered from the explosion in volatility thatoccurred at the end of February and continued into March.  The currency sector was the best performerfor the month as the euro reached a historical high against both the U.S.dollar and the Japanese yen. and the British pound reached a 25-year highagainst the dollar. The dollar weakened on speculation that the Federal ReserveBoard would cut rates. At the same time, expectations grew that the EuropeanCentral Bank and the Bank of England would raise rates as their economiesstrengthened.  The Japanese yen reached arecord low against the euro and was weaker against major currencies. Themajority of the sector was positive for the month, with the largest gainachieved in the euro. The agriculturesector was positive for the month. Gains in N.Y. cotton and coffee werepartially offset by losses in CBOT wheat. N.Y. cotton trended lower throughout April as supply continued tooutpace demand.  U.S. exports to China, the largest consumer of the fiber,fell to 1.5 million bales  from 5.4million bales a year earlier.  N.Y. coffee continued to trend lower andfell to a six-month low due to increases in inventories from last year. Wheat,which had been trending lower prior to the cold weather at the beginning of themonth , suffered a reversal due to the resulting global supply concerns.The global stock indices sector was positive for April driven by  stronger-than-expected 1st quarter earnings, an increase in mergers andacquisitions, economic growth in Europe, and benign inflation in the U.S.  In April, the S&P 500 gained 4.3 %, theDow Jones Industrial Average soared 5.7 %, and the Euro Stoxx 50 gained .2 %.Osaka Nikkei was slightly negative as the Trust exited positions when Asianstocks fell on April 19th inreaction to China’s benchmark CSI 300 Index falling 4.7 %.  The metals sector was positive for the monthas****LME copper strengthened in April to the highest it has been in more than7 months.  Gold also added to performanceas the precious metal reached an 11 month high. Silver was negative for the month as speculation that the rally inprecious metals was overdone which caused reversals as prices dropped. Theenergy sector was negative for the month. Natural gas fluctuated throughout themonth as weather drove demand.  Crudeoil, the sector’s worst performer,  fellto $61.34 a barrel on April 19th before reversing to $66.70 a barrel on April27th.  The interest rate sector was negative for themonth on uncertainty in interest rate policy of the world’s two largesteconomies.  Both U.S. Treasuries andJapanese Government 10-year Bonds (JGBs) were trendless in April. Whileuncertainty surrounded the state of these two economies, the German Benchmark10-year bund and the British long gilts supported performance. Bund yields roseto their highest level since August 2005.

The Trust’s performancewas positive for the month of May.  Theinterest rate sector was the Trust’s strongest performer for the month.   Global interest rates sustained their steadyrise as economic growth continued in Europe and as the U.S. housing marketbegan to stabilize.  The German Benchmark10-year bund led performance as consumer confidence climbed and manufacturingexpanded in the euro region economy. U.S. Treasuries also bolstered performanceas the benchmark 10-year bond yield increased 26 basis points since April 30th, its biggest monthly increasesince March 2006.  The indices sector wasalso positive for May as equity markets reached new highs due to continuedeconomic growth in Europe and indications from the U.S. Federal Reserve Board(Fed) that growth would accelerate.  $1.1trillion of announced Merger and Acquisition deals so far this year pushed theS&P 500 past its 2000 peak. The EuroStoxx 50 and Nasdaq E-mini ledperformance as the NASDAQ ended the month at 2604.52, its highest level sinceFebruary 2001.The energy sector was negative for the month as energy marketsremained range-bound.  U.S. oil futures tradedbetween $60 and $67 the past two months as ample domestic stockpiles counteredthe impact of supply shutdowns in Alaska and Nigeria.  The metals sector was negative for themonth.  The LME Copper strengthening trendfaltered during the month on speculation that China may be oversupplied.  Gold limited performance as it fell to atwo-month low in May.  Silver dropped 0.7% in May.  Despite the drop, gold hasgained 4.5 % for the year, while silver has risen 4.1%. The currency sector wasnegative for the month. The U.S. dollar rebounded in May from an all-time lowagainst the euro and rose 1% against the British pound.  The dollar reversed as signs of economicstrength reduced the likelihood of cuts in interest rates by the Fed.  A majority of the sector’s losses were offsetby the dollar’s strengthening against the Japanese yen.  The U.S. currency gained 1.9 % against theyen in May and reached a three-month high. The agriculture sector was negative for the month.  Soybean futures rallied to a 35-month high asU.S. farmers said they would cut soybean acreage  67.1 million, the smallest since 1996.  Trend reversals in London sugar, CBOT Wheatand New York coffee more than offset the gains. Bean oil was the sector’s bestperformer.

** **The Trust’s performance was positivefor the month of June.  The  interest rate sector was positive as Europeangovernment bonds recorded their steepest quarterly decline in almost 8years.  The German Benchmark 10-year bundtrended lower for the fourth month in June. The yield touched 4.70 % on June 13th, its’ highestsince August of 2002.  U.S. Treasuriesalso fell, suffering their biggest quarterly decline since the 1st quarter of 2006. The energy sector waspositive in June as increased terrorism fears combined with lower supplies inpetroleum-based products and higher supplies in natural gas drove the sector’s 

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performance.  Naturalgas futures for August delivery plunged to a five-month low. This move occurredafter a weekly government report indicated that inventories rose more thananalysts expected and the outlook for colder temperatures this summer waslikely to cut demand. The currency sector was positive for the month as theJapanese yen suffered its biggest quarterly loss against the euro and thedollar since 2001.  The weakness of theU.S. dollar against both the British pound and the euro limited the sector’sgains.  The weakness was caused byspeculation that the Federal Reserve Board would keep borrowing costs unchangedfor the remainder of the year, while both the Bank of England and the EuropeanCentral Bank would continue to raise rates.The metals and agriculture sectorswere basically flat for the month, while the indices sector was slightlynegative as range-bound markets and trend reversals dominated these sectors.  The only components that exhibited noteworthyperformance were  wheat and corn.  The Trust profited as  wheat futures trended higher. The gains were offset by losses in corn.  Corn plunged to a 12-week low in Chicagoafter the government said U.S. farmers planted more acres than forecast inMarch and the most since 1944. The Trust recorded a trading gain of 7.08% forthe month.  The June month-end tradingNAV was $ 87.37.

Duringthe quarter no units were sold. Beneficial owners redeemed a total of 200,636units during the quarter. The Managing Owner redeemed a total of 0 units duringthe quarter. At the end of the quarter there were 974,039 units outstandingowned by the Beneficial Owners and 20,218 units outstanding owned by theManaging Owner.

During the fiscal quarterending June 30, 2007, the Trust had no material credit exposure to acounterparty, which is a foreign commodity exchange, or to any counterpartiesdealing in over the counter contracts.

**Fiscal Quarter ended June 30,2006**

The Trust recorded net loss of $3,022,805 or $2.78 per unitin the second quarter of 2006. As of June 30, 2006, the Trust hadgained 7.13% since its inception in June 1997.

On June 30, 2006,JWH was managing 100% of the Trust’s assets. The Trust assets were allocated as follows:  JWH GlobalAnalyticsÒFamily of Programs (30%), Financial and Metals Portfolio (30%), InternationalForeign Exchange Program (20%), and Global Financial and Energy Program (20%).However, John W. Henry & Company, Inc., the advisor to the Trust, hasdecided to stop offering its two-phase systems to clients in its present form.Therefore, after consultation with the Managing Owner, effective July 1, theprogram allocations within the Trust changed. The Trust’s previous 20%allocation to Global Financial and Energy program will be replaced with theGlobal Diversified program. All other program allocations remain the same: 30%GlobalAnalytics, 30% Financial and Metals, 20% International Foreign Exchange.

The Trust’sperformance was positive for the month of April. The metals sector had stronggains in both precious and base metals. The interest rate and currency sectorsalso added to performance with higher global interest rates and a weakeningU.S. dollar. The energy sector had modest gains while volatility hamperedperformance in the agriculture and indices. The metals sector was positive withall components being profitable for the month. Gold climbed above $650/oz for the first time in 25 years.  The escalating dispute with Iran, combinedwith a falling U.S. dollar, helped to push the precious metal higher during themonth. Silver added to performance, rallying on speculation that investordemand will grow with a new offering of an exchange-traded silver-backedfund.  Gains were achieved in LME copperrally fed by speculation that disruptions at mines would curb supplies.  Further gains were achieved as LME aluminumreached a 17-year high in London as growing demand in the U.S. and China droveprices higher. The fixed-income sector was the Trust’s strongest performingsector as European, Japanese and U.S. fixed income markets sold off.  The largest gain in the sector was in theGerman benchmark 10-year bund, touching a 4% yield for the first time sinceOctober 2004 on speculation that the European Central Bank will raise its keyrates this year. The Japanese 10-year bond (JGB) also added to the sector’sperformance as it fell for a fifth month on concerns that the Bank of Japanwill also raise interest rates this year. The 10-year gilt (UK) fell for thefourth consecutive month pushing yields to a one-year high of 4.71%.  The only loss in this sector came from theeuro-yen. The currency sector was positive on the month as the U.S. dollar fellon expectations of narrowing interest rate differentials. Federal ReserveChairman Ben Bernanke said in testimony to Congress that the central bank maystop raising rates “at some point”, ending an almost a two-year cycle of rateincreases.  Meanwhile, speculation wasincreasing that the Bank of Japan, the Swiss National Bank and the EuropeanCentral Bank would all raise rates.  Thedollar extended its losses even further after the University of Michigan saidits index of consumer sentiment decreased from 88.9 to 87.4.  The dollar fell 4.1 % against the euro(largest gain in this sector), the biggest monthly decline since December 2003,and the British pound gained against the dollar for a fourth week, its longestwinning streak in a year.  Hinderingperformance was the strength of the yen which rallied after the G-7 called forfaster currency appreciation in Asia and after China unexpectedly lifted itskey interest rate for the first time since October 2004.  The largest loss was in the Australiandollar. Performance in the energy sector was also positive during the month.Concerns that 

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UN-imposed sanctionscould lead Iran to cut shipments, drove the June crude oil contract to a newhigh of $75.35 a barrel. Increased geopolitical uncertainty drove all petroleumbased products higher as Brent crude oil for June settlement reached a new highof $74.79 a barrel.  Mild weather in theU.S., however, hindered performance as natural gas fell 20% and approached anine-month low as demand slowed. The indices sector was slightly negative forthe month as increased geopolitical instability in the global stock markets, aswell as a volatile interest rate environment hindered performance. Asian stocksdropped from a sixteen-year high during the month after China unexpectedlyraised its key lending rate. The rate rise sent shares of mining companies andcommodity producers lower on speculation that increased borrowing costs couldcurb demand for raw materials in the world’s fastest growing economy. Thelargest gain in this sector was the All Ordinaries Index while the largest lossoccurred in Eurostoxx 50. The agriculture sector was the Trust’s worstperforming sector, but was only slightly negative for the month. Cotton fell toits lowest close since December 2. The gains in cotton however were not enoughto offset the losses in the rest of the sector dominated by choppy priceaction. The largest loss occurred in N.Y. coffee.  The Trust recorded a trading gain of 10.68%for the month. The April month-end trading NAV was $113.17.

The Trust’sperformance was negative in May as the interest rate, metals, agriculture andstock indices sectors saw broad market corrections in the second half of themonth. Increased inflationary fears and concerns over the global economy ledinvestors to take profits and reduce risk exposure.  A major catalyst for the reversal was thenews that the Federal Reserve on May 10th signaled that “further policy firming may yetbe needed” instead of signaling a possible “pause”. This unexpectedannouncement caused the equity markets to fall in response. The currency sectorwas positive for the month despite extreme volatility. The U.S. dollar lost1.4% against the euro and 1.1% against the Japanese yen as investors expectedcentral banks in Europe and Japan to raise interest rates at a quicker pacethan the Federal Reserve.  For the year,the U.S. dollar has fallen 7.5% against the euro and 4.4% against the yen.  The largest gain in the sector was theBritish pound, which posted its first back-to-back monthly gain against theU.S. dollar since the end of 2004. The euro/Japanese yen cross has the largestloss. The fixed income sector was the Trust’s worst performing sector asuncertain inflationary prospects and global growth led to increasedvolatility.  The worst performer in thesector was the ten-year Japanese government bonds (JGBs), which ended its longestlosing streak since 1990 with flight-to-quality moves from the Japanese stockand commodity markets.  JGBs had risen to2.005% on May 10th, thehighest rate since August 1999. The largest gains in this sector were in theU.S. 10-year note and the 3-month eurodollar. Performance in the energy sectorwas also negative for the month as petroleum products retreated from record ornear record highs during the month. Brent crude oil for July settlement touched a contract high of $74.97 abarrel on May 2nd and May 3rd as attacks inNigeria and tensions with Iran kept crude related products from suffering thesevere intra month reversals that plagued the majority of the other sectors.The largest gain in the sector was natural gas which closed the month at itshighest price in almost three weeks in New York. The largest loss was crudeoil. The metal sector was also negative for the Trust for the month as preciousand base metals fell from record highs set earlier in the month.  With Investor profit taking, a strengtheningof the U.S. Dollar, lower energy prices and the U.S. joining nuclear talks withIran and the EU, gold fell 12% after reaching a 26-year high of $732 an ounceon May 12th.  Aluminum rose on the London Metal Exchange(LME), due to speculation that a fifth of the Alcoa Inc.’s U.S. workers may goon strike. LME copper was the best performer in this sector as its futuresreached a record high on May 12th of $8,600. The largest loss in this sectoroccurred in silver as concerns that rising global interest rates may curbdemand in India and China. Indices also underperformed for the month driven bythe Federal Reserve’s uncertainty about inflation, and the lackluster U.S.consumer confidence report.  The DowJones Industrial Average closed on May 9th within 84 pointsof a new record high.  However, globalequity markets began to fall after the Federal Reserve meeting on May 10th, when it became apparent anadditional rate hike was still a possibility in June.  As a result, U.S. stocks ended May with theirworst monthly decline in almost two years. The Dow Jones Industrial Average lost 1.7% during the month, while theNasdaq fell 6.2%. The only gain in this sector was in the Nasdaq E-Mini. Thelargest loss occurred in the Nikkei (Osaka). The agriculture sector was alsoslightly negative for the Trust for the month as London and New York sugarhindered performance.  Sugar, whosedemand has increased on its ability to be made into ethanol, fell as energyprices dropped during the month. Contributing to sugar’s fall in London was speculation that the EuropeanUnion will increase exports, and that Brazilian sugar exporters will accelerateshipments as the nation’s currency weakens. The largest gain in this sector was in New York coffee. The Trustrecorded a trading loss of 1.15% for the month. The May month-end trading NAVwas $111.87.

The Trust’sperformance was negative for the month of June. All six sectors were negativewith the currency and interest rate sectors being responsible for the majorityof the Trust’s losses. These sectors saw trend-reversing markets caused byanticipated, but unrealized, fears that the Federal Reserve would raise ratesat its June 29th meeting and reinforce expectations for furtherrate increases. Currencies were the Trust’s worst performing sector as the U.S.dollar strengthened against most major currencies.  Stronger than expected June core ConsumerPrice Index (CPI) coupled with statements from Federal Reserve ChairmanBernanke, led to speculation that the Federal Reserve might raise rates 50basis points.  The Federal Reserve raisedrates 25 basis points and suggested it may be nearing the end of its 2-yearcycle of rate increases.  As a result, thedollar 

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reversed andweakened during the last two days of the month: 5.3% lower vs. the euro and2.8% vs. the yen - the greatest percentage decrease since the last quarter of2004.  The largest loss occurred in theJapanese yen, while the largest gain was achieved in the South African rand.The interest rate sector was unprofitable for the month led by declines in theU.S. 10-year and 30-year treasury bonds and German 10-year government bonds(bunds).  Treasuries began the monthstrengthening only to sell-off after the core CPI came in higher than expected.This data, along with Federal Reserve Chairman Bernanke’s comments, putpressure on the entire U.S. fixed income market. Bonds rebounded the last twodays of the month after the Federal Reserve raised rates only 25 basispoints.  The gains marked the Treasuries’2nd straight quarterly loss and worst yearly start since 1999.  On June 8th, the European Central Bank (ECB) raisedits benchmark interest rate to 2.75% for its third hike in six months, andother ECB council members signaled that the ECB was ready to increase ratesfurther. The largest gain occurred in eurodollar (3-month), while the largestloss occurred in the U.S. 30-year bond. The metals sector was also negative forthe month as both base and precious metals continued to retreat from May highs.  With a stronger dollar, gold fell to a threemonth low of $542.45/ounce, only to surge again the last 2 days of the month.Gold is still up 18% for the year. All components of this sector were negativewith the largest loss coming from gold. The agriculture sector also underperformedduring the month as weather conditions had severe affects on various cropsworldwide. Wheat, which was the sector’s worst performer, fell to a five-weeklow in the middle of June. Corn and soybeans also hindered performance asprices fell due to Midwest rains. The only gain in this sector was N.Y. coffee.Indices were slightly negative for the month again as speculation over theFederal Reserve meeting caused severe market fluctuations.  Most of the world’s equity markets sufferedlosses during the first three weeks of the month. Speculation that the actionsof the Federal Reserve would hurt economic growth and 16 central banks raisinginterest rates during the month fueled the losses.  As it became evident that the Federal Reservewas actually closer to ending its rate-hiking cycle, world equity marketsrallied. The largest gain was in the Nasdaq E-Mini, while the largest lossoccurred in Eurostoxx 50. The energy sector was also slightly negative for themonth due to choppy market conditions. Weakness in the markets at the beginningof the month was replaced by strength due to renewed tensions in the MiddleEast and speculation that gasoline consumption will jump during the 4th of July holiday weekend.  Crude oil futures for August delivery touched$74.10 on the NYMEX, after falling to a low of $68.75 during the month. Thelargest gain in this sector was in natural gas. The largest loss was in crudeoil. The Trust recorded a trading loss of 11.01% for the month. The Junemonth-end trading NAV was $99.55.

During the quarter no units were sold. Beneficial ownersredeemed a total of 143,060 units during the quarter. The Managing Ownerredeemed 0 units during the quarter. At the end of the quarter there were1,461,076 units outstanding owned by the Beneficial Owners and 24,017 unitsoutstanding owned by the Managing Owner.

During the fiscal quarter ending June 30, 2006, theTrust had no material credit exposure to a counterparty, which is a foreigncommodity exchange, or to any counterparties dealing in over the countercontracts.

**Fiscal Quarter ended March 31,2007**

The Trust recorded net trading losses of $21,808,885 or$17.40 per trading unit in the first quarter of 2007 (*** Please see “Notes to Financial Statements”in Part I — Item 1 forexplanation of Net Asset Value/unit pursuant to events of October, 2005). As ofMarch 31, 2007, the Trust had lost - 6.54%since its inception in June 1997.

On March 31, 2007, JWHwas managing 100% of the Trust’s assets. The Trust assets were allocated as follows:  JWH GlobalAnalyticsÒ(30%), Financial and Metals Portfolio (30%), International Foreign ExchangeProgram (20%), and Global Diversified Program (20%).

The Trust’s performancewas negative for the month of January. The interest rate sector was the Fund’sbest performing sector.  European 10-yearbond yields reached 6-month highs and U.K. two-year gilt yields moved toward5-year highs.  German debt fell duringthe month with a decline in unemployment and a rise in retail sales.  Long gilts slumped as yields soared after theBank of England unexpectedly raised interest rates by a quarter point onJanuary 11th.  U.S. Treasuries also helped performance: theU.S. 10-year note yield touched a 5-month high of 4.9% on January 26th, as the U.S. economy expandedfaster in the fourth quarter than expected. Continued volatility in 10-year Japanese Government bonds (JGBs) limitedthe sector’s performance.  With no changein rates, JGBs had the biggest weekly gain since August.  The currency sector was the Fund’s worstperforming sector as currency markets whip-sawed. The U.S. dollar’s weakeningtrend against the euro and the British pound continued its reversal. On January3rd, the dollarrose to a 6-month high against the euro. The December Federal Reserve Board(Fed) meeting minutes stated that inflation (vs.waning growth) was their “predominantconcern,” hence supporting the dollar. The British pound fell to $1.9296 on January 5th from $1.9848 on December 1st (highest level since 

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September 1992).  On January 11th, the pound rose again to a 14-year highof $1.9916 vs. the dollar before falling again. Offsetting some of the losses was the Japanese yen, which fell 1.4% (tolowest point in more than 4 years) vs. the dollar.  Towards the end of January, however, thedollar had its largest fall vs the yen in more than two months. The  yen was the best performer, while the eurosuffered the largest loss.  The energysector was positive for the month despite changing weather conditions whichcaused extreme volatility within the sector. Warmer-than-expected weather in the beginning of the month, led todecreased demand and lower prices. Following a government report indicating that U.S. supplies of crude oil,gasoline, heating oil and diesel were above the five-year average for the period,crude oil prices plunged and reached a 19-month low of $49.90 a barrel.  Forecasts of colder weather throughoutFebruary reversed the weakening trend. On January 30th, natural gas rose 12% and closed at itshighest price since December 4th  (ending the month with a21 % gain).  By the end of January, crudeoil rebounded to above $58 a barrel in New York.  Crude oil and London gas oil were the bestperformers; natural gas was the worst performer. The metals sector was negativefor the month as precious metal prices reacted to fluctuations in the U.S.dollar.  The early January strengtheningin the U.S. dollar weakened Gold prices which fell 3.1 %.  However, gold then rose 3.9% for the month asthe dollar once again weakened.  LMEcopper limited   losses as copper pricesfell 10% in January and 35 % since reaching a record high in May 2006.  The equity indices sector was negative forthe month as losses in the Nasdaq E-mini offset the gains of the othercomponents in the sector.  U.S. stockscompleted their longest stretch of monthly gains in more than a decade but,intra-month volatility hurt the sector’s overall performance.  On January 13th, U.S. stocks rose to a more than 3-monthhigh.   The Nasdaq had a 2.8% increase to2,502.82, a level not seen since February 2001. However, stocks fell towards the end of the month after profit reportscaused concern that analysts’ forecasts for earnings at computer-relatedcompanies were too high.  The NasdaqE-Mini was the worst performer in the sector, while all other components of thesector were positive. The agriculture sector was negative for the month asprice instability hurt performance.  NewYork coffee fell from a 19-month high of $1.30 on December 15th. Corn suffered a sharp reversal by falling 7.2% in the first 2 days ofthe year then rebounded, along with soybeans, during the rest of themonth.  Corn reached a 10-year high onJanuary 17th, whilesoybeans reached an 18-month high on January 18th. The sector’s best performer was New York sugar, while the sector’s worstperformer was corn.

The Trust’s performancewas negative for the month of February. This negative performance was a directresult of the explosion in volatility in the last week of the month.  Trading up to that point was positive for themonth, but the events of the week reverberated throughout global markets andreversed what few trends of earlier in the month. The events were primarilyportrayed in the U.S. media as a stock market decline, but the issues were farbroader than that.  Whether due to theChinese stock market or the trouble in the sub-prime loan sector, globalmarkets awoke to a measure of short-term volatility not seen for many monthsand was not confined to the equities markets. Example: the gold market hovered around the high $690s, a level not seensince May of ‘06.  Similarly, the wheat,corn and soybean markets were hitting full-year highs opening the last week ofFebruary.  All of these markets sufferedsharp declines during the last week, which translated to losses for theTrust.  Example:  the Japanese yen which was at its yearly lowstrengthened over 2% against the dollar in the last three trading sessions.These examples in unconnected markets indicate how widespread the difficultywas in the last three days of the month. The agriculture sector was the Trust’s best performing sector as cornrose to a 10-year high in Chicago and soybeans reached $8.0775, their highestlevel since June 2004, as wet weather threatened to prevent U.S. farmers fromplanting enough crops to meet surging demand for crop-based fuels.  Cotton and CBOT wheat limited gains as wheatdropped in excess of 2% after prices had reached $5.09, the highest sinceDecember 26th, asinvestors bailed out of the commodity following the global plunge in equities.Corn was the best performing component in the sector. The metals sector wasslightly positive for the month as both precious and base metals sufferedstrong reversals.  Copper rallied for themajority of the month on speculation that China would accelerate itsbuying.  However, the month end slump inequities prices drove the metal lower once again as markets speculated thatdemand would decline as economic expansion slowed.  Prior to the drop in equities, industrial andprecious metals led a commodity rally amid renewed inflation concerns.  Performance in gold and silver offset lossesas prices climbed to nine-month highs. The currency sector was negative for themonth as the yen rallied against the dollar to its highest level in more than19 months on February 27th.  The Swiss franc also reacted to the drop inequities by reversing its weakening trend and rallied to3- month highs againstthe dollar.   Slight gains were producedby the euro as the dollar fell to its lowest level in almost 2 months againstthe currency.    The energy sector wasnegative for the month as natural gas reversed its strengthening trend and hadits biggest loss in more than 6 weeks. After reaching a 2-month high onFebruary 5th of $8.035, natural gas for March deliverydropped 7.7 % on February 12th,its biggest one-day percentage decline since December 26th. Crude oil’s reversal also hurtperformance as it rose to $61.79 a barrel, its highest closing price this year.All components of this sector exhibited negative performance for the month. Theinterest rate sector was negative for the month as global bond markets reversedtheir weakening trend as global equity sell-off fueled demand for governmentdebt.   The rally in German Benchmark 10-yearbonds (bunds) and U.K. fixed income also hurt performance as long gilts postedtheir biggest gain since May.  U.S.Treasuries posted their biggest gains since December 2004 and yields of U.S.10-year Treasury notes fell to their lowest level since December 2006 as thedrop in equity prices caused concern that investors would avoid riskier assets.  

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Japanese GovernmentBenchmark 10-year bonds (JGBs) added to the Trust’s negative performance asspeculation grew that the Bank of Japan would pause before raising borrowingcosts any further. The stock indices sector was negative for the month as aresult of the severe volatility in global equity markets.  U.S. stocks had their biggest tumble since2002, after a plunge in the Chinese equity market.  This sparked a global drop in equity pricesand raised concerns that investors would unload equities after a four-year bullmarket.  On February 27th Chinese stocks suffered their greatest loss ina decade, while the Dow Jones Stoxx 600 Index dropped 3% and the Dow JonesIndustrial Average fell as much as 546 points intraday, the most since thefirst day of trading after September 11th, 2001.  TheEurostoxx 50 was the sector’s worst performer while the Nikkei 225 offset some losses as the sector’sbest performer.

The Trust’s performance was negative for the month of March.The Trust experienced losses as the February explosion in volatility continuedinto early March.  The currency sectorwas negative for the month as the Japanese yen’s sharp reversal continuedduring the first few days of March.  Theyen advanced to near its highest level in almost 2 months against the dollarand gained against all 16 of the most-active currencies during the first weekof March.  The British pound (worstperformer during the month) fell to its lowest level against the yen in morethan 4 months, as one month sterling/yen implied volatility soared to a recordhigh of 11.75 due to concerns of rising risk. Offsetting some of the losses wasthe strengthen trend in the Australian dollar. The interest rate sector wasnegative for the month. Global bond markets fluctuated during the first half ofthe month as fixed-income market sentiment vacillated between two conflictingviews before ending the month lower. Fixed-income markets, which had ralliedthroughout February, continued to strengthen as uncertainty increased that thedrop in equities and the rising defaults among the riskiest mortgages, calledsubprime mortgages, would slow consumer spending and the global economy.  In reaction, yields in the German benchmark10-year bund slid to their lowest in 2007. However, economic data and central bank statements out of both the U.S.and Europe throughout the month relieved investors’ fears and eventually sentfixed-income markets lower, reversing the previous trend.  The German 10-year bund was the sector’sworst performer. European government bonds posted their biggest back-to-backweekly decline in three months. On March 30th, the U.S.10-year Treasury surrendered the remainder of the gains it had amassed afterthe equity sell-off that began on February 27th. The rallyhad driven the yield to as low as 4.44% on March 5th.  The shifting market sentiment led allcomponents of the sector to end the month in negative territory. The metalssector was negative for the month as the drop in price in the equity marketssent precious metals lower. By March 6th, gold (the sector’sworst performer) had dropped almost $50, or 7.3% since February 26th, when itclosed trading at $686.65.  Although goldeventually began to rally, ending the month down only .5%, the extreme drop inprices at the beginning of the month caused the Trust’s systematic investmentstyle to exit positions, which resulted in losses for the Trust.  The stock indices sector was negative for themonth as the global sell-off that began on February 27th caused more than $2.4 trillion in share valueto be lost over five days.  Allcomponents of the sector were negative. The Osaka Nikkei was the sector’s worst performer.  The agriculture sector was negative for themonth as investors sought to cover losses and reduce risk in all markets as aresult of the plunge in global equity prices. As a result, investors bailed out of commodities and took profits incorn and soybeans, which had just reached multi-year highs.  Slight gains were produced in New Yorkcoffee. The energy sector was slightly positive for the month as weather andgeopolitical events were the driving forces of price movements. Natural gas,the sector’s worst performer, dropped to its lowest price in two months onMarch 19th as forecasts for milder weather signaledreduced consumption of the heating fuel. However, when forecasters predicted a shift in the weather pattern thatwould deliver colder than normal air, prices rose to a one-month high.  Offsetting the losses in natural gas, werethe gains achieved in petroleum products. While gains were achieved in crude oil as it continued its weakeningtrend for most of the month, they were limited as crude oil spiked higher andtraded near a six-month high. The Trust recorded a trading gain of 2.04% forthe month.  The March month-end tradingNAV was $76.46.

Duringthe quarter no units were sold. Beneficial owners redeemed a total of108,895.93 units during the quarter. The Managing Owner redeemed a total of 0units during the quarter. At the end of the quarter there were 1,174,676 unitsoutstanding owned by the Beneficial Owners and 20,218 units outstanding ownedby the Managing Owner.

During the fiscal quarterending March 31, 2007, the Trust had no material credit exposure to acounterparty, which is a foreign commodity exchange, or to any counterpartiesdealing in over the counter contracts.

**Fiscal Quarter ended March 31,2006**

The Trust recorded net loss of$18,904,802 or $10.83 per unit in the first quarter of 2006  As of March 31, 2006, the Trust had gained9.91% since its inception in June 1997.

On March 31, 2006,JWH was managing 100% of the Trust’s assets. The Trust assets were allocated as follows:  JWH GlobalAnalyticsÒFamily of Programs (30%), Financial and Metals Portfolio (30%), InternationalForeign Exchange Program (20%), and Global Financial and Energy Program (20%).

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The Trust’soverall return was negative for the month of January as losses in the interestrates, currencies and energy sectors outweighed the gains achieved in the othersectors. The fixed income sector was the Trust’s worst performing sector as thefixed income markets in the U.S., Europe and Japan sold-off over fears of therespective central banks raising interest rates.  Japanese government bonds (largest loss)traded at their lowest level in almost two months with Japanese unemploymentfalling amid growing confidence that economic growth is sustainable and thatthe Bank of Japan (BOJ) may increase interest rates.  Meanwhile, the German bund reached 2.97%, thehighest rate since December 2002, on speculation that a strengthening Europeaneconomy will encourage the European Central Bank (ECB) to raise rates inMarch.  Further hindering performancewere the U.S.10-year and 30-year bonds as U.S. treasuries had their firstmonthly decline since October 2005 as a result of the Federal Reserve raisinginterest rates for the 14th straighttime.  The currency sector also sufferedlosses as the U.S. dollar posted its biggest monthly decline against the eurosince November 2004.   The euro alsobenefited as the market waited to see if the ECB would signal, at their meetingon February 2nd, that theywould raise borrowing costs as Europe’s economy strengthened.  The dollar also suffered losses against theSwiss franc, and the Japanese yen as the spread narrowed between the U.S. andboth European and Japanese interest rates, no longer benefiting the dollar. TheTrust was able to limit losses as the British pound strengthened against thedollar on speculation that the Bank of England would keep interest rates onhold this year. The largest gains in this sector were the British pound and theSingapore dollar.  The largest lossoccurred in the Japanese yen.  Performance in the energy sector was also negative for the month. TheTrust underperformed as volatility within the energy sector increased as oiland natural gas are now being used as “geopolitical weapons” by Iran, Russia,Venezuela and militants in Bolivia. Crude oil (largest gain), which is up 41% from a year ago and 11% forthe month, helped to limit losses in this sector despite the increasedvolatility.  The largest loss occurred innatural gas, which for the first time in almost 6 months dropped below $8 inNew York.  Natural gas fell 17% for themonth as mild weather decreased demand in the largest U.S. consumingregions.  The metals sector was the bestperforming sector for the month. Gold (largest gain) extended its surge to a25-year high, and silver climbed to its highest level since March 1984. Gold’sincrease occurred on concerns that the dollar may weaken because of higher oilprices. LME copper prices rose to a near record as production from the world’smines are failing to keep pace with increased demand from countries likeChina.  Adding to the productionshortfall is the threat of a strike from workers of Chile’s Codelco, the world’slargest copper producer.   Indices werepositive for the month as European stock indices had their best January rallyin eight years led by energy, mining and steel stocks. Leading the sectorsperformance was the Nikkei (Osaka), which despite increased volatility causedby geopolitical events, approached a decade high and managed to gain 3.3%during the month. The Nasdaq E-Mini also helped performance as it rose 3.7% forthe month.  The agriculture sector wasalso positive on the month as sugar reached a 16-year high in London and a25-year high in New York (largest gains). The record highs were a result of increased demand for ethanol, a sugarcane by-product. Limiting profitability in the sector was N.Y. coffee as itrose to seven month highs as worldwide demand outpaced supply. The largest lossoccurred in soybean oil.  The Trustrecorded a trading loss of 1.76% for the month. The January month-end tradingNAV was $110.87.

The Trust’sperformance was negative for the month of February as listless marketscontinued to hamper the Trust’s long-term trend following approach.  The majority of the losses were realized inthe currency and energy sectors, along with more modest losses in the othersectors.  Currencies were the Trust’sworst performing sector for the month as markets gyrated over speculation aboutpotential global interest rate moves. The dollar rose 1.3% against the euro as new Federal Reserve ChairmanBen S. Bernanke comments suggested further tightening by the Fed.  Thee British pound declined versus the dollaron signs of slowing home price growth and sluggish retail sales. The largestloss in the sector was in the yen as the currency strengthened after Bank ofJapan Governor Toshihiko Fukui said the central bank would “immediately” reducethe amount of cash pumped into the financial system, a precursor to raisingrates. Limiting losses in this sector was the Brazilian real (largest gain) asit gained 3.4% against the dollar. The energy sector incurred losses onconcerns over geopolitical events. While the market continued to be sensitiveto the situation in Iran and Iraq, attacks in Nigeria and Saudi Arabia added tothe market’s trepidation.  In Saudi Arabia,there was an assault on a processing center which handles two-thirds of Saudioil. Limiting losses in this sector was falling natural gas prices with U.S.stockpiles for the week ended February 17, 2006 were almost 700 billion cubicfeet above the 5 year average. The metals sector was also negative for themonth as volatility hurt performance. Gold once again hit a 25-year high of $579.50 oz. Meanwhile, afterreaching a record high of $5,100 per metric ton on, LME copper dropped to$4,665, the lowest since January 2005. The largest gain in this sector was insilver on speculation that demand for the metal will accelerate, extending itsyear-long rally. Indices did not perform well for the month as Asian stocksposted their first monthly decline since October 2005 and the Nasdaq dropped1.1%.  Market instability was also afactor in the indices sector as U.S. stocks suffered their biggest lost in fiveweeks on the last day of trading in February. The largest gain was in theEurostoxx 50, while the largest loss occurred in the Nikkei (Osaka).  The interest rate sector was slightlynegative for the month as performance in various markets counterbalanced eachother. The sector benefited from Japanese government bonds, which saw a pricedecline for the month. Offsetting the sector gains however were losses in U.S.30-year bonds, German bunds and the Long gilt. Both European and U.S. fixed income markets gyrated. The largest gain inthis sector was in the Eurodollar. 

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The largest lossoccurred in the U.S. 30-year bond. Performance in the agriculture sector wasalso slightly negative for the month. N.Y. coffee (largest loss) contributed tothe sector’s underperformance as coffee production threatens to exceed demand.N.Y. sugar also hurt performance as prices fell to a 20-month low. CBOT wheat(largest gain) rose to a 20-month high on speculation that unusually hot, dryweather from Texas to Nebraska reduced U.S. production. The Trust recorded atrading loss of 9.61% for the month.  TheFebruary month-end trading  NAV was$100.21.

The Trust’s performance was positivefor the month of March.  Performance wasled by the fixed income, indices and metals sectors.  Limiting the Trust’s gains for the month wasthe currency sector, which continued to suffer from range-bound trading, alongwith underperformance in both the energy and agriculture sectors. The fixedincome sector was the Trust’s strongest performer for month as German,Japanese, and U.S. government debt endured increased consumer confidence andrising inflationary fears. The bund fell for the seventh consecutive month, asreports showed business confidence at an almost 15-year peak. The Japanese10-year government bonds (JGB’s) fell after the Bank of Japan ended its 5-yearpolicy of flooding the Japanese economy with cash.  U.S. treasuries posted their biggestquarterly drop since 2004 on concerns that inflationary growth will cause theFederal Reserve to increase its interest rate target.  The Federal Reserve and the European CentralBank raised their interest rates 25 bps, but the true catalyst for the sell-offwas growing speculation that both would be forced to continue to raise ratesafter confidence reports released were much stronger than expected. The largestgains in this sector were achieved in the bund and the JGB’s, while the largestloss occurred in the Australian 3-year bond.  The indices sector was also positive for the month as Asian stocksapproached a 16-year high on surging demand for metals and oil, and the Nikkei225 climbed above 17,000 for the first time in more than five years. The AllOrdinaries Index rose 8% this quarter, while the Nasdaq Composite Index rose toa 5- year high.  The Nikkei (Osaka) wasthe best performer in the sector.  Theonly loss occurred in the Nasdaq E-Mini. The metals sector was also profitable for the Trust for the month assilver reached $11.66 on March  30th, thehighest intra-day price since September 1983.  Silver gained 21% this month alone in anticipation of approval for thefirst exchange-traded fund for this precious metal.  Also helping this sector’s performance wasLME copper, which was up approximately 25% for the quarter.  This metal, used in wiring and plumbing,continued to set new all time highs towards the end of the month as demand forthe metal continued, especially in China. The only loss in this sector occurred in gold.  The energy sector was the Trust’s worstperforming sector as geopolitically-induced volatility limited gains.  Crude oil rose to a 2-month high and gasolinesurged as U.S. supplies declined and the UN asked Iran to curb its nuclearprogram.   Prices then fell after Iransaid it would not use crude oil as leverage in a dispute with western countriesover its nuclear program.  All componentsof this sector were negative for the month with the largest loss coming fromcrude oil.  The currency sector was alsonegative for the month as range-bound trading continued to negatively affectthe Trust’s long-term trend following approach. Although some currencies had directional moves during the month, theywere then accompanied by strong reversals. Since December 2005 the U.S. dollar has dropped 2.3% and 1.25% againstthe euro and the British pound, respectively. The largest gains in this sectorwere achieved in the euro/yen cross, Australian dollar and the New Zealanddollar while the largest losses occurred in the euro and Polish zloty.  The agriculture sector was slightly negativefor the Trust as gains made in London sugar were offset by the weakness in CBOTwheat and corn. Sugar prices in London hit their highest levels since 1989 onspeculation that expensive oil will force Brazil, the world’s largest sugarproducer, to direct more of its output towards producing ethanol. Wheat pricesweakened as rains revived winter crops in the U.S. Great Plains.  Corn hurt performance as prices in Chicagorose after U.S. farmers indicated that they plan to slash this year’s plantingsto 2001 levels.  The Trust recorded atrading  gain of 2.04% for themonth.  The March month-end trading NAVwas $102.25.

During the quarter no units were sold. Beneficial ownersredeemed a total of 132,172.78 units during the quarter. The Managing Ownerredeemed a total of 0 units during the quarter. At the end of the quarter therewere 1,604,135.27 units outstanding owned by the Beneficial Owners and24,016.36 units outstanding owned by the Managing Owner.

During the fiscalquarter ending March 31, 2006, the Trust had no material credit exposure to acounterparty, which is a foreign commodity exchange, or to any counterpartiesdealing in over the counter contracts.

**(d)           Off-Balance-Sheet Arrangements;Disclosure of Contractual Obligations**

The Trust does not haveany off-balance-sheet arrangements that have or are reasonably likely to havea  current or future affect on itsfinancial condition, changes in financial condition, revenues or expenses,results of operations, liquidity, capital expenditures or capital resourcesthat are material to investors.   TheTrust does not have any material contractual obligations.

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**Item3.  Quantitative and QualitativeDisclosures About Market Risk**

There has been nomaterial change with respect to market risk since the “Quantitative andQualitative Disclosures About Market Risk” was made in the Form 10-K of theTrust dated December 31, 2006.

**Item4.  Controls and Procedures**

Under the supervision andwith the participation of the management of R.J. O’Brien Fund Management, LLC,the managing owner of the Trust at the time this quarterly report was filed,including the managing owner’s President and Chief Financial Officer, the Trusthas evaluated the effectiveness of the design and operation of its disclosurecontrols and procedures as of the end of the period covered by this quarterlyreport, and, based on their evaluation, the President and Chief FinancialOfficer of the managing owner have concluded that these disclosure controls andprocedures were effective.  There were nochanges in the Trust’s internal control over financial reporting, during thequarter ended June 30, 2007, that have materially affected, or are reasonablylikely to materially affect, the Trust’s internal control over financialreporting.

Any control system, nomatter how well designed and operated, can provide reasonable (not absolute)assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurancethat all control issues and instances of fraud, if any, have been detected.

**PART II - OTHER INFORMATION**

**Item1.  Legal Proceedings**

On October 10, 2005, Refco Inc., the parent companyof RCMI announced that it had discovered through an internal review areceivable owed to the Company by an entity controlled by Phillip R. Bennett,Chief Executive Officer and Chairman of the Board of Directors of the Company,in the amount of approximately $430 million. Mr. Bennett repaid the receivablein cash, including all accrued interest, on October 10, 2005. Based upon theresults of the review to date, Refco Inc. believes that the receivable was theresult of the assumption by an entity controlled by Mr. Bennett of certainhistorical obligations owed by unrelated third parties to Refco, Inc., whichmay have been uncollectible. Independent counsel and forensic auditors havebeen retained to assist Refco, Inc., Informal Committee in the investigation ofthese matters.

On October 12, 2005, Mr. Bennett was initiallycharged with one count of securities fraud. On November 10, 2005, he wasindicted on eight counts of conspiracy, fraud, and other charges by a federalgrand jury. The indictment was delivered in the United States District Courtfor the Southern District of New York. Prosecutors charge in the indictmentthat Mr. Bennett hid customer and company losses from Refco, Inc. auditors andinvestors from as early as the late 1990s. Those losses, according to theindictment, were then transferred to a company controlled by Mr. Bennett andhidden through a series of transactions.

Refco, Inc. and other affiliated entities, includingRCMI, have subsequently filed for bankruptcy. See “Note 1 — General Information and Summary” in Part I — Item 1 formore information.  Such information isincorporated herein by reference.

Since the announcement of these matters at Refco,Inc., the Informal Committee of RCMI (Mr. Richard C. Butt and Ms. Annette A.Cazenave) has undertaken its own review into RCM and the Trust to ensure noneof these matters had any material impact on the results of operations of eitherRCMI as Managing Owner or the Trust. Based upon the results of that review, the Informal Committee has noreason to believe that the actions of Mr. Bennett had any impact on theoperations or financial results of the Trust.

**Item 1A. RiskFactors**

The risk factors disclosed in the Trust’spost-Effective Amendment Number 3 filed on July 26, 2007, are herebyincorporated by reference.

**Item2.  Unregistered Sales of Securities andUse of Proceeds**

a)  None

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b)  The Trust permits unitholdersto redeem units at the end of each month at the Net Asset Value per unit on theredemption date.  The redemption of unitshas no impact on the net asset value of the units that remain outstanding andunits may not be reissued once they are redeemed.

The following tablesummarizes the redemptions by unitholders during the second quarter of 2007:

| Month       | ** ** | **Units Redeemed** | ** ** | **Redemption Date NAV per Unit** | ** ** |
|-------------|------------|-------------------------|------------|------------------------------------------------------|------------|
| April       |       | 40,089                  |       | $                                                    | 81.25      |   |
| May         |       | 97,215                  |       | $                                                    | 81.59      |   |
| June        |       | 63,332                  |       | $                                                    | 87.37      |   |
|  Total |       | 200,636                 |       |                                                 |       |

 

Units sold 4/1/07 through 6/30/07: 0

Units unsold through June 30, 2007: 5,483,886.43, ($ 479,127,157)

Aggregate price paid forunits sold 4/1/07 through 6/30/07: $0

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**Item6.  Exhibits**

a)              Exhibits

# Index to Exhibits

| Exhibit    | ** ** | ** **                                                                                  |
|------------|------------|---------------------------------------------------------------------------------------------|
| **Number** | ** ** | **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)                     |
|       |       |                                                                                        |
| 3.03       |       | First Amendment to the Sixth Amended and Restated  Declaration and Agreement of Trust(3)    |
|       |       |                                                                                        |
| 3.04       |       | Second Amendment to the Sixth Amended and Restated  declaration and Agreement of Trust(4)   |
|       |       |                                                                                        |
| 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 of Principal Executive  Officer and Principal Financial Officer. |

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(1) Incorporated byreference from the exhibit of the same description filed on February 27, 2004with Post-Effective Amendment No. 1 to the Registrant’s Registration Statementon Form S-1 (Reg No. 333-105282).

(2) Incorporated byreference from the exhibit of the same description filed on February 10, 1997with Post-Effective Amendment No. 1 to the Registrant’s Registration Statementon Form S-1 (Reg. No. 333-16825; declared effective April 3, 1997).

(3) Incorporated byreference from the exhibit of the same description filed on December 7, 2007 onForm 8-K.

(4) Incorporated byreference from the exhibit of the same description filed on July 26, 2007 withPost-Effective Amendment No. 3 to the Registrant’s Registration Statement onForm S-1 (File No. 333-119560).

** **

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**SIGNATURES**

Pursuant to therequirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned and thereuntoduly authorized.
| **JWH Global Trust** | ** **                               |
|----------------------|------------------------------------------|
| ** **           | ** **                               | ** ** |
| Date:                | August 14, 2007                     |   |
|                 |                                     |   |
| By:                  | R.J. O’Brien Fund Management, LLC., |   |
|                 | Managing Owner                           |   |
|                 |                                     |   |
| By:                  | /s/ Helen D. McCarthy                    |   |
|                 | Helen D. McCarthy                        |   |
|                 | Chief Financial Officer                  |   |

 

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