SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q

              Quarterly report pursuant to Section 13 or 15
               (d) of the Securities Exchange Act of 1934

              For the quarterly period ended March 31, 2001


                        Commission File Number 333-33937


                            JWH GLOBAL TRUST
         (Exact name of registrant as specified in its charter)


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

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


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


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

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

<PAGE>



Part I.  Financial Information


Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ended March 31, 2001
and the additional time frames as noted:

<TABLE>
<CAPTION>
                                   Fiscal Quarter      Year to Date        Fiscal Year     Fiscal Quarter     Year to Date
                                    Ended 3/31/01     Ended 3/31/01     Ended 12/31/00     Ended 3/31/00     Ended 3/31/00

<S>                            <C>                 <C>               <C>                <C>               <C>
Statement of
Financial Condition                     X                                    X

Statement of
Operations                              X                 X                                    X                 X

Statement of Changes
in Partners' Capital                                      X

Statement of
Cash Flows                                                X                                                      X

Notes to Financial
Statements                              X
</TABLE>
<PAGE>


                                  JWH GLOBAL TRUST
                        STATEMENTS OF FINANCIAL CONDITION
                                     UNAUDITED
<TABLE>
<CAPTION>

                                                                          Mar 31, 2001            Dec 31, 2000
<S>                                                                  <C>                     <C>
                    Assets
Assets:
  Equity in commodity trading accounts:
    Cash on deposit with Brokers                                           50,181,608              44,316,136
    Unrealized gain (loss) on open contracts                                3,453,244               8,003,965

                                                                           53,634,852              52,320,101

  Receivable for units sold
                                                                              869,481                 191,437
  Interest receivable
                                                                              186,563                 223,611
  Prepaid initial organization and offering costs
                                                                              154,201                 187,244

Total Assets                                                               54,845,097              52,922,393
                                                                         =============           =============

             Liabilities and Unitholders' Capital
Liabilities:
  Accrued commissions on open contracts due to CIS                            288,884                 282,628
  Accrued management fees                                                      89,889                  87,816
  Accrued incentive fees                                                      990,171                       0
  Accrued operating expenses                                                   66,713                  60,000
  Accrued offering expenses                                                    21,896                  21,796
  Redemptions payable                                                         469,717               2,340,419

Total liabilities                                                           1,927,270               2,792,659

Unitholders' capital:
  Beneficial owners (413,329.66 and 430,765.38 units outstanding at
    March 31, 2001 and December 31, 2000, respectively)                    52,191,212              49,361,538
  Managing owner (5,754.50 and 6,703.91 units outstanding at
    March 31, 2001 and December 31, 2000, respectively)                       726,615                 768,196


Total unitholders' capital                                                 52,917,827              50,129,734

Total liabilities and unitholders' capital                                $54,845,097             $52,922,393
                                                                         =============           =============

Net Asset Value per Unit                                                      $126.27                 $114.59
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>

                                      JWH GLOBAL TRUST
                                  STATEMENTS OF OPERATIONS
                                        UNAUDITED

<TABLE>
<CAPTION>
                                                                       Jan 1, 2001    Jan 1, 2001     Jan 1, 2000     Jan 1, 2000
                                                                           through        through         through         through
                                                                      Mar 31, 2001   Mar 31, 2001    Mar 31, 2000    Mar 31, 2000

<S>                                                                <C>            <C>             <C>             <C>
Revenues:
  Gain (loss) on trading of commodity contracts:
    Realized gain (loss) on closed positions                          $10,968,402    $10,968,402     ($5,276,040)     ($5,276,040)
    Change in unrealized gain (loss) on open positions                 (4,550,721)    (4,550,721)       (725,850)        (725,850)
  Interest Income                                                         563,889        563,889       1,027,203        1,027,203
  Foreign currency transaction gain (loss)                                112,555        112,555        (309,145)        (309,145)

Total revenues                                                          7,094,125      7,094,125      (5,283,831)      (5,283,831)

Expenses:
  Commission paid to CIS                                                  828,612        828,612       1,232,410        1,232,410
  Exchange, clearing and NFA fees                                           6,416          6,416          15,699           15,699
  Management fees                                                         257,364        257,364         768,478          768,478
  Incentive fees                                                          990,171        990,171               0                0
  Amortization of prepaid initial organization and offering costs          33,043         33,043          33,043           33,043
  Ongoing organization and offering expenses                               63,456         63,456          95,240           95,240
  Operating expenses                                                       15,000         15,000          15,000           15,000

Total expenses                                                          2,194,062      2,194,062       2,159,870        2,159,870

Net profit (loss)                                                      $4,900,063     $4,900,063     ($7,443,701)     ($7,443,701)
                                                                       ===========    ===========    ============     ============

Profit (loss) per unit of beneficial ownership interest                    $11.68         $11.68          ($9.64)          ($9.64)
Profit (loss) per unit of managing ownership interest                      $11.68         $11.68          ($9.64)          ($9.64)
                                                                       ===========    ===========    ============     ============
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>

                                    JWH GLOBAL TRUST
                      STATEMENT OF CHANGES IN UNITHOLDERS' CAPITAL
                      From January 1, 2001 through March 31, 2001
                                       UNAUDITED

<TABLE>
<CAPTION>
                                                                         Beneficial        Managing
                                                          Units*           Owners            Owner                 Total

<S>                                               <C>              <C>                 <C>               <C>
Unitholders' capital at January 1, 2001               430,765.38       $49,361,538         $768,196           $50,129,734

Net profit (loss)                                                        4,831,000           69,063             4,900,063

Unitholders' contributions                             13,100.23         1,594,086                0             1,594,086

Unitholders' redemptions                              (30,535.95)       (3,595,412)        (110,644)           (3,706,056)

Unitholders' capital at March 31, 2001                413,329.66       $52,191,212         $726,615           $52,917,827
                                                   ==============     =============       ==========          ============


Net asset value per unit
   January 1, 2000 (see Note 1)                                             114.59           114.59

Net profit (loss) per unit (see Note 1)                                      11.68            11.68

Net asset value per unit
  March 31, 2001                                                           $126.27          $126.27
                                                                      =============       ==========
<FN>
* Units of Beneficial Ownership.

See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>


                                JWH GLOBAL TRUST
                            STATEMENTS OF CASH FLOWS
                                   UNAUDITED

<TABLE>
<CAPTION>
                                                                                  Jan 1, 2001           Jan 1, 2000
                                                                                      through               through
                                                                                 Mar 31, 2001          Mar 31, 2000
<S>                                                                         <C>                   <C>
Cash flows from operating activities:
  Net profit (loss)                                                             $  4,900,063         $  (7,443,701)
  Adjustments to reconcile net profit (loss) to
    net cash provided by (used in) operating activities:
      Decrease (increase) in unrealized gain (loss) on open contracts              4,550,721               725,849
      Change in assets and liabilities:
        Decrease (increase) in interest receivable                                    37,048                41,525
        Decrease in prepaid initial organization and offering costs                   33,043                33,043
        Increase (decrease) in accrued liabilities                                (2,736,091)             (176,817)

Net cash provided by (used in) operating activities                                6,784,784            (6,820,101)

Cash flows from financing activities:
  Net proceeds from sale of units                                                    916,042               928,919
  Unit redemptions                                                                (1,835,354)          (11,925,133)

Net cash provided by (used in) financing activities                                 (919,312)          (10,996,214)

Net increase (decrease) in cash                                                    5,865,472           (17,816,315)

Cash at beginning of period                                                       44,316,136            85,053,945

Cash at end of period                                                           $ 50,181,608         $  67,237,630
                                                                                =============        ==============
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>




                                JWH GLOBAL TRUST

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2001

 (1)    General Information and Summary

        JWH Global Trust (the Trust), a Delaware business trust organized on
        November 12, 1996, was formed to engage in the speculative trading of
        futures contracts on currencies, interest rates, energy and agricultural
        products, metals and stock indices, spot and forward contracts on
        currencies and precious metals, and exchanges for physicals pursuant to
        the trading instructions of independent trading advisors. The Managing
        Owner of the Trust is CIS Investments, Inc. (CISI). The clearing broker
        is Cargill Investor Services, Inc. (Clearing Broker or CIS), the parent
        company of CISI. The broker for forward contracts is CIS Financial
        Services, Inc. (CISFS or Forward Currency Broker), an affiliate of CISI.
        The Clearing Broker and the Forwards Currency Broker will collectively
        be referred to as the Brokers.

        Units of beneficial ownership of the Trust commenced selling on April 3,
        1997 and trading began on June 2, 1997. The initial amount offered for
        investment was $50,000,000. On September 26, 1997, the Trust registered
        an additional $155,000,000 for further investment and continued the
        offering. By March 31, 2001, a total of 1,144,768.25 units representing
        an investment for $120,658,199 of beneficial ownership interest had been
        sold in the combined offerings. In addition, during the offerings, the
        Managing Owner purchased a total of 8,602.73 units, representing a total
        investment of $885,058. See the JWH Global Trust prospectus for further
        details of the offering.

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

 (2)    Summary of Significant Accounting Policies

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

        Revenue Recognition

        Commodity futures contracts, forward contracts, physical commodities,
        and related options are recorded on the trade date. All such
        transactions are recorded on the identified cost basis and marked to
        market daily. Unrealized gains and losses on open contracts reflected in
        the statements of financial condition represent the difference between
        original contract amount and market value (as determined by exchange
        settlement prices for futures contracts and related options and cash
        dealer prices at a predetermined time for forward contracts, physical
        commodities, and their related options) as of the last business day of
        the year or as of the last date of the financial statements.

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

        Redemptions

        A beneficial owner may cause any or all of his or her units to be
        redeemed by the Trust effective as of the last trading day of any month
        of the Trust based on the Net Asset Value per unit on five days' written
        notice to the Managing Owner. Payment will be made within ten business
        days of the effective date of the redemption. Any redemption made during
        the first 11 months of investment is subject to a 3% redemption penalty.
        Any redemption made in the 12th month of investment or later will not be
        subject to any penalty. The Trust's Amended and Restated Declaration and
        Agreement of Trust contains a full description of redemption and
        distribution policies.

        Organizational and Offering Costs

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

        Commissions

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

        Certain large investors are eligible for a 'Special Brokerage Fee Rate'
        of 5% per year. As of March 31, 2001, there were no such eligible
        investors in the Trust.

        Foreign Currency Transactions

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

        Statements of Cash Flows

        For purposes of the statements of cash flows, cash includes cash on
        deposit with the Brokers in the commodity futures trading accounts.

        Use of Estimates

        The preparation of financial statements in conformity with generally
        accepted accounting principles requires management to make estimates and
        assumptions that affect the reported amounts of assets and liabilities
        and disclosure of contingent assets and liabilities at the date of the
        financial statements and the reported amounts of revenues and expenses
        during the reporting period. Actual results could differ from those
        estimates.

 (3)    Fees

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

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

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

 (4)    Income Taxes

        No provision for Federal income taxes has been made in the accompanying
        financial statements as each beneficial owner is responsible for
        reporting income (loss) based on the pro rata share of the profits or
        losses of the Trust. Generally, for both Federal and state tax purposes,
        trusts, such as the JWH Global Trust, are treated as partnerships. The
        Trust is responsible for the Illinois State Partnership Information and
        Replacement Tax based on the operating results of the Trust. Such tax
        amounted to $0 for the quarters ended March 31, 2001 and March 31, 2000,
        and is included in operating expenses in the statement of operations.

 (5)    Financial Instruments with Off-balance Sheet Risk

        The Trust was formed to speculatively trade commodity interests. The
        Trust's commodity interest transactions and its related cash balance are
        on deposit with the Brokers at all times. In the event that volatility
        of trading of other customers of the Brokers impairs the ability of the
        Brokers to satisfy the obligations to the Trust, the Trust would be
        exposed to off-balance sheet risk. Such risk is defined in Statement of
        Financial Accounting Standards No. 105 (SFAS 105) as a credit risk. To
        mitigate this risk, the Clearing Broker, pursuant to the mandates of the
        Commodity Exchange Act, is required to maintain funds deposited by
        customers relating to futures contracts in regulated commodities in
        separate bank accounts which are designated as segregated customers'
        accounts. In addition, the Clearing Broker has set aside funds deposited
        by customers relating to foreign futures and options in separate bank
        accounts that are designated as customer-secured accounts. Lastly, the
        Clearing Broker is subject to the Securities and Exchange Commission's
        Uniform Net Capital Rule, which requires the maintenance of minimum net
        capital at least equal to 4% of the funds required to be segregated
        pursuant to the Commodity Exchange Act. The Clearing Broker and Forwards
        Currency Broker both have controls in place to make certain that all
        customers maintain adequate margin deposits for the positions in which
        they maintain at each Broker. Such procedures should protect the Trust
        from the off-balance sheet risk as mentioned earlier. Neither the
        Clearing Broker nor the Forwards Currency Broker engage in proprietary
        trading and thus neither has any direct market exposure.

        The contractual amounts of these instruments reflect the extent of the
        Trusts' involvement in the related futures and forwards contracts and do
        not reflect the risk of loss due to counterparty performance. Such risk
        is defined by SFAS 105 as credit risk. The counterparty of the Trust for
        futures contracts traded in the United States and most non-U.S.
        exchanges on which the Trust trades is the Clearing House associated
        with the exchange. In general, Clearing Houses are backed by their
        membership and will act in the event of nonperformance by one of their
        members or one of the members' customers and as such should
        significantly reduce this credit risk. In cases where the Trust trades
        on exchanges on which the Clearing House is not backed by the
        membership, the sole recourse of the Trust for nonperformance will be
        the Clearing House. The Forwards Currency Broker is the counterparty for
        the Trust's forwards transactions. CISFS policies require that it
        executes transactions only with top rated financial institutions with
        assets in excess of $100,000,000.

        The average fair value of commodity interests was $6,246,657 from the
        period of Januray 1 to March 31 of 2001. The net gains or losses arising
        from the trading of commodity interests are presented in the statement
        of operations.

        The Trust holds futures positions on various exchanges throughout the
        world and forwards positions with CISFS that transacts with various top
        rated banks throughout the world. As defined by SFAS 105, futures and
        forward currency contracts are classified as financial instruments. SFAS
        105 requires that the Trust disclose the market risk of loss from all of
        its financial instruments. Market risk is defined as the possibility
        that future changes in market prices may make a financial instrument
        less valuable or more onerous. If the markets should move against all of
        the futures and forwards positions of the Trust at the same time (both
        long positions and short positions), and if the markets moved such that
        the CTA was unable to offset the positions of the Trust, the Trust could
        lose all of its assets and the beneficial owners would realize a 100%
        loss. The Trust utilizes three of the trading programs of the CTA. One
        trading program is diversified among all commodity groups, while the
        other is diversified among the various futures contracts and forwards
        contracts in the financial and metals group. The third trading program
        is diversified among various foreign currency forward contracts,
        including cross currency contracts. The programs trade in the U.S. and
        outside of the U.S. Such diversification should greatly reduce this
        market risk.

        At March 31, 2001, the cash requirement of the commodity interests of
        the Trust was $5,613,255. This cash requirement was met by $41,839,604
        held in segregated funds, $5,411,739 held in secured funds and
        $6,383,509 held in nonregulated funds. At March 31, 2001, cash was on
        deposit with the Brokers that exceeded the cash requirement amount.

        The following chart discloses the dollar amount of the unrealized gain
        or loss on open contracts of the Trust at March 31, 2001
<TABLE>
<CAPTION>

        COMMODITY GROUP               UNREALIZED GAIN/(LOSS)
<S>                                 <C>
        AGRICULTURAL COMMODITIES             312,392
        FOREIGN CURRENCIES                 2,625,680
        STOCK INDICES                        148,496
        ENERGIES                             (26,358)
        METALS                               148,900
        INTEREST RATE INSTRUMENTS            244,134
                                          -----------
        TOTAL                              3,453,244
</TABLE>

The range of expiration dates of these open contracts is April 2001 to March
2002.



(6) FINANCIAL STATEMENT PREPARATION

The interim financial statements are unaudited but reflect all adjustments that
are, in the opinion of management, necessary for a fair statement of the results
for the interim periods presented. These adjustments consist primarily of normal
recurring accruals. These interim financial statements should be read in
conjunction with the audited financial statements of the Trust for the year
ended December 31, 2000, as filed with the Securities and Exchange Commission on
March 27, 2001, as part of its Annual Report on Form 10-K.

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


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

Fiscal Quarter Ended March 31, 2001

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

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

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

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

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


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

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


Fiscal Quarter Ended March 31, 2000

The Trust recorded a loss of $7,443,701 or $9.64 per unit for the first quarter
of 2000. This compares to a loss of $2,085,640 or $2.51 per unit for the first
quarter of 1999.

In the first month of the quarter the Trust posted a loss resulting primarily
from volatility in the currency sector. The Trust posted a loss for the second
month of the quarter resulting primarily from trading in global interest rates.
During the third month of the quarter currency destabilization and massive
capital shifts out of the U.S. dollar resulted in a loss for the Trust. Overall,
the first quarter of fiscal 2000 ended negatively for the Trust accounts managed
by JWH. At March 31, 2000, JWH was managing 100% of the Trust's assets in three
trading programs, the Financial and Metals Portfolio, the G-7 Currency Portfolio
and the JWH GlobalAnalytics Family of Programs.

January 2000 marked the turning of the millennium. This coupled with the
build-up to Y2K came and went without a hitch. However, the currency sector was
all but quiet as extreme volatility prompted large swings in the price of the
U.S. dollar relative to the Japanese yen. Within the first couple of days of the
New Year, the Japanese banks intervened and started pouring money into the U.S.
dollar. This abrupt reversal in the U.S. dollar/Yen relationship resulted in a
reversal of the Trust positions from long Yen to short Yen within a matter of
days. Similarly, Yen trading relative to the Euro and Swiss franc contributed to
Trust losses. Short Australian dollar positions proved difficult and also
resulted in losses. Stock indices, namely the Nikkei fell in response to
volatility in the tech sector, which is factored into that index. Long positions
hurt the Trust's performance. Despite realizing profits from short U.S. bond and
long Japanese Government Bond positions as well as maintaining long profitable
crude oil positions, the Trust posted overall losses. The Trust posted a loss of
$2,389,126 or $2.94 per unit in January.

Changing expectations regarding economic growth and inflation created a
difficult trading environment in February. The strategic news item was the U.S.
Federal Reserve's decision to buy back part of the debt, which led to a powerful
rally in the U.S. 30-year bond. The decision by the Fed created havoc in the
Trust's interest rate portfolio, which was dominated by short positions. Losses
were taken in North American, Asian and European interest rates. The yield on
the 10-year U.S. government bond exceeded that of the 30-year bond, creating an
inverted yield curve, which is a very unusual occurrence. Currency trading was
mixed. Profitable long U.S. dollar positions were bolstered by the revised
fourth quarter GNP number, which reflected a robust economy. However, gains in
the U.S. dollar were offset by losses incurred by long Europe/short Japan
positions. Surging energy prices supported performance in the non-financial
markets. Food and grain markets were once again featureless. Precious metals
trading suffered as gold prices rallied and then fell sharply. On March 2, 2000
Cargill Investor Services received a letter from Verne Sedlacek, President of
John W. Henry & Company, Inc. detailing modifications to the Financial and
Metals trading program, which represents 40% of the Trust. All changes were
designed to add balance to the program without giving up any upside potential.
Most noteworthy were the dramatic reductions in precious metals and Far Eastern
interest rate trading, as well as the addition of offshore stock indices, base
metals, and the expansion of non-dollar currency trading. JWH remains steadfast
in its commitment to research. The Trust posted a loss of $2,542,850 or $3.29
per unit in February.

In March, profit taking in U.S. tech stocks led to massive capital shifts out of
the dollar and into Yen. These events destabilized currency and stock markets
worldwide. The appreciation of the Yen contributed the majority of the losses to
the Trust in that long positions in U.S. dollar and Euro versus the Yen both
suffered. Marginal gains in U.S. dollar positions against European and
Australian currencies proved inadequate in offsetting these losses.
Non-financial markets were, for the most part, quiet in March. Profits in long
crude oil, heating oil and gasoline positions were reduced when OPEC agreed to
expand oil production. Performance in precious, as well as industrial metals was
down slightly. The food and grain markets were featureless. Positive performance
in March came from the interest rate sector. The 7% correction in tech stocks
coupled with the U.S. Treasury's continued buying of longer dated bonds led to
positive performance in the Trust's bond position. The European Central Bank's
decision to raise short term interest rates led to purchasing European bonds,
which assisted the Trust's position as well. The Trust posted a loss of
$2,511,726 or $3.41 per unit in March.

During the quarter there were 6,778.21 additional units sold to the Beneficial
Owners for an investment of $661,494; there were no units sold to the Managing
Owner. Investors redeemed a total of 148,368.09 units during the quarter. At the
end of the quarter there were 664,784.91 units outstanding owned by the
Beneficial Owners and 8,602.14 units outstanding owned by the Managing Owner.

During the fiscal quarter ended March 31, 2000, the Trust had no material credit
exposure to a counterparty which is a foreign commodities exchange or to any
counterparty dealing in over the counter contracts which was material.


Item 3.  Quantitative and Qualitative Disclosures
About Market Risk

There has been no material change with respect to market risk since the
"Quantitative and Qualitative Disclosures About Market Risk" was made in the
Form 10-K of the Trust dated December 31, 2000.

Part II.  OTHER INFORMATION

Item 1.  Legal Proceedings

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


Item 2.  Changes in Securities

                  None


Item 3.  Defaults Upon Senior Securities

                  None

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

                  None


Item 5.  Other Information

                  Effective March 31, 2001, Rebecca Steindel resigned her
                  position as Secretary and Treasurer of CIS Investments, Inc.,
                  one of the General Partners of the Partnership. At that same
                  time, Shaun O'Brien was appointed Treasurer and Barbara
                  Walenga was appointed Secretary.


Item 6.  Exhibits and Reports on Form 8-K

                  a)       Exhibits

                           None

                  b)       Reports on Form 8-K

                           None






SIGNATURES


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


JWH GLOBAL TRUST

Date:  April 30, 2001
By:    CIS Investments, Inc.,
       its Managing Owner

By:/s/ Shaun D. O'Brien
       Shaun D. O'Brien
       Vice President and Treasurer

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