`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`

`Following are Financial Statements for the fiscal quarter ended
June 30, 2001 and the additional time frames as noted:`

`Fiscal Quarter    Year to Date        Fiscal Year       Fiscal Quarter    Year to Date
                                       Ended 6/30/01     Ended 6/30/01     Ended 12/31/00     Ended 6/30/00    Ended 6/30/00

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`

`Jun 30, 2001          Dec 31, 2000
                             Assets

Assets:
 Equity in commodity trading accounts:
  Cash on deposit with Brokers
                                                                      48,243,448            44,316,136
  Unrealized gain (loss) on open contracts
                                                                         951,262             8,003,965


                                                                      49,194,710            52,320,101

 Receivable for units sold                                             1,080,014               191,437
 Interest receivable                                                     139,008               223,611
 Prepaid initial organization and offering costs                         121,158               187,244

Total Assets                                                          50,534,890            52,922,393

              Liabilities and Unitholders' Capital
Liabilities:
  Accrued commissions on open contracts due to CIS                       264,719               282,628
  Accrued management fees                                                 82,361                87,816
  Accrued incentive fees                                                       0                     0
  Accrued operating expenses                                              53,350                60,000
  Accrued offering expenses                                               20,444                21,796
  Redemptions payable                                                    397,137             2,340,419

Total liabilities                                                        818,011             2,792,659

Unitholders' capital:
  Beneficial owners (422,256.08 and
outstanding at 430,765.38 units
June 30, 2001 and December 31, 2000, respectively)                    49,048,455            49,361,538
  Managing owner (5,754.50 and
6,703.91 units outstanding at
June 30, 2001 and December 31, 2000, respectively)                       668,424               768,196

Total unitholders' capital                                            49,716,879            50,129,734

Total liabilities and unitholders' capital                           $50,534,890           $52,922,393

Net Asset Value per Unit                                                 $116.16               $114.59

See accompanying notes to financial statements.`

`Apr 1, 2001           Jan 1, 2001          Apr 1, 2000           Jan 1, 2000
                                                      through               through              through               through
                                                    Jun 30, 2001         Jun 30, 2001         Jun 30, 2000           Jun 30, 2000
Revenues:
 Gain (loss) on trading of commodity contracts:
 Realized gain (loss) on closed positions            ($1,024,650)          $9,943,752            $1,623,495          ($3,652,545)
 Change in unrealized gain (loss) on open             (2,501,982)          (7,052,703)           (2,784,224)           (3,510,073)
positions
 Interest Income                                         445,804            1,009,693               821,484             1,848,687
 Foreign currency transaction gain (loss)                  1,450              114,005               (79,916)             (389,061)

Total revenues                                        (3,079,378)           4,014,747              (419,161)           (5,702,992)

Expenses:
 Commission paid to CIS                                  805,021            1,633,633               971,914             2,204,324
 Exchange, clearing and NFA fees                           7,521               13,937                 2,135                17,834
 Management fees                                         250,433              507,797               603,687             1,372,165
 Incentive fees                                                0              990,171                     0                     0
 Amortization of prepaid initial organization             33,043               66,086                33,043                66,086
and offering costs
 Ongoing organization and offering expenses               62,154              125,610                74,803               170,043
  Operating expenses                                      15,000               30,000                15,100                30,100

Total expenses                                         1,173,172            3,367,234             1,700,682             3,860,552

Net profit (loss)                                    ($4,252,550)            $647,513           ($2,119,843)          ($9,563,544)

Profit (loss) per unit of beneficial ownership           ($10.11)               $1.57                ($3.82)              ($13.46)
interest
Profit (loss) per unit of managing ownership             ($10.11)               $1.57                ($3.82)              ($13.46)
interest

See accompanying notes to financial statements.`

`Beneficial        Managing
                                                                Units*            Owners           Owner            Total

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

Net profit (loss)                                                                  636,641         10,872           647,513

Unitholders' contributions                                     36,528.30         4,368,541              0         4,368,541

Unitholders' redemptions                                      (45,037.60)       (5,318,265)      (110,644)       (5,428,909)

Unitholders' capital at June 30, 2001                         422,256.08       $49,048,455       $668,424       $49,716,879

Net asset value per unit
   January 1, 2001                                                                  114.59         114.59

Net profit (loss) per unit                                                            1.57           1.57

Net asset value per unit
  June 30, 2001                                                                    $116.16        $116.16

* Units of Beneficial Ownership.`

`Jan 1, 2001           Jan 1, 2000
                                                                       through               through
                                                                     Jun 30, 2001          Jun 30, 2000

Cash flows from operating activities:
  Net profit (loss)                                                     $647,513           ($9,563,544)
  Adjustments to reconcile net profit (loss) to
    net cash provided by (used in) operating activities:
      Decrease (increase) in unrealized gain (loss) on open            7,052,703             3,510,073
contracts
      Change in assets and liabilities:
        Decrease (increase) in interest receivable                        84,603               128,528
        Decrease in prepaid initial organization and offering             66,086                66,08
costs
        Increase (decrease) in accrued liabilities                       (31,366)             (307,493)

Net cash provided by (used in) operating activities                    7,819,539            (6,166,350)

Cash flows from financing activities:
  Net proceeds from sale of units                                      3,479,964             1,502,996
  Unit redemptions                                                    (7,372,191)          (26,038,631)

Net cash provided by (used in) financing activities                   (3,892,227)          (24,535,635)

Net increase (decrease) in cash                                        3,927,312           (30,701,985)

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

Cash at end of period                                                $48,243,448           $54,351,960

See accompanying notes to financial statements.`

`(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 June 30, 2001, a total
of 1,168,196.33  units  representing an investment for $123,432,654
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 June  30,  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
accounting  principles  generally  accepted in the United States of
America  requires  management  to make  estimates  and  assumptions
that  affect the  reported  amounts of assets and  liabilities  and
disclosure  of  contingent  assets and  liabilities  at the date of
the financial  statements and the reported  amounts of revenues and
expenses during the reporting  period.  Actual results could differ
from those estimates.`

`(3) Fees

Management  fees are accrued and paid monthly,  incentive  fees are
accrued  monthly  and paid  quarterly.  Trading  decisions  for the
period of these financial statements were made by John W. Henry and
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 new 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 June 30, 2001 and June 30, 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 forward  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 $4,535,372  from
the  period  of  January  1 to June 30 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  forward  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 forward  positions  of the Trust at the same time (both
long  positions  and short  positions),  and if the  markets  moved
such that JWH 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 JWH.  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 June 30, 2001, the cash  requirement of the commodity  interests
of the  Trust was  $4,257,545.  This  cash  requirement  was met by
$37,170,125  held in segregated  funds,  $5,440,401 held in secured
funds  and  $6,584,184  held in  nonregulated  funds.  At June  30,
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 June 30, 2001.`

`COMMODITY GROUP                                     UNREALIZED
                                                    GAIN/(LOSS)
Agricultural Commodities                                186,536
Foreign Currencies                                      589,778
Stock Indices                                          (45,142)
Energies                                                 65,213
Metals                                                 (34,349)
Interest Rate Instruments                               189,226
Total                                                   951,262`

`The  range of  expiration  dates of these  open  contracts  is July
2001 to June 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 Annalysis of Financial
Condition and Results of Operation

Fiscal Quarter Ended June 30, 2001

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

On June 30,  2001,  the John W. Henry  Company  (JWH) was  managing
100% of the Trust's  assets.  Approximately  30% of the assets were
allocated to each of JWH's  GlobalAnalytics  Family of Programs and
G-7 Currency  Portfolio.  Approximately  40% of the Trust's  assets
were allocated to JWH's Financial and Metals Portfolio.

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

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

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

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

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

Fiscal Quarter Ended June 30, 2000

The Trust  recorded a loss of  $2,119,843  or $3.82 per unit in the
second  quarter of 2000.  This  compares to a gain of $6,060,792 or
$7.17 per unit for the second  quarter of 1999.  As of June 30, the
Trust has lost 8.95% since inception.

In  April,  volatility  in stocks  led to a  stronger  U.S.  dollar
versus  the Euro and  profits  for the Trust.  Despite an  interest
rate increase by European  central banks,  the U.S.  dollar reached
an all time high versus the Euro.  Additional  profits were accrued
in long U.S.  dollar  positions  against the  British,  Swiss,  and
Australian  currencies.  Stock index trading  suffered,  especially
in  Japan.   Although  the  Trust's   metals   positions   were  up
slightly,   overall  trading  in  non-financial  markets  was  down
slightly  with the  energy and food  markets  showing  losses.  The
Trust recorded a gain of $1,553,258 or $2.30 per unit in April.

In May,  mixed  inflationary  signals  set the  scene for two major
trend  reversals.  The U.S.  interest  rate  market  had a volatile
change of direction  as rates  headed  lower and the Euro  abruptly
reversed  its long term down trend  versus the U.S.  dollar.  After
having been  profitable  for the  majority of May, the Trust closed
lower when both  trends  reversed.  Trading in U.S.  bonds was down
sharply,  as was Euro  denominated  interest  rate  trading.  After
hitting  all-time lows against the U.S.  dollar in April,  the Euro
appreciated  and  profits  accumulated  in April by the Trust  were
given  back.  Short  positions  in the Nikkei  made the stock index
sector  the  only  positive   performing   financial   area.   Long
positions  in  the  energy  sector  produced  positive  results  as
petroleum prices continued to surge.  Trading in metals,  foods and
fibers was flat.  The Trust  recorded a loss of  $735,209  or $1.18
per unit in May.

In June,  uncertainty  regarding  an economic  slowdown in the U.S.
and  an  interest  rate  rise  in  Europe  provided  a  conflicting
climate  for  trading.   These  events  created   problems  in  the
currency  sector,  which was the worst performing area in June. The
Trust's  positions  in  interest  rates,  metals and stock  indices
were  unprofitable as well. On the positive side surging  petroleum
prices  allowed long  positions in the energy sector to continue to
accrue  profits.  Profitable  positions  in sugar and  soybean  oil
allowed the  agricultural  sector to show a small  positive  return
for the month.  However,  the Trust  recorded a loss of  $2,937,892
or $4.94 per unit in June.

During  the  quarter  there  were   3,347.25   units  sold  to  the
beneficial   owners  for  an  investment  of  $324,406.   Investors
redeemed a total of  114,089.72  units during the  quarter.  At the
end of the quarter there were 554,042.43  units  outstanding  owned
by the beneficial  owners and 8,602.73 units  outstanding  owned by
the Managing Owner.

During the fiscal  quarter  ending June 30, 2000,  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 which was material.

Fiscal Quarter Ended March 31, 2001

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

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

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

During  February,  the Bank of Japan once again adopted a policy of
reducing  interest  rates as  Japan's  economic  recovery  stalled.
This  allowed  the Trust's  long  positions  in  Japanese  bonds to
greatly  appreciate  in  value.  Smaller  gains  were  made in long
positions  in  U.S.,   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 and 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   June  19,  2001  Shaun  O'Brien  was  appointed   Chief
Financial  Officer of CIS  Investments,  Inc.,  the Managing  Owner
for  the  Trust.  At that  same  time,  Todd  Urbon  was  appointed
Treasurer.  On July 9, 2001,  Bernie Dan  resigned  his position as
President.  As of  the  date  of  this  filing,  no  one  has  been
appointed to replace him.

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:  August 1, 2001
By:    CIS Investments, Inc.,
       its Managing Owner

       By:/s/ Shaun D. O'Brien
       Shaun D. O'Brien
       Chief Financial Officer

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