# UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

# FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
        SECURITIES EXCHANGE ACT OF 1934

# For the quarterly period ended June 30, 2003
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 incorporation
         or organization) | (I.R.S. Employer Identification No.)

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

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

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

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

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
|_| Yes       |X| No

The number of units
outstanding, as of June 30, 2003, is 834,135.16.

|TABLE OF CONTENTS            
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|PART I. FINANCIAL INFORMATION
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|Part II. OTHER INFORMATION   
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|EXHIBIT 99                   
|FORM 10-K DECEMBER 31, 2002  

# PART 1  FINANCIAL INFORMATION

## Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ended June 30, 2003
        and the additional time frames as noted:

|                                             | Fiscal QuarterEnded 6/30/03 | Year to DateEnded 6/30/03 | Fiscal YearEnded 12/31/02 | Fiscal QuarterEnded 6/30/02 | Year to DateEnded 6/30/02
|-------------------------------------------- | --------------------------- | ------------------------- | ------------------------- | --------------------------- | -------------------------
|                                            
|Statements of Financial Condition            | X                           |                           | X                         |                             |                          
|                                            
|Statements of Operations                     | X                           | X                         |                           | X                           | X                        
|                                            
|Statement of Changes in Unitholders' Capital |                             | X                         |                           |                             |                          
|                                            
|Notes to Financial Statements                | X                           |                           |                           |                             |                          
|                                            

# JWH GLOBAL TRUST
STATEMENTS OF FINANCIAL CONDITION
(unaudited)

|                                                                                                                                   |   | June 30, 2003 |  |   | Dec. 31, 2002
|---------------------------------------------------------------------------------------------------------------------------------- | - | ------------- |  | - | -------------
|
|Assets                                                                                                                             |  
|Assets:                                                                                                                           
|Equity in commodity futures:                                                                                                       |  
|Cash on deposit with Brokers                                                                                                       | $ | 117,638,997   |  | $ | 56,847,327   
|Unrealized loss (gain) on open contracts                                                                                           |   | (3,841,206)   |  |   | 6,350,230    
|                                                                                                                                  
|                                                                                                                                   |   | 113,797,791   |  |   | 63,197,557   
|                                                                                                                                  
|Receivable for units sold                                                                                                          |   | 16,573,770    |  |   | 1,853,334    
|Interest receivable                                                                                                                |   | 90,288        |  |   | 60,731       
|                                                                                                                                  
|Total assets                                                                                                                       |   | 130,461,849   |  |   | 65,111,622   
|                                                                                                                                  
|Liabilities and Unitholders' Capital                                                                                               |  
|Liabilities:                                                                                                                      
|Accrued commissions                                                                                                                |   | 611,008       |  |   | 340,076      
|Accrued management fee                                                                                                             |   | 189,623       |  |   | 105,324      
|Accrued incentive fee                                                                                                              |   | 837,797       |  |   | 0            
|Accrued operating expenses                                                                                                         |   | 48,305        |  |   | 60,000       
|Accrued offering expenses                                                                                                          |   | 46,751        |  |   | 26,147       
|Redemptions payable                                                                                                                |   | 348,033       |  |   | 449,549      
|                                                                                                                                  
|Total liabilities                                                                                                                  |   | 2,081,517     |  |   | 981,096      
|                                                                                                                                  
|Unitholders' Capital:                                                                                                             
|Benefical Owners (828,396.66 units outstanding at June 30, 2003,
               453,878.17 units outstanding at December 31, 2002) |   | 127,497,140   |  |   | 63,327,633   
|Managing Owner (5,738.50 units outstanding at June 30, 2003,
               5,754.50 units outstanding at December 31, 2002)       |   | 883,192       |  |   | 802,893      
|                                                                                                                                  
|Total unitholders' capital                                                                                                         |   | 128,380,332   |  |   | 64,130,526   
|                                                                                                                                  
|Total liabilities and unitholders' capital                                                                                         | $ | 130,461,849   |  | $ | 65,111,622   
|                                                                                                                                  
|Net asset per unit                                                                                                                 | $ | 153.91        |  | $ | 139.53       
|                                                                                                                                  
|See accompanying notes to financial statements.                                                                                   

# JWH GLOBAL TRUST
STATEMENTS OF OPERATIONS
(unaudited)

|                                                                  |   | Apr. 1, 2003throughJune 30, 2003 |  |   | Jan. 1, 2003throughJune 30, 2003 |  |   | Apr. 1, 2002throughJune 30, 2002 |  |   | Jan. 1, 2002throughJune 30, 2002 | 
|----------------------------------------------------------------- | - | -------------------------------- |  | - | -------------------------------- |  | - | -------------------------------- |  | - | -------------------------------- | 
|Revenues:                                                        
|Gain (loss) on trading of commodity contracts:                    |  
|Realized gain on closed positions                                 | $ | 7,536,257                        |  | $ | 22,282,493                       |  | $ | 6,570,195                        |  | $ | 3,703,411                        | 
|Change in unrealized loss (gain) on open
               positions |   | (2,602,038)                      |  |   | (10,191,434)                     |  |   | 8,559,096                        |  |   | 6,113,815                        | 
|Interest Income                                                   |   | 267,928                          |  |   | 470,408                          |  |   | 185,567                          |  |   | 378,951                          | 
|Foreign currency transaction gain                                 |   | 172,776                          |  |   | 193,648                          |  |   | 105,271                          |  |   | 74,893                           | 
|Total revenues                                                    |   | 5,374,923                        |  |   | 12,755,115                       |  |   | 15,420,129                       |  |   | 10,271,070                       | 
|                                                                 
|Expenses:                                                        
|Commissions                                                       |   | 1,704,142                        |  |   | 2,944,910                        |  |   | 790,050                          |  |   | 1,535,447                        | 
|Exchange, clearing and NFA fees                                   |   | 9,775                            |  |   | 15,988                           |  |   | 3,928                            |  |   | 8,913                            | 
|Management fees                                                   |   | 528,198                          |  |   | 912,497                          |  |   | 244,712                          |  |   | 475,938                          | 
|Incentive fees                                                    |   | 849,814                          |  |   | 2,071,663                        |  |   | 1,015,646                        |  |   | 1,015,646                        | 
|Amortization of prepaid initial organization and offering costs   |   | 0                                |  |   | 0                                |  |   | 22,029                           |  |   | 55,072                           | 
|Ongoing organization and offering expenses                        |   | 129,665                          |  |   | 223,372                          |  |   | 60,320                           |  |   | 117,704                          | 
|Operating expenses                                                |   | 15,000                           |  |   | 30,000                           |  |   | 15,000                           |  |   | 29,882                           | 
|                                                                 
|Total expenses                                                    |   | 3,236,594                        |  |   | 6,198,430                        |  |   | 2,151,685                        |  |   | 3,238,602                        | 
|                                                                 
|Net profit                                                        | $ | 2,138,329                        |  | $ | 6,556,685                        |  | $ | 13,268,444                       |  | $ | 7,032,468                        | 
|                                                                 
|Profit per unit of beneficial ownership interest                  | $ | 4.32                             |  | $ | 14.38                            |  | $ | 30.64                            |  | $ | 16.53                            | 
|Profit per unit of managing ownership interest                    | $ | 4.32                             |  | $ | 14.38                            |  | $ | 30.64                            |  | $ | 16.53                            | 
|                                                                 
|See accompanying notes to financial statements.                  

# JWH GLOBAL TRUST
STATEMENT OF CHANGES IN UNITHOLDERS' CAPITAL
From January 1, 2003 through June 30, 2003
(unaudited)

|                                                | Units*      |  |  |   | BeneficialOwners |  |  |   | ManagingOwner |  |  |   | Total       | 
|----------------------------------------------- | ----------- |  |  | - | ---------------- |  |  | - | ------------- |  |  | - | ----------- | 
|                                               
|Unitholders' capital at January 1, 2003         | 453,878.17  |  |  | $ | 63,327,633       |  |  | $ | 802,893       |  |  | $ | 64,130,526  | 
|                                               
|Net profit                                      |             |  |  |   | 6,473,924        |  |  |   | 82,762        |  |  |   | 6,556,685   | 
|                                               
|Unitholders' contributions                      | 389,821.93  |  |  |   | 60,047,831       |  |  |   | 0             |  |  |   | 60,047,831  | 
|                                               
|Unitholders' redemptions                        | (15,303.44) |  |  |   | (2,352,248)      |  |  |   | (2,463)       |  |  |   | (2,354,710) | 
|                                               
|Unitholders' capital at June 30, 2003           | 828,396.66  |  |  | $ | 127,497,140      |  |  | $ | 883,192       |  |  | $ | 128,380,332 | 
|                                               
|Net asset value per unit January 1, 2003        |             |  |  |   | 139.53           |  |  |   | 139.53        |  |  |   |             | 
|                                               
|Net profit per unit                             |             |  |  |   | 14.38            |  |  |   | 14.38         |  |  |   |             | 
|                                               
|Net asset value per unit June 30, 2003          |             |  |  | $ | 153.91           |  |  | $ | 153.91        |  |  |   |             | 
|                                               
|* Units of beneficial ownership interest.      
|                                               
|See accompanying notes to financial statements.

# JWH GLOBAL TRUST
                                                     NOTES TO FINANCIAL STATEMENTS

June 30, 2003

## (1)   General
Information and Summary

JWH Global Trust (the
Trust), a Delaware statutory trust organized on November 12, 1996, was formed to
engage in the speculative trading of futures contracts on currencies, interest
rates, energy and agricultural products, metals and stock indices, spot and
forward contracts on currencies and precious metals, and exchanges for physicals
pursuant to the trading instructions of independent trading advisors. The
Managing Owner of the Trust is CIS Investments, Inc. (CISI). The clearing broker
is Cargill Investor Services, Inc. (Clearing Broker or CIS), the parent company
of CISI. The broker for forward contracts is CIS Financial Services, Inc. (CISFS
or Forwards Currency Broker), an affiliate of CISI. The Clearing Broker and the
Forwards Currency Broker 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, 2003, a total of 1,681,616.38
units representing an investment for $198,499,034.21 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 (NAV) to less than $2,500,000; (5)
a decline in the NAV per unit to $50 or less; (6) dissolution of the Trust; or
(7) any event that would make it unlawful for the existence of the Trust to be
continued or require dissolution of the Trust.

## (2)   Summary of
Significant Accounting Policies

The accounting and
reporting policies of the Trust conform to accounting principles generally
accepted in the United States of America and to general practices within 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 gain (loss) on open futures
contracts in the statements of financial condition represents 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 NAV 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 the 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 were 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 net 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.

## Foreign
Currency Transactions

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

## Use of
Estimates

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

## (3)   Fees

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

Under signed agreement,
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 Fees 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 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, 2003 and June 30, 2002
and is included in operating expenses in the statements of operations.

## (5)   Trading
Activities and Related Risks

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

The purchase and sale of
futures contracts requires margin deposits with a Futures Commission Merchant
(FCM). Additional deposits may be necessary for any loss on contract value. The
Commodity Exchange Act (CE Act) requires a FCM to segregate all customer
transactions and assets from the FCMs proprietary activities. A
customers cash and other property such as U.S. Treasury bills, deposited
with a FCM are considered commingled with all other customer funds subject to
the FCMs segregation requirements. In the event of a FCMs
insolvency, recovery may be limited to a pro rata share of segregated funds
available. It is possible that the recovered amount could be less than the total
of cash and other property deposited.

The Trust has cash on
deposit with an affiliate interbank market maker in connection with its trading
of forward contracts. In the event of the interbank market makers
insolvency, recovery of the Trust assets on deposit may be limited to account
insurance or other protection afforded such deposits. In the normal course of
business, the Trust does not require collateral from such interbank market
maker. Because forward contracts are traded in unregulated markets between
principals, the Trust also assumes a credit risk, the risk of loss from counter
party non-performance.

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

Net trading results from
derivatives for the periods ended June 30, 2003, and 2002, are reflected in the
statements of operations and equal gains (losses) from trading less brokerage
commissions. Such trading results reflect the net gain arising from the
Trusts speculative trading of futures contracts and forward contracts.

The notional amounts of
open contracts at June 30, 2003, as disclosed in the Schedule of Investments, do
not represent the Trusts risk of loss due to market and credit risk, but
rather represent the extent of the Trusts involvement in derivatives at
the date of the statement of financial condition.

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

## (6)   Financial
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,
2002, as filed with the Securities and Exchange Commission (SEC) on March 31,
2003, 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.

## (7)   Financial
Highlights

The following financial
highlights show the Trusts financial performance for the six-month period
ended June 30, 2003. Total return is calculated as the change in the aggregate
beneficial owners investment over the entire period and is not annualized.
Total return is calculated based on the aggregate return of the Trust taken as a
whole.

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

The net income and expenses
ratios are computed based upon the weighted average net assets for the Trust for
the six-month period ended June 30, 2003.

# JWH GLOBAL TRUST
    Schedule of Investments
    June 30, 2003

|                                               | Number of
        contracts |             | Principal
        (notional) |  |   | Value (OTE) | 
|---------------------------------------------- | --------------------------- | ----------- | ---------------------------- |  | - | ----------- | 
|Long positions                                
|Futures positions (-1.67%)                    
|Agriculture                                    | 190                         | $           | 4,123,266                    |  | $ | (132,809)   | 
|Energy                                         | 309                         |             | 8,146,306                    |  |   | 170,561     | 
|Interest rates                                 | 3,271                       |             | 446,332,519                  |  |   | (1,952,176) | 
|Metals                                         | 484                         |             | 17,236,810                   |  |   | (498,819)   | 
|Idices                                         | 521                         |             | 27,442,379                   |  |   | 273,290     | 
|                                               |                             |             | 503,281,280                  |  |   | 2,139,953   | 
|Forward positions (-3.47%)                    
|Currencies                                     | 37                          |             | 339,376,680                  |  |   | (4,450,544) | 
|Total long positions                           |                             | $           | 842,657,960                  |  | $ | (6,590,497) | 
|                                              
|Short positions                               
|Futures positions (0.23%)                     
|Agriculture                                    | 475                         | $           | 4,750,453                    |  | $ | 57,777      | 
|Interest Rates                                 | 282                         |             | 139,574,634                  |  |   | 338,436     | 
|Metals                                         | 462                         |             | 15,311,126                   |  |   | (102,689)   | 
|                                               |                             |             | 159,636,213                  |  |   | 293,524     | 
|                                              
|Forward positions (1.91%)                     
|Currencies                                     | 38                          |             | 278,142,075                  |  |   | 2,455,767   | 
|Total short positions                          |                             | $           | 437,778,288                  |  | $ | 2,749,291   | 
|                                              
|Total open contracts (-2.99%)                  | $                           | (3,841,206) |                             
|Cash on deposit with brokers (91.63%)          | 117,638,997                 |            
|Other assets in excess of liabilities (11.36%) | 14,582,541                  |            
|Net assets (100%)                              |                             |             |                              |  | $ | 128,380,332 | 

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

## Fiscal Quarter
ended June 30, 2003

The Trust recorded a net
profit of $2,138,329 or $4.32 per unit in the second quarter of 2003. As of June
30, the Trust has gained 53.91% since its inception in June 1997.

The Trust began the quarter
with gains in April and a strong May but closed lower in June. Overall, it ended
the quarter in positive territory. On June 30, 2003, JWH was managing 100% of
the Trusts assets. Approximately 30% of the assets were allocated to each
of the JWH GlobalAnalytics® Family of Programs and the G-7 Currency
Portfolio. Approximately 40% of the Trusts assets were allocated to
JWHs Financial and Metals Portfolio.

The Trust ended April in
positive territory as the swift victory in Iraq impacted markets worldwide. The
currency sector was primarily responsible for the Trusts gain in April.
The initial enthusiasm for the U.S. dollar in a post-Iraqi war world gave way to
bleak fundamentals. The U.S. deficit continued to weigh heavily on the Dollar.
Non-Dollar trading had the largest effect on trading profits, specifically, the
long Euro/short Yen, long Euro/short British pound, and the long Australian
dollar positions. The interest rate sector was positive largely due to a long
position in the Japanese 10-year Government bond. The stock index position was
down slightly. Most equity markets rallied around the world, encouraged by the
quick end to major conflict in Iraq. Energies were marginally positive in April.
The fewer than expected oil field fires in Iraq put considerable downward
pressure on the price per barrel. Natural gas rallied most of the month on
weather related issues and storage deficits. Contrary to the Trusts
position, gold rallied in early April in expectation of the next inflationary
cycle. This led to negative performance in the metal sector. Agricultural
products were slightly profitable for the month. In response to the conclusion
of the major fighting in the Iraqi war, JWH did resume full leverage in the
three trading programs effective April 10. The decision to reduce exposure to
all markets during the Iraqi conflict proved to be beneficial for investors.
Overall, the Trust recorded a gain of $1,147,485 or $1.92 per unit in April.

The Trust also posted
positive results for the month of May. Currencies were the best performing
sector for May due mainly to the weakening of the U.S. dollar. Investments in
the fixed income sector were positive for the month as yields continued to trend
lower. The biggest contributors were the Euro Bunds, U.S. 30-year Bonds, Japanese
Government 10-year Bonds, and the U.S. 10-year Notes. Stock indices were
negative for May due primarily to the poor performance in the Japanese Osaka
Nikkei Index. The Nasdaq E-Mini 100 Index turned in the best
performance for this sector. Energies posted negative results in May.
All crude and crude-related products were down as a result of the markets
rallying due to short supply factors. The only positive component in this
sector was natural gas. Agricultural products were negative for May. The largest
detractors were corn and New York coffee, while the largest positive contributor
was cotton. Metals were slightly down for May. Losses occurred in copper,
silver and aluminum. Only gold managed to perform in positive territory.
Overall, the Trust recorded a gain of $7,826,012 or $11.78 per unit in May.

Overall, the Trust was down
in June, which started out as a promising month, but turned abruptly negative
during the last two weeks. Two trends that were reestablished after the Iraqi
War -- a weakening Dollar and falling global interest rates -- reversed course
sharply as hints of improving economic times forced the liquidation of large
positions in fixed income and currency markets. Currencies suffered the largest
sector loss in June, due to the late month strengthening of the U.S. dollar.
Stock indices were the only sector to register positive returns for the month of
June. Fixed income investments incurred the second largest sector loss for June.
The largest losses were registered in the Japanese 10-year Government Bonds,
Euro Bunds and the U.S. 30-year Bonds. Crude oil was up for the month despite
volatile trading. Prices were buoyed by a downshift in OPEC output and the
concerns over Tropical Storm Bill, hitting the Gulf coast. Overall, however, the
energy sector was down for June. The metals sector was down in June, primarily
due to the poor performance of gold. Agricultural products were down for the
month. All of the other parts of this group had negligible results. The Trust
recorded a loss of $6,835,168 or $9.38 per unit in June.

Effective July 1, 2003, the
Brokerage Fee of the Trust was reduced by 1/2 of 1% to 6.0% annually. This
reduction is being taken by CIS and represents a direct benefit to the Trust.

During the quarter there
were 244,886.61 units sold to the Beneficial Owners for an investment of
$38,152,425. Beneficial Owners redeemed a total of 7,572.73 units during the
quarter. The Managing Owner redeemed a total of 16.00 units during the quarter.
At the end of the quarter there were 828,396.66 units outstanding owned by the
Beneficial Owners and 5,738.50 units outstanding owned by the Managing Owner.

During the fiscal quarter
ending June 30, 2003, the Trust had no material credit exposure to a
counterparty, which is a foreign commodity exchange, or to any counterparties
dealing in over the counter contracts.

## Fiscal Quarter
ended June 30, 2002

The Trust posted a gain of $13,268,444
or $30.64 per unit in the second quarter of 2002. As of June 30, 2002, the Trust
had made 28.16% since inception.

The Trust was up
substantially in the quarter. On June 30, 2002, the JWH was managing 100% of the
Trusts assets. Approximately 30% of the assets were allocated to each of
the JWH GlobalAnalytics® Family of Programs and the G-7 Currency Portfolio.
Approximately 40% of the Trusts assets were allocated to JWHs
Financial and Metals Portfolio.

The Trust began the quarter
with slightly lower performance in April. Weakness in the U.S. dollar provided
strong results in the currency sector. Profits were accrued in short Dollar
positions against the Japanese yen, Swiss franc, British pound and Euro. The
long Dollar, short Euro position was the Trusts most profitable position
in April. Performance in the interest rate sector was very disappointing. Short
positions in Dollar and Euro denominated bond markets were closed out as losses.
The Trusts profitable long position in the Japanese government bond market
offset most of the other losses incurred by interest rate trading. Turmoil in
the Middle East lifted the energy market higher, providing small gains. The
metals sector was slightly lower as gains in gold could not offset losses in
copper, silver and aluminum. Overall, the Trust recorded a small loss of
$129,119 or $0.29 per unit in April.

The currency sector paved
the way for strong performance in May. The U.S. dollar continued to weaken
against most major currencies, most notably were the Euro, the Japanese yen and
the Swiss franc which provided strong profits. Trends in the currency markets
were aided by the U.S. Treasurys stand aside approach on the
Dollar policy and the Bank of Japans failed intervention attempts. The
Australian dollar continued to rise as the currency linked to physical
commodities, due to expectations of higher global inflation. The Trusts
long Euro versus short Japanese yen position was also profitable. The stock
index sector registered modest gains during May, primarily due to the German
DAX. The steepening U.S. yield curve allowed long positions in the two, five and
ten-year bonds to accrue profits. However, performance in the 30-year bond
contract was negative. The Japanese government bond provided the largest profit
in the interest rate sector as it continued to climb. Losses were absorbed in
the Australian and European interest rate markets. The metals sector was also
positive for the month. Profits in long gold positions more than offset losses
in industrial and base metals. All in all, the Trust recorded a gain of
$3,756,934 or $8.56 per unit in May.

The Trust followed
Mays gain with an extremely positive June. The economic drivers that
fueled the strong performance included a confluence of events influencing the
currency sector, which was the strongest performing sector due to the recent
weakness of the Dollar. The Euro gained approximately 15% on the Dollar for the
year-to-date. Investors selling U.S. stocks due to fear of additional accounting
abnormalities puts pressure on stocks as well as the Dollar. Much of the
proceeds of these sales appeared to be moving into non-Dollar investments along
with global bonds and gold. The global bond market rallied as a result of money
coming from sales of equities. This flight to quality helped the
Trusts long positions in the European, Japanese and U.S. bond markets to
appreciate throughout the month. Short positions in the worlds stock
markets via stock index futures were positive contributors in June. Corn and
soybeans prices gained over 15% since lows were made in May. For June, the Trust
recorded a gain of $9,640,629 or $22.37 per unit.

During the quarter there
were 7,842.88 units sold to the beneficial owners for an investment of $834,593.
Beneficial Owners redeemed a total of 28,505.53 units during the quarter. The
Managing Owner redeemed a total of 0 units during the quarter. At the end of the
quarter there were 416,299.40 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, 2002, the Trust had no material credit exposure to a
counterparty which is a foreign commodity exchange or to any counterparties
dealing in over the counter contracts.

## Fiscal Quarter
ended March 31, 2003

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

The Trust began the year
auspiciously with strong gains in January and February but closed lower in
March, still ending the quarter, however, in positive territory. On March 31,
2003, JWH was managing 100% of the Trusts assets. Approximately 30% of the
assets were allocated to each of the JWH GlobalAnalytics® Family of
Programs and the G-7 Currency Portfolio while approximately 40% of the
Trusts assets were allocated to JWHs Financial and Metals Portfolio.

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

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

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

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

During the quarter there
were 144,935.32 units sold to the beneficial owners for an investment of
$21,895,406. Beneficial owners redeemed a total of 7,730.71 units during the
quarter. The Managing Owner redeemed a total of 0 units during the quarter. At
the end of the quarter there were 591,082.78 units outstanding owned by the
beneficial owners and 5,754.50 units outstanding owned by the Managing Owner.

During the fiscal quarter
ending March 31, 2003, the Trust had no material credit exposure to a
counterparty, which is a foreign commodity exchange, or to any counterparties
dealing in over the counter contracts.

## Fiscal Quarter
ended March 31, 2002

The Trust recorded a loss
of $6,235,975 or $14.11 per unit in the first quarter of 2002. As of March 31,
the Trust had lost 2.48% since its inception in June 1997.

All three months of the
quarter were unprofitable for the Trust. On March 31, 2002, 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 January, performance was
positive in the currency and energy sectors while interest rate, metal, stock
index and commodity markets posted losses. The most significant gains came from
the currency sector where the Japanese yen continued to lose value. This was
beneficial to Trust investors because the short Yen position was the largest in
the portfolio. Trading in all other currency markets was negative. The Enron
news created a flight to quality situation which led to higher U.S.
and European bond prices. These news items and others ceased the selling
activity in global bonds and caused losses in the Trusts interest rate
long positions. The energy sector posted a very small gain as short positions in
natural gas exceeded losses taken in all other energy markets. Precious metals
rallied sharply for the first time in months. Initially this was negative for
the Trust. However, by month end, a long position was taken and the loss
absorbed earlier in the month was lessened. Overall, the Trust recorded a loss
of $793,776 or $1.79 per unit in January.

During February,
fluctuating price patterns continued which led to a difficult month for the
Trust. The key element in the Trusts performance was the trend reversals
in the Japanese financial markets. The Nikkei (stock index), Japanese government
bonds and the Yen accounted for over one half of the losses in the portfolio.
Losses in the currency sector also occurred in the British pound, Swiss franc
and Euro. As earlier stated, trading in Japanese government bonds was negative
as was trading in U.S. and Euro denominated bond markets. Performance in the
energy sector was also unprofitable. Short positions in crude oil, natural gas
and gasoline suffered as prices rose. Gold prices continued to rise, which
allowed the metal sector to be positive in February.

During late February, CIS
Securities, Inc. replaced CIS as JWH Global Trusts Lead Selling Agent.
This change did not have a material effect on the business of the Trust. The
Trust recorded a loss of $2,702,058 or $6.13 per unit in February.

March was another
disappointing month. Positive returns from the energy and interest rate sectors
were overpowered by losses in the currency sector, specifically in the Yen where
Japanese corporations spurred a rally when they actively repatriated Yen for
year-end accounting purposes. This proved to be detrimental for the Trusts
short Yen position. The balance of interest rate trading amounted to additional
losses. The energy and interest rate sectors each posted gains. Profits accrued
in short positions in Euro denominated markets outweighed losses in Japanese
bond markets. Nearly all markets in the metals sector were positive. However,
gains were small due to small position sizes and small price changes. The Trust
recorded a loss of $2,740,141 or $6.19 per unit in March.

During the quarter there
were 17,137.84 units sold to the beneficial owners for an investment of
$1,745,995. Beneficial owners redeemed a total of 18,195.48 units during the
quarter. The Managing Owner redeemed a total of 0 units during the quarter. At
the end of the quarter there were 436,951.05 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, 2002, the Trust had no material credit exposure to a
counterparty, which is a foreign commodity exchange, or to any counterparties
dealing in over the counter contracts.

## 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, 2002.

## Item 4.
Controls and Internal Procedures

Under the supervision and
with the participation of the management of CIS Investments, Inc., the Managing
Owner of the Trust, including the Managing Owners President and Chief
Financial Officer, the Trust has evaluated the effectiveness of the design and
operation of its disclosure controls and procedures as of the filing date of
this quarterly report, and, based on their evaluation, the President and Chief
Financial Officer of the Managing Owner have concluded that these disclosure
controls and procedures are effective. There were no significant changes in the
Trusts internal controls or in other factors that could significantly
affect these controls subsequent to the date of their evaluation.

# PART II -
OTHER INFORMATION

## Item 1. Legal
Proceedings

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

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

| | a) | None                      
| | -- | --------------------------
| | b) | None                      
| | c) | None                      
| | d) | Regulation S-K Item 701(f)
| |    | (1)                       
| |    | (4)                       
| |    |                           
| |    |                           

## Item 3. Defaults
Upon Senior Securities

None

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

None

## Item 5. Other
Information

None

## Item 6.
Exhibits and Reports on Form 8-K

| | a) | Exhibits                                                                                                
| | -- | --------------------------------------------------------------------------------------------------------
| |    | Certifications of Principal Executive Officer                                                           
| |    | Certifications of Principal Financial Officer                                                           
| |    | Exhibit 99 - Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code.
| | 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 13, 2003

|By: | CIS Investments, Inc.,
        One of its General Partners                                                         
|--- | -------------------------------------------------------------------------------------------------------------------
|   
|   
|   
|   
|By: | /s/ Shaun D. O'Brien
        Shaun D. O'Brien
        Vice President, Chief Financial Officer
         and Director

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

|CERTIFICATION                                                                                                                                                         
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
|I, James A. Davison, the President of CIS Investments, Inc. ("CISI"), the Managing Owner of JWH Global Trust (the "Trust"), do hereby
        certify that:           
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|By:  /s/ James A. Davison                                                                                                                                             
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|James A. Davison
         President
         CIS Investments, Inc.
         August 13, 2003                                                                           
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|I, Shaun O'Brien, the Chief Financial Officer of CIS Investments, Inc. ("CISI"), the Managing Owner of JWH Global Trust (the
        "Trust"), do hereby certify that:
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|By:  /s/ Shaun D. O'Brien                                                                                                                                             
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|Shaun D. O'Brien
         Chief Financial Officer
         CIS Investments, Inc.
         August 13, 2003