`(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`

`Part I.  Financial Information

Item 1.  Financial Statements

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



                         Fiscal Quarter   Year to Date     Fiscal Year      Fiscal Quarter   Year to Date
                         Ended 9/30/01    Ended 9/30/01    Ended 12/31/00   Ended 9/30/00    Ended 9/30/00

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`

`Sep 30, 2001     Dec 31, 2000
                                  Assets
Assets:
  Equity in commodity trading accounts:
    Cash on deposit with Brokers                                       49,290,029       44,316,136
    Unrealized gain (loss) on open contracts                            1,621,265        8,003,965

                                                                       50,911,294       52,320,101

  Receivable for units sold                                               930,701          191,437
  Interest receivable                                                     116,523          223,611
  Prepaid initial organization and offering costs                          88,115          187,244

Total Assets                                                           52,046,633       52,922,393

                   Liabilities and Unitholders' Capital
Liabilities:
  Accrued commissions on open contracts due to CIS                        271,518          282,628
  Accrued management fees                                                  85,131           87,816
  Accrued incentive fees                                                        0                0
  Accrued operating expenses                                               57,594           60,000
  Accrued offering expenses                                                21,130           21,796
  Redemptions payable                                                     922,773        2,340,419

Total liabilities                                                       1,358,146        2,792,659

Unitholders' capital:
  Beneficial owners (425,783.91 and 430,765.38 units outstanding at
    September 30, 2001 and December 31, 2000, respectively)            50,012,564       49,361,538
  Managing owner (5,754.50 and 6,703.91 units outstanding at
    September 30, 2001 and December 31, 2000, respectively)               675,923          768,196


Total unitholders' capital                                             50,688,487       50,129,734

Total liabilities and unitholders' capital                            $52,046,633      $52,922,393

Net Asset Value per Unit                                                  $117.46          $114.59

See accompanying notes to financial statements.`

`Jul 1, 2001    Jan 1, 2001    Jul 1, 2000    Jan 1, 2000
                                                         through        through        through        through
                                                         Sept 30, 2001  Sept 30, 2001  Sept 30, 2000  Sept 30, 2000


Revenues:
  Gain (loss) on trading of commodity contracts:
    Realized gain (loss) on closed positions               $591,044    $10,534,796       $373,982    ($3,278,563)
    Change in unrealized gain (loss) on open positions      670,004     (6,382,699)    (2,514,168)    (6,024,241)
  Interest Income                                           402,111      1,411,804        740,608      2,589,295
  Foreign currency transaction gain (loss)                   60,970        174,975        (67,195)      (456,256)

Total revenues                                            1,724,129      5,738,876     (1,466,773)    (7,169,765)

Expenses:
  Commission paid to CIS                                    795,155      2,428,788        764,454      2,968,776
  Exchange, clearing and NFA fees                            10,567         24,504          7,337         25,171
  Management fees                                           248,332        756,129        475,747      1,847,912
  Incentive fees                                                  0        990,171              0              0
  Amortization of prepaid initial organization and           33,043         99,129         33,043         99,129
offering costs
  Ongoing organization and offering expenses                 61,639        187,249         58,922        228,965
  Operating expenses                                         15,000         45,000         15,100         45,200

Total expenses                                            1,163,736      4,530,970      1,354,603      5,215,153

Net profit (loss)                                          $560,393     $1,207,906    ($2,821,376)  ($12,384,918)

Profit (loss) per unit of beneficial ownership interest       $1.30          $2.87         ($5.38)       ($18.84)
Profit (loss) per unit of managing ownership interest         $1.30          $2.87         ($5.38)       ($18.84)

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)                                                        1,189,535      18,372     1,207,907

Unitholders' contributions                                 53,234.25     6,305,128           0     6,305,128

Unitholders' redemptions                                  (58,215.72)   (6,843,638)   (110,644)   (6,954,282)

Unitholders' capital at September 30, 2001                425,783.91   $50,012,564    $675,923   $50,688,487


Net asset value per unit
   January 1, 2001                                                          114.59      114.59

Net profit (loss) per unit                                                    2.87        2.87

Net asset value per unit
  September 30, 2001                                                       $117.46     $117.46

* Units of Beneficial Ownership.

See accompanying notes to financial statements.`

`Jan 1, 2001        Jan 1, 2000
                                                                           through            through
                                                                           Sept 30, 2001      Sept 30, 2000
Cash flows from operating activities:
  Net profit (loss)                                                         $1,207,906        ($12,384,918)
  Adjustments to reconcile net profit (loss) to
    net cash provided by (used in) operating activities:
      Decrease (increase) in unrealized gain (loss) on open contracts        6,382,700           6,024,241
      Change in assets and liabilities:
        Decrease (increase) in interest receivable                             107,088             143,795
        Decrease in prepaid initial organization and offering costs             99,129              99,130
        Increase (decrease) in accrued liabilities                             (16,867)           (394,491)

Net cash provided by (used in) operating activities                          7,779,956          (6,512,242)

Cash flows from financing activities:
  Net proceeds from sale of units                                            5,565,865           1,883,242
  Unit redemptions                                                          (8,371,928)        (34,298,118)

Net cash provided by (used in) financing activities                         (2,806,063)        (32,414,876)

Net increase (decrease) in cash                                              4,973,893         (38,927,118)

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

Cash at end of period                                                      $49,290,029         $46,126,827

See accompanying notes to financial statements.`

`JWH GLOBAL TRUST
                     NOTES TO FINANCIAL STATEMENTS
                           September 30, 2001(1) General Information and Summary

JWH Global Trust (the Trust),  a Delaware  business  trust  organized on
November 12, 1996,  was formed to engage in the  speculative  trading of
futures   contracts   on   currencies,   interest   rates,   energy  and
agricultural  products,  metals  and  stock  indices,  spot and  forward
contracts  on  currencies  and  precious   metals,   and  exchanges  for
physicals  pursuant to the trading  instructions of independent  trading
advisors.  The  Managing  Owner of the  Trust is CIS  Investments,  Inc.
(CISI).  The  clearing  broker  is  Cargill  Investor   Services,   Inc.
(Clearing  Broker or CIS),  the parent  company of CISI.  The broker for
forward  contracts is CIS Financial  Services,  Inc.  (CISFS or 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 September 30, 2001, a total of  1,184,902.28
units   representing  an  investment  for   $125,369,242  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  in the United States of America and to
general  practices  in the  commodities  industry.  The  following  is a
description  of the more  significant  of those  policies that the Trust
follows in preparing its financial statements.Revenue Recognition

Commodity futures contracts,  forward contracts,  physical  commodities,
and  related   options  are  recorded  on  the  trade  date.   All  such
transactions  are  recorded on the  identified  cost basis and marked to
market daily.  Unrealized  gains 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 September  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
September 30, 2001 and September 30, 2000,  and is included in operating
expenses in the statement of operations.(5) Financial Instruments with Off-balance Sheet Risk

The Company is a party to financial  instruments with off-balance  sheet
risk  in the  normal  course  of its  business.  These  instruments  are
primarily the  execution  and clearing of orders for  commodity  futures
and  options  contracts  on  behalf  of  its  customers  (including  its
Parent),  substantially  all of which are  transacted on a margin basis.
Such  transactions  may expose the Company to off-balance  sheet risk in
the  event  that  a  customer  is  unable  to  fulfill  its   contracted
obligations.   In  the  event  the   customer   fails  to  satisfy   its
obligations,  the Company may be required to purchase or sell  financial
instruments  at  prevailing  market  prices  in  order  to  fulfill  the
customer's  obligations.  The  Company  seeks to control  these risks by
requiring  customers to maintain  margin  collateral in compliance  with
various  regulatory  and  internal  guidelines.   The  Company  monitors
required margin levels daily and, pursuant to such guidelines,  requires
customers to deposit  additional  collateral  or reduce  positions  when
necessary.  The  Company  will also  require  its  customers  to deposit
additional  equity or reduce  positions if it is  determined  that their
activities may be subject to above-normal market risks.

Clearance,  financing, and settlement activities may require the Company
to maintain  funds with or pledge  securities as  collateral  with other
financial  institutions.  In the  event  the  counterparty  is unable to
meet its  contracted  obligation  to return  the  securities  pledged as
collateral,  the  Company  may be exposed to the risk of  acquiring  the
securities at  prevailing  market  prices.  The Company  controls  these
risks  by  assessing   the   creditworthiness   of  each   counterparty,
establishing  limits,  and  monitoring  compliance  on  a  daily  basis.
Additionally,  the Company monitors  collateral  market value on a daily
basis,  and  adjusts  collateral  levels in the  event of excess  market
exposure.(6) FINANCIAL STATEMENT PREPARATION

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

The  results of  operations  for  interim  periods  are not  necessarily
indicative of the operating results to be expected for the fiscal year.Item 2.  Management's  Discussion  and Analysis of  Financial  Condition
and Results of OperationFiscal Quarter Ended September 30, 2001

The Trust  recorded  a gain of  $560,393  or $1.30 per unit in the third
quarter of 2001.  The Trust is up 2.50% for 2001.  As of  September  30,
the Trust has gained 17.46% since inception.

After being down in July, the Trust was up in August and  September.  On
September  30,  2001,  JWH  was  managing  100% of the  Trust's  assets.
Approximately  30% of the assets were  allocated to each of JWH's Global
Analytics 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 July,  the Trust endured  negative  performance  as unclear  economic
signals  made  for  erratic  financial  markets.  In the  interest  rate
sector, the Trust made money in most geographic areas.  However,  losses
stemming from concerns  about the financing of the growing debt in Japan
reversed  the  long-term  upward  trend of that market and reduced  open
trade  profits.   Currency   markets   continued  to  challenge   market
participants.  Long-term  trends  indicated  strength in the U.S. dollar
versus all other  major  currencies.  However,  in July,  some  currency
markets "bounced" after reaching new lows against the U.S. dollar.  This
resulted in losses for the Trust's  positions.  In the metals sector,  a
slowdown in the worldwide  economy  aided the Trust's  short  industrial
metal  position.  However,  long positions in gold reduced this sector's
profitability.  The Trust's  exposure in the commodity  sector  remained
very small.

Overall,  the Trust  recorded a loss of  $2,119,277 or $4.95 per unit in
July.

In  August,  the Trust  enjoyed a  positive  month due to the  continued
slowing of the global economy.  Reductions in the official lending rates
of the United States and Euro denominated  markets put downward pressure
on interest  rates  throughout  the month.  Profits  were  accrued  from
various  positions  ranging from  short-term  Treasury-bills  to 30-year
bonds.  Interest rate trading was profitable in all  geographic  regions
except  Japan.  The  currency  sector  posted a  positive  result due to
trading in European  markets.  Long positions in the Euro,  Swiss franc,
and  British  pound   against  the  U.S.   dollar  and  Yen  were  quite
profitable.  Despite  being on the brink of economic  disaster,  the Yen
gained value  against the U.S.  dollar,  which reduced the overall gains
of this sector.  The Trust amassed small gains in the stock index sector
area due to short positions in Japanese,  German and British stock index
futures.  In the  energy  sector,  gains in heating  oil were  offset by
losses in all other energy markets.  In metals, a rally in gold reversed
abruptly and led to small  losses in that  sector.  Gains in cotton were
not enough for the commodity sector to post a gain.

Overall,  the Trust  recorded a gain of  $2,014,468 or $4.71 per unit in
August.

The Trust  stumbled  early in September  only to rally sharply and close
the month  positively.  The  continued  economic  slowdown  coupled with
"flight to quality"  buying allowed the Trust's  interest rate sector to
exhibit  strong  returns.  The stock index sector was a strong  positive
contributor  as global stock markets lost value.  However,  the currency
sector  experienced  violent swings and ultimately  closed lower. At the
end of  September,  the Trust's  largest  positions  were long  interest
rates  around  the globe as well as short  U.S.  dollar  versus the Yen,
Euro,  and Swiss franc.  Slightly  smaller  positions  were held in long
gold as well as short British, Japanese and German stock indices.

On Tuesday,  September  11,  2001,  CIS  Investments,  Inc.  and Cargill
Investor Services,  Inc., the Trust's Managing Owner and Clearing Broker
respectively  evacuated  their  Sears  Tower  location to operate out of
their Disaster  Recovery site in suburban  Chicago.  All daily functions
related  to  the  Trust,  such  as  trade  processing,   accounting  and
monitoring of trading  activity,  were performed in a routine manner. On
Wednesday,  CISI and CIS  resumed  their  normal  operations  from their
Sears Tower location.

The  Investment  Policy  Committee of JWH also met on September  11th in
its Boca  Raton  office  to review  all of the  trading  positions  on a
market by market basis and the "stops"  associated  with each  position.
No material  changes were made to any positions.  The Committee  decided
to take a day by day approach going forward.

The Trust recorded a gain of $665,202 or $1.54 per unit in September.

During the quarter  there were  16,705.95  units sold to the  Beneficial
Owners for an investment of  $1,936,588.  Investors  redeemed a total of
13,178.12  units  during the  quarter.  At the end of the quarter  there
were 425,783.91  units  outstanding  owned by the Beneficial  Owners and
5,754.50 units outstanding owned by the Managing Owner.

During the fiscal  quarter  ending  September 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 September 30, 2000

The Trust  recorded a loss of $2,821,376 or $5.38 per unit for the third
quarter of 2000.  This  compares  to a loss of  $7,325,734  or $8.64 per
unit for the third quarter of 1999.

In the first  month of the  quarter  the Trust  posted a loss  resulting
from  volatility  in the interest rate and currency  sectors.  The Trust
posted a small gain in the second  month of the  quarter  largely due to
surging petroleum prices. During the last month of the quarter,  massive
government  intervention  created losses in the currency markets and the
Trust as well.  At  September  30, 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.

An apparent economic  slowdown in the U.S.,  uncertainty over the ending
of zero  interest  rates in Japan and a one-half of one percent  rise in
European  interest  rates  served  to  provide  a  conflicting  economic
backdrop  for the Trust in July.  Currency  trading  provided the lion's
share of the  losses  in the  portfolio.  Profits  in long  U.S.  dollar
positions waned as signs of a slowdown in the U.S.  economy weakened the
U.S.   dollar   versus   major   currencies.   Most   damaging  was  the
aforementioned  rise in the  European  interest  rate,  which  served to
bolster an increasingly  positive Euro sentiment.  The rally in the Euro
resulted in the majority of the Trust's  currency  losses in June.  Many
global  interest rate positions  proved to be unprofitable as short-term
volatility over the likely  direction of interest rates denied the Trust
profitable  trends.  The index sector was down in sympathy with interest
rates.  On the positive  side,  surging  petroleum  prices  allowed long
positions  in  the  energy   sector  to  continue  to  accrue   profits.
Profitable   positions   in  sugar,   soybeans   and  coffee   supported
performance in the non-financial  markets.  Metals' trading was slightly
negative.  In  summation,  the Trust  recorded a loss of  $1,170,400  or
$2.08 per unit in July.

The Trust  benefited  from a strong  U.S.  dollar  and a  resurgence  in
energy  prices  to record a gain in  August.  Energies  contributed  the
majority of the  profits  with Brent  crude oil prices  hitting  10-year
highs and U.S.  crude  coming  within $1 of a new post Gulf War  record.
Long U.S.  dollar  positions  posted  gains for the  portfolio  when the
beleaguered  Euro sank to a three-month  low against the U.S. dollar and
dragged  the Swiss  franc  along  with it.  The  British  pound also set
six-year lows against the U.S.  dollar amid the perception that interest
rates  would hold for some time in Britain.  These  gains were  somewhat
offset by losses which occurred when the Japanese economy  strengthened,
causing a rally  against the Trust's  short Yen  position.  Short Nikkei
positions  proved  unprofitable  when the  Index  rose for the  month in
response  to the Bank of Japan's  decision to hike  interest  rates thus
ending  their  18-month  zero  interest  rate  policy.  Interest  rates,
metals and  agricultural  commodities  were unchanged for the month.  In
summation,  the Trust  recorded a gain of  $415,177 or $0.78 per unit in
August.

Currency  markets were caught off guard  September 22, 2000 when massive
central bank intervention  supported the Euro and temporarily halted its
decline.  After having been up almost 6% earlier in the month, the Trust
was  rocked  when the  central  banks  from  Canada,  Japan,  the United
Kingdom  and the U.S.  agreed  to  purchase  over 6 billion  Euros.  The
Central Banks  intervened  because the Euro had declined to a level that
could  create  inflation  in its member  countries.  Their action led to
reverberations  throughout  the  currency  and  interest  rate  markets.
Despite  the gains  seen early in the month,  this  intervention  caused
positions in European  and Asian  currencies  and foreign and U.S.  debt
markets  to be mostly  unprofitable.  In the  energy  sector,  crude oil
prices,  after  rising to over $39 a barrel,  fell  sharply on news that
OPEC  increased  production and the Clinton  administration  released 30
million barrels from the U.S.  strategic supply.  Metals were profitable
across the board in  September  with short gold  positions  tracking the
Euro  to end  the  month  lower.  In  addition,  long  copper  positions
supported  by falling  inventories  and robust  demand were  profitable.
Agricultural  commodities  were off slightly due to losses in sugar.  In
summation,  the Trust recorded a loss of $2,066,153 or $4.08 per unit in
September.

Effective  October  1,  Management  Fees  paid by the  Trust to JWH were
reduced  from 4% to 2%  annually  (paid  monthly).  Incentive  fees were
increased  from 15% to 20% of quarter end new high profits.  This change
in fees reduced the  "breakeven"  on the Trust at that time from 7.3% to
4.8% on an annual basis.

During the  quarter  there were  5,130.80  additional  units sold to the
Beneficial  Owners for an  investment  of $455,230;  there were no units
sold to the  Managing  Owner.  Investors  redeemed a total of  77,651.11
units  during  the  quarter.  At  the  end  of the  quarter  there  were
481,522.12  units   outstanding  owned  by  the  Beneficial  Owners  and
8,602.73 units outstanding owned by the Managing Owner.

During the fiscal  quarter ended  September  30, 2000,  the Trust had no
credit  exposure  to  a  counterparty  which  is a  foreign  commodities
exchange or to any  counterparty  dealing in over the counter  contracts
which was material.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,  2001,  the Trust  had  gained
16.16% since inception.

On  June  30,  2001,  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  secto "s
performance.  The Yen lost  approximately 8% to the U.S. dollar in March
and  approximately  17% since September 2000. 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,  Inc.,  received a letter from Verne  Sedlacek,  President  of
John  W.  Henry  and  Company,  Inc.,  detailing  modifications  to  the
Financial  and Metals  trading  program,  which  represented  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

On August 31, 2001,  Ronald L. Davis  resigned as Vice  President of CIS
Investments, Inc. No one will be appointed to this position.

On July 9, 2001 Bernard Dan  resigned as  President of Cargill  Investor
Services.  Mr. Dan was replaced by James Davison,  who had been Managing
Director of CIS Europe.  Mr.  Davison  first joined CIS in 1987.  He has
extensive experience in all areas of the futures business.  We feel this
change of leadership will not have a material impact on the Trust.

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:  November 12, 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)`