UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2007

OR

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to_______

Commission File Number:  000-22887

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.)

222 South Riverside Plaza

Suite 900

Chicago, IL  60606

(Address of principal executive offices) (Zip Code)

(312) 373-5000

(Registrant's telephone number, including area code)

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 a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.  (Check one.)

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

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

o Yes         x No

1

On November 14, 2007, JWH Global Trust filed its Quarterly Report on Form 10-Q for its quarter ended September 30, 2007 (the “Form 10-Q”), which inadvertently included an improperly executed certification required by Section 302 of the Sarbanes-Oxley Act of 2002 (the “Act”). The Registrant hereby amends the Form 10-Q to include a properly executed certification required by Section 302 of the Act.  No other amendments or changes are or were made to the Form 10-Q, which is set forth herein in its entirety.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements	3
Consolidated Statements of Financial Condition, as of September 30, 2007 (unaudited)
and December 31, 2006	3
Condensed Consolidated Schedule of Investments, as of September 30, 2007 (unaudited)	4
Condensed Consolidated Schedule of Investments, as of December 31, 2006	5
Consolidated Statements of Operations, quarter and nine months ended September 30, 2007
and 2006 (unaudited)	6
Consolidated Statement of Changes in Unitholders' Capital, for the nine months ended
September 30, 2007 (unaudited)	7
Notes to Financial Statements	8
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3. Quantitative and Qualitative Disclosures about Market Risk	27
Item 4. Controls and Procedures	28
PART II. OTHER INFORMATION	28
Item 1. Legal Proceedings	28
Item 1.A. Risk Factors	28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 6. Exhibits	30
SIGNATURES	31

2

PART I — FINANCIAL INFORMATION

Item 1.  Financial Statements

JWH GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Financial Condition

	September 30, 2007		December 31, 2006
	UNAUDITED
Assets
Assets:
Equity in commodity trading accounts:
Cash on deposit with brokers	$	72,108,525	$	119,334,561
Unrealized gain on open contracts		5,339,605		3,249,456
Cash on deposit with former brokers		-		6,643,944
Cash on deposit with bank		16,653		10,654,714
Cash on deposit with bank - nontrading		6,878,204		463,488
		84,342,987		140,346,163
Interest receivable		217,472		359,067
Total Assets	$	84,560,459	$	140,705,230
Liabilities and Unitholders' Capital
Liabilities:
Accrued commissions	$	238,932	$	518,368
Accrued management fees		129,325		431,641
Accrued incentive fees		-		-
Accrued offering expenses		127,005		37,533
Accrued operating expenses		81,943		428,002
Redemptions payable trading		1,236,318		4,577,801
Redemptions payable - nontrading		-		4,180,958
Accrued legal fees - nontrading		46,786		359,386
Accrued management fees to U.S. Bank - nontrading		71,256		-
Distribution payable - nontrading		434,650		-
Total liabilities		2,366,215		10,533,689
Unitholders' capital:
Unitholders’ capital (trading):
Beneficial owners (920,453 and 1,283,572 units outstanding at
September 30, 2007 and December 31, 2006, respectively)		74,209,757		120,482,074
Managing owner (20,218 units outstanding at
September 30, 2007 and December 31, 2006)		1,629,975		1,897,788
Unitholders' capital (LLC equity/nontrading):
Participating owners (864,536 and 1,255,537 units outstanding at
September 30, 2007 and December 31, 2006, respectively)		2,416,635		4,303,344
Nonparticipating owners (1,408,752 and 1,017,751 units outstanding at
September 30, 2007 and December 31, 2006, respectively)		3,937,877		3,488,335
Total unithiolders' capital		82,194,244		130,171,541
Total Liabilities and Unitholders’ Capital	$	84,560,459	$	140,705,230
See accompanying notes to consolidated financial statements.

3

JWH GLOBAL TRUST AND SUBSIDIARY

Condensed Consolidated Schedule of Investments

as of September 30, 2007

UNAUDITED

	Number of		Principal		Value/open
	contracts		(notional)		trade equity
Long positions (10.43%)
Futures Positions (6.00%)
Agriculture		1,244	$	34,585,394	$	2,659,456
Energy		399		30,192,921		827,020
Indices		386		44,627,450		433,665
Interest rates		2,864		678,361,968		(490,434	)
Metals		396		30,159,642		1,496,146
				817,927,375		4,925,853
Forward positions (4.43%)
Currencies		22		368,985,985		3,644,853
Total long positions			$	1,186,913,360	$	8,570,706
Short positions (-3.93%)
Futures Positions (-0.93%)
Agriculture		211	$	3,215,563	$	(23,299	)
Energy		53		4,304,490		10,430
Indices		135		9,800,905		(531,948	)
Interest rates		441		89,590,170		(61,853	)
Metals		217		15,737,950		(160,375	)
				122,649,078		(767,045	)
Forward positions (-3.00%)
Currencies		9		137,709,587		(2,464,056	)
Total short positions			$	260,358,665	$	(3,231,101	)
Total unrealized gain on open contracts (6.50%)					$	5,339,605
Cash on deposit and open contracts with brokers (87.73%)						72,108,525
Cash on deposit with bank (8.39%)						6,894,857
Other liabilites in excess of assets (-2.61%)						(2,148,743	)
Net assets (100.00%)					$	82,194,244
See accompanying notes to consolidatd financial statements.

4

JWH GLOBAL TRUST AND SUBSIDIARY

Condensed Consolidated Schedule of Investments

as of December 31, 2006

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

See accompanying notes to consolidatd financial statements.

5

JWH GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Operations

UNAUDITED

	Three Months Ended September 30,						Nine Months Ended September 30,
	2007			2006			2007			2006
Revenues:
Gain (loss) on trading of commodity contracts:
Realized gain (loss) on closed positions	$	(8,001,847	)	$	(7,547,202	)	$	(14,720,850	)	$	(18,939,188	)
Change in unrealized gain (loss) on open positions		2,317,304			9,617,817			2,114,790			3,312,432
Interest income		690,629			1,720,376			2,597,161			5,520,780
Foreign currency transaction gain (loss)		5,192			(340,815	)		(105,937	)		(333,220	)
Total revenues		(4,988,722	)		3,450,176			(10,114,836	)		(10,439,196	)
Expenses:
Commissions		1,098,169			2,003,834			4,155,914			7,076,814
Management fees		388,223			827,994			1,407,759			2,815,953
Incentive fees		-			-			-			-
Ongoing offering expenses		60,000			-			257,000			-
Operating expenses		187,643			180,000			367,367			733,653
Total expenses		1,734,035			3,011,828			6,188,040			10,626,420
Trading income (loss)		(6,722,757	)		438,348			(16,302,876	)		(21,065,616	)
Nontrading income (loss):
Interest on nontrading reserve		80,613			4,214			175,481			26,151
Collections in excess of impaired value		2,589,725			-			3,782,808			-
Legal and administrative fees		(85,849	)		(250,796	)		(529,301	)		(696,380	)
Management fees paid to U.S. Bank		(23,525	)		-			(319,582	)		-
Nontrading income (loss)		2,560,964			(246,582	)		3,109,406			(670,229	)
Net income (loss)	$	(4,161,793	)	$	191,766		$	(13,193,470	)	$	(21,735,845	)
See accompanying notes to consolidated financial statements.

6

JWH GLOBAL TRUST AND SUBSIDIARY

Consolidated Statement of Changes in Unitholders’ Capital

For the nine months ended September 30, 2007

UNAUDITED

Unitholders' Capital (Trading)	Beneficial Owners - Trading						Managing Owners - Trading					Total Unitholders' Capital - Trading
	Units			Dollars			Units		Dollars			Units			Dollars
Balances at December 31, 2006		1,283,572		$	120,482,074			20,218	$	1,897,788			1,303,790		$	122,379,862
Net loss					(16,035,063	)				(267,813	)		-			(16,302,876	)
Unitholders’ contributions		23,183			1,758,626			-		-			23,183			1,758,626
Unitholders’ redemptions		(386,302	)		(31,995,880	)		-		-			(386,302	)		(31,995,880	)
Balances at September 30, 2007		920,453		$	74,209,757			20,218	$	1,629,975			940,671		$	75,839,732
Unitholders' Capital (LLC Equity/Nontrading)	Participating Owners- LLC Equity/Nontrading						Nonparticipating Owners- LLC Equity/Nontrading					Total Unitholders' Capital- LLC Equity/Nontrading
	Units			Dollars			Units		Dollars			Units			Dollars
Balances at December 31, 2006		1,255,537		$	4,303,344			1,017,751	$	3,488,335			2,273,288		$	7,791,679
Net income (loss)					1,182,981					1,926,425			-			3,109,406
Unitholders’ contributions		-			-			-		-			-			-
Reallocation due to Redemptions		(391,001	)		(1,311,064	)		391,001		1,311,064			-			-
Unitholders' distribution		-			(1,758,626	)		-		(2,787,947	)		-			(4,546,573	)
Balances at September 30, 2007		864,536		$	2,416,635			1,408,752	$	3,937,877			2,273,288		$	6,354,512
Total Unitholders Capital at September 30, 2007															$	82,194,244

	Unitholders' Capital (Trading)			Unitholders' Capital (LLC Equity/Nontrading)
Net asset value per unit at December 31, 2006	$	93.86		$	3.43
Net change per unit		(13.24	)		(0.63	)
Net asset value per unit at September 30, 2007	$	80.62		$	2.80

See accompanying notes to consolidated financial statements.

7

JWH GLOBAL TRUST AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2007

(Unaudited)

(1)

(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. As of December 1, 2006, R.J. O’Brien Fund Management, LLC (“RJOFM” or the “Managing Owner”) has been the managing owner of the Trust. R.J. O’Brien & Associates, LLC (“RJO”), an affiliate of RJOFM, is the clearing broker and the broker for forward contracts for the Trust.

Units of beneficial ownership of the Trust commenced selling on April 3, 1997.  Units are not currently being offered. The Managing Owner filed a registration statement on Form S-1 on behalf of the Trust with respect to the registration of 1,000,000 units of beneficial interest on September 19, 2007 (File No. 333-146177) and plans to offer new units once such registration statement is effective.

The Trust will be terminated on December 31, 2026, unless terminated earlier upon the occurrence of one of the following:

 (1) the beneficial owners holding more than 50% of the outstanding units notifying 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.

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

On October 10, 2005, Refco, Inc., the ultimate parent of RCMI, announced that it had discovered through an internal review a receivable owed to Refco, Inc., by an entity controlled by Phillip R. Bennett, the then Chief Executive Officer and Chairman of the Board of Directors of Refco, Inc., in the amount of approximately $430 million.  Mr. Bennett has been charged with securities fraud in connection with this matter and various actions have been filed against Refco, Inc.  Thereafter, on October 13, 2005, Refco, Inc. announced that the liquidity within Refco Capital Markets, Ltd. (“RCM”) was no longer sufficient to continue operations, and that RCM had imposed a fifteen (15) day moratorium on all of its activities in an attempt to protect the value of that enterprise.

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

Refco, LLC, the Trust’s former clearing broker was not covered by the October 17, 2005 bankruptcy filing of Refco, Inc. but filed its own bankruptcy petition on November 25, 2005. In addition, a portion of the Trust’s assets (less than 20%, based on net assets as of October 13, 2005) was on deposit with RCM at the time of the bankruptcy filing, exposing a number of the Trust’s foreign currency contracts and cash held at RCM to the risk of non-return of these assets.

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

Management does not believe that the bankruptcy filings of Refco, Inc., RCM, or Refco LLC will have a material impact upon the operations of the Trust or its ability to satisfy a request for redemption. In this regard,  the operations of the Trust, including the trading activities of the underlying asset manager, have continued with minimal interruption.  Inparticular, with respect to redemptions made as of October 31, 2005, and thereafter, the Trust made payment in an amount that represented the proportionate share of the Trust’s net assets that were held at Lehman and later held at RJO, while reserving payment with respect to the Trust’s assets held at RCM, plus a cash reserve in connection with expenses in pursuit of its rights and/or claims against RCM and other potential third parties.  As such, through December 31, 2006 the Trust reserved payment with respect to any redemption proceeds until these monies held at RCM were remitted to the Trust or the Trust’s rights and/or claims against RCM and/or such potential third parties were resolved.

8

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

On October 12, 2006, RCMI, RJO, and RJO’s acquisition subsidiary, RJOFM entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) that provided for, among other things, RJOFM to purchase RCMI’s managing owner interest in the Trust. The Asset Purchase Agreement also provided for RCMI to commence a proceeding under Chapter 11 of the Bankruptcy Code and to obtain the Bankruptcy Court’s approval of the Asset Purchase Agreement and the transactions set forth therein.

RCMI filed a voluntary petition (the “RCMI Bankruptcy Petition”) in the United States Bankruptcy Court for the Southern District of New York on October 16, 2006, for relief under Chapter 11 of Title 11 of the United States Code. Contemporaneously with the filing of the RCMI Bankruptcy Petition, RCMI filed, a motion requesting that the Bankruptcy Court authorize RCMI to sell and assign substantially all of its assets, including its interest as managing owner of the Trust, pursuant to the terms of the Asset Purchase Agreement.  Pursuant to the terms of the Asset Purchase Agreement, as of October 13, 2006, all clearing functions were moved from Lehman to RJO.

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

Effective January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a Delaware limited liability company, was established to pursue the claims against RCM. On January 2, 2007, the Trust transferred all non-trading assets and liabilities, which had a net asset value of $7,791,679 to the LLC. The Trust is the sole member of the LLC and holds that membership for the benefit of the unitholders who were investors in the Trust at the time of the bankruptcy of RCM and Refco, Inc.  U.S. Bank National Association (“US Bank”) is the manager of the LLC. US Bank may make distributions to the unitholders upon collection, sale, settlement or other disposition of the bankruptcy claim and after payment of all fees and expenses pro rata to the unitholders, as explained above, as follows:

 (a)Any unitholder who had redeemed their entire interest in the Trust prior to distribution shall receive cash (“Non Participating Owners”).

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

 

The unitholders have no rights to request redemptions from the LLC.

The LLC has agreed to compensate US Bank, as manager, the following: (1) An initial acceptance fee of $120,000,  (2) An annual fee of $25,000,  (3) A distribution fee of $25,000 per distribution,  (4) Out-of-pocket expenses,  and  (5) an hourly fee for all personnel at the then expected hourly rate  ($350 per hour at execution of agreement).

See Note (6) for further detail regarding collection and distribution activity related to the assets held at RCM.

(2)    Summary of Significant Accounting Policies

(a)Basis of presentation

The accompanying unaudited consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the financial condition and results of operation of the Trust for the period presented have been included.

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

9

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

(b)Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiary, JWH Special Circumstances, LLC. All material intercompany transactions have been eliminated upon consolidation.

(c) 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 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 100% of the Trust’s average daily balances on deposit with RJO during each month at 75% of the average 91-day Treasury bill rate for that month in respect of deposits denominated in dollars.  For deposits denominated in other currencies, the Trust earns interest at a rate of LIBOR less 100 basis points.

(d)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 business day of any month of the Trust based on the Net Asset Value per unit on such date on five business days’ written notice to the Managing Owner.  Payment will generally be made within ten business days of the effective date of the redemption. As of September 1, 2007, any redemption made during the first eleven months of investment is subject to a 2% redemption penalty, payable to the Managing Owner. Prior to August 31, 2007, the redemption penalty was 3%. Any redemption made in the twelfth month of investment or later will not be subject to any redemption penalty.  The Trust’s Sixth Amended and Restated Declaration and Agreement of Trust, as amended, contains a full description of redemption and distribution policies.  Investors who redeemed from October 31, 2005 through September 30, 2007 received the Net Asset Value per Unit represented by assets held in the Trading account.

(e)     Ongoing Offering Costs

Ongoing offering costs subject to a ceiling of 0.50% of the Trust’s average month-end net assets, are paid by the Trust and expensed as incurred. In anticipation of renewing the offering for new subscriptions, $257,000 in ongoing offering costs were accrued during the first nine months of 2007.

(f)    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  flat-rate brokerage fees on a monthly basis of 6.0% per annum (or 0.50% per month) of the Trust’s month-end assets after reduction of the management fee.  The clearing brokers receive these brokerage fees irrespective of the number of trades executed on the Trust’s behalf.  The amount paid is reduced by exchange fees paid by the Trust.  Commissions were not paid on the Nontrading/LLC account. As of September 1, 2007, the brokerage fee was  reduced from 6.0% annually to 5.0% of the Trust’s month end assets on an annual basis (or approximately 0.417% per month).

Certain large investors are eligible for a “Special Brokerage Fee Rate” of 4.5% per year.  As of August 31, 2007, there were no such eligible investors in the Trust. As of September 1, 2007, large investors were no longer  eligible for the Special Brokerage Fee.

10

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

(g)    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.  Foreign currencies are translated into U.S. dollars for closed positions 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.

(h)     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.

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

Assets held by the Trust (and the LLC after December 31, 2006) at RCM are reported at fair value as determined in good faith by  RJOFM after consideration of all factors, data and information, including information from financial institutions with no affiliation to RCM, analysis of the current market which has developed to purchase RCM creditor claims, the current demand and willingness of third parties to purchase RCM claims and financial information received by RJOFM from RCM. The value assigned to this asset is based upon available information and does not necessarily represent amounts which might ultimately be realized. Furthermore, this value assumes that RJOFM would recommend selling these claims to a third party as opposed to holding RCM assets until the RCM estate makes a distribution to RCM customers and creditors which may or may not be the case. Because of the inherent uncertainty of valuation due to the inability to estimate recoverable RCM assets necessary to remit payment to customers and creditors as well as the uncertainty as the standing of the Trust vis-a vis other customers / creditors, the estimated fair value could be significantly higher or lower than the fair value assigned by the RJOFM.

Prior recoveries from RCM were credited against the then-impaired book value of the claim. Through September 30, 2007, the Trust and/or LLC had received amounts in excess of the original impairment resulting in no remaining book value. Any future recoveries will be reflected as "collections in excess of impaired value" on the Consolidated Statement of Operations, as the recoveries have exceeded management's original estimate of impairment. See Note (6) for additional information.

Any future administrative and/or legal expenses associated with liquidation of the assets held at RCM have not been reflected as such future expenses are not estimatable.

(j)Recent Pronouncements

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

(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 four of its trading programs,  JWH GlobalAnalytics®, the Financial and Metals Portfolio, the International Foreign Exchange program and the Global Diversified Portfolio.

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Pursuant to the Trust’s agreement with JWH, JWH receives a monthly management fee at the rate of 0.167% (a 2% annual rate) of the Trust’s month-end net assets calculated after deduction of a portion of the Brokerage Fee at an annual rate of 1.25% of the Trust’s month-end net assets, but before reduction for any incentive fee or other costs and before inclusion of purchases and redemptions for the month. These management fees were not paid on the Nontrading/LLC net assets.

The Trust also pays  JWH a quarterly incentive fee equal to 20% of the net trading profits, if any, 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  calculated by including realized and unrealized profits and losses, excluding interest income, and deducting the management fee and a portion of the brokerage fees at an annual rate of 1.25%.

(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 LLC will also be treated as a partnership. The only significant differences in financial and income tax reporting basis are unrealized gains (losses) and the $39,580,944 impairment of Nontrading/LLC assets.

(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 requires margin deposits with a futures commission merchant (“FCM”).  Additional deposits may be necessary for any loss on contract value.  The Commodity Exchange Act requires an 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 an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.  In the event of an 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 affiliated interbank market maker in connection with its trading of forward contracts.    In the normal course of business, the Trust does not require collateral from such interbank market maker.  Due to forward contracts being 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 September 30, 2007 and 2006, are reflected in the statements of operations and equal gain from trading less brokerage commissions.  Such trading results reflect the net gain or loss arising from the Trust’s speculative trading of futures contracts and forward contracts.

The notional amounts of open contracts at September 30, 2007, as disclosed in the Condensed Schedule of Investments, do not represent the Trust’s risk of loss due to market and credit risk, but rather represent the Trust’s extent of 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)Assets Held at Refco Capital Markets, Ltd.

Effective October 31, 2005, $57,544,206 of equity and 2,273,288 in substitute units, which represented the assets held at RCM plus $1,000,000 in cash were transferred to a nontrading account, as explained in Note 1. On December 31, 2005 the $56,544,206 of assets held at RCM were reduced by $39,580,944 for impairment to $16,963,262, or 30% of the original value of the assets.

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

Management elected to retain $983,648 of the above proceeds for legal and administrative expenses and to distribute $9,335,669. Unitholders who had previously redeemed units of the Trading account received cash in the amount of $4,180,958. Unitholders who had not previously redeemed units of the Trading Account received 54,914 additional units of the Trading account in exchange for $5,154,711 which represented their share of the total distribution of $9,335,669.

As the distribution was in process as of December 31, 2006, the Trust reflected cash distributions of $4,180,958 in the Consolidated Statement of Financial Condition as of that date. The distribution payable of $5,154,711, representing additional units, was eliminated against the subscription receivable of a like amount.

Effective January 1, 2007, the LLC, was established to pursue the claims against RCM.  On January 1, 2007, the Trust transferred all nontrading assets and liabilities, which had a net asset value of $7,791,679, to the LLC.   Any funds obtained by the LLC will be distributed to unitholders who were investors in the Trust at the time of the bankruptcy of RCM and Refco, Inc., net of expenses, as explained in Note 1.

On April 20, 2007, the LLC received a second partial recovery from RCM in the amount of $2,787,629.

On June 7, 2007, the LLC received a third partial recovery from RCM in the amount of $265,758.

On June 28, 2007, the LLC received a fourth partial recovery from RCM in the amount of $4,783,640.  This recovery, along with the previous recoveries, resulted in reducing the balance of the amount due from former brokers to zero and recording a nontrading gain of $1,193,083 for the periods ended June 30, 2007, which is reflected as “collections in excess of impaired value” on the Consolidated Statement of Operations,  as the recoveries have exceeded management’s original estimate of impairment reflected in 2005.

On July 3, 2007, the LLC received a fifth partial recovery from RCM in the amount of $5,655.

On August 29, 2007, US Bank distributed $4,546,573 (or approximately $2.00/unit). Unitholders who had previously redeemed units in the Trust as of August 31, 2007 received cash in the amount of  $2,787,947. Unitholders who had not previously redeemed units received 23,182.53 additional units of the Trust in exchange for $1,758,626 which represented their share of the total distribution of $4,546,573.

On September 19, 2007 the LLC received a sixth partial recovery from RCM in the amount of $2,584,070. This recovery, along with the previous recoveries, resulted in the recording of an additional nontrading gain which is reflected as “collections in excess of impaired value” on the Consolidated Statement of Operations, as the recoveries have exceeded management’s original estimate of impairment reflected in 2005.

The LLC is pursuing certain claims against parties other than those named in the bankruptcy claims noted above. There is no assurance that such efforts will result in additional recoveries. For more information, please review the notice prepared by U.S. Bank National Association at www.usbank.com/abs. Any information at this website is not in any way incorporated into this document.

(7)   Financial Highlights

The following financial highlights show the Trust’s financial performance for the three-month and nine-month periods ended September 30, 2007 and 2006.  Total return is calculated as the change in a theoretical 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.

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	Three months ended September 30,						Nine months ended September 30,
	2007			2006			2007			2006
Net asset value of trading units at beginning of period	$	87.37		$	99.55		$	93.86		$	112.96
Trading income (loss) per unit		(6.75	)		0.47			(13.24	)		(12.94	)
Net asset value of trading units	$	80.62		$	100.02		$	80.62		$	100.02
Total Return:
Total return before incentive fee		(7.73	%)		0.47	%		(14.11	%)		(11.46	%)
Less incentive fee allocation		0.00	%		0.00	%		0.00	%		0.00	%
Total Return:		(7.73	%)		0.47	%		(14.11	%)		(11.46	%)
Ratios to average net assets:
Trading income (loss):		(8.61	%)		0.31	%		(17.54	%)		(12.90	%)
Expenses:
Expenses less incentive fees		(2.22	%)		(2.15	%)		(6.66	%)		(6.51	%)
Incentive fees		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		(2.22	%)		(2.15	%)		(6.66	%)		(6.51	%)

The calculations above do not include activity within the Trust’s nontrading accounts.

The net loss and expense ratios are computed based upon the weighted average net assets for the Trust for the three-month and nine-month periods ended September 30, 2007 and 2006. The amounts are not annualized.

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

(a)Capital Resources

The Trust’s capital resources fluctuate based upon the purchase and redemption of units and the gains and losses of the Trust’s trading activities.   The amount of assets invested in the Trust generally does not affect its performance, as typically this amount is not a limiting factor on the positions acquired by JWH, and the Trust’s expenses are primarily charged as a fixed percentage of its asset base.

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

The Trust borrows only to a limited extent and only on a strictly short-term basis in order to finance losses on non-U.S. dollar denominated trading positions pending the conversion of the Trust’s dollar deposits.  These borrowings are at a prevailing short-term rate in the relevant currency.  They have been immaterial to the Trust’s operation to date and are expected to continue to be so.

There are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes, to the Trust’s capital resource arrangements at the present time.

(b)      Liquidity

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

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The Trust earns interest on 100% of the Trust’s average daily balances on deposit with RJO during each month at 75% of the average 91-day Treasury bill rate for that month in respect of deposits denominated in dollars. For deposits denominated in currencies other than dollars, the Trust earns interest at a rate of LIBOR less 100 basis points.  For the fiscal quarter ended September 30, 2007 and 2006, the Trust had received or accrued to receive trading interest of $690,629 and $1,720,376 respectively.  For the nine months ended September 30, 2007 and 2006, the Trust had received or accrued to receive trading interest of $2,597,161 and $5,520,780 respectively.

The Trust’s involvement in the futures and forward markets exposes the Trust to both market risk – the risk arising from changes in the market value of the futures and forward contracts held by the Trust – and credit risk – the risk that another party to a contract will fail to perform its obligations according to the terms of the contract.  The Trust is exposed to a market risk equal to the value of the futures and forward contracts purchased and theoretically unlimited risk of loss on contracts sold short.  JWH monitors the Trust’s trading activities and attempts to control the Trust’s exposure to market risk by, among other things, refining its trading strategies, adjusting position sizes of the Trust’s futures and forward contacts and re-allocating Trust assets to different market sectors.  The Trust’s primary exposure to credit risk is its exposure to the non-performance of the forwards currency broker.  The forwards currency broker generally enters into forward contracts with large, well-capitalized institutions and then enters into a back-to-back contract with the Trust.  The Trust also may trade on exchanges that do not have associated clearinghouses whose credit supports the obligations of its members and operate as principals markets, in which case the Trust will be exposed to the credit risk of the other party to such trades.

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

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

There are no known material trends, demands, commitments, events or uncertainties at the present time that are reasonably likely to result in the Trust’s liquidity increasing or decreasing in any material way.

(c)           Results of Operations

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

JWH’s programs do not predict price movements.  No fundamental economic supply or demand analysis is used in attempting to identify mispricings in the market, and no macroeconomic assessments of the relative strengths of different national economies or economic sectors is made.  Instead, the programs apply proprietary computer models to analyze past market data, and from this data alone attempt to determine whether market prices are trending.  Technical traders such as JWH base their strategies on the theory that market prices reflect the collective judgment of numerous different traders and are, accordingly, the best and most efficient indication of market movements.  However, there are frequent periods during which fundamental factors external to the market dominate prices.

If JWH’s models identify a trend, they signal positions which follow it.  When these models identify the trend as having ended or reversed, these positions are either closed out or reversed.  Due to their trend-following character, JWH’s programs do not predict either the commencement or the end of a price movement.  Rather, their objective is to identify a trend early enough to

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profit from it and to detect its end or reversal in time to close out the Trust’s positions while retaining most of the profits made from following the trend. The performance summaries set forth below outline certain major price trends which JWH’s programs have identified for the Trust during the first three quarters of fiscal years 2007 and 2006.  The fact that certain trends were captured does not imply that others, perhaps larger and potentially more profitable trends, were not missed or that JWH will be able to capture similar trends in the future.  Moreover, the fact that the programs were profitable in certain market sectors in the past does not mean that they will be so in the future.

The performance summaries are an outline description of how the Trust performed in the past, not necessarily any indication of how it will perform in the future.  Furthermore, the general causes to which certain trends are attributed may or may not in fact have caused such trends, as opposed to simply having occurred at about the same time.  While there can be no assurance that JWH will be profitable even in trending markets, markets in which substantial and sustained price movements occur offer the best profit potential for the Trust.

Fiscal Quarter ended September 30, 2007

The Trust recorded a net trading loss of ($6,722,757) or ($6.75) per unit in the third quarter of 2007*** (*** Please see "Notes to Financial Statements" in Part I, Item 1 for explanation of Net Asset Value/unit pursuant to events of October, 2005). As of September 30, 2007 the Trust had lost -1.42 % since its inception in June 1997.

On September 30, 2007, JWH was managing 100% of the Trust's assets. The Trust's assets were allocated as follows: JWH GlobalAnalytics® Family of Programs (30%), Financial and Metals Portfolio (30%), International Foreign Exchange Program (20%), and Global Diversified Program (20%).

The Trust’s performance was negative for July as many of the trends that contributed to second quarter gains were disrupted or ended.  Concerns about strains in the U.S. housing market, exposure to sub-prime mortgages and excess leverage in the financial system resurfaced prompting investors to reduce positions in “risky” assets. The manifestation of this “flight to quality” was most noticeable in the credit markets where market forces pushed borrowing costs significantly higher. In this volatile trading environment, government bond prices rose while global equities and higher yielding currencies declined. The Trust benefited from the diversification associated with its commodity allocation. While the financial sectors of the Trust were negatively impacted by trend reversals and rising volatility, overall Trust losses were partially mitigated by gains resulting from the rising price of crude oil and trends in the grain markets. Strong global growth, rising inflationary concerns and vigilant central banks were three factors that combined to drive global interest rates higher during the second quarter of 2007. Festering near the surface of the market consciousness however, was real concern about the state of the U.S. housing market, hedge fund and investment bank exposure to sub-prime mortgages and the fragility of the liquidity dependent capital markets. These fears increased in July resulting in higher bond prices and a clear re-pricing of risk.  The broad-based trend reversals in global bonds caused the Trust to incur losses in the interest rate sector. Trading in currencies was also unprofitable. At the start of the month, the profile of the Trust’s currency portfolio generally reflected the markets’ desire for higher yielding currencies at the expense of lower yielding currencies. As it turned out, the turmoil in the credit markets had a collateral effect on the currency markets as investors bought back short positions in low yielding currencies that were used to finance long positions in higher yielding currencies. The Trust’s largest loss was in the Japanese yen. Global equity prices suffered a significant setback in July as the S&P 500 and most emerging markets fell more than five percent from their highs during the month. Trading in this sector was difficult in July as a number of long held positions were stopped out. The energy sector was profitable and helped to offset losses in other areas of the Trust’s portfolio. While crude and petroleum products were moving higher, natural gas prices were moving lower. Unlike the financial sectors, where correlations within sectors were rising because of the flight to quality, the energy markets moved independently generating profit opportunities for the Trust. Outside the energy sector, other commodity prices were mixed on the month. The Trust benefited from positions in the grain markets. Trading in other commodities was uneventful with only modest influences on the Trust’s overall performance during July.

The Trust’s performance was negative for the month of August as the crisis that began in the sub-prime mortgage market continued spreading globally. This produced short-lived, sharp and unusually well correlated spikes in volatility throughout global financial markets.  As a result, the Trust’s long-term diversified trend-following methodology suffered losses as the market dislocations forced the exiting of positions. The interest rate sector was the Trust’s strongest performer for the month as investors sought the relative safety of government debt.  Japanese Government 10-year bonds (JGBs) were the sector’s best performer. They completed their biggest monthly gain in a year as investors speculated that the Bank of Japan would delay raising interest rates. U.S. Treasuries also helped performance as benchmark 10-year note yields decreased 21 basis points for the month.  The sector’s gains were hampered as various central banks added liquidity. Despite these attempts, the fixed-income trends remained intact with the U.S. 3-month bill yields falling more than any other month in almost six years. The currency sector was the Trust’s worst performer for the month.  The yen was the sector’s best performer ending the month at a 2.5% increase vs. the dollar. The Trust experienced losses as it systematically exited positions in the British pound and

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the Euro on strong downward spikes, only to see both currencies immediately rally higher after the Fed rate change. The energy sector was negative as petroleum products suffered strong trend reversals.  Crude oil, the sector’s worst performer, traded near an 8-week low after reaching a record $78.77 a barrel on August 1^st.  This was due to the forecast of diminishing demand for gasoline as concern grew that credit woes would lead to lower demand in the U.S., the world’s largest oil user.  Crude oil finished the month down 5.3%.  The agricultural, metals and indices sectors were slightly negative for the month as range-bound markets and trend reversals dominated these sectors.  The only component that exhibited noteworthy performance was CBOT wheat.  Wheat was up 23% for the month, its largest monthly gain since 1975.  For the year, wheat is up 92% as global consumption exceeded production and inventories headed for their lowest levels since 1982.  The gains were offset by the combined losses of the other agricultural commodities.

The Trust’s performance was positive for the month of September.  The Trust gained as its systematic trend-following approach capitalized on the dollar’s plunge and also benefited from the enhanced appeal of energies, grains and precious metals, which drove commodities to their biggest monthly gain in 32 years. The currency sector was the Trust’s strongest performer for the month as the U.S. dollar hit record lows with the interest rate cut by the Fed.  The New York Board of Trade’s dollar index fell to its lowest level since the gauge began in 1973.  The Fed’s trade-weighted index comparing the dollar vs. other major currencies dropped  to the lowest level since its inception in 1971.  The weakness of the dollar against the euro was a significant contributor to gains as its fall led to an all-time low of $1.4278 per euro. The agriculture sector was positive for the month.  Wheat futures for December delivery reached a record $9.6175, rising 21 % for the month on projections that “global inventories would dwindle to their lowest level in 26 years”.  Soybeans also trended higher as November futures reached the highest price since May 2004.  Soybean futures rallied 14 % in September and 79 % in the past year after U.S. farmers cut acreage 15% to a 12-year low. The energy sector was positive in September as petroleum products rose to record highs.  The falling dollar makes oil cheaper in countries using foreign currencies.  Crude oil reached a record-breaking $83.90 a barrel on September 20^th.  This record high was less than a dollar from the all-time inflation-adjusted high reached in 1981, when prices jumped because Iran cut oil exports. The metal sector was positive for the month as gold extended its rally to its highest price since 1980. Gold gained 11 % for the month and 15 % for the third quarter, the most of any quarter since 1986. The indices and interest rate sectors did not exhibit noteworthy performance for the month as both equity and fixed-income markets experienced trend reversals.  The interest rate sector was negative for September; European government bonds fell on the month amid indications that German inflation was accelerating. The benchmark 10-year bund yields, the worst performer in the interest rate sector, touched a six-week high.  The indices sector was slightly positive for the month as stocks rose to complete their steepest September advance since 1998.

During the quarter no units were sold, however 23,182.53 new units were issued to Beneficial owners who had not redeemed through August 31, 2007. These units were issued as a result of US Bank distributing $1,758,626.39 to continuing unitholders. Beneficial owners redeemed a total of 76,768.92 units during the quarter. The Managing Owner redeemed a total of 0 units during the quarter. At the end of the quarter there were 920,453 units outstanding owned by the Beneficial Owners and 20,218 units outstanding owned by the Managing Owner.

During the fiscal quarter ending September 30, 2007, 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 September 30, 2006

The Trust recorded net gain of $191,765 or $0.37 per unit in the third quarter of 2006*** (*** Please see “Notes to Financial Statements” in Part I – Item 1 for explanation of Net Asset Value/unit pursuant to events of October, 2005). As of September 30, 2006, the Trust had gained 7.50% since its inception in June 1997.

On September 30, 2006, JWH was managing 100% of the Trust’s assets.  The Trust assets were allocated as follows:  JWH GlobalAnalyticsÒ Family of Programs (30%), Financial and Metals Portfolio (30%), International Foreign Exchange Program (20%), and Global Diversified Program (20%).

The Trust’s performance was negative for the month of July. Five out of six sectors traded were negative, with the currency and interest rate sectors responsible for the majority of the Trust’s losses. Geopolitical events, extreme weather conditions, and speculation over U.S. interest rate policy caused spikes in volatility within all sectors. The currency sector was the Trust’s worst performing sector as fighting between Israel and Hezbollah caused a sharp reversal in the weakening U.S. dollar trend.  

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The dollar rallied from July 13^th to July 19^th as fighting escalated, sending the currency 1.3% higher against the yen and up 0.8% vs. the Euro. Most of the gains disappeared after Federal Reserve Chairman Bernanke stated that “moderation” in the economy was under way.  The U.S. dollar was unable to sustain its strength as the GDP report signaled slower economic growth, reducing the chance that the Federal Reserve would raise interest rates at its August 8^th meeting. The largest gain occurred in British pound/Japanese yen cross, as the British pound touched a two-month high on July 27^th. The largest loss occurred in the Japanese yen. The interest rate sector was also negative for the month as speculation of a slowing U.S. economy and the crisis in the Middle East attracted investors to the perceived safety in fixed-income markets. The benchmark 10-year Japanese government bond along with the Eurodollar (three-month) futures were the worst performers in the sector as the slowing U.S. economy spurred speculation that the Federal Reserve will stop raising interest rates. The Bank of Japan (BOJ) raised the rate between lenders 25 basis points on July 14^th, ending a five-year policy of keeping borrowing costs near zero percent.  The largest gain in this sector was in the Australian three-year bond. The agriculture sector was also negative for the month.  London sugar led the underperformance on speculation of slowing demand.  London sugar prices have climbed 52% over the past year partly on the theory that Brazil, the world’s biggest sugar producer, would divert more of its harvest to making ethanol.  However, London sugar fell 6% during the month, due to slowing demand in Russia and increased output from India. Corn and soybeans also hurt performance as price volatility caused by fluctuating weather conditions in the U.S. Midwest threatened crop yields.  Also contributing to corn price volatility was a U.S. Department of Agriculture report that indicated that about 59% of the corn crop was in good or excellent condition, which was the lowest percentage of the year.  The largest gain in this sector occurred in soy meal. Performance in the energy sector was negative for the month as geopolitical events and record-breaking heat waves in the  U.S. caused volatility throughout the entire sector.  Natural gas was the sectors worst performer as it rallied to its biggest gain this year. Natural gas for September delivery rose $1.001, or up 14%, to $8.185 per million British thermal units on July 31^st.  Natural gas hadn’t surpassed $8 since April 24^th and it then surged over 44% between July 18^th and July 31^st.  London gas oil also hurt performance as prices rose on the back of the rally in natural gas. The metals sector was negative for the month as increased volatility in gold hurt performance. Gold jumped to a two-month high of $676.53 on July 17^th and has since fallen 6%.  Gold’s volatility, or the rate at which a price moves up and down, was 27% in the past 30 days, compared with 10% a year earlier. Gold was up 5% in July after dropping 5.1% in June.  The largest gain in this sector was in LME aluminum as prices have declined 24% from its May peak. The indices sector was slightly positive for the month as the NASDAQ fell about 3.7%.  The majority of world equity markets were trendless for the month as speculation continued over the Federal Reserve’s next move.  The S&P 500 and the Dow Jones Industrial Average were up slightly for the month, while the Nikkei lost 0.3% in July. The largest gain in the sector was the NASDAQ E-Mini, while the largest loss occurred in All Ordinaries index. The Trust recorded a trading loss of 8.12% for the month. The July month-end trading NAV was $91.47.

The Trust’s performance was positive in August as four out of six sectors traded were profitable for the month.  The fixed-income sector led the gains followed by the currency sector. U.S., Japanese, and European bond markets trended higher on signs that inflationary pressures are receding. The Japanese yen weakened against the U.S. dollar and Euro on speculation that Japan’s central bank wouldn’t raise interest rates again this year.  The Trust’s performance was further enhanced by more modest gains in the metals and agriculture sectors, while the Trust suffered small losses in the indices and energy sectors. The fixed-income sector was the Trust’s strongest performer as Japanese government bonds (JGBs), German Bunds, and the U.S. benchmark 10-year bond all rallied for the month.   JGB yields fell to their lowest level since March on speculation that the Bank of Japan (BOJ) would keep interest rates at their current level for the remainder of the year.  Bunds yields also hit their lowest levels since March. The rally was due to European Central Bank (ECB) signaling that it may be ready to raise interest rates again at its meeting on October 5^th. Investors were optimistic that the ECB’s policy on interest rates will successfully restrain inflation.  U.S. Treasuries extended their second straight monthly advance.  Bonds were supported by the Federal Reserve’s decision to keep the benchmark U.S. interest rate at 5.25 percent. The sector’s worst performer was the Australian three-year bond. The currency sector was a solid performer for the month, as the Japanese yen fell against the U.S. dollar and Euro on speculation that the BOJ would keep interest rates at their current level. The yen has been the worst performer among major currencies since June, while the Australian dollar, euro, and U.S. dollar have gained 5.7%, 2.7% and 2.3%, respectively, against the yen.  On August 11^th, BOJ further weakened the yen by indicating borrowing costs would stay at very low levels for some time, while ECB president Trichet signaled another rate hike at its next meeting in October.  Also helping performance was the British pound/Japanese yen cross. The largest loss occurred in the South African rand.  The metals sector was also profitable for the month led by December silver futures reaching their highest price since May 30^th.  The precious metal has gained 90% in the past year.  Silver’s rally is due to increased demand throughout the world, and expectations of continued economic expansion in developing nations. The only loss occurred in gold as geopolitical tension in the Middle East kept the metal vulnerable to price fluctuations. The agriculture sector was also positive for the Trust for the month led by gains made in London and New York sugar.  Sugar prices in London have dropped almost 25% in the past three months after rising to a record $497 a metric ton on May 12^th.  The sector was hindered by losses in CBOT wheat. The indices sector was slightly

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negative for the month as global equity markets reversed the recent losing trend and rallied on decreased fears of inflation.  For the month, the S&P 500 rose 2.4%, the biggest gain since January, the Dow advanced 1.8% and the NASDAQ jumped 4.4%, the first increase since March.  The largest gain in this sector was in the Eurostoxx 50 as the ECB signaled it may increase borrowing costs, curbing inflation expectations. The largest loss occurred in the NASDAQ E-Mini. The energy sector was the Trust’s worst performing sector. Natural gas soared on August 2^nd on concerns that Tropical Storm Chris could strengthen and track towards the Gulf of Mexico. However by August 31^st, natural gas closed at a six-week low as the storm became a non-event. Further hindering the sector’s profitability was crude oil, which traded near a three-week high in early August and then reversed. The Trust recorded a trading gain of 8.81% for the month. The August month-end trading NAV was $99.53.

The Trust’s performance was positive for the month of September. Although four out of the six sectors traded by the Fund were negative, the gains made in the energy and fixed-income sectors offset the other sector losses. The energy sector was the Trust’s strongest performer. Natural gas and crude oil prices tumbled as mild weather cut demand and inventories climbed toward an all-time high. Natural gas futures for October delivery saw a four-year low of $4.05 amid concerns that storage capacity will reach its limit. The Energy Department’s gas-storage report of September 23^rd showed U.S. natural gas inventories rose 77 billion cubic feet for the week with winter reserves reported to be 354 billion cubic feet above the five-year average.  Crude oil prices have fallen over 20% since touching a record high $78.40 a barrel on July 14^th as fuel stockpiles increased and tensions in the Middle East eased. The largest gain was in natural gas. Performance in the interest rate sector was also positive for the month as U.S. Treasuries had their biggest quarterly gain in 4 years and European 10-year bonds posted their first quarterly gain since June 2005.  The U.S. 10-year yield touched a seven-month low of 4.53% on September 25^th.  Speculation increased that the cumulative effects of 17 rate increases since June 2004 would likely slow the economy and curb inflation.  European 10-year government bonds (Bunds) was the sector’s best performer. The underperforming U.K. 10-year benchmark note (Long gilt) was caused by uncertainty as to whether the Bank of England would raise interest rates again this year. The currency sector was the worst performing sector for the month for the Trust with speculation regarding the health of the U.S. economy global inflation.  The dollar fluctuated as economic data kept the market guessing on the Federal Reserve’s next move.  The Philadelphia Federal Reserve surprised investors by announcing that its broadest measure of manufacturing activity fell to its first negative reading since April 2003, triggering fears that the economy could be cooling too quickly. The sector’s worst performing components were the British pound and Swiss Franc. The sector’s best performer was the Norwegian krone. Performance in the metals sector was negative for the month. Base and precious metals suffered with commodities’ biggest quarterly decline in more than 50 years.  The Commodity Research Bureau index ended the third quarter down 12%. Gold and silver prices fell as lower energy prices and a stronger dollar eroded the appeal of the precious metals. The largest loss occurred in silver. The stock indices sector was also negative for the month. European stocks rallied, ending the quarter close to a five-year high in a record year of mergers and acquisitions.  Fears of slower U.S. and Japanese economic growth kept the Nikkei (Osaka) lower for most of the month. Fears subsided and the Nikkei rallied on signs of economic growth in Japan. Japan’s index of production rose 1.9% to a record 106.9. The EuroStoxx 50 was the sector’s best performer. The agriculture sector was negative for the month as losses in CBOT wheat offset gains in cotton and N.Y. sugar.  Sugar prices plunged on speculation that demand would fall as lower energy costs would erode the value of ethanol.  Also contributing to the decline in sugar was a mild hurricane season which helped crops in the largest U.S. sugar-growing states. Cotton prices also fell on speculation that an attempted coup in Thailand would reduce imports from the United States. The Trust recorded a trading loss of 0.49% for the month. The September month-end trading NAV was $100.02.

During the quarter no units were sold. Beneficial owners redeemed a total of 103,400.31 units during the quarter. The Managing Owner redeemed a total of 0 units during the quarter. At the end of the quarter there were 1,357,674.54 units outstanding owned by the Beneficial Owners and 24,016.36 units outstanding owned by the Managing Owner.

During the fiscal quarter ending September 30, 2006, 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, 2007

The Trust recorded net gain of $12,228,625 or $10.91 per unit in the second quarter of 2007*** (*** Please see "Notes to Financial Statements" in Part I, Item 1 for explanation of Net Asset Value/unit Pursuant to events of October, 2005). As of June 30, 2007, the Trust had gained 6.80% since its inception in June 1997.

On June 30, 2007, JWH was managing 100% of the Trust's assets. The Trust's assets were allocated as follows: JWH GlobalAnalytics® Family of Programs (30%), Financial and Metals Portfolio (30%), International Foreign Exchange Program (20%), and Global Diversified Program (20%).

The Trust’s performance was positive for the month of April.  Global financial markets recovered from the explosion in volatility that occurred at the end of February and continued into March.  The currency sector was the best performer for the month as the euro reached a historical high against both the U.S. dollar and the Japanese yen and the British pound reached a

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25-year high against the dollar. The dollar weakened on speculation that the Federal Reserve Board would cut rates. At the same time, expectations grew that the European Central Bank and the Bank of England would raise rates as their economies strengthened.  The Japanese yen reached a record low against the euro and was weaker against major currencies. The majority of the sector was positive for the month, with the largest gain achieved in the euro. The agriculture sector was positive for the month. Gains in N.Y. cotton and coffee were partially offset by losses in CBOT wheat.  N.Y. cotton trended lower throughout April as supply continued to outpace demand.  U.S. exports to China, the largest consumer of the fiber, fell to 1.5 million bales  from 5.4 million bales a year earlier.  N.Y. coffee continued to trend lower and fell to a six-month low due to increases in inventories from last year. Wheat, which had been trending lower prior to the cold weather at the beginning of the month , suffered a reversal due to the resulting global supply concerns. The global stock indices sector was positive for April driven by  stronger-than-expected 1^st quarter earnings, an increase in mergers and acquisitions, economic growth in Europe, and benign inflation in the U.S.  In April, the S&P 500 gained 4.3%, the Dow Jones Industrial Average soared 5.7%, and the Euro Stoxx 50 gained .2%. Osaka Nikkei was slightly negative as the Trust exited positions when Asian stocks fell on April 19^th in reaction to China’s benchmark CSI 300 Index falling 4.7%.  The metals sector was positive for the month as LME copper strengthened in April to the highest it has been in more than 7 months.  Gold also added to performance as the precious metal reached an 11 month high.  Silver was negative for the month as speculation that the rally in precious metals was overdone which caused reversals as prices dropped. The energy sector was negative for the month. Natural gas fluctuated throughout the month as weather drove demand.  Crude oil, the sector’s worst performer,  fell to $61.34 a barrel on April 19^th before reversing to $66.70 a barrel on April 27^th.  The interest rate sector was negative for the month on uncertainty in interest rate policy of the world’s two largest economies.  Both U.S. Treasuries and Japanese Government 10-year Bonds (JGBs) were trendless in April. While uncertainty surrounded the state of these two economies, the German Benchmark 10-year bund and the British long gilts supported performance. Bund yields rose to their highest level since August 2005.

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

The Trust’s performance was positive for the month of June.  The  interest rate sector was positive as European government bonds recorded their steepest quarterly decline in almost 8 years.  The German Benchmark 10-year bund trended lower for the fourth month in June.  The yield touched 4.70 % on June 13^th, its’ highest since August of 2002.  U.S. Treasuries also fell, suffering their biggest quarterly decline since the 1^st quarter of 2006. The energy sector was positive in June as increased terrorism fears combined with lower supplies in petroleum-based products and higher supplies in natural gas drove the sector’s performance.  Natural gas futures for August delivery plunged to a five-month low. This move occurred after a weekly government report indicated that inventories rose more than analysts expected and the outlook for colder temperatures this summer was likely to cut demand. The currency sector was positive for the month as the Japanese yen suffered its biggest quarterly loss against the euro and the dollar since 2001.  The weakness of the U.S. dollar against both the British pound and the euro limited the sector’s gains.  The weakness was caused by speculation that the Federal Reserve Board would keep borrowing costs unchanged for the remainder of the year, while both the Bank of England and the European Central Bank would continue to raise rates. The metals and agriculture sectors were basically flat for the month, while the indices sector was slightly negative as range-bound markets and trend reversals dominated these sectors.  The only components

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that exhibited noteworthy performance were wheat and corn.  The Trust profited as  wheat futures  trended higher. The gains were offset by losses in corn.  Corn plunged to a 12-week low in Chicago after the government said U.S. farmers planted more acres than forecast in March and the most since 1944. The Trust recorded a trading gain of 7.08% for the month.  The June month-end trading NAV was $ 87.37.

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

During the fiscal quarter ending June 30, 2007, 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, 2006

The Trust recorded net loss of $3,022,805 or $2.78 per unit in the second quarter of 2006*** (*** Please see "Notes to Financial Statements" in Part I, Item 1 for explanation of Net Asset Value/unit pursuant to events of October, 2005). As of June 30, 2006, the Trust had gained 7.13% since its inception in June 1997.

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

The Trust’s performance was positive for the month of April. The metals sector had strong gains in both precious and base metals. The interest rate and currency sectors also added to performance with higher global interest rates and a weakening U.S. dollar. The energy sector had modest gains while volatility hampered performance in the agriculture and indices. The metals sector was positive with all components being profitable for the month.  Gold climbed above $650/oz for the first time in 25 years.  The escalating dispute with Iran, combined with a falling U.S. dollar, helped to push the precious metal higher during the month. Silver added to performance, rallying on speculation that investor demand will grow with a new offering of an exchange-traded silver-backed fund.  Gains were achieved in LME copper rally fed by speculation that disruptions at mines would curb supplies.  Further gains were achieved as LME aluminum reached a 17-year high in London as growing demand in the U.S. and China drove prices higher. The fixed-income sector was the Trust’s strongest performing sector as European, Japanese and U.S. fixed income markets sold off.  The largest gain in the sector was in the German benchmark 10-year bund, touching a 4% yield for the first time since October 2004 on speculation that the European Central Bank will raise its key rates this year. The Japanese 10-year bond (JGB) also added to the sector’s performance as it fell for a fifth month on concerns that the Bank of Japan will also raise interest rates this year. The 10-year gilt (UK) fell for the fourth consecutive month pushing yields to a one-year high of 4.71%.  The only loss in this sector came from the euro-yen. The currency sector was positive on the month as the U.S. dollar fell on expectations of narrowing interest rate differentials. Federal Reserve Chairman Ben Bernanke said in testimony to Congress that the central bank may stop raising rates “at some point”, ending an almost a two-year cycle of rate increases.  Meanwhile, speculation was increasing that the Bank of Japan, the Swiss National Bank and the European Central Bank would all raise rates.  The dollar extended its losses even further after the University of Michigan said its index of consumer sentiment decreased from 88.9 to 87.4.  The dollar fell 4.1% against the euro (largest gain in this sector), the biggest monthly decline since December 2003, and the British pound gained against the dollar for a fourth week, its longest winning streak in a year.  Hindering performance was the strength of the yen which rallied after the G-7 called for faster currency appreciation in Asia and after China unexpectedly lifted its key interest rate for the first time since October 2004.  The largest loss was in the Australian dollar. Performance in the energy sector was also positive during the month. Concerns that UN-imposed sanctions could lead Iran to cut shipments, drove the June crude oil contract to a new high of $75.35 a barrel. Increased geopolitical uncertainty drove all petroleum based products higher as Brent crude oil for June settlement reached a new high of $74.79 a barrel.  Mild weather in the U.S., however, hindered performance as natural gas fell 20% and approached a nine-month low as demand slowed. The indices sector was slightly negative for the month as increased geopolitical instability in the global stock markets, as well as a volatile interest rate environment hindered performance. Asian stocks dropped from a sixteen-year high during the month after China unexpectedly raised its key lending rate. The rate rise sent shares of mining companies and commodity producers lower on speculation that increased borrowing costs could curb demand for raw materials in the world’s fastest growing economy. The largest gain in this sector was the

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All Ordinaries Index while the largest loss occurred in Eurostoxx 50. The agriculture sector was the Trust’s worst performing sector, but was only slightly negative for the month. Cotton fell to its lowest close since December 2. The gains in cotton however were not enough to offset the losses in the rest of the sector dominated by choppy price action. The largest loss occurred in N.Y. coffee.  The Trust recorded a trading gain of 10.68% for the month. The April month-end trading NAV was $113.17.

The Trust’s performance was negative in May as the interest rate, metals, agriculture and stock indices sectors saw broad market corrections in the second half of the month. Increased inflationary fears and concerns over the global economy led investors to take profits and reduce risk exposure.  A major catalyst for the reversal was the news that the Federal Reserve on May 10^th signaled that “further policy firming may yet be needed” instead of signaling a possible “pause”. This unexpected announcement caused the equity markets to fall in response. The currency sector was positive for the month despite extreme volatility. The U.S. dollar lost 1.4% against the euro and 1.1% against the Japanese yen as investors expected central banks in Europe and Japan to raise interest rates at a quicker pace than the Federal Reserve.  For the year, the U.S. dollar has fallen 7.5% against the euro and 4.4% against the yen.  The largest gain in the sector was the British pound, which posted its first back-to-back monthly gain against the U.S. dollar since the end of 2004. The euro/Japanese yen cross has the largest loss. The fixed income sector was the Trust’s worst performing sector as uncertain inflationary prospects and global growth led to increased volatility.  The worst performer in the sector was the ten-year Japanese government bonds (JGBs), which ended its longest losing streak since 1990 with flight-to-quality moves from the Japanese stock and commodity markets.  JGBs had risen to 2.005% on May 10^th, the highest rate since August 1999. The largest gains in this sector were in the U.S. 10-year note and the 3-month Eurodollar. Performance in the energy sector was also negative for the month as petroleum products retreated from record or near record highs during the month.  Brent crude oil for July settlement touched a contract high of $74.97 a barrel on May 2^nd and May 3^rd as attacks in Nigeria and tensions with Iran kept crude related products from suffering the severe intra month reversals that plagued the majority of the other sectors. The largest gain in the sector was natural gas which closed the month at its highest price in almost three weeks in New York. The largest loss was crude oil. The metal sector was also negative for the Trust for the month as precious and base metals fell from record highs set earlier in the month.  With Investor profit taking, a strengthening of the U.S. Dollar, lower energy prices and the U.S. joining nuclear talks with Iran and the EU, gold fell 12% after reaching a 26-year high of $732 an ounce on May 12^th.  Aluminum rose on the LME due to speculation that a fifth of the Alcoa Inc.’s U.S. workers may go on strike. LME copper was the best performer in this sector as its futures reached a record high on May 12^th of $8,600. The largest loss in this sector occurred in silver as concerns that rising global interest rates may curb demand in India and China. Indices also underperformed for the month driven by the Federal Reserve’s uncertainty about inflation, and the lackluster U.S. consumer confidence report.  The Dow Jones Industrial Average closed on May 9^th within 84 points of a new record high.  However, global equity markets began to fall after the Federal Reserve meeting on May 10^th, when it became apparent an additional rate hike was still a possibility in June.  As a result, U.S. stocks ended May with their worst monthly decline in almost two years.  The Dow Jones Industrial Average lost 1.7% during the month, while the NASDAQ fell 6.2%. The only gain in this sector was in the NASDAQ E-Mini. The largest loss occurred in the Nikkei (Osaka). The agriculture sector was also slightly negative for the Trust for the month as London and New York sugar hindered performance.  Sugar, whose demand has increased on its ability to be made into ethanol, fell as energy prices dropped during the month.  Contributing to sugar’s fall in London was speculation that the European Union will increase exports, and that Brazilian sugar exporters will accelerate shipments as the nation’s currency weakens.  The largest gain in this sector was in New York coffee. The Trust recorded a trading loss of 1.15% for the month. The May month-end trading NAV was $111.87.

The Trust’s performance was negative for the month of June. All six sectors were negative with the currency and interest rate sectors being responsible for the majority of the Trust’s losses. These sectors saw trend-reversing markets caused by anticipated, but unrealized, fears that the Federal Reserve would raise rates at its June 29^th meeting and reinforce expectations for further rate increases. Currencies were the Trust’s worst performing sector as the U.S. dollar strengthened against most major currencies.  Stronger than expected June core Consumer Price Index (CPI) coupled with statements from Federal Reserve Chairman Bernanke, led to speculation that the Federal Reserve might raise rates 50 basis points.  The Federal Reserve raised rates 25 basis points and suggested it may be nearing the end of its 2-year cycle of rate increases.  As a result, the dollar reversed and weakened during the last two days of the month: 5.3% lower vs. the euro and 2.8% vs. the yen - the greatest percentage decrease since the last quarter of 2004.  The largest loss occurred in the Japanese yen, while the largest gain was achieved in the South African rand. The interest rate sector was unprofitable for the month led by declines in the U.S. 10-year and 30-year treasury bonds and German 10-year government bonds (bunds).  Treasuries began the month strengthening only to sell-off after the core CPI came in higher than expected. This data, along with Federal Reserve Chairman Bernanke’s comments, put pressure on the entire U.S. fixed income market. Bonds rebounded the last two days of the month after the Federal Reserve raised rates only 25 basis points.  The gains marked the Treasuries’ 2nd straight quarterly loss and worst yearly start since 1999.  On June 8^th, the European Central Bank (ECB) raised its benchmark interest rate to 2.75% for its third hike in six months, and other ECB council members signaled that the ECB was ready to increase rates further. The largest gain

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occurred in Eurodollar (3-month), while the largest loss occurred in the U.S. 30-year bond. The metals sector was also negative for the month as both base and precious metals continued to retreat from May highs.  With a stronger dollar, gold fell to a three month low of $542.45/ounce, only to surge again the last 2 days of the month. Gold is still up 18% for the year. All components of this sector were negative with the largest loss coming from gold. The agriculture sector also underperformed during the month as weather conditions had severe affects on various crops worldwide. Wheat, which was the sector’s worst performer, fell to a five-week low in the middle of June. Corn and soybeans also hindered performance as prices fell due to Midwest rains. The only gain in this sector was N.Y. coffee. Indices were slightly negative for the month again as speculation over the Federal Reserve meeting caused severe market fluctuations.  Most of the world’s equity markets suffered losses during the first three weeks of the month. Speculation that the actions of the Federal Reserve would hurt economic growth and 16 central banks raising interest rates during the month fueled the losses.  As it became evident that the Federal Reserve was actually closer to ending its rate-hiking cycle, world equity markets rallied. The largest gain was in the NASDAQ E-Mini, while the largest loss occurred in Eurostoxx 50. The energy sector was also slightly negative for the month due to choppy market conditions. Weakness in the markets at the beginning of the month was replaced by strength due to renewed tensions in the Middle East and speculation that gasoline consumption will jump during the 4^th of July holiday weekend.  Crude oil futures for August delivery touched $74.10 on the NYMEX, after falling to a low of $68.75 during the month. The largest gain in this sector was in natural gas. The largest loss was in crude oil. The Trust recorded a trading loss of 11.01% for the month. The June month-end trading NAV was $99.55.

During the quarter no units were sold. Beneficial owners redeemed a total of 143,060 units during the quarter. The Managing Owner redeemed 0 units during the quarter. At the end of the quarter there were 1,461,076 units outstanding owned by the Beneficial Owners and 24,017 units outstanding owned by the Managing Owner.

During the fiscal quarter ending June 30, 2006, 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, 2007

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

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

The Trust’s performance was negative for the month of January. The interest rate sector was the Fund’s best performing sector.  European 10-year bond yields reached 6-month highs and U.K. two-year gilt yields moved toward 5-year highs.  German debt fell during the month with a decline in unemployment and a rise in retail sales.  Long gilts slumped as yields soared after the Bank of England unexpectedly raised interest rates by a quarter point on January 11^th.  U.S. Treasuries also helped performance: the U.S. 10-year note yield touched a 5-month high of 4.9% on January 26^th, as the U.S. economy expanded faster in the fourth quarter than expected.  Continued volatility in 10-year Japanese Government bonds (JGBs) limited the sector’s performance.  With no change in rates, JGBs had the biggest weekly gain since August.  The currency sector was the Fund’s worst performing sector as currency markets whip-sawed. The U.S. dollar’s weakening trend against the euro and the British pound continued its reversal. On January 3^rd, the dollar rose to a 6-month high against the euro. The December Federal Reserve Board (Fed) meeting minutes stated that inflation (vs. waning growth) was their “predominant concern,” hence supporting the dollar.  The British pound fell to $1.9296 on January 5^th from $1.9848 on December 1^st (highest level since September 1992).  On January 11^th, the pound rose again to a 14-year high of $1.9916 vs. the dollar before falling again.  Offsetting some of the losses was the Japanese yen, which fell 1.4% (to lowest point in more than 4 years) vs. the dollar.  Towards the end of January, however, the dollar had its largest fall vs. the yen in more than two months. The  yen was the best performer, while the euro suffered the largest loss.  The energy sector was positive for the month despite changing weather conditions which caused extreme volatility within the sector.  Warmer-than-expected weather in the beginning of the month, led to decreased demand and lower prices.  Following a government report indicating that U.S. supplies of crude oil, gasoline, heating oil and diesel were above the five-year average for the period, crude oil prices plunged and reached a 19-month low of $49.90 a barrel.  Forecasts of colder weather throughout February reversed the weakening trend. On January 30^th, natural gas rose 12% and closed at its highest price since December 4^th   (ending the month with a 21% gain).  By the end of January, crude oil rebounded to above $58 a barrel in New York.  Crude oil and London gas oil were the best performers; natural gas was the

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worst performer. The metals sector was negative for the month as precious metal prices reacted to fluctuations in the U.S. dollar.  The early January strengthening in the U.S. dollar weakened Gold prices which fell 3.1%.  However, gold then rose 3.9% for the month as the dollar once again weakened.  LME copper limited   losses as copper prices fell 10% in January and 35% since reaching a record high in May 2006.  The equity indices sector was negative for the month as losses in the NASDAQ E-mini offset the gains of the other components in the sector.  U.S. stocks completed their longest stretch of monthly gains in more than a decade but, intra-month volatility hurt the sector’s overall performance.  On January 13^th, U.S. stocks rose to a more than 3-month high.   The NASDAQ had a 2.8% increase to 2,502.82, a level not seen since February 2001.  However, stocks fell towards the end of the month after profit reports caused concern that analysts’ forecasts for earnings at computer-related companies were too high.  The NASDAQ E-Mini was the worst performer in the sector, while all other components of the sector were positive. The agriculture sector was negative for the month as price instability hurt performance.  New York coffee fell from a 19-month high of $1.30 on December 15^th.  Corn suffered a sharp reversal by falling 7.2% in the first 2 days of the year then rebounded, along with soybeans, during the rest of the month.  Corn reached a 10-year high on January 17^th, while soybeans reached an 18-month high on January 18^th.  The sector’s best performer was New York sugar, while the sector’s worst performer was corn.

The Trust’s performance was negative for the month of February. This negative performance was a direct result of the explosion in volatility in the last week of the month.  Trading up to that point was positive for the month, but the events of the week reverberated throughout global markets and reversed what few trends of earlier in the month. The events were primarily portrayed in the U.S. media as a stock market decline, but the issues were far broader than that.  Whether due to the Chinese stock market or the trouble in the sub-prime loan sector, global markets awoke to a measure of short-term volatility not seen for many months and was not confined to the equities markets.  Example: the gold market hovered around the high $690s, a level not seen since May of ‘06.  Similarly, the wheat, corn and soybean markets were hitting full-year highs opening the last week of February.  All of these markets suffered sharp declines during the last week, which translated to losses for the Trust.  Example:  the Japanese yen which was at its yearly low strengthened over 2% against the dollar in the last three trading sessions. These examples in unconnected markets indicate how widespread the difficulty was in the last three days of the month.  The agriculture sector was the Trust’s best performing sector as corn rose to a 10-year high in Chicago and soybeans reached $8.0775, their highest level since June 2004, as wet weather threatened to prevent U.S. farmers from planting enough crops to meet surging demand for crop-based fuels.  Cotton and CBOT wheat limited gains as wheat dropped in excess of 2% after prices had reached $5.09, the highest since December 26^th, as investors bailed out of the commodity following the global plunge in equities. Corn was the best performing component in the sector. The metals sector was slightly positive for the month as both precious and base metals suffered strong reversals.  Copper rallied for the majority of the month on speculation that China would accelerate its buying.  However, the month end slump in equities prices drove the metal lower once again as markets speculated that demand would decline as economic expansion slowed.  Prior to the drop in equities, industrial and precious metals led a commodity rally amid renewed inflation concerns.  Performance in gold and silver offset losses as prices climbed to nine-month highs. The currency sector was negative for the month as the yen rallied against the dollar to its highest level in more than 19 months on February 27^th.  The Swiss franc also reacted to the drop in equities by reversing its weakening trend and rallied to3- month highs against the dollar.  Slight gains were produced by the euro as the dollar fell to its lowest level in almost 2 months against the currency.  The energy sector was negative for the month as natural gas reversed its strengthening trend and had its biggest loss in more than 6 weeks. After reaching a 2-month high on February 5^th of $8.035, natural gas for March delivery dropped 7.7 % on February 12^th, its biggest one-day percentage decline since December 26^th. Crude oil’s reversal also hurt performance as it rose to $61.79 a barrel, its highest closing price this year. All components of this sector exhibited negative performance for the month. The interest rate sector was negative for the month as global bond markets reversed their weakening trend as global equity sell-off fueled demand for government debt.   The rally in German Benchmark 10-year bonds (bunds) and U.K. fixed income also hurt performance as long gilts posted their biggest gain since May.  U.S. Treasuries posted their biggest gains since December 2004 and yields of U.S. 10-year Treasury notes fell to their lowest level since December 2006 as the drop in equity prices caused concern that investors would avoid riskier assets.  Japanese Government Benchmark 10-year bonds (JGBs) added to the Trust’s negative performance as speculation grew that the Bank of Japan would pause before raising borrowing costs any further. The stock indices sector was negative for the month as a result of the severe volatility in global equity markets.  U.S. stocks had their biggest tumble since 2002, after a plunge in the Chinese equity market.  This sparked a global drop in equity prices and raised concerns that investors would unload equities after a four-year bull market.  On February 27^th Chinese stocks suffered their greatest loss in a decade, while the Dow Jones Stoxx 600 Index dropped 3% and the Dow Jones Industrial Average fell as much as 546 points intraday, the most since the first day of trading after September 11^th, 2001. The Eurostoxx 50 was the sector’s worst performer while the Nikkei 225 offset some losses as the sector’s best performer.

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The Trust’s performance was negative for the month of March. The Trust experienced losses as the February explosion in volatility continued into early March.  The currency sector was negative for the month as the Japanese yen’s sharp reversal continued during the first few days of March.  The yen advanced to near its highest level in almost 2 months against the dollar and gained against all 16 of the most-active currencies during the first week of March.  The British pound (worst performer during the month) fell to its lowest level against the yen in more than 4 months, as one month sterling/yen implied volatility soared to a record high of 11.75 due to concerns of rising risk. Offsetting some of the losses was the strengthen trend in the Australian dollar. The interest rate sector was negative for the month. Global bond markets fluctuated during the first half of the month as fixed-income market sentiment vacillated between two conflicting views before ending the month lower. Fixed-income markets, which had rallied throughout February, continued to strengthen as uncertainty increased that the drop in equities and the rising defaults among the riskiest mortgages, called subprime mortgages, would slow consumer spending and the global economy.  In reaction, yields in the German benchmark 10-year bund slid to their lowest in 2007.  However, economic data and central bank statements out of both the U.S. and Europe throughout the month relieved investors’ fears and eventually sent fixed-income markets lower, reversing the previous trend.  The German 10-year bund was the sector’s worst performer. European government bonds posted their biggest back-to-back weekly decline in three months. On March 30^th, the U.S. 10-year Treasury surrendered the remainder of the gains it had amassed after the equity sell-off that began on February 27^th. The rally had driven the yield to as low as 4.44% on March 5^th.  The shifting market sentiment led all components of the sector to end the month in negative territory. The metals sector was negative for the month as the drop in price in the equity markets sent precious metals lower. By March 6^th, gold (the sector’s worst performer) had dropped almost $50, or 7.3% since February 26^th, when it closed trading at $686.65.  Although gold eventually began to rally, ending the month down only .5%, the extreme drop in prices at the beginning of the month caused the Trust’s systematic investment style to exit positions, which resulted in losses for the Trust.  The stock indices sector was negative for the month as the global sell-off that began on February 27^th caused more than $2.4 trillion in share value to be lost over five days.  All components of the sector were negative.  The Osaka Nikkei was the sector’s worst performer.  The agriculture sector was negative for the month as investors sought to cover losses and reduce risk in all markets as a result of the plunge in global equity prices.  As a result, investors bailed out of commodities and took profits in corn and soybeans, which had just reached multi-year highs.  Slight gains were produced in New York coffee. The energy sector was slightly positive for the month as weather and geopolitical events were the driving forces of price movements. Natural gas, the sector’s worst performer, dropped to its lowest price in two months on March 19^th as forecasts for milder weather signaled reduced consumption of the heating fuel.  However, when forecasters predicted a shift in the weather pattern that would deliver colder than normal air, prices rose to a one-month high.  Offsetting the losses in natural gas, were the gains achieved in petroleum products.  While gains were achieved in crude oil as it continued its weakening trend for most of the month, they were limited as crude oil spiked higher and traded near a six-month high. The Trust recorded a trading gain of 2.04% for the month.  The March month-end trading NAV was $76.46.

During the quarter no units were sold. Beneficial owners redeemed a total of 108,895.93 units during the quarter. The Managing Owner redeemed a total of 0 units during the quarter. At the end of the quarter there were 1,174,676 units outstanding owned by the Beneficial Owners and 20,218 units outstanding owned by the Managing Owner.

During the fiscal quarter ending March 31, 2007, 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, 2006

The Trust recorded net loss of $18,904,802 or $10.83 per unit in the first quarter of 2006 *** (*** Please see "Notes to Financial Statements" in Part I – Item 1 for explanation of Net Asset Value/unit pursuant to events of October, 2005).  As of March 31, 2006, the Trust had gained 9.91% since its inception in June 1997.

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

The Trust’s overall return was negative for the month of January as losses in the interest rates, currencies and energy sectors outweighed the gains achieved in the other sectors. The fixed income sector was the Trust’s worst performing sector as the fixed income markets in the U.S., Europe and Japan sold-off over fears of the respective central banks raising interest rates.  Japanese government bonds (largest loss) traded at their lowest level in almost two months with Japanese unemployment falling amid growing confidence that economic growth is sustainable and that the Bank of Japan (BOJ) may increase interest rates.  Meanwhile, the German bund reached 2.97%, the highest rate since December 2002, on speculation that a strengthening European economy will encourage the European Central Bank (ECB) to raise rates in March.  Further hindering performance

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were the U.S.10-year and 30-year bonds as U.S. treasuries had their first monthly decline since October 2005 as a result of the Federal Reserve raising interest rates for the 14^th straight time.  The currency sector also suffered losses as the U.S. dollar posted its biggest monthly decline against the euro since November 2004.   The euro also benefited as the market waited to see if the ECB would signal, at their meeting on February 2^nd, that they would raise borrowing costs as Europe’s economy strengthened.  The dollar also suffered losses against the Swiss franc, and the Japanese yen as the spread narrowed between the U.S. and both European and Japanese interest rates, no longer benefiting the dollar. The Trust was able to limit losses as the British pound strengthened against the dollar on speculation that the Bank of England would keep interest rates on hold this year. The largest gains in this sector were the British pound and the Singapore dollar.  The largest loss occurred in the Japanese yen.   Performance in the energy sector was also negative for the month. The Trust underperformed as volatility within the energy sector increased as oil and natural gas are now being used as “geopolitical weapons” by Iran, Russia, Venezuela and militants in Bolivia.  Crude oil (largest gain), which is up 41% from a year ago and 11% for the month, helped to limit losses in this sector despite the increased volatility.  The largest loss occurred in natural gas, which for the first time in almost 6 months dropped below $8 in New York.  Natural gas fell 17% for the month as mild weather decreased demand in the largest U.S. consuming regions.  The metals sector was the best performing sector for the month. Gold (largest gain) extended its surge to a 25-year high, and silver climbed to its highest level since March 1984. Gold’s increase occurred on concerns that the dollar may weaken because of higher oil prices. LME copper prices rose to a near record as production from the world’s mines are failing to keep pace with increased demand from countries like China.  Adding to the production shortfall is the threat of a strike from workers of Chile’s Codelco, the world’s largest copper producer.   Indices were positive for the month as European stock indices had their best January rally in eight years led by energy, mining and steel stocks. Leading the sectors performance was the Nikkei (Osaka), which despite increased volatility caused by geopolitical events, approached a decade high and managed to gain 3.3% during the month. The NASDAQ E-Mini also helped performance as it rose 3.7% for the month.  The agriculture sector was also positive on the month as sugar reached a 16-year high in London and a 25-year high in New York (largest gains).  The record highs were a result of increased demand for ethanol, a sugar cane by-product. Limiting profitability in the sector was N.Y. coffee as it rose to seven month highs as worldwide demand outpaced supply. The largest loss occurred in soybean oil.  The Trust recorded a trading loss of 1.76% for the month. The January month-end trading NAV was $110.87.

The Trust’s performance was negative for the month of February as listless markets continued to hamper the Trust’s long-term trend following approach.  The majority of the losses were realized in the currency and energy sectors, along with more modest losses in the other sectors.  Currencies were the Trust’s worst performing sector for the month as markets gyrated over speculation about potential global interest rate moves.  The dollar rose 1.3% against the euro as new Federal Reserve Chairman Ben S. Bernanke comments suggested further tightening by the Fed.  Thee British pound declined versus the dollar on signs of slowing home price growth and sluggish retail sales. The largest loss in the sector was in the yen as the currency strengthened after Bank of Japan Governor Toshihiko Fukui said the central bank would “immediately” reduce the amount of cash pumped into the financial system, a precursor to raising rates. Limiting losses in this sector was the Brazilian real (largest gain) as it gained 3.4% against the dollar. The energy sector incurred losses on concerns over geopolitical events. While the market continued to be sensitive to the situation in Iran and Iraq, attacks in Nigeria and Saudi Arabia added to the market’s trepidation.  In Saudi Arabia, there was an assault on a processing center which handles two-thirds of Saudi oil. Limiting losses in this sector was falling natural gas prices with U.S. stockpiles for the week ended February 17, 2006 were almost 700 billion cubic feet above the 5 year average. The metals sector was also negative for the month as volatility hurt performance.  Gold once again hit a 25-year high of $579.50 oz. Meanwhile, after reaching a record high of $5,100 per metric ton on, LME copper dropped to $4,665, the lowest since January 2005. The largest gain in this sector was in silver on speculation that demand for the metal will accelerate, extending its year-long rally. Indices did not perform well for the month as Asian stocks posted their first monthly decline since October 2005 and the NASDAQ dropped 1.1%.  Market instability was also a factor in the indices sector as U.S. stocks suffered their biggest lost in five weeks on the last day of trading in February. The largest gain was in the Eurostoxx 50, while the largest loss occurred in the Nikkei (Osaka).  The interest rate sector was slightly negative for the month as performance in various markets counterbalanced each other. The sector benefited from Japanese government bonds, which saw a price decline for the month. Offsetting the sector gains however were losses in U.S. 30-year bonds, German bunds and the Long gilt.  Both European and U.S. fixed income markets gyrated. The largest gain in this sector was in the Eurodollar. The largest loss occurred in the U.S. 30-year bond. Performance in the agriculture sector was also slightly negative for the month. N.Y. coffee (largest loss) contributed to the sector’s underperformance as coffee production threatens to exceed demand. N.Y. sugar also hurt performance as prices fell to a 20-month low. CBOT wheat (largest gain) rose to a 20-month high on speculation that unusually hot, dry weather from Texas to Nebraska reduced U.S. production. The Trust recorded a trading loss of 9.61% for the month.  The February month-end trading  NAV was $100.21.

The Trust’s performance was positive for the month of March.  Performance was led by the fixed income, indices and metals sectors.  Limiting the Trust’s gains for the month was the currency sector, which continued to suffer from range-bound trading, along

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with underperformance in both the energy and agriculture sectors. The fixed income sector was the Trust’s strongest performer for month as German, Japanese, and U.S. government debt endured increased consumer confidence and rising inflationary fears. The bund fell for the seventh consecutive month, as reports showed business confidence at an almost 15-year peak. The Japanese 10-year government bonds (JGB’s) fell after the Bank of Japan ended its 5-year policy of flooding the Japanese economy with cash.  U.S. treasuries posted their biggest quarterly drop since 2004 on concerns that inflationary growth will cause the Federal Reserve to increase its interest rate target.  The Federal Reserve and the European Central Bank raised their interest rates 25 bps, but the true catalyst for the sell-off was growing speculation that both would be forced to continue to raise rates after confidence reports released were much stronger than expected. The largest gains in this sector were achieved in the bund and the JGB’s, while the largest loss occurred in the Australian 3-year bond.   The indices sector was also positive for the month as Asian stocks approached a 16-year high on surging demand for metals and oil, and the Nikkei 225 climbed above 17,000 for the first time in more than five years. The All Ordinaries Index rose 8% this quarter, while the NASDAQ Composite Index rose to a 5- year high.  The Nikkei (Osaka) was the best performer in the sector.  The only loss occurred in the NASDAQ E-Mini.  The metals sector was also profitable for the Trust for the month as silver reached $11.66 on March  30^th, the highest intra-day price since September 1983.  Silver gained 21% this month alone in anticipation of approval for the first exchange-traded fund for this precious metal.  Also helping this sector’s performance was LME copper, which was up approximately 25% for the quarter.  This metal, used in wiring and plumbing, continued to set new all time highs towards the end of the month as demand for the metal continued, especially in China.  The only loss in this sector occurred in gold.  The energy sector was the Trust’s worst performing sector as geopolitically-induced volatility limited gains.  Crude oil rose to a 2-month high and gasoline surged as U.S. supplies declined and the UN asked Iran to curb its nuclear program.   Prices then fell after Iran said it would not use crude oil as leverage in a dispute with western countries over its nuclear program.  All components of this sector were negative for the month with the largest loss coming from crude oil.  The currency sector was also negative for the month as range-bound trading continued to negatively affect the Trust’s long-term trend following approach.  Although some currencies had directional moves during the month, they were then accompanied by strong reversals.  Since December 2005 the U.S. dollar has dropped 2.3% and 1.25% against the euro and the British pound, respectively. The largest gains in this sector were achieved in the euro/yen cross, Australian dollar and the New Zealand dollar while the largest losses occurred in the euro and Polish zloty.  The agriculture sector was slightly negative for the Trust as gains made in London sugar were offset by the weakness in CBOT wheat and corn. Sugar prices in London hit their highest levels since 1989 on speculation that expensive oil will force Brazil, the world’s largest sugar producer, to direct more of its output towards producing ethanol. Wheat prices weakened as rains revived winter crops in the U.S. Great Plains.  Corn hurt performance as prices in Chicago rose after U.S. farmers indicated that they plan to slash this year’s plantings to 2001 levels.  The Trust recorded a trading  gain of 2.04% for the month.  The March month-end trading NAV was $102.25.

During the quarter no units were sold. Beneficial owners redeemed a total of 132,172.78 units during the quarter. The Managing Owner redeemed a total of 0 units during the quarter. At the end of the quarter there were 1,604,135.27 units outstanding owned by the Beneficial Owners and 24,016.36 units outstanding owned by the Managing Owner.

During the fiscal quarter ending March 31, 2006, 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.

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

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

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, 2006.

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Item 4.  Controls and Procedures

Under the supervision and with the participation of the management of R.J. O’Brien Fund Management, LLC, 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 end of the period covered by 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 were effective.  There were no changes in the Trust’s internal control over financial reporting, during the quarter ended September 30, 2007, that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

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

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

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

On October 12, 2005, Mr. Bennett was initially charged with one count of securities fraud. On November 10, 2005, he was indicted on eight counts of conspiracy, fraud, and other charges by a federal grand jury. The indictment was delivered in the United States District Court for the Southern District of New York. Prosecutors charge in the indictment that Mr. Bennett hid customer and company losses from Refco, Inc. auditors and investors from as early as the late 1990s. Those losses, according to the indictment, were then transferred to a company controlled by Mr. Bennett and hidden through a series of transactions.

Refco, Inc. and other affiliated entities, including RCMI, have subsequently filed for bankruptcy.  See the “Notes to Financial Statements” in Part I for additional information regarding legal proceedings.  Such information is incorporated herein by reference.

Since the announcement of these matters at Refco, Inc., the Informal Committee of RCMI (Mr. Richard C. Butt and Ms. Annette A. Cazenave) has undertaken its own review into RCM and the Trust to ensure none of these matters had any material impact on the results of operations of either RCMI as Managing Owner or the Trust.  Based upon the results of that review, the Informal Committee has no reason to believe that the actions of Mr. Bennett had any impact on the operations or financial results of the Trust.

Item 1A. Risk Factors

The risk factors disclosed in the Registration Statement on Form S-1 filed on September 19, 2007 are hereby incorporated by reference.

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Item 2.  Unregistered Sales of Securities and Use of Proceeds

a)  None

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

The following table summarizes the redemptions by unitholders during the third quarter of 2007:

Month	Units Redeemed	Redemption Date NAV per Unit
July	28,565	$81.53
August	32,255	$75.86
September	15,947	$80.62
Total	76,767

Units sold 7/1/07 through 9/30/07: 0

Units unsold through September 30, 2007: 5,560,387.43, ($448,278,434.61)

Aggregate price paid for units sold 7/1/07 through 9/30/07: $0

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Item 6.  Exhibits

a)  Exhibits

Index to Exhibits

Exhibit Number	Description of Document
3.01	Sixth Amended and Restated Declaration and Agreement of Trust of the Registrant.1
3.02	Certificate of Amendment of Certificate of Trust of the Registrant.2
3.03	First Amendment to the Sixth Amended and Restated Declaration and Agreement of Trust. 3
3.04	Second Amendment to the Sixth Amended and Restated declaration and Agreement of Trust. 4
10.01	Form of Services and Indemnification Agreement among the Registrant, the Managing Owner, and JWH.
31.01	Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer.
31.02	Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer.
32.01	Section 1350 Certification of Principal Executive Officer and Principal Financial Officer.

__________________ 

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

 

² Incorporated by reference from the exhibit of the same description filed on February 10, 1997 with Post-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form S-1 (Reg. No. 333-16825).

³ Incorporated by reference from the exhibit of the same description filed on December 7, 2007 on Form 8-K.

⁴ Incorporated by reference from the exhibit of the same description filed on September 19, 2007 with  the Registrant’s Registration Statement on Form S-1 (File No. 333-146177).

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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 14, 2007
By:	R.J. O’Brien Fund Management, LLC Managing Owner
By:	/s/ Helen D. McCarthy
	Helen D. McCarthy Chief Financial Officer and duly authorized officer