Unassociated Document

10-Q 1 s11-8425_10q.htm FORM 10-A Unassociated Document

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2008

o TRANSITION 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.)

c/o R.J. O’Brien Fund Management, LLC

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, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer £	Accelerated filer £
Non-accelerated filer x (Do not check if smaller reporting company)	Smaller reporting company £

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

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements			3
Consolidated Statements of Financial Condition, as of March 31, 2008 (unaudited) and December 31, 2007			3
Condensed Consolidated Schedule of Investments, as of March 31, 2008 (unaudited)			4
Condensed Consolidated Schedule of Investments, as of December 31, 2007			5
Consolidated Statements of Operations, for the three months ended March 31, 2008 and 2007 (unaudited)			6
Consolidated Statement of Changes in Unitholders' Capital, for the three months ended March 31, 2008 (unaudited)			7

Notes to Consolidated Financial Statements			8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			13

Item 3. Quantitative and Qualitative Disclosures about Market Risk			19

Item 4. Controls and Procedures			19

PART II. OTHER INFORMATION			20

Item 1. Legal Proceedings			20

Item 1.A. Risk Factors			20

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			20

Item 6. Exhibits			21

SIGNATURES			22

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

JWH GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Financial Condition

	March 31, 2008		December 31, 2007
	UNAUDITED
Assets
Assets:
Equity in commodity Trading accounts:
Cash on deposit with brokers	$	86,968,099	$	72,906,959
Unrealized gain on open contracts		1,489,850		1,468,910
Cash on deposit with bank		34,151		30,436
Cash on deposit with bank - Non-Trading		9,833,881		8,881,327
		98,325,981		83,287,632

Interest receivable		114,143		135,241
Total Assets	$	98,440,124	$	83,422,873

Liabilities and Unitholders' Capital
Liabilities:
Accrued commissions	$	340,657	$	271,984
Accrued management fees		147,048		123,807
Accrued incentive fees		-		-
Accrued offering expenses		35,000		30,000
Accrued operating expenses		264,938		292,627
Redemptions payable - Trading		1,499,277		1,641,786
Accrued legal fees - Non-Trading		101,550		76,170
Accrued management fees to U.S. Bank - Non-Trading		18,125		29,424
Distribution payable - Non-Trading		39,801		39,801
Total liabilities		2,446,396		2,505,599

Unitholders' capital:
Unitholders’ capital (Trading):
Beneficial owners (784,658 and 831,874 units outstanding at
March 31, 2008 and December 31, 2007, respectively)		84,675,421		70,450,079
Managing owner (15,095 and 20,218 units outstanding at
March 31, 2008 and December 31, 2007)		1,628,901		1,712,262

Unitholders' capital (LLC equity/Non-Trading):
Participating owners (737,268 and 798,724 units outstanding at
March 31, 2008 and December 31, 2007, respectively)		3,142,448		3,075,087
Nonparticipating owners (1,536,020 and 1,474,564 units outstanding at
March 31, 2008 and December 31, 2007, respectively)		6,546,958		5,679,846

Total unitholders' capital		95,993,728		80,917,274


Total Liabilities and Unitholders’ Capital	$	98,440,124	$	83,422,873

Net asset value per unit:
Trading	$	107.91	$	84.69
LLC equity/Non - Trading	$	4.26	$	3.85

See accompanying notes to consolidated financial statements.

JWH GLOBAL TRUST AND SUBSIDIARY

Condensed Consolidated Schedule of Investments

March 31, 2008

UNAUDITED

	Number of		Principal		Value/open
	contracts		(notional)		trade equity
Long positions (0.77%)
Futures Positions (-0.40%)
Agriculture		268	$	8,650,637	$	(957,457	)
Energy		236		24,176,300		(102,264	)
Indices		34		4,523,310		(548,646	)
Interest rates		1,086		289,412,431		1,276,697
Metals		233		21,350,914		(53,626	)
				348,113,592		(385,296	)
Forward Positions (1.17%)
Currencies		5		143,536,285		1,125,175


Total long positions			$	491,649,877	$	739,879

Short positions (0.78%)
Futures positions (0.47%)
Agriculture		114	$	3,957,156	$	175,679
Indices		385		25,863,624		270,616
Interest rates		82		19,319,889		(3,382	)
Metals		77		6,874,538		9,513
				56,015,207		452,426
Forward positions (0.31%)
Currencies		91		25,865,457		297,545


Total short positions			$	81,880,664	$	749,971

Total unrealized gain on open contracts (1.55%)					$	1,489,850
Cash on deposit and open contracts with brokers (90.60%)						86,968,099
Cash on deposit with bank (10.28%)						9,868,032
Other liabilites in excess of assets (-2.43%)						(2,332,253	)
Net assets (100.00%)					$	95,993,728

See accompanying notes to consolidated financial statements.

JWH GLOBAL TRUST AND SUBSIDIARY

Condensed Consolidated Schedule of Investments

December 31, 2007

	Number of		Principal		Value/open
	contracts		(notional)		trade equity
Long positions (3.24%)
Futures Positions (2.18%)
Agriculture		1,145	$	27,440,938	$	1,316,159
Energy		243		21,641,588		704,037
Indices		61		13,352,207		(973	)
Interest rates		1,332		340,380,811		(280,099	)
Metals		140		11,716,520		23,669
				414,532,064		1,762,793
Forward Positions (1.06%)
Currencies		4		142,065,738		858,449


Total long positions			$	556,597,802	$	2,621,242

Short positions (-1.42%)
Futures positions (0.27%)
Agriculture		72	$	2,343,040	$	17,480
Energy		44		3,327,850		18,610
Indices		79		11,180,426		321,195
Interest rates		795		193,800,873		(220,909	)
Metals		82		6,072,288		78,700
				216,724,477		215,076
Forward positions (-1.69%)
Currencies		8		173,483,740		(1,367,408	)


Total short positions			$	390,208,217	$	(1,152,332	)

Total unrealized gain on open contracts (1.82%)					$	1,468,910
Cash on deposit and open contracts with brokers (90.10%)						72,906,959
Cash on deposit with bank (11.01%)						8,911,763
Other liabilites in excess of assets (-2.93%)						(2,370,358	)
Net assets (100.00%)					$	80,917,274

See accompanying notes to consolidated financial statements.

JWH GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Operations

UNAUDITED

	For the three months ended March 31,
	2008			2007
Trading gain (loss):
Gain (loss) on trading of commodity contracts:
Realized gain (loss) on closed positions	$	14,976,936		$	(18,029,372	)
Change in unrealized gain (loss) on open positions		20,940			(2,486,304	)
Foreign currency transaction gain (loss)		5,869,031			(38,315	)
Total Trading gain (loss)		20,866,907			(20,553,991	)

Investment Income:
Interest income		324,639			1,078,966

Expenses:
Commissions		1,071,632			1,630,508
Management fees		428,676			543,653
Incentive fees		-			-
Ongoing offering expenses		103,000			70,000
Operating expenses		121,207			89,699
Total expenses		1,724,515			2,333,860

Trading income (loss)		19,467,031			(21,808,885	)

Non-Trading income (loss):
Interest on Non-Trading reserve		52,341			44,048
Collections in excess of impaired value		1,046,068			-
Legal and administrative fees		(106,765	)		(277,422	)
Management fees paid to US Bank		(57,171	)		(233,204	)
Non-Trading income (loss)		934,473			(466,578	)

Net income (loss)	$	20,401,504		$	(22,275,463	)


See accompanying notes to consolidated financial statements.

JWH GLOBAL TRUST AND SUBSIDIARY

Consolidated Statement of Changes in Unitholders’ Capital

For the three months ended March 31, 2008

UNAUDITED

Unitholders' Capital (Trading)	Beneficial Owners - Trading						Managing Owners - Trading						Total Unitholders' Capital - Trading
	Units			Dollars			Units			Dollars			Units			Dollars

Balances at December 31, 2007		831,874		$	70,450,079			20,218		$	1,712,262			852,092		$	72,162,341
Net income		-			18,997,579			-			469,452			-			19,467,031
Unitholders’ contributions		-			-			-			-			-			-
Unitholders’ redemptions		(47,216	)		(4,772,237	)		(5,123	)		(552,813	)		(52,339	)		(5,325,050	)
Balances at March 31, 2008		784,658		$	84,675,421			15,095		$	1,628,901			799,753		$	86,304,322


Unitholders' Capital (LLC Equity/	Participating Owners-						Nonparticipating Owners-						Total Unitholders' Capital-
Non-Trading)	LLC Equity/Non-Trading						LLC Equity/Non-Trading						LLC Equity/Non-Trading
	Units			Dollars			Units			Dollars			Units			Dollars

Balances at December 31, 2007		798,724		$	3,075,087			1,474,564		$	5,679,846			2,273,288		$	8,754,933
Net income		-			328,329			-			606,144			-			934,473
Unitholders’ contributions		-			-			-			-			-			-
Reallocation due to Redemptions		(61,456	)		(260,968	)		61,456			260,968			-			-
Unitholders' distribution		-			-			-			-			-			-
Balances at March 31, 2008		737,268		$	3,142,448			1,536,020		$	6,546,958			2,273,288		$	9,689,406

Total Unitholders Capital at March 31, 2008																$	95,993,728

							Unitholders' Capital
	Unitholders' Capital(Trading)						(LLC Equity/Non-Trading)

Net asset value per unit at December 31, 2007	$	84.69					$	3.85
Net change per unit		23.22						0.41
Net asset value per unit at March 31, 2008	$	107.91					$	4.26

See accompanying notes to consolidated financial statements.

JWH GLOBAL TRUST AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2008

(Unaudited)

(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. Since 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.

John W. Henry & Company, Inc. (“JWH”) serves as the Trust’s trading advisor. The advisory agreement between the Trust and JWH provides that JWH has sole discretion in and responsibility for the selection of the Trust’s commodity transactions with respect to that portion of the Trust’s assets allocated to it. As of March 31, 2008, JWH was managing 100% of the Trust’s assets.

Units of beneficial ownership of the Trust commenced selling on April 3, 1997. 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). This registration statement became effective on December 4, 2007.

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

(1) beneficial owners holding more than 50% of the outstanding units notify the Managing Owner to dissolve the Trust as of a specific date; (2) dissolution of the Managing Owner of 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.

Prior to December 1, 2006, the managing owner of the Trust was Refco Commodity Management, Inc. (“RCMI”). An affiliate of RCMI, Refco Capital Markets, Ltd. (“RCM”), had held certain assets of the Trust acting as the Trust’s broker of forward contracts during 2005. During that year, RCM experienced financial difficulties resulting in RCM’s inability to liquidate the assets. RCM filed for bankruptcy protection in October, 2005.

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, as defined above, 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 periods presented have been included.

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, 2007.

(b) Principles of Consolidation

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

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.

(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. Any redemption made in the twelfth month of investment or later will not be subject to any redemption penalty. The Trust’s Seventh Amended and Restated Declaration and Agreement of Trust contains a full description of redemption and distribution policies. Investors who redeemed from October 31, 2005 through December 31, 2006 received the Net Asset Value per Unit represented by assets held in the Trading account.

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. All unitholders of record as of October 31, 2005 received their pro-rata right to the assets and the 2,273,288 in substitute units that were transferred to the Non-Trading account. Investors who redeemed from October 31, 2005 through March 31, 2008 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, $103,000 in ongoing offering costs were accrued during the first three months of 2008.

(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 5.0% per annum (or approximately 0.417% 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 are not paid with respect to the LLC.

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.

The Trust recorded an impairment charge against its assets held at RCM at December 31, 2005, based on management’s estimate of fair value at that time. Subsequent recoveries from RCM were credited against the then book value of the claim. On June 28, 2007, the Trust’s cumulative recoveries from RCM exceeded the book value of the impaired assets held at RCM, which resulted in no remaining book value for those assets. All recoveries in excess of the book value of the impaired assets have been recorded as “Collections in excess of impaired value” on the Trust’s statement of operations. See Note 6 for further details. 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 estimable.

(j) Recent Pronouncements

In September, 2006, the Financial Accounting Standards Board (“FASB”) 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’s financial assets and liabilities fall into exchange and inter-bank dealer market(s) as it pertains to inputs to the fair valuation techniques described in the pronouncement. The Trust’s financial assets and liabilities are all “Level 1” inputs, as described in the fair value hierarchy. The valuation of the Trust’s assets and liabilities can be obtained through price quotes provided by active futures and forward trading exchanges and the inter-bank currency dealing market. These price quotes represent fair value measurement at a particular date of the financial assets and liabilities held within the Trust.

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 establishes, among other things, the disclosure requirements for derivative instruments and for hedging activities. This statement requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair values amounts of and gains and losses on derivative instruments, and disclosures about contingent features related to credit risk in derivative agreements. SFAS 161 is effective for the Trust beginning January 1, 2009. The Trust is evaluating the effect the adoption of SFAS 161 will have on its consolidated financial statements.

(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 Global Diversified. As of March 1, 2008, the Trust’s assets were re-allocated to utilize three of the JWH programs: 20% Financial and Metals Portfolio, 40% JWH GlobalAnalytics and 40% JWH Diversified Plus portfolio.

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 Non-Trading/LLC net assets.

The Trust also pays JWH a quarterly incentive fee equal to 20% of the “New Trading Profit”, 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. New Trading Profit in any quarter is equal to the “Trading Profit” for such quarter that is in excess of the highest level of such cumulative Trading Profit as of any previous calendar quarter-end. Trading Profit 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 ongoing offering costs.

(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 March 31, 2008 and 2007, 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 March 31, 2008 and December 31, 2007, as disclosed in the respective Condensed Consolidated 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 investment in the Trust.

(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 Non-Trading account, as explained in Note 2(d). 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. The table below summarizes all recoveries from RCM and distributions to redeemed and continuing unitholders:

Recoveries from RCM, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at RCM
	Amounts Received from		Cash Distributions to Non-Participating		Additional Units in Trust for Participating Owners				Balance of		Collections in Excess of
Date	RCM		Owners		Units		Dollars		Impaired Value		Impaired Value
12/29/06	$	10,319,317	$	4,180,958		54,914	$	5,154,711	$	6,643,944	$	-
04/20/07		2,787,629		-		-		-		3,856,315		-
06/07/07		265,758		-		-		-		3,590,557		-
06/28/07		4,783,640		-		-		-		-		1,193,083
07/03/07		5,654		-		-		-		-		5,654
08/29/07		-		2,787,947		23,183		1,758,626		-		-
09/19/07		2,584,070		-		-		-		-		2,584,070
12/31/07		2,708,467		-		-		-		-		2,708,467
03/28/08		1,046,068		-		-		-		-		1,046,068

Totals	$	24,500,603	$	6,968,905		78,097	$	6,913,337	$	-	$	7,537,342

(7) Financial Highlights

The following financial highlights show the Trust’s financial performance for the three-month periods ended March 31, 2008 and 2007. 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.

	Three months ended March 31,
	2008			2007

Net asset value of trading units at beginning of period	$	84.69		$	93.86
Trading income (loss) per unit		23.22			(17.40	)
Net asset value of trading units	$	107.91		$	76.46

Total Return:
Total return before incentive fee		27.42	%		(18.54	%)
Less incentive fee allocation		0.00	%		0.00	%
Total Return:		27.42	%		(18.54	%)

Ratios to average net assets:

Trading income (loss):		24.14	%		(19.95	%)

Expenses:
Expenses less incentive fees		(2.14	%)		(2.13	%)
Incentive Fees		0.00	%		0.00	%
Total expenses		(2.14	%)		(2.13	%)

The calculations above do not include activity within the Trust's Non-Trading accounts.

The net loss and expense ratios are computed based upon the weighted average net assets for the Trust for the three-month periods ended March 31, 2008 and 2007. The amounts are not annualized.

(8) Subsequent events

On April 29, 2008, U.S. Bank distributed $3,296,267 (or approximately $1.45/unit). Unitholders who had previously redeemed units in the Trust as of April 30, 2008 received cash in the amount of $2,242,451. Unitholders who had not previously redeemed units received 10,735 additional units of the Trust in exchange for $1,053,815 which represented their share of the total distribution of $3,296,267.

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 March 31, 2008 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.

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 4 week 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 3-month LIBOR less 100 basis points. For the fiscal quarters ended March 31, 2008 and 2007, the Trust had received or accrued to receive trading interest of $324,639 and $1,078,966 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.

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 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 quarters of fiscal years 2008 and 2007. 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 March 31, 2008

The Trust recorded net trading gains of $19,467,031 or $ 23.22 per trading unit in the first quarter of 2008 (*** 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 the following exludes the Trust’s Non-Trading accounts). As of March 31, 2008, the Trust had gained 31.91% since its inception in June 1997.

On March 31, 2008, JWH was managing 100% of the Trust’s assets. The Trust assets were allocated as follows: JWH GlobalAnalyticsÒ (40%), Financial and Metals Portfolio (20%), and JWH Diversified Plus (40%).

The Trust experienced positive performance for the month of January. An important shift in the market’s focus seemed to be emerging at the start of 2008. Last year the global economy was relatively strong. The market consternation was related to specific issues affecting the housing and credit markets in the U.S. In January, the concern was more generalized, as the market began to adjust to the possibility of a U.S. recession and a significant slowdown in global growth. By mid month, many of the world’s major stock markets were experiencing double-digit declines. Concerns about the economy and the performance of U.S. equities led the U.S. Federal Reserve Board (the Fed) to cut interest rates 75 basis points on January 22nd - the first inter-meeting rate move since 2001. This reduction was followed by a second cut of 50 basis points on January 30th. The Fed Funds rate ended the month at 3%. The aggressive stance of the Fed and the White House and Congress coming to an agreement on an economic stimulus package combined to stabilize equity prices towards the end of the month. The Trust’s trading in global equity futures was profitable during the month. U.S. equities suffered through one of the worst January’s on record as fears of a U.S. recession intensified. The S&P 500 lost 6.1% for the month, while the Nasdaq Composite shed 9.9%. Financial shares were particularly hard hit as uncertainty about the extent of sub-prime write-offs persisted. Increasing risk of recession took its toll on the technology sector as a number of bellwether issuers suffered significant declines. Global decoupling and the belief that the world economy can be immune from weakness in the U.S. was put to the test in January as stock markets worldwide and, in particular, those in Japan and Europe experienced worse declines than the U.S. markets. Similarly, there was strong performance in the interest rate sector as both the long and the short end of the U.S. yield curve rallied sharply in response to weakening economic data, declining stock prices and monetary stimulus. The yield on the benchmark U.S. 10-year bond declined 43 basis points to 3.59% by month-end. The actions by the Fed were notable in terms of both magnitude and timing, as they reduced interest rates by close to 30% in two separate moves over an 8-day period. Significant profits were generated in Eurodollar futures and Japanese government bonds (JGBs) performed well. Trading in currencies was more challenging, resulting in slightly positive performance from this sector. The dollar declined modestly. Rising volatility and investor fear resulted in a general unwinding of currency carry trades. Within the G-10 universe, the low-yielding Japanese yen and Swiss franc were the strongest currencies, appreciating the most. The relative weakness of the British pound continued in January and the long position in the euro/British pound cross rate was a top performer for the Trust. Trading in metals was positive with positions in gold driving performance. Gold traded to an all-time high during the month above $930 per ounce. The continued weakness of the U.S. dollar, stock and credit markets as well as disruptions in African mining activity drove the rally. Positions in silver also contributed to performance in the sector as it loosely followed the direction of gold. Positions in base metals were unprofitable. Trading in energies was negative for January. Crude oil and the crude oil products started the year faltering from near record prices. Trading was volatile as an impending OPEC meeting on February 1st added to market uncertainty. Positions in natural gas were also unprofitable as the market traded in a directionless pattern for most of the month. The Trust continues to benefit from the bull market in grain prices. Positions in corn, wheat, soybeans and bean oil were all profitable. Corn positions led the way as the price moved higher in response to a USDA report that showed a sharp drop-off in the U.S. corn stockpile. Wheat prices also were helped by reports of lower than expected planting intentions. Positions in sugar and coffee also contributed to profits this month.

February was another positive month for the Trust. Data released during the month continues to point to a weakening in the U.S. economy. As the severity of the credit crisis and its ramifications become more apparent and pessimism about the deteriorating state of the economy was met with optimism about the prospects of official forms of economic stimulus, an interesting trading dynamic was created. Some sectors were confined to broad ranges, while others experienced explosive moves. Generally, major global equity indices traded in a broad range during the month as market anxiety vacillated between fears of recession and concerns about inflation. The S&P 500 finished with a modest loss for the month as market volatility declined from the peak readings registered in January. In this environment, the Trust’s trading was positive as positions in European and U.S. markets offset losses in the Japanese Nikkei. Trading in interest rates was unprofitable as the psychology of the market shifted during the month. In January, fear and prospects for a slower global economy drove global bond prices to extremes. In his testimony to the U.S. Senate Banking Committee, Fed chairman, Ben Bernanke, underscored the Fed’s dovish stance on interest rates. He warned that downside risks to the economy

remain due to weakness in the housing, labor and credit market. The U.S. yield curve steepened as long-term interest rates moved higher. The benchmark U.S. 10-year note yield approached 4% during the month, up from a low of 3.30% in January, only to end the month at 3.5%. After rallying early in February, the dollar reversed course and closed the month weaker against most major currencies as narrowing interest rate differentials and the prospect for higher inflation in the U.S. combined to weigh on the currency. The low-yielding Swiss franc and Japanese yen were among the strongest currencies against the dollar as risk appetite in the market remains low. The USD/JPY exchange rate closed the month at a multi-year low of 103.75. Trading in the euro was choppy and less profitable; nevertheless, the currency did manage to close at an all-time high of 1.5180. As global demand pushed commodity prices to historic levels, the commodity markets generated the majority of the Trust’s February returns. The greatest profits came from the agriculture markets, particularly from grains and soft commodities. In some cases, the moves were significant: bean oil was up 27% during the month, coffee was up 19%, wheat was up 15%, and sugar was up 14%. It is uncommon for these markets in this sector to move higher so strongly in the same month. The demand for food related commodities from a flatter, more prosperous global economy is an important theme driving agricultural commodities. The weakness of the dollar is another important factor. The energy sector was also profitable as crude oil surged above $100 per barrel. The initial stage of the approximate 10% rally in the price of crude during the month may be attributable to the unwinding of large short positions that were established in January. In addition to the old themes of strong demand and dollar weakness, the perception in the market that OPEC would defend levels below $90 per barrel helped to support prices. Natural gas was a significant contributor to the sector’s profits during the month also. Performance from the metals sector was positive as both precious and base metals were higher. Gold continues its march toward the $1,000/ounce level. The weak dollar, further Fed rate cuts and macroeconomic concerns, including the prospects for further inflation, are fundamentals that can have a positive influence on the price of gold. The movements higher in base metals during the month were based on production outages reported in both China and South Africa. This puts further pressure on inventories which are at multi-year lows.

The Trust posted a positive return in March. The crisis in the financial markets continued in March possibly reaching the nadir on March 17th. This date also marked the year-to-date low in the S&P 500 and coincided with price reversals in a number of key markets. U.S. officials provided a substantial policy response to the deteriorating markets: in addition to reducing the Federal Funds rate by 75 bps on March 18th, the Federal Reserve established new lending facilities aimed at adding more liquidity and providing access to a broader array of financial institutions. The U.S. Treasury also proposed an overhaul of the financial system. In the near term these measures were effective in alleviating some of the stress in the markets. Equity prices rallied, certain credit spreads tightened and volatility subsided. Currencies were the most profitable sector this month as interest rate differentials between the U.S. and Europe widened further. The Euro traded at a record level of 1.5804 during the month and closed near its all-time high at month-end. The Federal Reserve rate cut on March 18th brought the Fed Funds rate to 2.25%. On the other hand, the European Central Bank has left official lending rates stable at 4.00% during 2008. The fund generated profits in most major currencies against the dollar. The interest rate sector was at the center of the storm in March as the U.S Federal Reserve actions described above provided a powerful boost to a market that was reeling from fear. These actions prompted meaningful price reversals across the sector. The stock market was also under pressure which made government bonds and securities the logical haven from the storm. Yields on 10-year U.S. government bonds fell early in the month to close at 3.44%. Performance from this sector was slightly positive. Positions in U.S. and Japanese interest rates performed best. Equity markets sold off early in March as financial shares were battered on credit concerns. The technology sector was marked down along with growth projections for the U.S economy. However, stocks did recover in the second half of the month. Overall, trading in global equities was profitable for the month with positions in the Japanese Nikkei being the best performer. Precious metals keyed off of developments in the financial markets. Gold soared to record highs early in the month. When the markets staged their recovery, gold sold off sharply. Gold traded down from a monthly high near $1,040/ounce to close the month at $921. Positions in both precious and base metals were unprofitable for the month. Although crude oil prices reached new highs above $100 per barrel in March, natural gas supplied a majority of the profits in the energy sector. Natural gas rallied more than 7% during the month as colder-than-expected temperatures and increased demand may slow the build in natural gas inventories. Positions in London gas oil were also profitable. The agricultural sector was a significant drag on performance in March as trading in all component markets was negative. Trading and price action in the grain markets was largely independent from the moves in the financial markets and the dollar. Most grain prices were enjoying a remarkable bull market heading into March and arguably due for a correction. Recently expanded daily exchange price limits allowed for dramatic moves to the downside in wheat, soybeans and soybean products. Corn bucked the trend and finished the month stronger, buoyed by bullish reports from the USDA. Soft commodities such as sugar, coffee and cotton reversed course during the month, suffering from a reduction in speculative risk taking.

During the quarter no units were sold. Beneficial Owners redeemed a total of 47,216 units during the quarter. The Managing Owner redeemed a total of 5,123 units during the quarter. At the end of the quarter there were 784,658 units outstanding owned by the beneficial owners and 15,095 units outstanding owned by the Managing Owner.

During the fiscal quarter ending March 31, 2008, 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 the following excludes the Trust’s Non-Trading accounts). 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 11th. U.S. Treasuries also helped performance: the U.S. 10-year note yield touched a 5-month high of 4.9% on January 26th, 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 reversed back and forth. The U.S. dollar’s weakening trend against the euro and the British pound continued its reversal. On January 3rd, 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 5th from $1.9848 on December 1st (highest level since September 1992). On January 11th, 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 30th, natural gas rose 12% and closed at its highest price since December 4th (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 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 13th, 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 15th. 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 17th, while soybeans reached an 18-month high on January 18th. 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 26th, 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 27th. 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 5th of $8.035, natural gas for March delivery dropped 7.7 % on February 12th, its biggest one-day percentage decline since December 26th. 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 27th 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 11th, 2001. The Eurostoxx 50 was the sector’s worst performer while the Nikkei 225 offset some losses as the sector’s best performer.

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 30th, the U.S. 10-year Treasury surrendered the remainder of the gains it had amassed after the equity sell-off that began on February 27th. The rally had driven the yield to as low as 4.44% on March 5th. 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 6th, gold (the sector’s worst performer) had dropped almost $50, or 7.3% since

February 26th, 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 27th 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 19th 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.

(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 the Trust’s market risk as described in the section entitled "Quantitative and Qualitative Disclosures About Market Risk" in our annual report on Form 10-K for the year ended December 31, 2007.

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 March 31, 2008, 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 as of March 31, 2008. There were no changes in the Trust’s internal control over financial reporting, during the quarter ended March 31, 2008 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

The LLC is pursuing certain claims with respect to assets of the Trust formerly held by RCM. See “Notes to Consolidated Financial Statement – Note 1.” There is no assurance that such efforts will result in additional recoveries.

Item 1A. Risk Factors

There have been no material changes from the risk factors in the section entitled “The Risks You Face” in the Trust Post-Effective Amendment Number 1 to the Registration Statement on Form S-1 filed on April 18, 2008.

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 first quarter of 2008:

Month	Units Redeemed		Redemption Date NAV per Unit

January		20,259	$	94.46
February		18,333	$	105.16
March		13,747	$	107.91

Total		52,339

Units sold January 1, 2008 through March 31, 2008: 0

Units unsold through March 31, 2008: 1,000,000 ($107,910,000)

Aggregate price paid for units sold January 1, 2008 through March 31, 2008: $0

Item 6. Exhibits

Exhibits

Index to Exhibits

Exhibit Description of Document

Number

3.01	Seventh 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

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 description filed on March 4, 2008 on the Registrant's Form 8-K., and incorporated herein by reference

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; declared effective April 3, 1997).

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: May 15, 2008

By: R.J. O’Brien Fund Management, LLC.

Managing Owner

By: /s/ Thomas J. Anderson

Thomas J. Anderson

Chief Financial Officer and duly authorized officer