SECURITIES AND EXCHANGE COMMISSION


                          Washington, D.C. 20549


                                FORM 10-K



              ANNUAL REPORT PURSUANT TO SECTION 13 or 15 (d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934


               For the fiscal year ended December 31, 2001


                      Commission File No. 333-16825


                             JWH GLOBAL TRUST
          (Exact name of registrant as specified in its charter)


                 Delaware                      36-4113382
             (State or other jurisdiction of (I.R.S. Employer
             incorporation or organization) Identification #)


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


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


    Securities registered pursuant to Section 12 (b) of the Act: None


       Securities registered pursuant to Section 12 (g) of the Act:
                      Units of Beneficial Ownership


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


Indicate by check mark if  disclosure  of  delinquent  filers  pursuant to
Item  405 of  Regulation  S-K is not  contained  herein  and  will  not be
contained,  to the  best  of the  registrant's  knowledge,  in  definitive
proxy or information  statements  incorporated by reference in Part III of
this Form 10-K:  [X]


The  aggregate  market value of the voting and  non-voting  common  equity
held  by  non-affiliates  of  the  Registrant  as of  February  28,  2002:
$45,900,486.






                   Documents Incorporated by Reference



Incorporated  by  Reference  in Part  IV,  Item 14 is  Amendment  No. 2 to
Registration  Statement  No.  333-16825 of the Trust on Form S-1 under the
Securities Act of 1933, declared effective on April 3, 1997.


Incorporated  by Reference in Part IV, Item 14 is  Registration  Statement
No.  333-33937 of the Trust on Form S-1 under the  Securities Act of 1933,
declared effective on September 24, 1997.


Incorporated   by  Reference  in  Part  IV,  Item  14  is   Post-Effective
Amendment No. 1 to  Registration  Statement No.  333-33937 of the Trust on
Form S-1 under the  Securities  Act of 1933,  declared  effective  on June
26, 1998.


Incorporated   by  Reference  in  Part  IV,  Item  14  is   Post-Effective
Amendment No. 2 to  Registration  Statement No.  333-33937 of the Trust on
Form S-1 under the Securities Act of 1933, filed on March 1, 1999.


Incorporated   by  Reference  in  Part  IV,  Item  14  is   Post-Effective
Amendment No. 3 to  Registration  Statement No.  333-33937 of the Trust on
Form S-1 under the Securities Act of 1933, filed on November 29, 1999.


Incorporated   by  Reference  in  Part  IV,  Item  14  is   Post-Effective
Amendment No. 4 to  Registration  Statement No.  333-33937 of the Trust on
Form S-1 under the Securities Act of 1933, filed on September 18, 2000.


Incorporated   by  Reference  in  Part  IV,  Item  14  is   Post-Effective
Amendment No. 5 to  Registration  Statement No.  333-33937 of the Trust on
Form S-1 Under the Securities Act of 1933, filed on May 29, 2001.





                                  Part I


Item 1.  Business


JWH Global  Trust (the  "Trust") is a Delaware  business  trust  organized
on  November  12,  1996  under  the  Delaware   Business  Trust  Act.  The
business of the Trust is the speculative  trading of commodity  interests,
including  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
("Commodity  Interests")  pursuant  to  the  trading  instructions  of  an
independent  trading  advisor.  The  managing  owner  of the  Trust is CIS
Investments,  Inc., a Delaware corporation  organized in June 1983 ("CISI"
or  the  "Managing  Owner").   The  Managing  Owner  is  registered  as  a
commodity  pool  operator  under the  Commodity  Exchange Act, as amended,
and is  responsible  for  administering  the  business  and affairs of the
Trust   exclusive  of  trading   decisions.   The  Managing  Owner  is  an
affiliate of Cargill  Investor  Services,  Inc.,  the clearing  broker for
the Trust ("CIS" or the  "Clearing  Broker") and CIS  Financial  Services,
Inc.,  which  acts  as the  Trust's  currency  dealer  ("CISFS").  Trading
decisions  for the  Trust  are made by an  independent  commodity  trading
advisor, John W. Henry and Company, Inc.


CIS  is  a  "Futures  Commission  Merchant",   the  Managing  Owner  is  a
"Commodity  Pool  Operator"  and the  trading  advisor  to the  Trust is a
"Commodity  Trading  Advisor",  as those  terms are used in the  Commodity
Exchange Act, as amended ("CE Act").  As such,  they are  registered  with
and subject to  regulation  by the Commodity  Futures  Trading  Commission
("CFTC")  and  the  National  Futures  Association  ("NFA").  CIS is  also
registered  as  a   broker-dealer   with  the  National   Association   of
Securities  Dealers,   Inc.  ("NASD")  and  the  Securities  and  Exchange
Commission (the "SEC").


The initial  public  offering of the Trust's units of beneficial  interest
("units")  commenced  on April 3,  1997 and  concluded  on  September  23,
1997.  The  initial  offering  price was $100 per unit  until the  initial
closing of the Trust on May 30, 1997,  and  thereafter  at the current Net
Asset Value of the Trust on the last  business day of the calendar  month.
The total  amount of the initial  offering was  $50,000,000.  On September
24, 1997, a  registration  statement was declared  effective  with the SEC
to  register   $155,000,000   of  additional   units.   A   Post-Effective
Amendment  was  declared  effective  with the SEC on October  20,  1997 to
deregister   $3,120,048.99   of  units  which  remained  unsold  upon  the
termination  of the  initial  offering  of the  units.  On June 26,  1998,
Post-Effective   Amendment  No.  1  to  the  registration   statement  was
declared  effective  with  the  SEC.  On  March  1,  1999,  Post-Effective
Amendment   No.  2  was  filed  with  the  SEC.  On   November   29,  1999
Post-Effective  Amendment  No. 3 was filed with the SEC, on September  18,
2000  Post-Effective  Amendment  No. 4 was  filed  with the SEC and on May
29,  2001  Post-Effective  Amendment  No.5 was  filed  with  the SEC.  The
units  are  currently  offered  pursuant  to a  Prospectus  dated  July 3,
2001.  The  current  prospectus  will  expire  on  April  3,  2002.  As  a
result of the units being  offered at each  month-end's  Net Asset  Value,
the total  number of units  authorized  for the Trust is not  determinable
and therefore is not disclosed in the financial statements.


The  initial  closing  of the  Trust  was on May 30,  1997  and the  Trust
commenced  trading on June 2, 1997. The initial  Beneficial  Owners of the
Trust,  representing  ownership of $1,000,  were redeemed on May 30, 1997,
prior to the commencement of trading.


Under  the  terms of the  Fourth  Amended  and  Restated  Declaration  and
Agreement of Trust,  the Managing Owner may not select Trust  transactions
involving  the  purchase  or sale of any  commodity  interests,  but  must
select one or more  advisors to direct the Trust's  trading  with  respect
thereto.  The  Managing  Owner has  chosen  and  caused the Trust to enter
into a Trading  Advisory  Agreement (the "Advisory  Agreement")  with John
W. Henry and  Company,  Inc.  ("JWH" or the  "Advisor"),  the Trust's sole
commodity  trading  advisor.   Commencing  on  June  2,  1997,  after  the
conclusion of the offering  period with respect to the Trust's units,  JWH
began to provide commodity  trading  instructions to CISI on behalf of the
Trust.


The  Managing  Owner is  responsible  for the  preparation  of monthly and
annual reports to the Beneficial  Owners;  filing reports  required by the
CFTC,  the NFA,  the SEC and any other  Federal or state  agencies  having
jurisdiction  over the Trust's  operations;  calculation  of the Net Asset
Value  (meaning the total assets less total  liabilities of the Trust) and
directing  payment of the  management  and  incentive  fees payable to the
Advisor under the Advisory Agreement.


The  Managing  Owner  provides  suitable  facilities  and  procedures  for
handling  redemptions,  transfers,  distributions of profits (if any) and,
if  necessary,  the orderly  liquidation  of the Trust.  Although  CIS, an
affiliate  of the Managing  Owner,  acts as the Trust's  clearing  broker,
the Managing Owner is responsible  for selecting  another  clearing broker
in the event CIS is unable or  unwilling  to  continue  in that  capacity.
The Managing  Owner is further  authorized,  on behalf of the Trust (i) to
enter  into  a  brokerage   clearing   agreement   and  related   customer
agreements with CIS,  pursuant to which CIS will render clearing  services
to the  Trust;  and (ii) to cause the Trust to pay  brokerage  commissions
at  the  rates  provided  for  in the  Prospectus;  and  to pay  delivery,
insurance,  storage,  service and other fees and charges incidental to the
Trust's  trading.  The Managing Owner of the Trust  advanced  organization
and offering  costs of $650,000.  The Trust  reimbursed the Managing Owner
for these  costs at the initial  closing.  The Trust is  amortizing  these
costs  over the  Trust's  first 60  months  of  operations.  The  Managing
Owner also  advances  payment of ongoing  offering  expenses  for which it
receives  reimbursement  of 0.5% of the Trust's  net assets per year.  The
Prospectus  includes  a  complete  discussion  of  the  Trust's  fees  and
expenses.


The Advisory  Agreement  between the Trust and JWH provides that JWH shall
have  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  December  31,  2001,  JWH  was
managing  100% of the Trust's  assets.  The  Advisory  Agreement  with JWH
commenced  on April 3, 1997 and  continued  in  effect  until the close of
business on the last day of the 12th full  calendar  month  following  the
commencement of trading  activities by the Trust,  with automatic  renewal
for three  additional  twelve-month  terms.  The Trust and JWH amended the
Advisory  Agreement  as of  September  29,  2000 to extend the term of the
Advisory  Agreement  until June 30, 2002 with automatic  renewal for three
additional  twelve-month  terms,  unless earlier  terminated in accordance
with the termination provisions contained therein.


The Advisory  Agreement  shall terminate  automatically  in the event that
the  Trust is  terminated  in  accordance  with  the  Fourth  Amended  and
Restated  Declaration and Agreement of Trust.  The Advisory  Agreement may
be  terminated  by the  Trust at any  time,  upon 60 days'  prior  written
notice  to  the  Advisor.  In  addition,  the  Advisory  Agreement  may be
terminated by the Trust at any time,  upon written  notice to the Advisor,
in the event  that (A) the Net Asset  Value of Trust  funds  allocated  to
the  Advisor's  management  decreases  as of the close of  trading  on any
business  day by more than 30% from the sum of the Net Asset  Value of the
Trust's  funds  allocated to the Advisor on the date that Trust  commenced
trading  plus the Net Asset Value of any funds which may be  allocated  to
the Advisor  thereafter (after adding back all redemptions,  distributions
and  reallocations  made to any additional  trading advisors in respect of
such assets);  (B) the Advisor is unable,  to any material extent,  to use
the  Trading  Programs  (as  defined in the  Advisory  Agreement),  as the
Trading  Programs  may be refined or modified in the future in  accordance
with the terms of the  Advisory  Agreement  for the  benefit of the Trust;
(C) the Advisor's  registration  as a commodity  trading advisor under the
CE  Act,  or  membership  as a  commodity  trading  advisor  with  NFA  is
revoked,  suspended,  terminated  or not renewed;  (D) the Managing  Owner
determines  in good  faith that the  Advisor  has failed to conform to (i)
the Trust's  trading  policies or  limitations,  as they may be revised or
modified,  or  (ii)  a  Trading  Program;  (E)  there  is an  unauthorized
assignment  of the  Advisory  Agreement  by the  Advisor;  (F) the Advisor
dissolves,   merges  or  consolidates  with  another  entity  or  sells  a
substantial  portion of its assets,  any  portion of the Trading  Programs
utilized  by the Trust or its  business  goodwill  to any person or entity
other than one  controlled,  directly or indirectly,  by John W. Henry, in
each instance  without the consent of the Managing Owner;  (G) the Advisor
becomes  bankrupt  or  insolvent;  (H)  John  W.  Henry  ceases  to  be  a
principal of the Advisor;  or (I) the Managing  Owner  determines  in good
faith  that  such  termination  is  necessary  for the  protection  of the
Trust.


The Advisor  has the right to  terminate  the  Advisory  Agreement  at any
time,  upon  written  notice to the Trust in the event (i) of the  receipt
by the  Advisor  of an  opinion  of  independent  counsel  that  solely by
reason  of  the  Advisor's  activities  with  respect  to the  Trust,  the
Advisor  is  required  to  register  as an  investment  adviser  under the
Investment  Advisers  Act of  1940;  (ii)  that  the  registration  of the
Managing  Owner as a commodity  pool operator under the CE Act, or its NFA
membership   as  a  commodity   pool   operator  is  revoked,   suspended,
terminated  or  not  renewed;   (iii)  that  the  Managing   Owner  elects
(pursuant  to Section 1 of the  Advisory  Agreement)  to have the  Advisor
use a  different  trading  program  in  the  Advisor's  management  of the
Trust's  assets  from that which the  Advisor is then using to manage such
assets and the Advisor  objects to using such different  trading  program;
(iv)  that the  Managing  Owner  overrides  a trading  instruction  of the
Advisor  pursuant  to  Section 1 of the  Advisory  Agreement  for  reasons
unrelated to a  determination  by the Managing  Owner that the Advisor has
violated  the  Trust's  trading  policies  or  limitations;  (v)  that the
Managing  Owner  imposes  additional  trading  limitation(s)  pursuant  to
Section 1 of the  Advisory  Agreement  which the Advisor does not agree to
follow in the  Advisor's  management  of its  allocable  share of  Trust's
assets;  (vi)  there  is  an  unauthorized   assignment  of  the  Advisory
Agreement  by the Managing  Owner of the Trust;  or (vii) other good cause
is  shown  to  which  the  written   consent  of  the  Managing  Owner  is
obtained.  The Advisor may also  terminate  the  Advisory  Agreement on 60
days written notice to the Managing Owner during any renewal term.


The Advisor will continue to advise other futures  trading  accounts.  The
Advisor and its officers,  directors  and  employees  also will be free to
trade  commodity  interests  for their own accounts  provided such trading
is consistent with the Advisor's  obligations and  responsibilities to the
Trust.  To the extent that the  Advisor  recommends  similar or  identical
trades to the Trust and other  accounts  which they manage,  the Trust may
compete  with  those  accounts  for the  execution  of the same or similar
trades.


Pursuant to the  Advisory  Agreement  between the Trust and JWH, the Trust
paid  JWH  0.33%  of the  month-end  assets  under  its  management  after
deduction  of a portion of the  brokerage  commissions  at a 1.25%  annual
rate (rather  than the full  brokerage  commission  at a 6.5% annual rate)
prior to October 1, 2000.  Effective  October 1, 2000,  the management fee
was  reduced to 0.167%.  The Trust paid JWH a quarterly  incentive  fee of
15% of trading  profits  (after  deduction  of a portion of the  brokerage
commissions  at a 1.25%  annual  rate,  rather than the 6.5% annual  rate)
achieved on the assets of the Trust  allocated  by the  Managing  Owner to
JWH's  management  prior to October 1,  2000.  Effective  October 1, 2000,
the  incentive fee was increased to 20%.  Trading  profits are  calculated
on  the  basis  of  the  overall   performance  of  the  Trust,   not  the
performance  of  each  Trading   Program   utilized  by  JWH,   considered
individually.  See Exhibit 10.1  incorporated  by  reference  herein for a
description of Net Asset Value and trading profits.


The Trust  trades in the global  futures and forward  markets  pursuant to
the Advisor's  proprietary  trading  strategies.  From the commencement of
trading on June 2, 1997 until  October 4, 1998,  the Trust  allocated  its
assets 50% to the  Original  Investment  Program and 50% to the  Financial
and  Metals  Portfolio.  For the  period  beginning  October  5,  1998 and
ending  December  31,  1999,  the Trust  allocated  its  assets 40% to the
Original  Investment  Program,  35% to the Financial and Metals  Portfolio
and 25% to the G-7  Currency  Portfolio.  On January  1,  2000,  the Trust
substituted  the JWH  GlobalAnalytics  Family of Programs for the Original
Investment  Program.  Trust assets were  reallocated  40% to the Financial
and Metals  Portfolio,  30% to the G-7 Currency  Portfolio  and 30% to the
JWH  GlobalAnalytics  Family of Programs.  JWH  continues to rebalance the
Trust's  assets  at the end of each  quarter  among  these  three  trading
programs in accordance with the proceeding percentages.


The Trust's net assets are  deposited  in the  Trust's  accounts  with CIS
and   CISFS,   the   Trust's   clearing   broker  and   currency   dealer,
respectively.  The Trust  earns  interest  on 100  percent of the  Trust's
average daily  balances on deposit with CIS or CISFS,  as the case may be,
during  each  month at the  average  91-day  Treasury  bill  rate for that
month  in  respect  of  deposits  denominated  in U.S.  dollars  or at the
applicable  rates in respect of deposits  denominated in currencies  other
than U.S. dollars (which may be zero in some cases).


The Trust  currently  has no  salaried  employees  and all  administrative
services  performed  for the Trust are  performed by the  Managing  Owner.
The  Managing  Owner  has no  employees  other  than  their  officers  and
directors,  all of whom are employees of the  affiliated  companies of the
Managing Owner.


The  Trust's   business   constitutes   only  one  segment  for  financial
reporting  purposes;  it is a Delaware  business trust whose purpose is to
trade,  buy,  sell,  spread  or  otherwise  acquire,  hold or  dispose  of
commodity  interests  including 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.  The Trust  does not engage in the  production  or sale of
any  goods  or  services.   The   objective  of  the  Trust   business  is
appreciation of its assets through  speculative  trading in such commodity
interests.  Financial  information  about  the  Trust's  business,  as  of
December 31, 2001, is set forth under Items 6 and 7 herein.


Competition


The Advisor  and its  principals,  affiliates  and  employees  are free to
trade for their  own  accounts  and to  manage  other  commodity  accounts
during  the  term  of  the  Advisory   Agreement   and  to  use  the  same
information and trading  strategy which the Advisor  obtains,  produces or
utilizes  in the  performance  of  services  for the Trust.  To the extent
that the Advisor  recommends  similar or identical trades to the Trust and
other  accounts  which it  manages,  the  Trust  may  compete  with  those
accounts for the execution of the same or similar trades.


Other trading  advisors who are not affiliated  with the Trust may utilize
trading  methods  which are similar in some respects to those methods used
by the  Trust's  Advisor.  These  other  trading  advisors  could  also be
competing  with the Trust for the same or similar  trades as  requested by
the Trust's Advisor.


Item 2.  Properties


The Trust does not utilize any physical  properties  in the conduct of its
business.  The  Managing  Owner use the offices of CIS,  at no  additional
charge to the Trust, to perform their  administration  functions,  and the
Trust  uses the  offices  of CIS,  again at no  additional  charge  to the
Trust, as its principal administrative offices.


Item 3.  Legal Proceedings


None.


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


None.




                                 Part II


Item 5. Market for the Registrant's Units and Related Security Holder Matters


(a) There  is no  established  public  market  for the  units and none  is
     expected to develop.


(b) As of  December  31,  2001,  there were  438,008.69  units held by the
      Beneficial  Owners for an  investment of  $48,892,753.  The Managing
      Owner held an  investment  of $642,340  (which is the  equivalent of
      5,754.50  units).  A total of 65,241.94  units had been  redeemed by
      Beneficial  Owners and 949.41  units by the Managing  Owners  during
      the period from January 1, 2001 to December  31,  2001.  The Trust's
      Fourth  Amended and  Restated  Declaration  and  Agreement  of Trust
      (Exhibit 3.1 hereto)  contains a full  description of redemption and
      distribution procedures.


(c) To date no  distributions  have  been  made to  owners  of  beneficial
      interest in the Trust.


The Fourth  Amended and Restated  Declaration  and Agreement of Trust does
not  provide for regular or  periodic  cash  distributions,  but gives the
Managing  Owner sole  discretion in  determining  what  distributions,  if
any,  the  Trust  will  make to its  owners of  beneficial  interest.  The
Managing  Owner has not declared any such  distributions  to date,  and do
not currently intend to declare such distributions.


Item 6.  Selected Financial Data


(1997 was the Trust's first year of trading, so no data is
available prior to 1997)

                                       Year Ended December 31,


                                                     1997     1998    1999    2000    2001


1.  Operating Revenues (000)                       $6,988  $16,869  $2,339  $7,447  $4,430
2.  Profit (Loss) From Continuing Operations(000)   3,651    6,401  (9,222)  1,126   1,254
3.  Profit (Loss) Per Unit                           9.70     5.70  (10.89)  10.08   (2.96)
4:  Total Assets(000)                              65,693  100,133  89,612  52,922  50,278
5.  Long Term Obligations                               0        0       0       0       0
6.  Cash Dividend Per Unit                              0        0       0       0       0

Item 7. Management's Discussion and Analysis of Financial
        Condition and Results of Operations


Liquidity and Capital Resources


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.


The  Trust's  net  assets  are  held in  brokerage  accounts  with CIS and
CISFS.  The Trust earns  interest  on 100  percent of the Trust's  average
daily  balances on deposit with CIS or CISFS,  as the case may be,  during
each  month at the  average  91-day  Treasury  bill rate for that month in
respect of deposits  denominated in dollars or at the applicable  rates in
respect of deposits  denominated  in currencies  other than dollars (which
may be zero in some  cases).  For the  calendar  year ended  December  31,
2001 CIS and CISFS had paid or accrued to pay  interest of  $1,657,888  to
the Trust.  For the  calendar  year ended  December 31, 2000 CIS and CISFS
paid or accrued to pay interest of $3,265,169 to the Trust.


For the  fiscal  year ended  December  31,  2001,  the  Beneficial  Owners
redeemed a total of 65,241.94  units for  $7,636,323.  The Managing  Owner
redeemed  units for  $110,644.  For the  fiscal  year ended  December  31,
2000,   Beneficial  Owners  redeemed  a  total  of  393,996.40  units  for
$37,731,946.  The Managing Owner redeemed units for $200,544.


During   2001,   Beneficial   Owners   purchased   72,485.25   units   for
$8,406,483.  The  Managing  Owner  did  not  make a  contribution  in 2001
leaving the total contribution to equal $8,406,483.


Results of Operations


2001


During  2001,  total   contributions  to  the  Trust  equaled  $8,406,483.
Investors  redeemed  Units in the amount of  $7,636,323  and the  Managing
Owner  redeemed  units in the  amount of  $110,644.  The Trust  achieved a
realized  and  unrealized  gain  of  $2,772,249  and  interest  income  of
$1,657,888.  Total expenses of the Trust were  $5,684,293,  resulting in a
net loss of  $1,254,157  and and a  decrease  in the Net  Asset  Value per
Unit of $2.96.


The Trust was down  slightly  in 2001,  producing  a loss of 2.58% for the
calendar year. After a strong first quarter,  the Trust suffered  negative
performance  in  the  second  and  fourth   quarters.   Pronounced   price
reversals  in the  interest  rate  and  currency  sectors  were  the  most
difficult sectors for the  Trust's Trading Advisor,  the John W. Henry and
Company, Inc.


In the first  quarter of 2001,  the world's  financial  markets  continued
the price  patterns that had allowed for positive  performance in the last
quarter  of 2000.  Short  positions  in the  Japanese  yen versus the U.S.
dollar and the Euro accrued profits  throughout  this period.  The Trust's
long  global  bond  position  was the  cornerstone  of the  portfolio  and
benefited  from the  first  of  several  interest  rate  cuts  made by the
Federal  Reserve.  The Trust was  positive  all three  months in the first
quarter.


The much  anticipated  cut in European  interest rates never  materialized
in the second  quarter.  This caused trend reversals in both Euro and U.S.
dollar  denominated  bond  markets.  Positions in these markets were large
and had been held for  several  months  prior to being  closed  out.  News
events  including the  re-election  of British  Prime  Minister Tony Blair
and inconsistent  corporate earnings reports created excessive  volatility
in the  interest  rate  and  currency  markets.  As had  been the case for
several  months,  the Trust  maintained  extremely  small positions in the
metal and commodity markets.


The third quarter was laden with markets  lacking  direction.  During this
time,  the Trust's  portfolio  was dominated by currency and interest rate
positions.  These  sectors  were unable to sustain  long term price moves.
Despite  several cuts by the Federal  Reserve,  bond prices at quarter end
were  trading  well below the highs made  previously  in March.  Lack of a
dominant currency led to flat performance in the currency sector.


The last quarter of 2001 began  positively  due to strong  performance  in
the  interest  rate  sector.  The Trust's  long  positions  in global bond
markets  benefited  from  interest  rate  cuts  as well  as a  "flight  to
quality" as a result of the  September 11 tragedy.  However,  in November,
after economic data indicated a  strengthening  of the economy,  trends in
the interest rate and currency  sectors  reversed.  The U.S.  30-year bond
lost  approximately  10% in value.  The currency  sector moved in sympathy
with interest rates,  which also caused  portfolio  losses.  The Trust was
down approximately 5% for the quarter.


Effective  July 1, 2001 James Davison became  President of CIS,  replacing
Bernard  Dan. Mr.  Davison has been an  executive in the futures  industry
for several  years and has  extensive  experience  in the managed  futures
arena.  On a similar note, Mark  Rzepczynski  Ph.D.  became  President and
Chief  Investment  Officer  of the JWH  effective  January  1,  2002.  Dr.
Rzepczynski  has been with the JWH since  1998.  The  Managing  Owner does
not feel that these appointments will materially effect the Trust.


2000


During  2000,  total   contributions  to  the  Trust  equaled  $1,766,539.
Investors  redeemed  units in the amount of  $37,731,946  and the Managing
Owner  redeemed  units in the  amount  of  $200,544.  The  Trust  achieved
realized  and  unrealized  gains of  $4,182,309  and  interest  income  of
$3,265,169.  Total expenses of the Trust were  $6,321,658,  resulting in a
net profit of  $1,125,819  and an increase in the Net Asset Value per unit
of $10.08.


The trust had a  profitable  year in 2000,  producing  a gain of 9.65% for
the calendar  year.  After  experiencing  difficult  trading  environments
during the first three quarters of the year,  JWH, the trading  advisor to
the  Trust,  exploited  trading  opportunities  in the  financial  markets
during the fourth quarter and closed the year strongly.


In the first quarter of 2000,  strategic  events  reversed  trends,  which
led to  unprofitable  trading.  In  February,  the  U.S.  Federal  Reserve
announced  that they  were  buying  back  part of the debt.  This led to a
powerful  rally in the  world's  interest  rate  markets  and the  Trust's
short  positions  were  closed  out at a loss.  In March,  the  decline of
Nasdaq  commenced  and with it came a dramatic  shift of capital from U.S.
dollar into yen.  This  movement of capital  hurt the Trust's  long dollar
and Euro  positions.  Prices of  agriculture,  energy and  metals  markets
were flat during the first quarter.


The second  quarter  was marked by  conflicting  economic  signals,  which
often  reversed  long term price  trends.  The U.S.  dollar,  after having
lost  value in March,  was strong in April and then  declined  in value in
May and June.  Interest rates followed a similar  directionless  path with
the "hard  landing or soft  landing"  question  being the primary  driver.
Through the end of June,  the only market  sector with  defined  direction
was the energy sector,  which had been the Trust's most consistent  source
of profits over the prior few years.


As  the  third  quarter  began,  the  futures  markets  continued  seeking
direction.  Metal and  agricultural  prices  were  listless.  Stock  index
trading  was  volatile  in the  short  term  and  sideways  over a  longer
period.  Up trends  emerged in the world's bond  markets  where open trade
profits were  accrued.  In the currency  sector,  the U.S.  dollar  gained
very steadily versus Euro during July and August.  By September,  the U.S.
dollar was gaining value on all major  currencies.  However,  on September
22,  the   European   Central  Bank   intervened   to  support  the  Euro.
Consequently,  price trends reversed  dramatically and the Trust's accrued
profits in the currency and interest  rate sectors  turned into open trade
losses.


Despite  the  intervention,  the  Trust  remained  long  U.S.  dollar  and
interest  rates and reaped the  benefits of those  positions as the fourth
quarter began.  In October,  the U.S.  dollar hit its all-time high versus
the Euro and gained  substantially  versus the Swiss, British and Japanese
currencies.  By  November,   interest  rate  trading  became  the  Trust's
strongest  sector as long  positions in global bond markets  amassed large
open trade gains.  Strong  performance in interest rate markets  continued
in  December.  A revival of European  currencies  provided the bulk of the
month's  gain in the  currency  sector.  These  trends  remained  in place
through year-end.


Effective  October  1,  Management  Fees  paid by the  Trust  to JWH  were
reduced  from  4% to 2%  annually  (paid  monthly).  Incentive  fees  were
increased  from 15% to 20% of quarter  end new high  profits.  This change
in fees,  when  coupled  with the  reduction  in the  Treasury  bill rate,
reduced the "breakeven" on the Trust from 7.3% to 4.8%.


1999

The Trust  experienced  a  disappointing  year in 1999.  The  year-end Net
Asset  Value was at  $104.51  per unit,  representing  a loss of 9.44% for
the year.


In 1999,  JWH  experienced  its most  difficult year in the firm's 18 year
history.  A lack of sustained  price  movements  coupled with abrupt trend
reversals  in many market  sectors  resulted in a very  difficult  trading
environment.  The  forces  that  supported  strong  returns  in the equity
markets  such  as  strong  consumer   confidence  and  the  perception  of
economic  equilibrium  caused  volatile,  sideways  price  patterns in the
futures  markets.  This type of price movement is extremely  difficult for
long-term trend followers such as JWH.


The currency sector provided  profit  opportunities  for the Trust. As the
conflict  in  Kosovo  escalated  in early  March,  there  was a flight  to
quality  into the U.S.  dollar and out of the Euro and Swiss  franc.  This
crisis-related   selling  of  these  two  currencies   continued   through
mid-July.  Short U.S.  dollar  positions  against  the  Japanese  yen were
also profitable.  In addition,  crude oil began its sharp ascent from less
than  $12/barrel in March to  $25.60/barrel  at year-end.  This  sustained
trend  proved  profitable  for the  Trust  throughout  the year as was the
strengthening  yen relative to the U.S.  dollar  during the second half of
the year.


The  "choppy"  markets  described  above  surfaced  in many areas but most
particularly  the world's  interest  rate  markets.  The Fed's  attempt to
slow down the escalating  economy resulted in one-quarter  point increases
in the  fed  funds  rate  in  June,  August  and  October.  Despite  these
increases,   short  positions  in  the  10-year  and  30-year  U.S.  bonds
resulted   in  flat   performance   largely   due  to   occasional   price
aberrations, which triggered stop loss orders.


The most  difficult  trading  period  for the Trust  occurred  in the last
quarter.  Whipsaw price activity in the Japanese and  Australian  interest
rates  led  to  major  losses.  Short  gold  positions,   which  had  been
profitable  during the first part of the year,  sustained  losses when the
price of gold rose  $50/ounce  in 10 days.  Once  again,  stop loss orders
were triggered and the Trust suffered a significant setback.


While  unpleasant,  the loss  sustained  in 1999 was within  the  expected
range  of  returns  over  time.  Historically,  performance  tends  to  be
cyclical, producing strong overall results.


Inflation


Inflation  does have an effect on commodity  prices and the  volatility of
commodity markets;  however,  continued  inflation is not expected to have
a material adverse effect on the Trust's operations or assets.



Item 7(A). Quantitative and Qualitative Disclosures About Market Risk


Introduction


Past Results Are Not Necessarily Indicative of Future Performance


The  Trust  is  a  speculative   commodity  pool.  The  market   sensitive
instruments  held by it are acquired  for  speculative  trading  purposes,
and all or  substantially  all of the  Trust's  assets are  subject to the
risk of trading  loss.  Unlike an  operating  company,  the risk of market
sensitive  instruments is integral,  not  incidental,  to the Trust's main
line of  business.  Market  movements  result in  frequent  changes in the
fair market  value of the Trust's open  positions  and,  consequently,  in
its earnings and cash flow.  The Trust's  market risk is  influenced  by a
wide variety of factors,  including  the level and  volatility of interest
rates,   exchange  rates,   equity  price  levels,  the  market  value  of
financial  instruments and contracts,  the  diversification  effects among
the Trust's open  positions  and the  liquidity of the markets in which it
trades.


The Trust can acquire and/or  liquidate  both long and short  positions in
a wide range of  different  markets.  Consequently,  it is not possible to
predict how a particular  future market scenario will affect  performance,
and the Trust's past  performance  is not  necessarily  indicative  of its
future results.


Standard of Materiality


Materiality  as  used  in  this  section,  "Qualitative  and  Quantitative
Disclosures  About Market  Risk," is based on an  assessment of reasonably
possible  market  movements  and  the  potential  losses  caused  by  such
movements,  taking into account the leverage,  optionality  and multiplier
features of the Trust's market sensitive instruments.


Quantifying the Trust's Trading Value at Risk


Value at Risk is a measure of the  maximum  amount  which the Trust  could
reasonably  be expected to lose in a given  market  sector.  However,  the
inherent   uncertainty  of  the  Trust's   speculative   trading  and  the
recurrence  in the  markets  traded by the Trust of market  movements  far
exceeding  expectations  could  result in actual  trading  or  non-trading
losses far beyond the  indicated  Value at Risk or the Trust's  experience
to date  (i.e.,  "risk of  ruin").  In light of the  foregoing  as well as
the risks and  uncertainties  intrinsic  to all  future  projections,  the
inclusion of the  quantification  included in this  section  should not be
considered  to  constitute  any  assurance  or  representation   that  the
Trust's  losses in any market  sector  will be limited to Value at Risk or
by the Trust's attempts to manage its market risk.


Qualitative Forward-Looking Statements


The following  quantitative  disclosures regarding the Trust's market risk
exposures contain  "forward-looking  statements" within the meaning of the
safe harbor  from civil  liability  provided  for such  statements  by the
Private  Securities  Litigation  Reform  Act of 1995 (set forth in Section
27A of the Securities  Act and Section 21E of the Securities  Exchange Act
of 1934).  All  quantitative  disclosures in this section are deemed to be
forward-looking  statements  for purposes of the safe  harbor,  except for
statements of historical fact.


The Trust's risk exposure in the various  market  sectors traded by JWH is
quantified   below  in  terms  of  Value  at  Risk.  Due  to  the  Trust's
mark-to-market  accounting,  any  loss in the fair  value  of the  Trust's
open  positions is directly  reflected in the Trust's  earnings  (realized
or  unrealized)  and cash  flow (at  least in the case of  exchange-traded
contracts  in which  profits  and  losses on open  positions  are  settled
daily through variation margin).


Exchange  maintenance  margin  requirements have been used by the Trust as
the  measure of its Value at Risk.  Maintenance  margin  requirements  are
set by  exchanges  to  equal  or  exceed  the  maximum  losses  reasonably
expected  to be  incurred  in the fair  value  of any  given  contract  in
95%-99%  of any  one-day  intervals.  The  maintenance  margin  levels are
established  by dealers and exchanges  using  historical  price studies as
well  as  an  assessment  of  current  market  volatility  (including  the
implied  volatility  of the  options  on a  given  futures  contract)  and
economic  fundamentals to provide a probabilistic  estimate of the maximum
expected near-term one-day price fluctuation.


Maintenance   margin  has  been  used  rather  than  the  more   generally
available  initial  margin,  because initial margin includes a credit risk
component which is not relevant to Value at Risk.


In the  case of  market  sensitive  instruments  which  are  not  exchange
traded  (almost  exclusively  currencies  in the case of the  Trust),  the
margin  requirements for the equivalent  futures  positions have been used
as Value  at  Risk.  In  those  rare  cases in which a  futures-equivalent
margin is not available, dealers' margins have been used.


The fair value of the  Trust's  futures  and  forward  positions  does not
have any optionality component.


In  quantifying  the Trust's Value at Risk,  100% positive  correlation in
the  different  positions  held in each  market  risk  category  has  been
assumed.  Consequently,  the margin  requirements  applicable  to the open
contracts   have  simply  been   aggregated  to  determine   each  trading
category's   aggregate   Value  at  Risk.  The   diversification   effects
resulting  from the fact that the Trust's  positions are rarely,  if ever,
100% positively correlated have not been reflected.


The Trust's Trading Value at Risk in Different Market Sectors


The following table  indicates the average,  highest and lowest amounts of
trading  Value at Risk  associated  with the  Trust's  open  positions  by
market  category  for  fiscal  year  2001  and  2000.  All  open  position
trading  risk  exposures  of the Trust have been  included in  calculating
the  figures  set forth  below.  During  fiscal  year  2001,  the  Trust's
average total  capitalization was approximately $49.6 million,  and during
fiscal  year  2000,   the  Trust's   average  total   capitalization   was
approximately $57.0 million.


                             Fiscal Year 2001


                      Highest      Lowest      Average          % of
      Market           Value        Value       Value         Average
      Sector         at Risk*     at Risk*     at Risk*   Capitalization**


Interest Rates         $2.3         $0.6         $1.5           2.9%
Currencies             $2.5         $1.0         $1.9           3.8%
Stock Indices          $0.6         $0.1         $0.4           0.6%
Metals                 $0.3         $0.1         $0.2           0.4%
Commodities            $0.2         $0.1         $0.1           0.2%
Energy                 $0.5         $0.0         $0.3           0.6%

Total                  $6.4         $1.9         $4.4           8.5%





                             Fiscal Year 2000


                      Highest      Lowest      Average          % of
      Market           Value        Value       Value         Average
      Sector         at Risk*     at Risk*     at Risk*   Capitalization**


Interest Rates         $2.8         $0.9         $2.1           3.7%
Currencies             $4.3         $1.1         $2.4           4.2%
Stock Indices          $1.2         $0.1         $0.7           1.2%
Metals                 $1.0         $0.1         $0.5           0.9%
Commodities            $0.3         $0.0         $0.1           0.2%
Energy                 $0.5         $0.1         $0.3           0.5%

Total                  $10.1        $2.3         $6.1          10.7%




*  Average,  highest  and  lowest  Value  at Risk  amounts  relate  to the
quarter-end  amounts  for each  calendar  quarter-end  during  the  fiscal
year.  All amounts represent millions of dollars.


** Average  Capitalization  is the average of the  Trust's  capitalization
at the end of each fiscal quarter during the relevant fiscal year.


Material Limitations on Value at Risk as an Assessment of Market Risk


The face  value of the  market  sector  instruments  held by the  Trust is
typically  many  times  the  applicable   maintenance  margin  requirement
(maintenance margin requirements  generally ranging between  approximately
1%  and  10%  of   contract   face  value)  as  well  as  many  times  the
capitalization   of  the  Trust.   The   magnitude  of  the  Trust's  open
positions  creates  a "risk of ruin"  not  typically  found in most  other
investment  vehicles.  Because  of  the  size  of its  positions,  certain
market conditions,  unusual, but historically  recurring from time to time
- could  cause the Trust to incur  severe  losses  over a short  period of
time.   The  foregoing   Value  at  Risk  table,   as  well  as  the  past
performance of the Trust - give no indication of this "risk of ruin."


Non-Trading Risk


The Trust has  non-trading  market risk on its foreign  cash  balances not
needed for margin.  However,  these  balances  (as well as any market risk
they  represent)  are  immaterial.  The Trust holds  substantially  all of
its  assets  in cash on  deposit  with CIS and  CISFS.  The Trust has cash
flow risk on these cash deposits  because if interest  rates  decline,  so
will the interest  paid out by CIS and CISFS at the 91-day  Treasury  bill
rate.  As of  December  31,  2001 and  December  31,  2000,  the Trust had
approximately  $47.0 million and $44.0 million,  respectively,  in cash on
deposit with CIS and CISFS.

Qualitative Disclosures Regarding Primary Trading Risk Exposures


The following  qualitative  disclosures  regarding the Trust's market risk
exposures  - except  for (i)  those  disclosures  that are  statements  of
historical  fact  and  (ii)  the  descriptions  of how the  Trust  and JWH
manage  the   Trust's   primary   market  risk   exposures  -   constitute
forward-looking  statements  within  the  meaning  of  Section  27A of the
Securities  Act  and  Section  21E of the  Securities  Exchange  Act.  The
Trust's  primary market risk exposures as well as the strategies  used and
to be used by JWH for  managing  such  exposures  are  subject to numerous
uncertainties,  contingencies  and risks, any one of which could cause the
actual  results of the Trust's  risk  controls to differ  materially  from
the  objectives of such  strategies.  Government  interventions,  defaults
and   expropriations,   illiquid   markets,   the  emergence  of  dominant
fundamental  factors,  political  upheavals,  changes in historical  price
relationships,   an  influx   of  new   market   participants,   increased
regulation  and many other  factors  could  result in  material  losses as
well  as  in  material   changes  to  the  risk  exposures  and  the  risk
management  strategies  of the Trust.  There can be no assurance  that the
Trust's current market  exposure  and/or risk  management  strategies will
not change  materially  or that any such  strategies  will be effective in
either the short- or  long-term.  Investors  must be  prepared to lose all
or substantially all of their investment in the Trust.


The following  were the primary  trading risk exposures of the Trust as of
December 31, 2001 and December 31, 2000, by market sector.


Interest  Rates.  Interest  rate risk is a major  market  exposure  of the
Trust.   Interest  rate  movements   directly  affect  the  price  of  the
sovereign  bond  positions  held by the Trust and  indirectly the value of
its stock index and currency  positions.  Interest  rate  movements in one
country as well as relative  interest  rate  movements  between  countries
materially   impact  the  Trust's   profitability.   The  Trust's  primary
interest  rate  exposure is to interest  rate  fluctuations  in the United
States  and the  other  G-7  countries.  However,  the  Trust  also  takes
positions in the  government  debt of smaller  nations - e.g.,  Australia.
The Managing  Owner  anticipates  that G-7 interest  rates will remain the
primary  market  exposure  of the Trust for the  foreseeable  future.  The
changes in  interest  rates  which  have the most  effect on the Trust are
changes  in  long-term,  as  opposed  to  short-term,  rates.  Most of the
speculative  positions  held by the  Trust  are in  medium-  to  long-term
instruments.  Consequently,  even a material  change in  short-term  rates
would  have  little  effect on the Trust  were the  medium-  to  long-term
rates to remain steady.


Currencies.   The  Trust's   currency   exposure   is  to  exchange   rate
fluctuations,   primarily   fluctuations   which  disrupt  the  historical
pricing  relationships  between  different  currencies and currency pairs.
These  fluctuations  are  influenced  by interest  rate changes as well as
political  and general  economic  conditions.  The Trust trades in a large
number of  currencies,  including  cross-rates - i.e.,  positions  between
two  currencies  other than the U.S.  dollar.  However,  the Trust's major
exposures   have   typically   been   in  the   dollar/yen,   dollar/euro,
dollar/Swiss  franc and  dollar/pound  positions.  The Managing Owner does
not anticipate  that the risk profile of the Trust's  currency sector will
change  significantly  in the future.  The currency  trading Value at Risk
figure includes  foreign margin amounts  converted into U.S.  dollars with
an  incremental  adjustment  to reflect the exchange rate risk inherent to
the  dollar-based  Trust  in  expressing  Value  at Risk  in a  functional
currency other than dollars.


Stock  Indices.  The Trust's  primary  equity  exposure is to equity price
risk in the G-7  countries  excluding  the U.S.  The stock  index  futures
traded  by the  Trust are by law  limited  to  futures  on  broadly  based
indices.  As of December 31,  2001,  the Trust's  primary  exposure was in
the DAX  (Germany)  stock  index.  As of December  31,  2000,  the Trust's
primary  exposures  were in the  Nikkei  (Japan)  and  FTSE  (U.K.)  stock
indices.  The  Managing  Owner  anticipates  little,  if any,  trading  in
non-G-7  stock  indices.  The Trust is  primarily  exposed  to the risk of
adverse  price  trends or static  markets in the major U.S.,  European and
Japanese  indices.  (Static  markets would not cause major market  changes
but  would  make it  difficult  for the Trust to avoid  being  "whipsawed"
into numerous small losses.)


Metals.  The JWH  programs  currently  used  for the  Trust  trade  mainly
precious,  not  base,  metals,  and  the  Trust's  primary  metals  market
exposure  is to  fluctuations  in the price of gold.  JWH has from time to
time   taken   substantial   positions   as  it   has   perceived   market
opportunities in these metals to develop.


Commodities.    The   Trust's   primary   commodities   exposure   is   to
agricultural  price movements which are often directly  affected by severe
or  unexpected  weather  conditions.  Grains and cotton  accounted for the
substantial  bulk of the Trust's  commodities  exposure as of December 31,
2001 and  December  31,  2000.  In the past,  the  Trust has had  material
market  exposure  to live  cattle,  coffee,  sugar,  cocoa and the soybean
complex  and may do so again in the  future.  However,  JWH and the  Trust
will  maintain an emphasis on grains,  coffee,  sugar and cocoa,  in which
the Trust has historically taken its largest commodity positions.


Energy.  The  Trust's  primary  energy  market  exposure is to gas and oil
price  movements,  often  resulting  from  political  developments  in the
Middle East.  Although  JWH trades  natural gas to a limited  extent,  oil
is by far the dominant  energy  market  exposure of the Trust.  Oil prices
can be  volatile  and  substantial  profits  and losses  have been and are
expected to continue to be experienced in this market.

Qualitative Disclosures Regarding Non-Trading Risk Exposure


The following  were the only  non-trading  risk  exposures of the Trust as
of December 31, 2001 and December 31, 2000.


Foreign   Currency   Balances.   The  Trust's  primary  foreign   currency
balances  are  in  Japanese  yen,  Euro,  British  pounds  and  Australian
dollars.  The Trust  controls the  non-trading  risk of these  balances by
regularly  converting  these  balances  back  into U.S.  dollars  (no less
frequently than twice a month).


Cash  Position.  The Trust holds  substantially  all its assets in cash at
CIS  and  CISFS,  earning  interest  at  the  90-day  Treasury  bill  rate
(calculated daily).


Qualitative Disclosures Regarding Means of Managing Risk Exposure


The Manager Owner monitors the Trust's  performance and the  concentration
of its open  positions,  and  consults  with JWH  concerning  the  Trust's
overall risk  profile.  If the Managing  Owner felt it necessary to do so,
the Managing  Owner could  require JWH to close out  individual  positions
as well as enter  programs  traded on behalf of the  Trust.  However,  any
such  intervention  would be a highly  unusual  event.  The Managing Owner
primarily  relies on JWH's own risk control  policies while  maintaining a
general supervisory overview of the Trust's market risk exposures.


Risk Management


JWH  attempts  to control  risk in all aspects of the  investment  process
from  confirmation  of a trend to  determining  the optimal  exposure in a
given  market,  and to money  management  issues  such as the  startup  or
upgrade of investor  accounts.  JWH double  checks the  accuracy of market
data,  and will not trade a market  without  multiple  price  sources  for
analytical  input.  In  constructing  a  portfolio,  JWH seeks to  control
overall  risk as well as the  risk  of any one  position,  and JWH  trades
only  markets that have been  identified  as having  positive  performance
characteristics.  Trading  discipline  requires  plans  for the  exit of a
market  as well as for  entry.  JWH  factors  the  point of exit  into the
decision  to  enter  (stop  loss).  The  size  of  JWH's  positions  in  a
particular  market is not a matter of how large a return can be  generated
but of how much  risk it is  willing  to take  relative  to that  expected
return.


To  attempt  to  reduce  the  risk of  volatility  while  maintaining  the
potential for  excellent  performance,  proprietary  research is conducted
on an ongoing  basis to refine  the JWH  investment  strategies.  Research
may suggest  substitution  of alternative  investment  methodologies  with
respect to particular  contracts;  this may occur,  for example,  when the
testing  of a new  methodology  has  indicated  that  its use  might  have
resulted  in  different   historical   performance.   In  addition,   risk
management research and analysis may suggest  modifications  regarding the
relative  weighting among various  contracts,  the addition or deletion of
particular  contracts  from a  program,  or a change in  position  size in
relation  to  account  equity.  The  weighting  of  capital  committed  to
various  markets in the investment  programs is dynamic,  and JWH may vary
the  weighting  at  its  discretion  as  market   conditions,   liquidity,
position limit considerations and other factors warrant.


JWH may  determine  that risks arise when markets are illiquid or erratic,
such as may occur cyclically  during holiday  seasons,  or on the basis of
irregularly  occurring  market  events.  In such  cases,  JWH at its  sole
discretion  may override  computer-generated  signals and may at times use
discretion  in the  application  of its  quantitative  models,  which  may
affect performance positively or negatively.


Adjustments  in position size in relation to account  equity have been and
continue  to be an  integral  part of JWH's  investment  strategy.  At its
discretion,  JWH may adjust the size of a position  in  relation to equity
in certain  markets or entire  programs.  Such  adjustments may be made at
certain  times for some  programs  but not for others.  Factors  which may
affect  the  decision  to adjust  the size of a position  in  relation  to
account equity include ongoing research,  program volatility,  assessments
of current market volatility and risk exposure,  subjective judgment,  and
evaluation of these and other general market conditions.



Item 8.  Financial Statements and Supplementary Data


Reference is made to the financial statements and the notes
thereto attached to this report.


The following summarized quarterly financial information presents the
results of operations and other data for three-month periods ended March
31, June 30, September 30 and December 31, 2001 and 2000.  This
information has not been audited.

                             First Quarter  Second Quarter  Third Quarter Fourth Quarter
                                  2001          2001            2001           2001


Total Revenues             $   7,094,125  $   (3,079,378)  $  1,724,129  $  (1,308,740)
Total Expenses             $   2,194,062  $    1,173,172   $  1,163,736  $   1,153,323
Gross Profit (Loss)        $   4,900,063  $   (4,252,550)  $    560,393  $  (2,462,063)
Net Profit (Loss)          $   4,900,063  $   (4,252,550)  $    560,393  $  (2,462,063)
Net Profit per Unit        $       11.68  $       (10.11)  $       1.30  $       (5.83)





                             First Quarter  Second Quarter  Third Quarter  Fourth Quarter
                                  2000          2000            2000           2000


Total Revenues             $  (5,283,832)  $    (419,161)  $ (1,446,773)  $ 14,597,242
Total Expenses             $   2,159,870   $   1,700,682   $  1,354,603   $  1,106,503
Gross Profit (Loss)        $  (7,443,702)  $  (2,119,843)  $ (2,801,376)  $ 13,490,739
Net Profit (Loss)          $  (7,443,702)  $  (2,119,843)  $ (2,801,376)  $ 13,490,739
Net Profit per Unit        $       (9.64)  $       (3.82)  $      (5.38)  $      28.92

There were no  extraordinary,  unusual  or  infrequently  occurring  items
recognized  in each  full  calendar  quarter  within  the two most  recent
fiscal  years,  and the  Trust has not  disposed  of any  segments  of its
business.  There have been no year-end  adjustments  that are  material to
the results of any fiscal quarter reporter above.



Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure


None.




                        Part III


Item 10. Directors and Executive Officers of the Registrant


The Trust is managed by its  Managing  Owner,  CIS  Investments,  Inc. The
officers  and  directors  of the  Managing  Owner as of December  31, 2001
were as follows:


CIS Investments, Inc.


James A.  Davison  (born in May 1961) is  President  and a  director.  Mr.
Davison  is a graduate  of the School of  Oriental  and  African  Studies,
University  of London.  He began his career  with  Cargill  plc and joined
Cargill  Investor  Services Ltd. in 1987. His management  responsibilities
included  commodity and financial  markets as well as the  development  of
all  business  activity  with  alternative  asset  management  clients  in
European and Middle Eastern  geographies.  He resigned from Cargill plc in
1996 to establish his own  consultancy  business.  One of his  assignments
of  this  business  included  Managing  Director  for  Hasenbichler  Asset
Management  Ltd., one of Europe's  largest  alternative  asset  management
groups  and,  in 1998,  he assumed  responsibility  for all  international
activity of a portfolio of trading  advisors.  He re-joined Cargill plc in
December 2000 as European  Managing  Director of Cargill Investor Services
Ltd.  and was  named  Worldwide  Business  Unit  Leader  of CIS in July of
2001.


Jan R. Waye  (born in June 1948) is Vice  President  and a  director.  Mr.
Waye   assumed  the   position  of  Senior  Vice   President   of  CIS  in
mid-September  1996,  after  returning  from London  where he held various
management  positions for Cargill Investor  Services,  Ltd. including most
recently   Managing  Director  for  CIS  Europe.  He  was  appointed  Vice
President  with CISI on June 24,  1997.  Mr. Waye  joined  Cargill in 1970
and  served in  various  commodity  trading  and  management  position  in
Chesapeake,   Virginia;   Winnipeg,   Manitoba;  and  Vancouver,   British
Columbia.   In  1978  he  moved  to  New  York  and   shortly   thereafter
Minneapolis  as head of Foreign  Exchange  for  Cargill's  metals  trading
business.   Mr.  Waye  served  in  various  management  positions  in  the
Financial  Markets  Group until 1988 when he  assisted  in the  management
and sale of Cargill's  life  insurance  business in Akron,  Ohio. He moved
to London in late  1988.  Mr.  Waye has served as a member of the Board of
LIFFE, the London  International  Financial  Futures and Options Exchange,
and as Vice  Chairman  of its  Membership  and  Rules  Committee.  He also
served on the Board of the  London  Commodity  Exchange  up to its  merger
with  LIFFE.  Mr.  Waye  graduated  from  Concordia   College,   Moorhead,
Minnesota, with a B.A. degree in Communications and Economics in 1970.


Shaun  D.  O'Brien  (born  in  November  1964)  is Vice  President,  Chief
Financial  Officer and a director.  Mr.  O'Brien  became a Vice  President
and a  director  of CISI  on July 1,  1999.  Mr.  O'Brien  graduated  from
Northeastern  University  in 1987 and received a Master's  degree from the
University  of  Minnesota's  Carlson  School of  Management  in 1999.  Mr.
O'Brien began working for Cargill in 1988 and joined CIS in 1999.


Barbara A. Pfendler  (born in May 1953) is Vice  President.  Ms.  Pfendler
is a  graduate  of the  University  of  Colorado,  Boulder.  She began her
career   with   Cargill,   Incorporated   in  1975.   She   held   various
merchandising and management  positions within the organization's  Oilseed
Processing  Division  before  transferring  to CIS in  1986  where  she is
responsible  for  the  Fund  Services   Group.   She  was  appointed  Vice
President of CISI in May 1990 and Vice President of CIS in June 1996.


Christopher  Malo  (born in  August  1956)  is Vice  President.  Mr.  Malo
graduated  from Indiana  University in 1978 with a B.S. in Accounting  and
further  completed  the  University  of  Minnesota  Executive  Program  in
1993.  He started work at Cargill,  Incorporated  in June 1978.  He joined
CIS in 1979, and served as  Secretary/Treasurer  and Controller  from 1983
until  1991.   He  was  elected   Vice   President,   Administration   and
Operations  in July 1991.  He was  Managing  Director  in Europe from 1996
until January  1999,  responsible  for CIS  activities  and  operations in
Europe,  the  Middle  East and  Russia.  He was an  active  member  of the
FIA-UK  Chapter and LIFFE  Membership  and Rules  Committee.  He currently
serves on the Board of the FIA in Chicago.


Patrice  H.  Halbach  (born  in  August  1953)  is a Vice  President.  Ms.
Halbach  graduated Phi Beta Kappa from the  University of Minnesota with a
B.A.  degree in  history.  In 1980 she  received  a J.D.  degree cum laude
from the  University of Minnesota.  She is a member of the Tax  Executives
Institute,   the  American  Bar   Association   and  the   Minnesota   Bar
Association.   Ms.   Halbach   joined  the  Law   Department  of  Cargill,
Incorporated  in February 1983.  She had previously  been an attorney with
Fredrikson and Byron, Minneapolis, Minnesota.  In December  1990,  she was
named Senior Tax Manager for Cargill,  Incorporated's  Tax  Department and
became  Assistant  Tax  Director  in March 1993.  She was named  Assistant
Vice  President  of  Cargill,  Incorporated's  Administrative  Division in
April  1994.  In January  1999,  she was named  Vice  President,  Tax,  of
Cargill,  Incorporated.  In her current  position as Vice President,  Tax,
Ms. Halbach oversees Cargill, Incorporated's global tax function.


Todd R. Urbon  (born in April 1967) is  Treasurer.  Mr.  Urbon  became the
Treasurer  and  director  on June  14,  2001.  Mr.  Urbon  graduated  from
Northern  Illinois  University in 1989 with a B.S.  degree in Finance.  He
became a Certified  Cash  Manager in July 1999.  Mr.  Urbon began  working
for CIS in 1989.


Barbara  A.  Walenga  (born  in  February  1960)  is  the  Secretary.  Ms.
Walenga  graduated  from  Fayetteville  Technical  Institute in 1981.  She
began  working  at CIS in August  1981.  She has held  various  compliance
management  positions  at  CIS  and  is  currently  the  Legal  Compliance
Manager.  She  is  currently  a  member  of the  FIA  Law  and  Compliance
Division and the SIA Compliance and Legal Division.


The following are additional  officers of CISI:  James Clemens,  Assistant
Secretary;   Lillian  Lundeen,   Assistant  Secretary;  Anne  R.  Carlson,
Assistant Secretary; and Jeanne Y. Smith, Assistant Secretary.


Each  officer  and  director  holds such  office  until the  election  and
qualification  of his or her successor or until his or her earlier  death,
resignation or removal.




Item 11.   Executive Compensation


The Trust has no officers or  directors.  The Managing  Owner  administers
the  business  and  affairs  of the  Trust  (exclusive  of  Trust  trading
decisions  which are made by an independent  commodity  trading  advisor).
The officers and directors of the Managing  Owner receive no  compensation
from  the  Trust  for  acting  in  their  respective  capacities  with the
Managing Owner.


All operating and  administrative  expenses  attributable to the Trust are
paid by the Managing  Owner  except for  brokerage  commissions,  advisory
fees, legal, accounting,  auditing,  printing,  recording and filing fees,
postage charges and Trustee fees which are paid directly by the Trust.


CIS  and  CISFS,  affiliates  of  the  Managing  Owner,  are  the  Trust's
clearing  broker  and  currency  dealer,  respectively.  During  the  year
ended  December  31,  2001,  the  Trust  accrued  and paid  $3,215,618  in
brokerage  commissions  to CIS,  as  compared  to  $3,737,532  in 2000 and
$6,136,926 in 1999.



Item 12.  Security Ownership of Certain Beneficial Owners and Management


(a) As of  December  31,  2001,  no  person  was known to the Trust to own
      beneficially more than 5% of the outstanding units.


(b) As of December  31,  2001,  the Managing  Owner  beneficially  held an
      ownership of $642,340  (which is the  equivalent of 5,754.50  units)
      or  approximately  1.30% of the  ownership  of the  Trust as of that
      date.


  (c)  As of  December  31,  2001,  no  arrangements  were  known  to  the
       registrant,  including  any  pledges  by any person of units of the
       Trust  or  shares  of  its  Managing  Owner  or the  parent  of the
       Managing  Owner,  such  that a change in  control  of the Trust may
       occur at a subsequent date.



Item 13. Certain Relationships and Related Transactions


(a) None other than the compensation arrangements described herein.


(b) None.


(c) None.


(d) Not Applicable.




                                Part IV


Item 14. Exhibits, Financial Statements, Schedules and Reports on Form 8-K


(a) The following documents are included herein:


(1)     Financial Statements:


a.       Report of Independent Public Accountants.


      b.  Statements  of  Financial  Condition as of December 31, 2001 and
           2000.


      c. Statements of Operations and Statements of  Unitholders'  Capital
           for the years ended December 31, 2001, 2000 and 1999.


      d.   Notes to Financial Statements.



(2) All financial  statement  schedules  have been omitted  either because
      the  information  required by the  schedules is not  applicable,  or
      because the  information  required  is  contained  in the  financial
      statements included herein or the notes hereto.



(3) Exhibits:


    See the Index to Exhibits annexed hereto.


(b) Reports on Form 8-K:


     None




SIGNATURES


Pursuant  to the  requirements  of Section 13 or 15 (d) of the  Securities
Exchange  Act of 1934,  the  registrant  has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.




Date:  March 29, 2002   JWH GLOBAL TRUST



                  By:  CIS Investments, Inc.
                      (Managing Owner)




                  By: /s/ James A. Davison
                          James A. Davison
                          President




Pursuant  to the  requirements  of the  Securities  Exchange  Act of 1934,
this report has been signed  below by the  following  persons on behalf of
the registrant and in the capacities and on the date indicated.




Date:  March 29, 2002



                  /s/ James A. Davison
                      James A. Davison
                      President and Director




                  /s/ Barbara A. Pfendler
                      Barbara A. Pfendler
                      Vice President




                  /s/ Shaun D. O'Brien
                      Shaun D. O'Brien
                      Vice President and CFO







Index to Exhibits



Exhibit                                                          Sequentially
Number  Description of Document                                  Numbered Page
                                                                   Reference



1.01    Form of Selling  Agreement among CIS  Securities,  Inc. (the   N/A
        "Lead Selling Agent"),  JWH Global Trust (the "Registrant"),
        CIS Investments,  Inc. (the "Managing Owner"), CIS Financial
        Services,  Inc. ("CISFS"),  Cargill Investor Services,  Inc.
        ("CIS") and John W. Henry and Company, Inc. ("JWH").1


3.01    Fourth  Amended and Restated  Declaration  and  Agreement of   N/A
        Trust of the Registrant.1


3.02    Certificate  of  Amendment  of  Certificate  of Trust of the   N/A
        Registrant.2


10.01   Form of Subscription Agreement and Power of Attorney.1         N/A


10.02   Form of Amended Escrow  Agreement among the Registrant,  The   N/A
        First  National Bank of Chicago,  the Managing Owner and the
        Lead Selling Agent.3


10.03   Form of Trading  Advisory  Agreement  among the  Registrant,   N/A
        the Managing Owner, CIS and JWH.3


10.04   Form of Customer Agreement between the Registrant and CIS.3    N/A


10.05   Form of  Foreign  Exchange  Account  Agreement  between  the   N/A
        Registrant and CIS Financial Services, Inc. ("CISFS").3


10.06   Form  of  Cash  Bullion   Account   Agreement   between  the   N/A
        Registrant and CISFS.3


10.07   Form of Transfer Agent Agreement.3                             N/A


13.01   Annual Report to Unitholders for Fiscal Year 2001               1


1  Incorporated  by reference  to  Post-Effictive  Amendment  No. 6 to the
respective  exhibit to the  Registrant's  Registration  Statement  on Form
S-1 in (Reg. No. 333-33937) filed on March 12, 2002.


2 The following  exhibits are  incorporated  by reference  herein from the
exhibits  of the same  description  and number  filed on August  19,  1997
with   Registrant's   Registration   Statement  on  Form  S-1  (Reg.   No.
333-33937).


3 The following  exhibits are  incorporated  by reference  herein from the
exhibits of the same  description  and number  filed on February  10, 1997
with Amendment No. 1 to  Registrant's  Registration  Statement on Form S-1
(Reg. No. 333-16825; declared effective April 3, 1997).









                      Index to Financial Statements


                            Table of Contents





Independent Auditors' Report


Financial Statements:
Statements of Financial Condition, December 31, 2001 and 2000


Statements of Operations, Years ended December 31, 2001, 2000, and 1999


Statements of Changes in Unitholders' Capital, Years ended December 31,
2001, 2000, and 1999


Notes to Financial Statements


Schedule of Investments, December 31, 2001


Acknowledgment










                       Independent Auditors' Report





The Unitholders
JWH Global Trust:




We have  audited  the  accompanying  statements  of  financial  condition,
including  the schedule of  investments,  of JWH Global Trust  (the Trust)
as  of  December 31,   2001  and  2000,  and  the  related  statements  of
operations  and changes in  unitholders'  capital for each of the years in
the  three-year   period  ended   December 31,   2001.   These   financial
statements  are  the  responsibility  of  the  Trust's   management.   Our
responsibility  is to express an  opinion  on these  financial  statements
based on our audits.


We conducted our audits in accordance  with auditing  standards  generally
accepted in the United  States of America.  Those  standards  require that
we plan  and  perform  the  audit to  obtain  reasonable  assurance  about
whether the financial  statements  are free of material  misstatement.  An
audit  includes  examining,  on a  test  basis,  evidence  supporting  the
amounts  and  disclosures  in the  financial  statements.  An  audit  also
includes   assessing  the  accounting   principles  used  and  significant
estimates  made  by   management,   as  well  as  evaluating  the  overall
financial  statement  presentation.  We believe that our audits  provide a
reasonable basis for our opinion.


In our  opinion,  the  financial  statements  referred  to  above  present
fairly,  in all material  respects,  the financial  position of JWH Global
Trust  as  of  December 31,   2001  and  2000,  and  the  results  of  its
operations  and  changes  in its  unitholders'  capital,  for  each of the
years in the  three-year  period ended  December 31,  2001,  in conformity
with  accounting  principles  generally  accepted in the United  States of
America.






Chicago, Illinois
February 11, 2002

Statements of Financial Condition           December 31, 2001 and 2000

Assets                                                               2001            2000


    Equity in commodity trading accounts:
      Cash on deposit with Brokers                                $  46,976,650      44,316,136
      Unrealized gain on open contracts                               2,557,319       8,003,965


                                                                     49,533,969      52,320,101


    Receivable for units sold                                           618,077         191,437
    Interest receivable                                                  70,569         223,611
    Prepaid initial organization and offering costs                      55,072          187,244


              Total assets                                        $  50,277,687      52,922,393


Liabilities and Unitholders' Capital
Liabilities:
    Accrued commissions on open contracts                         $     265,856         282,628
      due to CIS
    Accrued management fees                                              82,703          87,816
    Accrued operating expenses                                           60,000          60,000
    Accrued offering expenses                                            20,526          21,796
    Redemptions payable                                                 313,509         2,340,419


              Total liabilities                                         742,594       2,792,659



Unitholders' capital:
    Beneficial owners (438,008.69 and 430,765.38 units outstanding at
      December 31, 2001 and 2000, respectively)                      48,892,753      49,361,538
    Managing owner (5,754.50 and 6,703.91 units outstanding at
      December 31, 2001 and 2000, respectively)                         642,340         768,196


              Total unitholders' capital                             49,535,093      50,129,734


              Total liabilities and unitholders' capital          $  50,277,687      52,922,393







Statements of Operations                                       Years ended December 31, 2001, 2000 and 1999


                                                                       2001            2000            1999
Revenues:
    Gain (loss) on trading of commodity contracts:
        Realized gain on closed positions                         $   8,079,390            740       2,105,322
        Change in unrealized gain (loss) on open positions           (5,446,646)     4,664,653      (4,219,845)
    Interest income                                                   1,657,888      3,265,169       4,299,669
    Foreign currency transaction gain (loss)                            139,504       (483,085)        153,831


              Total revenues                                          4,430,136      7,447,477       2,338,977


Expenses:
    Commission paid to CIS                                            3,215,618      3,737,532       6,136,926
    Exchange, clearing and NFA fees                                      32,547         38,489          83,215
    Management fees                                                   1,001,094      2,088,954       3,833,530
    Incentive fees                                                      990,171              -         853,599
    Amortization of prepaid initial organization and offering costs     132,172        132,173         132,172
    Ongoing organization and offering expenses                          248,048        288,770         474,221
    Operating expenses                                                   64,643         35,740          47,406


              Total expenses                                          5,684,293      6,321,658      11,561,069


              Net profit (loss)                                   $  (1,254,157)     1,125,819      (9,222,092)


Profit (loss) per unit of beneficial ownership interest           $       (2.96)         10.08          (10.89)
Profit (loss) per unit of managing ownership interest                     (2.96)         10.08          (10.89)


See accompanying notes to financial statements.






Statements of Changes in Unitholders' Capital                 Years ended December 31, 2001, 2000 and 1999


                                                                 Beneficial        Managing
                                                  Units*          Owners           Owner            Total


Balance at December 31, 1998                      818,706.12       94,471,052        1,001,494     95,472,546


Net loss                                                   -       (9,119,572)        (102,520)    (9,222,092)
Unitholders' contributions                        164,883.44       18,624,039                -     18,624,039
Unitholders' redemptions                         (177,214.77)     (19,704,627)               -    (19,704,627)


Balance at December 31, 1999                      806,374.79       84,270,892          898,974     85,169,866


Net loss                                                   -        1,056,111           69,708      1,125,819
Unitholders' contributions                         18,386.99        1,766,481               58      1,766,539
Unitholders' redemptions                         (393,996.40)     (37,731,946)        (200,544)   (37,932,490)


Balance at December 31, 2000                      430,765.38       49,361,538          768,196     50,129,734


Net income                                                 -       (1,238,945)         (15,212)    (1,254,157)
Unitholders' contributions                         72,485.25        8,406,483                -      8,406,483
Unitholders' redemptions                          (65,241.94)      (7,636,323)        (110,644)    (7,746,967)


Balance at December 31, 2001                      438,008.69       48,892,753          642,340     49,535,093


Net asset value per unit at December 31, 2001                    $     111.63           111.63
Net asset value per unit at December 31, 2000                          114.59           114.59
Net asset value per unit at December 31, 1999                          104.51           104.51


*Units of beneficial ownership.

See accompanying notes to financial statements.

Notes to Financial Statements


December 31, 2001, 2000 and 1999


(1) General Information and Summary


JWH Global Trust  (the Trust),  a Delaware  business trust organized
on  November 12,  1996,  was  formed to  engage  in the  speculative
trading of futures contracts on currencies,  interest rates,  energy
and  agricultural  products,  metals  and  stock  indices,  spot and
forward  contracts on currencies and precious metals,  and exchanges
for physicals  pursuant to the trading  instructions  of independent
trading   advisors.   The  Managing   Owner  of  the  Trust  is  CIS
Investments,  Inc.  (CISI).  The clearing broker is Cargill Investor
Services,  Inc.  (Clearing  Broker or CIS),  the  parent  company of
CISI.  The broker for forward  contracts is CIS Financial  Services,
Inc. (CISFS or Forwards Currency Broker),  an affiliate of CISI. The
Clearing Broker and the Forwards  Currency Broker will  collectively
be referred to as the Brokers.


Units of  beneficial  ownership  of the Trust  commenced  selling on
April 3,  1997 and trading began on June 2, 1997. The initial amount
offered for investment was $50,000,000.  On September 26,  1997, the
Trust registered an additional  $155,000,000 for further  investment
and  continued  the  offering.  By  December 31,  2001,  a total  of
1,204,153.28 units  representing  an investment for  $127,470,596 of
beneficial   ownership  interest  had  been  sold  in  the  combined
offerings.  In addition,  during the  offerings,  the Managing Owner
purchased  a  total  of  8,602.73   units,   representing   a  total
investment  of  $885,058.  See the JWH Global Trust  prospectus  for
further details of the offering.


The Trust will be  terminated on  December 31,  2026, if none of the
following  occur prior to that date:  (1) beneficial  owners holding
more than 50% of the outstanding  units notify the Managing Owner to
dissolve the Trust as of a specific date;  (2) disassociation of the
Managing Owner with the Trust;  (3) bankruptcy of the Trust;  (4), a
decrease  in the net  asset  value to less  than  $2,500,000;  (5) a
decline   in  the  net  asset   value  per  unit  to  $50  or  less;
(6) dissolution  of the Trust;  or (7) any  event that would make it
unlawful  for the  existence of the Trust to be continued or require
dissolution of the Trust.


(2)  Summary of Significant Accounting Policies


The  accounting  and  reporting  policies  of the Trust  conform  to
accounting  principles  generally  accepted in the United  States of
America and to general  practices in the commodities  industry.  The
following  is  a  description  of  the  more  significant  of  those
policies   that  the  Trust   follows  in  preparing  its  financial
statements.


Revenue Recognition


Commodity   futures   contracts,    forward   contracts,    physical
commodities,  and related  options  are  recorded on the trade date.
All such  transactions are recorded on the identified cost basis and
marked  to  market  daily.  Unrealized  gains  and  losses  on  open
contracts   reflected  in  the  statements  of  financial  condition
represent  the  difference  between  original  contract  amount  and
market  value (as  determined  by  exchange  settlement  prices  for
futures  contracts  and related  options and cash dealer prices at a
predetermined time for forward contracts,  physical commodities, and
their  related  options) as of the last  business day of the year or
as of the last date of the financial statements.


The Trust earns  interest on its assets on deposit at the Brokers at
100% of the 91-day  Treasury bill rate for deposits  denominated  in
U.S. dollars,  and at the rates agreed between the Trust and CIS and
CISFS for deposits denominated in other currencies.


Redemptions


A  beneficial  owner  may cause any or all of his or her units to be
redeemed by the Trust  effective  as of the last  trading day of any
month of the  Trust  based on the Net  Asset  Value per unit on five
days'  written  notice to the Managing  Owner.  Payment will be made
within ten business  days of the effective  date of the  redemption.
Any  redemption  made  during the first 11 months of  investment  is
subject to a 3% redemption penalty.  Any redemption made in the 12th
month of  investment  or later will not be  subject to any  penalty.
The Trust's Amended and Restated  Declaration and Agreement of Trust
contains a full description of redemption and distribution policies.


Organizational and Offering Costs


Initial  organizational and offering costs advanced to the Trust are
being amortized over the first 60 months of the Trust's  operations,
subject to a maximum  monthly expense of 1/60 of 2% of the month-end
net assets.  Ongoing offering costs, subject to a ceiling of 0.5% of
the Trust's average month-end net assets,  are paid by the Trust and
expensed as incurred.


Commissions


Commodity  brokerage  commissions  are typically paid for each trade
transacted  and are referred to as "round-turn  commissions".  These
commissions  cover  both  the  initial  purchase  (or sale)  and the
subsequent  offsetting  sale  (or purchase)  of a commodity  futures
contract.  The Trust does not pay commodity brokerage commissions on
a per-trade basis, but rather pays monthly flat-rate  Brokerage Fees
at the  annual  rate of 6.5%  (or a  monthly  rate of  approximately
0.542%) of the  Trust's  month-end  assets  after  reduction  of the
Management  Fee. CIS receives these  Brokerage Fees  irrespective of
the number of trades  executed  on the  Trust's  behalf.  The amount
paid to CIS is  reduced  by  exchange  fees paid by the  Trust.  The
round-turn  equivalent  rate for  commissions  paid by the Trust for
the years ended December 31,  2001, 2000, and 1999 was $56, $57, and
$59, respectively.


Foreign Currency Transactions


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


Use of Estimates


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


(3)  Fees


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


Under signed  agreement,  prior to October 1,  2000,  JWH received a
monthly  management  fee  of  1/12  of 4% of the  Trust's  month-end
assets  after  deduction  of a portion  of the  Brokerage  Fee at an
annual rate of 1.25% of month-end Trust assets but before  deduction
of any management  fees,  redemptions,  distributions,  or incentive
fee  accrued  or  payable as of the  relevant  month end.  Effective
October 1,  2000,  the agreement  with JWH was changed to reduce the
monthly  management  fee to 1/12 of 2% of the  month-end  net assets
after the deductions.


Also, under signed  agreement,  prior to October 1,  2000, the Trust
paid  to JWH a  quarterly  incentive  fee  equal  to 15% of the  new
trading  profits of the  Trust.  The  incentive  fee is based on the
overall  performance of the Trust,  not  individually  in respect of
the  performance of the individual  programs  utilized by the Trust.
This fee is also  calculated by deducting a portion of the Brokerage
Fees at an annual  rate of 1.25%.  Effective  October 1,  2000,  the
agreement  with JWH was changed to increase the incentive fee to 20%
of the net trading profits.


(4)   Income Taxes


No  provision  for  Federal  income  taxes  has  been  made  in  the
accompanying  financial  statements  as  each  beneficial  owner  is
responsible for reporting  income (loss) based on the pro rata share
of the profits or losses of the Trust.  Generally,  for both Federal
and State tax purposes,  trusts,  such as the JWH Global Trust,  are
treated as  partnerships.  The Trust is responsible for the Illinois
State  Partnership  Information  and  Replacement  Tax  based on the
operating  results of the  Trust.  Such tax  amounted  to $0 for the
years ended December 31,  2001, 2000, and 1999, respectively, and is
included in operating expenses in the statement of operations.


(5)  Financial Instruments with Off-balance Sheet Risk


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


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


Net trading  results from  derivatives  for the years ended December
31,  2001,  2000,  and  1999,  are  reflected  in the  statement  of
operations  and equal gains  (losses)  from trading  less  brokerage
commissions.  Such trading results reflect the net gain arising from
the Trust's  speculative  trading of futures contracts,  and forward
contracts.


The notional  amounts of open  contracts  at December  31, 2001,  as
disclosed  in the  Schedule of  Investments,  do not  represent  the
Trust's  risk of loss due to market  and  credit  risk,  but  rather
represent the 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)  Financial Highlights


The  following  financial  highlights  show  the  Trust's  financial
performance  for the period ended  December  31, 2001.  Total return
is  calculated  as the change in a  theoretical  beneficial  owner's
investment  over the  entire  period.  Total  return  is  calculated
based on the aggregate return of the Trust taken as a whole.




Total return                          (2.58)%


Ratio to average net assets:
    Net loss                          (2.56)%


    Expenses
       Expenses                        9.58%
       Incentive fees                  2.02%


          Total expenses              11.60%




The  net  investment  income  and  operating   expenses  ratios  are
computed  based upon the  weighted  average net assets for the Trust
for the period ended December 31, 2001.

                                             JWH GLOBAL TRUST
                                          Schedule of Investments
                                             December 31, 2001


                                              Number of     Principal (notional)     Value (OTE)
                                              contracts


Long positions:
Futures positions (-0.32%)
Agriculture                                           8          $    142,360             (12,440)
Interest rates                                       70            15,945,260             (38,036)
Metals                                              120             3,698,602            (121,987)
Indices                                              17             1,101,596              11,956


                                                                   20,887,818            (160,507)


Currencies                                           14            65,814,186             (38,791)


     Total long positions                                        $ 86,702,004            (199,298)


Short positions:
----------------
Futures positions (0.16%)
Agriculture                                         201          $  2,648,226              54,109
Energy                                              122             2,515,245              (2,949)
Interest rates                                    1,214           145,427,455              40,137
Metals                                              194             5,697,334            (211,956)


                                                                  156,288,260              79,341


Forward positions (5.40%)
Currencies
Swiss Francs                                                        5,879,530              (77,754)
Swiss Francs                                                        5,804,151              (79,745)
Euros                                                               3,910,595              (46,119)
Japanese Yens                                                       2,775,988              117,327
Japanese Yens                                                       2,223,405               98,369
Japanese Yens                                                      20,491,775              905,518
Japanese Yens                                                       4,973,001              213,708
Swiss Francs                                                        9,949,973             (131,584)
Euros                                                               3,643,964               41,116
Euros                                                              22,752,556             (268,332)
Japanese Yens                                                      11,746,572              504,793
Japanese Yens                                                       3,093,638              130,753
Japanese Yens                                                      18,766,272              829,269
Swiss Francs                                                        1,432,193              (18,940)
Swiss Francs                                                        1,432,193              (19,677)
Euros                                                                 888,772               (9,985)
Japanese Yens                                                      11,056,027              488,558


                                                                  130,820,605            2,677,276


                 Total short positions                           $287,108,865            2,756,617


Total open contracts (5.16%)                                                          $  2,557,319
Cash on deposit with brokers (94.84%)                                                   46,976,650
Other assets in excess of liabilities (0.002%)                                               1,124


Net assets (100.0%)                                                                   $ 49,535,093

Acknowledgment






To the best of my knowledge and belief, the information contained herein
is accurate and complete.













Shaun D. O'Brien
Chief Financial Officer,
CIS Investments, Inc.,
The Managing Owner and Commodity Pool Operator of JWH Global Trust