10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2003
Commission File Number: 333-33937

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

Delaware	36-4113382
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

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

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

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

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

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

The number of units outstanding, as of March 31, 2003, are 596,837.28.

TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
	Item 1.  Financial Statements
		Statements of Financial Condition
		Statements of Operations
		Statement of Changes in Unitholders’ Capital
		Notes to Financial Statements
		Schedule of Investments
	Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operation
	Item 3.  Quantitative and Qualitative Disclosures About Market Risk
	Item 4.  Controls and Internal Procedures
Part II. OTHER INFORMATION
	Item 1.  Legal Proceedings
	Item 2.  Changes in Securities and Use of Proceeds
	Item 3.  Defaults Upon Senior Securities
	Item 4.  Submission of Matters to a Vote of Security Holders
	Item 5.  Other Information
	Item 6.  Exhibits and Reports on Form 8-K
SIGNATURES
CERTIFICATIONS
EXHIBIT 99
FORM 10-K DECEMBER 31, 2002

PART 1 – FINANCIAL INFORMATION

Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ended March 31, 2003 and the additional time frames as noted:

	Fiscal Quarter Ended 3/31/03	Year to Date Ended 3/31/03	Fiscal Year Ended 12/31/02	Fiscal Quarter Ended 3/31/02	Year to Date Ended 3/31/02
Statements of Financial Condition	X		X
Statements of Operations	X	X		X	X
Statement of Changes in Partners' Capital		X
Notes to Financial Statements	X

JWH GLOBAL TRUST
STATEMENTS OF FINANCIAL CONDITION
(unaudited)

		Mar. 31, 2003		Dec 31, 2002
		(unaudited)
Assets
Assets:
Equity in commodity futures:
Cash on deposit with Brokers	$	82,925,039	$	56,847,327
Unrealized loss (gain) on open contracts		(1,239,167)		6,350,230
		81,685,872		63,197,557
Receivable for units sold		9,729,800		1,853,334
Interest receivable		77,602		60,731
Total Assets		91,493,274		65,111,622
Liabilities and Unitholders' Capital
Liabilities:
Accrued commissions		439,984		340,076
Accrued management fee		136,134		105,324
Accrued incentive fee		1,206,343		0
Accrued operating expenses		52,772		60,000
Accrued offering expenses		33,303		26,147
Redemptions payable		346,477		449,549
Total liabilities		2,215,013		981,096
Unitholders' Capital:
Benefical Owners (591,082.78 units outstanding at March 31, 2003,       453,878.17 units outstanding at December 31, 2002)		88,417,478		63,327,633
Managing Owner (5,754.50 units outstanding at March 31, 2003,       and December 31, 2002)		860,783		802,893
Total unitholders' capital		89,278,261		64,130,526
Total liabilities and unitholders' capital	$	91,493,274	$	65,111,622
Net asset per unit	$	149.59	$	139.53
See accompanying notes to financial statements.

JWH GLOBAL TRUST
STATEMENTS OF OPERATIONS
(unaudited)

		Jan. 1, 2003 through March 31, 2003		Jan. 1, 2002 through Mar. 31, 2002
Revenues:
Gain (loss) on trading of commodity contracts:
Realized gain (loss) on closed positions	$	14,746,237	$	(2,866,784)
Change in unrealized loss on open       positions		(7,589,396)		(2,445,281)
Interest Income		202,480		193,384
Foreign currency transaction gain(loss)		20,872		(30,378)
Total revenues		7,380,193		(5,149,059)
Expenses:
Commissions		1,240,769		745,397
Exchange, clearing and NFA fees		6,213		4,985
Management fees		384,299		231,226
Incentive fees		1,221,849		0
Amortization of prepaid initial organization and offering costs		0		33,043
Ongoing organization and offering expenses		93,707		57,384
Operating expenses		15,000		14,882
Total expenses		2,961,837		1,086,917
Net profit (loss)	$	4,418,356	$	(6,235,976)
Profit (loss) per unit of beneficial ownership interest	$	10.06	$	(14.11)
Profit (loss) per unit of managing ownership interest	$	10.06	$	(14.11)
See accompanying notes to financial statements.

JWH GLOBAL TRUST
STATEMENT OF CHANGES IN UNITHOLDERS' CAPITAL
From January 1, 2003 through March 31, 2003
(unaudited)

	Units*		Beneficial Owners		Managing Owner		Total
Unitholders' capital at January 1, 2003	453,878.17	$	63,327,633	$	802,893	$	64,130,526
Net profit			4,360,466		57,890		4,418,356
Unitholders' contributions	144,935.32		21,895,406		0		21,895,406
Unitholders' redemptions	(7,730.71)		(1,166,027)		0		(1,166,027)
Unitholders' capital at March 31, 2003	591,082.78	$	88,417,478	$	860,783	$	89,278,261
Net asset value per unit January 1, 2003			139.53		139.53
Net profit per unit			10.06		10.06
Net asset value per unit March 31, 2003		$	149.59	$	149.59
* Units of beneficial ownership interest.
See accompanying notes to financial statements.

JWH GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS

March 31, 2003

(1)    General Information and Summary

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

Units of beneficial ownership of the Trust commenced selling on April 3, 1997 and trading began on June 2, 1997. The initial amount offered for investment was $50,000,000. On September 26, 1997, the Trust registered an additional $155,000,000 for further investment and continued the offering. By March 31, 2003, a total of 1,436,787.70 units representing an investment for $160,356,617.24 of beneficial ownership interest had been sold in the combined offerings. In addition, during the offerings, the Managing Owner purchased a total of 8,602.73 units, representing a total investment of $885,058. See the JWH Global Trust prospectus for further details of the offering.

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

(2)    Summary of Significant Accounting Policies

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

Revenue Recognition

Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized 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 NAV per unit on five days’ written notice to the Managing Owner. Payment will be made within ten business days of the effective date of the redemption. Any redemption made during the first 11 months of the investment is subject to a 3% redemption penalty. Any redemption made in the 12th month of investment or later will not be subject to any penalty. The Trust’s Amended and Restated Declaration and Agreement of Trust contains a full description of redemption and distribution policies.

Organizational and Offering Costs

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

Commissions

Commodity brokerage commissions are typically paid for each trade transacted and are referred to as “round-turn commissions”. These commissions cover both the initial purchase (or sale) and the subsequent offsetting sale (or purchase) of a commodity futures contract. The Trust does not pay commodity brokerage commissions on a per-trade basis, but rather pays monthly flat-rate Brokerage Fees at the annual rate of 6.5% (or a monthly rate of approximately 0.542%) of the Trust’s average month-end net assets after reduction of the management fee. CIS receives these Brokerage Fees irrespective of the number of trades executed on the Trust’s behalf. The amount paid to CIS is reduced by exchange fees paid by the Trust.

Foreign Currency Transactions

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

Use of Estimates

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

(3)    Fees

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

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

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%.

(4)    Income Taxes

No provisions for Federal income taxes has been made in the accompanying financial statements as each beneficial owner is responsible for reporting income (loss) based on the pro rata share of the profits or losses of the Trust. Generally, for both Federal and state tax purposes, trusts, such as JWH Global Trust, are treated as partnerships. The Trust is responsible for the Illinois State Partnership Information and Replacement Tax based on the operating results of the Trust. Such tax amounted to $0 for the quarters ended March 31, 2003 and March 31, 2002 and is included in operating expenses in the statement of operations.

(5)    Trading Activities and Related Risks

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

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

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

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

Net trading results from derivatives for the periods ended March 31, 2003, and 2002, are reflected in the statements of operations and equal gains (losses) from trading less brokerage commissions. Such trading results reflect the net gain arising from the Trust’s speculative trading of futures contracts and forward contracts.

The notional amounts of open contracts at March 31, 2003, as disclosed in the Schedule of Investments, do not represent the Trust’s risk of loss due to market and credit risk, but rather represent the extent of the Trust’s involvement in derivatives at the date of the statement of financial condition.

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

(6)    Financial Statement Preparation

The interim financial statements are unaudited but reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments consist primarily of normal recurring accruals. These interim financial statements should be read in conjunction with the audited financial statements of the Trust for the year ended December 31, 2002, as filed with the Securities and Exchange Commission (SEC) on March 31, 2003, as part of its Annual Report on Form 10-K.

The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the fiscal year.

(7)    Financial Highlights

The following financial highlights show the Trust’s financial performance for the three-month period ended March 31, 2003. Total return is calculated as the change in the 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:
Total return before incentive fee	8.81%
Incentive fee allocation	-1.60%
Total Return	7.21%
Ratio to average net assets:
Net income	5.77%
Expenses:
Expenses	2.27%
Incentive fees	1.60%
Total expenses	3.87%

The net income and expenses ratios are computed based upon the weighted average net assets for the Trust for the three-month period ended March 31, 2003.

JWH GLOBAL TRUST
Schedule of Investments
March 31, 2003

	Number of contracts		Principal (notional)		Value (OTE)
Long positions
Futures positions (-0.46%)
Agriculture	72	$	1,880,544	$	6,609
Energy	0		0		0
Interest rates	398	$	119,413,745	$	204,376
Metals	379		13,053,188		(621,169)
Idices	9		183,780		(7,170)
			134,531,257		(417,354)
Forward positions (1.33%)
Currencies	23		149,725,503		1,214,603
Total long positions		$	284,256,760	$	797,249
Short positions
Futures positions (0.44%)
Agriculture	84	$	1,089,000	$	12,400
Energy	33		832,271		(44,699)
Interest Rates	527	$	41,868,649	$	(356,661)
Metals	621		21,008,664		479,352
Indices	181		9,794,087		312,255
			74,592,671		402,647
Forward positions (-2.67%)
Currencies	10		174,484,445		(2,439,063)
Total short positions		$	249,077,166	$	(2,036,416)
Total open contracts (-1.35%)				$	(1,239,167)
Cash on deposit with brokers (90.64%)					82,925,039
Other assets in excess of liabilities (10.72%)					9,807,402
Net assets (100%)				$	91,493,274

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

Fiscal Quarter ended March 31, 2003

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

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

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

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

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

In early March, out of concern for heightened volatility in global markets, JWH reduced the Trust’s exposure to all markets traded but continued to follow its disciplined trading approach. Normal market leverage will resume when it is deemed appropriate.

During the quarter there were 144,935.32 units sold to the beneficial owners for an investment of $21,895,406. Beneficial owners redeemed a total of 7,730.71 units during the quarter. The Managing Owner redeemed a total of 0.00 units during the quarter. At the end of the quarter there were 591,082.78 units outstanding owned by the beneficial owners and 5,754.50 units outstanding owned by the Managing Owner.

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

Fiscal Quarter ended March 31, 2002

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

All three months of the quarter were unprofitable for the Trust. On March 31, 2002, JWH was managing 100% of the Trust’s assets. Approximately 30% of the assets were allocated to each of the JWH GlobalAnalytics® Family of Programs and the G-7 Currency Portfolio. Approximately 40% of the Trust’s assets were allocated to JWH’s Financial and Metals Portfolio.

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

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

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

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

During the quarter there were 17,137.84 units sold to the beneficial owners for an investment of $1,745,995. Beneficial owners redeemed a total of 18,195.48 units during the quarter. The Managing Owner redeemed a total of 0 units during the quarter. At the end of the quarter there were 436,951.05 units outstanding owned by the beneficial owners and 5,754.50 units outstanding owned by the Managing Owner.

During the fiscal quarter ending March 31, 2002, the Trust had no material credit exposure to a counter-party, which is a foreign commodity exchange, or to any counter-parties dealing in over the counter contracts.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There has been no material change with respect to market risk since the “Quantitative and Qualitative Disclosures About Market Risk” was made in the Form 10-K of the Trust dated December 31, 2002.

Item 4. Controls and Internal Procedures

Under the supervision and with the participation of the management of CIS Investments, Inc., the Managing Owner of the Trust, including the Managing Owner’s President and Chief Financial Officer, the Trust has evaluated the effectiveness of the design and operation of its disclosure controls and procedures within 90 days of the filing date of this quarterly report, and, based on their evaluation, the President and Chief Financial Officer of the Managing Owner have concluded that these disclosure controls and procedures are effective. There were no significant changes in the Trust’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 2. Changes in Securities and Use of Proceeds

a)  None

b)  None

c)  None

d)  Regulation S-K Item 701(f)

(1)  The use of proceeds information is being disclosed for Registration Statement No. 333-33937 declared effective on September 24, 1997.

(4)(iv)  For the account of the issuer, the amount of units sold as of March 31, 2003 is $1,436,788, and the aggregate offering price of the amount sold as of March 31, 2003 is $1,436,788.

(vi)  The net offering proceeds to the issuer totaled $1,436,788.

(vii)  From the effective date of the Registration Statements to March 31, 2003, the amount of net offering proceeds to the issuer for commodity futures and forward trading totaled $1,436,788.

Item 3. Defaults Upon Senior Securities

None

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

None

Item 5. Other Information

None

Item 6. Exhibits and Reports on Form 8-K

a)  Exhibits

Exhibit 99

b)  Reports on Form 8-K

None

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned and thereunto duly authorized.

JWH Global Trust

Date: May 14, 2003

By:	CIS Investments, Inc., Its Managing Owner
By:	/s/ Shaun D. O'Brien Shaun D. O'Brien Vice President, Chief Financial Officer and Director
(Duly authorized officer of the Managing Owner and the Principal Financial Officer of the Managing Owner)

CERTIFICATION
I, James A. Davison, the President of CIS Investments, Inc. ("CISI"), the Managing Owner of JWH Global Trust (the "Trust"), do hereby certify that:
1.	I have reviewed this quarterly report on Form 10-Q of JWH Global Trust;
2.	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Trust as of, and for, the periods presented in this quarterly report;
4.	The Trust's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as such term is defined in paragraph (c) of Exchange Act Rule 15d-14) for the Trust and we have:
	(i)	designed such disclosure controls and procedures to ensure that material information relating to the Trust, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
	(ii)	evaluated the effectiveness of the Trust's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and
	(iii)	presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
5.	The Trust's other certifying officers and I have disclosed, based on our most recent evaluation, to the Trust's auditors and the audit committee of the Trust's board of directors (or persons performing the equivalent functions):
	(i)	all significant deficiencies in the design or operation of internal controls which could adversely affect the Trust's ability to record, process, summarize and report financial data and have identified for the Trust's auditors any material weaknesses in internal controls; and
	(ii)	any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal controls; and
6.	The Trust's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
By:    /s/ James A. Davison
James A. Davison President CIS Investments, Inc. May 14, 2003
CERTIFICATION
I, Shaun O'Brien, the Chief Financial Officer of CIS Investments, Inc. ("CISI"), the Managing Owner of JWH Global Trust (the "Trust"), do hereby certify that:
1.	I have reviewed this quarterly report on Form 10-Q of JWH Global Trust;
2.	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Trust as of, and for, the periods presented in this quarterly report;
4.	The Trust's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as such term is defined in paragraph (c) of Exchange Act Rule 15d-14) for the Trust and we have:
	(i)	designed such disclosure controls and procedures to ensure that material information relating to the Trust, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
	(ii)	evaluated the effectiveness of the Trust's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and
	(iii)	presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
5.	The Trust's other certifying officers and I have disclosed, based on our most recent evaluation, to the Trust's auditors and the audit committee of the Trust's board of directors (or persons performing the equivalent functions):
	(i)	all significant deficiencies in the design or operation of internal controls which could adversely affect the Trust's ability to record, process, summarize and report financial data and have identified for the Trust's auditors any material weaknesses in internal controls; and
	(ii)	any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal controls; and
6.	The Trust's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
By: /s/ Shaun D. O'Brien
Shaun D. O'Brien Chief Financial Officer CIS Investments, Inc. May 14, 2003

EX-99

Exhibit 99 - Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code

      I, Shaun O'Brien, the Chief Financial Officer of CIS Investments, Inc. ("CISI"), the Managing Owner of JWH Global Trust(the "Trust"), and I, James A. Davison, the President of CISI, certify that (i) the attached 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the attached Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Trust.

James A. Davison
President
CIS Investments, Inc.
May 14, 2003

Shaun D. O'Brien
Chief Financial Officer
CIS Investments, Inc.
May 14, 2003