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 June 30, 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 June 30, 2003, is 834,135.16.

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 Operations
	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 June 30, 2003 and the additional time frames as noted:

	Fiscal Quarter Ended 6/30/03	Year to Date Ended 6/30/03	Fiscal Year Ended 12/31/02	Fiscal Quarter Ended 6/30/02	Year to Date Ended 6/30/02
Statements of Financial Condition	X		X
Statements of Operations	X	X		X	X
Statement of Changes in Unitholders' Capital		X
Notes to Financial Statements	X

JWH GLOBAL TRUST
STATEMENTS OF FINANCIAL CONDITION
(unaudited)

		June 30, 2003		Dec. 31, 2002
		(unaudited)
Assets
Assets:
Equity in commodity futures:
Cash on deposit with Brokers	$	117,638,997	$	56,847,327
Unrealized loss (gain) on open contracts		(3,841,206)		6,350,230
		113,797,791		63,197,557
Receivable for units sold		16,573,770		1,853,334
Interest receivable		90,288		60,731
Total assets		130,461,849		65,111,622
Liabilities and Unitholders' Capital
Liabilities:
Accrued commissions		611,008		340,076
Accrued management fee		189,623		105,324
Accrued incentive fee		837,797		0
Accrued operating expenses		48,305		60,000
Accrued offering expenses		46,751		26,147
Redemptions payable		348,033		449,549
Total liabilities		2,081,517		981,096
Unitholders' Capital:
Benefical Owners (828,396.66 units outstanding at June 30, 2003,       453,878.17 units outstanding at December 31, 2002)		127,497,140		63,327,633
Managing Owner (5,738.50 units outstanding at June 30, 2003,       5,754.50 units outstanding at December 31, 2002)		883,192		802,893
Total unitholders' capital		128,380,332		64,130,526
Total liabilities and unitholders' capital	$	130,461,849	$	65,111,622
Net asset per unit	$	153.91	$	139.53
See accompanying notes to financial statements.

JWH GLOBAL TRUST
STATEMENTS OF OPERATIONS
(unaudited)

		Apr. 1, 2003 through June 30, 2003		Jan. 1, 2003 through June 30, 2003		Apr. 1, 2002 through June 30, 2002		Jan. 1, 2002 through June 30, 2002
Revenues:
Gain (loss) on trading of commodity contracts:
Realized gain on closed positions	$	7,536,257	$	22,282,493	$	6,570,195	$	3,703,411
Change in unrealized loss (gain) on open       positions		(2,602,038)		(10,191,434)		8,559,096		6,113,815
Interest Income		267,928		470,408		185,567		378,951
Foreign currency transaction gain		172,776		193,648		105,271		74,893
Total revenues		5,374,923		12,755,115		15,420,129		10,271,070
Expenses:
Commissions		1,704,142		2,944,910		790,050		1,535,447
Exchange, clearing and NFA fees		9,775		15,988		3,928		8,913
Management fees		528,198		912,497		244,712		475,938
Incentive fees		849,814		2,071,663		1,015,646		1,015,646
Amortization of prepaid initial organization and offering costs		0		0		22,029		55,072
Ongoing organization and offering expenses		129,665		223,372		60,320		117,704
Operating expenses		15,000		30,000		15,000		29,882
Total expenses		3,236,594		6,198,430		2,151,685		3,238,602
Net profit	$	2,138,329	$	6,556,685	$	13,268,444	$	7,032,468
Profit per unit of beneficial ownership interest	$	4.32	$	14.38	$	30.64	$	16.53
Profit per unit of managing ownership interest	$	4.32	$	14.38	$	30.64	$	16.53
See accompanying notes to financial statements.

JWH GLOBAL TRUST
STATEMENT OF CHANGES IN UNITHOLDERS' CAPITAL
From January 1, 2003 through June 30, 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			6,473,924		82,762		6,556,685
Unitholders' contributions	389,821.93		60,047,831		0		60,047,831
Unitholders' redemptions	(15,303.44)		(2,352,248)		(2,463)		(2,354,710)
Unitholders' capital at June 30, 2003	828,396.66	$	127,497,140	$	883,192	$	128,380,332
Net asset value per unit January 1, 2003			139.53		139.53
Net profit per unit			14.38		14.38
Net asset value per unit June 30, 2003		$	153.91	$	153.91
* Units of beneficial ownership interest.
See accompanying notes to financial statements.

JWH GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS

June 30, 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 June 30, 2003, a total of 1,681,616.38 units representing an investment for $198,499,034.21 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 gain (loss) on open futures contracts in the statements of financial condition represents 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. Effective October 1, 2000, the agreement with JWH was changed to reduce the monthly management fee to 1/12 of 2% of the month-end net assets after the deductions.

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

(4)   Income Taxes

No provision for Federal income taxes has been made in the accompanying financial statements as each beneficial owner is responsible for reporting income (loss) based on the pro rata share of the profits or losses of the Trust. Generally, for both Federal and state tax purposes, trusts, such as 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 June 30, 2003 and June 30, 2002 and is included in operating expenses in the statements 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 June 30, 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 June 30, 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 six-month period ended June 30, 2003. Total return is calculated as the change in the aggregate beneficial owner’s investment over the entire period and is not annualized. Total return is calculated based on the aggregate return of the Trust taken as a whole.

Total Return:
Total return before incentive fee	12.87%
Less incentive fee allocation	2.56%
Total Return	10.31%
Ratio to average net assets:
Net income	6.98%
Expenses:
Expenses	4.39%
Incentive fees	2.20%
Total expenses	6.59%

The net income and expenses ratios are computed based upon the weighted average net assets for the Trust for the six-month period ended June 30, 2003.

JWH GLOBAL TRUST
Schedule of Investments
June 30, 2003

	Number of contracts		Principal (notional)		Value (OTE)
Long positions
Futures positions (-1.67%)
Agriculture	190	$	4,123,266	$	(132,809)
Energy	309		8,146,306		170,561
Interest rates	3,271		446,332,519		(1,952,176)
Metals	484		17,236,810		(498,819)
Idices	521		27,442,379		273,290
			503,281,280		2,139,953
Forward positions (-3.47%)
Currencies	37		339,376,680		(4,450,544)
Total long positions		$	842,657,960	$	(6,590,497)
Short positions
Futures positions (0.23%)
Agriculture	475	$	4,750,453	$	57,777
Interest Rates	282		139,574,634		338,436
Metals	462		15,311,126		(102,689)
			159,636,213		293,524
Forward positions (1.91%)
Currencies	38		278,142,075		2,455,767
Total short positions		$	437,778,288	$	2,749,291
Total open contracts (-2.99%)				$	(3,841,206)
Cash on deposit with brokers (91.63%)					117,638,997
Other assets in excess of liabilities (11.36%)					14,582,541
Net assets (100%)				$	128,380,332

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

Fiscal Quarter ended June 30, 2003

The Trust recorded a net profit of $2,138,329 or $4.32 per unit in the second quarter of 2003. As of June 30, the Trust has gained 53.91% since its inception in June 1997.

The Trust began the quarter with gains in April and a strong May but closed lower in June. Overall, it ended the quarter in positive territory. On June 30, 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. Approximately 40% of the Trust’s assets were allocated to JWH’s Financial and Metals Portfolio.

The Trust ended April in positive territory as the swift victory in Iraq impacted markets worldwide. The currency sector was primarily responsible for the Trust’s gain in April. The initial enthusiasm for the U.S. dollar in a post-Iraqi war world gave way to bleak fundamentals. The U.S. deficit continued to weigh heavily on the Dollar. Non-Dollar trading had the largest effect on trading profits, specifically, the long Euro/short Yen, long Euro/short British pound, and the long Australian dollar positions. The interest rate sector was positive largely due to a long position in the Japanese 10-year Government bond. The stock index position was down slightly. Most equity markets rallied around the world, encouraged by the quick end to major conflict in Iraq. Energies were marginally positive in April. The fewer than expected oil field fires in Iraq put considerable downward pressure on the price per barrel. Natural gas rallied most of the month on weather related issues and storage deficits. Contrary to the Trust’s position, gold rallied in early April in expectation of the next inflationary cycle. This led to negative performance in the metal sector. Agricultural products were slightly profitable for the month. In response to the conclusion of the major fighting in the Iraqi war, JWH did resume full leverage in the three trading programs effective April 10. The decision to reduce exposure to all markets during the Iraqi conflict proved to be beneficial for investors. Overall, the Trust recorded a gain of $1,147,485 or $1.92 per unit in April.

The Trust also posted positive results for the month of May. Currencies were the best performing sector for May due mainly to the weakening of the U.S. dollar. Investments in the fixed income sector were positive for the month as yields continued to trend lower. The biggest contributors were the Euro Bunds, U.S. 30-year Bonds, Japanese Government 10-year Bonds, and the U.S. 10-year Notes. Stock indices were negative for May due primarily to the poor performance in the Japanese Osaka Nikkei Index. The Nasdaq E-Mini 100 Index turned in the best performance for this sector. Energies posted negative results in May. All crude and crude-related products were down as a result of the markets rallying due to short supply factors. The only positive component in this sector was natural gas. Agricultural products were negative for May. The largest detractors were corn and New York coffee, while the largest positive contributor was cotton. Metals were slightly down for May. Losses occurred in copper, silver and aluminum. Only gold managed to perform in positive territory. Overall, the Trust recorded a gain of $7,826,012 or $11.78 per unit in May.

Overall, the Trust was down in June, which started out as a promising month, but turned abruptly negative during the last two weeks. Two trends that were reestablished after the Iraqi War -- a weakening Dollar and falling global interest rates -- reversed course sharply as hints of improving economic times forced the liquidation of large positions in fixed income and currency markets. Currencies suffered the largest sector loss in June, due to the late month strengthening of the U.S. dollar. Stock indices were the only sector to register positive returns for the month of June. Fixed income investments incurred the second largest sector loss for June. The largest losses were registered in the Japanese 10-year Government Bonds, Euro Bunds and the U.S. 30-year Bonds. Crude oil was up for the month despite volatile trading. Prices were buoyed by a downshift in OPEC output and the concerns over Tropical Storm Bill, hitting the Gulf coast. Overall, however, the energy sector was down for June. The metals sector was down in June, primarily due to the poor performance of gold. Agricultural products were down for the month. All of the other parts of this group had negligible results. The Trust recorded a loss of $6,835,168 or $9.38 per unit in June.

Effective July 1, 2003, the Brokerage Fee of the Trust was reduced by 1/2 of 1% to 6.0% annually. This reduction is being taken by CIS and represents a direct benefit to the Trust.

During the quarter there were 244,886.61 units sold to the Beneficial Owners for an investment of $38,152,425. Beneficial Owners redeemed a total of 7,572.73 units during the quarter. The Managing Owner redeemed a total of 16.00 units during the quarter. At the end of the quarter there were 828,396.66 units outstanding owned by the Beneficial Owners and 5,738.50 units outstanding owned by the Managing Owner.

During the fiscal quarter ending June 30, 2003, the Trust had no material credit exposure to a counterparty, which is a foreign commodity exchange, or to any counterparties dealing in over the counter contracts.

Fiscal Quarter ended June 30, 2002

The Trust posted a gain of $13,268,444 or $30.64 per unit in the second quarter of 2002. As of June 30, 2002, the Trust had made 28.16% since inception.

The Trust was up substantially in the quarter. On June 30, 2002, the 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.

The Trust began the quarter with slightly lower performance in April. Weakness in the U.S. dollar provided strong results in the currency sector. Profits were accrued in short Dollar positions against the Japanese yen, Swiss franc, British pound and Euro. The long Dollar, short Euro position was the Trust’s most profitable position in April. Performance in the interest rate sector was very disappointing. Short positions in Dollar and Euro denominated bond markets were closed out as losses. The Trust’s profitable long position in the Japanese government bond market offset most of the other losses incurred by interest rate trading. Turmoil in the Middle East lifted the energy market higher, providing small gains. The metals sector was slightly lower as gains in gold could not offset losses in copper, silver and aluminum. Overall, the Trust recorded a small loss of $129,119 or $0.29 per unit in April.

The currency sector paved the way for strong performance in May. The U.S. dollar continued to weaken against most major currencies, most notably were the Euro, the Japanese yen and the Swiss franc which provided strong profits. Trends in the currency markets were aided by the U.S. Treasury’s “stand aside” approach on the Dollar policy and the Bank of Japan’s failed intervention attempts. The Australian dollar continued to rise as the currency linked to physical commodities, due to expectations of higher global inflation. The Trust’s long Euro versus short Japanese yen position was also profitable. The stock index sector registered modest gains during May, primarily due to the German DAX. The steepening U.S. yield curve allowed long positions in the two, five and ten-year bonds to accrue profits. However, performance in the 30-year bond contract was negative. The Japanese government bond provided the largest profit in the interest rate sector as it continued to climb. Losses were absorbed in the Australian and European interest rate markets. The metals sector was also positive for the month. Profits in long gold positions more than offset losses in industrial and base metals. All in all, the Trust recorded a gain of $3,756,934 or $8.56 per unit in May.

The Trust followed May’s gain with an extremely positive June. The economic drivers that fueled the strong performance included a confluence of events influencing the currency sector, which was the strongest performing sector due to the recent weakness of the Dollar. The Euro gained approximately 15% on the Dollar for the year-to-date. Investors selling U.S. stocks due to fear of additional accounting abnormalities puts pressure on stocks as well as the Dollar. Much of the proceeds of these sales appeared to be moving into non-Dollar investments along with global bonds and gold. The global bond market rallied as a result of money coming from sales of equities. This “flight to quality” helped the Trust’s long positions in the European, Japanese and U.S. bond markets to appreciate throughout the month. Short positions in the world’s stock markets via stock index futures were positive contributors in June. Corn and soybeans prices gained over 15% since lows were made in May. For June, the Trust recorded a gain of $9,640,629 or $22.37 per unit.

During the quarter there were 7,842.88 units sold to the beneficial owners for an investment of $834,593. Beneficial Owners redeemed a total of 28,505.53 units during the quarter. The Managing Owner redeemed a total of 0 units during the quarter. At the end of the quarter there were 416,299.40 units outstanding owned by the beneficial owners and 5,754.50 units outstanding owned by the Managing Owner.

During the fiscal quarter ending June 30, 2002, the Trust had no material credit exposure to a counterparty which is a foreign commodity exchange or to any counterparties dealing in over the counter contracts.

Fiscal Quarter ended March 31, 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 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 higher 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.

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 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 counterparty, which is a foreign commodity exchange, or to any counterparties 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 had 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 did 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 counterparty, which is a foreign commodity exchange, or to any counterparties 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 as 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 June 30, 2003 is 1,681,616, and the aggregate offering price of the amount sold as of June 30, 2003 is $198,499,034.
		(vi)	The net offering proceeds to the issuer totaled $198,499,034.
		(vii)	From the effective date of the Registration Statements to June 30, 2003, the amount of net offering proceeds to the issuer for commodity futures and forward trading totaled $198,499,034.

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
	Certifications of Principal Executive Officer
	Certifications of Principal Financial Officer
	Exhibit 99 - Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code.
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: August 13, 2003

By:	CIS Investments, Inc., One of its General Partners
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. August 13, 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. August 13, 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.
August 13, 2003
Shaun D. O'Brien
Chief Financial Officer
CIS Investments, Inc.
August 13, 2003