10-K/A

May 4, 2005

Mr. Jorge Bonilla
Senior Staff Accountant
United States Securities and
Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549

RE:	JWH Global Trust
	Amended Form 10-K for the year ended December 31, 2004
	File No. 000-22887

Dear Mr. Bonilla,

We have amended the Form 10-K for the fiscal year ended December 31, 2004 for JWH Global Trust to include the name of the accountants as well as the city and state of the office that performed the audit for KPMG LLP on the Report of Independent Registered Public Accounting Firm in Exhibit 13.01.

We acknowledge that

*	CIS Investments, Inc. is responsible for the adequacy and accuracy of the disclosure in the filings;
*	SEC staff comments or changes to disclosure in response to SEC staff comments do not foreclose the Commission from taking any action with respect to the filings; and
*	CIS Investments, Inc. may not assert SEC staff comments as a defense in any proceedings initiated by the Commission or any person under the federal securities laws of the United States.

The amended 10-K has been filed with EDGAR accordingly.

By: /s/ Shaun O'Brien

Shaun O'Brien
Chief Financial Officer
CIS Investments, Inc.
May 4, 2005

EX-13

Back to the 10-K

JWH GLOBAL TRUST
Annual Report

Message from the Managing Owner

Dear Unitholder:

The JWH Global Trust posted a slight loss of 0.39% for 2004. The Net Asset Value at year-end was $148.54 per unit compared to $149.12 per unit at the beginning of the year.

Volatility was a major factor in many markets. During the first half of the year, the trading environment was unfavorable for trend-following, even with some select markets having strong directional moves. Although not high by historical standards, the spikes in volatility were apparent through large price moves coupled with strong reversals. Nevertheless, the second half of the year, especially the fourth quarter, was marked by a strong dollar decline and a good rally in bonds.

The first quarter was slightly positive, with the bulk of the profits coming from the fixed-income sector, followed by the agriculture, metals and energy sectors. The Trust profited from lower yields in both the US and Europe. US bonds continued to rally during the first quarter, though higher US yields were expected after Mr. Greenspan's comment on the need for higher interest rates. In the European fixed-income market, the Trust posted its largest gains of the quarter as slow growth in the EU (especially Germany) was a strong driver in the rally by both the Bund and Bobl markets. Profits were seen in agriculture, with soybeans reaching highs not seen in decades. In metals, profits were gained in both copper and silver. Base metal prices rose on the back of strong manufacturing growth in China and continued growth in US housing. Energies also posted positive returns. Limits to production and increased talk of an OPEC cut helped to continue the upward trend. Global stock indices added slightly to performance during the quarter, as no clear trends were apparent. The currency sector dampened the Trust's gains from other markets in the first quarter. The markets were hit with strong increases in volatility and daily trading ranges, as well as some key reversals.

The Trust's performance was down during the second quarter as five out of six market sectors that traded posted losses. The change in US employment growth prospects hurt profitability. Concerns about future growth in China and Chinese monetary policy changes aimed at controlling the growth in credit caused a major reversal in many commodity markets, especially the base metals. Currencies saw limited longer-term price changes coupled with strong reversals. In the case of the yen, there was no government intervention during the second quarter, as there had been during the first quarter, but the relatively high level of volatility continued because of the threat of further intervention. The fixed-income sector also hurt performance during the quarter. Even after the first rate increase in four years, the price of the 10-year bond was only slightly higher than at the beginning of the year. The Bund market was also range-bound, because of the steadier monetary policy of the European Central Bank, as well as muted growth and inflation prospects in Europe. Stock indices hurt performance, as mixed views on growth prospects in key economies kept prices in a relatively tight range. Energy trading proved to be the sole area for profits during the quarter.

The Trust's returns in the third quarter were negative. The three sectors holding back performance were currencies, stock indices, and metals. US equities continued to stay range-bound for most of the third quarter as the VIX index of volatility fell to all-time lows. However, the European and Japanese markets did not follow suit. The Eurostoxx was able to rally towards the end of summer, while the Nikkei index bounced off the lows it had reached earlier in the year. On the other hand, the energy sector once again provided the best returns, as a combination of hurricanes in the Gulf of Mexico and political risk in the Middle East drove crude oil prices higher than $50 per barrel at the end of September. Additional gains were seen during the quarter in fixed income. Despite the fact that the rise in US short term interest rates reduced growth and inflationary expectations, there was a major bond rally. Fixed income also rallied in Japan, Australia, Great Britain and, to a lesser extent, in Europe. The Trust also benefited as the grain markets continued to fall in response to expectations that harvests would be very strong.

Performance during the fourth quarter was up over 24.0% as the currency sector was able to break out of its year-long trading range. When the markets started expecting a Bush win and grasped the effects of another term, the US dollar sell-off began. The US dollar sell-off also helped the fixed-income sector to post positive returns for the quarter, as European rates rallied reflecting slowing economies and the strengthening euro across Europe. Compared to the currency and fixed-income markets, the other market sectors (indices, metals, energies and agriculture) were mixed for the quarter, and did not have an appreciable effect on the Trust's returns.

Overall, the Trust had a slightly negative year. After an extremely difficult first half of the year, the Trust's long-term trend following approach to the markets once again proved profitable in the second half of the year. CIS Investments, Inc., the Managing Owner of the Trust, looks towards 2005 with optimism. We continue to feel our blend of JWH Programs - the Financial and Metals Portfolio, the G-7 Currency Portfolio and the JWH GlobalAnalytics® Family of Programs - are positioned to cover substantially all potential areas of market opportunity.

Thank you for your ongoing support of the JWH Global Trust.

James A. Davison
President, CEO and Director
CIS Investments, Inc.

JWH GLOBAL TRUST
Table of Contents

Financial Statements:
       Statements of Financial Condition, December 31, 2004 and 2003

Report of Independent Registered Public Accounting Firm

The Board of Directors of CIS Investments, Inc. and the Unitholders of JWH Global Trust:

We have audited the accompanying statements of financial condition of JWH Global Trust (the Trust) as of December 31, 2004 and 2003, including the condensed schedule of investments as of December 31, 2004 and the related statements of operations and changes in unitholders' capital for each of the years in the three-year period ended December 31, 2004. 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 the standards of the Public Company Accounting Oversight Board (United States). 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, 2004 and 2003, and the results of operations and changes in unitholders' capital, for each of the years in the three-year period ended December 31, 2004, in conformity with accounting principles generally accepted in the United States of America.

KPMG LLP
Chicago, Illinois
March 9, 2005

JWH GLOBAL TRUST Statements of Financial Condition December 31, 2004 and 2003
Assets		2004	2003
Assets:
Equity in commodity trading accounts:
Cash on deposit with Brokers	$	312,053,398	183,255,388
Unrealized gain on open contracts		22,802,365	10,691,591
		334,855,763	193,946,979
Receivable for units sold		7,210,442	16,383,699
Interest Receivable		561,543	135,329
Total assets	$	342,627,748	210,466,007
Liabilities and Unitholders' Capital
Liabilities:
Accrued commissions	$	1,667,412	962,528
Accrued management fees		558,459	323,143
Accrued incentive fees		4,531,999	272,694
Accrued ongoing offering expenses		136,802	80,181
Accrued operating expenses		90,000	90,000
Redemptions payable		3,602,667	1,624,161
Total liabilities		10,587,339	3,352,707
Unitholders' Capital:
Beneficial owners (2,211,539.65 and 1,381,108.44 units       outstanding at December 31, 2004 and 2003, respectively)		328,509,395	205,949,414
Managing owner (23,771.70 and 7,805.08 units outstanding       at December 31, 2004 and 2003, respectively)		3,531,014	1,163,886
Total unitholders' capital		332,040,409	207,113,300
Total liabilities and unitholders' capital	$	342,627,748	210,466,007
See accompanying notes to financial statements.

JWH GLOBAL TRUST Statements of Operations Years ended December 31, 2004, 2003, and 2002
		2004	2003	2002
Revenues:
Gain on trading of commodity contracts:
Realized gain on closed positions	$	21,176,837	11,375,400	15,033,511
Change in unrealized gain on open positions		12,110,774	4,341,361	3,792,911
Interest Income		3,631,292	1,183,618	811,042
Foreign currency transaction (loss) gain		(414,668)	302,525	103,274
Total revenues		36,504,235	17,202,904	19,740,738
Expenses:
Commission		15,298,552	7,584,742	3,450,709
Exchange, clearing and NFA fees		108,740	49,676	17,475
Management fees		5,141,363	2,472,995	1,068,838
Incentive fees		5,419,877	2,344,357	2,741,521
Amortization of prepaid initial offering costs		0	0	55,072
Ongoing offering expenses		1,271,788	611,094	263,456
Operating expenses		416,855	176,430	86,473
Total expenses		27,657,175	13,239,294	7,683,544
Net income	$	8,847,060	3,963,610	12,057,194
(Loss) Income per unit of beneficial ownership interest*	$	(0.58)	9.59	27.90
(Loss) Income per unit of managing ownership interest*		(0.58)	9.59	27.90
* Represents the increase (decrease) in unit value during the year.
See accompanying notes to financial statements.

JWH GLOBAL TRUST Statements of Changes in Unitholders' Capital Years ended December 31, 2004, 2003, and 2002
	Units*		Beneficial    owners	Managing    owner	Total
Balance at December 31, 2001	438,008.69	$	48,892,753	642,340	49,535,093
Net income			11,896,641	160,553	12,057,194
Unitholders' contributions	87,641.17		10,980,607	0	10,980,607
Unitholders' redemptions	(71,771.69)		(8,442,368)	0	(8,442,368)
Balance at December 31, 2002	453,878.17		63,327,633	802,893	64,130,526
Net income			3,900,071	63,539	3,963,610
Unitholders' contributions	974,811.64		145,759,476	300,067	146,059,543
Unitholders' redemptions	(47,581.37)		(7,037,766)	(2,613)	(7,040,379)
Balance at December 31, 2003	1,381,108.44		205,949,414	1,163,886	207,113,300
Net income			8,817,894	29,166	8,847,060
Unitholders' contributions	1,035,357.30		141,451,430	2,350,103	143,801,533
Unitholders' redemptions	(204,926.09)		(27,709,343)	(12,141)	(27,721,484)
Balance at December 31, 2004	2,211,539.65	$	328,509,395	3,531,014	332,040,409
Net asset value per unit at December 31, 2004		$	148.54	148.54
Net asset value per unit at December 31, 2003			149.12	149.12
Net asset value per unit at December 31, 2002			139.53	139.53
* Units of beneficial ownership.
See accompanying notes to financial statements.

JWH GLOBAL TRUST Condensed Schedule of Investments December 31, 2004
	Number of contracts		Principal (notional)		Value (OTE)
Long positions
Futures positions (0.91%):
Agriculture	722	$	12,859,932		1,790,266
Interest rates	10,609		2,058,735,653		(1,432,741)
Metals	1,349		66,175,745		1,447,713
Indices	2,156		85,811,001		1,227,940
			2,223,582,331		3,033,178
Forward positions (8.42%):
Australian Dollar	2		26,414,568		1,087,522
Swiss Franc	3		215,310,191		4,189,581
European Euro	8		398,655,198		10,361,999
British Pound	9		338,854,550		735,062
Japanese Yen	4		429,442,381		11,591,154
			1,408,676,888		27,965,318
Total long positions		$	3,632,259,219		30,998,496
Short positions
Futures positions (-0.22%):
Agriculture	2,088	$	30,614,607		271,516
Energy	136		6,688,620		329,380
Interest Rates	1,364		328,860,400		(238,700)
Metals	93		7,511,550		(668,700)
Indices	68		7,621,154		(438,150)
			381,296,331		(744,654)
Forward positions (-2.24%):
European Euro	2		70,576,894		(1,401,538)
Japanese Yen	9		197,815,949		(3,952,838)
Canadian Dollor	2		82,594,856		(2,097,101)
			350,987,699		(7,451,477)
Total short positions		$	732,284,030		(8,196,131)
Total open contracts (6.87%)				$	22,802,365
Cash on deposit with brokers (93.98%)					312,053,398
Other liabilities in excess of assets (-0.85%)					(2,815,354)
Net assets (100.0%)				$	332,040,409
See accompanying notes to financial statements.

Notes to Financial Statements December 31, 2004, 2003, 2002
(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), an affiliate of CISI. The broker for forward contracts is CIS Financial Services, Inc. (CISFS or Forwards Currency Broker), also an affiliate of CISI. The Clearing Broker and the Forwards Currency Broker collectively will 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 24, 1997, July 2, 2003 and again on November 1, 2004, the Trust registered an additional $155,000,000, $300,000,000, and $500,000,000, respectively, for further investment and continued the offering. By December 31, 2004, a total of 3,301,963.40 units representing an investment for $425,662,108.74 of beneficial ownership interest had been sold in the combined offerings. In addition, during the offerings, the Managing Owner purchased a total of 26,732.90 units, representing a total investment of $3,535,227.47. Refer to 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.
	(a)	Revenue Recognition
		Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains on open contracts reflected in the statements of financial condition represent the difference between original contract amount and market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements.
		The Trust earns interest on 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.
	(b)	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 such date 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 eleven months of investment is subject to a 3% redemption penalty. Any redemption made in the twelfth month of investment or later will not be subject to any penalty. The Trust's Sixth Amended and Restated Declaration and Agreement of Trust contains a full description of redemption and distribution policies.
	(c)	Organizational and Offering Costs
		Initial 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 Trust's 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.
	(d)	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. Effective July 1, 2003, CIS lowered this fee from the annual rate of 6.5% (or approximately 0.542% per month) to 6.0% (or 0.50% per month) 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, 2004, 2003, and 2002 was $39, $38, and $52, respectively.
		Certain large investors are eligible for a "Special Brokerage Fee Rate" of 4.5% per year. As of December 31, 2004, there were no such eligible investors in the Trust.
	(e)	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.
	(f)	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 JWH receives a monthly management fee at the rate of 0.167% (a 2% annual rate) of the Trust's month-end net assets calculated after deduction of a portion of the Brokerage Fee at an annual rate of 1.25% of month-end Trust net assets, but before reduction for any incentive fee or other costs and before inclusion of purchases and redemptions for the month.
	Also, under signed agreement the Trust pays to JWH a quarterly incentive fee equal to 20% of the new trading profits, if any, of the Trust. The incentive fee is based on the overall performance of the Trust, not individually in respect of the performance of the individual programs utilized by the Trust. This fee is also calculated by deducting a portion of the Brokerage Fees at an annual rate of 1.25%.
(4)	Income Taxes
	No provision for Federal income taxes has been made in the accompanying financial statements as each beneficial owner is responsible for reporting income (loss) based on the pro rata share of the profits or losses of the Trust. Generally, for both federal and state tax purposes, trusts, such as the JWH Global Trust, are treated as partnerships.
(5)	Trading Activities and Related Risks
	The Trust engages in the speculative trading of U.S. and foreign futures contracts, and forward contracts (collectively derivatives). These derivatives include both financial and non-financial contracts held as part of a diversified trading strategy. The Trust is exposed to both market risk, the risk arising from changes in the market value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract.
	The purchase and sale of futures requires margin deposits with a Futures Commission Merchant (FCM). Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act (CEAct) 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. Due to forward contracts being traded in unregulated markets between principals, the Trust also assumes a credit risk, the risk of loss from counterparty 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, 2004, 2003, and 2002, are reflected in the statements of operations and equal gain 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, 2004, as disclosed in the Condensed Schedule of Investments, do not represent the Trust's risk of loss due to market and credit risk, but rather represent the Trust's extent of involvement in derivatives at the date of the statement of financial condition.
	The Beneficial Owners bear the risk of loss only to the extent of the market value of their respective investments.
(6)	Financial Highlights
	The following financial highlights show the Trust's financial performance for the period ended December 31, 2004. Total return is calculated as the change in a theoretical beneficial owner's investment over the entire period - a percentage change in the net asset value from December 31, 2003 to December 31, 2004. Total return is calculated based on the aggregate return of the Trust taken as a whole.

Net Asset Value per unit at December 31, 2003	$  149.12
Loss per unit	(0.58)
Net Asset Value per unit at December 31, 2004	148.54
Total Return:
Total return before incentive fee	1.44%
Less incentive fee allocation	1.83%
Total Return	(0.39)%
Ratio to Average net assets:
Net income	3.41%
Expenses:
Expenses	8.56%
Incentive fees	2.09%
Total expenses	10.65%

The net income and expense ratios are computed based upon the weighted average net assets for the Trust for the period ended December 31, 2004.

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

EX-14

Back to the 10-K

Exhibit 14.01

CIS Investments, Inc.
Code of Ethics

Introduction
Cargill, Incorporated has adopted the "Cargill Guiding Principles" to provide Cargill employees a framework in which to examine problems arising out of Cargill's global business and to assist Cargill employees to act in a fair, ethical and lawful manner. CIS Investments, Inc. (the "Company") is an indirect subsidiary of Cargill, Incorporated and is subject to the Cargill Guiding Principles. In addition, the Company has adopted this Code of Ethics to address certain specific issues relating to its business.

The Company acts as the managing owner and/or general partner of several commodity pools (the "Pools") that are public reporting issuers under the Securities Exchange Act of 1934, as amended. As the managing owner and/or general partner, the Company is responsible for the management and administration of the Pools.

The Company expects its principal executive officer, principal financial officer, principal accounting officer and persons performing similar functions (collectively, the "Covered Officers") to know and follow the policies outlined the Cargill Guiding Principles as well as this Code of Ethics. Any Covered Officer who violates the letter or spirit of these policies is subject to disciplinary action, up to and including termination.

Every Covered Officer has the responsibility to obey the law and act honestly and ethically. To that end, this Code of Ethics is a guide that is intended to make Covered Officers sensitive to some of the significant legal and ethical issues that arise frequently in connection with the operation of the Pools and to the mechanisms available to report illegal or unethical conduct. It is not, however, a comprehensive document that addresses every legal or ethical issue that you may confront, nor is it a summary of all laws and policies that apply to the business activities of the Company or the Pools. For additional information regarding the Company policies, you should refer to the Company's Chief Compliance Officer. Ultimately, no code of ethics can replace the thoughtful behavior of an ethical officer.

If you have any questions about this Code of Ethics or are concerned about conduct you believe violates this Code of Ethics, the Company's policies or applicable laws, rules or regulations, you should consult with the Company's Chief Compliance Officer or a member of the Board of Directors at (312) 460-4027. No one at the Company has the authority to make exceptions to these policies, other than the Company's Board of Directors (or a committee thereof).

Compliance with Laws, Rules and Regulations
The Covered Officers must comply fully with all applicable foreign, federal, state and local laws, rules and regulations that govern the Company's or the Pool's business conduct. Failure to comply with such laws, rules and regulations may result in disciplinary action (in addition to those imposed by any governmental, regulatory or self-regulatory body), up to and including termination.

Conflicts of Interest
Business decisions must be made in the best interest of the Company, not motivated by personal interest or gain. The same principle applies to business decisions made by the Company in respect of the investors in the Pools. Therefore, as a matter of Company policy, all Covered Officers must avoid any actual or perceived conflict of interest.

A "conflict of interest" occurs when a Covered Officer's personal interests interfere or conflict in any way (or even appear to interfere or conflict) with the interests of the Company or, as applicable, those of the Pools. A conflict of interest situation can arise when a Covered Officer takes actions or has interests (financial or other) that may make it difficult to fulfill duties owed to the equity owners of the Pools. Conflicts of interest also may arise when a Covered Officer or a member of a Covered Officer's family receives improper personal benefits as a result of the Covered Officer's affiliation with the Company, regardless of whether such benefits are received from the Company or a third party. Loans by the Company or the Pools to, or guarantees by the Company or the Pools of obligations of, Covered Officers and their family members are of special concern and are prohibited.

It is difficult to identify exhaustively what constitutes a conflict of interest. For this reason, the Covered Officers must avoid any situation in which their independent business judgment might appear to be compromised. Questions about potential conflicts of interest situations, and disclosure of these situations as they arise, should be promptly addressed and reported to the Chief Compliance Officer at (312) 460-4027.

Corporate Opportunities
The Covered Officers are prohibited from: (a) taking for themselves personally opportunities that properly belong to the Company or are discovered through the use of corporate property, information or position; (b) using corporate property, information or position for personal gain; and (c) competing with the Company. The Covered Officers owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises.

Public Company Reporting
As a result of the Pools' status as "public reporting companies," the Company is required, on behalf of the Pools, to file periodic and other reports with the Securities and Exchange Commission. The Company takes its obligations with respect to the Pools' public disclosure seriously. To that end:

A.	each Covered Officer must take all reasonable steps to ensure that these reports and other public communications represent full, fair, accurate, timely and understandable disclosure regarding the financial and business condition of the Pools;
B.	each Covered Officer must promptly bring to the attention of the Board of Directors any material information of which a Covered Officer may become aware that affects the disclosures made by the Company in the public filings made on behalf of the Pools or otherwise would assist the Board of Directors in fulfilling its responsibilities to the Pools; and
C.	each Covered Officer must promptly bring to the attention of the Chief Compliance Officer and the Board of Directors any information he or she may have concerning (i) significant deficiencies in the design or operation of internal controls that could adversely affect the Company's ability to record, process, summarize and report financial data, including on behalf of the Pools, or (ii) any fraud, whether or not material, involving management or other employees who have a significant role in the Company's financial reporting, including on behalf of the Pools, disclosures or internal controls.

Reporting Illegal or Unethical Behavior
Each Covered Officer has a duty to adhere to this Code of Ethics. Each Covered Officer must also promptly bring to the attention of the Chief Compliance Officer or the CEO and to the Board of Directors any information the Covered Officer may have concerning evidence of a material violation of the securities or other laws, rules or regulations applicable to the Company or the Pools, and the operation of its or their businesses, by the Company or any agent thereof, or of a violation of this Code of Ethics, including any actual or apparent conflicts of interest between personal and professional relationships, involving any management or other employees who have a significant role in the Company's or the Pools' financial reporting, disclosures or internal controls. Confidentiality will be maintained to the fullest extent possible.

A Covered Officer will not be penalized for making a good-faith report of violations of this Code of Ethics or other illegal or unethical conduct, nor will the Company tolerate retaliation of any kind against anyone who makes a good-faith report. A Covered Officer who submits a false report of a violation, however, will be subject to disciplinary action. If you report a violation and in some way also are involved in the violation, the fact that you stepped forward will be considered.

If the result of an investigation indicates that corrective action is required, the Board of Directors will decide, or designate appropriate persons to decide, what actions to take, including, when appropriate, legal proceedings and disciplinary action up to and including termination, to rectify the problem and avoid the likelihood of its recurrence. Such actions shall be reasonably designed to deter wrongdoing and to promote accountability for adherence to this Code of Ethics, and shall include written notices to the individual indicating any action taken. In determining what action is appropriate in a particular case, the Board of Directors or its designee shall take into account all relevant information, including the nature and severity of the violation, whether the violation was a single occurrence or repeated occurrences, whether the violation appears to have been intentional or inadvertent, whether the individual in question had been advised prior to the violation as to the proper course of action and whether the individual in question had committed other violations in the past.

Amendment, Modification and Waiver
This Code of Ethics may be amended, modified or waived by the Board of Directors of the Company. Any change to, or waiver (whether explicit or implicit) of, this Code of Ethics must be disclosed promptly to the Pools that are public reporting companies by filing a Form 8-K on behalf of each affected Pool or by another permitted means.

Acknowledgment
Each Covered Officer is accountable for knowing and abiding by the policies contained in this Code of Ethics. The Company may require that the Covered Officers sign an acknowledgment confirming that they have received, read and understand this Code of Ethics and are complying with them.

EX-31

Back to the 10-K

Exhibit 31.01
CERTIFICATION
I, James A. Davison, the President and Chief Executive Officer of CIS Investments, Inc. ("CISI"), a Managing Owner of JWH Global Trust (the "Trust"), do hereby certify that:
1.	I have reviewed this annual report on Form 10-K of JWH Global Trust;
2.	Based on my knowledge, this annual 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 annual report;
3.	Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and unitholders' capital of the Trust as of, and for, the periods presented in this annual 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 Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Trust and we have:
	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 annual report is being prepared; and
	(b)	evaluated the effectiveness of the Trust's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this annual report based on such evaluation; and
	(c)	disclosed in this annual report any change in the Trust's internal control over financial reporting that occurred during the Trust's most recent fiscal quarter (the Trust's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting;
5.	The Trust's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Trust's auditors and the audit committee of the Trust's board of directors (or persons performing the equivalent functions):
	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust's ability to record, process, summarize and report financial data; and
	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal control over financial reporting.
By: /s/ James A. Davison
James A. Davison President and Chief Executive Officer CIS Investments, Inc. March 29, 2005

EX-31

Back to the 10-K

Exhibit 31.02
CERTIFICATION
I, Shaun D. 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 annual report on Form 10-K of JWH Global Trust;
2.	Based on my knowledge, this annual 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 annual report;
3.	Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and unitholders' capital of the Trust as of, and for, the periods presented in this annual 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 Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Trust and we have:
	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 annual report is being prepared; and
	(b)	evaluated the effectiveness of the Trust's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this annual report based on such evaluation; and
	(c)	disclosed in this annual report any change in the Trust's internal control over financial reporting that occurred during the Trust's most recent fiscal quarter (the Trust's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting;
5.	The Trust's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Trust's auditors and the audit committee of the Trust's board of directors (or persons performing the equivalent functions):
	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust's ability to record, process, summarize and report financial data; and
	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal control over financial reporting.
By: /s/ Shaun D. O'Brien
Shaun D. O'Brien Chief Financial Officer CIS Investments, Inc. March 29, 2005

EX-32

Back to the 10-K

Exhibit 32.01

SECTION 1350 CERTIFICATION

      I, Shaun D. 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 and Chief Executive Officer of CISI, certify that (i) the attached 10-K 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-K fairly presents, in all material respects, the financial condition and results of operations of the Trust.

James A. Davison
President and Chief Executive Officer
CIS Investments, Inc.
March 29, 2005
Shaun D. O'Brien
Chief Financial Officer
CIS Investments, Inc.
March 29, 2005