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, 2005
Commission File Number: 000-22887

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

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

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, 2005, is 2,330,230.95.

TABLE OF CONTENTS
PART I.   FINANCIAL INFORMATION
Item 1.   Financial Statements
	Statements of Financial Condition (unaudited)
	Statements of Operations (unaudited)
	Statement of Changes in Unitholders' Capital (unaudited)
	Condensed Schedule of Investments (unaudited)
	Notes to Financial Statements
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 Procedures
PART II.  OTHER INFORMATION
Item 1.   Legal Proceedings
Item 2.   Unregistered Sales of 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
SIGNATURES
EXHIBIT 31.01 - Certification of Principal Executive Officer
EXHIBIT 31.01 - Certification of Principal Executive Officer
EXHIBIT 31.02 - Certification of Principal Financial Officer
EXHIBIT 32.01 - Section 1350 Certification

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

(Following are Financial Statements for the fiscal quarter ended March 31, 2005 and the additional time frames as noted:

	Fiscal Quarter Ended 03/31/05	Year to Date Ended 03/31/05	Fiscal Year Ended 12/31/04	Fiscal Quarter Ended 03/31/04	Year to Date Ended 03/31/04
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

		Mar 31, 2005		Dec 31, 2004
		(unaudited)
ASSETS
Assets:
Equity in commodity futures trading accounts:
Cash on deposit with Brokers	$	285,581,784		312,053,398
Unrealized gain on open contracts		8,907,036		22,802,365
		294,488,820		334,855,763
Receivable for units sold		6,827,651		7,210,442
Interest receivable		721,317		561,543
Total assets	$	302,037,788		342,627,748
LIABILITIES AND UNITHOLDERS' CAPITAL
Liabilities:
Accrued commissions	$	1,459,495		1,667,412
Accrued management fees		491,528		558,459
Accrued incentive fees		0		4,531,999
Accrued ongoing offering expenses		122,151		136,802
Accrued operating expenses		95,563		90,000
Redemptions payable		2,922,439		3,602,667
Total liabilities		5,091,176		10,587,339
Unitholders' capital:
Beneficial owners ( 2,306,459.25 and 2,211,539.65 units outstanding at       March 31, 2005 and December 31, 2004, respectively)		293,917,441		328,509,395
Managing owner (23,771.70 units outstanding at       March 31, 2005 and December 31, 2004)		3,029,171		3,531,014
Total unitholders' capital		296,946,612		332,040,409
Total liabilities and unitholders' capital	$	302,037,788	$	342,627,748
See accompanying notes to financial statements.

JWH GLOBAL TRUST

Statements of Operations

(unaudited)

		Jan 1, 2005 through Mar 31, 2005	Jan 1, 2005 through Mar 31, 2005	Jan 1, 2004 through Mar 31, 2004	Jan 1, 2004 through Mar 31, 2004
Revenues:
Gain (loss) on trading of commodity contracts:
Realized (loss) gain on closed positions	$	(28,523,529)	(28,523,529)	14,961,353	14,961,353
Change in unrealized loss on open positions		(13,895,329)	(13,895,329	(8,855,257)	(8,855,257)
Interest income		1,938,865	1,938,865	507,619	507,619
Foreign currency transaction (loss) gain		(546,345)	(546,345)	67,165	67,165
Total revenues		(41,026,338)	(41,026,338)	6,680,880	6,680,880
Expenses:
Commissions		4,394,758	4,394,758	3,413,112	3,413,112
Exchange, clearing and NFA fees		37,333	37,333	24,988	24,988
Management fees		1,477,773	1,477,773	1,147,015	1,147,015
Incentive fees		0	0	861,423	861,423
Ongoing offering expenses		367,249	367,249	282,912	282,912
Operating expenses		95,515	95,515	45,000	45,000
Total expenses		6,372,628	6,372,628	5,774,450	5,774,450
Net (loss) income	$	(47,398,966)	(47,398,966)	906,430	906,430
(Loss) income per unit of beneficial ownership interest *	$	(21.11)	(21.11)	1.14	1.14
(Loss) income per unit of beneficial ownership interest *	$	(21.11)	(21.11)	1.14	1.14
* Represents the increase (decrease) in unit value during the period.
See accompanying notes to financial statements.

JWH GLOBAL TRUST

Statement of Changes in Unitholders' Capital

From January 1, 2005 through March 31, 2005

(unaudited)

	Units*			Beneficial Owners	Managing Owner	Total
Unitholders' capital at January 1, 2005	2,211,539.65	$		328,509,395	3,531,014	332,040,409
Net loss	0			(46,897,123)	(501,843)	(47,398,966)
Unitholders' contributions	156,555.52			20,278,995	0	20,278,995
Unitholders' redemptions	(61,635.92)			(7,973,826)	0	(7,973,826)
Unitholders' capital at March 31, 2005	2,306,459.25		$	293,917,441	3,029,171	296,946,612
Net asset value per unit January 1, 2005			$	148.54	148.54
Net loss per unit				(21.11)	(21.11)
Net asset value per unit March 31, 2005			$	127.43	127.43
* Units of Beneficial Ownership.
See accompanying notes to financial statements.

JWH GLOBAL TRUST L.P. Condensed Schedule of Investments March 31, 2005 (unaudited)
	Number of contracts		Principal/ notional value		Value/open trade equity
Long positions
Futures positions (2.84%)
Agriculture	2,133		45,744,400		2,692,613
Interest Rates	536		180,803,877		373,027
Metals	1,326		67,586,085		2,388,836
Indices	1,340		76,862,740		(1,110,389)
Energy	1,232		71,410,510		4,093,000
			442,407,612		8,437,087
Forward positions (-4.68%)
Currencies	34		629,128,813		(13,898,808)
			629,128,813		(13,898,808)
Total long positions		$	1,071,536,425		(5,461,721)
Short positions
Futures positions (0.27%)
Agriculture	760		8,536,320		7,770
Interest rates	7,616		950,752,368		613,866
Metals	426		22,428,675		27,475
Indices	1,387		46,411,218		151,173
			1,028,128,581		800,284
Forward positions (4.57%)
Currencies	44		1,119,030,703		13,568,473
			1,119,030,703		13,568,473
Total short positions		$	2,147,159,284		14,368,757
Total open contracts (3.00%)				$	8,907,036
Cash on deposit with brokers (96.17%)					285,581,784
Other assets in excess of liabilities (0.83%)					2,457,792
Net assets (100.0%)				$	296,946,612

See accompanying notes to financial statements.

JWH GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS
March 31, 2005
(unaudited)

(1)   General Information and Summary

JWH Global Trust (the Trust), a Delaware statutory trust organized on November 12, 1996, was formed to engage in the speculative trading of futures contracts on currencies, interest rates, energy and agricultural products, metals and stock indices, spot and forward contracts on currencies and precious metals, and exchanges for physicals pursuant to the trading instructions of independent trading advisors. 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 March 31, 2005, a total of 3,458,518.92 units representing an investment for $445,941,103.86 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.

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.

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 12th 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.

Ongoing Offering Costs

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. 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.

Certain large investors are eligible for a "Special Brokerage Fee Rate" of 4.5% per year. As of March 31, 2005, there were no such eligible investors in the Trust.

Foreign Currency Transactions

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

Use of Estimates

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

(3)    Fees

Management fees are accrued and paid monthly, incentive fees are accrued monthly and paid quarterly. Trading decisions for the period of these financial statements were made by John W. Henry & 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 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 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, 2005 and 2004, 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 March 31, 2005, 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 three-month period ended March 31, 2005. Total return is calculated as the change in a theoretical beneficial owner's investment over the entire period and is not annualized. Total return is calculated based on the aggregate return of the Trust taken as a whole.

Net Asset Value per unit At December 31, 2004	$	148.54
Loss per unit		(21.11)
Net Asset Value per unit At March 31, 2005	$	127.43
Total Return:
Total return before incentive fee		(14.21)%
Less incentive fee allocation		0.00%
Total return		(14.21)%
Ratio to average net assets:
Net loss		(15.47)%
Expenses:
Expenses:		2.08%
Incentive fees		0.00%
Total expenses		2.08%

The net income and expense ratios are computed based upon the weighted average net assets for the Trust for the three-month period ended March 31, 2005. The amounts are not annualized.

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

(a)    Capital Resources

The Trust's capital resources fluctuate based upon the purchase and redemption of units and the gains and losses of the Trust's trading activities. The amount of assets invested in the Trust generally does not affect its performance, as typically this amount is not a limiting factor on the positions acquired by JWH, and the Trust's expenses are primarily charged as a fixed percentage of its asset base, however large.

The Trust's involvement in the futures and forward markets exposes the Trust to both market risk - the risk arising from changes in the market value of the futures and forward contracts held by the Trust - and credit risk - the risk that another party to a contract will fail to perform its obligations according to the terms of the contract. The Trust is exposed to a market risk equal to the value of the futures and forward contracts purchased and theoretically unlimited risk of loss on contracts sold short. JWH monitors the Trust's trading activities and attempts to control the Trust's exposure to market risk by, among other things, refining its trading strategies, adjusting position sizes of the Trust's futures and forward contacts and re-allocating Trust assets to different market sectors. The Trust's primary exposure to credit risk is its exposure to the non-performance of the Forwards Currency Broker. The Forwards Currency Broker generally enters into forward contracts with large, well-capitalized institutions and then enters into a back-to-back contract with the Trust. The Trust also may trade on exchanges that do not have associated clearinghouses whose credit supports the obligations of its members and operate as principals markets, in which case the Trust will be exposed to the credit risk of the other party to such trades.

The Trust's trading activities involve varying degrees of off-balance sheet risk whereby changes in the market values of the futures and forward contracts underlying the financial instruments or the Trust's satisfaction of the obligations may exceed the amount recognized in the statement of financial condition of the Trust.

The Trust borrows only to a limited extent and only on a strictly short-term basis in order to finance losses on non-U.S. dollar denominated trading positions pending the conversion of the Trust's dollar deposits. These borrowings are at a prevailing short-term rate in the relevant currency. They have been immaterial to the Trust's operation to date and are expected to continue to be so.

(b)   Liquidity

The Trust's assets are held in brokerage accounts with CIS and CISFS. Except in unusual circumstances, the Trust should be able to close out any or all of its open trading positions and liquidate any or all of its holdings quickly and at market prices. This should permit JWH to limit losses as well as reduce market exposure on short notice should its programs indicate reducing market exposure.

The Trust earns interest on 100% of the Trust's average daily balances on deposit with CIS or CISFS, as the case may be, during each month at the average 91-day Treasury bill rate for that month in respect of deposits denominated in dollars or at the applicable rates in respect of deposits denominated in currencies other than dollars (which may be zero in some cases). For the fiscal quarter ended March 31, 2005, CIS and CISFS had paid or accrued to pay interest of $1,938,865 to the Trust. For the fiscal quarter ended March 31, 2004, CIS and CISFS had paid or accrued to pay interest of $507,619 to the Trust.

Most United States commodity exchanges limit the amount of fluctuation in commodity futures contract prices during a single trading day by regulations. These regulations specify what are referred to as "daily price fluctuation limits" or "daily limits". The daily limits establish the maximum amount the price of a futures contract may vary either up or down from the previous day's settlement price at the end of a trading session. Once the daily limit has been reached in a particular commodity, no trades may be made at a price beyond the limit. Positions in the commodity could then be taken or liquidated only if traders are willing to effect trades at or within the limit during the period for trading on such day. Because the "daily limit" rule only governs price movement for a particular trading day, it does not limit losses. In the past, futures prices have moved the daily limit for numerous consecutive trading days and thereby prevented prompt liquidation of futures positions on one side of the market, subjecting commodity futures traders holding such positions to substantial losses for those days.

It is also possible for an exchange or the CFTC to suspend trading in a particular contract, order immediate settlement of a particular contract, or direct that trading in a particular contract be for liquidation only.

(c)   Results of Operations

The Trust's success depends on JWH's ability to recognize and capitalize on major price movements and other profit opportunities in different sectors of the world economy. Because of the speculative nature of its trading, operational or economic trends have little relevance to the Trust's results, and its past performance is not necessarily indicative of its future results. The Managing Owner believes, however, that there are certain market conditions - for example, markets with major price movements - in which the Trust has a better opportunity of being profitable than in others.

JWH's programs do not predict price movements. No fundamental economic supply or demand analysis is used in attempting to identify mispricings in the market, and no macroeconomic assessments of the relative strengths of different national economies or economic sectors is made. Instead, the programs apply proprietary computer models to analyze past market data, and from this data alone attempt to determine whether market prices are trending. Technical traders such as JWH base their strategies on the theory that market prices reflect the collective judgment of numerous different traders and are, accordingly, the best and most efficient indication of market movements. However, there are frequent periods during which fundamental factors external to the market dominate prices.

If JWH's models identify a trend, they signal positions which follow it. When these models identify the trend as having ended or reversed, these positions are either closed out or reversed. Due to their trend-following character, JWH's programs do not predict either the commencement or the end of a price movement. Rather, their objective is to identify a trend early enough to profit from it and to detect its end or reversal in time to close out the Trust's positions while retaining most of the profits made from following the trend.

The performance summaries set forth below outline certain major price trends which JWH's programs have identified for the Trust during the first quarter of fiscal years 2005 and 2004. The fact that certain trends were captured does not imply that others, perhaps larger and potentially more profitable trends, were not missed or that JWH will be able to capture similar trends in the future. Moreover, the fact that the programs were profitable in certain market sectors in the past does not mean that they will be so in the future.

The performance summaries are an outline description of how the Trust performed in the past, not necessarily any indication of how it will perform in the future. Furthermore, the general causes to which certain trends are attributed may or may not in fact have caused such trends, as opposed to simply having occurred at about the same time. While there can be no assurance that JWH will be profitable even in trending markets, markets in which substantial and sustained price movements occur offer the best profit potential for the Trust.

Fiscal Quarter ended March 31, 2005

The Trust recorded a net loss of $47,398,966 or ($21.11) per unit in the first quarter of 2005. As of March 31, 2005, the Trust had gained 27.43% since its inception in June 1997.

On March 31, 2005, 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's performance was negative in January. While both the fixed-income and agriculture sectors had gains for the month, they weren't enough to offset the losses in other sectors. The Trust's underperformance was driven by the strength of the US dollar, which rebounded from last year's weakening trend. The dollar's sudden turnaround was the dominant factor that drove most market sectors during the month, and therefore resulted in the overall loss for the program. The weak US dollar trend, which had dominated the markets during the second half of last year, began to reverse itself as market expectations of a Yuan revaluation by the Chinese central bank began to diminish. The Canadian dollar/Japanese yen cross was the only positive contributor to the month, while the largest loss was in the euro. Trading in both metals and indices was also negative during the month. The loss in metals was due to the weakening of both gold and aluminum. Gold, which has recently had a strong inverse relationship with the US dollar, came under pressure as the US dollar strengthened throughout the month. Aluminum also added to the Trust's losses as supply increases in Shanghai put pressure on the market. The Trust's returns in the indices sector further hindered performance. The loss in indices resulted from a sell off in world equity markets. The largest gain in the indices sector was achieved in the Eurostoxx 50, while the largest loss occurred in the Nasdaq e-mini. Higher prices in energies led to negative performance for the Trust in this sector. In addition to the events in the Middle East, weather dominated the sector's price action. Brent crude was the only positive contributor of this sector, while the largest loss came from natural gas. The agricultural sector provided positive returns for the month of January. Wheat helped returns as prices fell to a 20-month low. Corn boosted returns slightly as prices fell to the lowest level since June 2001. The largest gain in the agricultural sector was achieved in wheat, while the largest loss occurred in cotton. The fixed income was also positive for the Trust for the month. Japanese Government bonds (JGBs) rose during the month after Japanese government reports showed household spending and industrial production fell. The largest gain was achieved in the JGBs, while the largest loss occurred in Australian 10-year bond. Although January underperformed, it is these types of markets that have provided the catalyst historically for long-term trends to emerge. Overall, the Trust recorded a loss of -9.54% for the month.

The Trust's performance was negative in February. Gains in both the indices and energy sectors weren't enough to offset the combined losses in the other sectors traded. The Trust's underperformance was driven by the apparent end to some long-term trends in the global fixed-income market and the unfavorable performance in the currency sector. A significant portion of February's losses was directly related to the fixed-income sector as the European, Japanese and U.S. bond markets sold off. The catalyst for the dramatic moves higher in world interest rates was the cumulative effect of various events. On February 10th, the U.S. 10-year Treasury note fell after jobless claims unexpectedly declined, exports rose, and the U.S. government sold $14 billion 10-year notes at a higher-than-expected yield. On February 16th, Fed Chairman Alan Greenspan's testimony prepared for the Senate Banking Committee added pressure to the sector and long-term rates declined despite rate hikes over the last year. Two days later, the release of a higher-than-expected Producer Price Index in the U.S. helped to spark inflation fears worldwide. The largest gain was achieved in the Eurodollar, while the largest loss occurred in the Japanese government bond. Currencies were the other main contributor to the Trust's losses. The U.S. dollar rose to a three-month high against the yen after a Commerce Department report showed the U.S. trade deficit narrowed in January. Further adding to the yen's weakness were reports that Japan had officially fallen into a recession for the fourth time since 1991. Additional losses in this sector occurred during the middle of month as the Swiss franc rose against the U.S. dollar. The largest gain was achieved in the Australian/Japanese yen cross, while the largest loss occurred in the Japanese yen. The energy sector had positive returns and was the Trust's best performing sector. Energies rallied as commodity prices surged to a 24-year high. London gas oil and crude oil led performance after the U.S. government reported an unexpected decline in U.S. oil stockpiles. In addition, the International Energy Agency raised its prediction for global consumption. All components of this sector were positive with the largest gain achieved in London gas oil. The Trust's three other sectors, indices, metals, and agriculture all had relatively little effect on overall performance during the month. Indices posted gains as the Nikkei rallied. The only loss in this sector was in the Nasdaq e-mini. The metals sector posted negative returns. The largest gain in this sector was achieved in aluminum, while the largest loss occurred in gold. Lastly, the agricultural sector was flat. Overall, the Trust recorded a loss of -5.63% for the month.

The Trust's performance was positive for the month of March. The energy sector exhibited moderate returns, and the agricultural sector also contributed to the Trust's positive performance. The combined positive performance in both of these sectors was able to offset the losses suffered in the other sectors. The energy sector was the Trust's best performing sector as crude oil and gasoline surged to near all-time highs on news that demand may outpace supply during the peak summer months. A Goldman Sachs prediction that crude oil prices could spike to as high as $105 per barrel also bolstered the rise in oil prices. All components of this sector were positive with the largest gain coming from London gas oil. Currencies were the most unprofitable sector for the Trust during the month. The single most influential factor driving performance was the U.S. dollar. The dollar began the month in a weakening trend as the U.S. trade deficit widened to its second highest level ever. However, this trend reversed as the price of oil soared, the yield on the 10-year note rose to its highest level in seven months, and the Federal Reserve increased borrowing costs by a quarter percentage point. The largest gain in this sector was achieved in the Japanese yen, while the largest loss occurred in the British pound. The Trust was unprofitable in the fixed income sector for the month, as European and Domestic markets sold off and the Japanese bond markets rallied. Increases in energy prices and inflation expectations were the catalyst for the dramatic move higher in most of the world interest rates. In Japan, bonds rallied amid speculation that exports to the U.S. would drop. Additionally, Japanese fixed-income gained on increased signs that its economy is struggling to recover from a fourth recession since 1991. The largest gain in this sector was achieved in the Eurodollar, while the largest loss occurred in the bund. Metals were unprofitable during March as gold and silver, which tend to have an inverse relationship with the U.S. dollar, were driven by the volatility in the U.S. dollar. The Trust did benefit as LME aluminum rose to a 10-year high, however not enough to offset the combined losses in gold and silver. Performance in indices was down slightly for the month as equity markets weakened worldwide. Higher bond yields and oil prices made equities less attractive to investors as inflationary pressures started to weigh on the global economy. The largest gain was achieved in the Nasdaq e-mini, while the largest loss occurred in the Nikkei. The Trust's performance in the agricultural sector was slightly profitable for the month. The Trust was able to benefit from rising New York coffee prices as production declined and reserves fell to their lowest level in 15 years. Overall, the gains achieved in the energy and agricultural sectors were enough to offset the combined losses in the various other sectors. Overall, the Trust posted a gain of .50% for the month.

During the quarter there were 156,555.52 units sold to the beneficial owners for an investment of $20,278,995. Beneficial owners redeemed a total of 61,635.92 units during the quarter. The Managing Owner redeemed a total of 0 units during the quarter. At the end of the quarter there were 2,306,459.25 units outstanding owned by the Beneficial Owners and 23,771.70 units outstanding owned by the Managing Owner.

During the fiscal quarter ending March 31, 2005, 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, 2004

The Trust recorded a net profit of $906,431 or $1.14 per unit in the first quarter of 2004. As of March 31, 2004, the Trust had gained 50.26% since its inception in June 1997.

The Trust had an auspicious start in January and February but in March the Trust gave back much of the previous gains. On March 31, 2004, 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.

Overall, the Trust was positive for the month of January. The worldwide trend of interest rates moving lower continued from December. The long Japanese 10-year bond and the Euro Bund positions had the best performance for the fixed income sector, while the U.S. 30-year bond had the largest loss. For the first half of the month, the weakening U.S. dollar trend continued against most major currencies. The long Japanese yen and the British pound positions made the greatest contributions to profits, while the Swiss franc had the largest loss. Stock indices in Europe, the U.S. and Japan maintained their upward trend for most of the month on positive economic growth and a favorable interest rate environment. The Eurostoxx posted the largest profit, while the Osaka Nikkei posted a loss. The upward trend in crude prices and related products continued in a volatile fashion. Crude oil and heating oil posted the best sector gains. The price of gold has been highly correlated with the Euro; therefore it was higher initially at the beginning of the month, but finished lower at the end. Long copper, aluminum and silver positions had the best performance, while gold was the biggest detractor from profits. The agricultural sector was positive for January, primarily on the performance of corn, soybeans and coffee. Overall, the Trust recorded a 1.07% gain of $2,217,923.59 or $1.60 per unit in January.

Overall, the Trust was positive for the month of February. Interest rates continued to move lower in G7 nations due to benign inflationary pressures. The best results in the sector were achieved in the long Euro bunds, Japanese 10-year bond and the U.S. 10-year note and 30-year bond positions. Energies, with the exception of natural gas, remained on an upward trend because of supply concerns. The U.S. dollar, which had been weakening against most major currencies, found strength mid-month and reversed its five-month downtrend. The best performance for this sector came from the British pound and the Euro/British pound cross. The short Japanese yen and Swiss franc positions recorded the largest losses. Base metals continued the strong move upward due to low inventory levels, while precious metals followed currencies and reversed course during the month. The best performance for this sector came from copper, followed by silver and aluminum. Gold posted a loss for the month. Despite exhibiting a degree of volatility, most equity indices ended the month close to unchanged. Overall, the Trust recorded a 4.54% gain of $10,165,199.05 or $6.86 per unit in February.

Overall, the Trust was down for the month of March. The month was dominated by increased geopolitical risks, which consequently led to a reduction in speculative market positions. In March, the most influential market factors for the Trust were the effects of Japan's fiscal year end. The Bank of Japan, through intervention in foreign exchange markets, bolstered the U.S. dollar against the Japanese yen which in turn propelled Japanese equities and interest rates. The only profitable trade in this sector was the Euro/Pound cross. The largest losses came from the Japanese yen, British pound and the Euro. The U.S. employment data showed a paltry rise in jobs created during February, sending bond prices higher and interest rates lower. Interest rates in the ECB community fell as the terrorist attack in Spain dampened confidence in local economies. The biggest change in interest rates occurred in Japan, where rates actually increased. The Euro bund, U.S. 10-year and 30-year bonds were profitable while the largest loss for the sector was incurred in the Japanese 10-year bond. Metals, agriculture, and energies all were profitable sectors for the Trust but could not overcome the losses in interest rates and currencies. Overall, the Trust recorded a 4.64% loss of $11,476,691.33 or $7.32 per unit in March.

During the quarter there were 380,983.44 units sold to the beneficial owners for an investment of $58,139,432. Beneficial owners redeemed a total of 46,967.88 units during the quarter. The Managing Owner redeemed a total of 32.78 units during the quarter. At the end of the quarter there were 1,715,123.63 units outstanding owned by the Beneficial Owners and 21,743.03 units outstanding owned by the Managing Owner.

During the fiscal quarter ending March 31, 2004, the Trust had no material credit exposure to a counterparty, which is a foreign commodity exchange, or to any counterparties dealing in over the counter contracts.

(d)    Off-Balance-Sheet Arrangements; Disclosure of Contractual Obligations

There have been no changes with respect to the Trust's off-balance-sheet arrangements (as defined in Regulation S-K 303(a)(4)(ii)) or disclosure of contractual obligations as reported in the Trust's Annual Report on Form 10-K for fiscal year 2004.

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, 2004.

Item 4. Controls and 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 Chief Executive Officer and Chief Financial Officer, the Trust has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this quarterly report, and, based on their evaluation, the Chief Executive Officer 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 over financial reporting or in other factors that could materially 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. Unregistered Sales of Securities and Use of Proceeds

a)	None
b)	The Trust permits unitholders to redeem units at the end of each month at the Net Asset Value per unit on the redemption date. The redemption of units has no impact on the net asset value of the units that remain outstanding and units may not be reissued once they are redeemed.

The following table summarizes the redemptions by unitholders during the first quarter of 2005:

Month	Units Redeemed	Redemption Date NAV per Unit
January	19,022.80	134.37
February	19,678.99	126.80
March	22,934.13	127.43
Total	61,635.92

Item 3. Defaults Upon Senior Securities

None

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

None

Item 5. Other Information

a)	None
b)	None

Item 6. Exhibits

a) Exhibits

Index to Exhibits

Exhibit Number	Description of Document
3.01	Sixth Amended and Restated Declaration and Agreement of Trust of the Registrant.1
3.02	Certificate of Amendment of Certificate of Trust of the Registrant.2
10.01	Form of Subscription Agreement and Power of Attorney.1
10.02	Form of Amended Escrow Agreement among the Registrant, The First National Bank of Chicago, the Managing Owner and the Lead Selling Agent.3
10.03	Form of Trading Advisory Agreement among the Registrant, the Managing Owner, CIS and JWH.2
10.04	Form of Customer Agreement between the Registrant and CIS.2
10.05	Form of Foreign Exchange Account Agreement between the Registrant and CIS Financial Services, Inc. ("CISFS").2
10.06	Form of Cash Bullion Account Agreement between the Registrant and CISFS.2
10.07	Form of Transfer Agent Agreement.3
31.01	Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer
31.02	Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer
32.01	Section 1350 Certification
1Incorporated by reference from the exhibit of the same description filed on February 27, 2004 with Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form S-1 (Reg No. 333-105282).
2Incorporated by reference from the exhibit of the same description filed on February 10, 1997 with Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form S-1 (Reg. No. 333-16825; declared effective April 3, 1997).
3Incorporated by reference herein from the exhibit of the same description filed on August 19, 1997 with the Registrant's Registration Statement on Form S-1 (Reg. No. 333-33937).

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 12, 2005
By:	CIS Investment, Inc., Managing Owner
By:	/s/ Shaun D. O'Brien       Shaun D. O'Brien       Chief Financial Officer

(Duly authorized officer of the Managing Owner and the Principal Financial Officer of the Managing Owner)

EXHIBIT INDEX

Exhibit Number	Description of Document
31.01	Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer
31.02	Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer
32.01	Section 1350 Certification

EX-31

EXHIBIT 31.01 - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
I, James A. Davison, the Chairman and Chief Executive 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 the 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 changes in partners' capital 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 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 quarterly 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 quarterly report based on such evaluation; and
	(c)	disclosed in this quarterly 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 quarterly 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 Chairman and Chief Executive Officer CIS Investments, Inc. May 12, 2005

EX-31

EXHIBIT 31.02 - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
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 quarterly report on Form 10-Q of the 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 unitholders' capital 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 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 quarterly 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 quarterly report based on such evaluation; and
	(c)	disclosed in this quarterly 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 quarterly 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. May 12, 2005

EX-32

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 Chairman and Chief Executive Officer of CISI, certify that (i) the attached Form 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 inthe attached Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Trust.

/s/ James A. Davison James A. Davison
Chairman and Chief Executive Officer
CIS Investments, Inc.
May 12, 2005 /s/ Shaun D. O'Brien
Shaun D. O'Brien
Chief Financial Officer
CIS Investments, Inc.
May 12, 2005