10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2006

OR

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from                        to                       .

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.)

222 S Riverside Plaza

Suite 900

Chicago, IL  60606

(Address of principal executive offices) (Zip Code)

(312) 373-5000

(Registrant’s telephone number, including area code)

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

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

Units of Beneficial Interest

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

o Yes     x No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

o Yes     x No

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.

o Yes     x No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x YES    o  NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of accelerated filer and large-accelerated filer in Rule 12b-2 of the Exchange Act.  (Check One):

Large-accelerated filer  o  Accelerated filer   o   Non-accelerated filer     x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

o Yes     x No

State the aggregate market value of the units of the Trust held by non-affiliates of the registrant.  The aggregate market value shall be computed by reference to the price at which units were sold as of the last business day of the registrant’s most recently completed second fiscal quarter:  $ 162,515,577 as of June 30, 2006.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Trust’s prospectus dated on August 1, 2005 is hereby incorporated by reference into Item 1A of this annual report on Form 10-K.

Explanatory Note

This annual report on Form 10-K for the year ended December 31, 2006, is being filed after the filing deadline due to the Trust’s inability to value certain of its assets and complete the preparation of its financial statements.

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TABLE OF CONTENTS

Part I
	Item 1. Business	4
	Item 1A. Risk Factors	7
	Item 1B. Unresolved Staff Comments	7
	Item 2. Properties	7
	Item 3. Legal Proceedings	7
	Item 4. Submission of Matters to a Vote of Security Holders	8
Part II
	Item 5. Market for the Registrant’s Units and Related Security Holder Matters	8
	Item 6. Selected Financial Data	8
	Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
	Item 7A. Quantitative and Qualitative Disclosures About Market Risks	14
	Item 8. Financial Statements and Supplementary Data	18
	Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	19
	Item 9A. Controls and Procedures	19
	Item 9B. Other Information	19
Part III
	Item 10. Directors and Executive Officers of the Registrant	19
	Item 11. Executive Compensation	20
	Item 12. Security Ownership of Certain Beneficial Owners and Management	21
	Item 13. Certain Relationships and Related Transactions	21
	Item 14. Principal Accounting Fees and Services	21
Part IV
	Item 15. Exhibits, Financial Statements and Schedules	22

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Part I

Item 1.  Business

General Development of Business: Narrative Description of Business

JWH Global Trust (the “Trust”) is a Delaware statutory trust organized on November 12, 1996 under the Delaware Statutory Trust Act.  The business of the Trust is the speculative trading of commodity interests, including futures contracts on currencies, interest rates, energy and agricultural products, metals and stock indices, spot and forward contracts on currencies and precious metals and exchanges for physicals (“Commodity Interests”) pursuant to the trading instructions of an independent trading advisor.  R. J. O’Brien Fund Management, Inc (“RJOFM” or the “Managing Owner”)  acquired the Managing Owner interest in the Trust from Refco Commodity Management, Inc (“RCMI”) on November 30, 2006.  The managing owner of the Trust is RJOFM, an Illinois corporation organized in November 2006.  The Managing Owner is registered as a commodity pool operator under the Commodity Exchange Act, as amended (“CE Act”), and is responsible for administering the business and affairs of the Trust.  The Managing Owner is an affiliate of R. J. O’Brien & Associates Inc., the clearing broker for the Trust (“RJO” or the “Clearing Broker”). Trading decisions for the Trust have been delegated to an independent commodity trading advisor, John W. Henry & Company, Inc. (“JWH” or the “Advisor”).

RJO is a “Futures Commission Merchant”, the Managing Owner is a “Commodity Pool Operator” and the trading advisor to the Trust is a “Commodity Trading Advisor”, as those terms are used in the CE Act.  As such, they are registered with and subject to regulation by the Commodity Futures Trading Commission (“CFTC”) and are each a member of the National Futures Association (“NFA”).  Refco Securities, Inc., an affiliate of the RCMI and the lead selling agent for the Trust until November 30, 2006, is registered as a broker-dealer with the National Association of Securities Dealers, Inc. (“NASD”).

The initial public offering of the Trust’s units of beneficial interest (“units”) commenced on April 3, 1997 and concluded on September 23, 1997.  The initial offering price was $100 per unit until the initial closing of the Trust on May 30, 1997, and thereafter the offering price is the current Net Asset Value (“NAV”) per unit of the Trust on the last business day of the calendar month.  The total amount of the initial offering was $50,000,000.  On September 24, 1997, a registration statement was declared effective with the SEC to register $155,000,000 of additional units.  A Post-Effective Amendment was declared effective with the SEC on October 20, 1997 to deregister $3,120,048.99 of units which remained unsold upon the termination of the initial offering of the units. On July 2, 2003 and on November 1, 2004, registration statements were declared effective with the SEC to register $300,000,000 and $500,000,000 of additional units. Due to the bankruptcy of Refco, Inc., the ultimate parent of RCMI (the former managing owner of the Trust), the offering of the units was suspended on October 17, 2005 and has not been reinstated.

Under the terms of the Sixth Amended and Restated Declaration and Agreement of Trust, the Managing Owner may not select Trust transactions involving the purchase or sale of any Commodity Interests, but must select one or more advisors to direct the Trust’s trading with respect thereto.  The Managing Owner has chosen and caused the Trust to enter into a Trading Advisory Agreement (the “Advisory Agreement”) with JWH, the Trust’s sole commodity trading advisor.  Commencing on June 2, 1997, after the conclusion of the offering period with respect to the Trust’s units, JWH began to provide commodity trading instructions to RCMI on behalf of the Trust.

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

The Managing Owner provides suitable facilities and procedures for handling redemptions, transfers, distributions of profits (if any) and, if necessary, the orderly liquidation of the Trust. Although RJO acts as the Trust’s clearing broker, the Managing Owner is responsible for selecting another clearing broker in the event RJO is unable or unwilling to continue in that capacity.  The Managing Owner is further authorized, on behalf of the Trust (i) to enter into a brokerage clearing agreement and related customer agreements with other brokers, pursuant to which other brokers will render clearing services to the Trust; and (ii) to cause the Trust to pay brokerage commissions at the rates provided for in the Prospectus; and to pay delivery, insurance, storage, service and other fees and charges incidental to the Trust’s trading.  The Managing Owner also advances payment of ongoing offering expenses for which it receives reimbursement, subject to a ceiling of 0.5% of the Trust’s average month-end net assets during any fiscal year. The Trust has paid no ongoing offering expenses from October 2005 through December 2006. On December 31, 2006, $35,000 of offering costs were accrued in anticipation of renewing the offering of units in the near term.

The Advisory Agreement between the Trust and JWH provides that JWH has sole discretion in and responsibility for the selection of the Trust’s commodity transactions with respect to that portion of the Trust’s assets allocated to it.  As of

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December 31, 2006, JWH was managing 100% of the Trust’s assets. The Advisory Agreement with JWH commenced on April 3, 1997.  The Trust and JWH amended the Advisory Agreement as of September 29, 2000 to extend the term of the Advisory Agreement until June 30, 2002 with automatic renewal for three additional twelve-month terms (beginning January 1 and ending December 31 of each year) through June 2005, unless earlier terminated in accordance with the termination provisions contained therein. On June 27, 2005 the term of the Advisory Agreement was further extended to June 30, 2007, with automatic renewal for additional 12 month periods.

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

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

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

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

Pursuant to the Advisory Agreement between the Trust and JWH, prior to October 1, 2000, the Trust paid JWH a monthly management fee of 0.33% of the month-end net assets under its management and a quarterly incentive fee of 15% of the Trust’s new trading profits, if any, attributable to assets under its management (both fees are calculated after deduction of a portion of the brokerage commissions at a 1.25% annual rate, rather than the full brokerage commission).  Effective October 1, 2000, the management fee was reduced to 0.167% (a 2% annual rate) and the incentive fee was increased to 20%.  Trading profits are calculated on the basis of the overall performance of the Trust, not the performance of each Trading Program utilized by JWH, considered individually.

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The Trust trades in the global futures and forward markets pursuant to the Advisor’s proprietary trading strategies.  From the commencement of trading on June 2, 1997 until October 1998, the Trust allocated its assets 50% to the Original Investment Program and 50% to the Financial and Metals Portfolio.  For the period beginning October 5, 1998 and ending December 31, 1999, the Trust allocated its assets 40% to the Original Investment Program, 35% to the Financial and Metals Portfolio and 25% to the G-7 Currency Portfolio.  On January 1, 2000, the Trust substituted the JWH GlobalAnalytics® Family of Programs for the Original Investment Program and reallocated trust assets 40% to the Financial and Metals Portfolio, 30% to the G-7 Currency Portfolio and 30% to the JWH GlobalAnalytics® Family of Programs.  For the period beginning August 1, 2005,   the Trust allocated 30% of it’s assets to Financial and Metals Portfolio, 30%  to GlobalAnalytics family of programs, 20% to International Foreign Exchange and 20% to Global Financial and Energy. For the period beginning July 1, 2006 substituted the Global Diversified program for the Global Financial & Energy program. JWH continues to rebalance the Trust’s assets at the end of each quarter among these three trading programs in accordance with the proceeding percentages.

The Trust’s net assets are deposited in the Trust’s accounts with RJO, the Trust’s clearing broker and currency dealer.  The Trust earns interest on 100% of the Trust’s average daily balances on deposit with RJO during each month at the average of 75% of the 91-day Treasury bill rate for that month in respect of deposits denominated in U.S. dollars or at LIBOR less 100 basis points in respect of deposits denominated in currencies other than U.S. dollars (which may be zero in some cases).

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

Recent Events

On February 9, 2006, KPMG LLP (“KPMG”) resigned as the independent accountants of the Trust.

Effective August 25, 2006, the Trust engaged the firm of CF & Co., LLP to act as its independent auditor for the fiscal year ending December 31, 2005.

On October 12, 2006, RCMI, RJO and RJOFM entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) that provides for, among other things, RJOFM to purchase RCMI’s managing owner interest in the Trust. The Asset Purchase Agreement also provided for RCMI to commence a proceeding under Chapter 11 of the Bankruptcy Code and to obtain the Bankruptcy Court’s approval of the Asset Purchase Agreement and the transactions set forth therein.

On October 12, 2006, the Trust Agreement was amended to allow for change of Managing Owner and organization of a JWH Special Circumstance LLC.

RCMI filed a voluntary petition (the “RCMI Bankruptcy Petition”) in the United States Bankruptcy Court for the Southern District of New York on October 16, 2006, for relief under Chapter 11 of Title 11 of the United States Code. Contemporaneously with the filing of the RCMI Bankruptcy Petition, RCMI filed, a motion requesting that the Bankruptcy Court authorize RCMI to sell and assign substantially all of its assets, including its interest as managing owner of the Trust, pursuant to the terms of the Asset Purchase Agreement.  Pursuant to the terms of the Asset Purchase Agreement, as of October 13, 2006, all clearing functions have been moved from Lehman to RJO.  Additionally, RJOFM became the  Managing Owner of the Trust.

On December 29, 2006 the Trust received a partial recovery from RCM in the amount of $10,319,317. Management elected to retain $983,648 of these proceeds for legal and administrative expenses and to distribute $9,335,669  as of December 31, 2006.  Unitholders who had previously redeemed units of the Trading account received cash in the amount of $4,180,958 as disclosed in Note 1 — “General Information and Summary” in the notes to the financial statements filed as Exhibit 13.01. Unitholders who had not previously redeemed units of the Trading account received 54,914 additional units of the Trading account in exchange for $5,154,711, their share of the total distribution of $9,335,669 referred to above.

Effective January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a limited liability company, was established to pursue additional claims against RCM. The LLC was funded with cash of $1,447,136 which represents the $983,648 referred to above plus $463,488, the cash remaining of $1,000,000 set up to pay collection costs as disclosed in Note 1 — “General Information and Summary” in the notes to the financial statements.  Any funds obtained by the LLC will be distributed to unitholders who were investors in the Trust at the time of the bankruptcy of RCM and Refco, Inc.

On April 20, 2007, the LLC received a second partial recovery from RCM in the amount of $2,787,629.  Management believes that, after that recovery,  the remaining value of $3,856,316 represents a fair estimate of the amount of remaining recoveries that may be received.

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On June 7, 2007, the LLC received a third partial recovery from RCM in the amount of $265,758.  Management believes that, after this third recovery, the remaining value of $3,590,558 represents a fair estimate of the amount of remaining recoveries that may be received.

Financial Information about Segments

The Trust’s business constitutes only one segment for financial reporting purposes; it is a Delaware statutory trust whose purpose is to trade, buy, sell, spread or otherwise acquire, hold or dispose of commodity interests including futures contracts on currencies, interest rates, energy and agricultural products, metals and stock indices, spot and forward contracts on currencies and precious metals and exchanges for physicals.  The Trust does not engage in the production or sale of any goods or services.  The objective of the Trust business is appreciation of its assets through speculative trading in such commodity interests.  Financial information about the Trust’s business, as of December 31, 2006, is set forth under Items 6, 7, and 8 herein.

Financial Information about Geographic Areas

Although the Trust trades in the global futures and forward markets, it does not have operations outside of the United States.

Available Information

The Trust files an annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to these reports with the Securities and Exchange Commission.  You may read and copy any document filed by the Trust at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for information on the Public Reference Room.  The Trust does not maintain an internet website, however, the SEC maintains a website that contains annual, quarterly, and current reports, proxy statements, and other information that issuers (including the Trust) file electronically with the SEC.  The SEC’s website address is http://www.sec.gov.

The Trust will also provide paper copies of such reports and amendments to its investors free of charge upon written request.

Item 1A. Risk Factors

The Trust is in the business of speculative trading of futures, forwards, and options.  For a detailed description of the risks that may affect the Trust or the units offered by the Trust, see the Risk Factors set forth in the Trust’s prospectus dated August 1, 2005, and filed with the Securities and Exchange Commission on August 2, 2005, and incorporated herein by reference.

Item 1B. Unresolved Staff Comments

None

Item 2.  Properties

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

Item 3.  Legal Proceedings

On October 10, 2005, Refco Inc., the parent company of RCMI announced that it had discovered through an internal review a receivable owed to the Company by an entity controlled by Phillip R. Bennett, Chief Executive Officer and Chairman of the Board of Directors of the Company, in the amount of approximately $430 million. Mr. Bennett repaid the receivable in cash, including all accrued interest, on October 10, 2005. Based upon the results of the review to date, Refco Inc. believes that the receivable was the result of the assumption by an entity controlled by Mr. Bennett of certain historical obligations owed by unrelated third parties to Refco, Inc., which may have been uncollectible. Independent counsel and forensic auditors have been retained to assist Refco, Inc.’s Audit Committee in the investigation of these matters.

On October 12, 2005, Mr. Bennett was initially charged with one count of securities fraud. On November 10, 2005, he was indicted on eight counts of conspiracy, fraud, and other charges by a federal grand jury. The indictment was delivered in the United States District Court for the Southern District of New York. Prosecutors charge in the indictment that Mr. Bennett

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hid customer and company losses from Refco, Inc. auditors and investors from as early as the late 1990s. Those losses, according to the indictment, were then transferred to a company controlled by Mr. Bennett and hidden through a series of transactions.

Refco, Inc. and other affiliated entities, including RCMI, have subsequently filed for bankruptcy.  See Note 7 — “Subsequent Events” in the notes to the financial statements filed as Exhibit 13.01 for more information.  Such information is incorporated herein by reference.

Since the announcement of these matters at Refco, Inc., the Informal Committee of RCMI (Mr. Richard C. Butt and Ms. Annette A. Cazenave) has undertaken its own review into RCM and the Trust to ensure none of these matters had any material impact on the results of operations of either RCMI as the former  managing owner or the Trust.  Based upon the results of that review, the Informal Committee has no reason to believe that the actions of Mr. Bennett had any impact on the operations or financial results of the Trust.

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

None

Part II

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

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

(ii) As of December 31, 2006, there were 1,283,573 units held in the Trading Account by the Beneficial Owners for an investment of $120,482,074 and 20,218 units held in the Trading Account by the Managing Owner for an investment of $1,897,788  A total of  511,449 units had been redeemed by Beneficial Owners and 0 units by the Managing Owner during the period of January 1, 2006 to December 31, 2006.  The Trust’s Sixth Amended and Restated Declaration and Agreement of Trust contains a full description of redemption and distribution procedures. 5,237,705  ($491,610,991) units remain unsold as of December 31, 2006.

(iii) To date no distributions have been made to owners of beneficial interest in the Trading account of the Trust.  The Sixth Amended and Restated Declaration and Agreement of Trust does not provide for regular or periodic cash distributions, but gives the Managing Owner sole discretion of determining what distributions, if any, the Trust will make to its owners of beneficial interest.  The Managing Owner has not declared any such distributions to date, and does not currently intend to declare such distribution. (See explanation of distribution to Non-trading account on December 29, 2006 in Item 1, “Recent events”).

(iv) The Trust does not authorize the issuance of units under any employee compensation plan (including any individual compensation arrangements).

(b)The Trust did not repurchase any units registered pursuant to Section 12 of the Securities Exchange Act during the period January 1, 2006 through December 31, 2006.

Item 6.  Selected Financial Data

The following Selected Financial Data is presented for the years ended December 31, 2002, 2003, 2004, 2005 and 2006 and is derived from the financial statements for such fiscal years.

	2002		2003		2004			2005			2006
Revenues (000)	$	19,741	$	17,203	$	36,504		$	3,569		$	(15,853	)
Net Income (Loss) From Continuing Operations (000)	12,057		3,964		8,847			(20,433		)	(29,194		)
Net Loss Nontrading (000)								(39,878		)	(538		)
Net Income (Loss) Per Unit	28		10		(1		)	(28		)	(19		)
Total Assets (000)	65,112		210,466		342,628			223,617			140,705
Net Asset Value per Unit	140		149		149			121			97

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Item 7.  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.  During 2006, no units were purchased by Beneficial Owners. The Managing Owner  purchased 0 units during this time.  For the fiscal year ended December 31, 2006, the Beneficial Owners redeemed a total of 511,449 units for $52,435,526. The Managing Owner redeemed a total of 0 units.  For the fiscal year ended December 31, 2005, the Beneficial Owners redeemed a total of 770,681 units for $93,925,546 and the Managing Owner redeemed a total of 660 units for $86,447.

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.  The Trading Advisor 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 clearing houses 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 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 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.

During the fiscal year-ended December 31, 2006, the Trust had no credit exposure to a counterparty which is a foreign commodities exchange which was material.

There are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes, to the Trust’s capital resource arrangements at the present time.

(b)Liquidity

The Trust’s net assets are held in brokerage accounts with RJO.  Such assets are used as margin to engage in trading and may be used as margin solely for the Trust’s trading.   Except in very 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 securities holdings quickly and at market prices.  This should permit the Advisor 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  RJO during each month at 75% of the average 91-day Treasury bill rate for that month in respect of deposits denominated in dollars. For deposits denominated in other currencies, the Trust earns interest at a rate of LIBOR less 100 basis points.  For the calendar year ended December 31, 2006, clearing brokers had paid or accrued to pay interest of $6,848,952 to the Trust.  For the calendar year ended December 31, 2005, the clearing brokers  paid or accrued to pay interest of $8,790,919  to the Trust.

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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.

There are no known material trends, demands, commitments, events or uncertainties at the present time that are reasonably likely to result in the Trust’s liquidity increasing or decreasing in any material way.

(c)Results of Operations

The Trust’s success depends on the Advisor’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.

The Advisor’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 the Advisor 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 the Advisor’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, the Advisor 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 the Advisor’s programs have identified for the Trust during the last three fiscal years.  The fact that certain trends were captured does not imply that others, perhaps larger and potentially more profitable trends, were not missed or that the Advisor 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 the Advisor will be profitable even in trending markets, markets in which substantial and sustained price movements occur offer the best profit potential for the Trust.

2006

The JWH Global Trust posted a  loss of  16.8 % for 2006.  The Net Asset Value at year-end was $93.86 (please see Note 1 — “General Information and Summary” in the notes to the financial statements for more information with respect to the calculation of Net Asset Value) compared to $112.86 per unit at the beginning of the year. There were no contributions to the Trust during 2006.

The Fund’s performance in the first quarter was negative. The currency sector led the Fund’s losses as the sharp reversal in the U.S. dollar’s strength continued into January.  The U.S. dollar dropped 2.3 % and 1.25% against the euro and the British

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pound, respectively.  The energy sector suffered losses  as geopolitical events and changing weather forecasts induced volatility.  The agriculture sector was slightly negative as sugar prices rose to their highest levels since 1989.  Metals led the positive performing sectors, along with gains achieved in the indices and interest rate sectors.  Metals benefited as silver gained 31% for the quarter and gold reached a 25-year high. The indices sector also gained as Asian stocks approached a 16-year high.  The interest rate sector benefited as Japanese, German and U.S. government debt sold off on stronger-than-expected economic data.  Yields on the German benchmark two-year bonds rose to their highest point in more than 3 years, while Japanese 10-year government bonds (JGBs) fell after the Bank of Japan (BOJ) ended its 5-year policy of flooding the Japanese economy with cash.

The Fund’s performance was negative during the second quarter.  The German benchmark 10-year bund yield touched 4 % for the first time since October  2004.  The metal and currency sectors also added to performance in April as both precious and base metals continued to trend higher due to inflationary fears and increased demand. Currencies benefited as the U.S. dollar continued to weaken.  Gold climbed above $650/oz for the first time in 25 years while the U.S. dollar fell 4.1 percent against the euro. In  mid-quarter,  the interest rate, metal, agriculture and indices sectors suffered from large market corrections.  Increased inflationary fears and concerns over the global economy led investors to take profits and reduce risk exposure.   The Dow Jones Industrial Average closed on May 9th within 84 points of a new record high; however later weakened, ending May with their worst monthly decline in almost two years. This caused a  “contagion effect” in the metal and currency sectors.  Gold fell 12 % after reaching a 26-year high of $732 an ounce on May 12th.  The dollar fell to an eight-month low of 109 yen /dollar on May 17th and reached a one-year low of $1.297 per euro.  In June, all of April’s gains were erased as all six sectors were negative, with the currency, metals and interest rate sectors responsible for the majority of the Fund’s losses.   The possibility of a larger-than-expected interest rate move sent the U.S. dollar and U.S. treasury yields higher.  However the markets suffered another reversal after the Fed raised rates by only 25 basis points. The dollar ended the quarter 5.3 % lower against the euro and 2.8% lower versus the yen- the greatest percentage decrease since the last quarter of 2004.

The Fund’s performance  was positive for the third quarter. The interest rate sector was positive as U.S. treasuries had their biggest quarterly gain in 4 years, and European 10-year bonds posted their first quarterly gain since June 2005.  The U.S. 10-year note touched a seven-month low of 4.53 % on September 25th, down from 5.14 % on June 30th.  JGBs also helped performance as investors speculated that the BOJ would keep interest rates at their current level for the remainder of the year. The energy sector was also positive  albeit with increased volatility. Natural gas and crude oil prices tumbled in September as mild weather in the Midwestern United States cut demand and inventories climbed toward an all-time high.   Meanwhile, crude oil prices fell 20 % after touching a record high of $78.40 a barrel on July 14th as fuel stockpiles increased and tensions in the Middle East eased.  Currencies were negative for a third consecutive quarter.  Currency markets continued to experience reversals with speculation about the health of the U.S. economy and global inflation.    The metals sector suffered as commodities as an asset class had its biggest quarterly decline in at least 50 years.  The Commodity Research Bureau index ended the third quarter down 12%, its largest decline since 1956.  Gold prices fell 18% from a 26-year high of $732 an ounce in May. The indices and agriculture sectors were also negative for the quarter as sugar prices plunged, while the indices sector suffered as fears over slower growth in the U.S. and Japan kept equity markets lower for the majority of the quarter.

The Fund’s performance was negative for the fourth quarter.  In the fixed income sector German and U.S. government bonds fell, experiencing reversing trends while the JGBs oscillated due to market speculation. The metals sector was also negative for the quarter as precious metals fell. The currency sector  added  to the Fund’s losses in December as the U.S. dollar’s weakening trend suffered a reversal.  The agriculture and indices sectors offset losses as corn prices had their biggest annual gain ever, reaching a 10-year high.

2005

The JWH Global Trust posted a  loss of  18.7% for 2005.  The Net Asset Value at year-end was $120.73 (please see Note 1  — “General Information and Summary” in the notes to the financial statements for more information with respect to the calculation of Net Asset Value) compared to $148.54 per unit at the beginning of the year. During 2005, total contributions to the Trust were $38,804,726.

The Trust’s performance in the first quarter was negative as the bulk of the losses were directly related to the strength of the U.S. dollar against most major currencies.  The weak dollar trend, which had dominated during the second half of 2004, began to reverse itself on diminishing expectations of a Yuan revaluation by the Chinese central bank.  Demand for the dollar also increased when the Federal Reserve raised interest rates by a quarter percentage point for the seventh time since June 2004. On February 16th Fed Chairman Alan Greenspan’s testimony, stating that the decline in long-term interest rates during the past year “remains a conundrum”, sparked inflationary fears worldwide and added to the Trust’s negative performance in the interest rate sector as the European, Japanese and U.S. bond markets sold-off. The Japanese sell-off was short lived as Japanese bonds rallied amid speculation that exports to the U.S. would drop.  The energy sector, the Trust’s

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best performer during the quarter, benefited from an increase in inflationary fears offset some of the previously discussed losses in the currency and interest rate sectors. Energies rallied as commodity prices surged to a 24-year high on speculation that rising domestic demand may outpace U.S. refinery production during peak summer demand.  Overall, the gains made in energies, indices and the agriculture sectors were not enough to offset the losses incurred in the currency, interest rate and metals sectors.

The Trust’s performance was positive during the second quarter as large gains in the currency and interest rate sectors more than offset losses in the Trust’s other sectors.  The energy sector, which had been the best performing sector in the first quarter, was the worst performing sector in the second quarter, as trends experienced sudden and strong reversals.  In April, energies experienced a sudden turnaround as supplies increased and OPEC boosted output in an effort to lower prices and ensure adequate inventories to meet summer fuel demands.  In contrast, the entire energy sector rallied in June as expectations increased that global demand for oil would reach record levels in the fourth quarter. The interest rate sector posted positive returns as the majority of the sector’s gains came from the strength in the German and Japanese fixed-income markets.  The benchmark German 10-year bund rose to a record high, as market conjecture grew that the European Central Bank would have to cut interest rates as the European economy slowed.  Further supporting the rally in the German bund was the rejection of the European Union Constitution in France.  The currency sector was the best performing sector during the quarter as the U.S. dollar posted its largest quarterly gain against the euro since 2001 as the market anticipated a quarter point increase by the Federal Reserve on June 30th. The dollar also benefited from the yield advantage against the Swiss franc and the euro.  In the agriculture sector, cotton, corn, wheat, soybeans and N.Y. coffee hindered the Trust’s returns as weather conditions wreaked havoc in the markets.  The metals sector was negative for the quarter as volatility in various markets limited the Trust’s ability to achieve returns. Overall, the gains made in the currency and interest rate sectors drove the Trust’s performance for the quarter.

The Trust’s performance was positive for the third quarter, despite volatile market conditions that resulted from terror attacks in London, a surprise devaluation of the Chinese Yuan and Hurricanes Dennis, Emily, Katrina and Rita.  Fears, over damage to oil rigs and refineries caused by the hurricanes in the Gulf Coast led to record high energy prices.  With positive returns in every market traded, the energy sector led performance during the quarter.  The interest rate and currency sectors were the Trust’s most unprofitable sectors during the quarter as volatility in the fixed income market and the U.S. dollar dominated both sectors. The dollar had been weakening over speculation that record high energy prices would slow U.S. economic growth. However, once it became evident that the Federal Reserve would continue to raise interest rates and thus keep its “yield advantage”, both the fixed-income sector and the U.S. dollar reversed their trends; the dollar rallied and fixed-income markets sold off.  The hurricanes also helped the metal sector to post positive returns for the quarter as record high energy costs also saw gold reach a 17-year high. The agriculture and indices sectors also posted positive returns, as N.Y. coffee and the Nikkei 225 (Osaka) led performance.  The Nikkei rose to a four—year  high on signs that the Japanese economy would continue to grow and on indications that land prices in Tokyo had risen for the first time in 15 years. Overall, four out of the six sectors were positive for the quarter.

The Trust was negative for the fourth quarter as the energy, interest rate and agriculture sectors suffered from strong and sudden reversals in trends. The energy sector was the Trust’s worst performer as energy prices retreated from record highs in the third quarter.  Not only did natural gas fall from record high levels set in September, but crude oil also fell from record highs set in August on signs that warmer than normal weather in the Northeastern region of the U.S. could reduce energy consumption.  The interest rate sector, which had been profiting from downward trending prices in the U.S., Europe and Japan, ended the quarter negative over fears of rising interest rates.  The sudden rally in Japanese and U.S. fixed-income markets was a result of Japanese Prime Minister Koizumi and other politicians stating that it was too early for the Bank of Japan to stop fighting deflation and a sudden optimism that inflation in the U.S. was contained as the Federal Reserve removed the term “accommodative” from its statement after raising rates at their December meeting. While the market reversals resulted in losses for both the interest rate and energy sectors for the quarter, the currency sector finished the quarter positive but only after losing most of the gains the sector achieved in October and November.  For the most of the quarter the currency sector profited, however, as expectations of further rate hikes from the Fed diminished, the sector gains were limited as the dollar suddenly weakened.  The metal sector benefited as gold reached an 18-year high and the prices of LME copper and LME aluminum rallied on increased demand and falling supplies. The agriculture sector was slightly negative for the quarter as N.Y. coffee and cotton were the main contributors to the underperformance in this sector. Overall, the combined gains in the currencies, indices and metals sectors were unable to offset the losses in the rest of the Trust’s sectors.

2004

The JWH Global Trust posted a loss of 0.39%, or ($0.58) per unit, 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.   During 2004, total contributions to the Trust equaled $143,801,533.

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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 performance was slightly positive during the first quarter, 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 the fixed income sector 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.

(d)Inflation

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

(e)Off-Balance-Sheet Arrangements

The Trust does not have any off-balance-sheet arrangements (as defined in Regulation S-K 303(a)(4)(ii)) that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

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(f)Tabular Disclosure of Contractual Obligations

The business of the Trust is the speculative trading of commodity interests, including futures contracts on currencies, interest rates, energy and agricultural products, metals and stock indices, spot and forward contracts on currencies and precious metals and exchanges for physicals.  The majority of the Trust’s futures and forward positions, which may be categorized as “purchase obligations” under Item 303 of Regulation S-K, are short-term.  That is, they are held for less than one year.  Because the Trust does not enter into other long-term debt obligations, capital lease obligations, operating lease obligations or other long-term liabilities that would otherwise be reflected on the Trust’s Statement of Financial Condition, a table of contractual obligations has not been presented.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

Introduction

Past Results Are Not Necessarily Indicative of Future Performance

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

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

Standard of Materiality

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

Quantifying the Trust’s Trading Value at Risk

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

Quantitative Forward-Looking Statements

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

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

Exchange maintenance margin requirements have been used by the Trust as the measure of its Value at Risk.  Maintenance margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the

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fair value of any given contract in 95% - 99% of any one-day intervals.  The maintenance margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

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

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

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

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

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

The following tables indicate the average, highest and lowest amounts of trading Value at Risk associated with the Trust’s open positions by market category for fiscal years 2006 and 2005.  All open position trading risk exposures of the Trust have been included in calculating the figures set forth below.  During fiscal year 2006, the Trust’s average total capitalization was approximately $156 million, and during fiscal year 2005, the Trust’s average total capitalization was approximately $290 million.

Fiscal Year 2006

Market Sector	Highest Value at Risk*		Lowest Value at Risk*		Average Value at Risk*		% of Average Capitalization**
Agriculture	$	2.80	$	1.10	$	1.80	1.20	%
Currencies	$	16.10	$	6.10	$	11.00	7.10	%
Energies	$	6.70	$	0.90	$	3.37	2.26	%
Indices	$	5.00	$	3.10	$	4.00	2.60	%
Interest Rates	$	8.90	$	1.20	$	5.40	3.50	%
Metals	$	2.52	$	0.70	$	1.85	1.20	%
Total	$	42.02	$	13.10	$	27.42	17.86	%

Fiscal Year 2005

Market Sector	Highest Value at Risk*		Lowest Value at Risk*		Average Value at Risk*		% of Average Capitalization**
Agriculture	$	6.40	$	1.10	$	2.40	0.80	%
Currencies	$	23.20	$	9.70	$	17.20	5.90	%
Energies	$	9.40	$	0.90	$	4.00	1.40	%
Indices	$	12.30	$	2.00	$	7.20	2.50	%
Interest Rates	$	15.10	$	2.90	$	9.80	3.40	%
Metals	$	3.10	$	1.10	$	2.00	0.70	%
Total	$	69.50	$	17.70	$	42.60	14.70	%

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

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

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

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

Non-Trading Risk

The Trust has non-trading market risk on its foreign cash balances not needed for margin.  However, these balances (as well as any market risk they represent) are immaterial.  The Trust holds substantially all of its assets in cash on deposit with RJO.  The Trust has cash flow risk on these cash deposits because if interest rates decline, so will the interest paid out by RJO at 75% of the 91-day Treasury bill rate.  As of December 31, 2006 and December 31, 2005, the Trust had approximately $119.3 million and $202.4 million, respectively, in cash on deposit with RJO and Lehman Brothers respectively.

Qualitative Disclosures Regarding Primary Trading Risk Exposures

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

The following were the primary trading risk exposures of the Trust as of December 31, 2006, by market sector.

Currencies.  The Trust’s currency exposure is to exchange rate fluctuations.  These fluctuations are influenced by interest rate changes as well as political and general economic conditions.  The Trust trades in a number of currencies, including cross-rates (i.e., positions between two currencies other than the U.S. dollar).  The Trust’s major exposures have typically been in the dollar/yen, dollar/euro, dollar/Swiss franc and dollar/pound positions but more recently have also included exposure to cross-rates positions such as euro/yen, aud/yen and pound/yen positions and emerging markets like Singapore dollar.

Interest Rates.  Interest rate risk is a major market exposure of the Trust.  Interest rate movements directly affect the price of the sovereign bond positions held by the Trust and indirectly the value of its stock index and currency positions.  Interest rate movements in one country as well as relative interest rate movements between countries materially impact the Trust’s profitability.  The Trust’s primary interest rate exposure is to interest rate fluctuations in the United States and the other G-7 countries.  However, the Trust also takes positions in the government debt of smaller nations — e.g., Australia.  The Managing Owner anticipates that G-7 interest rates will remain the primary market exposure of the Trust in this sector for the foreseeable future.

Stock Indices.  The Trust’s primary equity exposure is to equity price risk in the G-7 countries including the U.S.  The stock index futures traded by the Trust are by law limited to futures on broadly based indices. As of December 31, 2006, the Trust’s primary exposure was in the E-Mini Nasdaq, Eurostoxx 50, Osaka Nikkei (Japan), and SFE SPI 200 (Australia).  As

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of December 31, 2005, the Trust’s primary exposure was in the E-Mini Nasdaq, Osaka Nikkei (Japan), SFE SPI 200 (Australia), DAX (Germany) and Eurostoxx 50.    The Trust is primarily exposed to the risk of adverse price trends or trendless markets in the major U.S., European and Japanese indices.  (Trendless markets would not cause major market changes but could make it difficult for the Trust to avoid being “whipsawed” into numerous small losses.)

Metals.  The JWH programs currently used for the Trust trade mainly precious and base metals. The Trust’s primary metals market exposure is to price fluctuations.

Agricultural. The Trust’s primary commodities exposure is to agricultural price movements, which are often directly affected by severe or unexpected weather conditions.  Coffee, corn, wheat, beans, soybean oil, cotton, cocoa and sugar accounted for the substantial bulk of the Trust’s agricultural exposure as of December 31, 2006 and December 31, 2005.  In the past, the Trust has had market exposure to live cattle, and the soybean complex and may do so again in the future.

Energy.  The Trust’s primary energy market exposure is to gas and oil price movements, which sometimes result from political developments in the Middle East.  Oil prices can be volatile and substantial profits and losses have been and may continue to be experienced in this market.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the only non-trading risk exposures of the Trust as of December 31, 2006 and December 31, 2005.

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

Cash Position.  The Trust held substantially all its assets in cash at Lehman Brothers and later R.J. O’Brien & Associates, earning interest at 75% of the average 91-day Treasury bill rate (calculated daily).

Qualitative Disclosures Regarding Means of Managing Risk Exposure

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

Risk Management

Given the volatility of prices (see “Trend Detection”), JWH does not expect that all trend signals will lead to profitable trades. Stop-losses are used in some models and managed in a proprietary manner to balance the potential loss on any trade versus the opportunity for maximum profit.  Stop losses may not necessarily limit losses, since they become market orders upon execution; as a result, a stop-loss order may not be executed at the stop-loss price. Other models do not have any stop-loss methodology but rely on market diversification and a change in directional signals to offset risk. Risk in some programs may also be managed by varying position size or risk levels for a market, based in part on assessment of market volatility, while other programs will maintain position sizes in markets regardless of changes in volatility.  There are no systematic constraints on portfolio volatility or the maximum drawdown for any program. Volatility will not cause systematic adjustments to be made to existing positions. Some programs consider volatility in determining the size of positions initiated. Other programs do not consider volatility in determining the size of positions initiated.

Modern portfolio techniques are used in an effort to construct an overall diversified portfolio for each JWH trading program.  However, some programs will have limited diversification because of their sector focus. These techniques will attempt to take into account the volatility and correlation of the markets that are included in the program. However, no assurances can be made that historical market correlations and diversification will occur or persist in all market conditions. In an attempt to maintain diversification, portfolio adjustments will be made to account for systematic changes identified by JWH’s research in the relationships across markets. Consistent with JWH’s view of markets, portfolios are managed to meet longer-term risk and volatility tolerances, rather than trading on the basis of short-term trends or short-term volatility.

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JWH at its sole discretion may override computer-generated signals and may at times use discretion in applying its quantitative models, which may affect performance positively or negatively.  This could occur, for example, when JWH determines that markets are illiquid or erratic, such as may occur cyclically during holiday seasons, or on the basis of irregularly occurring market events.  Subjective aspects in JWH’s application of its quantitative models also include the determination of position size in relation to account equity, timing of commencement of trading an account, the investment of assets associated with additions, redemptions, and reallocations, future contracts used and contract months traded, and effective trade execution.

The basic philosophy underlying the firm’s investment methodology has remained intact throughout its history and most investment programs maintain a consistent portfolio composition to allow profit opportunities in as many major market trends as possible, in accordance with the investment objectives of each program.

Proprietary research may be conducted to refine the JWH investment strategies. The potential benefits to a program of employing more than one investment methodology, applying investment methodologies in varying combinations, and the possible substitution of alternative investment methodologies with respect to particular contracts may be assessed through the testing of different methodologies, along with the possible benefits of such modifications to improve program performance over historical levels.  In addition, risk management research and investment program analysis may suggest modifications regarding the relative weighting among various contracts, modifying the style and/or timing used by an investment program to trade a particular contract, the addition or deletion of a contract traded by an investment program, or a change in position size in relation to account equity.  JWH’s research on these and other issues has resulted in investment program modifications from time to time in the past, and are expected to do so in the future.

Position size adjustments relative to account equity are an integral part of JWH’s investment strategy and historically have been made in a systematic manner as the equity in the account from trading profits increases.  JWH may override indicated systematic position size adjustments when, in its discretion, it deems that is warranted by its assessment of market conditions.  In the case of declines in equity, position sizes are generally maintained in spite of any trading losses. Systematic methods for maintaining or adjusting the trade size to equity in an account may affect performance and will alter the risk exposure of the account, with leverage increasing in down markets until losses are offset, and decreasing in profitable market conditions until systematic adjustments are made.

JWH may also use discretion to adjust the size of a position in relation to equity in the account for markets or for entire investment programs.  Such adjustments may not be made for all JWH programs.  Factors that may affect decisions to adjust the size of a position in relation to account equity include ongoing research, program volatility, current market volatility, risk exposure, subjective judgment, and evaluation of these and other general market conditions.

Decisions to change the size of a position may positively or negatively affect performance and will alter risk exposure for an account, since such adjustments will also alter the volatility of JWH programs. Adjustments in position size relative to account equity may lead to greater profits or losses, more frequent and larger margin calls, and greater brokerage expense.  No assurance is given that such adjustments will result in increased program profitability.  JWH reserves the right to alter, at its sole discretion and without notification, its policy regarding adjustments in position size relative to account equity.

Item 8.  Financial Statements and Supplementary Data

Reference is made to the financial statements and the notes thereto filed as Exhibit 13.01 to this report.

The following summarized (unaudited) quarterly financial information presents the results of operations and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2006 and 2005.

	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
	2006			2006			2006		2006
Total Revenues (Loss)	$	(14,633,780	)	$	766,346		$	3,454,390	$	(5,411,088	)
Total Expenses	4,271,022			3,789,151			3,262,624		2,586,556
Net Income (Loss)	$	(18,904,802	)	$	(3,022,805	)	$	191,766	$	(7,997,644	)
Net Income (Loss) per Unit	$	(10.82	)	$	(2.78	)	$	0.37	$	(9.55	)

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	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
	2005			2005		2005		2005
Total Revenues (Loss)	$	(41,026,338	)	$	33,280,586	$	10,940,576	$	(39,206,305	)
Total Expenses	6,372,628			6,398,579		6,663,212		4,865,734
Net Income (Loss)	$	(47,398,966	)	$	26,882,007	$	4,277,364	$	(44,072,039	)
Net Income (Loss) per Unit	$	(21.11	)	$	11.48	$	1.87	$	(20.05	)

The Trust has not disposed of any segments of its business.  Year—end adjustments were made for impairment of assets held at Refco Capital Markets.

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

On February 9, 2006, the Trust received notification that the firm of KPMG LLP (“KPMG”) had resigned as the independent accountants and that the client-auditor relationship between the Trust and KPMG has ceased, effective immediately.  In connection with the audits of the two fiscal years ended December 31, 2004 and 2003 and the subsequent interim period through February 9, 2006, there were no disagreements between the Trust and KPMG on any matters of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have been referred to in their reports.  KPMG’s reports on the Trust’s financial statements for the years ended December 31, 2004 and 2003 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. In addition, in connection with the audits of the two fiscal years ended December 31, 2004 and 2003 and the subsequent interim period through February 9, 2006, there were no reportable events (as defined in Item 304(a)(1)(v) of Securities and Exchange Commission Regulation S-K).

On August 25, 2006, the firm of CF & Co. , L.L.P. was engaged to act as the Trust’s independent auditor.

Item 9A.  Controls and Procedures

Under the supervision and with the participation of the management of R.J. O’Brien Fund Management, Inc., the managing owner of the Trust at the time this annual report was filed, including the managing owner’s President and Chief Financial Officer, 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 annual report, and, based on their evaluation, the President and Chief Financial Officer of the managing owner have concluded that these disclosure controls and procedures were effective.  There were no changes in the Trust’s internal control over financial reporting, during the quarter ended December 31, 2006, that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Any control system, no matter how well designed and operated, can provide reasonable (not absolute) assurance that its objectives will be met.  Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

Item 9B.   Other Information.

None.

Part III

Item 10.  Directors and Executive Officers of the Registrant

There are no directors or executive officers of the Trust.  As of December 31, 2006, the Trust was managed by its Managing Owner, R.J. O’Brien Fund Management, Inc. The officers and directors of the Managing Owner as of December 31, 2006 were as follows:

R.J. O’Brien Fund Management, Inc.

Gerald Corcoran is Chief Executive Officer.Gerry Corcoran was appointed Chief Executive Officer of RJO in June 2000 and was appointed as Chief Executive Officer of RJOFM in November of 2006. He joined the RJO family in 1987 as Chief Financial Officer and served as Chief Operating Officer, a position he was promoted to in 1992. He is also a member of the Board of Directors.  Prior to joining RJO, Mr. Corcoran served as controller for the Chicago Sun-Times, the nation’s 7th

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largest daily newspaper. He is a former member of the Chicago Mercantile Exchange where he served on the Clearing House Committee. Mr. Corcoran also serves on the Board of Governors of the Chicago Board of Trade Clearing Corporation, the only AAA rated clearing organization in the world.  Mr. Corcoran has a Bachelor of Business Administration from Loyola University and is a Certified Public Accountant.

Colleen Mitchell is President.  Colleen Mitchell was promoted to President of R.J.O’Brien in June 2000. Prior to this position, she served as vice president for the futures commission merchant. Ms. Mitchell was responsible for marketing, clearing, and execution services to commodity trading advisors, hedge fund managers, and introducing brokers. Formerly, Ms. Mitchell served as senior vice president for Terra Nova Trading in Chicago, where she launched and brokered for a NASD broker-dealer and NFA introducing brokerage firm.  She has a Bachelor of Arts from Saint Mary’s College in South Bend, Indiana.

Jeffrey R. Miceli was Chief Financial Office of RJOFM..  Mr. Miceli served as Chief Financial Officer of R. J. O’Brien Alternative Asset Management, Inc. until April 2007.  Prior to joining R. J. O’Brien, he was a senior manager in the Investment Services practice of KPMG LLP.  He is a Certified Public Accountant and graduated from Northern Illinois University with a B. S. in Accounting in 1988.  He is a member of the AICPA and the Illinois CPA Society.  As of April 30, 2007, the Board of Directors of RJOFM voted to remove Mr. Miceli from his position as Vice President and Chief Financial Officer of RJOFM in order to reassign Mr. Miceli to another position within the larger R.J. O’Brien & Associates family.

Helen D. McCarthy is Chief Financial Officer.  Ms. McCarthy was named CFO of RJOFM on April 30, 2007. Prior to joining R.J. O’Brien, Ms. McCarthy was VP of Finance/Controller at ACNielsen, a global marketing information company.  Before ACNielsen, she served as Vice President of Finance at the Sun-Times Media Group, a newspaper conglomerate with over 100 publications.  Ms. McCarthy was responsible for all financial management and Controllership duties.  Ms. McCarthy also spent 7 years with Ernst & Young auditing both Public and Private companies.  Ms. McCarthy began serving as Chief Financial Officer in April 2007.

Annette A. Cazenave is Senior Vice President of RJOFM.  With RJOFM’s purchase of RCMI in December of 2006, Ms. Cazenave joined RJOFM with over twenty-five years of comprehensive experience in alternative asset management (futures, derivatives and hedge funds) marketing and business management.  Ms Cazenave joined Cargill in March of 2004. Previously, Ms. Cazenave was VP, Marketing and Product Development, for Horizon Cash Management, LLC (2002-2004).  Prior to this, she was President and Principal of Skylark Partners, Inc., in New York, a financial services consulting firm.  Additionally, Ms. Cazenave held senior level positions with ED&F Man Funds Division (now Man Investments) in New York (1986-1993).  Ms. Cazenave began her career in 1979 as a Sugar trader and holds a B.A. from Drew University and an M.B.A. from Thunderbird, The American Graduate School of International Management.

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

Audit Committee

The Managing Owner has not created an audit committee of its board of directors; therefore, the entire board of directors of the Managing Owner acts as the audit committee with respect to the Trust. None of the directors are considered to be independent as that term is used in Item 7(d)(3)(iv) of Schedule 14A under the Securities Exchange Act of 1934, as amended.  Therefore, there is no Audit Committee Financial Expert.

Code of Ethics

The Trust does not have any officers; therefore, it has not adopted a code of ethics applicable to the Trust’s principal executive officer, principal financial officer, principal accounting officer and persons performing similar functions.  The Managing Owner operates the Trust and has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer and persons performing similar functions.

Item 11.  Executive Compensation

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

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Item 12.  Security Ownership of Certain Beneficial Owners and Management

(a)As of December 31, 2006, no person was known to the Trust to own beneficially more than 5% of the outstanding units.

(b)As of December 31, 2006, the Managing Owner beneficially held an ownership of $1,897,788 (which is the equivalent of 20,218 units) or approximately 1.55 % of the ownership of the Trust as of that date.

(c)As of December 31, 2006, no arrangements were known to the registrant, including any pledges by any person of units of the Trust or shares of its Managing Owner or the parent of the Managing Owner, such that a change in control of the Trust may occur at a subsequent date.

Item 13.  Certain Relationships and Related Transactions

None

Item 14.  Principal Accounting Fees and Services

(a)Audit Fees

The Trust paid CF & Co., L.L.P, the Trust’s independent auditors, $100,000 for the 2006 audit and $65,000 for the 2005 audit and for professional services rendered in connection with the audit of the Trust’s annual financial statements filed with the Trust’s Form 10-Ks and the review of financial statements included in the Trust’s Form 10-Q filings.

(b)Audit-Related Fees

The Trust did not pay CF & Co., L.L.P any amount in 2006 or 2005 for assurance reviews and related professional services rendered in connection with the audit or review of the Trust’s financial statements that are not covered by Item 14(a) above.

(c)Tax Fees

The Trust did not pay CF & Co., L.L.P any amount in 2006 or 2005 for professional services in connection with tax compliance, tax advice and tax planning.  The Trust engaged Deloitte & Touche LLP, which does not provide audit services to the Trust, to provide professional services in connection with tax compliance, tax advice and tax planning and paid Deloitte & Touche LLP $65,000 for such services in 2006 and $80,000 in 2005.  These fees consisted primarily of services rendered in connection with the preparation of a Schedule K-1 to IRS Form 1065 for each unitholder.

(d)All Other Fees

None

(e)Audit Committee Pre-Approval Policies and Procedures

(i)The board of directors of the Managing Owner acts as the audit committee with respect to the Trust. The directors of the Managing Owner has not developed pre-approval policies as of the date of this report.  Consequently, all audit and non-audit services provided by CF & Co., L.L.P must be approved by the directors of the Managing Owner.

(ii)None of the services described in Item 9(e)(2) through 9(e)(4) of Schedule 14A of the Securities Exchange Act of 1934 were provided by CF & Co., L.L.P therefore, no services were required to be approved by the board of directors of the Managing Owner on behalf of the Trust.

(f)Less than 50% of the hours expended on CF & Co., L.L.P’s audit of the Trust’s financial statements were attributable to the work of persons who were not full-time, permanent employees of CF & Co L.L.P.

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Part IV

Item 15.  Exhibits, Financial Statements and Schedules

(a)The following documents are included herein:

(1)Financial Statements:

a.Report of Independent Registered Public Accounting Firm — CF & Co., L.L.P.

b.Report of Independent Registered Public Accounting Firm — KPMG, LLP.

c.Statements of Financial Condition as of December 31, 2006 and 2005.

d.Condensed Schedule of Investments as of December 31, 2006 and 2005.

e.Statements of Operations, Years ended December 31, 2006, 2005 and 2004.

f.Statements of Changes in Unitholders’ Capital for the years ended December 31, 2006, 2005 and 2004.

g.Notes to Financial Statements.

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

(3)Exhibits:

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Index to Exhibits

Exhibit
Number	Description of Document
1.01	Form of Selling Agreement among CIS Securities, Inc. (the “Lead Selling Agent”), JWH Global Trust (the “Registrant”), CIS Investments, Inc. (the “Managing Owner”), and John W. Henry & Company, Inc. (“JWH”), as assigned to R.J. O’Brien & Fund Management, Inc.(1)
3.01	Sixth Amended and Restated Declaration and Agreement of Trust of the Registrant.(2)
3.02	Certificate of Amendment of Certificate of Trust of the Registrant.(3)
10.01	Form of Subscription Agreement and Power of Attorney.(2)
10.02	Form of Amended Escrow Agreement among the Registrant, JP Morgan Chase, the Managing Owner and the Lead Selling Agent.(4)
10.03	Form of Trading Advisory Agreement among the Registrant, the Managing Owner, CIS and JWH, as assigned to R.J.O’Brien Fund Management, Inc.(3)
10.04	Customer Agreement between the Registrant and R.J. O’Brien & Associates, Inc., dated as of September 27, 2006.
10.07	Form of Transfer Agent Agreement.(3)
13.01	Annual Report to Unitholders for Fiscal Year 2006.
14.01	R.J. O’Brien Fund Management, Inc. Code of Ethics.
31.01	Rule 13a-14(a)/13d-14(a) Certifications of Principal Executive Officer.
31.02	Rule 13a-14(a)/13d-14(a) Certifications of Principal Financial Officer.
32.01	Section 1350 Certification of Chief Executive Officer.
32.02	Section 1350 Certification of Chief Financial Officer.

(1)    Incorporated by reference from the exhibit of the same description filed on March 12, 2002 with Post-Effective Amendment No. 6 to the Registrant’s Registration Statement on Form S-1 (Reg No. 333-33937).

(2)    Incorporated 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).

(3)    Incorporated 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).

(4)    Incorporated 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).

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SIGNATURES

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

Date: July 5, 2007	JWH GLOBAL TRUST
	By: R.J. O’Brien Fund Management, Inc.
	(Managing Owner)
	By:	/s/ Helen D. McCarthy
		Helen D. McCarthy
		Vice President and
		Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Form 10-K has been signed by the following persons on behalf of the Registrant on July 5, 2007, and in the capacities indicated:

R. J. O’Brien Fund Management, Inc.

Signatures	Title
/s/ G. Corcoran	Chief Executive Officer and Director
Gerald Corcoran	(principal executive officer)
/s/ Helen D. McCarthy	Chief Financial Officer and Director
Helen D. McCarthy	(principal financial and accounting officer)
/s/ C. Mitchell	President and Director
Colleen Mitchell
/s/ Annette Cazenave	Senior Vice President and Director
Annette Cazenave

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EX-10.04

Exhibit 10.04

222 South Riverside Plaza, Suite 900
Chicago, IL 60606

The process of trading begins with your completing at least one set of account forms.

This Application contains a negotiable contract (the “Account Agreement”) through which you agree to assume certain contractual obligations and contractually waive certain rights. Accordingly, this Account Application, including the Account Agreement, MUST BE READ CAREFULLY and signed by EVERY person or group trading contracts as defined by the account agreement through R.J. O’Brien (“RJO”). Original agreements must be completed and returned to your broker. Customers may print out account agreements from the Internet and send original signed documentation back to broker. However, customers utilizing Internet forms should pay particular attention to paragraph 13 of the Account Agreement.

Please be sure that you read and understand everything in this Application. Fill it out fully and legibly, signing and dating, in ink, where required. Otherwise, the opening of your account may be delayed. A new account can be traded only when the Application and initial funds are accepted in, and the Application is approved by, RJO’s Chicago office.

SINCE TRADES INVOLVE AN IMMEDIATE OBLIGATION BY RJO TO THE RESPECTIVE EXCHANGES, UNLESS OTHER ARRANGEMENTS HAVE BEEN MADE, YOUR TRADING CAN BEGIN ONLY WHEN CLEARED FUNDS ARE RECEIVED BY R.J. O’BRIEN, IN THE FORM OF:

A.A bank wire to the Harris Trust & Savings Bank of Chicago for the account of R.J. O’Brien, Customer Segregated Account 367-171-6. The ABA routing, if necessary, is 071-000-288. (Be sure to include your name as it appears on your account agreement and also your complete account number.);

B.A certified check or cashier’s check made payable to R.J. O’Brien. If this is a new account, personal checks, money market checks and savings and loan checks may require clearance before you can trade. In addition, the originating source of all funds coming into the account must match the name on the account;

C.TRANSFER of funds and/or existing positions to your account from another firm. When transferring an account, please fill out the Account Transfer Form in the back of this booklet, return it to RJO with all other required documents (via your Introducing Broker, if any), and RJO will apply positions and funds to your account accordingly.

WHEN YOUR ACCOUNT IS OPEN AND TRADING, READ YOUR STATEMENTS CAREFULLY, AS SOON AS THEY ARE RECEIVED. If you plan to be away, check in with your broker as frequently as prudent! Do not delay reviewing your trading status. If you have ANY questions about an individual trade or your balance or position, either phone your account representative (broker) immediately, or if he or she is unavailable or a problem is not resolved at once, call the RJO Compliance staff in Chicago at 312-373-5000.

ATTENTION:                       Please make a copy of this entire account application for your records.

Rev. 1/05

RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS

This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures and options is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.

Futures

1.Effect of “Leverage” or “Gearing”

Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are “leveraged” or “geared.” A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.

2. Risk-reducing orders or strategies

The placing of certain orders (e.g. “stop-loss” orders, where permitted under local law, or “stop-limit” orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as “spread” and “straddle” positions may be as risky as taking simple “long” or “short” positions.

Options

3. Variable degree of risk

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking into account the premium and all transaction costs.

The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating purchasing deep-out-of the-money options, you should be aware that the chance of such options becoming profitable ordinarily is remote.

Selling (“writing” or “granting”) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavorably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a future, the seller will acquire a position in a future with associated liabilities for margin (see the section on Futures above). If the option is “covered” by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.

Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.

Additional risks common to futures and options

4. Terms and conditions of contracts

You should ask the firm with which you deal about the terms and conditions of the specific futures or options which you are trading and associated obligations (e.g., the circumstances under which you may become obligated to make or take delivery of the underlying interest of a futures contract and, in respect to options, expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.

5. Suspension or restriction of trading and pricing relationships

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or “circuit breakers”) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss. Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option may not exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to judge “fair” value.

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6. Deposited cash and property

You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.

7. Commission and other charges

Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.

8. Transactions in other jurisdictions

Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade you should inquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.

9. Currency risks

The profit or loss in transactions in foreign currency denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.

10. Trading facilities

Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearinghouse and/or member firms. Such limits may vary: you should ask the firm with which you deal for details in this respect.

11. Electronic trading

Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.

12. Off-exchange transactions

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a firm price or to assess the exposure to risk, For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks.

I hereby acknowledge that I have received and understood this Risk Disclosure Statement.

If Individual or Joint Account:
Print Customer Name
X
Customer Signature		Date
Print Joint Party Name
X
Joint Party Signature		Date
If Corporation, Partnership, or other entity: (All General Partners must sign),
X	/s/ Annette A. Cazenave Sr. V. Pres., Refco Comm. Mgmt.
Signature		Title
9/27/06
Date
X
Signature		Title
Date

3

PRIVACY POLICY

R.J. O’Brien and		believe in respecting the privacy and security
	(Name of Introducing Broker)

of your personal information. Please read this Privacy Policy carefully.

We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law.

Collection of Information

We collect nonpublic personal information about you from the following sources:

·Information we receive from you on applications or other forms;

·Information about your transactions with us, our affiliates or others; and

·Information we receive from a consumer reporting agency.

Information Sharing with Nonaffiliated Third Parties as Permitted by Law

We are permitted by law to share all the information we collect, as described above, with (1) companies that perform marketing services on our behalf and (2) other third parties that assist us with preparing and processing orders and statements.

Confidentiality and Security

We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards that are designed to protect your nonpublic information.

4

NOTICE TO CUSTOMERS

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

5

INSTRUCTIONS FOR ACCOUNT FORMS

Risk Disclosure Statement for Futures and Options	Pages 2-3
(This CFTC Risk Disclosure must be signed by all customers.)
Privacy Policy	Page 4
(Please review)
Notice to Customers	Page 5
(Please review)
Account Application	Page 7
(All customers must complete.)
General Partner Information	Pages 8-9
(All General Partners of a Partnership must complete.)
Account Agreement	Pages 10-16
(Please review and sign were applicable.)
Personal Guarantee	Page 17
(All Corporate, LLC, and Partnership accounts must sign.)
Exercise and Assignment Policy	Page 18
(Must be signed by all customers.)
Hedge Agreement	Page 19
(All customers requesting bone fide hedge margins must complete and sign.)
Introducing Broker Authorization	Page 20
(Must be signed by all customers.)
Trading and Order Routing Disclosure Statement	Page 22
(Must be reviewed by all customers.)
New York Board of Trade Electronic Order Routing Systems Disclosure Statement	Page 23
(Must be reviewed by all customers.)
Additional Risk Disclosure	Page 24
(All customers must review and sign if applicable.)
Request for Electronic Transmission of Customer Statements	Page 25
(Must be signed by all customers requesting statements be sent electronically.)
Internal Revenue Code Substitute Form W-9	Page 26
(Must be completed by all U.S. Citizens.)
Account Transfer Form	Page 27

6

PARTNERSHIP
INDIVIDUAL GENERAL PARTNER INFORMATION

1) General Partner

Refco Comm. Mgmt.	41 - 1457292
Name	Social Security	Occupation	Date of Birth
	Refco Commodity Mgmt. Inc..
Employer Name	Nature of Business
312 - 456 - 6462
Daytime Phone	Home Phone	Fax Phone

Financials

Annual Income:	Liquid Net Worth:**	Total Net Worth:
o  $25,000 - $50,000*	o  $5,000 - $25,000	o  $5,000 - $25,000
o  $50,000 - $100,000	o  $25,000 - $50,000	o  $25,000 - $50,000
o  $100,000 - $200,000	o  $50,000 - $100,000	o  $50,000 - $100,000
o  $200,000 - $1,000,000	o  $100,000 - $500,000	o  $100,000 - $500,000
o  over $1,000,000	o  $500,000 - $1,000,000	o  $500,000 - $1,000,000
	o  $1,000,000 - $2,000,000	o  $1,000,000 - $2,000,000
*If under $25,000, give amount & source:	o  $2,000,000 and over	x  $2,000,000 and over
	**Excluding equity in home

Investment Experience

Futures:		Commodity Options:	Commodity Funds:	Stocks/Bonds:
x	Yes	o  Yes	x  Yes	o  Yes
o	No	x  No	o  No	x  No
9	Years	___ Years	_9  Years	___ Years

If yes, please list accounts:
	o  Open	o  Closed		o  Open	o  Closed
Firm			Firm

Do you understand:

x	Yes	o  No	Basics of Futures Trading?
x	Yes	o  No	Risks of Loss and the Possibility of Incurring a Debit?
o	Yes	o  No	RJO Margin Policy? (See Account Agreement, section 3)
x	Yes	o  No	Is Futures Trading Suitable for you?
x	Yes	o  No	Are you an employee or member of any futures or securities exchange, NFA, NASD; a member firm of either of
			those entities or an employee of RJO?  If yes, list:	Member NFA

2) General Partner

Name	Social Security	Occupation	Date of Birth
Employer Name	Nature of Business
Daytime Phone	Home Phone	Fax Phone

Financials

Annual Income:	Liquid Net Worth:**	Total Net Worth:
o  $25,000 - $50,000*	o  $5,000 - $25,000	o  $5,000 - $25,000
o  $50,000 - $100,000	o  $25,000 - $50,000	o  $25,000 - $50,000
o  $100,000 - $200,000	o  $50,000 - $100,000	o  $50,000 - $100,000
o  $200,000 - $1,000,000	o  $100,000 - $500,000	o  $100,000 - $500,000
o  over $1,000,000	o  $500,000 - $1,000,000	o  $500,000 - $1,000,000
	o  $1,000,000 - $2,000,000	o  $1,000,000 - $2,000,000
*If under $25,000, give amount & source:	o  $2,000,000 and over	o  $2,000,000 and over
	**Excluding equity in home

Investment Experience

Futures:	Commodity Options:	Commodity Funds	Stocks/Bonds
o  Yes	o  Yes	o  Yes	o  Yes
o  No	o  No	o  No	o  No
___ Years	___ Years	___ Years	___ Years

If yes, please list accounts:
	o  Open	o  Closed	o  Open	o  Closed

Do you understand:

o  Yes	o  No	Basics of Futures Trading?
o  Yes	o  No	Risks of Loss and the Possibility of Incurring a Debit?
o  Yes	o  No	RJO Margin Policy? (See Account Agreement, section 3)
o  Yes	o  No	Is Futures Trading Suitable for you?
o  Yes	o  No	Are you an employee or member of any futures or securities exchange, NFA, NASD; a member firm of either
		of those entities or an employee of RJO?  If yes, list:

8

3) General Partner

Name	Social Security	Occupation	Date of Birth
Employer Name	Nature of Business
Daytime Phone	Home Phone	Fax Phone

Financials

Annual Income:	Liquid Net Worth:**	Total Net Worth:
o  $25,000 - $50,000*	o  $5,000 - $25,000	o  $5,000 - $25,000
o  $50,000 - $100,000	o  $25,000 - $50,000	o  $25,000 - $50,000
o  $100,000 - $200,000	o  $50,000 - $100,000	o  $50,000 - $100,000
o  $200,000 - $1,000,000	o  $100,000 - $500,000	o  $100,000 - $500,000
o  over $1,000,000	o  $500,000 - $1,000,000	o  $500,000 - $1,000,000
	o  $1,000,000 - $2,000,000	o  $1,000,000 - $2,000,000
*If under $25,000, give amount & source:	o  $2,000,000 and over	o  $2,000,000 and over
	**Excluding equity in home

Investment Experience

Futures:	Commodity Options:	Commodity Funds	Stocks/Bonds
o  Yes	o  Yes	o  Yes	o  Yes
o  No	o  No	o  No	o  No
___ Years	___ Years	___ Years	___ Years

If yes, please list accounts:
	o  Open	o  Closed		o  Open	o  Closed
Firm			Firm

Do you understand:

o  Yes	o  No	Basics of Futures Trading?
o  Yes	o  No	Risks of Loss and the Possibility of Incurring a Debit?
o  Yes	o  No	RJO Margin Policy? (See Account Agreement, section 3)
o  Yes	o  No	Is Futures Trading Suitable for you?
o  Yes	o  No	Are you an employee or member of any futures or securities exchange, NFA, NASD; a member firm of either
		of those entities or an employee of RJO?  If yes, list:

4) General Partner

Name	Social Security	Occupation	Date of Birth
Employer Name	Nature of Business
Daytime Phone	Home Phone	Fax Phone

Financials

Annual Income:	Liquid Net Worth:**	Total Net Worth:
o  $25,000 - $50,000*	o  $5,000 - $25,000	o  $5,000 - $25,000
o  $50,000 - $100,000	o  $25,000 - $50,000	o  $25,000 - $50,000
o  $100,000 - $200,000	o  $50,000 - $100,000	o  $50,000 - $100,000
o  $200,000 - $1,000,000	o  $100,000 - $500,000	o  $100,000 - $500,000
o  over $1,000,000	o  $500,000 - $1,000,000	o  $500,000 - $1,000,000
	o  $1,000,000 - $2,000,000	o  $1,000,000 - $2,000,000
*If under $25,000, give amount & source:	o  $2,000,000 and over	o  $2,000,000 and over
	**Excluding equity in home

Investment Experience

Futures:	Commodity Options:	Commodity Funds	Stocks/Bonds
o  Yes	o  Yes	o  Yes	o  Yes
o  No	o  No	o  No	o  No
___ Years	___ Years	___ Years	___ Years

If yes, please list accounts:
	o  Open	o  Closed		o  Open	o  Closed
Firm			Firm

Do you understand:

o  Yes	o  No	Basics of Futures Trading?
o  Yes	o  No	Risks of Loss and the Possibility of Incurring a Debit?
o  Yes	o  No	RJO Margin Policy? (See Account Agreement, section 3)
o  Yes	o  No	Is Futures Trading Suitable for you?
o  Yes	o  No	Are you an employee or member of any futures or securities exchange, NFA, NASD; a member firm
		of either of those entities or an employee of R.J. O’Brien?  If yes, list:

9

ACCOUNT AGREEMENT

1. ACCOUNT STATUS

R.J. O’Brien (RJO) agrees to accept and maintain for the undersigned Customer one or more accounts and to act as broker or dealer for Customer in the execution and clearance of orders for transactions involving the purchase and sale of commodity futures contracts; options on futures contracts; commodities and forward contracts, security futures contracts (“SSF”); option, spot and forward foreign exchange transactions; exchange for physicals (“EFPs”); and any other cash transaction (individually, a “Contract” and collectively, “Contracts”). Customer hereby represents that all responses made in connection with the Account Application and Account Agreement are complete and correct, and that RJO will be informed of any material change in such data, including financial information.

Customer warrants to RJO that if Customer is an individual or if this is a joint account, Customer(s) is of legal age and of sound mind. Unless otherwise indicated in the Application, no one except the Customer(s) identified in the Account Application has an interest in the account(s).

Customer agrees to permit verification of relevant information by RJO through third parties (including credit reporting entities). In any event, this Account Agreement and the account(s) permitted hereunder become effective only upon acceptance by an authorized representative of RJO at its principal office in Chicago, Illinois.

2. ACCOUNT RISKS

Customer acknowledges the following:

A)TRADING IN CONTRACTS IS HIGHLY SPECULATIVE AND IN NO SENSE MAY BE CONSIDERED A CONSERVATIVE “INVESTMENT”;

B)BECAUSE OF THE LOW MARGIN DEPOSITS NORMALLY UTILIZED AND THE VOLATILE PRICE MOVEMENTS WHICH CAN OCCUR IN THE CONTRACT MARKETS, THE POSSIBILITY OF RAPID AND SUBSTANTIAL LOSSES IS CONTINUALLY PRESENT;

C)TRADING IN CONTRACTS IS APPROPRIATE ONLY FOR THOSE PERSONS FINANCIALLY ABLE TO WITHSTAND SUBSTANTIAL LOSSES, SOMETIMES GREATLY EXCEEDING THE VALUE OF THEIR MARGIN DEPOSITS.

3. MARGINS, DEPOSITS AND BALANCES

All checks and funds from Customer, to be credited to Customer’s account(s), must be payable only to “R.J. O’Brien”. Customer agrees at all times to maintain such margin in his account as RJO may from time to time (at its sole discretion) require, and will meet all margin calls in a reasonable amount of time. Customer agrees that, if requested to do so, Customer will promptly wire-transfer such funds. Market conditions permitting, RJO agrees to make reasonable efforts to notify Customer of margin calls and/or deficiencies and to allow a reasonable period for Customer to provide funds. FOR THE PURPOSE OF THIS AGREEMENT, A REASONABLE AMOUNT OF TIME SHALL BE DEEMED TO BE ONE (1) HOUR, OR LESS THAN ONE HOUR IF, IN RJO’S BUSINESS JUDGMENT, MARKET CONDITIONS WARRANT. Customer further agrees that, notwithstanding anything in this Agreement to the contrary, in the event that the account(s) is undermargined, has zero equity or is equity deficit at any time, or in the event that RJO is unable to contact Customer due to Customer’s unavailability or due to a breakdown in electronic communications, RJO shall have the right to liquidate all or any part of Customer’s positions through any means available, without prior notice to the Customer.

Furthermore, if at any time Customer’s account does not contain the amount of margin determined by RJO to be appropriate to protect it from adverse market activity, or in the case of Customer’s bankruptcy, or any other event which may cause RJO to be concerned over Customers ability to perform, RJO may at its sole discretion and without prior notice, to Customer, “straddle” or “spread” open positions, switch positions to another month, commodity or exchange, close out positions in whole or part, or limit and/or terminate the right of the Customer to trade in the account(s), other than for liquidation. RJO is authorized to take whatever action it deems necessary including, without prior demand or notice to Customer, hedging and/or offsetting of Customer’s positions in a cash market or otherwise, selling or otherwise liquidating any property belonging to the Customer or in which the Customer has an interest, buying or borrowing any property required to make delivery against any sales, including short sales, effected for Customer’s account(s) or otherwise liquidating the positions in Customer’s account(s) by exchange of future for physical transactions, all for Customer’s sole account and risk. Such liquidation, sale or purchase may be public or private and may be made without notice to Customer and in such manner as RJO may, in its sole discretion, determine.

RJO may require margin in excess of that required by applicable law, regulation, exchange or clearinghouse minimums. All deposits shall be deemed made only when cleared funds are actually received by RJO. If a check is not honored or paid by a bank upon presentment, RJO will immediately debit Customer’s account for the amount of the returned check as well as any fees incurred. Any failure by RJO to call for margin at any time shall not constitute a waiver of RJO’s right to do so any time thereafter, nor shall such failure create any liability to the Customer. RJO shall not be liable to Customer for the loss or loss of use of any margin deposits option premiums, or other property, which loss is the direct or indirect result of bankruptcy, insolvency, liquidation, receivership, custodianship, or assignment for the benefit of creditors of any bank, other clearing broker, exchange, clearing organization or similar entity.

RJO may, for any reason, require Customer to transfer its account(s) to another firm. If Customer does not transfer its positions promptly upon demand by RJO, RJO may liquidate the positions and Customer agrees to indemnify and hold RJO harmless from any and all losses resulting from such liquidation.

10

The Customer acknowledges that RJO is hereby specially authorized, for its account and benefit, from time to time and without notice to it, either separately or with others, to lend, repledge, hypothecate or rehypothecate, either to itself or to others, any and all property (including but not limited to securities, commodities warehouse receipts or other negotiable instruments) held by Customer in any of its accounts and RJO shall not at any time be required to deliver to Customer such identical property but may fulfill its obligation by delivery of property of the same kind and amount.

4. DEBIT BALANCES

All monies, securities, negotiable instruments, open positions in Contracts, options premiums, commodities or other property now or at any future time on deposit or in safekeeping with RJO, shall constitute security for Customer’s obligations hereunder and Customer grants RJO the right to sell or use such security to offset and credit any of those obligations not promptly paid. Customer understands that Customer is liable to RJO for any deficit (“debit”) balance in the account(s) remaining after any such offset. If Customer does not promptly pay a debit in Customer’s account(s) and RJO deems it necessary to take collection action, Customer will hold RJO harmless for all losses and expenses and will reimburse RJO for the debit and all costs incurred, including reasonable attorneys’ fees in connection with such collection actions.

Customer agrees to pay interest on debit(s) at the greater of 1% per month or at an annual rate of 1% over the prime rate at the Harris Trust & Savings Bank of Chicago.

5. COMMISSIONS, FEES AND OTHER COSTS

Customer agrees to pay all commissions, fees and other costs charged by RJO, including but not limited to, introducing broker and floor brokerage, clearing, exchange and NFA fees. In the event that Customer’s account is transferred to another broker, transfer commissions and/or service fees may be charged. Any interest accrued in any account on excess cash balances shall be retained by RJO. RJO shall be under no obligation to pay or account to Customer for any interest income or benefits that may be derived from or use of client monies, reserves, deposits, cash equivalents or any other property.

If Customer directs RJO to enter into any transaction which is effected in a foreign currency or if funds provided by Customer involve the use of a foreign currency: any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Customer’s account and risk. All initial and subsequent deposits for margin purposes shall be made in U.S. dollars, unless otherwise requested in writing by Customer, and written approval from RJO is obtained. RJO is authorized to convert funds in Customer’s account(s) into and from the relevant foreign currency at the rate of exchange plus appropriate fees, obtained from RJO or RJO’s banker.

6. EXCHANGE AND FEDERAL RULES

All transactions handled by RJO on Customer’s behalf shall be subject to the constitution, regulations, customs and interpretations of each exchange or market (and its clearing house, if any), on which the trades are executed, and to all applicable governmental regulations. RJO shall not be liable to Customer as a result of any action taken by RJO to comply with such rules. RJO’s violation of any exchange or other self regulatory organization’s regulations shall not provide Customer with either a defense to a claim by RJO or the basis of a claim against RJO.

In the event that the Customer is a regulated institution or entity, Customer recognizes and acknowledges that it may be required to comply with regulations including, but not limited to the Commodity Exchange Act, and that RJO has no obligation to insure that Customer abides by the rules and regulations pertaining to it.

7. POSITIONS AND DELIVERIES

Customer authorizes RJO to purchase and sell Contracts, in accordance with Customer’s oral or written instructions.

Customer acknowledges Customer’s reporting obligations (regarding certain sized positions) under CFTC Regulation 18.00. These sections obligate Customer to notify the CFTC on Form 40 on the first day that Customer’s position is reportable (as defined in CFTC Regulation 15.03) and for each day thereafter as long as Customer holds the position.

Customer agrees to honor all assignments and deliver the underlying commodity in the prescribed time. If Customer fails to so deliver, Customer designates RJO to act as Customer’s agent to buy such commodity contracts so that the commitment is honored. If a call or a put option is written on a futures contract, Customer realizes that Customer will be required to purchase the underlying futures contract at the exercise price in the event Customer receives a notice of assignment. Customer agrees to honor all assignments and pay the exercise price in the prescribed time. If Customer fails to so act, Customer designates RJO as Customer’s agent to liquidate the underlying futures contract so that Customer’s commitment will be honored. Customer understands that Customer’s account will be debited for any loss and that a commission and/or other related transaction costs will be charged for these services.

Customer understands that, unless the contract specifications state to the contrary, every futures contract contemplates delivery and Customer shall promptly advise RJO if Customer intends to make or take delivery. When Customer intends to take delivery, Customer shall deposit with RJO the full value of the commodity at least five (5) business days prior to the first notice day and, in the case of short positions, at least seven (7) business days prior to last trading day. Alternatively, sufficient funds to take delivery or the necessary documents must be in the possession of RJO within the same periods described above. If RJO does not receive the aforementioned instructions, funds or documents, RJO is authorized, at its discretion, to borrow or buy any property necessary to honor such obligation, and Customer shall pay and indemnify RJO for any costs, losses, penalties or damages (including, but not limited to delivery and storage costs) which RJO might incur in fulfilling this responsibility.

Customer understands that if Customer does not liquidate a position prior to the end of trading on the last day before expiration of a security futures contract, Customer will be obligated to either make or accept a cash payment for cash settled contracts, or accept delivery of the underlying securities in exchange for final payment of the settlement price for SSF contracts settled by physical delivery. Unless the SSF contract specifications state to the contrary, every SSF contract contemplates delivery. Before a Customer will be allowed to make or take delivery of an SSF, Customer must provide RJO with information relating to the broker-dealer through which Customer will effect delivery. In this regard Customer will identify the name of the broker-dealer, the broker-dealer’s Depository Trust Number, the broker Dealer’s Institutional ID number, and the Customer’s account number on the books of the broker-dealer. When a customer intends to take delivery, Customer shall provide notification and deposit with RJO the full value of the underlying securities subject to the SSF at least five (5) business days prior to the last trading day of the contract. When the customer holds a short position and intends to make delivery, Customer shall provide notification and tender the underlying securities subject to the SSF to RJO at least five (5) business days prior to the last trading day. If RJO does not receive the aforementioned instructions, funds or stocks, RJO is authorized, at its discretion, to borrow or buy any stock necessary to honor such obligation, or to liquidate or otherwise offset the position, and Customer shall pay and indemnify RJO for any costs, losses, penalties or damages (including, but not limited to settlement and transaction costs) which RJO might incur in fulfilling this responsibility.

11

8. OPTIONS

CUSTOMER WILL NOT PURCHASE A PUT OR CALL UNLESS CUSTOMER IS ABLE TO SUSTAIN THE TOTAL LOSS OF THE PREMIUM AND RELATED TRANSACTION COSTS. CUSTOMER WILL NOT SELL (WRITE) A CALL OR PUT OPTION UNLESS CUSTOMER EITHER OWNS THE UNDERLYING FUTURES CONTRACT OR IS ABLE TO WITHSTAND SUBSTANTIAL FINANCIAL LOSSES.

Customer recognizes that Customer is fully responsible for taking action to exercise an option contract. RJO shall not be required to take any action with respect to an option contract, including any action to exercise a valuable option prior to its expiration date, except upon express instructions from Customer. In this connection, Customer understands that exchanges have established exercise cut-off times for the tender of exercise instructions, and that Customer’s options may become worthless in the event that Customer does not provide instructions promptly. Customer further understands that RJO cut-off times may differ from the times established by the exchanges, and hereby agrees to waive any and all claims for damage or loss which might arise out of an option not being exercised. RJO will not be responsible for information regarding option expiration dates and assignment notification. Additionally, RJO will not be responsible for any errors or omissions regarding such information.

Customer understands that the RJO exercise policy is on a random basis. All short option positions are subject to assignment at any time, including positions established on the same day that exercises are assigned. Notices of assignment are allocated on a random basis upon best efforts among all customers’ short option positions which are subject to exercise.

Customer understands that particular commodity options may cease to trade at any time or expire, either of which event may result in Customer’s financial loss. Customer also understands that some exchanges may automatically exercise long in the money options pursuant to the regulations of such exchange.

9. LIMITATION OF LIABILITY OF RJO FOR ACTS OF BROKERS

RJO will execute Customer’s transactions solely as agent of Customer. In executing transactions on an exchange, RJO may utilize floor brokers (who may be employees or other agents of RJO), but will not be responsible to Customer for negligence or misconduct of an independent floor broker if, at the time the floor broker was selected, the floor broker was authorized to act as such under the rules of the relevant commodity exchange and the appropriate regulatory agency. RJO will not be responsible to Customer in the event of error, failure, negligence, or misconduct on the part of any non-guaranteed Introducing Broker, Commodity Trading Advisor, or other person acting on Customer’s behalf and, without limiting the foregoing, RJO has no obligation to investigate the facts surrounding any transaction in Customer’s Account(s) which is introduced by such non-guaranteed Introducing Broker, Commodity Trading Advisor, or other person. With respect to guaranteed Introducing Brokers, Customer agrees that RJO’s maximum liability to Customer shall be limited to the amount of the minimum net capital requirement (calculated in accordance with 17 C.F.R. §1.17 as of the date of the finding of actual liability), that would have been required for the guaranteed Introducing Broker had it been a non-guaranteed Introducing Broker. Customer expressly acknowledges that a finding of liability against an Introducing Broker may substantially exceed the amount of the Introducing Broker’s minimum net capital requirement which, in some circumstances may be as low as $30,000. This means that Customer’s right to recover from RJO pursuant to the provisions of this paragraph could also be limited to $30,000.

10. COMMUNICATIONS AND ORDERS

Since all Contracts experience rapid movements in price, Customer’s attention is required in the placement of orders and execution of the same by RJO.

Unless a managed (discretionary) account has been arranged through the execution of a written trading authorization, each order should be communicated to RJO by the Customer or Customer’s duly authorized broker. Instructions should include, but may not necessarily be limited to, the commodity involved, quantity, price, and delivery month. Any trade not specifically authorized by Customer must be immediately reported by Customer directly to RJO’s Compliance Department. Customer will be financially responsible for all trades not so reported and for any losses arising by virtue of a course of dealing involving his grant of de facto control over the account to his broker.

Customer agrees that RJO will not be responsible for delays or inaccuracies in the electronic preparation of statements or the distribution of market information. Nor will RJO be responsible for any failure beyond its control, including (but not limited to) government restrictions, exchange reporting problems, contract market rulings, strikes, suspension of trading, war or acts of God. RJO’s liability to Customer is limited to damages arising from its own gross negligence or willful misconduct and such damages are limited to actual (as distinguished from consequential) damages suffered by Customer. RJO makes no representation, warranty or guarantee as to, and shall not be responsible for the accuracy or completeness of, any information or trading recommendations furnished to Customer by its employees or agents.

Orders are good for one day only (regular day trading session) unless specified and accepted as being “open”, in which case the order will remain open until filled or the Customer so specifies. If Customer does not specify the actual exchange or forum to execute its order, RJO in its sole discretion shall execute the Customer’s order using its best judgment. In some circumstances, this may mean RJO may be on the other side of Customer’s trade. The price at which an order is actually executed shall be binding, even if incorrectly reported. Similarly, an order actually executed but in error reported as not executed is also binding.

Customer understands that while the Internet and the World Wide Web generally are dependable, technical problems or other conditions may delay or prevent Customer from entering or canceling an order on the RJO Online Trading System, or likewise may delay or prevent RJO from executing an order on the RJO Online Trading System. RJO shall not be liable for, any technical problems, system failures and malfunctions, communication line failures, equipment or software failures or malfunctions, system access issues, system capacity issues, high Internet traffic demand, security breaches and unauthorized access beyond the reasonable control of RJO, and other similar computer problems and defects. RJO does not represent, warrant or guarantee that Customer will be able to access or use the RJO Online Trading System at times or locations of Customer’s choosing, or that RJO will have adequate capacity for the RJO Online Trading System as a whole or in part by RJO’s or Customer’s use of or reliance on the RJO Online Trading System or its content or in otherwise performing its obligations under or in connection with this Agreement. In no event will RJO or any of its service providers be liable to Customer or any third party for any punitive, consequential, special or similar damages even if advised of the possibility of such damage. If some jurisdictions do not allow the exclusion or limitation of liability for certain damages, in such jurisdictions, the liability of RJO or any of its service providers shall be limited in accordance with this Agreement to the extent permitted by law. RJO reserves the right to suspend service and deny access to the RJO Online Trading System without prior notice during scheduled or unscheduled system maintenance or upgrading.

12

In the event that Customer is unable to transmit an order through the RJO Online Trading System, or is unable to confirm that an electronic order has been received by RJO, Customer should follow these procedures: (i) if Customer’s account is introduced to RJO by an Introducing Broker, Customer must contact the Introducing Broker, notify the Introducing Broker of the exact nature of the problem and, if appropriate, place the order by phone through the Introducing Broker; (ii) if Customer is unable to contact his Introducing Broker by telephone, or, if Customer’s account is not an introduced account, Customer must contact RJO at (312) 373-5000 and notify RJO of the exact nature of the problem including, but not limited to, the details of the order (including the contract, quantity and whether the order was to buy or sell). Customer agrees that any order placed through this number shall be for liquidation of existing positions only. This number is not to be called by customer for customer support. Customer agrees that when following these procedures, Customer shall be liable for any losses arising out of any order that has previously been transmitted by electronic means, as well as the order placed orally through RJO or Customer’s Introducing Broker.

11. REPORTS AND NOTICES

SHOULD INACCURACIES OR DISCREPANCIES APPEAR ON CUSTOMER’S STATEMENTS OF ACCOUNT(S), MARGIN CALLS, AND NOTICES CUSTOMER AGREES THAT IT IS CUSTOMER’S DUTY TO INFORM RJO OF THE PROBLEM BY TELEPHONE OR FACSIMILE IMMEDIATELY UPON THE EARLIER OF ACTUAL RECEIPT OF THE STATEMENT BY CUSTOMER, OR THE TIME THE STATEMENT IS DEEMED RECEIVED BY CUSTOMER PURSUANT TO THIS PARAGRAPH 11. IN THE EVENT THAT CUSTOMER DOES NOT RESPOND IMMEDIATELY, EXECUTED ORDERS AND STATEMENT REPORTS SHALL BE CONSIDERED RATIFIED BY CUSTOMER AND SHALL RELIEVE RJO OF ANY RESPONSIBILITY WHATSOEVER RELATIVE TO THE ORDER(S) IN QUESTION. ALL REPORTS OF INACCURACIES OR DESCREPANCIES MUST BE MADE TO CUSTOMER’S BROKER AND TO RJO’S COMPLIANCE DEPARTMENT.

Customer has the responsibility to maintain contact with Customer’s individual broker at all times that Customer has market positions or has placed orders but is not available at Customer’s regular address or telephone number to receive reports.

Customer authorizes RJO to transmit electronically (which may include electronic mail) to Customer or post on the RJO Online Trading System all statements, compilations and details of transactions, and other notices, and Customer hereby consents to such methods of receiving such information. There will not be any additional cost or fee for this service. If Customer requests a hard copy of any of these documents, other than by downloading or printing such information or documents from the RJO Online Trading System, there will be a charge as established by RJO from time to time. This consent to receiving such information electronically shall be effective until revoked by Customer in writing and delivered to RJO. It shall be Customer’s responsibility to check Customer’s electronic mail and the RJO Online Trading System site on a regular basis, and no less then daily, to receive statements, compilations and details of transactions, and other notices from RJO. Customer agrees to download or print such statements, compilations and details of transactions, and other notices if such statements or information are available for downloading or printing. Information sent by electronic mail shall be deemed received by Customer by 10:00 a.m. (CST) the next business day after RJO sends the electronic mail, unless RJO receives a message from its system administrator that the message was not delivered. Information and notices posted on the RJO Online Trading System shall be deemed received by Customer by 10:00 a.m. (CST) after RJO posts such information and notices.

Customer shall promptly notify RJO of any difficulty in accessing, opening or otherwise viewing an electronically transmitted document or information. Upon Customer’s request, RJO will use an alternative method of delivering such document or information to Customer, at Customer’s sole expense. Such alternative means of delivery shall not affect the date such document or information is deemed received by Customer, as set forth above. Details of trades and any other similar information or notices either sent to Customer or posted on the RJO Online Trading System shall be conclusive and binding unless Customer notifies RJO to the contrary, (i) where a report or notice is sent electronically, posted on the RJO Online Trading System or made orally, then, as the case may be, at the earlier of the time actually received, or deemed to be received pursuant to this paragraph 11 by Customer, or (ii) where a report or notice is in writing by 8:00 a.m. C.S.T. on the next Business Day following receipt of such report.

12. TAPE RECORDING

Customer hereby authorizes RJO to make recordings of telephone conversations between Customer and RJO regardless of whether a periodic tone signal is used. Customer consents to the use of such tape recording in any forum in connection with resolving disputes. RJO and its affiliates may also, at their discretion, utilize a telephone recording system to place Customers orders. RJO may erase or dispose of such tapes in accordance with its normal procedures.

13. AMENDMENTS AND GUARANTEES

This Agreement, reflects the entire agreement between RJO and Customer and supercedes all prior oral and written agreements between the parties relating to the subject matter hereof and no provisions hereof shall in any respect be waived, augmented or modified by any other party unless in writing and signed by an official so authorized in RJO’s office headquarters.

NO ONE (INCLUDING FUTURES COMMISSIONS MERCHANTS (FCMS), ASSOCIATED PERSONS, INTRODUCING BROKERS, FUND MANAGERS, COMMODITY TRADING ADVISORS OR POOL OPERATORS) CAN GUARANTEE PROFITS OR THE ABSENCE OF LOSSES. CUSTOMER AGREES TO PROMPTLY NOTIFY THE RJO COMPLIANCE DEPARTMENT IF ANY SUCH GUARANTEE IS SUGGESTED.

14. GOVERNING LAW AND WAIVER OF STATUTES OF LIMITATIONS

This Agreement shall be governed by the internal laws of the State of Illinois, excluding conflict-of-laws principles. Customer agrees that no law suit, reparations proceeding before the Commodity Futures Trading Commission, arbitration proceeding or other claim or action relating to this Agreement or the transactions in Customer’s account may be initiated by Customer unless commenced within one year from the date of the disputed transaction. Customer expressly acknowledges that but for this waiver, Customer would otherwise have two years to initiate a claim in reparations before the Commodity Futures Trading Commission or an arbitration before the National Futures Association, and may be waiving even longer time periods that Customer might otherwise have to file a claim under state or federal law.

15. CUSTOMER’S LIABILITY FOR ATTORNEYS FEES

Customer agrees that if Customer institutes legal, arbitration, or reparation proceedings against RJO and if the court, arbitration panel, or other adjudicator deciding such proceedings determines that RJO has substantially prevailed on a claim made by Customer in such proceedings, Customer shall pay, immediately upon demand, all costs and expenses (including attorneys’ fees) incurred by RJO in connection with defending such claim.

16. ELECTRONIC TRADING AND ONLINE SERVICES

RJO will provide Customer with an individual password and a unique user identification (together, the “Access Codes”). The Access Codes will enable Customer to access its account and enter orders for its account through the

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RJO Online Trading System. Customer must maintain the confidentiality of the Access Codes at all times. Customer accepts full responsibility for the use and protection of the Access Codes, which includes, but is not limited to, all orders entered into the RJO Online Trading System using the Access Codes and changes in Customer’s account information that are entered using the Access Codes.

Customer accepts full responsibility for monitoring its account(s) with RJO. Should Customer become aware of any loss, theft or unauthorized use of its Access Codes, Customer shall notify RJO immediately. Customer shall notify RJO within one (1) Business Day of discovering any failure to receive compilations and details of transactions or other communications from RJO. Under either situation, Customer shall provide written notice to RJO’s Compliance Director at RJO’s office, and such notice will be deemed received only if actually delivered, sent by electronic mail to info@rjobrien.com. Attention: Compliance Department, or by fax to 312-373-5225, Attention: Compliance Department.

Any and all materials that RJO provides to Customer in connection with the RJO Online Trading System are (i) provided on a non-exclusive non-transferable basis, (ii) the property of RJO and (iii) intended for Customer’s use only. Customer shall not resell or permit access to the RJO Online Trading System to others and agrees not to copy any materials appearing on the RJO Online Trading System for resale to others. Customer further agrees not to delete any copyright notices or other indications of protected intellectual property rights from materials that Customer prints or downloads from the RJO Online Trading System. Customer shall not obtain any intellectual property rights in or any right or license to use such materials or the RJO Online Trading System other than as set out herein.

Customer agrees to use the RJO Online Trading System at Customer’s own risk. Customer shall be responsible for providing and maintaining the means by which to access the RJO Online Trading System, which may include without limitation a personal computer, modem and telephone or other access line. Customer shall be responsible for all access and service fees necessary to connect to the RJO Online Trading System and assumes all charges incurred in accessing such system. Customer further assumes all risks associated with the use and storage of information on Customer’s personal computer.

The RJO Online Trading System may contain links to websites controlled or offered by third parties. The existence of such links should not be construed as an endorsement, approval or verification by RJO of any content available on third party sites.

17. TERMINATION

This Agreement may be terminated by RJO or the Customer immediately upon written notice to the other party. In the event of such termination, Customer shall immediately liquidate positions in Customer’s account(s), or transfer such open commodity interest positions to another FCM. Notwithstanding any termination, Customer shall satisfy all liabilities to RJO arising hereunder (including, but not limited to, payment of applicable debit balances, commissions and fees, including fees with respect to the transfer of positions to another FCM). This Agreement shall be binding upon Customer’s personal representatives and legal successors, and shall inure to the benefit of RJO’s successors by merger, assignment, consolidation or otherwise. In the event of Customer’s bankruptcy proceedings, death, incompetence, dissolution, or failure to provide adequate margin, RJO is authorized to terminate account in the fashion described elsewhere in this Agreement, without prior notice to the Customer. The termination of this Agreement shall not affect the obligations of the parties arising from transactions entered into prior to such termination. RJO reserves the right to terminate any Customer account at any time, for any reason.

18. OFFSETTING POSITIONS

If Customer maintains separate accounts in which, pursuant to Commodity Futures Trading Commission Regulation 1.46 (d)(6), offsetting positions are not closed out, RJO hereby advises Customer that, if held open, offsetting long and short hedge positions in the separate accounts may result in the charging of additional fees and commissions and the payment of additional margin, although offsetting positions will result in no additional market gain or loss.

19. CFTC REG. 15.05 -DESIGNATION OF RJO AS AGENT OF FOREIGN BROKERS, CUSTOMERS OF FOREIGN TRADERS; AND REG. 21.03 SELECTED SPECIAL CALLS -DUTIES OF FOREIGN BROKERS, DOMESTIC AND FOREIGN TRADERS, FUTURES COMMISSION MERCHANTS AND  CONTRACT MARKETS

If the Customer is a foreign broker it understands that pursuant to CFTC Regulation 15.05, RJO is Customer’s agent (and in the case of a foreign broker the agent of its customers) for purposes of accepting delivery and service of any communication upon RJO shall constitute valid and effective service or delivery upon Customer (and if it is a foreign broker, upon its customers). The Customer understands that said regulation requires RJO to transmit the communication promptly to it (or its customer) in a manner which is reasonable under the circumstances or specified by the CFTC. The Customer also understands CFTC Regulation 21.03 requires it to provide to the CFTC upon special call, market information concerning its options and futures trading (or its customers’) as outlined in the regulation. If the Customer fails to respond to the special call, the CFTC may direct the appropriate contract market and all brokers to prohibit further trades for or on its behalf (or for its customers) in the contract specified in the call unless such trades offset existing open contracts. Special calls are made where the information requested would assist the CFTC in determining whether a threat of market manipulation, corner, squeeze or other market disorder existed. Under Regulation 21.03(g) if the Customer believes it is aggrieved by the action taken by the CFTC it shall have the opportunity for a prompt hearing after the CFTC acts. (The Customer understands that copies of CFTC Regulation 15.05 and 21.03 are available from RJO).

20. MARKET INFORMATION

Exchange and RJO brochures and research are often provided as trading tools. In addition, RJO’s Online Trading System may also contain certain market information. The information contained therein is believed to be reliable, however, no representation is made as to its accuracy, completeness or reliability. Moreover, interpretation of such information is extremely subjective and may vary widely from trader to trader. Customer understands that such information may reflect opinions and RJO shall have no liability arising out of any trading losses incurred by Customer arising out of reliance upon such information or opinions in connection with any trading decision.

21. CONSENT TO JURISDICTION

Customer agrees that all disputes, claims, actions or proceedings arising directly, indirectly, or otherwise in connection with, out of, related to or from this Agreement shall be litigated or arbitrated only in a court or arbitration forum located in Chicago, Illinois, unless otherwise agreed by RJO. Customer consents and submits to the jurisdiction of any state or federal court or arbitration forum located within the Northern District of Illinois. Customer hereby waives any right Customer may have to transfer or change the venue of any litigation brought against Customer by RJO or by

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Customer against RJO. Customer acknowledges and consents to RJO’s election to instigate legal action to collect any debit balance in Customer’s account(s) in any court located in the Northern District of Illinois.

Customer appoints and designates RJO (or any other party whom RJO may from time to time hereinafter designate) as Customer’s true and lawful attorney-in-fact and duly authorized agent for service of legal process and agrees that service of such process upon such attorney-in-fact shall constitute personal service of such process upon Customer; provided, that RJO or such other party shall, within five days after receipt of any such process, forward the same by air courier or by certified mail, together with all papers affixed thereto, to Customer at Customer’s mailing address. If any provision of this paragraph shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remaining provisions of this paragraph.

22. WAIVER, AMENDMENT AND ASSIGNMENT

The failure of RJO to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision nor in any way to affect the validity of this Agreement or the right of RJO thereafter to enforce each and every provision hereof. No waiver of any breach of this Agreement shall be held to constitute a waiver of any other or subsequent breach. No waiver or amendment shall be implied from any conduct, action, or inaction. No provision of this Agreement may be waived or amended unless such waiver or amendment is in writing and signed by an authorized officer of RJO. Any rights that Customer may have pursuant to this Agreement shall not be assigned, transferred, sold or otherwise conveyed by Customer to another party. Under certain circumstances, RJO may, subject to exchange, National Futures Association (“NFA”) or Commodity Futures Trading Commission (“CFTC”) rules, assign this account to another duly registered Futures Commission Merchant (“FCM”).

23. FACSIMILE EXECUTION

RJO requires that all customers have an original account agreement with original signatures on file with the Customer Accounts Department. However, at the sole discretion of RJO, documents signed and transmitted by facsimile machine or telecopier may be accepted as original documents. The signature of any person or entity thereon, is to be considered as an original signature, and the document transmitted is to be considered to have the same binding effect as an original signature on an original document. At the request of RJO, any facsimile or telecopy document must be re-executed in original form by the persons or entities who executed the facsimile or telecopy document. No party hereto may raise the use of a facsimile or telecopier machine as a defense to the enforcement of this Agreement or any amendment or other document executed in compliance with this section.

24. FOREIGN EXCHANGE

All foreign exchange transactions made and entered hereunder will be entered by RJO as principal. In other words, RJO will be the opposite party to the transaction with Customer, as opposed to merely executing Customer’s order with a third party. Customer acknowledges, understands and agrees that RJO is not acting as a broker, agent, advisor, or in any fiduciary capacity in connection with foreign exchange transactions. RJO will make available the bid and/or ask price at which RJO is prepared to enter into a foreign exchange transaction with Customer. Each bid price or ask price shall be for either a spot contract or forward contract with a specified value date and shall specify each foreign currency involved. RJO expects that these prices will be reasonably related to the bid prices and ask prices available in the market at the time for similar transactions, but a number of factors, such as communication system delays, high volume, or volatility can result in deviations between prices quoted by RJO and other sources.

Customer should be aware that prices on foreign exchange transactions are not determined by open outcry or otherwise on registered exchanges, and that such transactions are not subject to the same regulatory oversight as transactions in regulated futures and/or options on futures contracts. RJO makes no warranty, express or implied, that the bid and ask prices represent prevailing bid and ask prices.

25. CUSTOMER REPRESENTATIONS AND WARRANTIES FOR FOREIGN EXCHANGE TRANSACTIONS

Customer represents and warrants that Customer is making its own independent decisions of whether to enter into a foreign exchange transaction and whether that transaction is appropriate or proper for Customer based upon Customer’s own judgment and upon advice from such advisors as Customer deems necessary. Customer is not relying on any communication (written or oral) of RJO as investment advice or as a recommendation to enter into any foreign exchange transaction. Customer understands that information and explanations related to the terms and conditions of a foreign exchange transaction shall not be considered investment advice or a recommendation to enter into that foreign exchange transaction. Customer further represents and warrants that it has not received any assurance or guarantee from RJO as to the expected results of trading in foreign exchange transactions. Customer represents and warrants that Customer is capable of evaluating and understanding each foreign exchange transaction (either on Customer’s own behalf or through independent professional advice), and understands and accepts the terms, conditions, and risks of each foreign exchange transaction to which Customer is a party. Customer warrants that Customer is willing and financially able to sustain all losses associated with the foreign exchange transactions entered into by Customer and that RJO shall not be liable to customer for the loss of any margin deposits or other funds deposited by Customer in connection with such foreign exchange transactions.

26. SEVERABILITY

If any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity ascend, without invalidating the remaining provisions of this Agreement.

THIS ACCOUNT AGREEMENT CONTAINS A CONTRACTUAL AGREEMENT. DO NOT SIGN UNTIL YOU HAVE READ IT CAREFULLY. BY SIGNING BELOW, THE UNDERSIGNED REPRESENTS AND WARRANTS TO RJO THAT ALL INFORMATION CONTAINED HEREIN, OR IN ANY OTHER ACCOUNT FORM OR OTHER DOCUMENT FROM THE UNDERSIGNED IS TRUE AND CORRECT AND THAT IF ANY CHANGES TO SUCH INFORMATION OCCUR, THE UNDERSIGNED WILL IMMEDIATELY INFORM RJO, IN WRITING, OF SUCH CHANGES. BY SIGNING BELOW, THE UNDERSIGNED ACKNOWLEDGES THAT (S)HE HAS READ AND UNDERSTANDS ALL OF THE TERMS AND CONDITIONS OF THE COMMODITY CUSTOMER AGREEMENT AND SHALL BE BOUND BY THEM.

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E. Partnership Account (General or Limited)

The undersigned, JWH Global Trust, hereby represents to you that there is a general partner in a general or limited partnership known as JWH Global Trust (the “Partnership”), and attached hereto is a copy of its signed Partnership Agreement and/or Certificate of Limited Partnership. The Partnership is duly organized, validly existing partnership under the laws of the state(s) in which it was formed and in which it does business. In consideration of your opening one or more commodities accounts for and in the name of the Partnership, the undersigned further represents that as a partner in the Partnership having a significant interest therein, he has proper authority to sign the Agreement and all related documents on behalf of the Partnership and, for the account and risk of the Partnership, to buy, sell, and trade in commodity futures contracts, options on futures contracts and security futures contracts of every kind whatsoever, and to borrow money for such purposes in said account in accordance with your terms and conditions.

Customer understands that R.J. O’Brien is relying upon such information in opening this account, and agrees to promptly notify R.J. O’Brien, in writing, of the death or retirement of any of the General Partners or any material change in the appropriate partnership agreement.

X	/s/ Annette A. Cazenave	Sept. 27, 2006
	Signature	Date
	/s/ Annette A. Cazenave, Sr. V.P., Refco Comm. Mgmt.	(All General Partners must sign. Attach extra page if neccesary.)
	Print Name

F. Limited Liability Company

Customer represents and warrants that the Limited Liability Company is duly organized and in good standing under the laws of its state of organization and that trading in commodity futures contracts, options on futures contracts and security futures contracts is within the powers granted to it. The undersigned represents that he is a manager or otherwise has full authority to enter into the Agreement on behalf of the Company and is concurrently furnishing to R.J. O’Brien a Limited Liability Company Resolution as prescribed by R.J. O’Brien. Attached is the Operating Agreement and Articles of Organization for this Limited Liability Company.

	Name of Company
	By:
Date

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PERSONAL GUARANTEE
(To be signed by Corporate, LLC, Trust or Partnership Accounts)

The undersigned (jointly and severally if there is more than one) hereby unconditionally and irrevocably guarantees full and prompt payment to RJO of all sums owed to RJO by Customer pursuant to the forgoing Account Agreement, whether such sums are now existing or are hereafter created. The undersigned waives any notice of default or dishonor of presentment of payment, notice of non-payment protest of any other notice and agrees that RJO shall have no obligation at any time to resort payment from Customer, or from any other person, firm or corporation liable for the guaranteed debt before proceeding on this Guarantee. The undersigned agrees to pay all reasonable attorneys’ fees and court costs, if any, incurred by RJO in connection with the enforcement of this Guarantee and Customer’s obligations under the Account Agreement.

All monies, securities, negotiable instruments, open positions on futures contracts, options premiums, commodities or other property belonging to the undersigned now or at any future time that are on deposit with RJO, for any purpose, are hereby pledged to RJO for discharge of all of the undersigned’s obligations hereunder, and RJO may, in its discretion, transfer any of such property from any of the undersigned’s accounts to RJO to offset and credit against any of the undersigned’s obligations to RJO under this Guarantee.

This Guarantee is a continuing one and shall remain in full force and effect until revoked by the undersigned by a written notice to RJO, but such revocation shall not, in any way, affect any liability for losses sustained prior to such revocation.

X
Guarantor’s Signature	Date
Guarantor (Print Name)	Social Security Number

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EXERCISE AND ASSIGNMENT POLICY

Exercise and assignment is the procedure by which an option position is converted into a futures position. The buyer of an option on a futures contract has the right (but not the obligation) to assume a specified futures position at a predetermined price (the exercise or strike price) at any time prior to the expiration of the option. The seller of the option must assume the opposite futures position if the buyer exercises this right.

There are four major differences between exercising an option on a futures position and making and taking delivery on a futures contract:

An option may be exercised on any business day between its sale and execution.

An option is exercised by the buyers Clearing Member while a selling Clearing Member is randomly selected to satisfy the obligation of the option.

An option contract does not have to be exercised; it may be allowed to expire, or be liquidated (offset).

When an option is exercised, assignment of the short and long futures position is accomplished by the Clearing House or corporation through a book entry into the futures clearing system. The Clearing Members of the buyer and the seller are assigned futures positions at the strike price, and are subject to immediate variation margin calls.

The commodity exchanges have various provisions for exercising in-the-money options at expiration date. Customers have an obligation to monitor in-the-money options as the expiration dates approach. RJO will automatically exercise in-the-money options.

RJO has procedures for assuring exercise notices to customers on a first-in-first-out non-preferential basis when it receives a notice from the Clearing House or corporation.

When a customer, who has a short position, is assigned an exercise notice, the broker should attempt to notify such customer prior to trading the next business day. If the assigned futures positions results in an open futures position, as opposed to offsetting an existing futures position, the customer must promptly pay any additional margins required.

If Individual or Joint Account:			If Corporation, Partnership, or other entity: (All
			General Partners must sign.)
X			X	/s/ Annette Cazenave	9/27/06
	Customer Signature	Date		Signature	Title
				Sr. V.P., Refco Comm. Mgmt.
	Print Customer Name			Date
X			X
	Joint Party Signature	Date		Signature	Title
	Print Joint Party Name			Date

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HEDGE REPRESENTATION
(To Be Signed By Hedge Customers Only)

In order to induce R.J. O’Brien & Associates, Inc. (“RJO”) to open and maintain the undersigned’s account, the undersigned represents that the transactions identified below in this account are for hedging or recognized risk management purposes only and shall be entered into solely for the purpose of protection against losses which may be incurred in a cash position in a specific commodity, or with respect to derivatives such as financial, interest rate or stock index futures to protect against losses that may be incurred in an existing financial portfolio.

The following commodities are for bona fide hedging purposes. This section must be filled out completely.

Commodity Economic Justification*

The undersigned is familiar with all laws, rules and regulations concerning hedging in such contracts and has not relied upon RJO for any related advice.

This notification is a continuing one and shall remain in force until canceled in writing. The undersigned acknowledges that RJO shall rely upon this representation and shall notify RJO immediately if this representation does not remain true and correct.

Commodity Futures Trading Commission Regulation 190.06 (d) requires that a broker must provide an opportunity for each customer to specify when undertaking its first hedging contract whether, in the event of the broker’s bankruptcy, such customer prefers that open commodity contracts held in a hedging account be liquidated by the trustee. Accordingly, please indicate below your preference for open contracts in your account if such an event were to occur.

I instruct that, in the event of bankruptcy, the trustee:

(INITIAL ONE) liquidate            not liquidate            open commodity positions in my hedge account without seeking my instructions.

If Individual or Joint Account:			If Corporation, Partnership, or other entity: (All
			General Partners must sign.)
			X
Print Customer Name				Signature	Title
X
	Customer Signature	Date	Date
			X
Print Joint Party Name				Signature	Title
X
	Joint Party Signature	Date	Date

*Reason why account owner is using the listed commodity as protection against loss in the cash market. (i.e. Corn Farmer, Mortgage Lender)

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INTRODUCING BROKER AUTHORIZATION

To: R.J. O’Brien:

I/We wish to open a commodity futures (and/or options on futures) account (hereinafter referred to as the “Account”) with

(Introducing Broker)

(hereinafter referred to as the “Introducing Broker” or “IB”). Because the IB is not a member of the various exchanges and may not be subject to exchange jurisdiction, I/we agree that my Accounts are to be carried with your firm on a disclosed basis. All documents must be appropriately completed and returned to RJO via my IB (along with margin funds) before an account can be opened in my name. Some of these forms are required by RJO, or by Federal laws, or exchange rules.

I/We understand that:

(i) The relationship between RJO and its employees and the IB is only to clear trades introduced to you by the IB; (ii) the IB is not controlled by RJO; (iii) supervision and control of activity in my Account(s) rest with the IB, subject to exchange, government and NFA regulations; (iv) commissions charged to my Account(s) are established by the IB and that these charges include your fee for clearing my transactions, along with any applicable NFA fees.

I/We agree that RJO is not responsible or liable whatsoever for any matter relating to sales practices, trading practices, errors in order entry or any similar or other matter, it being expressly understood, agreed and acknowledged by myself that RJO’s sole responsibilities hereunder relate to the execution, clearing, accounting and confirmation of transactions for my account on various exchanges in accordance with the instructions received by RJO from IB for and on behalf of myself in accordance with usual and customary practices. I/We agree to refrain from bringing any action or counterclaim against RJO and will assert any such claim against only the IB (or, when applicable, the non-employee commodity pool operator or commodity trading advisor) for any redress with respect to any matter other than RJO’s gross negligence or willful misconduct in executing, clearing and/or accounting of transactions. With respect to RJO’s guarantee, if any, of IB’s obligations under the Commodity Exchange Act or CFTC regulations, I/we acknowledge that such guarantee is limited as set forth in paragraph 9 of my Account Agreement.

If Individual or Joint Account:			If Corporation, Partnership, or other entity: (All
			General Partners must sign.)
X			X
	Customer Signature	Date		Signature	Title
	Print Customer Name			Date
X			X
	Joint Party Signature	Date		Signature	Title
	Print Joint Party Name			Date

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MANAGED ACCOUNT AGREEMENT - POWER OF ATTORNEY

The undersigned hereby authorizes John W. Henry & Company, Inc. as his agent and attorney in fact to buy, sell (including short sales) and trade in commodity futures contracts, options on commodity future contracts, physical commodities, foreign commodity futures contracts, and options on foreign commodity futures contracts, foreign commodities, forward contracts and contracts in the unregulated foreign exchange market on margin or otherwise in accordance with your terms and conditions for the undersigned’s account and risk in the undersigned’s name or number on your books. The undersigned hereby agrees to indemnify and hold harmless from and pay you promptly on demand for any and all losses arising therefrom or debit balance due thereon in the undersigned(s) account.

In all such purchases, sales or trades you are authorized to follow the instruction of John W. Henry & Company, Inc. (“agent”) in every respect concerning the undersigned’s account through you; and he is authorized to act for the undersigned and in the undersigned’s behalf in the same manner and with the same force and effect as the undersigned might or could do with respect to such purchases, sales, or trades as well as with respect to all other things necessary or that would be incidental to the furtherance of conduct of such purchases, sales or trades.

The undersigned hereby ratifies and confirms any and all transactions with you heretofore made by the aforesaid agent or for the undersigned account. All duplicate statements should be sent to                                                                                         .

(Name and address of authorized individual)

. (Should authorised individual wish to receive statements via email, please complete Request for Transmission of Electronic Customer Statements.)

This authorization and indemnity is in addition to (and in no way limits or restricts) any rights which you may have under any other agreements or agreements between the undersigned and you firm.

You shall not have any liability for following the instructions of the agent, and the undersigned shall never attempt to hold you liable for the agent’s actions or inactions.

The undersigned represents that the agent has provided the disclosure document to the undersigned concerning the agent’s trading advice, including any options trading advice and the strategies to be used by the agent, which the undersigned has read and understood, or, in the alternative, the agent has furnished the undersigned with a signed written statement explaining the agent’s exemption form applicable registration and disclosure document requirements of the Commodity Futures Trading Commission and National Futures Association.

The undersigned understands that there are many strategies that can be used in trading options, some of which have unlimited risk of loss and could result in the undersigned sustaining a total loss of all funds in the account and the undersigned being liable for any deficit in such account resulting therefrom. The undersigned acknowledges that he has discussed with the advisor the nature and risks of the strategy to be used in connection with options to be traded for the account.

This authorization and indemnity is also one and shall remain in force and effect until revoked by the undersigned by a written notice addressed to you and delivered to your office at 222 South Riverside Plaza, Suite 900, Chicago, Illinois 60606; but such revocation shall not affect any liability in any way resulting from transactions initiated prior to such revocation. This authorization and indemnity shall inure to the benefit of your present firm and any successor firm or firms irrespective of any change or changes at any time in the personnel thereof for any cause whatsoever, and of the assigns of your present firm or any successor firm.

I have read and understand the above and agree to all terms and conditions therein.

X	/s/ Annette A. Cazenave	9/27/06
	Customer Signature	Date
X
	Joint Party Signature	Date
X	/s/ K.S. Webster 10/4/04
	Agent Signature and Date	Social Security Number of Agent
	Kenneth S. Webster, John W. Henry & Company, Inc.
	Agent Name	Agent Employer
	Commodity Trading Advisor
	Agent Occupation	Agent Principal Business
	by    Kenneth S. Webster,
	Senior Vice President and
	Chief Operating Officer

21

ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT*

Electronic trading and order routing systems differ from traditional open outcry pit trading and manual order routing methods. Transactions using an electronic system are subject to the rules and regulations of the exchange(s) offering the system and/or listing the contract. Before you engage in transactions using an electronic system, you should carefully review the rules and regulations of the exchange(s) offering the system and/or listing contracts you intend to trade.

DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS

Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among other things, in the case of trading systems, the system’s order matching procedure, opening and closing procedures and prices, error trade policies, and trading limitations or requirements, and in the case of all systems, qualifications for access and grounds for termination and limitations on the types of orders that may be entered into the system. Each of these matters may present different risk factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying response times, and security. In the case of Internet-based systems, there may be additional types of risks related to system access, varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail.

RISKS ASSOCIATED WITH SYSTEM FAILURE

Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute existing orders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders or order priority.

SIMULTANEOUS OPEN OUTCRY PIT AND ELECTRONIC TRADING

Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how orders that do not designate a particular process will be executed.

LIMITATION OF LIABILITY

Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability, the liability of FCMs, and software and communication system vendors and the amount of damages you may collect for system failure and delays. These limitations of liability provisions vary among the exchanges. You should consult the rules and regulations of the relevant exchange(s) in order to understand these liability limitations.

*Each exchange’s relevant rules are available upon request from the industry professional with whom you have an account. Some exchange’s relevant rules also are available on the exchange’s Internet home page.

22

NEW YORK BOARD OF TRADE

ELECTRONIC ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT

The NYBOT exchanges have implemented an electronic order routing system (“EOR”), which enables futures commission merchants (“FCMs”) to place orders for contracts electronically with floor brokers and, where customers have access to FCM automated order routing systems, to transmit orders to floor brokers using those systems.

The EOR differs from traditional manual order routing methods and is subject to the rules and regulations of each NYBOT exchange. Before you enter orders using the EOR, you should carefully review the rules and regulations of the relevant exchange.

RISKS ASSOCIATED WITH SYSTEM FAILURE

Entering orders through an electronic order routing system exposes you to risks associated with systems or component failure. In the event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, or modify or cancel orders that were previously entered. Systems or component failure may also result in loss of orders or order priority.

LIMITATIONS OF LIABILITY

Each of Coffee, Sugar & Cocoa Exchange, Inc., New York Cotton Exchange, New York Futures Exchange, Inc. and Citrus Associates of the New York Cotton Exchange, Inc. have adopted By-Laws and Rules which contain limitations of liability provisions. The exchanges have adopted rules to limit their liability, the liability of their members, member firms and clearing members and the amount of damages you may collect for system failure and delays. You should consult the rules and regulations of the relevant exchange in order to understand these liability limitations. Those rules and regulations are available upon request from the industry professional with whom you have an account or by contacting the relevant NYBOT exchange listed above.

23

ADDITIONAL RISK DISCLOSURE STATEMENT

Dear Sir or Madam:

As a result of the following information on your account application, RJO is providing you with their additional risk disclosure before you open a commodity future and option trading account:

Your annual income is less than $25,000

Your net worth is less than $25,000

You are not between 21 and 65 years of age

You do not have at least six months of futures investment experience

While RJO is prepared to open your account, it is required to advise you to consider the risks involved with trading commodity futures and options. The risk of loss in trading commodity futures and options can be substantial and may be inappropriate for you for the reason checked above; therefore, you must consider whether such trading is proper in light of your financial condition. Only Risk Capital (money that you are able to lose without adversely affecting your standard of living) should be invested. RJO recommends that you review the Risk Disclosure Statement in the Account Agreement and/or discuss any concerns with your broker or other financial advisor before finalizing your decision.

ACKNOWLEDGEMENT

I understand that the risks associated with commodity trading may not be appropriate for me. However, I have read the Risk Disclosure Statements and I have considered the financial risks involved in commodity trading with regard to my financial condition, and I wish to proceed with opening an account.

If Individual or Joint Account:			If Corporation, Partnership, or other entity: (All
			General Partners must sign.)
X			X
	Customer Signature	Date		Signature	Title
	Print Customer Name			Date
X			X
	Joint Party Signature	Date		Signature	Title
	Print Joint Party Name			Date

24

REQUEST FOR ELECTRONIC TRANSMISSION OF CUSTOMER STATEMENTS

Attention: R.J. O’Brien

The undersigned Customer (“Customer”) requests that you provide confirmation statements of activity solely by electronic transmission to the E-mail address indicated below. Please do not mail hard copies of such statements (except for monthly statements).

Customer warrants and represents that the below-referenced E-mail will promptly print out the relevant Customer statements in the form you transmit. Customer understands that there is a risk of failure of any electronic transmission, and will not hold you liable directly or indirectly for such failure. If Customer fails to receive any confirmation statement that reflects activity of which Customer is aware in the account, Customer will contact an RJO customer service representative by 8:00 a.m. (CST) on the business day following the day of any such activity.

This consent shall be effective until revoked by Customer in writing, signed by the undersigned and delivered to R.J. O’Brien at 222 South Riverside Plaza, Suite 900, Chicago, IL 60606. In addition, Customer acknowledges that for its protection and the protection of RJO, any request to change the email address listed below must be in writing and must bear the signature of the undersigned. In the event such a request is received from a legal entity, such as a corporation, LLC or partnership, the request must be accompanied by appropriate documentation establishing that the person signing the request possesses the requisite authority to bind the entity. By signing below, Customer represents that the delivery and execution of this consent has been duly authorized.

	JWH Global Trust			59000001-59000005
Customer Name				Account Number (s)
	Erin Ryan <eryan@refcoinc.com>
Customer E-mail Address (Please Print)
By:		/s/ A. Cazenave		9/27/06
		Signature		Date
Name:			A. Cazenave

	JWH Global Trust		59000001-59000005
Customer Name			Account Number (s)
	Lontiveros@refcoinc.com
Customer E-mail Address (Please Print)
By:		/s/ Annette Cazenave		9/27/06
		Signature		Date
Name:		Annette Cazenave
		&
		cwillis@refcoinc.com
		/s/ A. Cazenave		9/27/06

	John W. Henry & Company, Inc.
Authorized Trader’s Name
	IS@JWHmail.com
	Authorized Trader’s Email Address (Please Print)
By		/s/ K.S. Webster	10/04/06
		Signature	Date
		Kenneth S. Webster,
		Senior Vice President
		and Chief Operating Officer

25

INTERNAL REVENUE CODE SUBSTITUTE FORM W-9

Social Security Number		Federal Employer ID Number	36-4113382
Legal Account Name:	JWH Global Trust

If you have NOT furnished R.J. O’Brien with your taxpayer identification number (usually your Social Security number) and do NOT sign below, R.J. O’Brien must generally withhold 20% of certain income from your account. I hereby certify under penalties of perjury that I am not subject to backup withholding under the provisions of Section 3406 (a)(1)(c) of the Internal Revenue Code.

X	/s/ Annette A. Cazenave,	Sept. 27, 2006
	Signature  Refco Comm. Mgmt – Mging Owner	Date

Please note that all required regulatory information reporting applicable to activity within this account (including Internal Revenue Service reporting) will be submitted with the legal name and Federal Tax Identification Number stated above.

Please note that all Foreign Accounts must fill out a form W-8 which can be found on the R.J. O’Brien website at www.rjobrien.com. In addition, this account form must be accompanied by a copy of your passport or other governmental identification.

26

R.J. O’BRIEN
ACCOUNT TRANSFER

CURRENT BROKERAGE HOUSE:

Account #

Gentlemen:

I have this day given R.J. O’Brien this form and my permission for them to present it to you at their discretion. In accordance with the Commodity Futures Trading Commission Act, I hereby demand that upon presentation of this document to you by R.J. O’Brien, you do the following:

Please cancel any pending open orders I have with your firm. Additionally, immediately transfer my account balance and all open futures and options positions, cash, margins, or securities to:

R.J. O’Brien
222 South Riverside Plaza, Suite 900
Chicago, IL 60606

Send me a confirmation of this transfer.

Very truly yours,

If individual or joint account:
	Print Customer Name
X
	Customer Signature
	Date
	Print Joint Party Name
X
	Joint Party Signature
	Date

If corporation, partnership or other entity:
	Print Name
	Print Authorized Individual’s Name
X
	Signature
	Title	Date

RJO ACCOUNT #:

27

RJ O’BRIEN

RELATED ACCOUNT AUTHORIZATION

The undersigned (Customer) hereby authorizes and directs RJ O’Brien (RJO) to open a new account using all existing account documentation including but not limited to agreements and risk disclosure acknowledgements, maintained and existing on file with RJO. Customer hereby acknowledges the receipt and sufficiency of consideration in exchange for RJO’s agreement to open this new account. Customer accepts and agrees to be obligated to all of the representations and terms and conditions contained within the existing account documentation, customer agreement, and other agreement, or acknowledgement of receipt of risk disclosures previously agreed to with RJO or which are herein incorporated by reference.

Customer further represents that any additional account opened pursuant to this authorization is identical in all respects to customer’s existing account, except as otherwise disclosed to RJO in writing, and further represents that there have been no material changes in customer’s personal information or financial condition as previously disclosed in prior account documentation.

Customer acknowledges that his/her separate accounts will not contain long positions in one account and offsetting short positions in another account unless such accounts are independently traded or unless one account is a Speculative Account and the other is a Hedge Account.  In any event, Customer understands that positions in separate accounts cannot be transferred from one account to another account if such transfer would result in an offsetting transaction.

ACCOUNT TITLE	JWH Global Trust
EXISTING ACCOUNT #		NEW ACCOUNT #

Signature		Joint Owner Signature
Print Name		Print Name
Date:	/        /

EX-13.01

Exhibit 13.01

Message from the Managing Owner

Dear Unitholder:

The JWH Global Trust posted a loss of 16.8% for 2006.  The Net Asset Value at year-end was $93.86 compared to $112.86 per unit at the beginning of the year.  There were no contributions to the Trust during 2006.

The Fund’s performance in the first quarter was negative. The currency sector led the Fund’s losses as the sharp reversal in the U.S. dollar’s strength continued into January.  The U.S. dollar dropped 2.3 % and 1.25% against the euro and the British pound, respectively.  The energy sector suffered losses as geopolitical events and changing weather forecasts induced volatility.  The agriculture sector was slightly negative as sugar prices rose to their highest levels since 1989.  Metals led the positive performing sectors, along with gains achieved in the indices and interest rate sectors.  Metals benefited as silver gained 31% for the quarter and gold reached a 25-year high. The indices sector also gained as Asian stocks approached a 16-year high.  The interest rate sector benefited as Japanese, German and U.S. government debt sold off on stronger-than-expected economic data.  Yields on the German benchmark two-year bonds rose to their highest point in more than 3 years, while Japanese 10-year government bonds (JGBs) fell after the Bank of Japan (BOJ) ended its 5-year policy of flooding the Japanese economy with cash.

The Fund’s performance was negative during the second quarter.  The German benchmark 10-year bund yield touched 4 % for the first time since October 2004.  The metal and currency sectors also added to performance in April as both precious and base metals continued to trend higher due to inflationary fears and increased demand. Currencies benefited as the U.S. dollar continued to weaken.  Gold climbed above $650/oz for the first time in 25 years while the U.S. dollar fell 4.1 percent against the euro. In mid-quarter, the interest rate, metal, agriculture and indices sectors suffered from large market corrections.  Increased inflationary fears and concerns over the global economy led investors to take profits and reduce risk exposure.   The Dow Jones Industrial Average closed on May 9th within 84 points of a new record high; however later weakened, ending May with their worst monthly decline in almost two years. This caused a “contagion effect” in the metal and currency sectors.  Gold fell 12 % after reaching a 26-year high of $732 an ounce on May 12th.  The dollar fell to an eight-month low of 109 yen /dollar on May 17th and reached a one-year low of $1.297 per euro.  In June, all of April’s gains were erased as all six sectors were negative, with the currency, metals and interest rate sectors responsible for the majority of the Fund’s losses.   The possibility of a larger-than-expected interest rate move sent the U.S. dollar and U.S. treasury yields higher.  However the markets suffered another reversal after the Fed raised rates by 25 basis points. The dollar ended the quarter 5.3 % lower vs. the euro and 2.8% lower vs. the yen — the greatest percentage drop since the last quarter of 2004.

The Fund’s performance was positive for the third quarter. The interest rate sector was positive as U.S. treasuries had their biggest quarterly gain in 4 years, and European 10-year bonds posted their first quarterly gain since June 2005.  The U.S. 10-year note touched a 7 month low of 4.53 % on September 25th, down from 5.14 % on June 30th.  JGBs also helped performance on speculation that the BOJ would keep interest rates at their current level for the rest of the year. The energy sector was also positive albeit with increased volatility. Natural gas and crude oil prices tumbled in September as mild weather cut demand and inventories climbed.  Crude oil prices fell 20 % after touching a record high of $78.40 a barrel on July 14th as stockpiles increased and Middele Eastern tensions eased.  Currencies were negative for a third consecutive quarter.  Currency markets continued to experience reversals with speculation about the health of the U.S. economy and global inflation.    The metals and agricultural sectors suffered as commodities had their biggest quarterly decline in at least 50 years.  The Commodity Research Bureau index ended the third quarter down 12%, its largest decline since 1956.  Gold prices fell 18% from a 26-year high of $732 an ounce in May. The indices were also negative for the quarter as fears over slower growth in the U.S. and Japan kept equity markets lower for the majority of the quarter.

The Fund’s performance was negative for the fourth quarter.  In the fixed income sector German and U.S. government bonds fell, experiencing reversing trends while the JGBs oscillated due to market speculation. The metals sector was also negative for the quarter as precious metals fell. The currency sector added to the Fund’s losses in December as the U.S. dollar’s weakening trend suffered a reversal.  The agriculture and indices sectors offset losses as corn prices had their biggest annual gain ever, reaching a 10-year high.

In conclusion, the Trust finished negative for the year as severe volatility hindered performance.  Although some markets did have definitive moves the severity of the sudden reversals that were experienced in many of the same markets hampered the Trust’s systematic trend following approach.

1

We thank you for your continued support.

Past performance is not indicative of future results.

/s/ Helen D. McCarthy

Helen D. McCarthy

Chief Financial Officer

R. J. O’Brien Fund Management, Inc

*** Please see Note 1 — “General Information and Summary” for an explanation of Net Asset Value/unit pursuant to events of October, 2005.

2

JWH GLOBAL TRUST

Table of Contents

Report of Independent Registered Public Accounting Firm – CF & Co., L.L.P.	4
Report of Independent Registered Public Accounting Firm – KPMG, LLP	5
Financial Statements:
Statements of Financial Condition as of December 31, 2006 and 2005	6
Condensed Schedules of Investments as of December 31, 2006 and 2005	7-8
Statements of Operations, Years ended December 31, 2006, 2005, and 2004	9
Statements of Changes in Unitholders’ Capital, Years ended December 31, 2006, 2005, and 2004	10
Notes to Financial Statements	11

3

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Managing Owner and Unitholders of JWH Global Trust:

We have audited the accompanying statements of financial condition including the condensed schedules of investments, of JWH Global Trust (the “Trust”) as of December 31, 2006 and 2005 and the related statements of operations and changes in unitholders’ capital for the two years in the period then ended.  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. The statement of operations and statement of changes in unitholders’ capital for the year ended December 31, 2004 were audited by another auditor whose report dated March 9, 2005 expressed an unqualified opinion on those statements.

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. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.  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, 2006 and 2005 and the results of its operations and changes in unitholders’ capital, for the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/S/ CF & Co., L.L.P.

CF & CO., L.L.P.

Dallas, Texas

July 5, 2007

4

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 operations of JWH Global Trust (the “Trust”) and changes in unitholders’ capital for the year 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 audit.

We conducted our audit 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 audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the results of the Trust’s operations and changes in unitholders’ capital, for the year ended December 31, 2004, in conformity with accounting principles generally accepted in the United States of America.

Chicago, Illinois

March 9, 2005

5

JWH GLOBAL TRUST

Statements of Financial Condition

December 31, 2006 and 2005

	2006		2005
Assets
Assets:
Equity in commodity trading accounts:
Cash on deposit with Brokers	$	119,334,561	$	202,443,116
Unrealized gain on open contracts	3,249,456		2,590,858
Cash on deposit with former brokers (nontrading)	6,643,944		16,963,262
Cash on deposit with bank nontrading account	463,488		—
Cash on deposit with bank	10,654,714		943,758
	140,346,163		222,940,994
Interest receivable	359,067		675,537
Total assets	$	140,705,230	$	223,616,531
Liabilities and Unitholders’ Capital
Liabilities:
Accrued commissions	$	518,368	$	1,563,331
Accrued management fees	431,641		338,586
Accrued incentive fees	—		—
Accrued ongoing offering expenses	37,533		3,482
Accrued operating expenses	428,002		348,965
Redemptions payable - trading	4,577,801		4,723,667
Redemptions payable - nontrading	4,180,958		—
Accrued legal and administrative fees - nontrading	359,386		116,991
Total liabilities	10,533,689		7,095,022
Unitholders’ capital (trading):
Beneficial owners (1,283,573 and 1,736,309 units outstanding at December 31, 2006 and 2005, respectively)	120,482,074		196,142,238
Managing owner (20,218 and 24,017 units outstanding at December 31, 2006 and 2005, respectively)	1,897,788		2,713,011
Unitholders’ capital (nontrading):
Beneficial owners (2,273,288 and 2,249,071 units outstanding at) December 31, 2006 and 2005, respectively)	7,791,679		17,478,064
Managing owner (0 and 24,217 units outstanding at December 31, 2006 and 2005, respectively)	—		188,196
Total unitholders’ capital	130,171,541		216,521,509
Total liabilities and unitholders’ capital	$	140,705,230	$	223,616,531

See accompanying notes to financial statements.

6

JWH GLOBAL TRUST

Condensed Schedule of Investments

December 31, 2006

	Number of	Principal			Value/open
	contracts	(notional)			trade equity
Long positions (0.31%)
Futures Positions (-0.90%)
Agriculture	1,441	$	20,618,519		$	1,331,993
Interest Rates	1,847	758,027,626			(2,576,495		)
Metals	211	14,882,450			343,820
Indices	1,347	70,608,639			(266,278		)
		864,137,234			(1,166,960		)
Forward positions (1.21%)
Currencies	23	(443,685,186		)	1,569,392
Total long positions		$	420,452,048		$	402,432
Short positions (2.19%)
Futures positions (1.56%)
Agriculture	341	$	6,183,548		$	133,786
Interest Rates	2,930	2,059,866,081			829,743
Metals	358	22,532,495			(364,641		)
Energy	300	13,361,418			1,435,974
		2,101,943,542			2,034,862
Forward Positions (0.63%)
Currencies	9	123,462,076			812,162
Total short positions		$	2,225,405,618		$	2,847,024
Total unrealized gain on open contracts (2.50%)					$	3,249,456
Cash on deposit and open contracts with brokers (91.67%)					119,334,561
Cash on deposit with former broker and bank (13.65%)					17,762,146
Other liabilities in excess of assets (-7.82%)					(10,174,622		)
Net assets (100.00%)					$	130,171,541

See accompanying notes to financial statements.

7

JWH GLOBAL TRUST

Condensed Schedule of Investments

December 31, 2005

	Number of	Principal		Value/open
	contracts	(notional)		trade equity
Long positions (2.92%)
Futures Positions (2.50%)
Agriculture	560	$	7,111,666	$	1,211,971
Interest Rates	1,183	53,299,584		(77,250		)
Metals	1,723	92,446,095		8,283,119
Indices	326	42,909,706		1,408,234
Energy	196	26,835,120		(5,415,299		)
		222,602,171		5,410,775
Forward positions (0.42%)
Currencies	28	413,711,125		910,781
Total long positions		$	636,313,296	$	6,321,556
Short positions (-1.72%)
Futures positions (-2.58%)
Agriculture	826	$	15,796,669	$	(716,296	)
Interest Rates	4,475	932,659,568		(1,371,984		)
Metals	584	35,966,425		(3,806,813		)
Energy	768	36,784,731		315,722
		1,021,207,393		(5,579,371		)
Forward positions (0.86%)
Currencies	16	177,861,577		1,848,673
Total short positions		$	1,199,068,970	$	(3,730,698	)
Total unrealized gain on open contracts (1.20)				$	2,590,858
Cash on deposit and open contracts with brokers (93.50%)				202,443,116
Cash on deposit with former broker and bank (8.27%)				17,907,019
Other liabilites in excess of assets (-2.96%)				(6,419,484		)
Net assets (100.00%)				$	216,521,509

See accompanying notes to financial statements.

8

JWH GLOBAL TRUST

Statements of Operations

Years ended December 31, 2006, 2005, and 2004

	2006			2005			2004
Revenues (losses):
Gain (loss) on trading of commodity contracts: Realized gain (loss) on closed positions	$	(23,324,177	)	$	15,021,455		$	21,176,837
Change in unrealized gain (loss) on open positions	658,599			(20,211,508		)	12,110,774
Interest income	6,819,136			8,790,919			3,631,292
Foreign currency transaction gain (loss)	(7,506		)	(31,403		)	(414,668		)
Total revenues (losses)	(15,853,948		)	3,569,463			36,504,235
Expenses:
Commission	9,383,368			16,578,014			15,407,292
Management fees	3,123,603			5,857,885			5,141,363
Incentive fees	—			133,027			5,419,877
Ongoing offering expenses	35,000			546,221			1,271,788
Other operating expenses	798,653			888,002			416,855
Total expenses	13,340,624			24,003,149			27,657,175
Trading income (loss)	(29,194,572		)	(20,433,686		)	8,847,060
Nontrading income (loss):
Interest income on nontrading assets	29,816			—			—
Loss on nontrading assets	—			(39,580,944		)	—
Legal fees	(568,729		)	(297,002		)	—
Nontrading net loss:	(538,913		)	(39,877,946		)	—
Net income (loss)	$	(29,733,485	)	$	(60,311,632	)	$	8,847,060
Income (loss) per unit	$	(19.34	)	$	(27.81	)	$	(0.58	)

See accompanying notes to financial statements.

9

JWH GLOBAL TRUST

Statements of Changes in Unitholders’ Capital

Years ended December 31, 2006, 2005 and 2004

	Beneficial Owner		Managing Owner		Beneficial Owner	Managing Owner
	Units		Units		Units	Units		Units
	Trading		Trading		Nontrading	Nontrading		Total
Balances at December 31, 2003	1,381,109		7,806		—	—		1,388,915
Unitholders’ contributions	1,035,357		16,064		—	—		1,051,421
Unitholders’ redemptions	(204,926	)	(97	)	—	—		(205,023	)
Balances at December 31, 2004	2,211,540		23,773		—	—		2,235,313
Unitholders’ contributions	295,450		904		—	—		296,354
Unitholders’ reallocation	—		—		2,249,071	24,217		2,273,288
Unitholders’ redemptions	(770,681	)	(660	)				(771,341	)
Balances at December 31, 2005	1,736,309		24,017		2,249,071	24,217		4,033,614
Unitholders’ contributions	53,854		1,060		—	—		54,914
Unitholders’ reallocation	4,859		(4,859	)	24,217	(24,217	)	—
Unitholders’ redemptions	(511,449	)	—		—	—		(511,449	)
Balances at December 31, 2006	1,283,573		20,218		2,273,288	—		3,577,079

	Beneficial Owner			Managing Owner			Beneficial Owner			Managing Owner
	Dollars			Dollars			Dollars			Dollars			Dollars
	Trading			Trading			Nontrading			Nontrading			Total
Unitholders’ capital at December 31, 2003	$	205,949,414		$	1,163,886		$	—		$	—		$	207,113,300
Net income	8,817,894			29,166			—			—			8,847,060
Unitholders’ contributions	141,451,430			2,350,103			—			—			143,801,533
Unitholders’ redemptions	(27,709,343		)	(12,141		)	—			—			(27,721,484		)
Unitholders’ capital at December 31, 2004	328,509,395			3,531,014			—			—			332,040,409
Net loss	(20,191,944		)	(241,743		)	(39,453,131		)	(424,814		)	(60,311,632		)
Unitholders’ contributions	38,681,528			123,198			—			—			38,804,726
Unitholders’ reallocation	(56,931,195		)	(613,011		)	56,931,195			613,011			—
Unitholders’ redemptions	(93,925,546		)	(86,447		)	—			—			(94,011,993		)
Unitholders’ capital at December 31, 2005	196,142,238			2,713,011			17,478,064			188,197			216,521,510
Net loss	(28,735,914		)	(458,658		)	(533,101		)	(5,812		)	(29,733,485		)
Unitholders’ contributions	5,055,210			99,501			—			—			5,154,711
Unitholders’ reallocation	456,066			(456,066		)	182,385			(182,385		)	—
Distributions	—			—			(9,335,669		)	—			(9,335,669		)
Unitholders’ redemptions	(52,435,526		)	—			—			—			(52,435,526		)
Unitholders’ capital at December 31, 2006	$	120,482,074		$	1,897,788		$	7,791,679		$	—		$	130,171,541
Net asset value per unit at December 31, 2004	$	148.54		$	148.54		$	—				*	$	148.54
Net asset value per unit at December 31, 2005	$	112.96		$	112.96		$	7.77				*	$	120.73	**
Net asset value per unit at December 31, 2006	$	93.86		$	93.86		$	3.43				*	$	97.29	**
Change in Net Asset Value per Unit in 2006	$	(19.10	)	$	(19.10	)	$	(4.34	)			*	$	(23.44	)**
Distribution per unit	$	—		$	—		$	4.10				*	$	4.10
Net loss per unit	$	(19.10	)	$	(19.10	)	$	(0.24	)			*	$	(19.34	)**

*       Activity for all nontrading units—both beneficial and managing ownership—is covered under “Beneficial Owner Units Nontrading.”

**    Based on full participation in both trading and nontrading units for period presented.

See accompanying notes to financial statements.

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Notes to Financial Statements –

December 31, 2006, 2005, 2004

(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. R.J. O’Brien Fund Management, Inc. (“RJOFM”) is the Managing Owner of the Trust. R.J. O’Brien & Associates, Inc. (“RJO”) is the clearing broker and the broker for forward contracts.

Units of beneficial ownership of the Trust commenced selling on April 3, 1997. Units are not currently being offered.

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.

On August 31, 2005, Refco Group Ltd., LLC acquired the global brokerage operations of Cargill Investor Services, Inc. (“CIS”).  CIS was the owner of CIS Investments, Inc. (“CISI”).  The Managing Owner of the Trust changed from CIS Investments Inc. to Refco Commodity Management, Inc (“RCMI”).  The clearing broker changed from CIS to Refco, LLC (Clearing Broker or Refco), an affiliate of RCMI.  The broker for forward contracts changed from CIS Financial Services, Inc. to Refco Capital Markets, Ltd. (Forwards Currency Broker or RCM), also an affiliate of RCMI.  The Clearing Broker and the Forwards Currency Broker collectively will be referred to as the Brokers.

On October 10, 2005, Refco, Inc., the ultimate parent of RCMI, announced that it had discovered through an internal review a receivable owed to Refco, Inc., by an entity controlled by Phillip R. Bennett, the then Chief Executive Officer and Chairman of the Board of Directors of Refco, Inc., in the amount of approximately $430 million.  Mr. Bennett has been charged with securities fraud in connection with this matter and various actions have been filed against Refco, Inc.  Thereafter, on October 13, 2005, Refco, Inc., announced that the liquidity within Refco Capital Markets, Ltd. (“RCM”) was no longer sufficient to continue operations, and that RCM had imposed a fifteen (15) day moratorium on all of its activities in an attempt to protect the value of that enterprise.

On October 17, 2005, Refco, Inc. and RCM filed for bankruptcy protection in the Southern District of New York.  Neither the Trust nor RCMI were covered by the filing.

Refco, LLC was not covered by the October 17, 2005 bankruptcy filing of Refco, Inc., but filed its own bankruptcy petition on November 25, 2005. In addition, a portion of the Trust’s assets (less than 20%, based on net assets as of October 13, 2005) was on deposit with RCM at the time of the bankruptcy filing, exposing a number of the Trust’s foreign currency contracts and cash held at RCM to the risk of non-return of these assets.  While RCM has unwound any outstanding foreign currency contracts, the Trust does not expect that in the near future it will be able to access those assets or that its rights and/or claims in connection with RCM’s bankruptcy will be fully resolved.

In light of the events outlined herein, RCMI, managing owner of the Trust, moved the majority of the Trust’s assets from Refco to Lehman Brothers, Inc. and its affiliated entities (“Lehman”) to act in the capacity of clearing broker on behalf of the Managing Owner.  On or about October 18, 2005, the Trust had transferred the majority of all assets to Lehman.  Pending the resolution of the Trust’s rights and/or claims against RCM, the Trust will no longer have assets on deposit with RCM.

Management does not believe that the bankruptcy filings of Refco, Inc. and RCM will have a material impact upon the operations of the Trust or its ability to satisfy a request for redemption. In this regard, the operations of the Trust, including the trading activities of the underlying asset manager, have continued with minimal interruption.  In particular, with respect to redemptions made as of October 31, 2005 and thereafter, the Trust has made payment in an amount that represented the proportionate share of the Trust’s net assets that are held at Lehman, while reserving payment with respect to the Trust’s assets currently held at RCM plus a cash reserve in connection with expenses in pursuit of its rights and/or claims against RCM and other potential third parties.  As such, the Trust has reserved payment with respect to approximately 18.2%  - 25% of any redemption proceeds until these monies held at RCM are remitted to the Trust or the Trust’s rights and/or claims against RCM and/or such potential third parties are resolved.

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Generally, investors in the Trust may redeem units effective as of the last trading day of any month of the Trust based on the Net Asset Value per unit on such date with five business days’ prior written notice to the Managing Owner. Effective October 31, 2005, the Net Asset Value per unit was split into a ‘Trading account” and a “Non-Trading” account, the latter representing the assets held at RCM plus $1,000,000 in cash in connection with expenses related to the collection of assets held at RCM and potential third party claims. On October 31, 2005 $57,544,206 of equity and 2,273,288 in substitute units were transferred to the Non-Trading account.  The October 31, 2005 Net Asset Value was $139.11/unit. $113.80/unit (or 81.8% of total) was the amount in the Trading account and was redeemable. $25.31/unit (or 18.2% of total) was the amount in the Non-Trading account All unitholders of record October 1, 2005 retain their pro-rata right to the assets in the Non-Trading account with the equivalent number of units held in the Trust prior to RCM bankruptcy.

On October 12, 2006, RCMI, RJO, and RJO’s acquisition subsidiary, RJOFM entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) that provided for, among other things, RJOFM to purchase RCMI’s managing owner interest in the Trust. The Asset Purchase Agreement also provided for RCMI to commence a proceeding under Chapter 11 of the Bankruptcy Code and to obtain the Bankruptcy Court’s approval of the Asset Purchase Agreement and the transactions set forth therein.

On October 12, 2006, the Trust Agreement was amended to allow for change of Managing Owner and organization of a JWH Special Circumstance LLC.

RCMI filed a voluntary petition (the “RCMI Bankruptcy Petition”) in the United States Bankruptcy Court for the Southern District of New York on October 16, 2006, for relief under Chapter 11 of Title 11 of the United States Code. Contemporaneously with the filing of the RCMI Bankruptcy Petition, RCMI filed, a motion requesting that the Bankruptcy Court authorize RCMI to sell and assign substantially all of its assets, including its interest as managing owner of the Trust, pursuant to the terms of the Asset Purchase Agreement.  Pursuant to the terms of the Asset Purchase Agreement, as of October 13, 2006, all clearing functions were moved from Lehman to RJO.

On November 30, 2006, RJOFM became Managing Owner through acquisition of 20,218 Trading account units. The remaining 3,799 units owned by RCMI were transferred from Managing Owner units to Beneficial Owner units. RJOFM did not acquire any units in the Non-Trading account.

(2)Summary of Significant Accounting Policies

The accounting and reporting policies of the Trust confirm to accounting principles generally accepted in the United States of America and to 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 earned interest on its assets on deposit at the brokers at 75% of the 91-day Treasury bill rate for deposits denominated in U.S. dollars, and at the rates agreed between the Trust and the clearing brokers for deposits denominated in other currencies.  At Lehman, for deposits denominated in other currencies, the Trust earned interest on Eurodollars, British pound sterling, and Swiss francs at a rate equal to Lehman Clearing House (“LCH”) less 25 basis points.  Deposits denominated in Japanese Yen earn 100% of LCH and Australian dollars earn interest at a rate of Sydney Futures Exchange Clearing House (‘SFECH”) less 125 basis points. At RJO, the Trust earns LIBOR less 100 basis points for deposits denominated in other currencies.  At RJO, for deposits denominated in other currencies, the Trust earns interest at LIBOR less 100 basis points.

(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. Investors who redeemed from October 31, 2005 through December 31, 2006  received the Net Asset Value per unit represented by assets held in the trading account.

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(c)Ongoing Offering Costs

Ongoing offering costs subject to a ceiling of 0.50% 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, the clearing broker 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. The clearing brokers receive these brokerage fees irrespective of the number of trades executed on the Trust’s behalf. The amount paid to the clearing broker 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, 2006, 2005, and 2004 was approximately $26, $27 and $39, respectively. Those commissions were not paid on the nontrading account.

Certain large investors are eligible for a “Special Brokerage Fee Rate” of 4.5% per year. As of December 31, 2005 and 2006, there were no such eligible investors in the Trust.

The Managing Owner, and/or, affiliates, acts as commodity brokers for the Trust through RJO. As such, the Managing Owner and affiliates receive all commissions that are reflected as such in the financial statements.

(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.

(g)Valuation of Assets Held at Refco Capital Markets, Ltd.

Assets held by the Fund at RCM are reported at fair value as determined in good faith by the Managing Owner after consideration of all factors, data and information, including information from financial institutions with no affiliation to RCM, analysis of the current market which has developed to purchase RCM creditor claims, the current demand and willingness of third parties to purchase RCM claims and financial information received by the Managing Owner from RCM. The value assigned to this asset is based upon available information and does not necessarily represent amounts which might ultimately be realized. Furthermore, this value assumes that the Managing Owner would recommend selling these claims to a third party as opposed to holding RCM assets until the RCM estate makes a distribution to RCM customers and creditors which may or may not be the case. Because of the inherent uncertainty of valuation due to the inability to estimate recoverable RCM assets necessary to remit payment to customers and creditors as well as the uncertainty as the standing of the Fund vis-a vis other customers / creditors, the estimated fair value could be significantly higher or lower than the fair value assigned by the Managing Owner.

Any recovery from RCM shall be credited against the then book value of the claim. The book value is reviewed each month to determine if further impairment has occurred based upon facts then available.

Any future administrative and/or legal expenses associated with liquidation of the assets held at RCM have not been reflected as such futures expenses are not estimatable.

(h)Recent Pronouncements

In September, 2006, the Financial Accounting Standards Board issued a Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurments” which defined Fair Value Measurments. The provisions of SFAS No. 157 are effective for fiscal years beginning after November 15, 2007. The Trust is currently evaluating the impact of adopting SFAS No. 157 on its Financial Statements. At this time, the impact on the Trust’s Financial Statements has not been determined.

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(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 four of its trading programs, JWH GlobalAnalytics®, the Financial and Metals Portfolio, the International Foreign Exchange program and the Global Diversified program.

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. These fees were not paid on the Non-trading account.

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%.

Given the uncertainty of the outcome of RCM bankruptcy case, for the month of October 2005, JWH management fees and selling commissions paid to brokers were charged to the Trust at 70% of the assets held at RCM. The managing owner, RCMI paid JWH and the brokers the difference in fees based on the other 30% of the assets held at RCM.

(4)Income Taxes

No provision for Federal income taxes has been made in the accompanying financial statements as each beneficial owner is responsible for reporting income (loss) based on the pro rata share of the profits or losses of the Trust. Generally, for both federal and state tax purposes, trusts, such as the JWH Global Trust, are treated as partnerships. The only differences in financial and income tax reporting basis are unrealized gains (losses) and the $39,580,944 impairment of nontrading assets.

(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 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, 2006, 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 December 31, 2006, 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)Assets Held at Refco Capital Markets, Ltd.

Effective October 31, 2005, $57,544,206 of equity and 2,273,288 in substitute units, which represented the assets held at RCM plus $1,000,000 in cash were transferred to a Nontrading account, as explained in Note 1. On December 31, 2005 the $56,544,206 of assets held at RCM were reduced by $39,580,944 for impairment to $16,963,262, or 30% of the original value of the assets.

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On December 29, 2006 the Trust received a partial recovery from RCM in the amount of $10,319,317. These proceeds were applied against the then reflected book value of the claim with a resulting book value of the claim of $6,643,944.

Management elected to retain $983,648 of the above proceeds for legal and administrative expenses and to distribute $9,335,669. Unitholders who had previously redeemed units of the Trading account received cash in the amount of $4,180,958. Unitholders who had not previously redeemed units of the Trading Account received 54,914 additional units of the Trading account in exchange for $5,154,711 which represented their share of the total distribution of $9,335,669.

As the distribution was in process as of December 31, 2006, the Trust reflected distributions payable of $4,180,958 as of that date. The distribution payable of $5,154,711 was eliminated against the subscription receivable of a like amount.

See Note 8 for subsequent events affecting the assets held at RCM.

(7)Financial Highlights

The following financial highlights show the Trust’s financial performance for the periods ended December 31, 2006, 2005 and 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, 2006. Total return is calculated based on the aggregate return of the Trust taken as a whole.

	2006			2005			2004
Net Asset per unit at beginning of year	$	120.73		$	148.54		$	149.12
Loss per unit	(19.34		)	(27.81		)	(0.58		)
Distrubution per unit	(4.10		)	—			—
Net Asset Value per unit at end of year	$	97.29		$	120.73		$	148.54
Total Return:
Total return before incentive fee	(19.42		)%	(18.68		)%	1.44		%
Less incentive fee allocation	0.00		%	0.04		%	1.83		%
Total Return	(19.42		)%	(18.72		)%	(0.39		)%
Ratios to average net assets:
Net Income (Loss):	(17.31		)%	(20.79		)%	3.41		%
Expenses:
Expenses less incentive fees	(8.08		)%	21.97		%	8.56		%
Incentive fees	0.00		%	0.05		%	2.09		%
Total Expenses	(8.08		)%	22.02		%	10.65		%

The net income and expense ratios are computed based upon the weighted average net assets for the Trust for the periods ended December 31, 2006, 2005, and 2004.

 (8)Subsequent Events

Effective January 1, 2007, a JWH Special Circumstance LLC (the “LLC”), a limited liability company, was established to pursue the claims against RCM. The LLC is managed by US Bank, National Association. The LLC was funded with cash of $1,447,136 which represents the $983,648 referred to in Note 6 plus $463,488, the cash remaining of $1,000,000 set up to pay collection costs as disclosed in Note 1.  Any funds obtained by the LLC will be distributed to unitholders who were investors in the Trust at the time of the bankruptcy of RCM and Refco, Inc

On April 20, 2007, the LLC received a second partial recovery from RCM in the amount of $2,787,629.  Management believes that, after that recovery, the remaining value of $3,856,316 represents a fair estimate of the amount of remaining recoveries that may be received.

15

On June 7, 2007, the LLC received a third partial recovery from RCM in the amount of $265,758. Management believes that, after this third recovery, the remaining value of $3,590,558 represents a fair estimate of the amount of remaining recoveries that may be received.

Acknowledgment

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

/s/ Helen D. McCarthy

Helen D. McCarthy

Chief Financial Officer

R. J. O’Brien Fund Management, Inc.,

The Managing Owner and Commodity Pool Operator of

JWH Global Trust

July 5, 2007

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EX-14.01

Exhibit 14.01

R.J. O’Brien Fund Management, Inc.

Code of Ethics

Introduction

R.J.O’Brien Fund Management, Inc (“RJOFM”) adopted ethical guidelines to provide RJOFM employees a framework in which to examine problems arising out of its  business and to assist RJOFM employees to act in a fair, ethical and lawful manner.   In addition, RJOFM has adopted this Code of Ethics to address certain specific issues relating to its business.

RJOFM (‘the Company”) acts as the managing owner and/or general partner of a commodity pool (the “Pool”) that is a public reporting issuer 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 Pool.

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 in this RJOFM 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  may arise in connection with the operation of the Pool 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 Pool.  For additional information regarding the Company policies, you should refer to R.J. O’Brien & Associates, Inc.’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 R.J. O’Brien & Associates’ Chief Compliance Officer, Steve S. Andrews at (312) 373-5000.   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 Pool.  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 Pool.  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 Pool.  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 Pool to, or guarantees by the Company or the Pool 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) 373-5000.

Corporate Opportunities

The Covered Officers are prohibited from:  (a) taking for themselves personally opportunities that properly belong to the Company and/or Pool 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 and to the Pool  to advance its legitimate interests when the opportunity to do so arises.

Public Company Reporting

As a result of the Pool’s status as “public reporting company,” the Company is required, on behalf of the Pool, to file periodic and other reports with the Securities and Exchange Commission.  The Company takes its obligations with respect to the Pool’s 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 Pool;

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 Pool 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 Pool, 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 Pool, 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 Pool, 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 Pool’s 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 knowingly 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 Pool that is a public reporting company 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-31.01

Exhibit 31.01

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Gerald Corcoran, Chief Executive Officer of R. J. O’Brien Fund Management, Inc. (‘RJOFM”), Managing Owner of JWH Global Trust (the “registrant”), 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 changes in partners’ capital of the registrant as of, and for, the periods presented in this annual report;
4.	The registrant’s other certifying officer 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 registrant 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 registrant, 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;
	(b)	evaluated the effectiveness of the registrant’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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and,
5.	The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’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 registrant’s ability to record, process, summarize and report financial information; and
	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 5, 2007
By:	/s/ G. Corcoran
Gerald Corcoran
Chief Executive Officer
R.J. O’Brien Fund Management, Inc.

EX-31.02

Exhibit 31.02

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Helen D. McCarthy, the Chief Financial Officer of R. J. O’Brien Fund Management, Inc. (‘RJOFM”), 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 changes in partners’ capital of the registrant as of, and for, the periods presented in this annual report;

4. The registrant’s other certifying officer 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 registrant 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 registrant, 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 registrant’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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and,

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’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 registrant’s ability to record, process, summarize and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 5, 2007
By:	/s/ Helen D. McCarthy
Helen D. McCarthy
Vice President and Chief Financial Officer
R.J. O’Brien Fund Management, Inc.

EX-32.01

Exhibit 32.01

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Gerald Corcoran, Chief Executive Officer of R. J. O’Brien Fund Management, Inc., (“RJOFM”), Managing Owner of JWH Global Trust (the “Trust”), certify that (i) the attached annual report on Form 10-K fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and (ii) the information contained in the attached annual report on Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Trust.

By:	/s/ G. Corcoran
Gerald Corcoran
Chief Executive Officer
R.J. O’Brien Fund Management, Inc.
July 5, 2007

EX-32.02

Exhibit 32.02

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Helen D. McCarthy, Chief Financial Officer of R. J. O’Brien Fund Management, Inc.. (“RJOFM”), Managing Owner of JWH Global Trust (the “Trust”), certify that (i) the attached annual report on Form 10-K fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and (ii) the information contained in the attached annual report on Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Trust.

By:	/s/ Helen D. McCarthy
Helen D. McCarthy
Senior Vice President and Chief Financial Officer
R.J. O’Brien Fund Management, Inc.
July 5, 2007