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<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on May&nbsp;15, 2003  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B> Registration No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B>FORM&nbsp;S-1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B>JWH GLOBAL TRUST<BR>  </B></FONT><FONT SIZE=2>(Exact name of registrant as specified in its charter) </FONT></P>

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<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>Delaware</B></FONT><FONT SIZE=2><BR>
(State of Organization)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>6799</B></FONT><FONT SIZE=2><BR>
(Primary Standard Industrial<BR>
Classification Code Number)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>36-4113382</B></FONT><FONT SIZE=2><BR>
(IRS Employer<BR>
Identification Number)</FONT></TD>
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<TD COLSPAN=5 ALIGN="CENTER" VALIGN="TOP"><BR><FONT SIZE=2><B>c/o CIS Investments,&nbsp;Inc.<BR>
233 South Wacker Drive<BR>
Suite 2300<BR>
Chicago, Illinois 60606<BR>
(312)&nbsp;460-4000</B></FONT><FONT SIZE=2><BR>
(Address, including zip code, and telephone number, including<BR>
area code, of registrant's principal executive offices)</FONT></TD>
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<TD COLSPAN=5 ALIGN="CENTER" VALIGN="TOP"><BR><FONT SIZE=2><B>Barbara A. Pfendler<BR>
c/o CIS Investments,&nbsp;Inc.<BR>
233 South Wacker Drive<BR>
Suite 2300<BR>
Chicago, Illinois 60606<BR>
(312)&nbsp;460-4000</B></FONT><FONT SIZE=2><BR>
(Name, address, including zip code, and telephone number, including<BR>
area code, of agent for service)</FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><B>Copies to:</B></FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>James B. Biery<BR>
Scott M. Montpas<BR>
Sidley Austin Brown&nbsp;&amp; Wood<BR>
Bank One Plaza<BR>
10 S. Dearborn Street<BR>
Chicago, Illinois 60603</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><B>Approximate date of commencement of proposed sale to the public:<BR>
As soon as practicable after the effective date of this Registration Statement.  </B></FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of
1933 (the "Securities Act") check the following box. <FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(d) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
delivery of the prospectus is expected to be made pursuant to Rule&nbsp;434, please check the following box. <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall
file&nbsp;a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act or until this
Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>Calculation of Registration Fee  </B></FONT></P>

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<TH WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>Title of each class of<BR>
Securities to be Registered</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate<BR>
Offering Price</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of<BR>
Registration Fee*</B></FONT><BR></TH>
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<TD WIDTH="33%"><FONT SIZE=2>Units of Beneficial Interest</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>$300,000,000</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>$24,270.00</FONT></TD>
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<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B><I>*</I></B></FONT></DT><DD><FONT SIZE=2><B><I>Pursuant to Rule&nbsp;457(o). $46,970 was previously paid in registration fees to the Securities and Exchange Commission in connection with the Registrant's
previous Registration Statement 333-33937, registering $155,000,000 of Units of Beneficial Interest. This Registration Statement relates to and carries forward $42,100,000 of Units of
Beneficial Interest, which amount constitutes the unsold balance of Registration Statement 333-33937, as of the date hereof, and registers an additional $300,000,000 of Units of Beneficial
Interest. Pursuant to the provisions of Rule&nbsp;429 of the rules and regulations of the Securities and Exchange Commission under the Securities Act of 1933, the form of prospectus set forth herein
also relates to the Registrant's Registration Statement on Form&nbsp;S-1 (Registration No.&nbsp;33-33937) declared effective September&nbsp;24, 1997 and constitutes
Post-Effective Amendment No.&nbsp;8 thereto.  </I></B></FONT></DD></DL>
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<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST<BR>  $342,100,000<BR>  Units of Beneficial Interest    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>The Trust  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust trades in the U.S. and international futures and forward markets in currencies, interest rates, energy and agricultural products, metals and stock
indices. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
primary objective of the Trust is substantial capital appreciation over time by applying trend-following strategies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
seeks to reduce volatility and risk of loss by participating in broadly diversified global markets and implementing risk control policies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
investment in the Trust offers a potentially valuable means of diversifying a traditional portfolio. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
have the opportunity to participate in markets which are typically not represented in most investors' portfolios and which offer the potential to be profitable in both rising
and falling markets. It is as easy for the Trust to take long as short positions, and in a wide range of U.S. and non-U.S. markets. </FONT></P>

<P><FONT SIZE=2><B>The Trading Advisor  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John W. Henry &amp; Company, Inc. (JWH&reg;) is one of the largest professional managed futures advisors in terms of assets under management in the managed
futures industry. As of March&nbsp;31, 2003, JWH was managing approximately $1.5&nbsp;billion of client assets. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust utilizes the Trading Advisor's Financial and Metals Portfolio, G-7 Currency Portfolio and JWH GlobalAnalytics&reg; Family of Programs. </FONT></P>

<P><FONT SIZE=2><B>Managing Owner  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIS Investments, Inc. (CISI) is the Managing Owner and sponsor of the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner is a subsidiary of Cargill Investor Services, Inc. (CIS). CIS is a subsidiary of Cargill, Incorporated, one of the largest private companies in the United States. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March&nbsp;31, 2003, there was approximately $129.6&nbsp;million invested in managed futures funds sponsored (alone or jointly) by CISI. The Trust is CISI's largest fund. </FONT></P>

<P><FONT SIZE=2><B>The Units  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Units are available for subscription on the last day of each month at Net Asset Value per Unit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March&nbsp;31, 2003, the Net Asset Value per Unit had increased from $100 as of June&nbsp;2, 1997, when the Trust began trading, to $149.59. </FONT><FONT SIZE=2><I>Past
performance is not necessarily indicative of future results.  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions as received will be deposited in escrow at Bank One, NA until being invested in the Units as of the last day of the month. All interest actually
earned on an investor's subscription while held in escrow will be used to purchase additional Units for such investor. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Units are offered on a best efforts basis. There is no minimum number of Units which must be sold as of the beginning of any particular month. </FONT></P>


<P><FONT SIZE=2><B>The Risks  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before you decide whether to invest, read this entire prospectus carefully and consider "The Risks You Face" beginning on page&nbsp;13. </FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>You
could lose all or substantially all of your investment in the Trust.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Trust is speculative and it takes positions with total values that are bigger than the total amount of the Trust's assets. The face value of the Trust's positions
typically range from three to fifteen times its aggregate Net Assets.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Performance
has been volatile. The Net Asset Value per Unit has fluctuated over 21% in a single month.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
use of a single advisor applying a limited number of generally similar trading programs decreases diversification relative to a fund using multiple advisors and
increases risk.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Substantial
expenses, totaling about 9.6% per annum, must be offset by trading profits and interest income.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Trust trades to a substantial degree on non-U.S. markets which are not subject to the same degree of regulation as U.S. markets.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>There
is no market for the Units. Units may only be redeemed as of the end of a calendar month subject to a 3% redemption charge through the end of the eleventh month after
issuance.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Investors
are required to make representations and warranties in connection with their investment.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Each
prospective investor is encouraged to discuss the investment with his/her individual financial, legal and tax adviser. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Minimum Investments  </B></FONT></P>

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<TD WIDTH="17%"><FONT SIZE=2><B>First-time&nbsp;investors:</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>$5,000</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><B>IRAs,&nbsp;other&nbsp;tax-exempt&nbsp;accounts:</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>$2,000</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2><B>Existing&nbsp;investors:</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>$1,000</B></FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><B>This prospectus is in two parts: a disclosure document and a statement of additional information. These parts are bound together, and both contain
important information.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Neither the Securities and Exchange Commission nor any state securities commission has approved of these securities or determined if this prospectus is
truthful or complete. Any representation to the contrary is a criminal offense.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE<BR>
MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ON THE<BR>
ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>CIS INVESTMENTS,&nbsp;INC.<BR>  </B></FONT><FONT SIZE=2><B><I>Managing Owner</I></B></FONT><FONT SIZE=2><B><BR>
May&nbsp;&nbsp;&nbsp;&nbsp;, 2003  </B></FONT></P>

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<BR></FONT><FONT SIZE=2><B>COMMODITY FUTURES TRADING COMMISSION<BR>  <BR>    RISK DISCLOSURE STATEMENT    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE
AWARE THAT FUTURES AND OPTIONS TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR
INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT, ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT
TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL
AT PAGES&nbsp;66 TO 67 AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAKEVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE&nbsp;12.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL. THEREFORE, BEFORE YOU DECIDE
TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AT PAGES&nbsp;13
TO&nbsp;17.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES,
INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS PARTICIPANTS. FURTHER, UNITED STATES
REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE
EFFECTED.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><I>See Important Privacy Policy Statement on the Following Page.  </I></FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>This prospectus does not include all of the information or exhibits in the Trust's Registration Statement. You can read and copy the
entire Registration Statement at the public reference facilities maintained by the SEC in Washington, D.C.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The Trust files quarterly and annual reports with the SEC. You can read and copy these reports at the SEC public reference facilities in
Washington D.C. at 450&nbsp;Fifth Street, N.W. Room&nbsp;1200, Washington D.C. 20549. Please call the SEC at 1-202-942-8090, or toll free at
1-800-SEC-0330, for further information.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Trust's filings are posted at the SEC website at http://www.sec.gov.  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>CIS INVESTMENTS,&nbsp;INC.<BR>
Managing Owner<BR>
233 South Wacker Drive<BR>
Suite 2300<BR>
Chicago, Illinois 60606<BR>
(312)&nbsp;460-4000  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<BR></FONT><FONT SIZE=2><B>CIS INVESTMENTS,&nbsp;INC.<BR>  <BR>    PRIVACY POLICY    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>If you are an individual customer of CIS Investments,&nbsp;Inc. ("CISI"), the following applies to you. Under rules issued by the
Commodity Futures Trading Commission, financial institutions like CISI are required to provide privacy policy notices to their clients who are individuals. We believe that protecting the privacy of
your nonpublic personal information ("Personal Information") is of the utmost importance. Personal Information is nonpublic information about you that is personally identifiable and that we obtain in
connection with providing a financial product or service to you. For example, Personal Information includes information regarding the value of your investment in commodity pool(s) or hedge fund(s).
This notice describes the Personal Information that we collect about you, and our treatment of that information.</I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We collect Personal Information about you from the following sources:</I></B></FONT></P>

<UL>
<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B><I>(i)</I></B></FONT></DT><DD><FONT SIZE=2><B><I>Information we receive from you in subscription agreements and related forms (for example, name, address, Social Security number, birth date,
assets, income, and investment experience);
<BR><BR> </I></B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B><I>(ii)</I></B></FONT></DT><DD><FONT SIZE=2><B><I> Information about your transactions with us, our affiliates, or others (for example, account activity and balances); and
<BR><BR> </I></B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B><I>(iii)</I></B></FONT></DT><DD><FONT SIZE=2><B><I> Information we receive from a consumer reporting agency, such as your credit history.  </I></B></FONT></DD></DL>
</UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>We may disclose all of the Personal Information we collect about our customers or
former customers, as described above, as permitted by law. In addition, we may disclose all of the Personal Information we collect to companies that perform services on our behalf, including selling
agents. Otherwise, we do not disclose any Personal Information we collect about our customers or former customers to unaffiliated third parties (i.e., parties not within our corporate
family).</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We may disclose the name, address, or other identifying information relating solely to our transactions or
experiences with our customers or former customers, as well as other information we are permitted by law to share, among companies within our corporate family, such as CIS Securities,&nbsp;Inc. and
Cargill Investor Services,&nbsp;Inc.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We restrict access to Personal Information we collect about you to our personnel who need to know that
information in order to provide products or services to you. We maintain physical, electronic and procedural controls in keeping with federal standards to safeguard your Personal
Information.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We reserve the right to change this Notice, and to apply changes to information previously collected, as
permitted by law. We will inform you of any changes as required by law.</I></B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<A NAME="page_bk3142_1_3"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>JWH GLOBAL TRUST<BR>
Organizational Chart  </B></FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g306782.jpg" ALT="GRAPHIC" WIDTH="577" HEIGHT="510">
  </B></FONT></P>

<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than JWH and the Trustee, all of the entities indicated in the Organizational Chart are Cargill, Incorporated affiliates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>For convenience, CISI and entities affiliated with it are sometimes collectively referred to as the "CIS Group."</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"Conflicts of Interest" beginning at page 74 and "Transactions Between the CIS Group and the Trust" at page 77. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da3142_jwh_global_trust_contents"> </A>
<A NAME="toc_da3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST    <BR>    CONTENTS    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PART ONE<BR>
DISCLOSURE DOCUMENT  </B></FONT></P>

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<TH WIDTH="94%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Summary</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>The Risks You Face</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>How the Trust Works</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Performance of the Trust</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Selected and Supplementary Financial Information</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Management's Analysis of Operations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>23</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Quantitative and Qualitative Disclosures About the</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Trust's Market Risk</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>28</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Managed Futures Funds in General</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>34</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>The Role of Managed Futures in Your Portfolio</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>36</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>The Managing Owner</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>44</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>John W. Henry &amp; Company, Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>46</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>JWH Principals</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>52</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Performance of the JWH Programs</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>55</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Interest Income</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>65</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Charges</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>66</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Brokerage Arrangements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>70</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Redemptions; Net Asset Value</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>72</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Conflicts of Interest</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>74</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Transactions Between the CIS Group and the Trust</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>77</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>The Trust and the Trustee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>78</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Tax Consequences</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>81</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Plan of Distribution</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>84</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Lawyers; Accountants</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>87</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="94%"><FONT SIZE=2>Financial Statements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>88</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2><B>PART TWO<BR>
STATEMENT OF ADDITIONAL INFORMATION</B></FONT></P>

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<TH WIDTH="92%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Futures Markets and Trading Methods</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>110</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Blue Sky Glossary</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>113</FONT></TD>
</TR>
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<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="41%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="41%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>Exhibit&nbsp;A &#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>Fifth Amended and Restated Declaration and Agreement of Trust</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>A-1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>Exhibit&nbsp;B &#151;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP"><FONT SIZE=2>Subscription Requirements</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%" ALIGN="RIGHT"><FONT SIZE=2>B-1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>Exhibit&nbsp;C &#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>Subscription Agreement and Power of Attorney</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>C-1</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de3142_summary"> </A>
<A NAME="toc_de3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>SUMMARY    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>General  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH Global Trust is a Delaware statutory trust which trades in a wide range of U.S. and international futures and forward markets. CIS Investments,&nbsp;Inc.
("CISI") is the Trust's Managing Owner. John W. Henry&nbsp;&amp; Company,&nbsp;Inc. ("JWH&reg;") is its Trading Advisor. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust began trading on June&nbsp;2, 1997 with an initial capitalization of $13,027,103 and a Net Asset Value per Unit of $100. As of March&nbsp;31, 2003, the Trust's
capitalization was approximately $89.3&nbsp;million, the Net Asset Value per Unit was $149.59, and the Trust had a total of 3,330 Unitholders. </FONT></P>

<P><FONT SIZE=2><B>The Trust and Its Objectives  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary objective of the Trust is substantial capital appreciation through trading directed by JWH. At the same time, JWH will attempt to reduce volatility
and risk of loss by participating in diversified markets and applying risk control policies. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through
an investment in the Trust, investors have the opportunity to participate in markets not typically represented in an individual's portfolio, and the potential to profit from
rising as well as falling prices. The success of JWH's trading is not dependent upon favorable economic conditions, national or international. Indeed, periods of economic uncertainty can augment the
profit potential of the Trust by increasing the likelihood of significant movements in commodity prices, the exchange rates between various countries, world stock prices and interest rates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust allocates 40% of its assets to JWH's Financial and Metals Portfolio, 30% to its G-7 Currency Portfolio and 30% to the JWH GlobalAnalytics&reg; Family of
Programs. JWH rebalances the Trust's assets at the end of each quarter among these three trading programs in accordance with the preceding percentages. </FONT></P>

<P><FONT SIZE=2><B>JWH and Its Programs  </B></FONT></P>

<P><FONT SIZE=2><I>JWH  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH has been the sole Trading Advisor for the Trust since inception. JWH manages capital in commodities, financial futures and foreign exchange markets for
international banks, brokerage firms, pension funds, institutions and high net worth individuals. JWH trades on a 24-hour basis in a wide range of futures and forward
contracts&#151;more than seventy markets as of the date of this prospectus&#151;in the United States, Europe and Asia. JWH is one of the largest managed futures advisors in terms of
assets under management, trading approximately $1.5&nbsp;billion in client capital as of March&nbsp;31, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH
currently offers four types of investment programs: Broadly Diversified; Financial; Foreign Exchange; and Multiple Style. Broadly Diversified programs invest in a broad spectrum of
worldwide financial and nonfinancial futures and forward markets including currencies, interest rates, non-U.S. stock indices, metals, energies and agricultural commodities. Financial
programs invest in worldwide financial futures and forward markets including currencies, interest rates and stock indices in addition to the metals and energies markets. Foreign Exchange programs
invest in a wide range of world currencies primarily traded in the interbank market. Multiple Style programs involve the selection and allocation of assets among the other types of JWH investment
programs on a discretionary basis. </FONT></P>

<P><FONT SIZE=2><I>JWH's Programs Used for the Trust  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since January&nbsp;1, 2000, the Trust has been allocating its assets among JWH's Financial and Metals Portfolio, G-7 Currency Portfolio and JWH
GlobalAnalytics&reg; Family of Programs. The Financial and Metals Portfolio, which began trading client funds in October&nbsp;1984, is one of the longest established JWH programs. The
G-7 Currency Portfolio has been trading client funds since February&nbsp;1991. JWH GlobalAnalytics&reg; Family of Programs is JWH's newest program and has been trading client
capital since June&nbsp;1997. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The JWH programs used by the Trust may change materially over time. The Trust has employed other JWH programs in the past and may do so in the future without
notice to investors.</I></FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Past performance is not necessarily indicative of future results.  </I></B></FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2><B><I>Financial and Metals Portfolio  </I></B></FONT></P>

<P><FONT SIZE=2><I>Market Sectors Traded:  </I></FONT></P>

<UL>

<P><FONT SIZE=2><I>Interest Rates<BR>
Global Stock Indices<BR>
Currencies<BR>
Precious and Base Metals</I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Financial and Metals Portfolio began trading client capital in October&nbsp;1984 and has an estimated compounded annualized rate of return of 30.5% from inception through
March&nbsp;31, 2003. The Financial and Metals Portfolio seeks to identify and capitalize on intermediate-term price movements in four worldwide market sectors: interest rates,
currencies, global stock indices and precious and base metals. This program takes a market position when trends are identified but may take a neutral stance or liquidate open positions in
non-trending markets. As of March&nbsp;31, 2003, JWH had approximately $280&nbsp;million under management pursuant to the Financial and Metals Portfolio. </FONT></P>

<P><FONT SIZE=2><B><I>G-7 Currency Portfolio  </I></B></FONT></P>


<P><FONT SIZE=2><I>Market Sectors Traded:  </I></FONT></P>

<UL>

<P><FONT SIZE=2><I> Currencies  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The G-7 Currency Portfolio began trading client capital in February&nbsp;1991 and has a compounded annualized rate of return of 12.4% from inception
through March&nbsp;31, 2003. The G-7 Currency Portfolio seeks to identify and capitalize on intermediate-term price movements in the highly liquid currencies of major
industrialized nations and, in the case of the Euro, supranational organizations. These currencies allow for trading outrights against the U.S. dollar or non-dollar cross rates. This
program takes a market position when trends are identified, but may take a neutral stance or liquidate open positions in non-trending markets. It also incorporates specialized
intra-day volatility filters. As of March&nbsp;31, 2003, JWH had approximately $27&nbsp;million under management in the G-7 Currency Portfolio. </FONT></P>

<P><FONT SIZE=2><B><I>JWH GlobalAnalytics&reg; Family of Programs  </I></B></FONT></P>

<P><FONT SIZE=2><I>Market Sectors Traded:  </I></FONT></P>

<UL>

<P><FONT SIZE=2><I>Interest Rates<BR>
Global Stock Indices<BR>
Currencies<BR>
Energies<BR>
Softs<BR>
Grains<BR>
Fiber<BR>
Precious and Base Metals  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduced in June&nbsp;1997 as JWH's most broadly diversified investment program, JWH GlobalAnalytics&reg; Family of Programs is the result of
extensive research and testing by JWH. The program invests in a broad spectrum of worldwide financial and non-financial futures markets, including interest rate, global stock index,
currency, metal, energy and agricultural contracts. Unlike other JWH programs, which invest in intermediate or long-term price movements, JWH GlobalAnalytics&reg; Family of
Programs invests in both long- and short-term price movements. JWH
GlobalAnalytics&reg; Family of Programs uses a combination of two investment styles, one of which always maintains a market position&#151;long or short&#151;and the other of
which takes a market position when trends are identified but may take a neutral stance or liquidate open positions in non-trending markets. As of March&nbsp;31, 2003, JWH had
approximately $61.3&nbsp;million under management in the JWH GlobalAnalytics&reg; Family of Programs and approximately $11.5&nbsp;million under management in the account referred to as JWH
GlobalAnalytics&reg; 99. Please see page 58 for additional information about the JWH GlobalAnalytics&reg; 99 account. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Past performance is not necessarily indicative of future results.  </I></B></FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Please see the capsule performance summaries beginning on page 56 and the notes accompanying those performance summaries beginning on page
62.</B></FONT></P>

<P><FONT SIZE=2><I>Allocation Among JWH Programs  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Managing Owner has the discretion, subject to JWH's agreement, from time to time, to alter the allocation of the Trust's assets among the JWH trading
programs, to delete a trading program or to add other JWH programs. In deciding whether to delete or add a JWH program, the Managing Owner will consider, among other things, recent and/or expected
economic and market conditions, the performance of each trading program and the trading programs combined, the performance of other JWH programs, and the market sector concentration of the trading
programs currently being used by the Trust as well as the other JWH programs. If the Trust's trading programs become concentrated in the same market sectors, or if the recent performance of a trading
program appears incompatible with the Trust's objectives, the Managing Owner and JWH might agree to terminate the use of that program and possibly replace it with another. The following pie charts
show the historical allocations made by the Trust to the various JWH programs since the Trust's inception. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Historical Allocation Among JWH Programs  </B></FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g326310.jpg" ALT="CHART" WIDTH="159" HEIGHT="93">
 </B></FONT></TD>
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g313614.jpg" ALT="CHART" WIDTH="145" HEIGHT="106">
 </B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g283478.jpg" ALT="CHART" WIDTH="145" HEIGHT="93">
 </B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><I>Legend:  </I></FONT></P>

<P><FONT SIZE=2>F&amp;M:
Financial and Metals Portfolio<BR>
G-7: G-7 Currency Portfolio<BR>
GA: JWH GlobalAnalytics&reg; Family of Programs<BR>
Original: Original Investment Program </FONT></P>

<P><FONT SIZE=2><I>The JWH Programs Are Technical and Trend-Following, Computerized Systems  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The mathematical models used by the JWH programs are technical systems, generating trading signals on the basis of statistical research into past market prices.
JWH does not attempt to analyze underlying economic factors, identify mispricings in the market or predict future prices. Its analysis focuses exclusively on past price movements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a trend-following advisor, JWH's objective is to participate in major price trends&#151;sustained price movements either up or down. Such price trends may be relatively
infrequent. Trend-following advisors anticipate that over half of their positions will be unprofitable.
Their strategy is based on making sufficiently large profits from the trends which they identify and follow to generate overall profits despite the more numerous but, hopefully, smaller losses
incurred on the majority of their positions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"The Risks You Face" beginning at page 13. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
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<A NAME="page_de3142_1_8"> </A>

<P><FONT SIZE=2><I>Markets Traded  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Financial and Metals Portfolio, the G-7 Currency Portfolio and the JWH GlobalAnalytics&reg; Family of Programs emphasize trading in
currencies and financial instruments, but participate in most major sectors of the global economy, which may include: </FONT></P>

<P><FONT SIZE=2><B>Currencies  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Australian Dollar</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Mexican Peso</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Brazilian Real</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*New Zealand Dollar</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>British Pound</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Norwegian Krone</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Canadian Dollar</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Polish Zloty</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Chilean Peso</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Singapore Dollar</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>*Czech Koruna</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*South African Rand</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>*Danish Krone</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Swedish Krona</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Euro</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Swiss Franc</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>*Hong Kong Dollar</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Taiwan Dollar</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Japanese Yen</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Thai Baht</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Korean Won</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>Indices  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Australian All</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>FTSE 100 (UK)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Ordinaries Index</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Nasdaq 100</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>DAX (German)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Nasdaq 100 E-Mini</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>EuroStoxx Index</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Nikkei 225 Index</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>*Goldman Sachs</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>S&amp;P 500&reg; Stock Index</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Commodity Index</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>Energies  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Brent Crude Oil</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Heating Oil</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Crude Oil</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Unleaded Gasoline</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Natural Gas</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>London Gasoil</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>Metals  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Aluminum</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Palladium</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Copper</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Platinum</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Copper, High Grade</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Silver</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Gold</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Tin</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>*Lead</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Zinc</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Nickel</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>Agricultural Products  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>*Cocoa</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Soybeans</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>*Coffee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Soybean Meal</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>*Corn</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Soybean Oil</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Cotton</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Sugar</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>*Live Cattle</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Wheat</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
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<A NAME="page_de3142_1_9"> </A>

<P><FONT SIZE=2><B>Financial Instruments  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Australian (90-day) Bank Bills</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*Euroyen</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Australian (3-year and 10-year) Treasury Bonds</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Euro BOBL (5 year)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>*Canadian Bank Bills</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Euro Shatz (2 year)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>*Canadian Government Bonds</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>Japanese Government Bond</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Euribor</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>U.K. Long "Gilt"</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Eurobund</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>U.K. Short Sterling</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Eurodollar</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>U.S. 5- and 10-year Treasury Note</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>Euroswiss</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>U.S. 30-year Bond</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1>*U.S. 2-year Note</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>These
markets are traded if and when contract liquidity, legal constraints, market conditions and data reliability standards meet JWH's specifications. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
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<A NAME="page_de3142_1_10"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March&nbsp;31, 2003, the Trust had the approximate market sector commitments as shown in the pie chart below. Also shown on the following page are the approximate average market
sector weightings of each JWH program currently used by the Trust for the three year period ending March&nbsp;31, 2003. The market sector weightings of the Trust and the JWH programs may vary
significantly over time. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de3142_jwh_global_trust_sector_allocation"> </A>
<A NAME="toc_de3142_2"> </A>
<BR></FONT><FONT SIZE=2><B>JWH Global Trust Sector Allocation    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g446234.jpg" ALT="CHART" WIDTH="298" HEIGHT="151">
  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de3142_average_sector_allocations_(3-__ave01889"> </A>
<A NAME="toc_de3142_3"> </A>
<BR></FONT><FONT SIZE=2><B>Average Sector Allocations (3-Year Average) as of March&nbsp;31, 2003    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Allocation to<BR>
JWH Program</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="26%" ALIGN="CENTER"><FONT SIZE=1><B>JWH Program</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Commodities</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Currencies</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Energies</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Stock<BR>
Indices</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Interest<BR>
Rates</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Metals</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>30%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>G-7 Currency Portfolio</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>100.0%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>40%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>Financial and Metals Portfolio</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>39.3%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>11.8%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>40.5%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>8.4%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>30%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>JWH GlobalAnalytics Family of Programs</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>10.2%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>18.8%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>18.9%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9.7%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>33.3%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>9.1%</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>There is no way to predict which markets the Trust will trade or what its relative commitments to the different markets
will be.  </B></FONT></P>

<P><FONT SIZE=2><I>Varying the Size of the Trust's Market Positions  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH attempts to adjust the Trust's position sizes and market exposure to meet its profit and risk-control objectives. Generally, only between 2% and
15% of the face value of a futures or forward position is required as margin to put on the position. Consequently, JWH has considerable flexibility to make significant changes in the size of the
Trust's open positions. For example, the margin requirement for the Treasury bond futures contract is only approximately 2% of the face value of each contract. This means that JWH could acquire, for
each $100,000 of Trust capital, positions ranging from a single Treasury bond contract with a face value of $100,000 up to fifty such contracts with a face value of $5,000,000. The greater the market
exposure of the Trust, the more profit or loss it will recognize as a result of the same price movement, and the greater its risk, profit potential and expected performance volatility. </FONT></P>

<P><FONT SIZE=2><B>The Managing Owner  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Managing Owner and Commodity Pool Operator of the Trust is CISI. CISI was incorporated in Delaware in 1983 and is an affiliate of CIS, the Trust's futures
broker. In addition to the Trust, CISI currently operates two public commodity pools jointly with IDS Futures Corporation. As of March&nbsp;31, 2003, the aggregate capitalization of the funds
managed by CISI was approximately $129.6&nbsp;million. CISI maintains its principal office at 233 South Wacker Drive, Suite 2300, Chicago, Illinois 60606; telephone
(312)&nbsp;460-4000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>See the organizational chart of the Trust at page 3 and "Transactions Between the CIS Group and the Trust" at page 77.</I></B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<A NAME="page_de3142_1_11"> </A>

<P><FONT SIZE=2><B>Major Risks of the Trust  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust is a speculative investment. It is not possible to predict how the Trust will perform over either the long or short term. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
must be prepared to lose all or substantially all of their investment in the Units. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
can be no assurance that the past performance of either the Trust or JWH is indicative of how they will perform in the future. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is a single-advisor fund, which is likely to involve higher risk than multi-advisor funds. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
date, the performance of the Trust has been volatile. The Net Asset Value per Unit has varied by more than 21% in a single month. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust could incur large losses over short periods. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust typically takes positions with a face value of three to fifteen times its total Net Assets. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positive
correlation among the trading programs (because they trade in some of the same markets and are all technical, trend-following programs) reduces diversification and increases the
risk of loss. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
performance of the JWH trading programs is dependent upon market trends of the type that JWH's models are designed to identify. Trendless periods are frequent, and during such
periods the Trust is unlikely to be profitable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading
on foreign contract markets involves additional risks, including the risks of inadequate or lack of regulation, exchange-rate fluctuations, expropriation, credit and
investment controls and counterparty insolvency. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
can be no assurance of the continued availability of JWH or its key principals. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
its performance is entirely unpredictable, there is no way of telling when is a good time to invest in the Trust. Investors have no means of knowing whether they are buying Units
at a time when profitable periods are ending, beginning, or not in progress. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Units are not transferable and may only be redeemed once a month. Because investors must submit irrevocable subscriptions as well as redemption notices by the fifth business day
prior to month-end, they cannot know the Net Asset Value at which they will acquire or redeem Units. Investors cannot control the maximum losses on their Units because they cannot be sure
of the redemption value of their Units. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
Unitholders, investors have no voice in the operation of the Trust; they are entirely dependent on the management of CISI and JWH for the success of their investment. </FONT></P>

<P><FONT SIZE=2><B>Fees and Expenses  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Incentive Fee payable to JWH is calculated on a quarterly basis and could be substantial even in a breakeven or losing year. The Trust's other significant
expenses are its Brokerage and Management Fees. If the Trust's Net Asset Value increases, the absolute dollar amount of these percentage-of-assets fees will also, but they will
have the same effect on the Trust's rate of return. The following breakeven table indicates the approximate amount of trading profit the Trust must earn during the first twelve months after a Unit is
purchased to offset the costs of the Trust. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>Breakeven Table  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="64%" ALIGN="LEFT"><FONT SIZE=1><B>Expenses<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Twelve-Month<BR>
Percentage<BR>
Breakeven</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Twelve-Month<BR>
Dollar<BR>
Breakeven<BR>
($5,000 Initial<BR>
Investment)&#135;</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2>Brokerage Fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>6.00</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>300.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2>Management Fee</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2.00</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>100.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2>Incentive Fee<SUP>*</SUP></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1.00</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>50.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2>Administrative Expenses<SUP>*</SUP></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>5.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2>Ongoing Offering Costs</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.50</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>25.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2><I>Less</I></FONT><FONT SIZE=2> Interest Income<SUP>*</SUP></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(1.25</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>(62.50</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="64%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2><B>Return on $5,000 Initial Investment Required For "Breakeven" If Units Held At Least Twelve Months<SUP>**</SUP></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><B>8.35</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B>%</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><B>417.50</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="64%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Estimated.
The Incentive Fee is 20% of New Trading Profits and is paid quarterly; consequently, an Incentive Fee could be paid in a breakeven or losing year. Interest Income is
estimated based upon March&nbsp;2003 interest rates.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#135;</FONT></DT><DD><FONT SIZE=2>Assumes
a constant $5,000 Net Asset Value.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>A
redeeming Unitholder pays redemption charges equal to 3% of the redemption proceeds to CIS through the end of the eleventh month after the redeemed Unit was purchased. Redemption
charges, if applicable, reduce the redemption proceeds otherwise payable to investors. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de3142_see__charges__at_page_66."> </A>
<A NAME="toc_de3142_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>See "Charges" at page 66.    <BR>    </I></B></FONT></P>

<P><FONT SIZE=2><B>Principal Tax Aspects of Owning Units  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors are taxed each year on any gains recognized by the Trust whether or not they redeem any Units or receive any distributions from the Trust. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40%
of any trading profits on U.S. exchange-traded contracts are taxed as short-term capital gains at the individual investor's ordinary income tax rate, while 60% of such
gains are taxed as long-term capital gain at a 20% maximum rate for individuals. The Trust's trading gains from other contracts will be primarily short-term capital gain. This
tax treatment applies regardless of how long an investor holds Units. If, on the other hand, an investor held a stock or bond for twelve months or longer, all the gain realized on its sale would
generally be taxed at a 20% maximum rate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses
on the Units may be deducted against capital gains. Any losses in excess of capital gains may only be deducted against ordinary income to the extent of $3,000 per year.
Consequently, investors could pay tax on the Trust's interest income even though they have lost money on their Units. See "Tax Consequences" beginning at page 81. </FONT></P>

<P><FONT SIZE=2><B>An Investment in the Units Should be Considered as a Three to Five Year Commitment  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market conditions in which the Trust is likely to recognize significant profits occur infrequently. An investor should plan to hold Units for long enough to
have a realistic opportunity for a number of such trends to develop. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CISI
believes that investors should consider the Units at least a three to five year commitment. </FONT></P>


<P><FONT SIZE=2><B>Is the Trust a Suitable Investment for You?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should consider investing in the Trust if you are interested in its potential to produce enhanced returns over the long-term that are generally
unrelated to the returns of the traditional debt and equity markets and you are prepared to risk significant losses. CISI offers the Trust only as a diversification opportunity for an investor's
entire investment portfolio, not as a complete investment program. No one should invest more than 10% of his or her readily marketable assets in the Trust. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg3142_the_risks_you_face"> </A>
<A NAME="toc_dg3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>THE RISKS YOU FACE    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Possible Total Loss of an Investment in the Trust  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You could lose all or substantially all of your investment in the Trust. </FONT></P>

<P><FONT SIZE=2><B>Specific Risks Associated with a Single-Advisor Fund  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even in the speculative area of managed futures, single-advisor funds are considered by some to be unusually high risk investments. Multi-advisor strategies are
used by many "commodity pools" specifically for risk control purposes. </FONT></P>

<P><FONT SIZE=2><B>Investing in the Units Might Not Diversify an Overall Portfolio  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One of the objectives of the Trust is to add an element of diversification to a traditional securities portfolio. While the Trust may perform in a manner largely
independent from the general stock and bond markets, there is no assurance it will do so. An investment in the Trust could increase rather than reduce overall portfolio losses during periods when the
Trust as well as stocks and bonds decline in value. There is no way of predicting whether the Trust will lose more or less than stocks and bonds in declining markets. Investors must not rely on the
Trust as any form of hedge against losses in their core securities portfolios. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prospective
investors should consider whether diversification in itself is worthwhile even if the Trust is unprofitable. </FONT></P>

<P><FONT SIZE=2><B>Investors Must Not Rely on the Past Performance of Either JWH or the Trust in Deciding Whether to Buy Units  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The performance of the Trust is entirely unpredictable, and the past performance of the Trust as well as of JWH is not necessarily indicative of their future
results. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
price data which JWH has researched in developing its programs may not reflect the changing dynamics of future markets. If not, the JWH programs would have little chance of being
profitable. An influx of new market participants, changes in market regulation, international political developments, demographic changes and numerous other factors can contribute to
once-successful strategies becoming outdated. Not all of these factors can be identified, much less quantified. There can be no assurance that JWH will trade profitably. </FONT></P>

<P><FONT SIZE=2><B>Volatile JWH Trading History  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH's performance, even when successful, has been characterized by significant volatility. Since the inception of trading of the JWH programs, the largest
"peak-to-valley" drawdown experienced by any single program was nearly 60% on a composite basis, and certain individual accounts managed pursuant to such program experienced
even greater volatility. Moreover, certain programs have incurred losses of 10% or more in a single trading day. Even if the Trust is successful, it is likely to experience significant losses from
time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
performance of the Trust to date has been volatile. </FONT></P>

<P><FONT SIZE=2><B>The Similarities Among the JWH Programs Reduce Diversification, Increasing the Risk of Loss  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The similarities among the programs reduce the Trust's diversification. The less diversification, the higher the risk that the market will move against a large
number of positions held by different programs at the same time, increasing losses. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

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<P><FONT SIZE=2><B>Overlap of the Markets Traded by JWH Also Reduces Diversification, Increasing the Risk of Loss  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trading programs used by the Trust emphasize trading in the financial instrument and currency markets. The degree of market overlap changes with the program
mix. However, in general, CISI expects the Trust will maintain a substantial concentration in these two sectors while the current programs continue to be used for the Trust. For example, the Trust may
allocate more than 50% of its trading assets to a single market sector such as currencies. Market concentration increases the risk of major losses and unstable Unit values, as the same price movements
adversely affect many of the Trust's concentrated positions at or about the same time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
it is impossible to predict where price trends will occur, certain trend-following managers attempt to maximize the chance of exploiting such trends by taking positions in as many
different markets and market sectors as feasible. The Trust does not follow this approach and, as a result, may not capture trends which would have been highly profitable. </FONT></P>

<P><FONT SIZE=2><B>Its Substantial Expenses Will Cause Losses for the Trust Unless Offset by Profits and Interest Income  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust pays fixed annual expenses of approximately 8.6% of its average month-end assets. In addition to this 8.6% annual expense level, the Trust
is subject to 20% quarterly Incentive Fees on any New Trading Profits. Because these Incentive Fees are calculated quarterly, they could represent a substantial expense to the Trust even in a
breakeven or losing year. Based on CISI's experience with the Trust and its other funds, CISI expects that approximately 1% of the Trust's average month-end assets might be paid out in
Incentive Fees even during a losing year. Overall, investors must expect that the Trust will pay about 9.6% per year in expenses, 12.6% including the 3% redemption charge in effect for the first
eleven months after a Unit is issued. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust's expenses could, over time, result in significant losses. Except for the Incentive Fee, these expenses are not contingent and are payable whether or not the Trust is
profitable. </FONT></P>

<P><FONT SIZE=2><B>JWH Analyzes Only Technical Market Data, Not Any Economic Factors External to Market Prices  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The JWH programs focus exclusively on statistical analysis of market prices. Consequently, any factor external to the market itself which dominates prices is
likely to cause major losses. For example, a pending political or economic event may be very likely to cause a major price movement, but JWH would continue to maintain positions that would incur major
losses as a result of such movement, if its programs indicated that it should do so. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
likelihood of the Units being profitable could be materially diminished during periods when events external to the markets themselves have an important impact on prices. During such
periods, JWH's historical price analysis could establish positions on the wrong side of the price movements caused by such events. </FONT></P>

<P><FONT SIZE=2><B>Lack of Price Trends or of the Types of Price Trends Which JWH Programs Can Identify Will Cause Major Losses  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust cannot trade profitably unless major price trends occur in at least certain markets that it trades. Many markets are trendless most of the time, and in
static markets the JWH programs are likely to incur losses. In fact, JWH expects more than half of its trades to be unprofitable; it depends on significant gains from a few major trends to offset
these losses. It is not just any price trend, but price trends of the type which JWH's systems have been designed to identify, which are necessary for the Trust to be profitable. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<P><FONT SIZE=2><B>The Danger to the Trust of "Whipsaw" Markets  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Often, the most unprofitable market conditions for the Trust are those in which prices "whipsaw," moving quickly upward, then reversing, then moving upward again,
then reversing again. In such conditions, the JWH programs may establish losing positions based on incorrectly identifying both the brief upward or downward price movements as trends. </FONT></P>

<P><FONT SIZE=2><B>The Large Size of the Trust's Trading Positions Increases the Risk of Sudden, Major Losses  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust takes positions with face values up to as much as approximately fifteen times its total equity. Consequently, even small price movements can cause major
losses. </FONT></P>

<P><FONT SIZE=2><B>Unit Values Are Unpredictable and Vary Significantly Month-to-Month  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Net Asset Value per Unit can vary significantly month-to-month. In June&nbsp;2002, there was more than a 21% change in the value of
a Unit. Investors cannot know at the time they submit a subscription or a redemption request what the subscription price or redemption value of their Units will be. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
only way to take money out of the Trust is to redeem Units. You can only redeem Units at month-end on five business days' advance notice and subject to possible
redemption charges. The restrictions imposed on redemptions limit your ability to protect yourself against major losses by redeeming Units. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers
of Units are subject to limitations as well, such as advance written notice of any intent to transfer and the consent of CISI to such transfer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, investors are unable to know whether they are subscribing for Units after a significant upswing in the Net Asset Value per Unit&#151;often a time when the Trust has
an increased probability of entering into a losing period. </FONT></P>

<P><FONT SIZE=2><B>The Opportunity Costs of Rebalancing the JWH Programs  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The quarterly rebalancing of the Trust's assets among its JWH trading programs may result in the liquidation of profitable positions, thereby foregoing greater
profits which the Trust would otherwise have realized, and the establishment of unprofitable positions, thereby incurring losses which the Trust would otherwise have avoided had rebalancing not
occurred. </FONT></P>


<P><FONT SIZE=2><B>Alteration of Trading Systems and Contracts and Markets Traded  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH may, in its discretion, change and adjust the trading programs, as well as the contracts and markets which they trade. These adjustments may result in
foregoing profits which the trading programs would otherwise have captured, as well as incurring losses which they would otherwise have avoided. Neither the Managing Owner nor the Unitholders are
likely to be informed of any non-material changes in the trading programs. </FONT></P>

<P><FONT SIZE=2><B>Increased Competition from Other Trend-Following Traders Could Reduce JWH's Profitability  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There has been a dramatic increase over the past twenty-one years in the amount of assets managed by trend-following trading systems like the JWH
programs. In 1980, the amount of assets in the managed futures industry were estimated at approximately $300&nbsp;million; by December&nbsp;31, 2002, this estimate had risen to approximately
$50.7&nbsp;billion. It is also estimated that over half of all managed futures trading advisors rely primarily on trend-following systems. Although the amount of trading in the futures industry as a
whole has increased significantly during the same period of time, the increase </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<P><FONT SIZE=2>in
managed money increases trading competition. The more competition there is for the same positions, the more costly and harder they are to acquire. </FONT></P>

<P><FONT SIZE=2><B>JWH's High Level of Equity Under Management Could Lead to Diminished Returns  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH has a significant amount of assets under management. As of January&nbsp;1, 1990, JWH had approximately $197&nbsp;million under management; as of
March&nbsp;31, 2003, this figure had risen to approximately $1.5&nbsp;billion. The more money JWH manages, the more difficult it may be for JWH to trade profitably because of the difficulty of
trading larger positions without adversely affecting prices and performance. Large trades result in more price slippage than do smaller orders. </FONT></P>

<P><FONT SIZE=2><B>Illiquid Markets Could Make It Impossible for JWH to Realize Profits or Limit Losses  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In illiquid markets, JWH could be unable to capitalize on the opportunities identified by it or to close out positions against which the market is moving. There
are numerous factors which can contribute to market illiquidity, far too many for JWH to predict when or where illiquid markets may occur. JWH attempts to limit its trading to highly liquid markets,
but there can be no assurance that a market which has been highly liquid in the past will not experience periods of unexpected illiquidity. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unexpected
market illiquidity has caused major losses in recent years in such sectors as emerging markets, fixed income relative value strategies and mortgage-backed securities. There
can be no assurance that the same will not happen to the Trust at any time or from time to time. The large size of the positions which JWH acquires for the Trust increases the risk of illiquidity by
both making its positions more difficult to liquidate and increasing the losses incurred while trying to do so. </FONT></P>

<P><FONT SIZE=2><B>JWH Trades Extensively in Foreign Markets; These Markets Are Less Regulated Than U.S. Markets and Are Subject to Exchange Rate, Market Practices and Political Risks  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trading programs used for the Trust trade a great deal outside the U.S. From time to time, as much as 30%-50% of the Trust's overall market
exposure could involve positions taken on foreign markets. Foreign trading involves risks&#151;including exchange-rate exposure, possible governmental intervention and lack of
regulation&#151;which U.S. trading does not. In addition, the Trust may not have the same access to certain positions on foreign exchanges as do local traders, and the historical market data on
which JWH bases its strategies may not be as reliable or accessible as it is in the United States. Certain foreign exchanges may also be in a more or less developmental stage so that prior price
histories may not be indicative of current price dynamics. The rights of clients in the event of the insolvency or bankruptcy of a non-U.S. market or broker are also likely to be more
limited than in the case of U.S. markets or brokers. </FONT></P>

<P><FONT SIZE=2><B>Unregulated Markets Lack Regulatory Protections of Exchanges  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A substantial portion of the Trust's trading&#151;primarily its trading of spot and forward contracts in currencies&#151;takes place in unregulated
markets. It is impossible to determine fair pricing, prevent abuses such as "front-running" or impose other effective forms of control over such markets. The absence of regulation could expose the
Trust in certain circumstances to significant losses which it might otherwise have avoided. </FONT></P>

<P><FONT SIZE=2><B>Mandatory Closing Out of Offsetting Positions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicable CFTC rules require that offsetting positions taken by JWH on behalf of the Trust, even though taken by different programs, be closed out. JWH does not
believe that the requirement of liquidating offsetting positions held for the Trust by the trading programs will, at this point, impede the operation of the Trust. However, it is possible that under
certain circumstances the requirement to close out offsetting positions on an inter-program basis could adversely affect the performance of the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg3142_1_17"> </A>
<BR>

<P><FONT SIZE=2>Trust.
The fact that JWH operates three strategies for the same account without having its overall performance disrupted by the CFTC's "close out" rule demonstrates the extent of the similarities
between the trading programs and the likelihood of significant positive correlation among their respective trading results. </FONT></P>

<P><FONT SIZE=2><B>Regulatory Changes Could Restrict the Trust's Operations  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust implements a speculative, highly leveraged strategy. From time to time there is governmental scrutiny of these types of strategies and political
pressure to regulate their activities. For example, in 1998 the Malaysian government blamed the collapse of its currency on speculative funds and called for international restrictions on their
operations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory
changes could adversely affect the Trust by restricting its markets, limiting its trading and/or increasing the taxes to which Unitholders are subject. As an example, the
legality of EFP transactions come under periodic CFTC review. EFPs are a mechanism for converting a foreign currency forward into a futures contract. If JWH could not trade EFPs for the Trust, the
effect on the Trust could be material and adverse. CISI is not aware of any pending or threatened regulatory developments which might adversely affect the Trust. However, adverse regulatory
initiatives could develop suddenly and without notice. </FONT></P>

<P><FONT SIZE=2><B>The Trust Could Lose Assets and Have Its Trading Disrupted Due to the Bankruptcy of CIS or Others  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust is subject to the risk of CIS, exchange or clearinghouse insolvency. Trust assets could be lost or impounded in such an insolvency during lengthy
bankruptcy proceedings. Were a substantial portion of the Trust's capital tied up in a bankruptcy, CISI might suspend or limit trading, perhaps causing the Trust to miss significant profit
opportunities. No CISI fund has ever lost any assets due to the bankruptcy or default of a broker, exchange or clearinghouse, but there can be no assurance that this will not happen in the future. </FONT></P>


<P><FONT SIZE=2><B>Possibility of Termination of the Trust before Expiration of Its Stated Term  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As Managing Owner, CISI may withdraw from the Trust upon 120&nbsp;days' notice, which would cause the Trust to terminate unless a substitute managing owner were
obtained. Other events, such as a long-term substantial loss suffered by the Trust, could also cause the Trust to terminate before the expiration of its stated term. This could cause you
to liquidate your investments and upset the overall maturity and timing of your investment portfolio. If the registrations with the CFTC or memberships in NFA of JWH, CISI or CIS were revoked or
suspended, such entity would no longer be able to provide services to the Trust. </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The following are not risks but rather important tax features of investing in the Trust which all prospective investors should carefully consider before deciding
whether to purchase Units.  </I></FONT></P>

<P><FONT SIZE=2><B>Investors Are Taxed Every Year on Their Share of the Trust's Profits&#151;Not Only When They Redeem as Would Be the Case if They Held Stocks or Bonds  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors are taxed each year on their investment in the Trust, irrespective of whether they redeem any Units. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
performance information included in this prospectus is presented on a pre-tax basis; the investors who experienced such performance had to pay the related taxes from
other sources. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over
time, the compounding effects of the annual taxation of the Trust's income are material to the economic consequences of investing in the Trust. For example, a 10% compound annual
rate of return over five years would result in an initial $10,000 investment compounding to $16,105. However, if one factors in a 30% tax rate each year, the result would be $14,025. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

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<BR>

<P><FONT SIZE=2><B>The Trust's Trading Gains Are Taxed at Higher Short-Term Capital Gains Rate  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors are taxed on their share of any trading profits of the Trust at both short- and long-term capital gain rates depending on the mix of U.S.
exchange-traded contracts and non-U.S. exchange-traded contracts traded. These tax rates are determined irrespective of how long an investor holds Units. Consequently, the tax rate on the
Trust's trading gains may be higher than those applicable to other investments held by an investor for a comparable period. </FONT></P>

<P><FONT SIZE=2><B>Tax Could Be Due From Investors on Their Share of the Trust's Interest Income Despite Overall Losses  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors may be required to pay tax on their allocable share of the Trust's interest income, even though the Trust incurs overall losses. Trading losses can only
be used by individuals to offset trading gains and $3,000 of interest income each year. Consequently, if an investor were allocated $5,000 of interest income and $10,000 of net trading losses, the
investor would owe tax on $2,000 of interest income even though the investor would have a $5,000 economic loss for the year. The $7,000 capital loss would carry forward, but subject to the same
limitation on its deductibility against interest income. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg3142_how_the_trust_works"> </A>
<A NAME="toc_dg3142_2"> </A>
<BR></FONT><FONT SIZE=2><B>HOW THE TRUST WORKS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Buying Units  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You buy Units as of the last business day of any month at Net Asset Value. Your subscription must be submitted by the fifth business day prior to the
month-end of investment. Late subscriptions will be applied to Unit sales as of the end of the second month after receipt, unless revoked. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CISI
has no present intention to terminate the offering, but may do so at any time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units
are offered at Net Asset Value. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
need to submit Subscription Agreements with each purchase of Units. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
minimum purchase for first-time investors is $5,000; $2,000 for IRAs and other tax-exempt accounts. Existing investors may make additional investments in
$1,000 minimums. </FONT></P>

<P><FONT SIZE=2><B>Use of Proceeds  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% of all subscription proceeds are invested directly into the Trust. Neither the Trust nor any subscriber pays any selling commissions. CISI pays all such
commissions as part of the ongoing syndication costs of the Trust. In return, CISI receives substantial revenues from the Trust over time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust uses subscription proceeds to margin its speculative futures trading, as well as to pay trading losses and expenses. At the same time that the Trust's assets are being used as
margin, they are also available for active or passive cash management. To date, the Trust's cash has been passively managed by placing it on deposit with CIS. Substantially all the cash management
return earned on the Trust's assets is paid to the Trust, although the CIS Group does retain certain economic benefits from
possession of the Trust's assets, as described in more detail under "Interest Income" beginning at page&nbsp;65. </FONT></P>

<P><FONT SIZE=2><B>Redeeming Units  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can redeem Units monthly. To redeem at month-end, contact your financial advisor or CISI. Redemption requests must be received by CISI no later
than the fifth business day prior to the month-end of redemption. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proceeds of Units redeemed through the eleventh month from the date of issuance are reduced by a charge of 3% of their redemption date Net Asset Value. This charge is paid to CIS. If
a </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

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<A NAME="page_dg3142_1_19"> </A>
<BR>

<P><FONT SIZE=2>Unitholder
acquires Units at more than one closing, the Units purchased first by such investor and, accordingly, least likely to be subject to redemption charges, are assumed to be those first
redeemed. </FONT></P>


<P><FONT SIZE=2><B>Uncertain Subscription and Redemption Value of Units  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust sells and redeems Units at subscription or redemption date Net Asset Value, not at the Net Asset Value as of the date that subscriptions or redemption
requests are submitted. Investors must submit irrevocable subscriptions and redemption requests no later than the fifth business day prior to the effective date of subscription or redemption. Because
of the volatility of Unit values, this delay means that investors cannot know the value at which they will purchase or redeem their Units. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materially
adverse changes in the Trust's financial position could occur between the time an investor irrevocably commits to acquire or redeem Units and the time the purchase or
redemption is made. </FONT></P>

<P><FONT SIZE=2><B>No Distributions Intended  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust does not anticipate making any distributions to investors. No distributions have been made to date. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_do3142_1_20"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do3142_performance_of_the_trust"> </A>
<A NAME="toc_do3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>PERFORMANCE OF THE TRUST    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are the monthly rates of return from the inception of the Trust through March&nbsp;31, 2003. The line appearing in the performance table between
1998 and 1997 separates the period for which performance is required by CFTC Rule&nbsp;4.25(a)(1)(i)(H) to be disclosed from the performance record of the Trust prior to that period. Through
September&nbsp;30, 2000, the Trust paid JWH a 4% Management Fee and a 15% Incentive Fee. As of October&nbsp;1, 2000, the Trust began paying JWH a 2% Management Fee and a 20% Incentive Fee. The
Trust currently pays CIS an annual Brokerage Fee of 6.5% of the Trust's month-end assets. As of July&nbsp;1, 2003, the Trust will pay CIS a reduced annual Brokerage Fee of 6.0% of the
Trust's month-end assets. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B><I>JWH GLOBAL TRUST<BR>
June&nbsp;2, 1997&#151;March&nbsp;31, 2003  </I></B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B><I>Aggregate Subscriptions:</I></B></FONT><FONT SIZE=2><B> $161.2&nbsp;million</B></FONT><FONT SIZE=2><B><I><BR>
Current Capitalization:</I></B></FONT><FONT SIZE=2><B> $89.3&nbsp;million</B></FONT><FONT SIZE=2><B><I><BR>
Worst Monthly Decline (Month/Year):</I></B></FONT><FONT SIZE=2><B> (13.27)% (11/01)</B></FONT><FONT SIZE=2><B><I><BR>
Worst Peak-to-Valley Decline (Month/Year):</I></B></FONT><FONT SIZE=2><B> (28.77)% (7/99&nbsp;-&nbsp;9/00)</B></FONT><FONT SIZE=2><B><I><BR>
Net Asset Value per Unit, March&nbsp;31, 2003:</I></B></FONT><FONT SIZE=2><B> $149.59 </B></FONT><FONT SIZE=2><B><I><BR>
Number of Unitholders, March&nbsp;31, 2003:</I></B></FONT><FONT SIZE=2><B> 3,330</B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>1999</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>1998</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>1997</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>January</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>7.07</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1.60</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>1.70</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(2.81</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(4.08</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(2.83</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>February</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3.57</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(5.58</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.09</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(3.24</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>2.78</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1.14</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>March</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>(3.32</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(5.97</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>8.25</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(3.47</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(0.78</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(3.03</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>April</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(0.30</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(6.96</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>2.43</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>3.89</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(4.59</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>May</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>8.81</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>3.15</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1.21</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(0.20</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>3.44</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>June</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>21.15</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(4.15</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(5.15</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>2.58</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1.63</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0.16</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>July</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>5.72</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(4.26</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(2.28</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(3.42</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(3.05</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>6.64</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>August</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>1.07</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>4.24</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.88</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(0.25</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>10.84</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>(2.26</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>September</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>4.41</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>1.33</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(4.54</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(3.67</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>8.02</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>(1.46</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>October</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(6.66</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>1.93</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>6.61</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(7.16</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>2.73</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>2.46</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>November</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(6.64</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(13.27</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>5.80</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>2.86</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(9.97</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0.83</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>December</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>11.98</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>7.50</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>18.58</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1.77</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>8.35</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3.22</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2><B>Compound Annual Rate<BR>
of Return</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><B>7.21<BR>
(3 months</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>%<BR>)</B></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>24.99</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B>%</B></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>(2.58</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B>)%</B></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>9.65</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B>%</B></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>(9.44</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B>)%</B></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>5.20</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B>%</B></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><B>9.70<BR>
(7 months</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>%<BR>)</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Until October&nbsp;5, 1998, when the G-7 Currency Program was added to the Trust's portfolio, the Trust used
only two JWH programs, the Original Investment Program and the Financial and Metals Portfolio. Effective January&nbsp;1, 2000, the Trust substituted the JWH GlobalAnalytics&reg; Family of
Programs for the Original Investment Program and changed the allocation of Trust assets among the three programs.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Monthly Rate of Return is the net performance of the Trust during a month (including interest income) divided by the total equity of the Trust as of the beginning
of the month. Performance information is calculated on an accrual basis in accordance with generally accepted accounting principles.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Worst Peak-to-Valley Decline is the largest decline in the Net Asset Value per Unit without such Net Asset Value per Unit being
subsequently equalled or exceeded.</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=23,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=521628,FOLIO='20',FILE='DISK014:[03CHI2.03CHI3142]DO3142A.;13',USER='DINGRAM',CD='15-MAY-2003;11:56' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dp3142_1_21"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dp3142_selected_and_supplementary_financial_information"> </A>
<A NAME="toc_dp3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>SELECTED AND SUPPLEMENTARY FINANCIAL INFORMATION    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Selected Financial Information for the period ended March&nbsp;31, 2003 is derived from the unaudited financial statements of the Trust for the
period from January&nbsp;1, 2003 to March&nbsp;31, 2003. The Selected Financial Information for the years ended December&nbsp;31, 2002, 2001, 2000, 1999 and 1998 is derived from the financial
statements for the years ended December&nbsp;31, 2002, 2001, 2000, 1999 and 1998, which have been audited by KPMG LLP. See "Financial Statements" at page 88. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1><B>Income Statement Data<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Jan.&nbsp;1, 2003<BR>
to<BR>
Mar.&nbsp;31, 2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Jan.&nbsp;1, 2002<BR>
to<BR>
Dec.&nbsp;31, 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Jan.&nbsp;1, 2001<BR>
to<BR>
Dec.&nbsp;31, 2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Jan.&nbsp;1, 2000<BR>
to<BR>
Dec.&nbsp;31, 2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Jan.&nbsp;1, 1999<BR>
to<BR>
Dec.&nbsp;31, 1999</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Jan.&nbsp;1, 1998<BR>
to<BR>
Dec.&nbsp;31, 1998</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Revenues:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Realized gain (loss) on closed positions</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>14,746,237</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>15,033,511</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>8,079,390</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>740</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,105,322</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>10,418,484</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Change in unrealized gain (loss) on open positions</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>(7,589,396</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,792,911</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>(5,446,646</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4,664,653</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>(4,219,845</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,078,002</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Interest income</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>202,480</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>811,042</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,657,888</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3,265,169</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4,299,669</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,669,771</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Foreign currency transaction gain (loss)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>20,872</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>103,274</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>139,504</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>(483,085</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>153,831</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(296,969</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Total Revenues</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>7,380,193</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>19,740,738</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4,430,136</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>7,447,477</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,338,977</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>16,869,288</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><BR>
Expenses:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Commissions paid to CIS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,240,769</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,450,709</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,215,618</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3,737,532</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>6,136,926</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>5,195,089</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Exchange, clearing, and NFA fees</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>6,213</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>17,475</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>32,547</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>38,489</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>83,215</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>59,724</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Management fees</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>384,299</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,068,838</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,001,094</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>2,088,954</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,833,530</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,239,007</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Incentive fees</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,221,849</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,741,521</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>990,171</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>853,599</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>1,383,562</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Amortization of prepaid initial organization and offering expenses<SUP>*</SUP></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>55,072</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>132,172</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>132,173</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>132,172</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>132,173</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Ongoing organization and offering expenses</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>93,707</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>263,456</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>248,048</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>288,770</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>474,221</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>400,616</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Operating expenses</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>15,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>86,473</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>64,643</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>35,740</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>47,406</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>58,596</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Total Expenses</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,961,837</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>7,683,544</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>5,684,293</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>6,321,658</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>11,561,069</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>10,468,767</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="18%"><FONT SIZE=2>Net profit (loss)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4,418,356</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>12,057,194</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>(1,254,157</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>1,125,819</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>(9,222,092</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>6,400,521</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=1><B>Balance Sheet Data<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Mar. 31, 2003<BR>
Net<BR>
Asset Value</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec. 31, 2002<BR>
Net<BR>
Asset Value</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec. 31, 2001<BR>
Net<BR>
Asset Value</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec. 31, 2000<BR>
Net<BR>
Asset Value</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec. 31, 1999<BR>
Net<BR>
Asset Value</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec. 31, 1998<BR>
Net<BR>
Asset Value</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><B>Aggregate Net Asset Value</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>89,278,261</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>64,130,526</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>49,535,093</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>50,129,734</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>85,169,866</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>95,472,546</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><B>Net Asset Value per Unit</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>149.59</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>139.53</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>111.63</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>114.59</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>104.51</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>115.40</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>The
$650,000 of organizational and initial offering costs reimbursed to the Managing Owner by the Trust as of the commencement of trading were amortized over a sixty-month period, which
ended on May&nbsp;31, 2002. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=24,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=130909,FOLIO='21',FILE='DISK014:[03CHI2.03CHI3142]DP3142A.;8',USER='MWEINST',CD='15-MAY-2003;12:53' -->
<A NAME="page_dp3142_1_22"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Supplementary Financial Information presents the results of operations and other data for three-month periods ended March&nbsp;31,
2003 and March&nbsp;31, June&nbsp;30, September&nbsp;30 and December&nbsp;31, 2002 and 2001. This information has not been audited. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="82%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Period ending<BR>
March 31, 2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="82%"><FONT SIZE=2>Total Revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>7,380,193</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="82%"><FONT SIZE=2>Total Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>2,961,837</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="82%"><FONT SIZE=2>Gross Profit (Loss)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4,418,356</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="82%"><FONT SIZE=2>Net Profit (Loss)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4,418,356</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="82%"><FONT SIZE=2>Net Profit per Unit</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>10.06</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="94%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="37%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Period ending<BR>
March 31, 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Period ending<BR>
June 30, 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Period ending<BR>
Sept. 30, 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Period ending<BR>
Dec. 31, 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Total Revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(5,149,058</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>15,420,129</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>9,347,058</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>122,609</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Total Expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,086,917</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>2,151,685</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,088,920</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,356,022</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Gross Profit (Loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(6,235,975</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>13,268,444</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>6,258,138</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(1,233,413</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Net Profit (Loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(6,235,975</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>13,268,444</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>6,258,138</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(1,233,413</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Net Profit per Unit</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(14.11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>30.64</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>14.82</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(3.45</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="93%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="37%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Period ending<BR>
March 31, 2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Period ending<BR>
June 30, 2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Period ending<BR>
Sept. 30, 2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Period ending<BR>
Dec. 31, 2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Total Revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>7,094,125</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(3,079,378</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,724,129</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(1,308,740</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Total Expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,194,062</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,173,172</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,163,736</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,153,323</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Gross Profit (Loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>4,900,063</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(4,252,550</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>560,393</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(2,462,063</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Net Profit (Loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>4,900,063</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(4,252,550</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>560,393</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(2,462,063</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Net Profit per Unit</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>11.68</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(10.11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1.30</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(5.83</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
were no extraordinary, unusual or infrequently occurring items recognized in each full calendar quarter within the two most recent fiscal years, and the Trust has not disposed of
any segments of its business. There have been no year-end adjustments that are material to the results of any fiscal quarter reported above. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
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<A NAME="page_dp3142_1_23"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dp3142_management_s_analysis_of_operations"> </A>
<A NAME="toc_dp3142_2"> </A>
<BR></FONT><FONT SIZE=2><B>MANAGEMENT'S ANALYSIS OF OPERATIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Results of Operations  </B></FONT></P>

<P><FONT SIZE=2><I>General  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH programs do not predict price movements. No fundamental economic supply or demand analysis is used in attempting to identify mispricings in the market, and no
macroeconomic assessments of the relative strengths of different national economies or economic sectors is made. Instead, the programs apply proprietary computer models to analyze past market data,
and from this data alone attempt to determine whether market prices are trending. Technical traders such as JWH base their strategies on the theory that market prices reflect the collective judgment
of numerous different traders and are, accordingly, the best and most efficient indication of market movements. However, there are frequent periods during which fundamental factors external to the
market dominate prices. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
JWH's models identify a trend, they signal positions which follow it. When these models identify the trend as having ended or reversed, these positions are either closed out or
reversed. Due to their trend-following character, the JWH 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
analyzing the performance of JWH's trend-following programs, economic conditions, political events, weather factors, etc., are not directly relevant because only market data has any
input into JWH's trading results. There is no direct connection between particular market conditions and price trends. There are so many influences on the markets that the same general type of
economic event may lead to a price trend in some cases but not in others. The analysis is further complicated by the fact that the programs are designed to recognize only certain types of trends and
to apply only certain criteria of when a trend has begun. Consequently, even though significant price trends may occur, if these trends are not comprised of the type of intra-period price movements
which the programs are designed to identify, the Trust may miss the trend altogether. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust's success depends on JWH's ability to recognize and capitalize on major price movements and other profit opportunities in different sectors of the world economy. Because of the
speculative
nature of its trading, operational or economic trends have little relevance to the Trust's results, and its past performance is not necessarily indicative of its future results. The Managing Owner
believes, however, that there are certain market conditions&#151;for example, markets with major price movements&#151;in which the Trust has a better opportunity of being profitable than
in others. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following performance summary outlines certain major price trends which the JWH programs have identified for the Trust during the last three fiscal years as well as the first fiscal
quarter of 2003. The fact that certain trends were captured does not imply that others, perhaps larger and potentially more profitable trends, were not missed or that JWH will be able to capture
similar trends in the future. Moreover, the fact that the programs were profitable in certain market sectors in the past does not mean that they will be so in the future. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
performance summary is 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
there can be no assurance that JWH will be profitable even in trending markets, markets in which substantial and sustained price movements occur offer the best profit potential for
the Trust. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
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<A NAME="page_dp3142_1_24"> </A>
<BR>

<P><FONT SIZE=2><I>Performance Summary  </I></FONT></P>

<P><FONT SIZE=2><I>2003  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust recorded a gain of $4,418,356 or $10.06 per Unit in the first quarter of 2003. As of March&nbsp;31, the Trust had gained 49.59% since its inception in
June&nbsp;1997. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust began the year auspiciously with strong gains in January and February but closed lower in March, still ending the quarter, however, in positive territory. In January, the
currency sector supplied most of the month's gain and non-Dollar trading had the largest effect on performance.
The energy portfolio of the Trust was positive despite a small allocation to this sector. The remainder of the market sectors traded had little impact on performance. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust continued its positive performance in February. The impending war with Iraq, slowing global economies, a weaker U.S. dollar and high energy prices became a recurring theme in
the quarter. The currency sector was unchanged in February. All geographic components of the interest rate sector posted positive results as money market and bond yields worldwide continued to move
lower. The energy sector was the second-best performing sector for the month. Gold prices dropped $40 after the German Bundesbank announced that it had sold a portion of its gold reserves.
This was the primary reason for negative performance from this sector. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust closed lower in March as the war in Iraq created volatile moves in the world's financial and commodity markets. Nearly all markets traded in the interest rate sector were
negative as a whipsaw action in the U.S. dollar and interest rates led to losses. The nearly 35% rise in crude oil since mid-December was erased in just over one week's time immediately
before the start of the war. This caused negative performance in the energy sector. The metal and agricultural sector had little impact on performance. The stock index sector was the only positive
performer for the month. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
early March, out of concern for heightened volatility in global markets, JWH reduced the Trust's exposure to all markets traded but continued to follow its disciplined trading
approach. Normal market exposure resumed in April. </FONT></P>

<P><FONT SIZE=2><I>2002  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust posted an overall profit for 2002. After a negative first quarter, the Trust enjoyed extremely positive performance in the second and third quarters
while being slightly lower in the final quarter, resulting in a net gain of $12,057,194 for the year. As of December&nbsp;31, 2002, the Net Asset Value per Unit was $139.53, an increase per Unit of
$27.90 over the previous year. The Trust produced a gain of 24.99% for the calendar year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
three months of the first quarter were unprofitable for the Trust. Although performance was positive in the currency sector early in the quarter, pronounced trend reversals in the
Japanese financial markets caused substantial losses for the Trust's positions in Japanese Yen and Japanese government bonds. The negative news surrounding Enron and fear of additional accounting
scandals created a "flight to quality" and caused losses in the Trust's long interest rate positions. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the second quarter, the Trust was up substantially. June proved to be the Trust's most profitable month since inception of trading. The strong performance for the quarter was driven
by the Trust's currency and interest rate positions. Short positions in the U.S. dollar, which steadily weakened against
most major currencies throughout the quarter, were profitable for the Trust as were short positions in stock indices, which saw a decline as a result of additional accounting scandals. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
third quarter was also profitable for the Trust, primarily due to strong performance in the interest rate sector. Actual and potential accounting scandals continued to erode consumer
confidence in the U.S. which contributed to a U.S. led global economic slowdown. The foregoing events accelerated a downward trend in global interest rates, which proved very profitable for the Trust. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
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<A NAME="page_dp3142_1_25"> </A>
<BR>

<P><FONT SIZE=2>Throughout
the quarter interest rates denominated in Euros, British pounds, Australian dollars and Japanese yen fell providing positive returns for the Trust. Additionally, the Trust's positions in
the U.S. 5, 10 and 30&nbsp;year bonds, Japanese government bonds and Euro denominated bonds prospered. The energy markets were also profitable for the quarter. The currency sector, which was the
standout performer of the second quarter, suffered throughout the third quarter chiefly due to losses sustained in U.S. dollar and British Pound trading. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
last quarter of 2002 began poorly as reversals in the currency and interest markets occurred early in the quarter. However, as year-end approached, the currency trends
that prevailed since June resumed and allowed for a strong close to the year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
they were for nearly all of 2002, the metal, agriculture, energy and stock index sectors had a very minimal impact on the Trust's performance. The Trust was negative in October and
November, but strongly positive in December. </FONT></P>

<P><FONT SIZE=2><I>2001  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust experienced a challenging year in 2001. The year-end Net Asset Value was $111.63 per Unit, representing a loss of 2.58% for the calendar
year. After a strong first quarter, the Trust suffered negative performance in the second and fourth quarters. Pronounced price reversals in the interest rate and currency sectors were the most
difficult markets for JWH. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the first quarter of 2001, the world's financial markets continued the price patterns that had allowed for positive performance in the last quarter of 2000. Short positions in the
Japanese yen versus the U.S. dollar and the Euro accrued profits throughout this period. The Trust's long global bond position was the cornerstone of the portfolio and benefited from the first of
several interest rate cuts made by the U.S. Federal Reserve. The Trust was positive all three months in the first quarter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
much anticipated cut in European interest rates never materialized in the second quarter. This caused trend reversals in both Euro and U.S. dollar denominated bond markets. The
Trust's positions in these markets were large and had been held for several months prior to being closed out. Various newsworthy events, including the re-election of British Prime Minister
Tony Blair, and inconsistent corporate earnings reports created excessive volatility in the interest rate and currency markets. As had been the case for several months, the Trust maintained extremely
small positions in the metal and commodity markets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
third quarter was laden with markets lacking direction. During this time, the Trust's portfolio was dominated by currency and interest rate positions. These sectors were unable to
sustain long term price moves. Despite several cuts by the U.S. Federal Reserve, bond prices at quarter-end were trading well below the highs made previously in March. Lack of a dominant
currency led to flat performance in the currency sector. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
last quarter of 2001 began positively due to strong performance in the interest rate sector. The Trust's long positions in global bond markets benefited from interest rate cuts as
well as a "flight to quality" as a result of the September&nbsp;11 tragedy. However, in November, after economic data indicated a strengthening of the economy, trends in the interest rate and
currency sectors reversed. The U.S. 30-year bond lost approximately 10% in value. The currency sector moved in concert with interest rates, which also caused portfolio losses. The Trust
was down approximately 5% for the quarter. </FONT></P>

<P><FONT SIZE=2><I>2000  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust had a profitable year in 2000 and produced a gain of 9.65% for the calendar year. This represented an increase in the Net Asset Value per Unit equal to
$10.08. After experiencing difficult trading environments during the first three quarters of the year, the Trust exploited trading opportunities in the financial markets during the fourth quarter and
closed the year strongly. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the first quarter of 2000, strategic events reversed trends, which led to unprofitable trading for the Trust. In February, the U.S. Federal Reserve announced that it was buying back
part of the debt. This led to a powerful rally in the world's interest rate markets and the Trust's short positions were closed out at a loss. In March, the decline of the Nasdaq commenced and with it
came a dramatic shift of capital from U.S. dollar into Yen. This movement of capital hurt the Trust's long dollar and Euro positions. Prices of agriculture, energy and metals markets were flat during
the first quarter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
second quarter was marked by conflicting economic signals, which often reversed long term price trends. The U.S. dollar, after having lost value in March, was strong in April and
then declined in value in May and June. Interest rates, followed a similar directionless path with the "hard landing or soft landing" question being the primary driver. Through the end of June, the
only market sector with defined direction was the energy sector, which has been the Trust's most consistent source of profits over the past few years. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
the third quarter began, the futures markets continued seeking direction. Metal and agricultural prices were listless. Stock index trading was volatile in the short term and sideways
over a longer period. Up trends emerged in the world's bond markets where open trade profits were accrued. In the currency sector, the U.S. dollar gained very steadily versus the Euro during July and
August. By September, the dollar was gaining value on all major currencies. However, on September&nbsp;22, the European Central Bank intervened to support the Euro. Consequently, price trends
reversed dramatically and the Trust's accrued profits in the currency and interest rate sectors turned into open trade losses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite
the intervention, the Trust remained long U.S. dollar and interest rates and reaped the benefits of those positions as the fourth quarter began. In October, the dollar hit its
all-time high versus the Euro and gained substantially versus the Swiss, British and Japanese currencies. By November, interest rate trading became the Trust's strongest sector as long
positions in global bond markets amassed large open trade gains. Strong performance in interest rate markets continued in December. A revival of European currencies provided the bulk of the month's
gain in the currency sector. These trends remained in place through year-end. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
October&nbsp;1, Management Fees paid by the Trust to JWH were reduced from 4% to 2% annually (paid monthly). Incentive fees were increased from 15% to 20% of quarter end new
high profits. </FONT></P>

<P><FONT SIZE=2><B>Liquidity and Capital Resources  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust sells no securities other than the Units. 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Net Asset Value of the Trust's cash and financial instruments is not materially affected by inflation. Changes in interest rates, which are often associated with inflation, could
cause the value of certain of the Trust's debt securities to decline, but only to a limited extent. More importantly, changes in interest rates could cause periods of strong up or down price trends,
during which the Trust's profit potential generally increases. Inflation or deflation in commodity prices could also generate price movements which the programs might successfully follow. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust's assets are held primarily in cash. 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 JWH to limit losses as well as reduce market exposure on short notice should its programs indicate reducing market
exposure. In addition, because there is a readily available market value for the Trust's positions and assets, the Trust's monthly Net Asset Value calculations are precise, and investors need only
wait ten business days to receive the full redemption proceeds of their Units. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dt3142_quantitative_and_qualitative_d__qua02954"> </A>
<A NAME="toc_dt3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT THE TRUST'S MARKET RISK    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Introduction  </B></FONT></P>

<P><FONT SIZE=2><I>Past Results Are Not Necessarily Indicative of Future Performance  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (</FONT><FONT SIZE=2><I>i.e.,</I></FONT><FONT SIZE=2> "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. </FONT></P>

<P><FONT SIZE=2><I>Standard of Materiality  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materiality as used in this section, "Qualitative and Quantitative 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. </FONT></P>


<P><FONT SIZE=2><I>Interim Periods  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and qualitative disclosures about the Trust's market risk are provided as of December&nbsp;31, 2002 and 2001. CISI believes that there have not
been any material changes to either the sources of the Trust's trading and non-trading market risk or their impacts on the Trust since the end of 2002. </FONT></P>

<P><FONT SIZE=2><B>Quantifying the Trust's Trading Value at Risk  </B></FONT></P>


<P><FONT SIZE=2><I>Quantitative Forward-Looking Statements  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>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&nbsp;27A of the Securities Act and
Section&nbsp;21E of the Securities Exchange Act of 1934).  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>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.  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fair value of the Trust's futures and forward positions does not have any optionality component. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2><B>The Trust's Trading Value at Risk in Different Market Sectors  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 year 2002 and 2001. All open position trading risk exposures of the Trust have been included in calculating the figures set forth in the tables below. During fiscal year 2002, the Trust's
average total capitalization was approximately </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
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<A NAME="page_dt3142_1_30"> </A>
<BR>

<P><FONT SIZE=2>$52.9&nbsp;million.
During fiscal year 2001, the Trust's average total capitalization was approximately $49.6&nbsp;million. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=12 ALIGN="CENTER"><FONT SIZE=1><B>Fiscal Year 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="47%" ALIGN="LEFT"><FONT SIZE=1><B>Market Sector<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Highest<BR>
Value<BR>
at Risk*</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Lowest<BR>
Value<BR>
at Risk*</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Average<BR>
Value<BR>
at Risk*</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>% of<BR>
Average<BR>
Capitalization**</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Interest Rates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>2.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Currencies</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>3.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Stock Indices</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Precious Metals</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Commodities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Energy</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>7.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=12 ALIGN="CENTER"><FONT SIZE=1><B><BR>
Fiscal Year 2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="47%" ALIGN="LEFT"><FONT SIZE=1><B>Market Sector<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Highest<BR>
Value<BR>
at Risk*</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Lowest<BR>
Value<BR>
at Risk*</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Average<BR>
Value<BR>
at Risk*</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>% of<BR>
Average<BR>
Capitalization**</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Interest Rates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>2.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Currencies</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>2.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Stock Indices</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Precious Metals</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Commodities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Energy</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>6.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>8.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Average,
highest and lowest Value at Risk amounts relate to the quarter-end amounts for each calendar quarter-end during the fiscal year. All amounts represent
millions of dollars.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>Average
Capitalization is the average of the Trust's capitalization at the end of each fiscal quarter for each fiscal year. </FONT></DD></DL>

<P><FONT SIZE=2><B>Material Limitations on Value at Risk as an Assessment of Market Risk  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 ranging 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&#151;unusual, but historically recurring from time to
time&#151;could
cause the Trust to incur severe losses over a short period of time. The foregoing Value at Risk tables&#151;as well as the past performance of the Trust&#151;give no indication of this
"risk of ruin." </FONT></P>


<P><FONT SIZE=2><B>Non-Trading Risk  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust holds substantially all of its assets in cash on deposit with CIS and CISFS. The Trust has cash flow risk on these cash deposits because if interest rates decline, so will the
interest paid out by CIS and CISFS at the 91-day Treasury bill rate. As of March&nbsp;31, 2003, December&nbsp;31, 2002 and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

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<P><FONT SIZE=2>December&nbsp;31,
2001, the Trust had approximately $82,925,000, $56,848,000 and $46,977,000, respectively, in cash on deposit with CIS and CISFS. </FONT></P>

<P><FONT SIZE=2><B>Qualitative Disclosures Regarding Primary Trading Risk Exposures  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following qualitative disclosures regarding the Trust's market risk exposures&#151;except for (i)&nbsp;those disclosures that
are statements of historical fact and (ii)&nbsp;the descriptions of how the Trust and JWH manage the Trust's primary market risk exposures&#151;constitute forward-looking statements within
the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;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.  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following were the primary trading risk exposures of the Trust as of December&nbsp;31, 2002 and December&nbsp;31, 2001, by market sector. </FONT></P>

<P><FONT SIZE=2><I>Interest Rates  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#151;</FONT><FONT SIZE=2><I>e.g.,</I></FONT><FONT SIZE=2> Australia. The changes in interest rates which have the most effect on the Trust are changes in
long-term, as opposed to short-term, rates. Most of the speculative positions held by the Trust are in medium- to long-term instruments. Consequently, even a
material change in short-term rates would have little effect on the Trust were the medium- to long-term rates to remain steady. </FONT></P>

<P><FONT SIZE=2><I>Currencies  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust's currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different
currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Trust trades in a large number of currencies,
including cross-rates&#151;</FONT><FONT SIZE=2><I>i.e.</I></FONT><FONT SIZE=2>, positions between two currencies other than the U.S. dollar. However, the Trust's major exposures have typically
been in the dollar/yen, dollar/Euro, dollar/Swiss franc and dollar/pound positions. The Managing Owner does not anticipate that the risk profile of the Trust's currency sector will change
significantly in the future. The currency trading Value at Risk figure includes foreign margin amounts converted into U.S. dollars with an incremental adjustment to reflect the exchange rate risk
inherent to the dollar-based Trust in expressing Value at Risk in a functional currency other than dollars. </FONT></P>


<P><FONT SIZE=2><I>Stock Indices  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust's primary equity exposure is to equity price risk in the G-7 countries and the U.S. As of December&nbsp;31, 2002, the Trust's primary
exposure was in the DAX (Germany) stock index, E Nasdaq, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

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<BR>

<P><FONT SIZE=2>Euro
DJ, OSE Nikkei (Japan) and SFE SPI 200 (Australia). As of December&nbsp;31, 2001, the Trust's primary exposures were in the SFE SPI 200 and the DAX stock indices. The Managing Owner anticipates
little, if any, trading in non-G-7 stock indices. The Trust is primarily exposed to the risk of adverse price trends or static markets in the major U.S., European and Japanese
indices. (Static markets would not cause major market changes but would make it difficult for the Trust to avoid being "whipsawed" into numerous small losses.) </FONT></P>

<P><FONT SIZE=2><I>Metals  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The JWH programs currently used for the Trust trade mainly precious, not base, metals, and the Trust's primary metals market exposure is to fluctuations in the
price of gold. JWH has from time to time taken substantial positions as it has perceived market opportunities in these metals to develop. </FONT></P>

<P><FONT SIZE=2><I>Commodities  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust's primary commodities exposure is to agricultural price movements which are often directly affected by severe or unexpected weather conditions. Grains,
wheat, beans and cotton accounted for the substantial bulk of the Trust's commodities exposure as of December&nbsp;31, 2002 and December&nbsp;31, 2001. In the past, the Trust has had material
market exposure to cotton, live cattle, coffee, sugar and the soybean complex and may do so again in the future. However, JWH and the Trust will maintain an emphasis on grains, coffee, sugar and
cocoa, in which the Trust has historically taken its largest commodity positions. </FONT></P>

<P><FONT SIZE=2><I>Energy  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust's primary energy market exposure is to gas and oil price movements, often resulting from political developments in the Middle East. Although JWH trades
natural gas to a limited extent, oil is by far the dominant energy market exposure of the Trust. Oil prices can be volatile and substantial profits and losses have been and are expected to continue to
be experienced in this market. </FONT></P>

<P><FONT SIZE=2><B>Qualitative Disclosures Regarding Non-Trading Risk Exposure  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following were the only non-trading risk exposures of the Trust as of December&nbsp;31, 2002 and December&nbsp;31, 2001. </FONT></P>

<P><FONT SIZE=2><I>Foreign Currency Balances  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust's primary foreign currency balances are in Japanese yen, Euros, British pounds and Australian dollars. The Trust controls the non-trading
risk of these balances by regularly converting these balances back into dollars (no less frequently than twice a month). </FONT></P>

<P><FONT SIZE=2><I>Cash Position  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust holds substantially all its assets in cash at CIS and CISFS, earning interest at the 91-day Treasury bill rate. </FONT></P>

<P><FONT SIZE=2><B>Qualitative Disclosures Regarding Means of Managing Risk Exposure  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Managing 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. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

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<P><FONT SIZE=2><B>Risk Management  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH attempts to control risk in all aspects of the investment process&#151;from confirmation of a trend to determining the optimal exposure in a given
market, and to money management issues such as the startup or upgrade of investor accounts. JWH double checks the accuracy of market data, and will not trade a market without multiple price sources
for analytical input. In constructing a portfolio, JWH seeks to control overall risk as well as the risk of any one position, and JWH trades only markets that have been identified as having positive
performance characteristics. Trading discipline requires plans for the exit of a market as well as for entry. JWH factors the point of exit into the decision to enter (stop loss). The size of JWH's
positions in a particular market is not a matter of how large a return can be generated but of how much risk it is willing to take relative to that expected return. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
attempt to reduce the risk of volatility while maintaining the potential for excellent performance, proprietary research is conducted on an ongoing basis to refine the JWH investment
strategies. Research may suggest substitution of alternative investment methodologies with respect to particular contracts; this may occur, for example, when the testing of a new methodology has
indicated that its use might have resulted in different historical performance. In addition, risk management research and analysis may suggest modifications regarding the relative weighting among
various contracts, the addition or deletion of particular contracts from a program, or a change in position size in relation to account equity. The weighting of capital committed to various markets in
the investment programs is
dynamic, and JWH may vary the weighting at its discretion as market conditions, liquidity, position limit considerations and other factors warrant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH
may determine that risks arise when markets are illiquid or erratic, such as may occur cyclically during holiday seasons, or on the basis of irregularly occurring market events. In
such cases, JWH at its sole discretion may override computer-generated signals and may at times use discretion in the application of its quantitative models, which may affect performance positively or
negatively. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments
in position size in relation to account equity have been and continue to be an integral part of JWH's investment strategy. At its discretion, JWH may adjust the size of a
position in relation to equity in certain markets or entire programs. Such adjustments may be made at certain times for some programs but not for others. Factors which may affect the decision 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. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dt3142_managed_futures_funds_in_general"> </A>
<A NAME="toc_dt3142_2"> </A>
<BR></FONT><FONT SIZE=2><B>MANAGED FUTURES FUNDS IN GENERAL    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The Trust is one type of managed futures fund. All of these investments products offer, in varying degrees, the possibility of achieving
substantial capital appreciation as well as diversifying a portion of a traditional portfolio. The purpose of this section is to provide prospective investors a general overview of where the Trust is
positioned in the spectrum of managed futures funds.  </I></FONT></P>

<P><FONT SIZE=2><B>Managed Futures Funds  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A managed futures fund is a professionally managed portfolio typically trading in a wide range of markets through futures, forwards and options contracts. These
markets may include global currencies, interest rates, energy, stock indices, metals and agricultural commodities. Managed futures funds may trade either or both the short or long side of the market,
often on a 24-hour basis, and are generally riskier and have more volatile performance than many other traditional investments. However, managed futures investments offer a unique return
pattern when compared to traditional long-only equity or fixed income investments. As a result, professional management can be an important advantage in this highly complex and specialized
investment area. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
all managed futures funds are the same. Like other investment products, managed futures funds are designed with a variety of risk/reward parameters. The variety of available managed
futures funds matches a wide range of individual investment objectives. </FONT></P>

<P><FONT SIZE=2><B>The Different Types of Managed Futures Funds  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk/reward parameters of a managed futures fund may be modified by adjusting the number of trading advisors, trading strategies and/or markets traded. The
increase of diversification in one or more of these categories is generally expected to produce lower but more consistent returns. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
managed futures funds are more aggressive than others. For example, single advisor, single strategy funds are typically expected to have higher profit potential as well as risk
because of their dependence upon just one advisor's performance and, in many cases, a limited number of markets traded. The returns in these types of managed futures funds often fluctuate
significantly from month to month. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
performance volatility of single advisor funds may be reduced by a multi-advisor approach. Multi-advisor funds typically have lower returns, but also lower risk and volatility than
single-advisor managed futures funds (although more risk and volatility than many other investments). The Trust is a single-advisor, multi-strategy, not a multi-advisor, single-strategy investment. </FONT></P>

<P><FONT SIZE=2><B>Managed Futures and the Asset Allocation Process  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary objective of an asset allocation process is to diversify a portfolio into a variety of investment components. Each component of investments may
respond differently to economic cycles and shifts in the financial markets. Thus, each component of investments contributes differently to a portfolio's overall performance. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
traditional investment portfolio is invested in stocks, bonds and cash equivalents. Adding "non-traditional" or "alternative" investments, such as managed futures, to a
traditional portfolio can be beneficial in the asset allocation process. Because of its potential non-correlation with the performance of stocks and bonds, the non-traditional
component can, if it outperforms either stocks or bonds, improve long-term returns and can also help to reduce volatility of a portfolio. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prospective
investors should carefully evaluate managed futures, weighing its return and diversification potential against the risks, before investing. Managed futures are speculative
investments and are not
appropriate for everyone. There can be no assurance that these investments will be profitable or will avoid losses. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

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<P><FONT SIZE=2><B>Growth in Futures Investments  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There has been a dramatic increase over the past twenty-one years in the volume of futures contracts traded in general as well as the amount of assets
invested in the managed futures industry. The first chart below, Futures Volume by Market Sector, depicts the increased volume of futures contracts traded by market sector from 1980 to 2002. The
second chart below, Growth in Managed Futures Industry, illustrates the substantial increase in the amount of assets invested in managed futures. In 1980, the amount of assets in the managed futures
industry were estimated at approximately $300&nbsp;million; by December&nbsp;31, 2002, this estimate had risen to approximately $50.7&nbsp;billion. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Futures Volume by Market Sector  </B></FONT></P>

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<IMG SRC="g286974.jpg" ALT="CHART" WIDTH="282" HEIGHT="178">
</B></FONT></TD>
<TD WIDTH="50%" ALIGN="RIGHT"><FONT SIZE=1><B>
<IMG SRC="g275462.jpg" ALT="CHART" WIDTH="276" HEIGHT="183">
</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=1><BR>
Total Volume: 92&nbsp;million contracts</FONT></TD>
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=1><BR>
Total Volume: 5.2&nbsp;billion contracts</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>Source: Futures Industry Association </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The futures volume figures and market sector distributions presented above include both speculative and hedging transactions, as well as options on futures. A
significant portion of currency trading is done in the forward rather than in the futures markets, and, accordingly, is not reflected in the foregoing chart.  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Growth in the Managed Futures Industry  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g264110.jpg" ALT="CHART" WIDTH="450" HEIGHT="229">
  </B></FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="120">

<P><FONT SIZE=2>Source:
Barclay Trading Group, Ltd. Fairfield, Iowa 52556 Phone (641)&nbsp;472-3456 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The assets categorized above as invested in managed futures are invested in a wide range of different products, including single-advisor and multi-advisor funds,
"funds of funds," "principal protection" pools (in which only a fraction of the assets invested are committed to trading) and to individual managed accounts.  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

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<A NAME="page_du3142_1_36"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><I> <A NAME="du3142_the_role_of_managed_futures_in_your_portfolio"> </A>
<A NAME="toc_du3142_1"> </A>
<BR>    </I></FONT><FONT SIZE=2><B>THE ROLE OF MANAGED FUTURES IN YOUR PORTFOLIO    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The Managing Owner's objective in sponsoring the Trust with JWH as its sole trading advisor is to offer an investment which has the
potential of achieving substantial capital appreciation over time to those investors whose risk tolerance levels can accept significant risk and expected volatility in performance. If substantial
losses can be avoided, the Managing Owner and JWH believe that the Trust has a reasonable opportunity to generate significant profits over time, despite exhibiting considerable intra-period
volatility, by capitalizing on
major price movements when they do occur. If successful, the Trust offers investors the following potential advantages.  </I></FONT></P>

<P><FONT SIZE=2><B>Access to JWH and the Trading Programs  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By investing in the Trust, subscribers have the opportunity to place assets with an experienced active managed futures advisor. JWH is one of the largest advisors
in the managed futures industry in terms of assets under management. JWH has been continuously managing client funds in the futures and forward markets for over twenty years and, as of
March&nbsp;31, 2003, managed approximately $1.5&nbsp;billion in client capital. JWH has achieved substantial profits under a variety of different market conditions and trading a variety of
different programs, including the Financial and Metals Portfolio, the G-7 Currency Portfolio and JWH GlobalAnalytics&reg; Family of Programs. </FONT></P>

<P><FONT SIZE=2><B>Investment Diversification  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The globalization of the world's economy offers potentially valuable trading opportunities, as major political and economic events continue to influence world
markets, at times dramatically. In recent years, the futures markets have expanded to include a wide array of innovative products to capture potential profit opportunities that arise from volatility
in interest rates, significant fluctuations in the value of commodities and currencies, the consolidation of European currencies, fragility in world banking and credit mechanisms and the growing
interdependence among national economies. Moreover, trading on the major exchanges in Chicago, Frankfurt, London, New York, Paris, Singapore, Sydney and Tokyo has expanded and gives managed futures
investors access to international markets and global diversification. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlike
a traditional diversified portfolio of stocks, bonds and real estate, the profit potential of the Trust does not depend upon favorable general economic conditions and the Trust is
as likely to be profitable (or unprofitable) during periods of declining stock, bond and real estate markets as at any other time. In addition to the expected non-correlation in its
performance with the performance of the general equity and debt markets, the Trust's flexibility to take either long or short positions, as opposed to traditional portfolios which are typically
heavily weighted towards the former, can be an important advantage in times of economic uncertainty. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
investor who is not prepared to spend substantial time trading in the futures and forward markets may nevertheless participate in the commodities and financial markets through
investing in the Trust, thereby obtaining diversification from traditional investments such as a diversified portfolio of stocks, bonds and real estate. By allocating a portion of the risk segment of
a traditional diversified portfolio to the Trust, an investor has the potential, if the Trust is successful, to enhance the prospects for superior performance of the overall portfolio as well as to
reduce the volatility of the portfolio over time and the dependence of such portfolio on any single country's economy. </FONT></P>

<P><FONT SIZE=2><B>Opportunity to Profit in Declining as Well as in Rising Markets  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The futures markets offer the ability to trade either side of the market. Unlike short selling in the securities markets, taking short positions in the futures
market (or buying a put option or selling a call option) in anticipation of a drop in price can be accomplished without additional restrictions or special margin requirements. Selling short is no more
difficult than establishing a long position. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
profit and loss potential of futures trading is not dependent upon economic prosperity or interest rate or currency stability. Positive and negative returns may be realized in both
rising and declining markets. It is potentially advantageous for investors to own assets which can appreciate during a period of generally declining prices, financial disruption or economic
instability. </FONT></P>

<P><FONT SIZE=2><B>Non-Correlation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managed futures investments have often performed differently from stocks and bonds. In addition, different types of alternative investments are frequently
non-correlated with each other. This creates the potential to assemble a combination of alternative investments able to profit in different economic cycles and international markets, while
reducing the portfolio concentration of traditional long equity and debt holdings. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following chart illustrates the generally low historical correlation between the Trust, stocks and bonds. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Low Historical Correlation to Other Investments  </B></FONT></P>

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<TH WIDTH="71%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Correlation&nbsp;to<BR>
the Trust<BR>
(June&nbsp;1997 through March 2003)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Correlation&nbsp;to<BR>
the S&amp;P<BR>
500&reg;<BR>
(June&nbsp;1997 through March&nbsp;2003)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>S&amp;P 500&reg; Stock Index</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>-.371</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>Lehman Brothers Long-term Government Bond Index</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>.365</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>-.259</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>Europe, Australasia, Far East Index (EAFE)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>-.329</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>.825</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>NASDAQ Composite</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>-.379</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>.801</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>Goldman Sachs Commodity Index</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>.128</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>-.026</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>Barclay's CTA Index</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>.830</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>-.316</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2><I>Past performance is not necessarily indicative of future results.  </I></FONT></P>

<P><FONT SIZE=2><I>The source for all indices except the Barclay's CTA Index in the table above is Standard&nbsp;&amp; Poor's Fund Services (2002)
1-800-596-5323. The source for the Barclay's CTA Index is Barclay Trading Group,&nbsp;Ltd.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is an actively managed portfolio of futures and forward contracts and related options that pays the fees and expenses described in this prospectus. The foregoing indices are
unmanaged indices commonly used as benchmarks. The performance of the indices does not reflect any fees or transaction costs as these expenses do not apply to market indices. Neither the performance
of the Trust nor the market indices have been adjusted to reflect any taxes applicable to an investor in the Trust or in the investment products that track market indices. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-correlation
is not negative correlation. Managed futures' performance is not expected to be opposite, but rather unrelated, to the performance of stocks and bonds. For
example, during certain periods, the Trust has demonstrated a strong degree of positive correlation to the S&amp;P 500&reg; Stock Index. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
allocating a portion of the risk segment of a traditional portfolio of stocks and bonds to the Trust, an investor has the potential, if the Trust is successful, to enhance the
prospects for superior performance of the overall portfolio as well as to reduce the volatility of the portfolio over time. The following graphs, prepared by the Managing Owner and JWH demonstrate the
potential effects of adding managed futures to a diversified stock portfolio and a traditional stock and bond portfolio. Adding futures has the potential to increase the portfolio's overall returns
while decreasing the standard deviation of returns (one measure of risk). In the first graph, once the managed futures portion exceeds approximately 50% of the investment portfolio&#151;an
amount not typically recommended </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>37</FONT></P>

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<A NAME="page_du3142_1_38"> </A>
<BR>

<P><FONT SIZE=2>for
an investor's portfolio&#151;standard deviation increases without substantial increase in returns. The second graph demonstrates a similar effect when the Trust is added to a traditional
portfolio of 60% stocks and 40% bonds. Neither graph reflects the risk of the Trust incurring sudden, major losses as both graphs are based on statistical averages over time. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JWH Global Trust and S&amp;P 500&reg; Stock Index  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g327862.jpg" ALT="CHART" WIDTH="364" HEIGHT="181">
  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1>Volatility (Standard Deviation) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JWH Global Trust with <SUP>60</SUP>/<SMALL>40</SMALL> Blend of<BR>
S&amp;P 500&reg; Stock Index and Lehman Brothers Government Bond Index  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g340766.jpg" ALT="CHART" WIDTH="363" HEIGHT="235">
  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1>Volatility (Standard Deviation) </FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="120">

<P><FONT SIZE=2><I>Past performance is not necessarily indicative of future results.  </I></FONT></P>

<P><FONT SIZE=2><B>Standard Deviation</B></FONT><FONT SIZE=2> measures the variability of a probability distribution and is widely used as a measure of risk. Figures are
annualized using the monthly rates of return of the Trust on a compounded basis since June&nbsp;1997. </FONT></P>

<P><FONT SIZE=2>The
NFA requires the following hypothetical disclaimer: HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY
ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN ABOVE. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
FREQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>38</FONT></P>

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<A NAME="page_du3142_1_39"> </A>
<BR>

<P><FONT SIZE=2>FINANCIAL
RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR
TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE
PROGRAMS WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The foregoing charts are provided for illustrative purposes only. Prospective investors should note that JWH has not managed any accounts consisting of the
portfolio mixes shown in the above charts and that the charts are presented only as an illustration of the potential advantage of adding a managed futures component to a portfolio of stocks and/or
bonds, not as a recommendation that any investor should allocate more than 10% of his or her portfolio to managed futures. For a portfolio consisting of managed futures, stocks and bonds, the managed
futures component itself must outperform stocks or bonds over the period being measured in order for returns to increase. There can be no assurance that that will, in fact,
occur.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following chart compares the Trust's performance since June&nbsp;1, 1997 with the S&amp;P 500&reg; Stock Index (assuming the reinvestment of all dividends), the NASDAQ
Composite, the Lehman Brothers Long-term Government Bond Index (LBGI) (including all interest paid), the Goldman Sachs Commodity Index, the Morgan Stanley Capital International EAFE Index
and the Barclay's CTA Index. The chart begins with 100 as the arbitrary starting point for all seven graphics and tracks the monthly rates of return for each. The periods during which the graph of the
Trust's performance diverges from that of an index indicates, when compared to the periods during which their respective performance graphs are similar, the extent of the non-correlation
between them. Past performance, including past non-correlation patterns, is not necessarily indicative of future results. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="du3142_comparison_of_jwh_global_trust__com03323"> </A>
<A NAME="toc_du3142_2"> </A>
<BR></FONT><FONT SIZE=2><B>Comparison of JWH Global Trust and Certain General Market Indices<BR>  June&nbsp;1, 1997 through March&nbsp;31, 2003    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g415042.jpg" ALT="CHART" WIDTH="363" HEIGHT="208">
  </B></FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="120">

<P><FONT SIZE=2><I>Past results are not necessarily indicative of future performance. The comparison of the Trust, an actively managed investment, to passive indices of general securities returns
has certain inherent material limitations.  </I></FONT></P>

<P><FONT SIZE=2><I>The source for all indices except the Barclay's CTA Index in the graph above is Standard&nbsp;&amp; Poor's Fund Services (2002)
1-800-596-5323. The Barclay's CTA Index is produced by Barclay Trading Group,&nbsp;Ltd.  </I></FONT></P>

<P><FONT SIZE=2><I>The S&amp;P 500&reg; Stock Index and NASDAQ Composite are capitalization-weighted indices of the common stocks of publicly-traded United States
issuers. The Lehman Brothers Long-term Government Bond Index is a total-return index comprised of Treasury Bonds with at least ten years to maturity. The Goldman Sachs  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
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<A NAME="page_du3142_1_40"> </A>
<BR>

<P><FONT SIZE=2><I> Commodities Index is a composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum
of commodities. The returns are calculated on a fully-collateralized basis with full reinvestment. The Morgan Stanley Capital International EAFE Index comprises stock indices for 21 countries
representing the developed markets in Europe, Australasia and the Far East.  </I></FONT></P>

<P><FONT SIZE=2><I>The Barclay's CTA Index represents the composite performance of a large number of commodity trading advisors. The accounts included in this Index
represent a wide variety of materially different products, including discretionary and systematic traders' styles. Combining the results of accounts with materially different performance objectives
and fee structures into a single index is subject to certain inherent and material limitations. There can be no assurance that the Barclay's CTA Index provides any meaningful indication of how managed
futures investments, in general, have performed in the past or will perform in the future. Nevertheless, the Barclay's CTAs Index is one of several widely-used benchmarks of general U.S.
managed futures industry performance.  </I></FONT></P>

<P><FONT SIZE=2><I>Graphic comparisons of securities indices and the Trust may not adequately reflect all differences between the securities and futures market or between
passive and managed investments.  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following chart compares the Trust's performance since June&nbsp;1, 1997 with the S&amp;P 500&reg; Stock Index (assuming the reinvestment of all
dividends) and a portfolio consisting 50% of the Trust and 50% of the S&amp;P 500&reg; Stock Index (assuming the reinvestment of all dividends). The chart begins with 100 as the arbitrary starting
point for each graph and tracks the monthly rates of return for each. Past performance, including past non-correlation patterns, is not necessarily indicative of future results. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="du3142_jwh_global_trust_versus_the_s___jwh05626"> </A>
<A NAME="toc_du3142_3"> </A>
<BR></FONT><FONT SIZE=2><B>JWH Global Trust versus the S&amp;P 500&reg; 500 Stock Index and an Equally<BR>  Weighted Portfolio of the Trust and the S&amp;P 500&reg; 500 Stock Index<BR>  June&nbsp;1, 1997 through March&nbsp;31, 2003    <BR>
</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g393658.jpg" ALT="CHART" WIDTH="576" HEIGHT="288">
  </B></FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="120">

<P><FONT SIZE=2><I>Past results are not necessarily indicative of future performance. The comparison of the Trust, an actively managed investment, to passive indices of general securities returns
has certain inherent material limitations.  </I></FONT></P>

<P><FONT SIZE=2><I>Graphic comparisons of securities indices and the Trust may not adequately reflect all differences between the securities and futures market or between
passive and managed investments.  </I></FONT></P>

<P><FONT SIZE=2><I>Neither the Managing Owner nor JWH recommend that any investor allocate 50% of his or her portfolio to the Trust.  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>40</FONT></P>

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<A NAME="page_du3142_1_41"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following chart represents the compound annualized rate of return of the Trust as of March&nbsp;31, 2003: (i)&nbsp;since inception; (ii)&nbsp;over
five-year, three-year and one-year periods ending March&nbsp;31, 2003; and (iii)&nbsp;since January&nbsp;1, 2000, when the Trust began allocating its assets
among JWH's Financial and Metals Portfolio, G-7 Currency Portfolio and JWH GlobalAnalytics&reg; Family of Programs. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="du3142_jwh_global_trust_performance_as_of_march_31,_2003"> </A>
<A NAME="toc_du3142_4"> </A>
<BR></FONT><FONT SIZE=2><B>JWH Global Trust Performance<BR>  as of March&nbsp;31, 2003*    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g406034.jpg" ALT="CHART" WIDTH="577" HEIGHT="261">
  </B></FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Past
performance is not necessarily indicative of future results. </FONT></DD></DL>


<P><FONT SIZE=2><B>Extreme Correlation Analysis  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extreme Correlation measures the correlation for the selected data based on groupings of the data. Since correlation quantifies the relationship of two assets as
a single number, it is often useful to divide the historical data into segments and examine the correlations for each of the segments. The objective of this analysis is to determine if the overall
correlation is uniform across the entire period. For example, return data for the S&amp;P 500&reg; Stock Index and the Trust can be divided into data thirds based on the S&amp;P 500&reg; Stock
Index returns: the highest return months, the middle return months and the lowest return months. The following analysis shows how the correlation changes depending on the return pattern of the S&amp;P
500&reg; Stock Index. The analysis presented is for the 70-month period June&nbsp;1997 through March&nbsp;31, 2003. Extreme Correlation analysis is statistically significant
using a dataset with a minimum of 90&nbsp;months divided into equal thirds. Although the Trust does not have 90&nbsp;months of performance history, the Managing Owner and JWH believe that the
following analysis is representative of the correlation that would exist among the indices shown below if the Trust had 90&nbsp;months of performance history. For this analysis the
70-month period was divided into thirds representing the best 23&nbsp;months, the middle 24&nbsp;months and the worst 23&nbsp;months. An analysis of other time periods may have
different results than those in this presentation. Source Standard&nbsp;&amp; Poor's Fund Services (2002) 1-800-596-5323. The Managing Owner and JWH cannot be
responsible for errors or omissions from this source. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>41</FONT></P>

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<BR></FONT><FONT SIZE=2><B>Extreme Correlation Analysis    <BR>    </B></FONT></P>

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<TD WIDTH="31%"><FONT SIZE=2><B>Correlation&nbsp;in&nbsp;S&amp;P&nbsp;500&reg;&nbsp;Stock<BR>
Index&#151;Best One-Third</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<IMG SRC="g436298.jpg" ALT="CHART" WIDTH="433" HEIGHT="265">
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&nbsp;</B></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" ALIGN="CENTER"><FONT SIZE=2><B><BR>
Correlation in S&amp;P&nbsp;500&reg; Stock Index&#151;Worst One-Third</B></FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><B> <A NAME="du3142_jwh_global_trust_and_selected___jwh04627"> </A>
<A NAME="toc_du3142_6"> </A>
<BR>    </B></FONT><FONT SIZE=2><B>JWH Global Trust and Selected Indices versus the<BR>  Best and Worst 46&nbsp;Months of the S&amp;P 500&reg; Stock Index<BR>  (June&nbsp;1997 through March&nbsp;2003)    <BR>    </B></FONT></P>

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<IMG SRC="g433122.jpg" ALT="CHART" WIDTH="577" HEIGHT="287">
  </B></FONT></P>

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<P><FONT SIZE=2><I>Past performance is not necessarily indicative of future results. Trading futures is speculative, involves substantial risk and is not suitable for all investors.  </I></FONT></P>

<P><FONT SIZE=2><B>Interest on Trust Assets  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust receives interest income on its assets. On the fifth business day of each month, CIS and CISFS credit the Trust's account with interest as if 100% of
the Trust's average daily balances on deposit with CIS or CISFS, as the case may be, in the previous month were continuously invested at </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>42</FONT></P>

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<P><FONT SIZE=2>the
average 91-day Treasury bill rate for that previous month for deposits denominated in dollars and at the applicable rate for deposits denominated in currencies other than dollars. The
interest earned on the Trust's assets can offset a portion, although at current rates not all, of its routine costs. The Trust's interest income represents a source of revenue entirely independent of
its speculative futures and forward trading, but is subject to the risk of trading losses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
CISI has not yet done so, CISI may place some of the Trust's assets with a Custodian and hire a third-party cash manager to manage that money. If Trust assets are deposited with
such Custodian, the Trust will receive the interest actually earned by the third-party cash manager on such assets. CIS has agreed to credit the account of the Trust at each month-end the
amount, if any, by which returns (net of fees of the cash manager) for such month on Trust assets held by a Custodian are less than the return that would have been realized by the Trust had such
assets been deposited with CIS. </FONT></P>

<P><FONT SIZE=2><B>Small Minimum Investment  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH is typically available to manage individual accounts only of substantial size&#151;$5,000,000 or more. Investors in the Trust are currently able to
gain access to three JWH programs for a minimum investment of only $5,000; $2,000 in the case of eligible employee benefit plans and individual retirement accounts. A small minimum investment
requirement makes the Trust accessible to a wide range of investors and also means that no investor must commit a significant amount of assets in order to participate in the Trust. </FONT></P>

<P><FONT SIZE=2><B>Limited Liability  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investor who opens an individual futures account is generally liable for all losses incurred in such account, and may lose substantially more than such
investor committed to the account, particularly in light of the large positions in relation to capital used in futures and forward trading. However, a Unitholder cannot lose more than his or her
investment in the Trust plus undistributed profits. In fact, in the event the Net Asset Value of a Unit decreases to less than 50% of the previous highest month-end Net Asset Value per
Unit as of the close of business on any day, the Managing Owner is required to cause the Trust to liquidate all open positions, suspend trading and
declare a Special Redemption Date in accordance with the provisions in the Declaration and Agreement of Trust. Without limited liability, it could be imprudent for an investor to participate in
strategies like those applied by JWH where positions may be large in relation to account equity. </FONT></P>

<P><FONT SIZE=2><B>Administrative Convenience  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust is structured so as to substantially eliminate the administrative burden which would otherwise be involved in Unitholders engaging directly in futures
and forward trading. Unitholders receive monthly unaudited and annual certified financial reports as well as all tax information relating to the Trust necessary for Unitholders to complete their
federal and state income tax returns. The approximate daily Net Asset Value per Unit is available by calling your financial advisor or CISI at (312)&nbsp;460-4000 or toll free at
(888)&nbsp;292-9399. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>43</FONT></P>

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<BR></FONT><FONT SIZE=2><B>THE MANAGING OWNER    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Managing Owner and Commodity Pool Operator of the Trust is CISI, a wholly-owned subsidiary of CIS, the Trust's Futures Broker. The Managing Owner was
incorporated in Delaware in 1983. It has been registered with the CFTC under the CEA as a Commodity Pool Operator since December&nbsp;13, 1985 and is a member of NFA in such capacity. CISI maintains
its principal office at 233 South Wacker Drive, Suite 2300, Chicago, Illinois 60606; telephone (312)&nbsp;460-4000. The records of the Trust are kept at CISI's principal office. The
officers and directors of CISI do not receive any compensation directly from CISI. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the Trust, CISI currently operates two public commodity pools jointly with IDS Futures Corporation. CISI operated two other private commodity pools which have been
liquidated. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
directors and officers of CISI are as follows: </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James&nbsp;A. Davison</I></FONT><FONT SIZE=2> (born in May&nbsp;1961) is President and a director. Mr.&nbsp;Davison is a graduate of the School of Oriental
and African Studies, University of London. He began his career with Cargill plc and joined Cargill Investor Services&nbsp;Ltd. in 1987. His management responsibilities included commodity and
financial markets as well as the development of all business activity with alternative asset management clients in European and Middle Eastern geographies. He resigned from Cargill plc in 1996 to
establish his own consultancy business. One of his assignments of this business included Managing Director for Hasenbichler Asset Management&nbsp;Ltd., one of Europe's largest alternative asset
management groups and, in 1998, he assumed responsibility for all international activity of a portfolio of trading advisors. He re-joined Cargill plc in December&nbsp;2000 as European
Managing Director of Cargill Investor Services&nbsp;Ltd. and was named Worldwide Business Unit Leader of CIS in July of 2001. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shaun&nbsp;D. O'Brien</I></FONT><FONT SIZE=2> (born in November&nbsp;1964) is Vice President, Chief Financial Officer and a director. Mr.&nbsp;O'Brien
became a Vice President and a director of CISI on July&nbsp;1, 1999. Mr.&nbsp;O'Brien graduated from Northeastern University in 1987 and received a Master's degree from the University of
Minnesota's Carlson School of Management in 1999. Mr.&nbsp;O'Brien began working for Cargill in 1988 and joined CIS in 1999. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barbara&nbsp;A. Pfendler</I></FONT><FONT SIZE=2> (born in May&nbsp;1953) is Vice President and a director. Ms.&nbsp;Pfendler is a graduate of the University
of Colorado, Boulder. She began her career with Cargill, Incorporated in 1975. She held various merchandising and management positions within the organization's Oilseed Processing Division before
transferring to CIS in 1986 where she is responsible for the Fund Services Group. She was appointed Vice President of CISI in May&nbsp;1990 and Vice President of CIS in June&nbsp;1996. She is a
past member of the International Advisory Committee for the Managed Funds Association and currently serves on the CPO/CTA Advisory Committee for the National Futures Association. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christopher Malo</I></FONT><FONT SIZE=2> (born in August&nbsp;1956) is Vice President. Mr.&nbsp;Malo graduated from Indiana University in 1978 with a B.S. in
Accounting and further completed the University of Minnesota Executive Program in 1993. He started work at Cargill, Incorporated in June&nbsp;1978. He joined CIS in 1979, and served as
Secretary/Treasurer and Controller from 1983 until 1991. He was elected Vice President, Administration and Operations in July&nbsp;1991. He was Managing Director in Europe from 1996 until
January&nbsp;1999, responsible for CIS activities and operations in Europe, the Middle East and Russia. He was an active member of the FIA-UK Chapter and LIFFE Membership and Rules
Committee. He currently serves on the Board of the FIA in Chicago. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrice&nbsp;H. Halbach</I></FONT><FONT SIZE=2> (born in August&nbsp;1953) is a Vice President. Ms.&nbsp;Halbach graduated Phi Beta Kappa from the
University of Minnesota with a B.A. degree in history. In 1980 she received a J.D. degree </FONT><FONT SIZE=2><I>cum laude</I></FONT><FONT SIZE=2> from the University of Minnesota. She is a member of
the Tax Executives Institute, the American Bar Association and the Minnesota Bar Association. Ms.&nbsp;Halbach joined the Law Department of Cargill, Incorporated in February&nbsp;1983. She had
previously been an attorney with </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>44</FONT></P>

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<P><FONT SIZE=2>Fredrikson&nbsp;&amp;
Byron, Minneapolis, Minnesota. In December&nbsp;1990, she was named Senior Tax Manager for Cargill, Incorporated's Tax Department and became Assistant Tax Director in
March&nbsp;1993. She was named Assistant Vice President of Cargill, Incorporated's Administrative Division in April&nbsp;1994. In January&nbsp;1999, she was named Vice President, Tax, of
Cargill, Incorporated. In her current position as Vice President, Tax, Ms.&nbsp;Halbach oversees Cargill, Incorporated's global tax function. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jennifer&nbsp;S. Johnston</I></FONT><FONT SIZE=2> (born in January&nbsp;1967) is Treasurer. Ms.&nbsp;Johnston became a Vice President of CIS in
October&nbsp;2002. Ms.&nbsp;Johnson graduated from the University of Illinois in 1989 with a B.S. in Finance. Ms.&nbsp;Johnston began working at CIS in 1990. She has worked in various
departments at CIS during her 12&nbsp;year career. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penelope&nbsp;J. Beckhardt</I></FONT><FONT SIZE=2> (born November&nbsp;1965) is Chief Compliance Officer and Secretary. Ms.&nbsp;Beckhardt graduated from
the University of Wisconsin, Madison with a B.B.A. in Marketing in 1987 and received an M.B.A. with a Finance concentration from Loyola University of Chicago in 1989. She began her career at the
Chicago Board of Trade in the Office of Investigations and Audits. In March&nbsp;1993, she moved to LFG, L.L.C. and served in both Compliance Specialist and Accounting Manager roles.
Ms.&nbsp;Beckhardt continued her career with UBS Warburg as Associate Director and N.A. Head of Exchange Traded Derivatives Compliance from June&nbsp;1997 through March&nbsp;2002. She began
working for CIS in March&nbsp;2002. She is currently a member of the FIA Law and Compliance Division. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following are additional officers of CISI: </FONT><FONT SIZE=2><I>James Clemens,</I></FONT><FONT SIZE=2> Assistant Secretary; </FONT><FONT SIZE=2><I>Lillian
Lundeen,</I></FONT><FONT SIZE=2> Assistant Secretary; </FONT><FONT SIZE=2><I>Anne&nbsp;R. Carlson</I></FONT><FONT SIZE=2>, Assistant Secretary; and </FONT><FONT SIZE=2><I>Jeanne Y.
Smith</I></FONT><FONT SIZE=2>, Assistant Secretary. </FONT></P>

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<A NAME="toc_dy3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>JOHN&nbsp;W. HENRY&nbsp;&amp; COMPANY,&nbsp;INC.    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>Background  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH, a Florida corporation, began managing assets in 1981 as a sole proprietorship and was later incorporated in 1982 to conduct business as a commodity trading
advisor ("CTA"; a person who directs the trading of futures accounts for clients, including commodity pools). JWH's offices are located at 301 Yamato Road, Suite 2200, Boca Raton, Florida 33431. JWH's
registration as a CTA became effective in November&nbsp;1980. JWH is a member of NFA in this capacity. "JWH" is the registered trademark of John W. Henry&nbsp;&amp; Company,&nbsp;Inc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a description of the principals of JWH, see "JWH Principals" beginning at page&nbsp;52. </FONT></P>


<P><FONT SIZE=2><B>Trading Strategy  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>The following description of JWH's trading strategy relates to JWH generally and not to the Trust itself.  </I></B></FONT></P>

<P><FONT SIZE=2><I>General  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH specializes in managing institutional and individual capital in the global futures, financial futures and foreign exchange markets. Since 1981, JWH has
developed and implemented proprietary trend-following trading techniques. As of the date of this prospectus, JWH operates eleven trading programs. </FONT></P>


<P><FONT SIZE=2><I>Investment Philosophy and Methodology  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The JWH investment philosophy has been based, since the inception of the firm, on the premise that market prices, rather than market fundamentals, are the key
aggregator of information necessary to make investment decisions and that market prices, which may at first seem random, are actually related through time in complex, but discernible ways. This
philosophy is based on analysis of historical data that revealed that market adjustments sometimes form price trends that can be exploited for profit. JWH believes there is an inherent return
opportunity in participating in price movement trends that its systematic and analytic models have identified. JWH trading programs may participate in either rising or falling trends; they do not have
a directional bias nor do they try to forecast or predict market turning points. Once a program has established a position in a market that has been identified as trending, no pre-set
price target for profits is established given the highly variable nature of market trends. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH
believes that changes in market prices initially reflect human reactions to new or emerging information or events that will cause trends, but that prices eventually reflect all
relevant information. The price adjustment process takes time, however, since reactions of market participants to changing market dynamics initially may be inefficient. For example, investors may not
react immediately to information because of differing evaluation processes, differing levels of risk tolerance or uncertainty. Gradual price adjustments manifest themselves in long-terms
trends, which themselves can influence the course of events and from which profit opportunities can arise. JWH believes that such market inefficiencies can be exploited through a combination of trend
detection and risk management. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is strong economic and statistical evidence to suggest that trends do exist in most markets although they may be difficult to identify. Since it was founded, JWH has employed
analytical methods to identify short- to long-term trends. Comprehensive research undertaken by the firm's founder, John W. Henry, led to the development of disciplined systematic
quantitative models. JWH's computer models examine market data for systematic price behavior or relationships which will characterize a trend. When price trends are identified, the JWH trading system
generates buy and sell signals for implementing trades. The strict application of these signals is one of the most important aspects of JWH's investment process. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>46</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH
attempts to control risk throughout the investment process. This includes the confirmation of a trend, determining the optimal exposure in a given market and money management issues
such as the startup or upgrade of accounts. JWH's research on these and other issues has resulted in investment program modifications from time to time that have decreased from previous levels the
overall volatility of its investment programs while maintaining the potential for generating attractive performance returns. </FONT></P>

<P><FONT SIZE=2><I>Style, Timing and Market Characteristics  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH investment programs have different style, timing and market characteristics. Investment style differences are primarily based on the number of directional
phases that investment programs use for markets&#151;long, short or neutral&#151;and how position sizes are determined. Timing&#151;whether trends are recognized over a short to
very long-term period&#151;is a distinguishing characteristic of JWH investment programs. JWH investment programs can also be distinguished by the markets they trade. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
some characteristics may overlap, each investment program has a distinctive combination of style, timing and markets. This does not mean that one program will have higher returns
than another will or that a certain set of characteristics are preferable for one type of market. At times, an investment program may, for certain markets, use a style different from its primary
style. </FONT></P>

<P><FONT SIZE=2><I>Detecting Price Trends  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The first step in the investment process is the identification of sustained price movements&#151;or trends&#151;in a given market. JWH's
well-researched investment process uses a consistent approach whose fundamental principles have not changed over the life of the firm. The JWH systems examine market data for relationships
among movements in prices, detecting frequencies or repetitive behavior hidden within thousands of pieces of raw price data. JWH's trading models seek to identify signals by separating
short-term market noise from relevant information and locating a directional opportunity that has favorable risk characteristics. Prices are an aggregate of market information. JWH
considers the price paid to be the sum of the signal plus "noise," where the signal is the trend information and the "noise" is market volatility. </FONT></P>

<P><FONT SIZE=2><I>How JWH Can Make Money  </I></FONT></P>

<P><FONT SIZE=2><B>
<IMG SRC="g419562.jpg" ALT="CHART" WIDTH="355" HEIGHT="234">
  </B></FONT></P>

<P><FONT SIZE=2><I>Trading  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH's experienced traders work on a 24-hour rotation schedule, executing trades worldwide in markets that are the most liquid for the specific trade
that is being made. Trades are executed by teams, with each member of the team fully responsible for the trade's fulfillment, and are recorded and reviewed for strict adherence to procedures. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>47</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
those trades are received, traders focus on the manner and speed with which the trade will be executed in an effort to minimize market disturbance at the best price. Whether
entering or exiting the markets, traders follow specific procedures designed to help minimize the impact of any immediate adverse price developments. </FONT></P>

<P><FONT SIZE=2><I>Preserving Capital  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Given the noisy nature of price data, all market signals may not lead to profitable trades. Consequently, JWH places significant emphasis on risk management
techniques to minimize the losses on any particular trade on the portfolio as a whole. Stop-losses are used and managed in a proprietary manner to balance the potential loss in any trade
versus the opportunity for maximum profit. Depending on the model used, risk may be managed through variable position size or risk levels for any market. Additionally, modern portfolio techniques,
which account for the volatility and correlation of markets as well as behavior during extreme market conditions, are used to construct the overall portfolio for a given program. Portfolio adjustments
will be made to account for systematic changes in the relationships across markets. Portfolios are managed to meet longer-term risk and volatility tolerances. Risk management on a market
basis accounts for volatility and the fact that markets may turn against the prevailing trend. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
JWH is looking for longer-term trends, the preservation of capital is paramount. If a predetermined amount of capital is lost, positions will be closed regardless of
fundamental market conditions. Unlike some managers, such as traditional equity or fixed income managers, JWH does not manage or seek to perform against a natural benchmark, such as an index of
performance. JWH seeks to generate returns in all market conditions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
markets with short-term volatility or where no trends exist&#151;conditions which can result in flat or negative performance&#151;JWH strives to preserve
capital. Some of the JWH programs may take a neutral position (exit a market) rather than risk trading capital. While there can be no guarantee against losses, the JWH trading discipline is designed
to preserve capital while waiting for opportunities where programs generate profits over longer periods of time. </FONT></P>

<P><FONT SIZE=2><I>Duration of Positions Held  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH's historical performance demonstrates that, because trends often last longer than most market participants expect, significant returns can be generated from
positions held over a long period of time. Therefore, market exposure to profitable positions is not changed based on the time horizon of a trade, positions held for two to four months are not
unusual, and positions have been held for more than a year. Losing positions are generally reversed or eliminated relatively quickly, with most closing within a few days or weeks. However, if the JWH
system detects a profitable underlying trend, a position trading at a loss may be retained in order to capture the potential benefits of participating in that trend. Throughout the investment process,
risk controls designed to reduce the possibility of an extraordinary loss in any one market are maintained. </FONT></P>

<P><FONT SIZE=2><I>Equity Drawdowns  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, only 30% to 40% of all trades made pursuant to JWH's programs have been profitable. Large profits on a few trades in positions that typically exist
for several months have produced favorable results overall. The greatest cumulative percentage decline in daily net asset value which JWH has experienced since inception in any single program on a
composite basis was nearly 60%. Prospective investors in the Trust should understand that similar or greater drawdowns are possible in the future. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reduce exposure to volatility in any particular market, most JWH programs participate in several markets at one time. In total, JWH participates in more than
[seventy] markets, encompassing </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>48</FONT></P>

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<P><FONT SIZE=2>interest
rates, currencies and commodities such as agricultural products, energy and precious and base metals. Most investment programs maintain a consistent portfolio composition to allow
opportunities in as many major market trends as possible. </FONT></P>

<P><FONT SIZE=2><I>Disciplined Investment Process  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH believes that an investment strategy can only be as successful as the discipline of the manager to adhere to its requirements in the face of market adversity.
Unlike discretionary traders, whose decisions may be subject to behavioral biases, JWH practices a disciplined investment process. This systematic process may dictate that JWH close positions with a
loss in order to provide downside protection, but it also may ensure the discipline to stay in markets that are calm for long periods of time in order to
achieve possible long-term gain for investors. In either case, JWH investment decisions reflect the JWH trading models' assessment of the market itself, not an emotional response to recent
economic or political data. </FONT></P>

<P><FONT SIZE=2><I>Oversight of Trading Policies  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The JWH Investment Policy Committee ("IPC") is a senior-level advisory group, broadly responsible for evaluating and overseeing trading policies. The IPC provides
a forum for shared responsibility, meeting periodically to discuss issues relating to implementation of JWH's investment process and its application to markets, including research on new markets and
strategies in relation to JWH trading models. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Typical
issues analyzed by the IPC include liquidity, position size, capacity, performance cycles and new product and market strategies. The IPC also makes the discretionary decisions
concerning investment program selection, asset allocation and leverage levels for the Strategic Allocation Program and Currency Strategic Allocation Program, each a multi-program asset allocation
methodology. Composition of the IPC, and participation in its discussions and decisions by non-members, may vary over time. The chairman participates in all IPC meetings and decisions. The
IPC does not make day-to-day trading decisions. </FONT></P>

<P><FONT SIZE=2><I>Discretionary Aspects  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH at its sole discretion may override computer-generated signals and may at times use discretion in the application of 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 of JWH's quantitative models also include the determination of position size in relation to account equity, when an account should commence
trading, the investment of assets associated with additions, redemptions and allocations, contracts and contract months traded, and effective trade execution. </FONT></P>

<P><FONT SIZE=2><I>Program Modifications  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proprietary research is conducted on an ongoing basis to refine the JWH investment strategies. While the basic philosophy underlying the firm's investment
methodology has remained intact throughout its history, the potential benefits of employing more than one investment methodology, or in varying combinations, is a subject of continual testing, review
and evaluation. Extensive research may suggest substitution of alternative investment methodologies with respect to particular contracts. This may occur, for example, when the testing of a different
methodology has indicated that its use might have resulted in different historical performance. In addition, risk management research and 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 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>49</FONT></P>

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<P><FONT SIZE=2>particular
contracts for an investment program or a change in position size in relation to account equity. However, most investment programs maintain a consistent portfolio composition to allow
opportunities in as many major market trends as possible. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
cash in a JWH investment program is available to be used for trading, although the amounts committed to margin will vary from time to time. As capital in each JWH trading program
increases, additional emphasis and weighting may be placed on certain markets which have historically demonstrated the greatest liquidity and profitability. Furthermore, the weighting of capital
committed to various markets in the trading programs is dynamic, and JWH may vary the weighting at its discretion as market conditions, liquidity, position limit considerations and other factors
warrant. CISI will generally not be informed of any such changes. </FONT></P>


<P><FONT SIZE=2><I>Adjusting the Size of Positions Taken  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to position size in relation to account equity have been and continue to be an integral part of JWH's investment strategy. At its discretion, JWH may
adjust the size of a position in relation to account equity in certain markets or entire investment programs. Such adjustments may be made at certain times for some investment programs but not for
others. Factors which may affect the decision to adjust the size of a position in relation to account equity include ongoing research, program volatility, current market volatility, risk exposure and
subjective judgment and evaluation of these and other general market conditions. Such decisions to change the size of a position in relation to account equity may positively or negatively affect
performance and will alter risk exposure for an account. Such adjustments may lead to greater profits or losses, more frequent and larger margin calls and greater brokerage expense. No assurance is or
can be given that such adjustments will result in profits for investors in the Trust. JWH reserves the right to alter, at its sole discretion and without notification to the Trust, its policy
regarding the size of positions taken in relation to account equity. </FONT></P>

<P><FONT SIZE=2><I>Addition, Redemption and Reallocation of Capital for Commodity Pool Accounts  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors purchase or redeem Units at Net Asset Value on the close of business on the last business day of the month. In order to provide market exposure
commensurate with the Trust's equity on the date of these transactions, JWH's general practice is to adjust positions as near as possible to the close of business on the last trading date of the
month. The intention is to provide for additions and redemptions at a Net Asset Value that will be the same for each of these transactions, and to eliminate possible variations in Net Asset Values
that could occur as a result of inter-day price changes if, for example, additions were calculated on the first day of the subsequent month. Therefore, JWH may, at its sole discretion,
adjust its investment of the assets associated with the addition or redemption as near as possible to the close of business on the last business day of the month to reflect the amount then available
for trading. Based on JWH's determination of liquidity or other market conditions, JWH may decide to commence trading earlier in the day on, or before, the last business day of the month, or at its
sole discretion, delay adjustments to trading for an account to a date or time after the close of business on the last day of the month. No assurance is given that JWH will be able to achieve the
objectives described above in connection with Trust equity level changes. The use of discretion by JWH in the application of this procedure may affect performance positively or negatively. </FONT></P>

<P><FONT SIZE=2><I>Physical and Cash Commodities  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH may trade in physical or cash commodities for immediate or deferred delivery, including specifically gold bullion, as well as futures, options and forward
contracts when JWH believes that cash markets offer comparable or superior market liquidity or the ability to execute transactions at a single price. The CFTC does not regulate cash transactions,
which are subject to the risk of counterparty failure, inability or refusal to perform with respect to such contracts. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>50</FONT></P>

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<P><FONT SIZE=2><B>The Trading Advisory Agreement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust has entered into a Trading Advisory Agreement with JWH. The agreement provides that JWH will be the sole trading advisor for the Trust and will have
sole responsibility for determining transactions in commodity interests with respect to Trust assets. The Trading Advisory Agreement also provides that the Managing Owner, with the agreement of JWH,
may reallocate assets among the trading programs, delete a trading program or add one or more other JWH programs. The term of the Trading Advisory Agreement will end on the last day of
June&nbsp;2004 and will be automatically renewed pursuant to a provision which provides for automatic renewal for an additional one-year period on the same terms unless the Managing
Owner gives notice of termination to JWH at least forty-five days prior to the expiry of the then current term. The Trading Advisory Agreement will terminate automatically if the Trust is
terminated. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH,
its principals and employees will not be liable to the Managing Owner or its principals and employees, the Trust, the Unitholders, or any of their successors or assigns except by
reason of acts or omissions due to bad faith, misconduct, negligence or not having acted in good faith in the reasonable belief that such actions or omissions were in, or not opposed to, the best
interests of the Trust. The Trust and the Managing Owner will, jointly and severally, indemnify JWH, its principals and employees to the fullest extent permitted by law against any liability incurred
or sustained by JWH in connection with any acts or omissions of JWH relating to its management of Trust assets or arising out of or in connection with the Trading Advisory Agreement or arising out of
JWH's management of Trust assets, provided that there has been no judicial determination that such liability was the result of negligence, misconduct, bad faith or a breach of the Trading Advisory
Agreement nor any judicial determination that the conduct which was the basis for such liability was not done in good faith in the reasonable belief that it was in, or not opposed to, the best
interests of the Trust. Any such indemnification involving a material amount, unless ordered or expressly permitted by a court, will be made by the Trust only upon the opinion of mutually acceptable
independent legal counsel that JWH has met the applicable standard of conduct described above. The Trading Advisory Agreement prohibits JWH from receiving any commission, compensation, remuneration or
payment whatsoever from any broker with whom the Trust carries any account by reason of the Trust's transactions. </FONT></P>

<P><FONT SIZE=2><B>Legal Concerns  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There neither now exists nor has there previously ever been any material administrative, civil or criminal action against JWH or its principals. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principals
of JWH serve on the board of directors and committees of various organizations, both in and outside of the managed futures industry. In such capacities, these individuals have
a fiduciary duty to the other organizations they serve, and they are required to act in the best interests of those organizations even if those actions were to be adverse to the interest of JWH and
its clients. </FONT></P>

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<BR></FONT><FONT SIZE=2><B>JWH PRINCIPALS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are the principals of JWH: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sole shareholder of JWH is the John W. Henry Trust dated July&nbsp;27, 1990. </FONT><FONT SIZE=2><I>Mr.&nbsp;John W. Henry</I></FONT><FONT SIZE=2> is chairman of the JWH Board
of Directors and is trustee and sole beneficiary of the John W. Henry Trust. Mr.&nbsp;Henry is also a member of the Investment Policy Committee. He currently oversees trading program design and
composition, reviews and approves research and system development proposals prior to implementation in trading, reviews and approves decisions involving the strategic direction of the firm and
discusses trading activities with trading supervisors. JWH's corporate officers, rather than Mr.&nbsp;Henry, manage JWH's day-to-day operations. Mr.&nbsp;Henry is the
exclusive owner of certain trading systems licensed to Elysian Licensing Corporation, a corporation wholly-owned by Mr.&nbsp;Henry and sublicensed by Elysian Licensing Corporation to JWH and
utilized by JWH in managing investor accounts. Mr.&nbsp;Henry conducts his business responsibilities for JWH from Boca Raton, Florida and Boston, Massachusetts. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Henry
has served on the Board of Directors of the Futures Industry Association ("FIA"), the National Association of Futures Trading Advisors ("NAFTA") and the Managed Futures
Trade Association, and has served on the Nominating Committee of NFA. He has served on 412 a panel created by the Chicago Mercantile Exchange and the Chicago Board of Trade to study cooperative
efforts related to electronic trading, common clearing and issues regarding a potential merger. Mr.&nbsp;Henry is a principal of Westport Capital Management Corporation, Global Capital Management
Limited, and JWH Investment Management,&nbsp;Inc., all affiliates of JWH. Since the beginning of 1987, Mr.&nbsp;Henry has devoted, and will continue to devote, considerable time to activities in
businesses other than JWH and its affiliates. From January, 1999 until February, 2002, Mr.&nbsp;Henry was chairman of the Florida Marlins Baseball Club LLC. Effective February, 2002,
Mr.&nbsp;Henry is Principal Owner of New England Sports Ventures, LLC, which owns the Boston Red Sox baseball team, New England Sports Network, and certain real estate, including Fenway Park. He
holds comparable positions with the individual business entities engaged in these activities. Mr.&nbsp;Henry is regularly involved in the businesses of New England Sports Ventures, LLC with
professional management of the Boston Red Sox (including its president and chief executive officer) and of the other associated entities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Mr.&nbsp;Mark H. Mitchell</I></FONT><FONT SIZE=2> is vice chairman, counsel to the firm and a member of the JWH Board of Directors. His duties include the
coordination and allocation of responsibilities among JWH and its affiliates. Prior to joining JWH in January&nbsp;1994, Mr.&nbsp;Mitchell was a partner at Chapman and Cutler, in Chicago, where he
headed the law firm's futures law practice from August&nbsp;1983 to December&nbsp;1993. He
also served as General Counsel of the Managed Funds Association ("MFA") and General Counsel of NAFTA. Mr.&nbsp;Mitchell is currently a director of MFA and a member of the NFA CPO/CTA Advisory
Committee. In addition, he has served as a member of the NFA Special Committee for the Review of Multi-tiered Regulatory Apprmisthang oach to NFA Rules, the MFA Government Relations Committee and the
Executive Committee of the Law and Compliance Division of the FIA. In 1985, he received the Richard P. Donchian Award for Outstanding Contributions to the Field of Commodity Money Management. He
received an A.B. with honors from Dartmouth College and a J.D. from the University of California at Los Angeles, where he was named to the Order of the Coif, the national legal honorary society. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Dr.&nbsp;Mark S. Rzepczynski</I></FONT><FONT SIZE=2> is president, chief investment officer and a member of the JWH Investment Policy Committee.
Dr.&nbsp;Rzepczynski is responsible for the day-to-day management of the firm. He is also a principal of Westport Capital Management Corporation, Global Capital Management
Limited and JWH Investment Management,&nbsp;Inc. Dr.&nbsp;Rzepczynski joined JWH in May&nbsp;1998. From May&nbsp;1995 to April&nbsp;1998, he was vice president and director of taxable credit
and quantitative research in the fixed-income division of Fidelity Management and Research, where he oversaw credit and quantitative research recommendations for all Fidelity taxable fixed-income
funds. From April&nbsp;1993 to </FONT></P>

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<P><FONT SIZE=2>April&nbsp;1995,
he was a portfolio manager and director of research for CSI Asset Management,&nbsp;Inc., a fixed-income money management subsidiary of Prudential Insurance. In addition, he is a
director of the Futures Industry Association. Dr.&nbsp;Rzepczynski has a B.A. </FONT><FONT SIZE=2><I>cum laude</I></FONT><FONT SIZE=2> in Economics from Loyola University of Chicago and
an&nbsp;A.M. and Ph.D. in Economics from Brown University. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Mr.&nbsp;Paul Braica</I></FONT><FONT SIZE=2> is a senior vice president and chief financial officer. He is also a principal of Westport Capital Management
Corporation, JWH Investment Management,&nbsp;Inc., Global Capital Management Limited and JWH Securities,&nbsp;Inc. Since joining JWH in April&nbsp;1996, Mr.&nbsp;Braica has held positions of
increasing responsibility in internal audit, risk management, and administration. Before joining JWH, he was employed with Ernest&nbsp;&amp; Young LLP as an auditor from December&nbsp;1994 to
March&nbsp;1996. Mr.&nbsp;Braica received a BA in Economics from Gettysburg College, a MBA from Rutgers University and a MS in Taxation from Seton Hall University and was certified as a CPA by the
State of New York in 1989. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Mr.&nbsp;Matthew J. Driscoll</I></FONT><FONT SIZE=2> is a senior vice president, trading, and chief trader and a member of the JWH Investment Policy Committee.
He is responsible for the supervision and administration of all aspects of order execution strategies and implementation of trading policies and procedures. Mr.&nbsp;Driscoll joined JWH in
March&nbsp;1991 as a member of its trading department. Since joining the firm, he has held positions of increasing responsibility as they relate to the development and implementation of JWH's
trading strategies and procedures. He has played a major role in the development of JWH's 24-hour trading operation. Mr.&nbsp;Driscoll attended Pace University. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Mr.&nbsp;Kevin S. Koshi</I></FONT><FONT SIZE=2> is a senior vice president, proprietary trading and a member of the JWH Investment Policy Committee. He is
responsible for the implementation and oversight of the firm's proprietary strategies and investments. Mr.&nbsp;Koshi joined JWH in August&nbsp;1988 as a professional in the finance department,
and since 1990, has held positions of increasing responsibility in the trading department. He received a B.S. in Finance from California State University at Long Beach. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Mr.&nbsp;David M. Kozak</I></FONT><FONT SIZE=2> is a senior vice president, general counsel and secretary to the corporation. He is also a principal of JWH
Investment Management,&nbsp;Inc. and Westport Capital Management Corporation. Prior to joining JWH in September&nbsp;1995, he had been a partner at the law firm of Chapman and Cutler since 1989.
In his practice there, he concentrated in commodity futures law, with an emphasis on commodity money management. Mr.&nbsp;Kozak is chairman of the MFA's Government Relations Committee. He formerly
served as the secretary and a director of the MFA, and was a member of that organization's Executive Committee. He is also a member of the NFA's Membership Committee, as well as the NFA's Special
Committee on CPO/CTA Disclosure Issues and the Special Committee for the Review of Multi-Tiered Regulatory Approach to NFA Rules. He is chairman of the subcommittee on CTA and CPO issues of the
Futures Regulation Committee of the Association of the Bar of the City of New York. He received a B.A. from Lake Forest College, an M.A. from the University of Chicago and a J.D. from Loyola
University of Chicago. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Mr.&nbsp;Kenneth S. Webster</I></FONT><FONT SIZE=2>, CPA is senior vice president, operations. He is also a principal of Westport Capital Management Corporation
and Global Capital Management Limited. He is responsible for firm wide operations including management of the investment support and information technology departments. Since joining JWH in
January&nbsp;1995, Mr.&nbsp;Webster has held positions of increasing responsibility and has played an instrumental role in the development and implementation of support systems for JWH and its
affiliates. Prior to his employment at JWH, Mr.&nbsp;Webster was the Controller of Chang Crowell Management, a registered CTA, from December&nbsp;1991 to December&nbsp;1994, where he was
responsible for directing the financial and operational activities of the firm. Mr.&nbsp;Webster received a BBA in Accounting from Pace University. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Mr.&nbsp;Julius A. Staniewicz</I></FONT><FONT SIZE=2> is a vice president, senior strategist and research manager and a member of the JWH Investment Policy
Committee. Since joining JWH in March of 1992. Mr.&nbsp;Staniewicz has held positions of increasing responsibility at the firm. These include long-term strategic planning in the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>53</FONT></P>

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<P><FONT SIZE=2>areas
of trading and investment strategies and business development. Mr.&nbsp;Staniewicz received a B.A. in Economics from Cornell University. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Mr.&nbsp;Edwin B. Twist</I></FONT><FONT SIZE=2> is a member of the JWH Board of Directors. He is also a director of JWH Investment Management,&nbsp;Inc.
Mr.&nbsp;Twist joined JWH as internal projects manager in September&nbsp;1991 and has been a director since August&nbsp;1993. His responsibilities include assisting with internal projects. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
additional principals of JWH have the following titles: </FONT><FONT SIZE=2><I>Mr.&nbsp;Andrew D. Willard</I></FONT><FONT SIZE=2>, vice president, information technology; </FONT> <FONT SIZE=2><I>Mr.&nbsp;Ted A. Parkhill</I></FONT><FONT SIZE=2>, vice
president, marketing; </FONT><FONT SIZE=2><I>Mr.&nbsp;William S. Dinon</I></FONT><FONT SIZE=2>, vice president,
sales and manager of retail distribution; and </FONT><FONT SIZE=2><I>Ms.&nbsp;Wendy B. Goodyear</I></FONT><FONT SIZE=2>, vice president, investor services. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>54</FONT></P>

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<BR></FONT><FONT SIZE=2><B>PERFORMANCE OF THE JWH PROGRAMS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>General  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The composite capsule performance of all accounts managed by JWH pursuant to the trading programs used for the Trust is presented below. All performance is
current as of March&nbsp;31, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monthly
rates of return from inception of client trading through March&nbsp;31, 2003 are also presented below for the programs used for the Trust. Descriptions of these programs are
set forth on pages 5 and 6. The line appearing in these performance tables between 1998 and 1997 separates the CFTC required performance period for the past five years and year to date from the
performance record of the investment programs prior to that period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust may use any of JWH's active programs in the future subject to JWH's agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>From the inception of trading of the JWH programs, the greatest cumulative percentage decline in daily net asset value experienced in any single program was
nearly 60% on a composite basis, and certain individual accounts included in such program experienced even greater declines. Certain JWH accounts have lost 10% or more in a single trading day.
Prospective investors should understand that similar or greater drawdowns are possible in the future. </B></FONT><FONT SIZE=2><B><I>There can be no assurance that JWH will trade profitably for the Trust or
avoid sudden and severe losses.</I></B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>55</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>THE JWH PROGRAMS USED BY THE TRUST<BR>
CAPSULE PERFORMANCE AND<BR>
ANNUAL AND MONTHLY RATES OF RETURN  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> FINANCIAL AND METALS PORTFOLIO<BR>
October&nbsp;1984 through March&nbsp;2003  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B><I>Inception of Client Account Trading by JWH: October&nbsp;1982<BR>
Inception of Client Account Trading in Program: October&nbsp;1984<BR>
Assets under Management in all Programs on March&nbsp;31, 2003: $1.5&nbsp;billion<BR>
Assets under Management in the Program on March&nbsp;31, 2003: $280&nbsp;million<BR>
Number of Open Accounts: 13<BR>
Worst Monthly Decline on an Individual Account Basis: (18.5)% (11/01)<BR>
Worst Peak-to-Valley Decline on an Individual Account Basis: (47.9)% (10/98-9/00)<BR>
2003 Compound Annual Rate of Return: 12.3% (3&nbsp;months)<BR>
2002 Compound Annual Rate of Return: 45.1%<BR>
2001 Compound Annual Rate of Return: 7.1%<BR>
2000 Compound Annual Rate of Return: 13.0%<BR>
1999 Compound Annual Rate of Return: (18.7)%<BR>
1998 Compound Annual Rate of Return: 7.2%<BR>
Average Compounded Annualized Rate of Return from January&nbsp;1998 through March&nbsp;31, 2003: 10.9%<BR>
Average Compounded Annualized Rate of Return from inception in October&nbsp;1984 through March&nbsp;31, 2003: 30.5%  </I></B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH COLSPAN=27 ALIGN="CENTER"><FONT SIZE=1><B>Annual and Monthly Rates of Return (%)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="LEFT"><FONT SIZE=1><B>Year<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>January</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>February</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>March</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>April</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>May</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>June</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>July</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>August</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>September</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>October</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>November</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>December</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Compound<BR>
Annual ROR</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>2003</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>11.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>4.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(3.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>12.3<BR>
(3 months</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>2002</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(6.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(5.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>11.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>28.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>11.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>3.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>7.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(8.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(6.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>10.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>45.1</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>2001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>3.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>2.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>12.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(8.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>1.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(4.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(4.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>8.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>5.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(17.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>7.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>7.1</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>2000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(3.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(6.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(2.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(9.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(6.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>9.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>13.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>23.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>13.0</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1999</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(4.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>0.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>1.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>5.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>6.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(3.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(7.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(8.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(3.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(2.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>(18.7</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1998</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(3.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(4.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(1.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(7.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>3.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(4.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(0.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>17.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>15.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(3.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(7.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>8.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>7.2</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1997</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(2.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(0.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(8.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>4.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>15.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(3.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>15.2</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1996</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>6.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(5.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>0.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>14.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>10.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>29.7</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1995</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(3.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>15.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>15.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>6.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>1.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(2.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>38.5</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1994</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(2.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(0.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>7.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>0.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>1.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>4.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(6.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(4.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(4.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(3.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>(5.3</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1993</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>3.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>13.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>9.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>3.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>0.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>9.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>46.8</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1992</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(18.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(13.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>3.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(12.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(5.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>21.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>25.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>10.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(5.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(4.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>(10.9</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1991</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(2.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>3.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>4.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(0.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(13.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>25.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(7.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>6.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>39.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>61.9</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1990</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>28.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>19.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>11.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(22.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>6.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>12.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>11.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>8.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(5.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(3.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>83.6</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1989</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>31.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(8.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>8.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>3.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>37.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(6.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>4.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(8.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(14.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(17.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>21.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(4.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>34.6</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1988</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(12.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>9.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(2.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(15.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>44.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>5.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>6.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(8.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>5.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(19.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>4.0</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1987</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>33.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>12.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>34.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>18.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(7.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(10.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>12.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(14.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(8.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>28.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>32.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>21.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>252.4**</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1986</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>21.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(6.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>3.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(17.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>17.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>25.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>9.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(3.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>61.5</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1985</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>6.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>17.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(9.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(7.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(7.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>41.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(10.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(27.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>6.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>26.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>20.7</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1984</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(3.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>11.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>9.9<BR>
(3 months</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>)</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>**</FONT></DT><DD><FONT SIZE=1>The
timing of additions and withdrawals materially inflated the 1987 rate of return. The three accounts that were open for the entire year of 1987 achieved rates of return of 138%,
163% and 259%. </FONT></DD></DL>
<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>56</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=59,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=768039,FOLIO='56',FILE='DISK014:[03CHI2.03CHI3142]EC3142A.;19',USER='DINGRAM',CD='15-MAY-2003;13:18' -->
<A NAME="page_ec3142_1_57"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>THE JWH PROGRAMS USED BY THE TRUST<BR>
CAPSULE PERFORMANCE AND<BR>
ANNUAL AND MONTHLY RATES OF RETURN  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>G-7 CURRENCY PORTFOLIO<BR>
February&nbsp;1991 through March&nbsp;2003  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B><I>Inception of Client Account Trading by JWH: October&nbsp;1982<BR>
Inception of Client Account Trading in Program: February&nbsp;1991<BR>
Assets under Management in all Programs on March&nbsp;31, 2003: $1.5&nbsp;billion<BR>
Assets under Management in the Program on March&nbsp;31, 2003: $27&nbsp;million<BR>
Number of Open Accounts: 2<BR>
Worst Monthly Decline on an Individual Account Basis: (12.2)% (3/02)<BR>
Worst Peak-to-Valley Decline on an Individual Account Basis: (29.3)% (6/01-3/02)<BR>
2003 Compound Annual Rate of Return: 6.2% (3&nbsp;months)<BR>
2002 Compound Annual Rate of Return: 13.3%<BR>
2001 Compound Annual Rate of Return: 0.2%<BR>
2000 Compound Annual Rate of Return: 8.1%<BR>
1999 Compound Annual Rate of Return: 20.7%<BR>
1998 Compound Annual Rate of Return: (4.8)%<BR>
Average Compounded Annualized Rate of Return from January&nbsp;1998 through March&nbsp;31, 2003: 8.0%<BR>
Average Compounded Annualized Rate of Return from inception in February&nbsp;1991 through March&nbsp;31, 2003: 12.4%  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=27 ALIGN="CENTER"><FONT SIZE=1><B>Annual and Monthly Rates of Return (%)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="LEFT"><FONT SIZE=1><B>Year<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>January</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>February</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>March</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>April</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>May</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>June</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>July</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>August</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>September</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>October</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>November</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>December</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Compound<BR>
Annual ROR</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>2003</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>2.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(1.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>6.2<BR>
(3 months</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>2002</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(3.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(11.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>4.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>12.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>22.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(7.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(2.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(2.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(5.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>14.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>13.3</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>2001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(3.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>9.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>9.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(3.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(6.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>3.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(4.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(4.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(8.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>13.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>0.2</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>2000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(1.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(2.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>8.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(6.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(3.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(4.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>22.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>8.1</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1999</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(2.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>3.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>5.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>5.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(5.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>9.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>20.7</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1998</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(4.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>4.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>6.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>0.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(2.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>7.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(9.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(1.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>(4.8</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1997</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>3.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>0.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>3.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(3.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>5.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>4.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(3.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(1.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>6.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>21.0</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1996</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(4.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(0.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>0.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>1.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(4.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>10.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>14.5</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1995</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(3.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>9.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>21.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(4.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(0.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>5.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(1.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>32.2</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1994</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(1.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>0.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>7.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(3.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(7.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(3.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>(4.9</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1993</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(4.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>7.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>4.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(5.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(1.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(5.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>(6.3</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1992</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(10.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(1.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(0.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>1.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>10.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>5.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>10.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(1.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>14.6</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1991</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(1.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>19.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>0.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>3.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>7.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(4.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>0.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>15.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>48.5<BR>
(11 months</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>)</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>57</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=60,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=250448,FOLIO='57',FILE='DISK014:[03CHI2.03CHI3142]EC3142A.;19',USER='DINGRAM',CD='15-MAY-2003;13:18' -->
<A NAME="page_ec3142_1_58"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>THE JWH PROGRAMS USED BY THE TRUST<BR>
CAPSULE PERFORMANCE AND<BR>
ANNUAL AND MONTHLY RATES OF RETURN  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JWH GLOBALANALYTICS&reg; FAMILY OF PROGRAMS<BR>
June&nbsp;1997 through March&nbsp;2003  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The performance of JWH GlobalAnalytics&reg; Family of Programs is presented in three components: (1)&nbsp;JWH GlobalAnalytics&reg; Family of
Programs Composite Performance Record; (2)&nbsp;JWH GlobalAnalytics&reg; Family of Programs Exclusive Fund Accounts Composite Performance Record; and (3)&nbsp;JWH
GlobalAnalytics&reg; 99. A portion of component (1)&nbsp;and all of component (2)&nbsp;relate to the same two accounts. These two accounts were subject to an agreement with one client
operating two funds. Between May&nbsp;8, 1998 and September&nbsp;18, 1998, the position size in relation to account equity was increased for these two accounts. As a result,
the performance of these two accounts has been presented separately for the periods June&nbsp;1997 through May&nbsp;7, 1998 and from May&nbsp;8, 1998 through December&nbsp;1999. Beginning in
January&nbsp;2000, the Trust allocated assets to the JWH GlobalAnalytics&reg; Family of Programs and, since then, the Trust's account has been combined in the Composite Performance Record
shown in component (1). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
March&nbsp;1999, an additional account began trading pursuant to the JWH GlobalAnalytics&reg; Family of Programs. This account was referred to as JWH
GlobalAnalytics&reg; 99. Due to the size of the account, it may have had different results than other accounts using this program. Therefore, performance for this account is presented
separately through September&nbsp;2000. As of October&nbsp;2000, the initial account increased in size to a level sufficient to trade the JWH GlobalAnalytics&reg; Family of Programs. A new
account was added to JWH GlobalAnalytics&reg; 99 on September&nbsp;27, 2001. As of January&nbsp;2003, this account increased its size to a level sufficient to trade in JWH
GlobalAnalytics&reg; Family of Programs. A new account was added to JWH GlobalAnalytics&reg; 99 on February&nbsp;3, 2003. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>58</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=61,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=50223,FOLIO='58',FILE='DISK014:[03CHI2.03CHI3142]EC3142A.;19',USER='DINGRAM',CD='15-MAY-2003;13:18' -->
<A NAME="page_ec3142_1_59"> </A>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B>THE JWH PROGRAMS USED BY THE TRUST<BR>
CAPSULE PERFORMANCE AND<BR>
ANNUAL AND MONTHLY RATES OF RETURN  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JWH GlobalAnalytics&reg; Family of Programs Composite Performance Record<BR>
(June&nbsp;1997 through March&nbsp;2003)<BR>
(continued)<BR>  </B></FONT><FONT SIZE=2><B><I>Inception of Client Account Trading by JWH: October&nbsp;1982<BR>
Inception of Client Account Trading in Program: June&nbsp;1997<BR>
Assets under Management in all Programs on March&nbsp;31, 2003: $1.5&nbsp;billion<BR>
Assets under Management in the Composite Performance Record Accounts on March&nbsp;31, 2003: $61.3&nbsp;million<BR>
Number of Open Accounts: 3<BR>
Worst Monthly Decline on an Individual Account Basis: (10.5)% (11/01)<BR>
Worst Peak-to-Valley Decline on an Individual Account Basis: (20.5)% (4/01-4/02)<BR>
2003 Compound Annual Rate of Return: 7.8% (3&nbsp;months)<BR>
2002 Compound Annual Rate of Return: 26.3%<BR>
2001 Compound Annual Rate of Return: (3.5)%<BR>
2000 Compound Annual Rate of Return: 22.7%<BR>
1999 Compound Annual Rate of Return: N/A<BR>
1998 Compound Annual Rate of Return: (3.6)% (5&nbsp;months)<BR>
Average Compounded Annualized Rate of Return from inception in June&nbsp;1997 through March&nbsp;31, 2003: N/A  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=27 ALIGN="CENTER"><FONT SIZE=1><B>Annual and Monthly Rates of Return (%)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="LEFT"><FONT SIZE=1><B>Year<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>January</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>February</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>March</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>April</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>May</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>June</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>July</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>August</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>September</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>October</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>November</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>December</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Compound<BR>
Annual ROR</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>2003</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>7.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>5.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(4.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>7.8<BR>
(3 months</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>2002</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(5.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>0.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>14.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>8.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>5.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>6.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(7.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(7.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>12.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>26.3</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>2001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>0.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>1.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>6.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(8.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(0.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>6.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(10.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>(3.5</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>2000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(0.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(4.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(0.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>6.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>6.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>5.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>5.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>9.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>22.7</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1999</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>N/A</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1998</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(1.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>4.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(4.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>(3.6<BR>
(5 months</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)<BR>)</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1997</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>3.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>8.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(4.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>5.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>17.6<BR>
(7 months</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>)</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>59</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=62,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=487847,FOLIO='59',FILE='DISK014:[03CHI2.03CHI3142]EC3142A.;19',USER='DINGRAM',CD='15-MAY-2003;13:18' -->
<A NAME="page_ec3142_1_60"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>THE JWH PROGRAMS USED BY THE TRUST<BR>
CAPSULE PERFORMANCE AND<BR>
ANNUAL AND MONTHLY RATES OF RETURN  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JWH GLOBALANALYTICS&reg; FAMILY OF PROGRAMS<BR>
June&nbsp;1997 through March&nbsp;2003<BR>
(continued)  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JWH GlobalAnalytics&reg; Family of Programs Exclusive Fund Accounts Composite Performance Record<BR>
(May&nbsp;8, 1998 to December&nbsp;31, 1999) <BR>  </B></FONT><FONT SIZE=2><B><I>Inception of Client Account Trading by JWH: October&nbsp;1982<BR>
Inception of Client Account Trading in Program: June&nbsp;1997<BR>
Assets under Management in all Programs on March&nbsp;31, 2003: $1.5&nbsp;billion<BR>
Assets under Management in the Exclusive Fund Accounts on December&nbsp;31, 1999: $95.0&nbsp;million<BR>
Number of Open Accounts on December&nbsp;31, 1999: 2<BR>
Worst Monthly Decline on an Individual Account Basis: (9.2)% (10/99)<BR>
Worst Peak-to-Valley Decline on an Individual Account Basis: (13.1)% (7/99-10/99)<BR>
1999 Compound Annual Rate of Return: (1.3)%<BR>
1998 Compound Annual Rate of Return: 25.5% (8&nbsp;months)<BR>
Average Compounded Annualized Rate of Return from May&nbsp;8, 1998 through December&nbsp;1999: 13.7%  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=27 ALIGN="CENTER"><FONT SIZE=1><B>Annual and Monthly Rates of Return (%)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="LEFT"><FONT SIZE=1><B>Year<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>January</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>February</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>March</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>April</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>May</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>June</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>July</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>August</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>September</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>October</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>November</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>December</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Compound<BR>
Annual ROR</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1999</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>4.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(3.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>3.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>3.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(1.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(9.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>(1.3</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1>1998</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>6.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>0.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>12.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>8.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(5.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><B>25.5<BR>
(8 months</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>)</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=1><A
NAME="ec3142_past_performance_is_not_necess__pas02656"> </A>
<A NAME="toc_ec3142_2"> </A>
<BR></FONT><FONT SIZE=2><B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>60</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=63,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=802268,FOLIO='60',FILE='DISK014:[03CHI2.03CHI3142]EC3142A.;19',USER='DINGRAM',CD='15-MAY-2003;13:18' -->
<A NAME="page_ec3142_1_61"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>THE JWH PROGRAMS USED BY THE TRUST<BR>
CAPSULE PERFORMANCE AND<BR>
ANNUAL AND MONTHLY RATES OF RETURN  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JWH GLOBALANALYTICS&reg; FAMILY OF PROGRAMS<BR>
June&nbsp;1997 through March&nbsp;2003<BR>
(continued)  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JWH GlobalAnalytics&reg; 99<BR>
(March&nbsp;1999 through March&nbsp;2003)<BR>  </B></FONT><FONT SIZE=2><B><I>Inception of Client Account Trading by JWH: October&nbsp;1982<BR>
Inception of Client Account Trading in Program: March&nbsp;1999<BR>
Assets under Management in all Programs on March&nbsp;31, 2003: $1.5&nbsp;billion<BR>
Assets under Management in the JWH Global Analytics&reg; 99 Account on March&nbsp;31, 2003: $11.5&nbsp;million<BR>
Number of Open Accounts: 1<BR>
Worst Monthly Decline on an Individual Account Basis: (9.6)% (11/01)<BR>
Worst Peak-to-Valley Decline on an Individual Account Basis: (16.3)% (7/99-4/00)<BR>
2003 Compound Annual Rate of Return: 0.1% (2&nbsp;months)<BR>
2002 Compound Annual Rate of Return: 24.9%<BR>
2001 Compound Annual Rate of Return: (2.8)% (9/27/01-12/31/01)<BR>
2000 Compound Annual Rate of Return: (2.9)% (9&nbsp;months)<BR>
1999 Compound Annual Rate of Return: (7.5)% (10&nbsp;months)<BR>
Average Compounded Annualized Rate of Return from March&nbsp;1999 through March&nbsp;31, 2003: N/A  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=27 ALIGN="CENTER"><FONT SIZE=1><B>Annual and Monthly Rates of Return (%)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1><B>Year<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>January</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>February</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>March</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>April</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>May</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>June</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>July</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>August</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>September</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>October</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>November</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>December</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Compound<BR>
Annual ROR</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=1>2003</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>4.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(4.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>0.1 (2 months</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=1>2002</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(0.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(5.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>0.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>13.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>7.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>5.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>6.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(7.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(7.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>12.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>24.9</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=1>2001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(9.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>(2.8<BR>
(9/27-12/31</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)<BR>)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=1>2000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(0.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(0.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(5.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(0.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>6.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(1.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(2.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>5.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(3.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>(2.9<BR>
(9 months</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)<BR>)</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=1>1999</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>(4.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>2.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>(3.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(1.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(9.4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1><B>(7.5<BR>
(10 months</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B>)<BR>)</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

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<P ALIGN="CENTER"><FONT SIZE=1><A
NAME="ec3142_past_performance_is_not_necess__pas02656_1"> </A>
<A NAME="toc_ec3142_3"> </A>
<BR></FONT><FONT SIZE=2><B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>61</FONT></P>

<HR NOSHADE>
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<A NAME="page_ec3142_1_62"> </A>

<P><FONT SIZE=2><B>Notes on Performance Records  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
investor should note that the composite capsule performance presentations include individual accounts which, even though traded according to the same investment program, have
materially different rates of return. The reasons for this are numerous material differences among accounts: (a)&nbsp;procedures governing timing for the commencement of trading and means of moving
toward full portfolio commitment of new accounts; (b)&nbsp;the period during which accounts are active; (c)&nbsp;client trading restrictions, including futures versus forward contracts and
contract months; (d)&nbsp;trading size to equity ratio resulting from JWH procedures for the commencement of trading and full portfolio commitment of new accounts and new capital; (e)&nbsp;the
size of the account, which can influence the size of positions taken and restrict the account from participating in all markets available to an investment program; (f)&nbsp;the amount of interest
income earned by an account, which will depend on the rates paid by futures commission merchants on equity deposits and/or on the portion of an account invested in interest-bearing obligations such as
U.S. Treasury bills; (g)&nbsp;the amount of management and incentive fees paid to JWH and the amount of brokerage commissions paid, which will vary and will depend on the commissions negotiated by
the client with the broker; (h)&nbsp;the timing of orders to open or close positions; (i)&nbsp;the market conditions, which in part determine the quality of trade executions; (j)&nbsp;variations
in fill prices; and (k)&nbsp;timing of additions and withdrawals. Notwithstanding these material differences among accounts, the composite remains a valid representation of the accounts included
therein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Composite
performance presentation is only allowed for accounts which are not materially different. For the purpose of determining whether material differences exist among accounts
traded pursuant to the same trading program, the gross trading performance of each JWH investment program and each individual JWH account within the relevant program is reviewed against the following
parameters established by interpretations of the Division of Trading and Markets of the CFTC to determine whether the differences are material: (i)&nbsp;if the arithmetic average of two percentages
is greater than ten percentage points, the difference between the two is less than 10% of their average; (ii)&nbsp;if the arithmetic average of the two percentages is greater than five percentage
points, but less than ten percentage
points, the difference between the two is 1.5&nbsp;percentage points or less; and (iii)&nbsp;if the arithmetic average of the two percentages is less than five percentage points, and the
difference between the two is one percentage point or less. If one of the parameters (i)-(iii)&nbsp;is satisfied in the review, then the results within the designated range are deemed "materially
the same" or "not materially different." The parameters (i)-(iii)&nbsp;determine if differences between accounts are material. The gross trading performance of each JWH investment program and each
individual JWH account within the relevant program not satisfying the above parameters (i)-(iii)&nbsp;is then reviewed to determine whether any material differences detected could produce misleading
composite performance results. With the exception of accounts that were established at levels below JWH's current minimum account size, JWH's policy is to provide separate performance capsules when an
account is consistently performing differently on a gross trading basis than the other JWH accounts traded pursuant to the same trading program and the continued inclusion of that account in the
composite would create a distortion in the composite rate of return. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
composite rates of return indicated should not be taken as representative of any rate of return actually achieved by any single account represented in the records. Investors are
further cautioned that the data set forth in the performance capsule records is not indicative of any results which may be attained by JWH in the future since past performance is not necessarily
indicative of future results. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the periods covered by the preceding capsule performance records, and particularly since 1989, JWH has increased and decreased position size in relation to account equity in
certain markets and entire programs, and also altered the composition of the markets and contracts for certain programs. In general since 1992, JWH began implementing certain position size adjustments
that were </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>62</FONT></P>

<HR NOSHADE>
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<A NAME="page_ec3142_1_63"> </A>
<BR>

<P><FONT SIZE=2>of
a more permanent nature. While historical returns represent actual performance achieved, you should be aware that the position size relative to account equity utilized currently or in the future
may be significantly different from that used during previous time periods. You should be aware of the following position size adjustments relative to account equity: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
and Metals Portfolio&#151;reduced 50% commencing in August&nbsp;1992 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-7
Currency Portfolio&#151;increased 50% commencing in May&nbsp;1998 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
JWH Programs&#151;reduced 50% on an interim basis commencing on March&nbsp;5, 2003 and then increased to traditional position sizes by April&nbsp;10, 2003. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to December&nbsp;1991, capsule performance records are presented on a cash basis except as otherwise stated in the notes to the records. The recording of items on a cash basis
should not, for most months,
be materially different from presenting such rates of return on an accrual basis. Any differences in the monthly rates of return between the two methods are immaterial to the overall performance
presented. With the change to the accrual basis of accounting for incentive fees in December&nbsp;1991, the net effect on monthly net performance and the rate of return in the capsule performance
records of continuing to record interest income, management fees, commissions and other expenses on a cash basis is materially equivalent to the full accrual basis. JWH began reflecting all items of
net performance on an accrual basis for the G-7 Currency Portfolio in July&nbsp;1992, and at the inception of client trading for the JWH GlobalAnalytics&reg; Family of Programs.
In August&nbsp;1998, JWH made an adjustment to the accounting method employed for every investment program not already utilizing the full accrual basis of accounting. This adjustment moved all JWH
investment programs to the full accrual basis beginning on September&nbsp;1, 1998. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
calculation of management and incentive fees is subject to variation due to the agreed upon definitions contained in each account's advisory agreement. Management fees range
historically from 0% to 6% of assets under management and incentive fees range from 0% to 25% of trading profits. From time to time, such variations in advisory fees may have a material impact on the
performance of an account. </FONT></P>

<P><FONT SIZE=2><B>Notes to JWH Programs' Capsule Performance Records  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of open accounts is the number of accounts directed by JWH pursuant to the investment program shown as of March&nbsp;31, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets
under management in a program is the aggregate amount of total equity, excluding "notional" equity under management, in the investment program shown as of March&nbsp;31, 2003. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst
monthly decline on an individual account basis within the past five years is the largest monthly loss experienced by any single account in the relevant investment program in any
calendar month covered by the capsule. "Loss" for these purposes is calculated on the basis of the loss experienced by the individual account, expressed as a percentage of total equity (including
"notional" equity) in the account. Worst monthly decline information includes the month and year of such decline. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst
peak-to-valley decline on an individual account basis is the largest percentage decline by any single account in the relevant investment program (after
eliminating the effect of additions and withdrawals) during the period covered by the capsule from any month-end net asset value, without such month-end net asset value being
equalled or exceeded as of a subsequent month-end by the individual account, expressed as a percentage of the total equity (including "notional" equity) in the account. The worst
peak-to-valley decline since inception is the worst peak-to-valley decline by the program as a composite. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compound
Annual Rate of Return is calculated by compounding the monthly rates of return over the number of periods in a given year. For example, each monthly rate of return in hundredths
is </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>63</FONT></P>

<HR NOSHADE>
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<A NAME="page_ec3142_1_64"> </A>

<P><FONT SIZE=2>added
to one (1)&nbsp;and the result is multiplied by the previous month's compounded monthly rate of return similarly expressed. One (1)&nbsp;is then subtracted from the product. For periods less
than one year, the results are year to date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average
Compounded Annualized Rate of Return is calculated in a similar manner to Compound Annual Rate of Return, except that before subtracting one (1)&nbsp;from the product, the
product is exponentially changed by the factor of one (1)&nbsp;divided by the number of years in the program's performance record, then one (1)&nbsp;is subtracted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monthly
Rates of Return are daily compounded monthly rates of return in the investment program. The daily compounded monthly rate of return is calculated by compounding the daily rates
of return over the number of days in the month. For example, each of the daily rates of return in hundredths is added to one (1)&nbsp;and the result is multiplied by the previous day's daily rate of
return similarly expressed. One (1)&nbsp;is then subtracted from the product. The daily rates of return are calculated by dividing the day's net performance by the sum of the beginning equity, plus
additions minus withdrawals for the day. Prior to September&nbsp;1998, Monthly Rates of Return were calculated by dividing net performance by the sum of the beginning equity, plus additions minus
withdrawals in the investment program for the month. For such purposes all additions and withdrawals were treated as if they had been made on the first day of the month, even if, in fact, they
occurred later. From December&nbsp;1991 through August&nbsp;1998, if additions and withdrawals were material to a program's performance, they were time weighted. If time weighting was materially
misleading, then the only accounts traded method was utilized. As of September&nbsp;1998, time weighting is no longer relevant as the monthly rates of return are daily compounded monthly rates of
return. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proprietary
capital is included in the rates of return for the Financial and Metals Portfolio for certain periods. The absence of management and incentive fees as well as reduced
commissions during these periods may have had a material effect on the rates of return. This potential material effect occurred from inception of the program through July&nbsp;1987 for the Financial
and Metals Portfolio. In addition, during the period May&nbsp;1991 through August&nbsp;1995, the Financial and Metals Portfolio included two other proprietary accounts, which had no material
impact on the rates of return presented. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
periods other than those described above, proprietary capital is included in the rates of return for the G-7 Currency Portfolio pursuant to an investment in a fund. These
proprietary accounts were traded in exactly the same manner as client funds, and were subject to all of the same fees and expenses charged to a client investment in the fund. Therefore, there is no
material impact on the rates of return presented. </FONT></P>

<P><FONT SIZE=2><B>Additional Note for the Financial and Metals Portfolio  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;1992, position sizes were reduced by 50% for 35% of the assets in the Financial and Metals Portfolio at the request of a client. This reduction in
position size materially affected the rates of return in some JWH accounts; the 1992 annual rate of return for the relevant accounts was negative 24.3%. The 1992 annual rate of return for the
Financial and Metals Portfolio was negative 10.9%. If these accounts had been excluded from the performance record, the 1992 annual rate of return would have been negative 3.9%. The effect of this
reduction in position size was eliminated in September&nbsp;1992 when all accounts in this program underwent a reduction in position size. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>64</FONT></P>

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NAME="page_ee3142_1_65"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ee3142_interest_income"> </A>
<A NAME="toc_ee3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>INTEREST INCOME    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust's assets are generally deposited with CIS and CISFS. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the fifth business day of each month, CIS and CISFS credit the Trust with interest on 100% of the Trust's average daily balances on deposit with CIS or CISFS, as the case may be, in
the previous month at the average 91-day Treasury bill rate for such previous month in respect of deposits denominated in dollars. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
Trust assets held in a foreign currency (for purposes of making margin deposits with respect to positions on an exchange outside the United States on which JWH currently trades), CIS
and CISFS credit the Trust with interest on the fifth business day of each month on the average daily balance of Trust assets held in such currency during the previous month at a rate equal to 0.75%
below the average rate paid with respect to deposits in such currency by the relevant clearing association for such previous month (which is zero in certain cases). With respect to currencies required
for margin on markets not currently traded by JWH, CIS and CISFS will credit the Trust with interest at the rates paid by, respectively, CIS and CISFS to other accounts similar in size and character
to that of the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
economic benefit from possession of the Trust's assets in excess of the interest credited by CIS and CISFS to the Trust is retained by CIS and CISFS, respectively. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that the Trust participates in the spot and forward currency markets, the Trust is required to deposit margin with CISFS. CIS satisfies such margin requirements by
transferring Trust assets from the Trust's account at CIS to CISFS. Amounts transferred to CISFS as margin on spot and forward currency and precious metals positions are not held by CISFS as customer
segregated funds under the CEA and the rules of the CFTC but are included in determining the interest to be credited to the Trust as described above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust's assets are used either as margin to secure the Trust's obligations under the open positions which it holds in the markets or as a reserve to support further trading in the
event of market losses. The assets deposited as margin with and held by the Futures Broker are held in "customer segregated
funds accounts" or "foreign futures and foreign options secured amount accounts" (in the case of futures and options traded on non-U.S. exchanges), as prescribed by the CEA and applicable
CFTC regulations. Assets deposited as margin with and held by the Foreign Currency Broker are held in unregulated accounts. In general, approximately 70% to 90% of the Trust's assets are held in
customer segregated funds accounts or with a Custodian, approximately 5% to 15% in foreign futures and options secured amount accounts and approximately 3% to 20% in unregulated accounts. Assets held
in "customer segregated funds accounts" may be held in cash or invested in United States Treasury bills or notes. Assets held at a Custodian may be held in cash or invested on an unleveraged basis in
Treasury bills, notes and bonds as well as other securities issued or guaranteed as to principal and/or interest by certain U.S. government agencies or instrumentalities. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
currently not contemplated, CISI may deposit a portion of Trust assets with a Custodian and engage a third-party cash manager to manage such assets. Such assets will be invested
on an unleveraged basis in Treasury bills, notes and bonds as well as other securities issued or guaranteed as to principal and/or interest by certain U.S. government agencies or instrumentalities.
The fees of such third-party cash manager will be paid by the Trust. CIS has agreed to credit to the account of the Trust at each month-end the amount, if any, by which returns (net of
fees of the cash manager) for such month on Trust assets held by a Custodian are less than the return that would have been realized by the Trust had such assets been deposited with CIS. </FONT> <FONT SIZE=2><I>There can be no assurance that, if the
services of one or more cash managers are used, the Trust will avoid loss of principal with respect to Trust assets placed with such
managers.</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>65</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_eg3142_1_66"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="eg3142_charges"> </A>
<A NAME="toc_eg3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>CHARGES    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Charges Paid by the Trust  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust is subject to the following charges and fees. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Recipient</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="30%" ALIGN="CENTER"><FONT SIZE=1><B>Nature of Payment</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="52%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of Payment</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="13%"><FONT SIZE=2>Third Parties</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2>Ongoing offering costs</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="52%"><FONT SIZE=2>As incurred, subject to a ceiling of 0.5% of the Trust's average month-end Net Assets in each fiscal year. Year-to-date through March 2003, ongoing offering costs equalled $93,707. During 2002, ongoing offering costs
equalled $263,456.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="13%"><FONT SIZE=2><BR>
CIS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><BR>
Brokerage Fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="52%"><FONT SIZE=2><BR>
Prior to June&nbsp;30, 2003, 6.5% annually (or approximately 0.542% per month) of the Trust's month-end assets (after deduction of the Management Fee payable to JWH and before recognizing the purchases and redemptions for the month) is paid to CIS.
Such Brokerage Fee covers all brokerage, exchange, clearing and NFA fees incurred in the Trust's trading including brokerage fees payable to CISFS on spot and forward currency trading. Year-to-date through March&nbsp;31, 2003, Brokerage Fees equalled
$1,246,982. During 2002, Brokerage Fees equalled $3,468,184. Effective July&nbsp;1, 2003, the Brokerage Fee will be reduced from 6.5% annually to 6.0% annually (or approximately 0.5% per month).<BR>
<BR>
Certain large investors are eligible to be charged the Special Brokerage Fee Rate as described under "Charges&#151;Brokerage Fee&#151;Special Brokerage Fee Rate."</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="13%"><FONT SIZE=2><BR>
CIS and CISFS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><BR>
Interest income earned above amount credited to the Trust, if any</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="52%"><FONT SIZE=2><BR>
CIS and CISFS credit the Trust with interest on 100% of the Trust's average daily U.S. dollar balances on deposit with CIS or CISFS during each month at the average 91-day Treasury bill rate and at the applicable rates (which may be zero in some
cases) in respect of non-U.S. dollar deposits. The economic benefit from the possession of the Trust's assets in excess of the interest credited by CIS and CISFS to the Trust will be retained by CIS and CISFS, respectively.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="13%"><FONT SIZE=2><BR>
Third Parties</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><BR>
Administrative expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="52%"><FONT SIZE=2><BR>
As incurred, currently estimated to be approximately $90,000 annually. Year-to-date through March 2003, administrative expenses equalled $22,228. During 2002, administrative expenses equalled $86,473.</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>66</FONT></P>

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<A NAME="page_eg3142_1_67"> </A>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="13%" ALIGN="CENTER"><BR><FONT SIZE=1><B>Recipient</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="30%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
Nature of Payment</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="52%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
Amount of Payment</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="13%"><FONT SIZE=2><BR>
JWH</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><BR>
Management Fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="52%"><FONT SIZE=2><BR>
2% annually (or approximately 0.166% per month) of the Trust's month-end assets after deduction of a portion of the Brokerage Fee at a 1.25% annual rate (rather than 6.0% annual rate) and before recognizing the purchases and redemptions for the
month; payable monthly. Year-to-date through March 2003, Management Fees equalled $384,299. During 2002, Management Fees equalled $1,068,838.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="13%"><FONT SIZE=2><BR>
JWH</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><BR>
Incentive Fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="52%"><FONT SIZE=2><BR>
As of each calendar quarter-end, 20% of any New Trading Profits for such quarter will be paid to JWH. Trading Profits for any period equal the sum of (i)&nbsp;the net of any profits and losses realized on all trades closed out during a quarter,
(ii)&nbsp;the net of any unrealized profits and losses on open positions as of the end of such quarter less the net of any unrealized profits and losses on open positions as of the end of the immediately preceding quarter, minus (iii)&nbsp;the
Brokerage Fee at the annual rate of 1.25% (rather than 6.0% annual rate) of the Trust's month-end assets and the Management Fee.<BR>
<BR>
Trading Profits do not include interest income.<BR>
<BR>
Trading Profits are calculated on the basis of the overall performance of the Trust, not the performance of each trading program considered individually.<BR>
<BR>
New Trading Profits for any quarter are the amount of cumulative calendar quarter-end Trading Profits in excess of the highest level of such cumulative Trading Profits as of any previous calendar quarter-end.<BR>
<BR>
Year-to-date through March 2003, Incentive Fees equalled $1,221,849. During 2002, Incentive Fees were $2,741,521.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="13%"><FONT SIZE=2><BR>
Third Parties</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><BR>
Reimbursement of delivery, insurance, storage and any other extraordinary charges; taxes (if any)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="52%"><FONT SIZE=2><BR>
Actual payments to third parties; not subject to estimate.</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above fees are the complete compensation that will be received by CIS or its affiliates from the Trust. This excludes redemption fees which will be charged to
some Unitholders if they redeem on or before the eleventh month-end of ownership. </FONT></P>

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<P><FONT SIZE=2><B>Brokerage Commissions; Administrative Fees  </B></FONT></P>


<P><FONT SIZE=2><I>Brokerage Fee  </I></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage Fee Rate.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Commodity brokerage commissions are typically paid upon the completion or liquidation of a trade and are
referred to as "round-turn commissions," which cover both the initial purchase (or sale) and the subsequent offsetting sale (or purchase) of a commodity futures contract. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>67</FONT></P>

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<P><FONT SIZE=2>The
Trust does not pay commodity brokerage commissions on a per-trade basis but rather pays monthly flat-rate Brokerage Fees at the annual rate of 6.0% (or a monthly rate of
approximately 0.5%) of the Trust's average month-end assets after deduction of the Management Fee but before inclusion of purchases and redemptions for the month. CIS receives such
Brokerage Fee, irrespective of the number of trades executed on the Trust's behalf. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Brokerage Fee Rate.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Unitholder who purchases at least $5,000,000 of Units as of any month-end (an
"Eligible Unitholder") will be charged Brokerage Fees at the flat rate of 4.5% per annum (or 0.375% per month; the "Special Brokerage Fee Rate"). As of each month-end that a Unitholder
holds Units with an aggregate issue price of at least $5,000,000, such Unitholder will remain an Eligible Unitholder regardless of the aggregate Net Asset Value of such Units. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
investor who makes an additional purchase of Units on a closing date that causes the aggregate issue price of all of such investor's Units to equal at least $5,000,000 will be charged
the Special Brokerage Fee Rate with respect to such additional Units as of the next month-end but with respect to earlier purchased Units only after such Units have been outstanding for at
least twelve full months. For example, if an investor makes an initial investment of $3,000,000 as of May&nbsp;31, 2003 ("Initial Purchase Date") and an incremental investment of $3,000,000 as of
November, 2003 ("Subsequent Purchase Date"), such Eligible Unitholder will be eligible to be charged the Special Brokerage Fee Rate (i)&nbsp;immediately with respect to Units acquired as of the
Subsequent Purchase Date and (ii)&nbsp;as of June&nbsp;30, 2004 with respect to Units acquired as of the Initial Purchase Date. In determining the Brokerage Fees due on such an investor's Units,
Units when redeemed will be treated on a "first-in, first-out" basis. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Brokerage Fee reduction is effected while maintaining a uniform Net Asset Value per Unit by issuing additional Units to Eligible Unitholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>The Trust's Brokerage Fees constitute a "wrap fee," which cover the CIS Group's costs and expenses, not just the cost of brokerage executions.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>The Brokerage Fees may not be increased above the current level without the unanimous consent of all Unitholders.  </I></B></FONT></P>

<P><FONT SIZE=2><B>JWH's Management Fees  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust pays monthly Management Fees to JWH at a rate of 0.166% (a 2% annual rate) of the month-end assets of the Trust, after reduction for a 1.25%
(rather 6.0% per annum) portion of the Brokerage Fee charged, but before reduction for any Incentive Fee or other costs and before inclusion of purchases and redemptions for the month. </FONT></P>

<P><FONT SIZE=2><B>Incentive Fees  </B></FONT></P>

<P><FONT SIZE=2><I>Method of Calculating  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust pays to JWH an Incentive Fee equal to 20% of any New Trading Profits as of the end of each calendar quarter. New Trading Profits are any cumulative
Trading Profit in excess of the highest level&#151;the "High Water Mark"&#151;of cumulative Trading Profits as of any previous calendar quarter-end. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading
Profits (i)&nbsp;include realized and unrealized profits and losses, (ii)&nbsp;exclude interest income and (iii)&nbsp;are reduced by Brokerage Fees of 1.25% (not 6.0%) of
month-end assets, the Management Fee and by no other costs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued
Incentive Fees on Units when redeemed are paid to JWH. Any shortfall between cumulative Trading Profits and the "High Water Mark" in cumulative Trading Profits is proportionately
reduced when Units are redeemed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading
Profits are not reduced by redemption charges. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>68</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
example, assume that as of January&nbsp;1, 2003, the Trust is at a "High Water Mark" in cumulative Trading Profits. If Trading Profits for such month equalled $500,000, all of such
Trading Profits would be New Trading Profits, resulting in an accrued $100,000 Incentive Fee. Assume also that by the end of the next month, losses, the 1.25% Brokerage Fee and the Management Fee have
reduced the $500,000 New Trading Profits to a loss of ($180,000). If the Trust then withdrew 50% of its assets, this ($180,000) loss carryforward would be reduced by 50% to ($90,000) for Incentive Fee
calculation purposes. If during the following month Trading Profits equalled $200,000, New Trading Profits of $110,000 would be accrued as of the end of such quarter, and JWH would be entitled to an
Incentive Fee of $22,000 for the quarter. </FONT></P>

<P><FONT SIZE=2><I>Paid Equally by All Units  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Trading Profits may be generated even though the Net Asset Value per Unit has declined below the purchase price of certain Units. Conversely, if new Units are
purchased at a Net Asset Value reduced by an accrued Incentive Fee which is subsequently reversed, the reversal is allocated equally among all Units, although the accrual itself was attributable only
to the previously outstanding Units. </FONT></P>


<P><FONT SIZE=2><B>Extraordinary Expenses  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will be required to pay any extraordinary expenses, such as taxes, incurred in its operation. The Trust has had no such expenses to date, and in CISI's
experience with other managed futures funds, such expenses have been negligible. Extraordinary expenses, if any, would not reduce Trading Profits for purposes of calculating the Incentive Fees. </FONT></P>

<P><FONT SIZE=2><B>Fees and Expenses Paid by CIS and CISSI  </B></FONT></P>


<P><FONT SIZE=2><I>Brokerage Fee for Currency and Precious Metals Trading  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIS pays CISFS, from CIS's own funds, brokerage fees on a per trade basis for the Trust's trading of spot and forward contracts on currencies. </FONT></P>

<P><FONT SIZE=2><I>Selling Commissions and Ongoing Compensation  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CISSI is the Lead Selling Agent. At the instruction of CISSI, CIS pays the Selling Agents selling commissions of up to 4% (up to 2.5% in respect of Units sold to
Eligible Unitholders). CIS, at the instruction of CISSI, also pays eligible Selling Agents ongoing compensation of up to 4% per annum of the average month-end Net Asset Value per Unit for
all Units which remain outstanding for longer than twelve months (up to 2.5% per annum in respect of Units owned by Eligible Unitholders), beginning in the thirteenth month after sale. Selling Agents
ineligible to receive ongoing compensation may receive installment selling commissions which, when added to the initial selling commission, may not exceed 9% of the initial subscription price of each
Unit sold by any such Selling Agent. Such ongoing compensation may be deemed to constitute underwriting compensation. See "Federal Income Tax Aspects&#151;Syndication Expenses." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesalers
who introduce Additional Selling Agents to CISSI will share the selling commissions and ongoing compensation (or installment selling commissions) with their respective
Additional Selling Agents. Additional Selling Agents who distribute Units through correspondents will also share the selling commissions and ongoing compensation (or installment selling commissions)
with their respective correspondents. See "Plan of Distribution&#151;Selling Agents." </FONT></P>

<P><FONT SIZE=2><B>Redemption Charges  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A redemption charge of 3% of the redemption date Net Asset Value per Unit is imposed on Units redeemed on or before the end of the first eleven months after
issuance. This redemption charge is deducted from investors' redemption proceeds and paid to CIS. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>69</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ei3142_brokerage_arrangements"> </A>
<A NAME="toc_ei3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>BROKERAGE ARRANGEMENTS    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>The Futures Broker  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIS is the Trust's Futures Broker. CIS executes and clears the Trust's futures transactions and provides other brokerage-related services. CIS is a Delaware
corporation. Its principal office is located at 233 South Wacker Drive, Suite 2300, Chicago, Illinois 60606. It has offices and affiliated offices in Chicago, New York, Kansas City and Minneapolis as
well as in England, France, Switzerland and Singapore. The clients of CIS include commercial and financial institutions that use the futures markets for risk management purposes as well as private
investors. CIS has more than 425 employees. CIS is a wholly-owned, but separately managed, subsidiary of Cargill, Incorporated, a privately-owned international merchant, warehouser, processor and
transporter of agricultural and other bulk commodities that was founded in 1865. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIS
is a clearing member of all of the principal futures exchanges in the United States and is a clearing broker or has clearing relationships on all major world futures exchanges. It is
registered with the CFTC as a futures commission merchant and is a member of NFA in such capacity. Certain employees of CIS are members of U.S. futures exchanges and may serve on the governing bodies
and standing committees of those exchanges, their clearinghouses and NFA. In that capacity, these employees have a fiduciary duty to the exchanges and would be required to act in the best interests of
such exchanges, even if that action might be adverse to the interests of the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill,
Incorporated owns and operates grain elevators and soybean processing plants that are designated as regular warehouses for delivery of certain physical commodities in
satisfaction of futures contracts under the rules of the Chicago Board of Trade and similar rules of other U.S. futures exchanges. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill,
Incorporated and its affiliates are substantial users of virtually all futures contracts for hedging purposes. Such hedging transactions are generally implemented by employees
of Cargill, Incorporated, and CIS generally executes or clears those transactions. The volume of trading by Cargill, Incorporated and its affiliates is likely to result in their competing with the
Trust for futures market positions. Thus,
in certain instances, CIS may have orders for trades from the Trust and from Cargill, Incorporated or its affiliates, and CIS might be deemed to have a conflict of interest with respect to the
sequence in which such orders will be transmitted to the trading floors of futures exchanges. In order to assure impartial treatment for such orders, CIS has an operating policy of transmitting orders
to the trading floors in the sequence received regardless of which entity has placed the order. The Trust might enter into trades in which the other party is Cargill, Incorporated or one of its
affiliates. It is possible that the hedging and cash operations of Cargill, Incorporated or trading by its affiliates may adversely affect the Trust. Records of such trading will not be made available
to Unitholders. It is possible that these entities may compete for similar positions in the futures markets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>No officers, directors or employees of CIS or its affiliates are permitted to trade futures speculatively for their own accounts.</B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the ordinary course of its business, CIS is engaged in civil litigation and subject to administrative proceedings which, in the aggregate, are not expected to have a material effect
upon its condition, financial or otherwise, or the services it will render to the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust and CIS have entered into a Customer Agreement that provides that, for as long as the Trust maintains an account with CIS, CIS will execute and clear trades for the Trust upon
instruction of JWH, and will receive the monthly flat-rate Brokerage Fees. The Customer Agreement is terminable on sixty days' notice by either party. If for any reason the Trust elects to
terminate the Customer Agreement with CIS, no assurance may be given that the Trust will be able to retain the brokerage services of another futures broker at the same commission rate. In addition,
under the Declaration and Agreement of Trust, Unitholders owning more than 50% of the outstanding Units may cause the Trust </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>70</FONT></P>

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<P><FONT SIZE=2>to
terminate the Customer Agreement. CIS is responsible for execution and clearance of futures contracts (and options, if traded) as well as for certain administrative duties such as record keeping,
transmittal of confirmation statements and calculating equity balance and margin requirements for the Trust's account. The agreement provides that CIS will not be liable to the Trust except for bad
faith or negligence. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust
assets are deposited with CIS in its capacity as the Trust's Futures Broker. CIS credits interest monthly to the Trust's account on substantially all of the Trust's average daily
balances on deposit at CIS, as described under "Interest Income." CIS retains any economic benefit derived from possession of the Trust's assets in excess of the amount credited to the Trust's
account. </FONT></P>

<P><FONT SIZE=2><B>The Foreign Currency Broker  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CISFS acts as the Trust's counterparty in the Trust's spot and forward contracts trades. CISFS is a Delaware corporation that is a wholly-owned subsidiary of CIS
Holdings,&nbsp;Inc. Under most normal circumstances, CISFS will contact at least two counterparties for a quote on each of the Trust's currency and precious metals trades. CISFS will enter a spot or
forward contract with the selected counterparty and will enter into a back-to-back spot or forward contract with the Trust at the same price CISFS buys from (or sells to) the
selected counterparty. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>71</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ek3142_redemptions;_net_asset_value"> </A>
<A NAME="toc_ek3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>REDEMPTIONS; NET ASSET VALUE    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>Redemptions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The Trust is intended as a medium- to long-term, "buy and hold" investment. The Trust's objectives are to achieve substantial
capital appreciation over time. The Trust is not intended to achieve, nor to attempt to achieve, significant appreciation over the short-term.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Unitholder may cause the Trust to redeem any or all of such Unitholder's Units at Net Asset Value as of the close of business on the last business day of any calendar month. Written
redemption requests may be submitted to CISI or to a redeeming Unitholder's financial advisor but in either case must be received by CISI no later than five business days prior to
month-end (including the last business day of the month) to effect redemption as of such month-end. A form of Request for Redemption is attached to the Subscription Agreement
and Power of Attorney as an Annex. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption
proceeds will generally be paid within ten business days after the month-end of redemption, either directly to the redeeming Unitholder or to the Unitholder's
customer securities account as directed by the Unitholder. However, in special circumstances, including, but not limited to, default or delay in payments due to the Trust from banks or other persons,
the Trust may, in turn, delay payment to persons requesting redemption of Units of the proportionate part of the redemption value of their Units equal to the proportionate part of the Net Assets of
the Trust represented by the sums that are the subject of such default or delay. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Unit which is redeemed at or prior to the end of the eleventh full month after its issuance will be assessed a redemption charge of 3% of the Net Asset Value per Unit as of the date of
redemption. In the event that an investor acquires Units at more than one time, such investor's Units will be treated on a "first-in, first-out" basis for purposes of
determining whether redemption charges apply. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicable
state "Blue Sky" policies require that redemption charges not be assessed on any Unitholder who redeems because the Trust's expenses have increased. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner may declare additional redemption dates, including Special Redemption Dates under certain circumstances. If as of the close of business on any day the Net Asset Value
of a Unit has decreased to less than 50% of the previous highest month-end Net Asset Value per Unit, after adding back all distributions, the Managing Owner shall liquidate all of the
Trust's open positions, suspend trading and within ten business days after the suspension of trading declare a Special Redemption Date by notice to Unitholders and otherwise in accordance with the
Declaration and Agreement of Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders
may not transfer or assign Units without providing prior written notice to the Managing Owner. No assignee may become a substitute Unitholder except with the consent of the
Managing Owner. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Notices of redemption are irrevocable once submitted. The Net Asset Value per Unit as of the date of redemption may differ substantially from the Net Asset Value
per Unit as of the date that irrevocable notice of redemption must be submitted.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders
need not redeem all their Units in order to redeem any such Units, provided that at least $1,000 of Units are redeemed and that the minimum investment of $1,000 is maintained
after any partial redemption. </FONT></P>

<P><FONT SIZE=2><B>Net Asset Value  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Net Assets of the Trust are its assets less its liabilities determined in accordance with generally accepted accounting principles. The Net Asset Value per
Unit is the Net Assets of the Trust divided by the number of Units outstanding. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>72</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures
or option contracts traded on a United States commodity exchange are valued at the settlement price on the date of valuation. If an open position cannot be liquidated on the day
with respect to which Net Assets are being determined, the settlement price on the first subsequent day on which the position can be liquidated shall be the basis for determining the liquidating value
of such position for such day, or such other value as the Managing Owner may deem fair and reasonable. The liquidating value of a commodity futures or option contract not traded on a United States
commodity exchange shall mean its liquidating value as determined by the Managing Owner on a basis consistently applied for each different variety of contract. Accrued Incentive Fee liabilities reduce
Net Asset Value (subject, however, to possible whole or partial reversal if the Trust incurs subsequent losses) even if such accrued Incentive Fees may never, in fact, be finally paid to JWH. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>73</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_em3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>CONFLICTS OF INTEREST    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>General  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither CISI nor JWH has established any formal procedures to resolve the following conflicts of interest. Consequently, there is no independent control on how
CISI or JWH resolves these conflicts which can be relied upon by investors as ensuring that the Trust is treated equitably with other CISI or JWH clients. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
no formal procedures are in place for resolving conflicts, they may be resolved by CISI and/or JWH in a manner which causes the Trust losses. The value of Unitholders' investment
may be diminished by actions or omissions which independent third parties could have prevented or corrected. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the following conflicts of interest are present in the operation of the Trust, CISI does not believe that they are likely to have a material adverse effect on its performance.
This belief is based on a number of factors, including the following. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>JWH
trades all similarly situated CIS accounts in parallel, placing bulk orders which are allocated among the JWH accounts pursuant to pre-established
procedures. Consequently, JWH has little opportunity to prefer another JWH client over the Trust.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>CIS
simply receives and executes JWH's bulk orders based on pre-established procedures. CIS has no ability in allocating positions to favor one account over
another.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>JWH
charges similar accounts the same fees.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>CISI,
as a fiduciary, is prohibited from benefiting itself at the expense of the Trust. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
CISI's view, the most important conflict of interest relating to the Trust is that the business terms applicable to the CIS Group's dealings with the Trust were not negotiated when
they were initially established. These business terms are described in detail in this prospectus in order to give prospective investors ample opportunity to accept or reject such terms. However, it
may be difficult for investors to assess, for example, the extent of the adverse impact which the high level of the Trust's Brokerage Fees has on its long-term prospects for profitability. </FONT></P>

<P><FONT SIZE=2><B>CISI  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CISI organized and controls the Trust. CISI and its affiliates are the primary service providers to the Trust and will remain so even if using other firms might
be better for the Trust. Futures trading is highly competitive. To the extent that CIS Group entities continue to be retained by the Trust despite providing non-competitive services, the
Trust is likely to be less profitable or incur greater losses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CISI
allocates its resources among a number of different funds. CISI may have financial incentives to favor certain funds over the Trust. To the extent that CISI actually does so, the
Net Asset Value per Unit is likely to be negatively impacted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
business terms of the Trust&#151;other than the Management and Incentive Fees due to JWH which were negotiated between CISI and JWH&#151;were not negotiated. CISI
unilaterally established these terms, balancing marketing and performance considerations and its interest in maximizing the revenues generated to CISI. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CISI's interest in maximizing its revenues could cause it to take actions which are detrimental to the Trust in order to increase CISI's income from the Trust or
decrease its costs in sponsoring the Trust. Also, because CISI does not have to compete with third parties to provide services to the Trust, there is no independent check on the quality of such
services. CISI may lower the quality of such services in order to maximize the net revenues which it receives from the Trust, possibly causing the Net Asset Value per Unit to
decline.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>74</FONT></P>

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<P><FONT SIZE=2><B>CIS; CISFS  </B></FONT></P>

<P><FONT SIZE=2><I>General  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIS executes trades for different clients in the same markets at the same time. Consequently, other clients may receive better prices on the same trades than the
Trust, causing the Trust to pay higher prices for its positions. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
CIS clients pay lower brokerage rates than the Trust. Brokerage Fees are a major drag on the Trust's performance, and the cumulative effect of the higher rates paid by the Trust is
material. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIS
and CISFS must allocate their resources among many different clients. They all have financial incentives to favor certain accounts over the Trust. Because of the competitive nature
of the markets in which they trade, to the extent that either CIS or CISFS prefers other clients over the Trust, the Trust is likely to be negatively impacted. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CIS and CISFS do not have to compete to provide services to the Trust; consequently, there is no independent check on the quality of their
services.</B></FONT></P>

<P><FONT SIZE=2><B>JWH  </B></FONT></P>

<P><FONT SIZE=2><I>General  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH manages many accounts other than the Trust. Consequently, JWH may devote less resources to the Trust's trading than JWH otherwise might, to the detriment of
the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some
of JWH's principals and staff members devote a substantial portion of their business time to ventures other than managing the Trust, including ventures unrelated to futures trading.
The Trust may be at a competitive disadvantage to other accounts which are managed by advisors whose principals devote their entire attention to futures trading. </FONT></P>

<P><FONT SIZE=2><I>Financial Incentives to Disfavor the Trust  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trust has losses, JWH may have an incentive to prefer other clients because JWH could begin to receive incentive compensation from such clients without
having to earn back any losses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Any action which JWH takes to maximize its revenues by disfavoring the Trust, either in respect of the resources devoted to its trading or the programs selected
for it, could adversely affect the Trust's performance, perhaps to a material extent.</B></FONT></P>

<P><FONT SIZE=2><B>The Selling Agents  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Selling Agents will receive substantial selling commissions on the sale of Units. Consequently, the Selling Agents have a conflict of interest in advising
their clients whether to invest in the Units. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Selling Agents receive, beginning in the thirteenth month after each month-end sale of Units, ongoing compensation based on the Net Asset Value of Units sold by them
which remain outstanding. Consequently, in advising clients whether to redeem their Units the Selling Agents will have a conflict of interest between their interest in maximizing the compensation
which they will receive from the Trust and giving their clients the financial advice which the Selling Agents believe to be in such clients' best interests. The same conflict of interest extends to
the Wholesalers and correspondents who distribute Units. </FONT></P>

<P><FONT SIZE=2><B>Proprietary Trading  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CIS Group and their employees are prohibited from trading for their own accounts. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>75</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH
and Mr.&nbsp;Henry may engage in discretionary trading for their own accounts, as long as such trading does not amount to a breach of fiduciary duty. Such trading will be for
purposes of testing new investment programs and concepts, as well as for proprietary profit. Proprietary trading may involve contract markets that are not traded for client accounts. The reasons for
not trading a contract market for clients may include: the contract market does not trade reasonable volume and is not expected to grow such that JWH could trade significant size with appropriate
liquidity; the contract markets are liquid but are highly correlated or redundant to existing markets or sectors traded for clients; or the contract markets have excessively high volatility associated
with low liquidity and no historical trends. In the course of trading for their own accounts, JWH and Mr.&nbsp;Henry may take positions that are the same as or opposite to the Trust's positions, due
to testing a new quantitative model or investment program, an allocation system, and/or trading pursuant to individual discretionary methods. On occasion, the accounts of JWH and Mr.&nbsp;Henry may
receive better fills than the Trust's account. Records for these accounts will not be made available to the Trust. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees
and principals of JWH (other than Mr.&nbsp;Henry) are not permitted to trade in futures, options on futures or forward contracts. However, such principals and employees may
invest in investment vehicles that trade futures, options on futures or forward contracts when an independent trader manages trading in that vehicle, and in The JWH Employee Fund, L.P., for which JWH
is the trading advisor. Records of these accounts will not be made available to the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Records
of proprietary trading will not be available for inspection by Unitholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proprietary
trading by JWH or Mr.&nbsp;Henry could, if substantial in size and conducted in the same markets traded by the Trust, cause losses for the Trust by increasing the cost at
which it must acquire and liquidate positions. Over time, the losses resulting from such increased prices could make it difficult for the Trust to earn profits even if its trading were otherwise
successful. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>76</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="eo3142_transactions_between_the_cis_group_and_the_trust"> </A>
<A NAME="toc_eo3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>TRANSACTIONS BETWEEN THE CIS GROUP AND THE TRUST    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the service providers to the Trust, other than JWH and the Trustee, are affiliates of CIS. CISI negotiated with JWH over the level of its Management and
Incentive Fees. However, none of the fees paid by the Trust to the CIS Group were negotiated, and they may be higher than would have been obtained in arm's-length bargaining. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust pays CIS substantial Brokerage Fees. The Trust also pays CIS interest on short-term loans extended by CIS to cover losses on foreign currency positions and permits
CIS to retain a portion of the benefit derived from possession of the Trust's assets. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
the CIS Group, CISI is the direct beneficiary of the revenues received by CIS from the Trust. CISI controls the management of the Trust and CISSI serves as its promoter. Although
CISI has not sold any assets, directly or indirectly, to the Trust, CISI makes substantial profits from the Trust due to the foregoing revenues. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
loans have been, are or will be outstanding between CISI or any of its principals and the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIS,
at the instruction of CISSI, pays substantial selling commissions (up to 4% of the subscription price of Units) and trailing commissions (up to 4% annually of the average Net Asset
Value per Unit, beginning in the thirteenth month after a Unit is sold) to the Selling Agents for distributing the Units. CIS is ultimately paid back for these expenditures from the revenues it
receives from the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descriptions
of the dealings between the Trust and the CIS Group are set forth under "Selected and Supplementary Financial Data," "Interest Income" and "Charges." </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>77</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="eq3142_the_trust_and_the_trustee"> </A>
<A NAME="toc_eq3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>THE TRUST AND THE TRUSTEE    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>Principal Office; Location of Records  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust is organized under the Delaware Statutory Trust Act. The Trust is administered by the Managing Owner, whose office is located at 233 South Wacker Drive,
Suite 2300, Chicago, Illinois 60606 (telephone: (312)&nbsp;460-4000). The records of the Trust, including a list of the Unitholders and their addresses but excluding detailed trading
records of JWH, is located at the foregoing address, and available for inspection and copying (upon payment of reasonable reproduction costs) by Unitholders or their representatives during regular
business hours as provided in the Declaration and Agreement of Trust. (Section&nbsp;10). There is a limitation to non-commercial purposes. Transfer agent services will be provided by CIS
at 233 South Wacker Drive, Suite 2300, Chicago, Illinois 60606 at no additional cost to the Trust. The Managing Owner will maintain and preserve the books and records of the Trust for a period of not
less than six years. </FONT></P>

<P><FONT SIZE=2><B>Certain Aspects of the Trust  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The Trust is the functional equivalent of a limited partnership; prospective investors should not anticipate any legal or practical
protections under the Delaware Statutory Trust Act greater than those available to limited partners.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
special custody arrangements are applicable to the Trust which would not be applicable to a limited partnership, and the existence of a trustee should not be taken as an indication of
any additional level of management or supervision over the Trust. To the greatest extent permissible under Delaware law, the Trustee acts in an entirely passive role, delegating all authority over the
operation of the Trust to the Managing Owner. The Managing Owner is the functional equivalent of the general partner in a limited partnership. (Sections 5(a), 9 and 19). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
units of beneficial interest in a trust need not carry any voting rights, the Declaration and Agreement of Trust gives Unitholders voting rights comparable to those typically
extended to limited partners in publicly-offered futures funds. (Section&nbsp;19). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Delaware Statutory Trust Act under which the Trust is formed is filed as an exhibit to the Registration Statement of which this Prospectus is a part. </FONT></P>

<P><FONT SIZE=2><B>The Trustee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington Trust Company, a Delaware banking corporation, is the sole Trustee of the Trust. The Trustee's principal offices are located at Rodney Square North,
1100 North Market Street, Wilmington, Delaware 19890-0001. The Trustee is unaffiliated with either the Managing Owner or the Selling Agents. The Trustee's duties and liabilities with
respect to the offering of the Units and the administration of the Trust are limited to its express obligations under the Declaration and Agreement of Trust. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights and duties of the Trustee, the Managing Owner and the Unitholders are governed by the provisions of the Delaware Statutory Trust Act and by the Declaration and Agreement of
Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee serves as the Trust's sole trustee in the State of Delaware. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain
filings under the Delaware Statutory Trust Act. The Trustee does not owe any other duties to the Trust, the Managing Owner or the Unitholders. The Trustee is permitted to resign upon at least
60&nbsp;days' notice to the Trust, provided that any such resignation will not be effective until a successor Trustee is appointed by the Managing Owner. The Declaration and Agreement of Trust
provides that the Trustee is compensated by the Trust, and is indemnified by the Managing Owner against any expenses it incurs relating to or arising out of the formation, operation or termination of
the Trust or the performance of its duties </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>78</FONT></P>

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<P><FONT SIZE=2>pursuant
to the Declaration and Agreement of Trust, except to the extent that such expenses result from the gross negligence or willful misconduct of the Trustee. The Managing Owner has the discretion
to replace the Trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
the Managing Owner has signed the Registration Statement of which this prospectus is a part, and only the assets of the Trust and the Managing Owner are subject to issuer liability
under the federal securities laws for the information contained in this prospectus and under federal and state laws with respect to the issuance and sale of the Units. Under such laws, neither the
Trustee, either in its capacity as Trustee or in its individual capacity, nor any director, officer or controlling person of the Trustee is, or has any liability as, the issuer or a director, officer
or controlling person of the issuer of
the Units. The Trustee's liability in connection with the issuance and sale of the Units is limited solely to the express obligations of the Trustee set forth in the Declaration and Agreement of
Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Declaration and Agreement of Trust, the Trustee has delegated to the Managing Owner the exclusive management and control of all aspects of the business of the Trust. The
Trustee has no duty or liability to supervise or monitor the performance of the Managing Owner, nor shall the Trustee have any liability for the acts or omissions of the Managing Owner. In addition,
the Managing Owner has been designated as the "tax matters partner" of the Trust for purposes of the Internal Revenue Code of 1986, as amended (the "Code"). The Unitholders have no voice in the
operations of the Trust, other than certain limited voting rights as set forth in the Declaration and Agreement of Trust. In the course of its management, the Managing Owner may, in its sole and
absolute discretion, retain such persons (except where the Managing Owner has been notified by the Unitholders that the Managing Owner is to be replaced as the managing owner), including an affiliate
or affiliates of the Managing Owner, as the Managing Owner deems necessary for the efficient operation of the Trust. (Sections 2 and 9). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the Trustee has delegated substantially all of its authority over the operation of the Trust to the Managing Owner, the Trustee itself is not registered in any capacity with the
CFTC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust's Declaration and Agreement of Trust effectively gives CISI, as Managing Owner, full control over the management of the Trust. Unitholders have no voice in its operations. In
addition, CISI in its operation of the Trust is specifically authorized to engage in the transactions described herein (including those involving affiliates of CISI), and is exculpated and indemnified
by the Trust against claims sustained in connection with the Trust, provided that such claims were not the result of negligence or misconduct and that CISI determined that such conduct was in the best
interests of the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
Unitholders have no right to participate in the control or management of the Trust, they are entitled to: (i)&nbsp;vote on a variety of different matters; (ii)&nbsp;receive
annual audited financial statements, unaudited monthly reports and timely tax information; (iii)&nbsp;inspect the Trust's books and records; (iv)&nbsp;redeem Units; and (v)&nbsp;not have the
business terms of the Trust changed in a manner which increases the compensation received by CISI or its affiliates without their unanimous consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders'
voting rights extend to any proposed change in the Declaration and Agreement of Trust which would adversely affect them, as well as to their right to terminate the Trust's
contracts with affiliates of CISI. Unitholders also have the right to call meetings of the Trust in order to permit Unitholders to vote on any matter on which they are entitled to vote, including the
removal of CISI as Managing Owner of the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders
or their duly authorized representatives may inspect the Trust's books and records, for any purpose reasonably related to their status as Unitholders in the Trust, during
normal business hours upon reasonable written notice to the CISI. They may also obtain copies of such records upon payment of reasonable reproduction costs; provided, however, that such Unitholders
represent that the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>79</FONT></P>

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<P><FONT SIZE=2>inspection
and/or copies of such records will not be for commercial purposes unrelated to such Unitholders' interest in the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Declaration and Agreement of Trust contains restrictions on CISI's ability to raise Brokerage Fees, Administrative Fees and other revenues received by the CIS Group from the Trust,
as well as certain other limitations on the various conflicts of interest to which the CIS Group is subject in operating the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Declaration and Agreement of Trust provides for the economic and tax allocations of the Trust's profit and loss. Economic allocations are based on investors' capital accounts, and
the tax allocations generally attempt to equalize tax and capital accounts by, for example, making a priority allocation of taxable income to Unitholders who redeem at a profit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Unitholder may transfer or assign his or her Units upon prior written notice to his or her financial advisor and CISI and subject to approval of the assignee, CISI will provide consent
when it is satisfied that the transfer complies with applicable laws. An assignee not admitted to the Trust as a Unitholder will have only limited rights to share the profits and capital of the Trust
and a limited redemption right. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner may amend the Declaration and Agreement of Trust in any manner not adverse to the Unitholders without need of obtaining their consent. These amendments can be for
clarification of inaccuracies or ambiguities, modifications in response to changes in tax code or regulations or any other changes CISI deems advisable so long as they do not change the basic
investment policy or structure. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust has agreed to indemnify CISI, as Managing Owner, for actions taken on behalf of the Trust, provided that CISI's conduct was in the best interests of the Trust and the conduct
was not the result of negligence or misconduct. Indemnification by the Trust for alleged violation of securities laws is only available if the following conditions are satisfied: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1)</FONT></DT><DD><FONT SIZE=2>a
successful adjudication on the merits of each count alleged has been obtained; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2)</FONT></DT><DD><FONT SIZE=2>such
claims have been dismissed with prejudice on the merits by a court of competent jurisdiction; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3)</FONT></DT><DD><FONT SIZE=2>a
court of competent jurisdiction approves a settlement of the claims and finds indemnification of the settlement and related costs should be made; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4)</FONT></DT><DD><FONT SIZE=2>in
the case of 3), the court has been advised of the position of the SEC and the states in which the Units were offered and sold as to indemnification for the violations. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>80</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_es3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>TAX CONSEQUENCES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following constitutes the opinion of Sidley Austin Brown&nbsp;&amp; Wood and summarizes the material federal income tax consequences to
United States taxpayers who are individuals.</I></FONT></P>

<P><FONT SIZE=2><B>The Trust's Tax Status  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of Sidley Austin Brown&nbsp;&amp; Wood, the Trust will be classified as a partnership for federal income tax purposes. Consequently, the Unitholders
individually, not the Trust itself, are subject to tax. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner believes that all of the income expected to be generated by the Trust will constitute "qualifying income" and has so advised Sidley Austin Brown&nbsp;&amp; Wood. As a
result, in the opinion of Sidley Austin Brown&nbsp;&amp; Wood, the Trust will not be subject to tax as a corporation under the provisions applicable to "publicly-traded partnerships." </FONT></P>

<P><FONT SIZE=2><B>Taxation of Unitholders on Profits or Losses of the Trust  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Unitholder must pay tax on his or her share of the Trust's income and gains. Such share must be included each year in a Unitholder's taxable income whether
or not such Unitholder has redeemed Units. In addition, a Unitholder may be subject to paying taxes on the Trust's interest income even though the Net Asset Value per Unit has decreased due to trading
losses. See "&#151;Tax on Capital Gains and Losses; Interest Income," below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust provides each Unitholder with an annual schedule of his or her share of the Trust's tax items. The Trust generally allocates these items equally to each Unit. However, when a
Unitholder redeems Units, the Trust allocates capital gains or losses so as to eliminate any difference between the redemption proceeds and the tax accounts of such Units. </FONT></P>


<P><FONT SIZE=2><B>Limited Deductibility of Trust Losses and Deductions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Unitholder may not deduct Trust losses or deductions in excess of his or her tax basis in his or her Units as of year-end. Generally, a Unitholder's
tax basis in his or her Units is the amount paid for such Units reduced (but not below zero) by his or her share of any Trust distributions, losses and deductions and increased by his or her share of
the Trust's income and gains. </FONT></P>

<P><FONT SIZE=2><B>Limited Deductibility for Certain Expenses  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual taxpayers are subject to material limitations on their ability to deduct investment advisory expenses and other expenses of producing income. Sidley
Austin Brown&nbsp;&amp; Wood has opined that the amount, if any, of the Trust's expenses which might be subject to this limitation should be </FONT><FONT SIZE=2><I>de minimis</I></FONT><FONT SIZE=2>.
However, the IRS could take a different position. The IRS could contend that the Management and Incentive Fees should be characterized as "investment advisory expenses" because the Trust is not
engaged in a "trade or business." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individuals
cannot deduct investment advisory expenses in calculating their alternative minimum tax. </FONT></P>

<P><FONT SIZE=2><B>Year-End Mark-to-Market of Open Positions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1256 Contracts are futures, futures options traded on U.S. exchanges, certain foreign currency contracts and stock index options. Certain of the
Trust's open positions are Section&nbsp;1256 Contracts. Section&nbsp;1256 Contracts that remain open at the end of each year are treated for tax purposes as if such positions had been sold and any
gain or loss recognized. The gain or loss on Section&nbsp;1256 Contracts is characterized as 40% short-term capital gain or loss and 60% long-term </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>81</FONT></P>

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<P><FONT SIZE=2>capital
gain or loss regardless of how long any given position has been held. Non-U.S. exchange-traded futures and forwards are generally non-Section&nbsp;1256 Contracts.
Gain or loss on non-Section&nbsp;1256 Contracts will be recognized when sold by the Trust and will be primarily short-term gain or loss. Gain or loss on certain currency
contracts will be ordinary income or loss. </FONT></P>

<P><FONT SIZE=2><B>Tax on Capital Gains and Losses; Interest Income  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described under "&#151;Year-End Mark-to-Market of Open Positions," the Trust's trading generates 60%
long-term capital gains or losses and 40% short-term capital gains or losses from its Section&nbsp;1256 Contracts and primarily short-term capital gain or loss
from its non-Section&nbsp;1256 Contracts. Individuals pay tax on long-term capital gains at a maximum rate of 20%. Short-term capital gains are subject to tax at
the same rates as ordinary income. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual
taxpayers may deduct capital losses only to the extent of their capital gains plus $3,000. Accordingly, the Trust could incur significant losses but a Unitholder could be
required to pay taxes on his or her share of the Trust's interest income. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an individual taxpayer incurs a net capital loss for a year, he may elect to carryback (up to three years) the portion of such loss which consists of a net loss on Section&nbsp;1256
Contracts. A taxpayer may deduct such losses only against net capital gain for a carryback year to the extent that such gain includes gains on Section&nbsp;1256 Contracts. To the extent that a
taxpayer could not use such losses to offset gains on Section&nbsp;1256 Contracts in a carryback year, the taxpayer may carryforward such losses indefinitely as losses on Section&nbsp;1256
Contracts. </FONT></P>

<P><FONT SIZE=2><B>Syndication Expenses  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The $650,000 in organizational and initial offering costs reimbursed by the Trust to CISI were non-deductible syndication expenses, as will be the
estimated $500,000 in costs in 2003 associated with the ongoing offering of the Units under this prospectus and any subsequent ongoing offering expenses incurred by the Trust. The IRS could also
contend that a portion of the Brokerage Fees paid to CIS constitute non-deductible syndication expenses. </FONT></P>


<P><FONT SIZE=2><B>Taxation of Foreign Investors  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Unitholder who is a non-resident alien individual, foreign corporation, foreign partnership, foreign trust or foreign estate (a "Foreign
Unitholder") generally is not subject to taxation by the United States on capital gains from commodity or derivatives trading, provided that such Foreign Unitholder (in the case of an individual) does
not spend more than 182&nbsp;days in the United States during his or her taxable year, and provided further, that such Foreign Unitholder is not engaged in a trade or business within the United
States during a taxable year to which income, gain, or loss is treated as "effectively connected." An investment in the Trust should not, by itself, cause a Foreign Unitholder to be engaged in a trade
or business within the United States for the foregoing purposes, assuming that the trading activities of the Trust will be conducted as described in this prospectus. Pursuant to a "safe harbor" in the
Code, an investment fund whose U.S. business activities consist solely of trading commodities and derivatives for its own account should not be treated as engaged in a trade or business within the
United States provided that such investment fund is not a dealer in commodities or derivatives and that the commodities traded are of a kind customarily dealt in on an organized commodity exchange.
The Managing Owner has advised Sidley Austin Brown&nbsp;&amp; Wood of the contracts that the Trust will trade. Based on a review of such contracts as of the date of this prospectus, the Trust has been
advised by its counsel, Sidley Austin Brown&nbsp;&amp; Wood, that such contracts should satisfy the safe harbor. If the contracts traded by the Trust in the future were not covered by the safe harbor,
there is a risk that the Trust would be treated as engaged in a trade or business within the United States. In the event that the Trust were found to be engaged in a United States trade or </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>82</FONT></P>

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<P><FONT SIZE=2>business,
a Foreign Unitholder would be required to file&nbsp;a United States federal income tax return for such year and pay tax at full United States rates. In the case of a Foreign Unitholder
which is a foreign corporation, an additional 30% "branch profits" tax might be imposed. Furthermore, in such event the Trust would be required to withhold taxes from the income or gain allocable to
such a Unitholder under Section&nbsp;1446 of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Foreign Unitholder is not subject to United States tax on certain interest income, including income attributable to (i)&nbsp;original issue discount on Treasury bills having a
maturity of 183&nbsp;days or less or (ii)&nbsp;commercial bank deposits, provided, in either case, that such Foreign Unitholder is not engaged in a trade or business within the United States
during a taxable year. Additionally, a Foreign Unitholder, not engaged in a trade or business within the United States, is not subject to United States tax on interest income (other than certain
so-called "contingent interest") attributable to obligations issued after July&nbsp;18, 1984 that are in registered form if the Foreign Unitholder provides the Trust with the appropriate
Form&nbsp;W-8. </FONT></P>

<P><FONT SIZE=2><B>Unrelated Business Taxable Income  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt Unitholders will not be required to pay tax on their share of income or gains of the Trust, provided that such Unitholders do not purchase
Units with borrowed funds. </FONT></P>

<P><FONT SIZE=2><B>IRS Audits of the Trust and Its Unitholders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The IRS is required to audit Trust-related items at the Trust rather than the Unitholder level. CISI is the Trust's "tax matters partner" with general authority
to determine the Trust's responses to a tax audit. If an audit of the Trust results in an adjustment, all Unitholders may be required to pay additional taxes plus interest as well as penalties and
additions to tax. </FONT></P>

<P><FONT SIZE=2><B>State and Other Taxes  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the federal income tax consequences described above, the Trust and the Unitholders may be subject to various state and other taxes. For example,
the Trust may be subject to a 1.5% Personal Property Replacement Tax in Illinois. Such tax is imposed on the net income of the Trust allocable to Illinois. </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="es3142_prospective_investors_are_urge__pro03939"> </A>
<A NAME="toc_es3142_2"> </A>
<BR></FONT><FONT SIZE=2>PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR TAX<BR>  ADVISERS BEFORE DECIDING WHETHER TO INVEST.    <BR></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>83</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="eu3142_plan_of_distribution"> </A>
<A NAME="toc_eu3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>Subscription Procedure  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units are offered at Net Asset Value as of the close of business on the last business day of each calendar month. The minimum initial investment is $5,000; $2,000
for trustees or custodians of eligible employee benefit plans and individual retirement accounts. Subscriptions in excess of these minimums are permitted in $100 increments. Additional subscriptions
by existing Unitholders are permitted in $1,000 minimums with $100 increments. Units are sold in fractions calculated to five decimal places. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to purchase Units, an investor must complete, execute and deliver to a Selling Agent an original of the Subscription Agreement and Power of Attorney Signature Page which
accompanies this prospectus, together with a check for the amount of his or her subscription. Pending investment in the Units, subscriptions will be held in escrow at Bank One, NA. Checks should be
made payable to "BANK ONE, NA ESCROW AGENT FOR JWH GLOBAL TRUST," and shall be transmitted to the Escrow Agent by noon of the second business day after receipt by the Managing Owner. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription
payments by clients of certain Selling Agents may be made by authorizing the Selling Agents to debit a subscriber's customer securities account with the amount of the
subscription. When a subscriber authorizes such a debit, the subscriber will be required to have the amount of his or her subscription payment on deposit in his or her account when the subscription is
submitted. The account will be debited, and amounts so debited will be transmitted directly to Bank One, NA by such Selling Agent via Selling Agent check or wire transfer made payable to "BANK ONE, NA
ESCROW AGENT FOR JWH GLOBAL TRUST" for deposit in the escrow account of the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner will determine, in its sole discretion, whether to accept or reject a subscription in whole or in part. Such determination is made within five business days after the
receipt of a subscription by the Managing Owner. The Managing Owner will send each subscriber whose subscription for Units has been accepted a confirmation of such acceptance. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription
documents must be received no later than the fifth business day prior to the month-end of investment (including the last business day of the month) in order to
be accepted as of the last day of the month. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription
funds are invested in short-term United States Treasury bills or comparable authorized instruments while held in escrow pending investment in the Units and will
earn interest at the applicable rates paid on these instruments. Escrow interest is allocated </FONT><FONT SIZE=2><I>pro rata</I></FONT><FONT SIZE=2> among all subscribers during a particular escrow
period based on the amount of their respective subscriptions and the length of time on deposit in escrow. Interest actually earned on subscriptions while held in escrow will be invested in the Trust,
and investors will be issued additional Units reflecting each investor's allocable share of such interest. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fees are charged on any subscriptions while held in escrow. Subscribers are notified prior to any return of their subscriptions, and the amounts returned to them shall in no event be
reduced by any deductions for fees or expenses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions,
if rejected, will be promptly returned to investors directly or, if applicable, to the appropriate Selling Agent for credit to an investor's customer securities account,
together with all interest earned thereon while held in escrow. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
subscriptions are final or binding on a subscriber until the close of business on the fifth business day following such subscriber's receipt of a final prospectus
(</FONT><FONT SIZE=2><I>i.e</I></FONT><FONT SIZE=2>., the date of subscription). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CISI
advanced the Trust's organizational and initial offering costs (approximately $650,000), for which CISI was reimbursed by the Trust at the initial closing. The Trust amortized such
costs over the first sixty months of its operations, which ended May&nbsp;31, 2002. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>84</FONT></P>

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<P><FONT SIZE=2><B>Subscribers' Representations and Warranties  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By executing a Subscription Agreement and Power of Attorney Signature Page, such subscriber is representing and warranting, among other things, that:
(i)&nbsp;the subscriber is of legal age to execute and deliver the Subscription Agreement and Power of Attorney and has full power and authority to do so; (ii)&nbsp;the subscriber has read and
understands "Exhibit&nbsp;B&#151;Subscription Requirements" of this prospectus and meets or exceeds the applicable suitability criteria of net worth and annual income
set forth therein; and (iii)&nbsp;the subscriber has received a copy of this prospectus. These representations and warranties might be used by the Managing Owner or others against a subscriber in
the event that the subscriber were to take a position inconsistent therewith. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
the foregoing representations and warranties will be binding on subscribers, the Managing Owner believes that to a large extent such representations and warranties would be implied
from the fact that an investor has subscribed for Units. </FONT><FONT SIZE=2><I>Nonetheless, no prospective subscriber who is not prepared to make such representations and warranties, and to be bound
by them, should consider investing in the Units.</I></FONT></P>

<P><FONT SIZE=2><B>The Selling Agents  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No selling commissions are paid from the proceeds of this offering. At the instruction of CISSI, CIS pays the Selling Agents selling commissions of up to 4% of
the subscription price of all Units sold by each Selling Agent. In addition to selling commissions, CIS, at the instruction of CISSI, will also pay ongoing compensation to the Selling Agents which are
registered with the CFTC as "futures commission merchants" or "introducing brokers" in the amount of up to 0.333% (a 4.0% annual rate) of the month-end Net Asset Value of all Units sold by
them which remain outstanding, beginning with the end of the thirteenth full month after the date such Units were first issued (not the date the subscription was accepted); provided that such ongoing
compensation may only be paid on Units in respect of which financial advisors who are registered with the CFTC and have passed either the Series&nbsp;3 or the Series&nbsp;31 Examination agree to
provide certain ongoing services to their clients who own outstanding Units. Such ongoing compensation may be deemed to constitute underwriting compensation. See "Federal Income Tax
Aspects&#151;Syndication Expenses." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
applicable rules of the National Association of Securities Dealers,&nbsp;Inc., if either a Selling Agent or a Selling Agent's registered representative is not duly registered
with the CFTC, or such registered representative does not agree to provide ongoing services to his or her clients who own outstanding Units, no ongoing compensation may be paid either to such Selling
Agent or to such registered representative. Rather, such Selling Agent and such registered representative are restricted to receiving installment selling commissions, which will be calculated in the
same manner as ongoing compensation except that the total amount of installment selling commissions and initial selling commission received by any such registered representative on each Unit sold by
him or her that remains outstanding may not exceed 9% of the initial subscription price of the Unit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling
Commissions and ongoing compensation payable in respect of Units sold to any Eligible Unitholder (an investor who purchases at least $5,000,000 of Units, as described under
"Charges&#151;Brokerage Fee&#151;Special Brokerage Fee Rate") shall be up to 2.5% of the subscription amount and up to 2.5% of the average month-end Net Asset Value. The
total amount of initial selling commissions and installment selling commissions paid on Units sold to Eligible Unitholders by a Selling Agent or registered representative ineligible to receive ongoing
compensation also may not exceed 9% of the initial subscription price of such Units. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Lead Selling Agent may engage Wholesalers who are registered broker-dealers, or their registered representatives who will introduce Additional Selling Agents to the Lead Selling
Agent and assist such Additional Selling Agents in the offering and sale of Units. Each such Wholesaler will share with an Additional Selling Agent introduced by the Wholesaler (i)&nbsp;the up to 4%
(in the case of sales to </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>85</FONT></P>

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<P><FONT SIZE=2>Eligible
Unitholders, up to 2.5%) initial selling commissions and (ii)&nbsp;the up to 4% (in the case of sales to Eligible Unitholders, up to 2.5%) ongoing compensation payable in respect of Units
sold by such Additional Selling Agent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
Additional Selling Agents may select certain correspondent "introducing brokers" to distribute Units. On Units sold through each such correspondent, who must be registered as a
broker-dealer, the relevant Additional Selling Agent will retain (i)&nbsp;up to 1% of the 4% (in the case of sales to an Eligible Unitholder, up to 0.5% of the 2.5%) initial selling commissions and
(ii)&nbsp;up to 1% of the 4% (in the case of sales to an Eligible Unitholder, up to 0.5% of the 2.5%) ongoing compensation to be received by such Additional Selling Agent in respect of Units sold by
such correspondent, and will in each case pass on the remainder of the initial selling commissions and ongoing compensation to the correspondent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesalers
and correspondents must meet the same eligibility requirements applicable to Selling Agents in order to receive ongoing compensation. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>86</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ew3142_lawyers;_accountants"> </A>
<A NAME="toc_ew3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>LAWYERS; ACCOUNTANTS    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sidley Austin Brown&nbsp;&amp; Wood, Chicago, Illinois and Richards, Layton&nbsp;&amp; Finger, Wilmington, Delaware have advised CISI and CISSI on the offering of the
Units. Sidley Austin Brown&nbsp;&amp; Wood drafted "Tax Consequences." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements of CISI as of May&nbsp;31, 2002 and 2001 and the financial statements of the Trust as of December&nbsp;31, 2002 and 2001 included herein have been audited by
KPMG LLP. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>87</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fa3142_financial_statements"> </A>
<A NAME="toc_fa3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>FINANCIAL STATEMENTS    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Schedules are omitted for the reason that they are not required or are not applicable or that equivalent information has been included in
the financial statements or notes thereto.</I></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>INDEX OF FINANCIAL STATEMENTS  </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>JWH GLOBAL TRUST</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Statements of Financial Condition (unaudited) as of March&nbsp;31, 2003 and 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
89</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Statements of Operations (unaudited) for the period from January&nbsp;1, 2003 to March&nbsp;31, 2003 and the period from January&nbsp;1, 2002 to March&nbsp;31, 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
90</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Statement of Changes in Unitholders' Capital (unaudited) for the period from January&nbsp;1, 2003 to March&nbsp;31, 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
91</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Independent Auditors' Report</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
92</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Statements of Financial Condition as of December&nbsp;31, 2002 and 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
93</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Statements of Operations for the years ended December&nbsp;31, 2002, 2001 and 2000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
94</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Statements of Changes in Unitholders' Capital for the years ended December&nbsp;31, 2002, 2001 and 2000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
95</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Condensed Schedule of Investments as of December&nbsp;31, 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
96</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Notes to Financial Statements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
97</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><BR><FONT SIZE=2><B>CIS INVESTMENTS, INC.</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Statement of Financial Condition (unaudited) as of March&nbsp;31, 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
101</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Independent Auditors' Report</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
102</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Statements of Financial Condition as of May 31, 2002 and 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
103</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Statements of Income for the years ended May 31, 2002 and 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
104</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Statements of Changes in Stockholder's Equity for the years ended May 31, 2002 and 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
105</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Statements of Cash Flows for the years ended May 31, 2002 and 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
106</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Notes to Financial Statements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
107</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>88</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=91,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=720080,FOLIO='88',FILE='DISK014:[03CHI2.03CHI3142]FA3142A.;8',USER='DINGRAM',CD='15-MAY-2003;11:57' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fc3142_1_89"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fc3142_jwh_global_trust_statements_of__jwh02702"> </A>
<A NAME="toc_fc3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST    <BR>    <BR>    Statements of Financial Condition (unaudited)    <BR>    <BR>    March 31, 2003 and 2002    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=4 ALIGN="CENTER"><FONT SIZE=2><B>Assets<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>March 31, 2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>March 31, 2002</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4><FONT SIZE=2>Assets:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Equity in commodity trading accounts:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Cash on deposit with Brokers</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>82,925,039</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>43,334,039</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Unrealized gain on open contracts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(1,239,167</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>112,038</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>81,685,872</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>43,446,077</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Receivable for units sold</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>9,729,800</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>775,665</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Interest receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>77,602</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>68,305</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Prepaid initial organization and offering costs</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>22,029</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="59%"><FONT SIZE=2>Total assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>91,493,274</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>44,312,076</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2><B>Liabilities and Unitholders' Capital</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4><FONT SIZE=2>Liabilities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Accrued commissions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>439,984</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>232,870</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Accrued management fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>136,134</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>72,508</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Accrued incentive fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,206,343</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Accrued operating expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>52,772</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>52,694</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Accrued offering expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>33,303</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>17,996</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Redemptions payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>346,477</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>764,599</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="59%"><FONT SIZE=2>Total liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,215,013</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,140,665</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4><FONT SIZE=2>Unitholders' capital:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Beneficial owners (591,082.78 and 436,951.05 units outstanding at March&nbsp;31, 2003 and 2002, respectively)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>88,417,478</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>42,610,248</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Managing owner (5,754.50 units outstanding at March&nbsp;31, 2003 and 2002, respectively)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>860,783</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>561,163</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="59%"><FONT SIZE=2>Total unitholders' capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>89,278,261</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>43,171,411</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="59%"><FONT SIZE=2>Total liabilities and unitholders' capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>91,493,274</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>44,312,076</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>This Statement of Financial Condition, in the opinion of the Managing Owner, reflects all adjustments necessary to fairly state the financial condition of the
Trust at March&nbsp;31, 2003 and 2002.  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>89</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=92,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=1020395,FOLIO='89',FILE='DISK014:[03CHI2.03CHI3142]FC3142A.;4',USER='DINGRAM',CD='15-MAY-2003;11:57' -->
<BR>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fe3142_1_90"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fe3142_jwh_global_trust_statements_of__jwh02934"> </A>
<A NAME="toc_fe3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST    <BR>    <BR>    Statements of Operations (unaudited)    <BR>    <BR>    Periods ended March 31, 2003 and 2002    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=4 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>January 1, 2003<BR>
through<BR>
March 31, 2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>January 1, 2002<BR>
through<BR>
March 31, 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Revenues:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Gain (loss) on trading of commodity contracts:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Realized gain on closed positions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>14,746,237</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>(2,866,784</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Change in unrealized gain (loss) on open positions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>(7,589,396</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>(2,445,281</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Interest income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>202,480</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>193,384</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Foreign currency transaction gain (loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>20,872</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>(30,378</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="54%"><FONT SIZE=2>Total revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>7,380,193</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>(5,149,059</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Expenses:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Commission</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>1,240,769</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>745,397</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Exchange, clearing and NFA fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>6,213</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>4,985</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Management fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>384,299</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>231,226</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Incentive fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>1,221,849</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Amortization of prepaid initial organization and offering costs</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>33,043</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Ongoing organization and offering expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>93,707</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>57,384</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Operating expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>15,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>14,882</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="54%"><FONT SIZE=2>Total expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>2,961,837</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>1,086,917</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="54%"><FONT SIZE=2>Net profit (loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>4,418,356</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>(6,235,976</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Profit (loss) per unit of beneficial ownership interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>10.06</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>(14.11</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Profit (loss) per unit of managing ownership interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>10.06</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>(14.11</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>These Statements of Operations, in the opinion of the Managing Owner, reflect all adjustments necessary to fairly state the financial condition of the Trust.  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>90</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=93,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=350490,FOLIO='90',FILE='DISK014:[03CHI2.03CHI3142]FE3142A.;5',USER='DINGRAM',CD='15-MAY-2003;11:57' -->
<BR>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fg3142_1_91"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fg3142_jwh_global_trust_statements_of__jwh04258"> </A>
<A NAME="toc_fg3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST    <BR>    <BR>    Statements of Changes in Unitholders' Capital (unaudited)    <BR>    <BR>    Periods from January 1, 2003 through March 31, 2003    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="43%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Units*</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Beneficial<BR>
Owners</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Managing<BR>
Owner</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Total</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>Unitholders' Capital at January 1, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>453,878.17</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>63,327,633</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>802,893</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>64,130,526</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>Net Profit (loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4,360,466</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>57,890</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4,418,356</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>Unitholders' contributions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>144,935.32</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>21,895,406</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>21,895,406</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>Unitholders' redemptions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(7,730.71</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(1,166,027</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(1,166,027</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>Unitholders' Capital at March 31, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>591,082.78</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>88,417,478</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>860,783</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>89,278,261</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>Net asset value per unit at January 1, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>139.53</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>139.53</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>Net profit (loss) per unit</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>10.06</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.06</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>Net asset value per unit at March 31, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>149.59</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>149.59</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Units
of beneficial ownership. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>These Statements of Changes in Unitholders' Capital, in the opinion of the Managing Owner, reflects all adjustments necessary to fairly state the financial
condition of the Trust.  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>91</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=94,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=734688,FOLIO='91',FILE='DISK014:[03CHI2.03CHI3142]FG3142A.;5',USER='DINGRAM',CD='15-MAY-2003;11:57' -->
<BR>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_fi3142_1_92"> </A> </FONT> <FONT SIZE=2>
The Unitholders </FONT></P>

<P><FONT SIZE=2>JWH
Global Trust: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have audited the accompanying statements of financial condition of JWH Global Trust (the Trust) as of December&nbsp;31, 2002 and 2001, including the condensed schedule of
investments as of December&nbsp;31, 2002 and the related statements of operations and changes in unitholders' capital for each of the years in the three-year period ended December&nbsp;31, 2002.
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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;31, 2002 and 2001,
and the results of its operations and changes in its unitholders' capital, for each of the years in the three-year period ended December&nbsp;31, 2002, in conformity with accounting principles
generally accepted in the United States of America. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>KPMG
LLP </FONT></P>

<P><FONT SIZE=2>February&nbsp;14,
2003 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>92</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=95,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=1036652,FOLIO='92',FILE='DISK014:[03CHI2.03CHI3142]FI3142A.;4',USER='DINGRAM',CD='15-MAY-2003;11:57' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fk3142_1_93"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fk3142_jwh_global_trust_statements_of__jwh02446"> </A>
<A NAME="toc_fk3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST    <BR>    <BR>    Statements of Financial Condition    <BR>    <BR>    December 31, 2002 and 2001    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=4 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4 ALIGN="CENTER"><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Equity in commodity trading accounts:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Cash on deposit with Brokers</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>56,847,327</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>46,976,650</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Unrealized gain on open contracts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>6,350,230</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,557,319</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>63,197,557</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>49,533,969</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Receivable for units sold</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,853,334</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>618,077</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Interest receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>60,731</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>70,569</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Prepaid initial organization and offering costs</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>55,072</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%"><FONT SIZE=2>Total assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>65,111,622</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>50,277,687</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=4 ALIGN="CENTER"><FONT SIZE=2><B>Liabilities and Unitholders' Capital</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4><FONT SIZE=2>Liabilities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Accrued commissions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>340,076</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>265,856</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Accrued management fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>105,324</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>82,703</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Accrued operating expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>60,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>60,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Accrued offering expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>26,147</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>20,526</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Redemptions payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>449,549</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>313,509</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%"><FONT SIZE=2>Total liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>981,096</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>742,594</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=4><FONT SIZE=2>Unitholders' capital:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Beneficial owners (453,878.17 and 438,008.69 units outstanding at December&nbsp;31, 2002 and 2001, respectively)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>63,327,633</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>48,892,753</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Managing owner (5,754.50 units outstanding at December&nbsp;31, 2002<BR>
and 2001, respectively)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>802,893</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>642,340</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%"><FONT SIZE=2>Total unitholders' capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>64,130,526</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>49,535,093</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%"><FONT SIZE=2>Total liabilities and unitholders' capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>65,111,622</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>50,277,687</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See
accompanying notes to financial statements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>93</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fm3142_1_94"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fm3142_jwh_global_trust_statements_of__jwh02541"> </A>
<A NAME="toc_fm3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST    <BR>    <BR>    Statements of Operations    <BR>    <BR>    Years ended December 31, 2002, 2001 and 2000    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=4 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Revenues:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Gain (loss) on trading of commodity contracts:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Realized gain on closed positions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>15,033,511</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>8,079,390</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>740</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Change in unrealized gain (loss) on open positions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,792,911</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(5,446,646</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>4,664,653</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Interest income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>811,042</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>1,657,888</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,265,169</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Foreign currency transaction gain (loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>103,274</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>139,504</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(483,085</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="48%"><FONT SIZE=2>Total revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>19,740,738</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4,430,136</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>7,447,477</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Expenses:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Commission</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,450,709</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,215,618</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,737,532</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Exchange, clearing and NFA fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>17,475</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>32,547</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>38,489</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Management fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>1,068,838</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>1,001,094</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,088,954</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Incentive fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>2,741,521</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>990,171</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Amortization of prepaid initial organization and offering costs</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>55,072</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>132,173</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>132,173</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Ongoing organization and offering expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>263,456</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>248,048</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>288,770</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Operating expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>86,473</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>64,643</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>35,740</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="48%"><FONT SIZE=2>Total expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>7,683,544</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>5,684,294</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>6,321,658</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="48%"><FONT SIZE=2>Net profit (loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>12,057,194</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(1,254,158</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,125,819</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Profit (loss) per unit of beneficial ownership interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>27.90</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(2.96</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>10.08</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Profit (loss) per unit of managing ownership interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>27.90</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(2.96</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>10.08</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See
accompanying notes to financial statements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>94</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=97,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=58432,FOLIO='94',FILE='DISK014:[03CHI2.03CHI3142]FM3142A.;6',USER='MBLOUNT',CD='15-MAY-2003;13:39' -->
<A NAME="page_fm3142_1_95"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fm3142_jwh_global_trust_statements_of__jwh03343"> </A>
<A NAME="toc_fm3142_2"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST    <BR>    <BR>    Statements of Changes in Unitholders' Capital    <BR>    <BR>    Years ended December 31, 2002, 2001 and 2000    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Units*</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Beneficial<BR>
Owners</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Managing<BR>
Owner</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Total</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Balance at December 31, 1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>806,374.79</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>84,270,892</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>898,974</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>85,169,866</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Net gain</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,056,111</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>69,708</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,125,819</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Unitholders' contributions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>18,386.99</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,766,481</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>58</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,766,539</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Unitholders' redemptions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(393,996.40</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(37,731,946</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>(200,544</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(37,932,490</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Balance at December 31, 2000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>430,765.38</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>49,361,538</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>768,196</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>50,129,734</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Net loss</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(1,238,945</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>(15,212</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(1,254,157</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Unitholders' contributions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>72,485.25</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>8,406,483</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>8,406,483</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Unitholders' redemptions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(65,241.94</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(7,636,323</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>(110,644</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(7,746,967</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Balance at December 31, 2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>438,008.69</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>48,892,753</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>642,340</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>49,535,093</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Net gain</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>11,896,641</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>160,553</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>12,057,194</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Unitholders' contributions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>87,641.17</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>10,980,607</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>10,980,607</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Unitholders' redemptions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(71,771.69</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(8,442,368</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(8,442,368</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Balance at December 31, 2002</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>453,878.17</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>63,327,633</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>802,893</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>64,130,526</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Net asset value per unit at December 31, 2002</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>139.53</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>139.53</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Net asset value per unit at December 31, 2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>111.63</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>111.63</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Net asset value per unit at December 31, 2000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>114.59</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>114.59</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Units
of beneficial ownership. </FONT>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>See
accompanying notes to financial statements. </FONT></P>

</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>95</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=98,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=423776,FOLIO='95',FILE='DISK014:[03CHI2.03CHI3142]FM3142B.;5',USER='MBLOUNT',CD='15-MAY-2003;13:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fn3142_1_96"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fn3142_jwh_global_trust_condensed_sch__jwh02351"> </A>
<A NAME="toc_fn3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST    <BR>    <BR>    Condensed Schedule of Investments    <BR>    <BR>    December 31, 2002    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
Contracts</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Principal<BR>
(notional)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value (OTE)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Long positions:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Futures positions (4.87%)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Agriculture</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>288</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,427,124</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>44,193</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Energy</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>240</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7,201,799</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>531,651</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Interest rates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,944</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>332,395,246</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>2,184,255</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Metals</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>378</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>12,952,753</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>375,619</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Indices</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>20</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>394,800</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(11,400</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>356,371,722</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,124,318</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Forward positions (7.78%)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Currencies</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>23</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>216,521,615</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4,988,915</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="48%"><FONT SIZE=2>Total long positions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>572,893,337</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>8,113,233</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Short positions:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Futures positions (0.04%)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Agriculture</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,303,700</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>69,100</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Metals</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>99</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,405,806</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(37,332</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Indices</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>73</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,784,064</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(3,838</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>8,493,570</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>27,930</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Forward positions (-2.79%)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Currencies</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>102,373,617</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(1,790,933</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>102,373,617</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(1,790,933</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="48%"><FONT SIZE=2>Total short positions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>110,867,187</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(1,763,003</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Total open contracts (9.9%)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>6,350,230</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Cash on deposit with brokers (88.64%)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>56,847,327</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Other assets in excess of liabilities (1.45%)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>932,969</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Net assets (100.0%)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>64,130,526</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>See
accompanying notes to financial statements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>96</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fp3142_jwh_global_trust_notes_to_fina__jwh02249"> </A>
<A NAME="toc_fp3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST<BR>  <BR>    Notes to Financial Statements<BR>  <BR>    December 31, 2002, 2001 and 2000    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>(1)&nbsp;&nbsp;&nbsp;General Information and Summary  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH Global Trust (the Trust), a Delaware statutory trust organized on November&nbsp;12, 1996, was formed to engage in the speculative trading of futures
contracts on currencies, interest rates, energy and agricultural products, metals and stock indices, spot and forward contracts on currencies and precious metals, and exchanges for physicals pursuant
to the trading instructions of independent trading advisors. The Managing Owner of the Trust is CIS Investments, Inc. (CISI). The clearing broker is Cargill Investor Services, Inc. (Clearing Broker or
CIS), the parent company of CISI. The broker for forward contracts is CIS Financial Services, Inc. (CISFS or Forwards Currency Broker), an affiliate of CISI. The Clearing Broker and the Forwards
Currency Broker will collectively be referred to as the Brokers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units
of beneficial ownership of the Trust commenced selling on April&nbsp;3, 1997 and trading began on June&nbsp;2, 1997. The initial amount offered for investment was $50,000,000.
On September&nbsp;26, 1997, the Trust registered an additional $155,000,000 for further investment and continued the offering. By December&nbsp;31, 2002, a total of 1,291,794.45&nbsp;units
representing an investment for $138,451,203 of beneficial ownership interest had been sold in the combined offerings. In addition, during the offerings, the Managing Owner purchased a total of
8,602.73&nbsp;units, representing a total investment of $885,058. See the JWH Global Trust prospectus for further details of the offering. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust will be terminated on December&nbsp;31, 2026, if none of the following occur prior to that date: (1)&nbsp;beneficial owners holding more than 50% of the outstanding units
notify the Managing Owner to dissolve the Trust as of a specific date; (2)&nbsp;disassociation of the Managing Owner with the Trust; (3)&nbsp;bankruptcy of the Trust; (4)&nbsp;, a decrease in
the net asset value to less than $2,500,000; (5)&nbsp;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. </FONT></P>


<P><FONT SIZE=2><B>(2)&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accounting and reporting policies of the Trust conform to accounting principles generally accepted in the United States of America and to general practices in
the commodities industry. The following is a description of the more significant of those policies that the Trust follows in preparing its financial statements. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Revenue Recognition  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade date. All such transactions are recorded on
the identified cost basis and marked to market daily. Unrealized gains and losses on open contracts reflected in the statements of financial condition represent the difference between original
contract amount and market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical
commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust earns interest on its assets on deposit at the Brokers at 100% of the 91-day Treasury bill rate for deposits denominated in U.S. dollars, and at the rates agreed between the
Trust and CIS and CISFS for deposits denominated in other currencies. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>97</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fp3142_jwh_global_trust_notes_to_fina__jwh02249_1"> </A>
<A NAME="toc_fp3142_2"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST<BR>  <BR>    Notes to Financial Statements<BR>  <BR>    December 31, 2002, 2001 and 2000    <BR>    </B></FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Redemptions  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 five days' written notice to the Managing Owner. Payment will be made within ten business days of the effective date of the redemption. Any redemption made during the
first 11 months of investment is subject to a 3% redemption penalty. Any redemption made in the 12th month of investment or later will not be subject to any penalty. The Trust's Amended and Restated
Declaration and Agreement of Trust contains a full description of redemption and distribution policies. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Organizational and Offering Costs  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial organizational and offering costs advanced to the Trust are being amortized over the first 60 months of the Trust's operations, subject to a maximum
monthly payment of 1/60 of 2% of the month-end net assets. Ongoing offering costs, subject to a ceiling of 0.5% of the Trust's average month-end net assets, are paid by the Trust and expensed as
incurred. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Commissions  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity brokerage commissions are typically paid for each trade transacted and are referred to as "round-turn commissions". These commissions cover both the
initial purchase (or sale) and the subsequent offsetting sale (or purchase) of a commodity futures contract. The Trust does not pay commodity brokerage commissions on a per-trade basis, but rather
pays monthly flat-rate Brokerage Fees at the annual rate of 6.5% (or a monthly rate of approximately 0.542%) of the Trust's month-end assets after reduction of the Management Fee. CIS receives these
Brokerage Fees irrespective of the number of trades executed on the Trust's behalf. The amount paid to CIS is reduced by exchange fees paid by the Trust. The round-turn equivalent rate for commissions
paid by the Trust for the years ended December 31, 2002, 2001, and 2000 was $52, $56, and $57, respectively. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
large investors are eligible for a "Special Brokerage Fee Rate" of 5% per year. As of December&nbsp;31, 2002, there were no such eligible investors in the Trust. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Foreign Currency Transactions  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Use of Estimates  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2><B>(3)&nbsp;&nbsp;&nbsp;Fees  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;W. Henry &amp; Company, Inc. (JWH) utilizing three of its trading programs, the GlobalAnalytics Family of Programs, the Financial and Metals Portfolio, and the G-7
Currency Portfolio. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>98</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_fp3142_3"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST<BR>  <BR>    Notes to Financial Statements<BR>  <BR>    December 31, 2002, 2001 and 2000    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under signed agreement, prior to October&nbsp;1, 2000, JWH received a monthly management fee of 1/12 of 4% of the Trust's month-end assets after deduction of a
portion of the Brokerage Fee at an annual rate
of 1.25% of month-end Trust assets but before deduction of any management fees, redemptions, distributions, or incentive fee accrued or payable as of the relevant month end. Effective
October&nbsp;1, 2000, the agreement with JWH was changed to reduce the monthly management fee to 1/12 of 2% of the month-end net assets after the deductions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also,
under signed agreement, prior to October&nbsp;1, 2000, the Trust paid to JWH a quarterly incentive fee equal to 15% of the new trading profits of the Trust. The incentive fee is
based on the overall performance of the Trust, not individually in respect of the performance of the individual programs utilized by the Trust. This fee is also calculated by deducting a portion of
the Brokerage Fees at an annual rate of 1.25%. Effective October&nbsp;1, 2000, the agreement with JWH was changed to increase the incentive fee to 20% of the net trading profits. </FONT></P>

<P><FONT SIZE=2><B>(4)&nbsp;&nbsp;&nbsp;Income Taxes  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Trust is
responsible for the Illinois State Partnership Information and Replacement Tax based on the operating results of the Trust. Such tax amounted to $0, $0 and $0 for the years ended December&nbsp;31,
2002, 2001, and 2000, respectively, and is included in operating expenses in the statements of operations. </FONT></P>

<P><FONT SIZE=2><B>(5)&nbsp;&nbsp;&nbsp;Trading Activities and Related Risks  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust has cash on deposit with an affiliate interbank market maker in connection with its trading of forward contracts. In the event of interbank market maker's insolvency, recovery
of the Trust assets on deposit may be limited to account insurance or other protection afforded such deposits. In the normal course of business, the Trust does not require collateral from such
interbank market maker. Because forward contracts are traded in unregulated markets between principals, the Trust also assumes a credit risk, the risk of loss from counter party non-performance. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>99</FONT></P>

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<A NAME="toc_fp3142_4"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST<BR>  <BR>    Notes to Financial Statements<BR>  <BR>    December 31, 2002, 2001 and 2000    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net trading results from derivatives for the years ended December&nbsp;31, 2002, 2001, and 2000, are reflected in the statement 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notional amounts of open contracts at December&nbsp;31, 2002, as disclosed in the Schedule of Investments, do not represent the Trust's risk of loss due to market and credit risk,
but rather represent the Trust's extent of involvement in derivatives at the date of the statement of financial condition. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Beneficial Owners bear the risk of loss only to the extent of the market value of their respective investments. </FONT></P>

<P><FONT SIZE=2><B>(6)&nbsp;&nbsp;&nbsp;Financial Highlights  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following financial highlights show the Trust's financial performance for the period ended December 31, 2002. Total return is calculated as the change in a
theoretical beneficial owner's
investment over the entire period &#151; a percentage change in the net asset value from December&nbsp;31, 2001 to December&nbsp;31, 2002. Total return is calculated based on the aggregate
return of the Trust taken as a whole. </FONT></P>

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<TR VALIGN="BOTTOM">
<TH COLSPAN=4 ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Total return</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>24.99</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
Ratio to average net assets:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Net profit</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>23.22</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="3%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>9.52</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Incentive fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>5.28</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="77%"><FONT SIZE=2>Total expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>14.80</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
net profit and expense ratios are computed based upon the weighted average net assets for the Trust for the period ended December&nbsp;31, 2002. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>100</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=103,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=700125,FOLIO='100',FILE='DISK014:[03CHI2.03CHI3142]FP3142A.;8',USER='JDARCHE',CD='15-MAY-2003;13:45' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fr3142_1_101"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fr3142_cis_investments,_inc._statemen__cis02626"> </A>
<A NAME="toc_fr3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>CIS INVESTMENTS, INC.    <BR>    <BR>    Statement of Financial Condition (unaudited)    <BR>    <BR>    March 31, 2003    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Assets:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Accrued organizational and offering costs due from JWH Global Trust</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>158,997</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Receivable from funds</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,088</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Due from Cargill, Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>3,351,827</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Fee income receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>84,941</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Investments in registered commodity pools</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,074,405</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="75%"><FONT SIZE=2>Total assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>4,671,258</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2><B>Liabilities and Stockholder's Equity</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Liabilities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Deferred tax liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>41,439</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Accrued taxes payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>31,628</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Deferred management fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>57,635</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="75%"><FONT SIZE=2>Total liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>130,702</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Stockholder's equity:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Common stock, $100 par value. Authorized 30,000 shares; issued 10 shares</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Common stock subscribed, 29,990 shares</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,999,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Less: subscriptions receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>(2,999,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Paid-in capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>18,250,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Less: demand note receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>(18,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Retained earnings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>4,289,556</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="75%"><FONT SIZE=2>Total stockholder's equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>4,540,556</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="75%"><FONT SIZE=2>Total liabilities and stockholder's equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>4,671,258</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>This Statement of Financial Condition, in the opinion of management, reflects all adjustments necessary to fairly state the financial condition of CIS
Investments, Inc. at March&nbsp;31, 2003. All adjustments made were of a normal and recurring nature.  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>101</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fs3142_1_102"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fs3142_independent_auditors__report"> </A>
<A NAME="toc_fs3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>INDEPENDENT AUDITORS' REPORT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>The
Board of Directors<BR>
CIS Investments, Inc.: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have audited the accompanying statements of financial condition of CIS Investments, Inc., a wholly owned subsidiary of Cargill Investor Services, Inc., (the Company) as of
May&nbsp;31, 2002 and 2001, and the related statements of income, changes in stockholder's equity and cash flows for the years then ended. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our opinion, the financial statements referred to above present fairly, in all material respects, the financial condition of CIS Investments, Inc. as of May&nbsp;31, 2002 and 2001,
and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>KPMG
LLP </FONT></P>

<P><FONT SIZE=2>July
15, 2002<BR></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>102</FONT></P>

<HR NOSHADE>
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NAME="page_fu3142_1_103"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fu3142_cis_investments,_inc._statemen__cis02357"> </A>
<A NAME="toc_fu3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>CIS INVESTMENTS, INC.    <BR>    <BR>    Statements of Financial Condition    <BR>    <BR>    May&nbsp;31, 2002 and 2001    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=4 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4 ALIGN="CENTER"><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=4><FONT SIZE=2>Assets:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Receivable from funds</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,088</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,088</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Due from Cargill, Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,101,529</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,342,529</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Accrued taxes receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>30,449</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>69,235</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Fee income receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>48,645</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>53,259</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Investments in registered commodity pools</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>770,026</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,023,584</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="58%"><FONT SIZE=2>Total assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,951,737</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,489,695</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4 ALIGN="CENTER"><FONT SIZE=2><B>Liabilities and Stockholder's Equity</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=4><FONT SIZE=2>Liabilities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Accrued organizational and offering costs due to JWH Global Trust</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>8,855</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>40,737</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Deferred tax liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>74,113</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>9,791</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Deferred management fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>40,760</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>53,205</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="58%"><FONT SIZE=2>Total liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>123,728</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>103,733</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4><FONT SIZE=2>Stockholder's equity:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Common stock, $100 par value. Authorized 30,000 shares; issued 10 shares</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Common stock subscribed, 29,990 shares</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,999,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,999,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Less subscriptions receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(2,999,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(2,999,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Paid-in-capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>18,250,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>18,250,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Less demand note receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(18,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(18,000,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Retained earnings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,577,009</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,134,962</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="58%"><FONT SIZE=2>Total stockholder's equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,828,009</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,385,962</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="58%"><FONT SIZE=2>Total liabilities and stockholder's equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,951,737</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,489,695</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See
accompanying notes to financial statements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>103</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fv3142_1_104"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fv3142_cis_investments,_inc._statemen__cis02312"> </A>
<A NAME="toc_fv3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>CIS INVESTMENTS, INC.    <BR>    <BR>    Statements of Income    <BR>    <BR>    Years ended May&nbsp;31, 2002 and 2001    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=4 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Revenues:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Management fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>36,009</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Interest income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>72,156</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>132,897</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Accounting and administrative services income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>680,663</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>787,445</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Realized and unrealized gain (loss) on investments</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(134,085</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>207,794</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="64%"><FONT SIZE=2>Total revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>618,734</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>1,164,145</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Expenses&#151;operating</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,276</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="64%"><FONT SIZE=2>Income before income taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>615,458</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>1,164,145</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>Income tax expense</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>173,411</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>410,283</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="64%"><FONT SIZE=2>Net income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>442,047</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>753,862</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See
accompanying notes to financial statements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>104</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fw3142_1_105"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fw3142_cis_investments,_inc._statemen__cis03350"> </A>
<A NAME="toc_fw3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>CIS INVESTMENTS,&nbsp;INC.    <BR>    <BR>    Statements of Changes in Stockholder's Equity    <BR>    <BR>    Years ended May&nbsp;31, 2002 and 2001    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="20%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Common<BR>
stock</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Common<BR>
stock<BR>
subscribed</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Subscriptions<BR>
receivable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Paid-in<BR>
capital</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Demand note<BR>
receivable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Retained<BR>
earnings</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Total</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2>Balance at May 31, 2000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,999,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(2,999,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>18,250,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(18,000,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,381,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,632,100</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2>Net income</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>753,862</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>753,862</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2>Balance at May 31, 2001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,999,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(2,999,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>18,250,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(18,000,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,134,962</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,385,962</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2>Net income</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>442,047</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>442,047</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2>Balance at May 31, 2002</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,999,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(2,999,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>18,250,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(18,000,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,577,009</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,828,009</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See
accompanying notes to financial statements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>105</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fx3142_1_106"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fx3142_cis_investments,_inc._statemen__cis02482"> </A>
<A NAME="toc_fx3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>CIS INVESTMENTS,&nbsp;INC.    <BR>    <BR>    Statements of Cash Flows    <BR>    <BR>    Years ended May&nbsp;31, 2002 and 2001    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=5 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=5><FONT SIZE=2>Cash flows from operating activities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=4><FONT SIZE=2>Net income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>442,047</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>753,862</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=4><FONT SIZE=2>Adjustments to reconcile net income to net cash used in operating activities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Realized and unrealized (gain) loss on investments</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>134,085</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(207,794</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Decrease (increase) in assets:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Receivable from funds</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(602</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Due from Cargill, Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>(759,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(1,487,423</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Accrued taxes receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>38,786</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(69,235</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Miscellaneous receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4,614</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(53,259</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=3><FONT SIZE=2>Increase (decrease) in liabilities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Deferred management fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>(12,445</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(14,321</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Deferred tax liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>64,322</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>8,825</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Accounts payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(387</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="58%"><FONT SIZE=2>Net cash used in operating activities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>(87,591</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(1,070,334</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=5><FONT SIZE=2>Cash flows from investing activities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=4><FONT SIZE=2>Organizational and offering costs of JWH Global Trust</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>(31,882</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>117,239</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=4><FONT SIZE=2>Proceeds from sale of registered commodity pools</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>119,473</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>953,095</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="58%"><FONT SIZE=2>Net cash provided by investing activities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>87,591</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>1,070,334</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="58%"><FONT SIZE=2>Net change in cash</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=5><FONT SIZE=2>Cash at beginning of year</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=5><FONT SIZE=2>Cash at end of year</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=5><FONT SIZE=2>Supplemental disclosures of cash flow information:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=4><FONT SIZE=2>cash paid during the year for income taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>70,303</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>467,418</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See
accompanying notes to financial statements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>106</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=109,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=390238,FOLIO='106',FILE='DISK014:[03CHI2.03CHI3142]FX3142A.;8',USER='DINGRAM',CD='15-MAY-2003;11:57' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fy3142_1_107"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fy3142_cis_investments,_inc._notes_to__cis02217"> </A>
<A NAME="toc_fy3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>CIS INVESTMENTS, INC.    <BR>    <BR>    Notes to Financial Statements    <BR>    <BR>    May 31, 2002 and 2001    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>(1)&nbsp;&nbsp;&nbsp;General Information and Summary of Significant Accounting Policies  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A summary of the significant accounting policies which have been followed in preparing the accompanying financial statements is set forth below. </FONT></P>


<P><FONT SIZE=2><B><I>Nature of Business  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIS Investments, Inc. (the Company), a wholly owned subsidiary of Cargill Investor Services, Inc. (the Parent), is a registered commodity pool operator with the
Commodity Futures Trading Commission. The Company is the general partner or managing owner in various limited partnerships or trusts (Funds) organized for the purpose of engaging in the speculative
trading of commodity interests, including futures contracts, physical commodities, and related options. </FONT></P>

<P><FONT SIZE=2><B><I>Revenue Recognition  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company earns accounting and administrative fees from the Funds for which it acts as general partners and managing owner which is recognized into income as it
is earned. Unearned management fees are amortized over one year, the life of the contract, using the straight-line method. </FONT></P>

<P><FONT SIZE=2><B><I>Investments  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Funds are recorded at a value which approximates the Company's proportionate share of each Fund's net asset value. </FONT></P>

<P><FONT SIZE=2><B><I>Income Taxes  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is included in the consolidated Federal income tax return of the Parent. Income tax expense is calculated as if the Company would file a separate
return. Accrued taxes represents the remaining balance due from the Parent for the current year and prior year taxes including the impact of deferred taxes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and
liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. </FONT></P>


<P><FONT SIZE=2><B><I>Due from Cargill Inc.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Cargill, Inc. represents the net balance to/from Cargill Inc., the Company's ultimate parent. Cash on deposit with Cargill, Inc., earns interest daily at
the one month LIBOR. </FONT></P>

<P><FONT SIZE=2><B><I>Use of Estimates  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>107</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=110,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=213568,FOLIO='107',FILE='DISK014:[03CHI2.03CHI3142]FY3142A.;7',USER='JDARCHE',CD='15-MAY-2003;13:52' -->
<A NAME="page_fy3142_1_108"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B> <A NAME="fy3142_cis_investments,_inc._notes_to__cis02217_1"> </A>
<A NAME="toc_fy3142_2"> </A>
<BR>    CIS INVESTMENTS, INC.    <BR>    <BR>    Notes to Financial Statements    <BR>    <BR>    May 31, 2002 and 2001    <BR>    </B></FONT></P>

<P><FONT SIZE=2>
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </FONT></P>

<P><FONT SIZE=2><B>(2)&nbsp;&nbsp;&nbsp;Receivable/Payable from/to JWH Global Trust  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company advanced JWH Global Trust (the Trust) funds for payment of its initial organizational and offering costs. These costs were being reimbursed currently
by the Trust at an annual rate of <SUP>1</SUP>/<SMALL>2</SMALL> of 1% of the net assets of the Trust. At May&nbsp;31, 2002, the aggregate amount that the Trust has reimbursed the Company exceeded the aggregate
amounts provided by the Company, thus creating a payable. Ongoing offering costs are paid by the Trust and expensed as incurred. </FONT></P>

<P><FONT SIZE=2><B>(3)&nbsp;&nbsp;&nbsp;Investments in Funds  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in IDS Managed Futures, L.P., IDS Managed Futures II, L.P., and JWH Global Trust are 0.53%, 0.52%, and 1.33% of the total interest of each fund,
respectively. Investments in the Funds at May&nbsp;31, 2002 and 2001 are as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="85%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="50%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Units</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Amount</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Units</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Amount</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>IDS Managed Futures, L.P.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>478</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>133,782</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>807</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>253,594</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>IDS Managed Futures II, L.P.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>54</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>27,475</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>128</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>72,730</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>JWH Global Trust</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>5,755</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>608,769</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>5,754</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>697,260</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>770,026</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>1,023,584</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following represents condensed combined financial information of the Funds as of May&nbsp;31, 2002 and 2001 (in thousands). </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="82%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>78,310</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>93,770</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>2,207</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>1,869</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>76,103</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>91,901</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="71%"><FONT SIZE=2>Total liabilities and capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>78,310</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>93,770</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>(4)&nbsp;&nbsp;&nbsp;Net Worth Requirements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is required to maintain an amount of net worth as stated in each Fund's agreement. For the purpose of compliance, net worth is defined as the total of
common stock issued and subscribed, paid in capital, demand note receivables, and retained earnings. At May&nbsp;31, 2002, the Company believes it is in compliance with its net worth requirements. </FONT></P>


<P><FONT SIZE=2><B>(5)&nbsp;&nbsp;&nbsp;Common Stock Subscriptions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and its Parent entered into stock subscription agreements whereby the Parent subscribed to purchase up to 29,990 shares of the Company's stock at $100
per share in order to ensure the Company's continued compliance with its net worth requirements. No subscribed stock was issued, nor is it known when and if any will be issued in the future. As such,
the subscribed stock receivable amount is shown as a deduction from stockholder's equity. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>108</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=111,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=672778,FOLIO='108',FILE='DISK014:[03CHI2.03CHI3142]FY3142A.;7',USER='JDARCHE',CD='15-MAY-2003;13:52' -->
<A NAME="page_fy3142_1_109"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B> <A NAME="fy3142_cis_investments,_inc._notes_to__cis02217_2"> </A>
<A NAME="toc_fy3142_3"> </A>
<BR>    CIS INVESTMENTS, INC.    <BR>    <BR>    Notes to Financial Statements    <BR>    <BR>    May 31, 2002 and 2001    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>(6)&nbsp;&nbsp;&nbsp;Demand Note Receivable  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company received a capital contribution of $18,000,000 from its Parent and entered into a related non-interest bearing demand note for $18,000,000. No cash
was transferred, nor is it known when and if any will be transferred in the future. As such, the demand note is shown as a deduction from stockholder's equity. </FONT></P>

<P><FONT SIZE=2><B>(7)&nbsp;&nbsp;&nbsp;Related Parties  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has no employees. The Parent provides facilities and administrative services to the Company at no cost. The Parent also pays certain expenses on
behalf of the Company. </FONT></P>

<P><FONT SIZE=2><B>(8)&nbsp;&nbsp;&nbsp;Financial Instruments with Off-balance Sheet Risk  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As general partner or managing owner of the Funds, the Company's investment in the Funds are subject to the risks related to financial instruments and commodity
contracts held or sold short by these Funds. The Company 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 the contract. However, the Company bears the risk of loss only to the extent of the market value of its respective investment and, in certain
specific circumstances, distributions and redemptions received. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>109</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ge3142_part_two_statement_of_additional_information"> </A>
<A NAME="toc_ge3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART TWO<BR>  STATEMENT OF ADDITIONAL INFORMATION    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus is in two parts: a Disclosure Document and a Statement of Additional Information. These parts are bound together, and both contain important
information. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ge3142_futures_markets_and_trading_methods"> </A>
<A NAME="toc_ge3142_2"> </A>
<BR></FONT><FONT SIZE=2><B>FUTURES MARKETS AND TRADING METHODS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B><I>The Futures and Forward Markets  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Commodity Futures Modernization Act of 2000 ("CFMA") became effective in December&nbsp;2000 and substantially amended various laws relating to the trading
of futures and derivatives contracts. New regulations regarding the trading of futures contracts have been enacted and more are expected. Although the new regulations have not had a significant impact
on the markets traded by the Trust, it is impossible to predict how such regulations may impact the trading activities of the Trust. The following discussion describes traditional futures trading and
briefly describes the characteristics of new exchanges permitted by the CFMA. </FONT></P>

<P><FONT SIZE=2><I>Futures and Forward Contracts  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts normally have standardized terms, such as size and delivery month, and call for the future delivery of various commodities. These contractual
obligations may be satisfied either by taking or making physical delivery or by making an offsetting sale or purchase of a futures contract. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the enactment of the CFMA, futures contracts could only be traded on exchanges that were designated as "contract markets" by the CFTC. The CFMA permits certain futures contracts
between
sophisticated parties to be traded "off exchange." The CFMA permits several new categories of exchanges to be created, each of which is subject to less regulation than traditional
CFTC-approved contract markets. To date, all of the Trust's futures trading in the United States has been conducted on exchanges subject to the full oversight of the CFTC and the Managing
Owner expects that substantially all of the Trust's futures trading in the United States will continue to be conducted on such exchanges. However, it is not now possible to determine what impact the
existence of these new exchanges will have on the Trust's trading activities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward
currency contracts are traded off-exchange through banks or dealers. In such instances, the bank or dealer generally acts as principal in the transaction and charges
"bid-ask" spreads. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures
and forward trading is a "zero-sum," risk transfer economic activity. For every gain there is an equal and offsetting loss. </FONT></P>


<P><FONT SIZE=2><I>Exchange of Futures for Physicals ("EFP") Transactions  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although futures contracts are normally entered into through competitive bidding and offering on an exchange floor (or its electronic equivalent), most U.S.
exchanges allow futures contracts also to be established in a transaction known as an exchange of futures for physicals ("EFP"). In an EFP transaction where two parties engage in a cash sale of a
commodity underlying a futures contract, those same two parties are permitted to establish futures positions of an equivalent quantity opposite to their cash transaction. For example, a seller of a
cash commodity would be permitted to establish a long futures position of an equivalent quantity and the buyer of the cash commodity would be permitted to establish a short futures position of the
equivalent commodity. In some futures markets, the cash transaction upon which the EFP is based can be the reversal of a previously entered into but unsettled cash transaction. In those markets,
because the cash transaction is essentially "transitory," EFPs can serve as a means for parties to enter into futures contracts at negotiated prices and at other than during normal trading hours. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>110</FONT></P>

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<P><FONT SIZE=2><I>Hedgers and Speculators  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The two broad classifications of persons who trade futures are "hedgers" and "speculators." Hedging is designed to minimize the losses that may occur because of
price changes, for example, between the time a merchandiser contracts to sell a commodity and the time of delivery. The futures and forward markets enable the hedger to shift the risk of price changes
to the speculator. The speculator risks capital with the hope of making profits from such changes. Speculators, such as the Trust, rarely take
delivery of the physical commodity but rather close out their futures positions through offsetting futures contracts. </FONT></P>


<P><FONT SIZE=2><I>Exchanges; Position and Daily Limits; Margins  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the existing futures exchanges in the United States has an associated "clearinghouse." Once trades made between members of an exchange have been cleared,
each clearing broker looks only to the clearinghouse for all payments in respect of such broker's open positions. The clearinghouse "guarantee" of performance on open positions does not run to
customers. If a member firm goes bankrupt, customers could lose money. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JWH
trades for the Trust on a number of foreign commodities exchanges. Foreign commodity exchanges differ in certain respects from their United States counterparts and are not regulated
by any United States agency. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
CFTC and the United States exchanges have established "speculative position limits" on the maximum positions that JWH may hold or control in futures contracts on certain commodities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most
United States futures exchanges limit the maximum change in futures prices during any single trading day. Once the "daily limit" has been reached, it becomes very difficult to
execute trades. Because these limits apply on a day-to-day basis, they do not limit ultimate losses, but may reduce or eliminate liquidity. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
a position is established, "initial margin" is deposited. On most futures exchanges, at the close of each trading day "variation margin," representing the unrealized gain or loss on
the open positions, is either credited to or debited from a trader's account. If "variation margin" payments cause a trader's "initial margin" to fall below "maintenance margin" levels, a "margin
call" is made, requiring the trader to deposit additional margin or have his position closed out. </FONT></P>

<P><FONT SIZE=2><B>Trading Methods  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managed futures strategies are generally classified as either (i)&nbsp;systematic or discretionary; and (ii)&nbsp;technical or fundamental. </FONT></P>


<P><FONT SIZE=2><I>Systematic and Discretionary Trading Approaches  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A systematic trader relies on trading programs or models to generate trading signals. Discretionary traders make trading decisions on the basis of their own
judgment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
approach involves inherent risks. For example, systematic traders may incur substantial losses when fundamental or unexpected forces dominate the markets, while discretionary
traders may overlook price trends which would have been signaled by a system. </FONT></P>


<P><FONT SIZE=2><I>Technical and Fundamental Analysis  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technical analysis operates on the theory that market prices, momentum and patterns at any given point in time reflect all known factors affecting the supply and
demand for a particular commodity. Consequently, technical analysis focuses on market data as the most effective means of attempting to predict future prices. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>111</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fundamental
analysis, in contrast, focuses on the study of factors external to the markets, for example: weather, the economy of a particular country, government policies, domestic and
foreign political and economic events, and changing trade prospects. Fundamental analysis assumes that markets are imperfect and that market mispricings can be identified. </FONT></P>

<P><FONT SIZE=2><I>Trend-Following  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trend-following advisors try to take advantage of major price movements, in contrast with traders who focus on making many small profits on short-term
trades or through relative value positions. Trend-following traders assume that most of their trades will be unprofitable. They look for a few large profits from big trends. During periods with no
major price movements, a trend-following trading advisor is likely to have big losses. </FONT></P>


<P><FONT SIZE=2><I>Risk Control Techniques  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading advisors often adopt risk management principles. Such principles typically restrict the size of positions taken as well as establishing
stop-loss points at which losing positions must be liquidated. However, no risk control technique can assure that big losses will be avoided. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> The JWH programs are systematic, technical and trend-following.  </I></B></FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>112</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg3142__blue_sky__glossary"> </A>
<A NAME="toc_gg3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>"BLUE SKY" GLOSSARY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following definitions are included in this Statement of Additional Information in compliance with the requirements of various state
securities administrators who review public futures fund offerings for compliance with the "Guidelines for the Registration of Commodity Pool Programs" Statement of Policy promulgated by the North
American Securities Administrators Association,&nbsp;Inc. The following definitions are reprinted verbatim from such Guidelines and may, accordingly, not in all cases be relevant to an investment in
the Trust.  </I></FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions</B></FONT><FONT SIZE=2>&#151;As used in the Guidelines, the following terms have the following meanings: </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator</I></FONT><FONT SIZE=2>&#151;The official or agency administering the security laws of a state. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor</I></FONT><FONT SIZE=2>&#151;Any Person who for any consideration engages in the business of advising others, either directly or indirectly, as to
the value, purchase, or sale of commodity contracts or commodity options. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate</I></FONT><FONT SIZE=2>&#151;An Affiliate of a Person means: (a)&nbsp;any Person directly or indirectly owning, controlling or holding with
power to vote 10% or more of the outstanding voting securities of such Person; (b)&nbsp;any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held with power to vote, by such Person; (c)&nbsp;any Person, directly or indirectly, controlling, controlled by, or under common control of such Person; (d)&nbsp;any officer, director or partner
of such Person; or (e)&nbsp;if such Person is an officer, director or partner, any Person for which such Person acts in any such capacity. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Contributions</I></FONT><FONT SIZE=2>&#151;The total investment in a Program by a Participant or by all Participants, as the case may be. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity Broker</I></FONT><FONT SIZE=2>&#151;Any Person who engages in the business of effecting transactions in commodity contracts for the account of
others or for his or her own account. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity Contract</I></FONT><FONT SIZE=2>&#151;A contract or option thereon providing for the delivery or receipt at a future date of a specified amount
and grade of a traded commodity at a specified price and delivery point. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross Reference Sheet</I></FONT><FONT SIZE=2>&#151;A compilation of the Guideline sections, referenced to the page of the prospectus, Program agreement, or
other exhibits, and justification of any deviation from the Guidelines. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets</I></FONT><FONT SIZE=2>&#151;The total assets, less total liabilities, of the Program determined on the basis of generally accepted accounting
principles. Net Assets shall include any unrealized profits or losses on open positions, and any fee or expense including Net Asset fees accruing to the Program. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value Per Program Interest</I></FONT><FONT SIZE=2>&#151;The Net Assets of the Trust divided by the number of Units outstanding. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Worth</I></FONT><FONT SIZE=2>&#151;The excess of total assets over total liabilities as determined by generally accepted accounting principles. Net
Worth shall be determined exclusive of home, home furnishings and automobiles. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Trading Profits</I></FONT><FONT SIZE=2>&#151;The excess, if any, of Net Assets at the end of the period over Net Assets at the end of the highest
previous period or Net Assets at the date trading commences, whichever is higher, and as further adjusted to eliminate the effect on Net Assets resulting from new Capital Contributions, redemptions,
or capital distributions, if any, made during the period decreased by interest or other income, not directly related to trading activity, earned on Program assets during the period, whether the assets
are held separately or in a margin account. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>113</FONT></P>

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<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational and Offering Expenses</I></FONT><FONT SIZE=2>&#151;All expenses incurred by the Program in connection with and in preparing a Program for
registration and subsequently offering and distributing it to the public, including, but not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriter's
attorneys), expenses for printing, engraving, mailing, salaries of employees while engaged in sales activity, charges of transfer agents, registrars, trustees, escrow holders, depositories, experts,
expenses of qualification of the sale of its Program Interests under federal and state law, including taxes and fees, and accountants' and attorneys' fees. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant</I></FONT><FONT SIZE=2>&#151;The holder of a Program Interest. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Person</I></FONT><FONT SIZE=2>&#151;Any natural person, partnership, corporation, association or other legal entity. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pit Brokerage Fee</I></FONT><FONT SIZE=2>&#151;Pit Brokerage Fee shall include floor brokerage, clearing fees, National Futures Association fees, and
exchange fees. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Program</I></FONT><FONT SIZE=2>&#151;A limited partnership, joint venture, corporation, trust or other entity formed and operated for the purpose of
investing in Commodity Contracts. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Program Broker</I></FONT><FONT SIZE=2>&#151;A Commodity Broker that effects trades in Commodity Contracts for the account of a Program. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Program Interest</I></FONT><FONT SIZE=2>&#151;A limited partnership interest or other security representing ownership in a Program. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramiding</I></FONT><FONT SIZE=2>&#151;A method of using all or a part of an unrealized profit in a Commodity Contract position to provide margin for any
additional Commodity Contracts of the same or related commodities. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sponsor</I></FONT><FONT SIZE=2>&#151;Any Person directly or indirectly instrumental in organizing a Program or any Person who will manage or participate in
the management of a Program, including a Commodity Broker who pays any portion of the Organizational Expenses of the Program, and the general partner(s) and any other Person who regularly performs or
selects the Persons who perform services for the Program. Sponsor does not include wholly independent third parties such as attorneys, accountants, and underwriters whose only compensation is for
professional services rendered in connection with the offering of the Units. The term "Sponsor" shall be deemed to include its Affiliates. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation Date</I></FONT><FONT SIZE=2>&#151;The date as of which the Net Assets of the Program are determined. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation Period</I></FONT><FONT SIZE=2>&#151;A regular period of time between Valuation Dates. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>114</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT&nbsp;A  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JWH GLOBAL TRUST  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ha3142_fifth_amended_and_restated_dec__fif02417"> </A>
<A NAME="toc_ha3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>FIFTH AMENDED AND RESTATED<BR>  DECLARATION AND AGREEMENT OF TRUST    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Dated as of July&nbsp;1, 2003  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hb3142_jwh_global_trust"> </A>
<A NAME="toc_hb3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>FIFTH AMENDED AND RESTATED<BR>
DECLARATION AND AGREEMENT OF TRUST  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hb3142_table_of_contents"> </A>
<A NAME="toc_hb3142_2"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="85%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>1.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Declaration of Trust</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>2.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>The Trustee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(a) Term; Resignation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(b) Powers</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-2</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(c) Compensation and Expenses of the Trustee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-2</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(d) Indemnification</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-2</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(e) Successor Trustee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-3</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(f) Liability of the Trustee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-3</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(g) Reliance by the Trustee and the Managing Owner; Advice of Counsel</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-4</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(h) Not Part of Trust Estate</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-4</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>3.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Principal Office</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-4</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Business</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-4</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>5.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Term, Dissolution, Fiscal Year and Net Asset Value</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-5</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(a) Term</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-5</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(b) Dissolution</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-5</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(c) Fiscal Year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(d) Net Asset Value</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>6.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Net Worth of Managing Owner</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>7.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Capital Contributions; Units; Managing Owner's Liability</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(a) Capital Contributions; Units</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(b) Managing Owner's Liability</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-7</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>8.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Allocation of Profits and Losses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-7</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(a) Capital Accounts and Allocations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-7</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(b) Allocation of Profit and Loss for Federal Income Tax Purposes</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-7</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(c) Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(d) Limited Liability of Unitholders</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(e) Return of Capital Contributions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>9.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Management of the Trust</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(a) Authority of the Managing Owner</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(b) Fiduciary Duties</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(c) Loans; Investments</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(d) Certain Conflicts of Interest Prohibited</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(e) Certain Agreements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(f) Prohibition on "Pyramiding"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(g) Freedom of Action</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>10.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Audits and Reports to Unitholders</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>11.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Assignability of Units</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-15</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>12.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Redemptions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-16</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>13.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Offering of Units</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-17</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>14.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Additional Offerings</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-18</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>15.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Special Power of Attorney</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-18</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>16.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Withdrawal of a Unitholder</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-18</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>17.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Benefit Plan Investors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>18.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Standard of Liability; Indemnification</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(a) Standard of Liability for the Managing Owner</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-19</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(b) Indemnification of the Managing Owner by the Trust</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(c) Indemnification by the Unitholders</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-21</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>19.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Amendments; Meetings</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-21</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(a) Amendments with Consent of the Managing Owner</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-21</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(b) Amendments and Actions without Consent of the Managing Owner</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-22</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(c) Meetings; Other</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-22</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(d) Consent by Trustee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-22</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>20.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Governing Law</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-23</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>21.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Miscellaneous</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-23</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(a) Notices</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-23</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(b) Binding Effect</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-23</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>(c) Captions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-23</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>22.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Certain Definitions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-23</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>23.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>No Legal Title to Trust Estate</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-25</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>24.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Legal Title</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-25</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>25.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Creditors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-25</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Testimonium</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Signatures</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>A-ii</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_hc3142_1_1"> </A> </FONT> <FONT SIZE=2><B>JWH GLOBAL TRUST  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>FIFTH AMENDED AND RESTATED<BR>
DECLARATION AND AGREEMENT OF TRUST  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This FIFTH AMENDED AND RESTATED DECLARATION AND AGREEMENT OF TRUST ("Declaration and Agreement of Trust") of </FONT><FONT SIZE=2><B>JWH Global
Trust</B></FONT><FONT SIZE=2> (the "Trust") is made and entered into as of this 1st day of July, 2003 by and among </FONT><FONT SIZE=2><B>CIS Investments,&nbsp;Inc.</B></FONT><FONT SIZE=2>, a
Delaware corporation, as a managing owner (the "Managing Owner"), </FONT><FONT SIZE=2><B>Wilmington Trust Company</B></FONT><FONT SIZE=2>, a Delaware banking corporation, as trustee (the "Trustee"),
each other party who shall execute a counterpart of this Declaration and Agreement of Trust as an owner of a unit of beneficial interest of the Trust ("Units") or who becomes a party to this
Declaration and Agreement of Trust as a Unitholder by execution of a Subscription Agreement and Power of Attorney Signature Page or otherwise and who is shown in the books and records of the Trust as
a Unitholder (individually, a "Unitholder" and, collectively, the "Unitholders"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>WITNESSETH:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties hereto desire to continue the Trust for the business and purpose of issuing Units, the capital of which shall be used to engage in
speculative trading, buying, selling or otherwise acquiring, holding or disposing of futures and forward contracts on currencies, interest rate, energy and agricultural products, metals and stock
indices, hybrid instruments, swaps, any rights pertaining thereto and any options thereon or on physical commodities, with the objective of capital appreciation through speculative trading, and to
amend and restate the Third Amended and Restated Declaration and Agreement of Trust of the Trust in its entirety. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW
THEREFORE, the parties hereto agree as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Declaration of Trust.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee hereby declares that it holds the investments in the Trust in trust upon and subject to the conditions set forth herein for the use and benefit of the Unitholders. It is the
intention of the parties hereto that the Trust shall be a statutory trust under the Act, and that this Declaration and Agreement of Trust shall constitute the governing instrument of the Trust. The
Trustee has filed the Certificate of Trust required by Section&nbsp;3810 of the Act. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this Declaration and Agreement of Trust shall be construed to make the Unitholders partners or members of a joint stock association except to the extent that such Unitholders,
as constituted from time to time, are deemed to be partners under the Internal Revenue Code of 1986, as amended (the "Code"), and applicable state and local tax laws. Notwithstanding the foregoing, it
is the intention of the parties hereto that the Trust be treated as a partnership for purposes of taxation under the Code and applicable state and local tax laws. Effective as of the date hereof, the
Trustee shall have all of the rights, powers and duties set forth herein and in the Act with respect to accomplishing the purposes of the Trust. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;The Trustee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Term; Resignation.</I></FONT><FONT SIZE=2> (i)&nbsp;Wilmington Trust Company has been appointed and has agreed to serve as the Trustee of the
Trust. The Trust shall have only one trustee unless otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the Trustee or the Trustee resigns
and a successor Trustee is appointed by the Managing Owner in accordance with the terms of Section&nbsp;2(e) hereof. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;The
Trustee may resign at any time upon the giving of at least 60&nbsp;days' advance written notice to the Trust; provided, that such resignation shall not become
effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-1</FONT></P>

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<UL>
<BR>

<P><FONT SIZE=2>Section&nbsp;2(e)
hereof. If the Managing Owner does not act within such 60&nbsp;day period, the Trustee may apply to the Court of Chancery of the State of Delaware for the appointment of a
successor Trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Powers.</I></FONT><FONT SIZE=2> Except to the extent expressly set forth in this Section&nbsp;2 and Sections 3 and 24, the duty and authority
of the Trustee to manage the business and affairs of the Trust are hereby delegated to the Managing Owner. The Trustee shall have only the rights, obligations or liabilities specifically provided for
herein and in the Act and shall have no implied rights, obligations or liabilities with respect to the business or affairs of the Trust. The Trustee shall have the power and authority to execute,
deliver, acknowledge and file all necessary documents, including any amendments to or cancellation of the Certificate of Trust, and to maintain all necessary records of the Trust as required by the
Act. The Trustee shall provide prompt notice to the Managing Owner of the Trustee's performance of any of the
foregoing. The Managing Owner shall keep the Trustee informed of any actions taken by the Managing Owner with respect to the Trust that affect the rights, obligations or liabilities of the Trustee
hereunder or under the Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Compensation and Expenses of the Trustee.</I></FONT><FONT SIZE=2> The Trustee shall be entitled to receive from the Trust or, if the assets of
the Trust are insufficient, from the Managing Owner reasonable compensation for its services hereunder in accordance with the Trustee's standard fee schedule, and shall be entitled to be reimbursed by
the Trust or, if the assets of the Trust are insufficient, by the Managing Owner for reasonable out-of-pocket expenses incurred by the Trustee in the performance of its duties
hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other agents as the Trustee may employ in
connection with the exercise and performance of its rights and duties hereunder, to the extent attributable to the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Indemnification.</I></FONT><FONT SIZE=2> The Managing Owner agrees, whether or not any of the transactions contemplated hereby shall be
consummated, to assume liability for, and does hereby indemnify, protect, save and keep harmless the Trustee and its successors, assigns, legal representatives, officers, directors, agents and
servants (the "Indemnified Parties") from and against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes payable by the Trustee on or measured by any
compensation received by the Trustee for its services hereunder or as indemnity payments pursuant to this Section&nbsp;2(d)), claims, actions, suits, costs, expenses or disbursements (including
legal fees and expenses) of any kind and nature whatsoever (collectively, "Expenses"), which may be imposed on, incurred by or asserted against the Indemnified Parties in any way relating to or
arising out of the formation, operation or termination of the Trust, the execution, delivery and performance of any other agreements to which the Trust is a party or the action or inaction of the
Trustee hereunder or thereunder, except for Expenses resulting from the gross negligence or willful misconduct of the Indemnified Parties. The indemnities contained in this Section&nbsp;2(d) shall
survive the termination of this Declaration and Agreement of Trust or the removal or resignation of the Trustee. In addition, the Indemnified Parties shall be entitled to indemnification from any
cash, net equity in any commodity futures, forward and option contracts, all funds on deposit in the accounts of the Trust, any other property held by the Trust, and all proceeds therefrom, including
any rights of the Trust pursuant to any agreements to which the Trust is a party (the "Trust Estate") to the extent such expenses are attributable to the formation, operation or termination of the
Trust as set forth above, and to secure the same the Trustee shall have a lien against the Trust Estate which shall be prior to the rights of the Managing Owner and the Unitholders to receive
distributions from the Trust Estate. The Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the
Trust Estate which result from claims against the Trustee personally that are not related to the ownership or the administration of the Trust Estate or the transactions contemplated by any documents
to which the Trust is a party. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-2</FONT></P>

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<UL>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Successor Trustee.</I></FONT><FONT SIZE=2> Upon the resignation or removal of the Trustee, the Managing Owner shall appoint a successor Trustee
by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section&nbsp;3807 of the Act. Any resignation or removal of the
Trustee and appointment of a successor Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Owner
and any fees and expenses due to the outgoing Trustee are paid. Following compliance with the preceding sentence, the successor Trustee shall become fully vested with all of the rights, powers, duties
and obligations of the outgoing Trustee under this Declaration and Agreement of Trust, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties
and obligations under this Declaration and Agreement of Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Liability of the Trustee.</I></FONT><FONT SIZE=2> Except as otherwise provided in this Section&nbsp;2, in accepting the trust created hereby,
Wilmington Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all persons having any claim against the Trustee by reason of the transactions contemplated by this
Declaration and Agreement of Trust and any other agreement to which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof. The Trustee shall not be liable or
accountable hereunder or under any other agreement to which the Trust is a party, except for the Trustee's gross negligence or willful misconduct. In particular, but not by way of limitation: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall have no liability or responsibility for the validity or sufficiency of this Declaration and Agreement of Trust or for the form, character, genuineness,
sufficiency, value or validity of the Trust Estate; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;the
Trustee shall not be liable for any actions taken or omitted to be taken by it in accordance with the instructions of the Managing Owner; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
Trustee shall not have any liability for the acts or omissions of the Managing Owner; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;the
Trustee shall not be liable for its failure to supervise the performance of any obligations of the Managing Owner, any commodity broker, any selling agent, any
additional selling agent, "wholesaler" selling agent or "correspondent" selling agent; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;no
provision of this Declaration and Agreement of Trust shall require the Trustee to expend or risk funds or otherwise incur any financial liability in the performance
of any of its rights or powers hereunder if the Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured or provided to it; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;under
no circumstances shall the Trustee be liable for indebtedness evidenced by or other obligations of the Trust arising under this Declaration and Agreement of Trust
or any other agreements to which the Trust is a party; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Declaration and Agreement of Trust, or to institute, conduct or
defend any litigation under this Declaration and Agreement of Trust or any other agreements to which the Trust is a party, at the request, order or direction of the Managing Owner or any Unitholders
unless the Managing Owner or such Unitholders have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Trustee
(including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;notwithstanding
anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of
Delaware if the taking of such action will (a)&nbsp;require the consent or approval or authorization or order of or the giving of </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-3</FONT></P>

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<P><FONT SIZE=2>notice
to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (b)&nbsp;result
in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivision thereof in existence as of the date hereof other than the State of Delaware becoming
payable by the Trustee or (c)&nbsp;subject the Trustee to personal jurisdiction other than in the State of Delaware for causes of action arising from personal acts unrelated to the consummation by
the Trustee of the transactions contemplated hereby. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Reliance by the Trustee and the Managing Owner; Advice of Counsel.</I></FONT><FONT SIZE=2> (i)&nbsp;In the absence of bad faith, the Trustee
and the Managing Owner may conclusively rely upon certificates or opinions furnished to the Trustee or the Managing Owner and conforming to the requirements of this Declaration and Agreement of Trust
in determining the truth of the statements and the correctness of the opinions contained therein, and shall incur no liability to anyone in acting on any signature, instrument, notice, resolution,
request, consent, order, certificate, report, opinion, bond or other document or paper which is believed to be genuine and believed to be signed by the proper party or parties, and need not
investigate any fact or matter pertaining to or in any such document; provided, however, that the Trustee or the Managing Owner shall have examined any certificates or opinions so as to determine
compliance of the same with the requirements of this Declaration and Agreement of Trust. The Trustee or the Managing Owner may accept a certified copy of a resolution of the board of directors or
other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the
method of the determination of which is not specifically prescribed herein, the Trustee or the Managing Owner may for all purposes hereof rely on a certificate, signed by the president or any
vice-president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Trustee or
the Managing Owner for any action taken or omitted to be taken by either of them in good faith in reliance thereon. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;In
the exercise or administration of the trust hereunder and in the performance of its duties and obligations under this Declaration and Agreement of Trust, the
Trustee, at the expense of the Trust, (i)&nbsp;may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Trustee shall
not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall
have been selected by the Trustee with reasonable care and (ii)&nbsp;may consult with counsel, accountants and other skilled professionals to be selected with reasonable care by the Trustee;
provided that the Trustee shall not allocate any of its internal expenses or overhead to the account of the Trust. The Trustee shall not be liable for anything done, suffered or omitted in good faith
by it in accordance with the opinion or advice of any such counsel, accountant or other such persons. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Not Part of Trust Estate.</I></FONT><FONT SIZE=2> Amounts paid to the Trustee from the Trust Estate, if any, pursuant to this Section&nbsp;2
shall not be deemed to be part of the Trust Estate immediately after such payment. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Principal Office.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The address of the principal office of the Trust is c/o CIS Investments,&nbsp;Inc., 233
South Wacker Drive, Suite 2300, Chicago, IL 60606. The Trustee is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration. The
Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address. In the event Wilmington Trust Company resigns or is removed as the Trustee, the Trustee of the
Trust in the State of Delaware shall be the successor Trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Business.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Trust's business and purpose is to trade, buy, sell or otherwise acquire, hold or dispose of
all futures contracts including, but not limited to, those on currencies, interest rates, energy </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-4</FONT></P>

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<P><FONT SIZE=2>and
agricultural products, metals and stock indices; spot and forward contracts in currencies and precious metals; any rights pertaining thereto and any options thereon or on physical commodities; as
well as securities and any rights pertaining thereto and any options thereon, and to engage in all activities necessary, convenient or incidental thereto. The Trust may also engage in "hedge,"
arbitrage and cash trading of any of the foregoing instruments. The Trust may engage in such business and purpose either directly or through joint ventures, entities or partnerships, provided that the
Trust's participation in any of the foregoing has no adverse economic or liability consequences for the Unitholders, which consequences would not be present had the Trust engaged in that same business
or purpose directly. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
objective of the Trust's business is appreciation of its assets through speculative trading. The Trust shall have the power to engage in all activities which are necessary, suitable,
desirable, convenient or incidental to the accomplishment to the foregoing business and purpose. The Trust shall do so under the direction of the Managing Owner. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Term, Dissolution, Fiscal Year and Net Asset Value.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Term.</I></FONT><FONT SIZE=2> The term of the Trust commenced on the day on which the Certificate of Trust was filed with the Secretary of State
of the State of Delaware pursuant to the provisions of the Act and shall end upon the first to occur of the following: (1)&nbsp;December&nbsp;31, 2026; (2)&nbsp;receipt by the Managing Owner of
the determination by Unitholders owning more than 50% of the Units then owned by Unitholders to dissolve the Trust, notice of which is sent by certified mail, return receipt requested, to the Managing
Owner not less than 90&nbsp;days prior to the effective date of such dissolution; (3)&nbsp;the bankruptcy, retirement, resignation, expulsion, withdrawal, insolvency or dissolution of the Managing
Owner, or any other event that causes the Managing Owner to cease to be managing owner of the Trust unless within 90&nbsp;days after such event all Unitholders agree in writing to continue the
business of the Trust and to the appointment, effective as of the date of such event, of one or more managing owners of the Trust (except Unitholders owning more than 50% of the Units then outstanding
may agree in writing to the appointment of one or more managing owners to continue the business of the Trust); (4)&nbsp;the insolvency or bankruptcy of the Trust; (5)&nbsp;a decline in the
aggregate Net Assets of the Trust to less than $2,500,000 (except as provided in Section&nbsp;12); (6)&nbsp;a decline in the Net Asset Value per Unit to $50 or less (except as provided in
Section&nbsp;12); (7)&nbsp;dissolution of the Trust pursuant hereto; or (8)&nbsp;any other event which shall make it unlawful for the existence of the Trust to be continued or require
dissolution of the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Dissolution.</I></FONT><FONT SIZE=2> Upon the occurrence of an event causing the dissolution of the Trust, the Trust shall be dissolved and its
affairs wound up. Upon the dissolution of the Trust, the Managing Owner or, in the event that dissolution of the Trust pursuant to Section&nbsp;5(a)(3) has caused the Managing Owner to cease to be
managing owner of the Trust, a person or persons approved by the affirmative vote of more than 50% of the Units then owned by Unitholders, shall wind up the Trust's affairs and, in connection
therewith, shall distribute the Trust's assets in the following manner and order: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;FIRST
TO payment and discharge of all claims of creditors of the Trust (including, to the extent otherwise permitted by law, creditors who are Unitholders), including by
the creation of any reserve that the Managing Owner (or its successor), in its sole discretion, may consider reasonably necessary for any losses, contingencies, liabilities or other matters of or
relating to the Trust; provided, however, that if and when the cause for such reserve ceases to exist, the monies, if any, then in such reserve shall be distributed in the manner hereinafter provided;
and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;SECOND
TO distribution in cash of the remaining assets to the Unitholders in proportion to their capital accounts, after giving effect to the allocations pursuant to
Section&nbsp;8 hereof as if the date of distribution were the end of a calendar year. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-5</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Fiscal Year.</I></FONT><FONT SIZE=2> The fiscal year of the Trust shall begin on January&nbsp;1 of each year and end on the following
December&nbsp;31; provided, however, that the first fiscal year of the Trust shall commence on the date its Certificate of Trust is filed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Net Asset Value.</I></FONT><FONT SIZE=2> The Net Assets of the Trust are its assets less its liabilities determined in accordance with generally
accepted accounting principles. The Net Asset Value per Unit is the Net Assets of the Trust divided by the number of Units outstanding, subject to the provision of Section&nbsp;8(a) hereof. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
futures or futures option contract traded on a United States commodity exchange shall be valued at the settlement price on the date of valuation. If such a contract held by the Trust
cannot be liquidated on the day with respect to which Net Assets are being determined, the settlement price on the first subsequent day on which the contract can be liquidated shall be the basis for
determining the liquidating value of such contract for such day, or such other value as the Managing Owner may deem fair and reasonable. The liquidating value of a futures, forward or option contract
not traded on a United States commodity exchange shall mean its liquidating value as determined by the Managing Owner on a basis consistently applied for each different variety of such contract. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner may only cause the Trust to invest in joint ventures, entities or partnerships which conform to the foregoing valuation principles. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational
and initial offering cost reimbursement shall not reduce Net Asset Value for any purpose, including calculating the redemption value of Units; however, the amount of
organizational and initial offering costs amortized at each month-end during the amortization period will reduce Net Asset Value as of each such month-end. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued
Incentive Fee (as described in the Prospectus as defined in Section&nbsp;9(a)) payable to John W. Henry&nbsp;&amp; Company,&nbsp;Inc., the Trust's trading advisor ("JWH")
(including the portion paid to JWH upon intra-calendar quarter redemption of certain Units) shall reduce the Net Asset Value of the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Net Worth of Managing Owner.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner agrees that at all times so long as it remains the managing owner of the Trust, it will maintain a Net Worth at an amount not less than 5% of the total contributions
by all Unitholders to the Trust and all entities of which the Managing Owner is general partner or managing owner. In no event shall the Managing Owner be required to maintain a net worth in excess of
the greater of (i)&nbsp;$1,000,000 or (ii)&nbsp;the amount which the Managing Owner is advised by counsel as necessary or advisable to ensure that the Trust is taxed as a partnership for federal
income tax purposes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Capital Contributions; Units; Managing Owner's Liability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Capital Contributions; Units</I></FONT><FONT SIZE=2>. The beneficial interests in the Trust shall consist of two types: a general liability
interest and limited liability Units. The Managing Owner shall acquire the general liability interest, and investors shall all acquire limited liability Units. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the initial contribution by the Managing Owner to the Trust, the Managing Owner became the holder of the general liability interest of the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
certificates or other evidences of beneficial ownership of the Units will be issued. The Unitholders' respective capital contributions to the Trust shall be as shown on the books and
records of the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
Unitholder, by virtue of having purchased or otherwise acquired Units, shall be deemed to have expressly consented and agreed to be bound by the terms of this Declaration and
Agreement of Trust. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-6</FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Units acquired by the Managing Owner or any of its affiliates will be non-voting, and will not be considered outstanding for purposes of determining whether the majority
approval of the outstanding Units has been obtained. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
general liability interest in the Trust held by the Managing Owner will be non-voting. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Managing Owner's Liability</I></FONT><FONT SIZE=2>. The Managing Owner shall have unlimited liability for the repayment, satisfaction and
discharge of all debts, liabilities and obligations of the Trust to the full extent, and only to the extent, of the Managing Owner's assets. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner shall be liable for the acts, omissions, obligations and expenses of the Trust, to the extent not paid out of the assets of the Trust, to the same extent that the
Managing Owner would be so liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act and the Managing Owner were the general partner of such partnership. The
obligations of the Managing Owner under this paragraph shall be evidenced by its ownership of the general liability interest. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner, so long as it is generally liable for the obligations of the Trust, shall invest in the Trust, as a general liability interest, no less than 1% of the total capital
contributions to the Trust (including the Managing Owner's contributions). The Managing Owner may (i)&nbsp;withdraw any interest it may have in excess of such requirement as of any
month-end or (ii)&nbsp;redeem any Units which it may acquire, in each case on the same terms as any Unitholder (although without early redemption charges). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Allocation of Profits and Losses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Capital Accounts and Allocations.</I></FONT><FONT SIZE=2> A capital account shall be established for each Unit and for the Managing Owner. The
initial balance of each capital account shall be the aggregate amount contributed to the Trust with respect to a Unit, which amount shall be equal to the Net Asset Value per Unit on the date each Unit
is purchased after all accrued fees, expenses and Incentive Fee allocations (other than unamortized organizational and initial offering costs). The Net Asset Value per Unit prior to the Trust
commencing operations has been arbitrarily established by the Managing Owner as $100 per Unit. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the close of business (as determined by the Managing Owner) on the last business day of each month, any increase or decrease in the Trust's Net Assets as compared to the last such
determination of Net Assets shall be credited or charged equally to the Units of all Unitholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
making the month-end adjustments to the capital accounts described in the preceding paragraph, capital accounts of all Units shall be adjusted to reflect the Brokerage Fee
at the Primary Brokerage Fee Rate, as defined in Section&nbsp;8(c). Each Unitholder eligible for a Special Brokerage Fee Rate pursuant to Section&nbsp;8(c) shall, to the extent Units are available
for sale, be credited with additional Units at the following month-end Net Asset Value per Unit in an amount equal to the difference between the adjustment to the such Unitholder's Units
at the Primary Brokerage Fee Rate and the adjustment to the such Unitholder's Units that would have been made under the applicable Special Brokerage Fee Rate (the "Brokerage Fee Excess"). The
foregoing allocation of additional Units shall be used solely as a means of efficiently accounting for the Special Brokerage Fee Rate while preserving a uniform Net Asset Value per Unit. To the extent
Units are not available to be purchased with the Brokerage Fee Excess as of such date, the Brokerage Fee Excess shall be distributed to the Unitholder no later than 15&nbsp;days after such
month-end. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Allocation of Profit and Loss for Federal Income Tax Purposes.</I></FONT><FONT SIZE=2> As of the end of each fiscal year, the Trust's income and
expense and capital gain or loss shall be allocated among the Unitholders (including the Managing Owner on a Unit-equivalent basis) pursuant to the following provisions of this
Section&nbsp;8(b) for federal income tax purposes. Allocations of profit and loss shall be </FONT><FONT SIZE=2><I>pro rata</I></FONT><FONT SIZE=2> from net capital gain or loss and net ordinary
income or loss realized by the Trust </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-7</FONT></P>

<HR NOSHADE>
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<A NAME="page_hc3142_1_8"> </A>
<UL>

<P><FONT SIZE=2>unless
allocation of items of gain or income or loss or expense are necessary to satisfy the requirements in Sections 8(b)(1)(B) and 8(b)(1)(D) that sufficient profit and loss be allocated to tax
accounts such that tax accounts attributable to redeemed Units equal distributions in redemption of such Units. Notwithstanding the foregoing requirement that annual allocations of profit and loss be </FONT> <FONT SIZE=2><I>pro rata</I></FONT><FONT
SIZE=2> from capital and ordinary income, gain, loss and expense, adjustments to such allocations shall be made to reflect the extent to which income
or expense is otherwise determined and periodically allocated to the Unitholders, and such periodic allocations and adjustment shall be determined in a manner that in the judgment of the Managing
Owner is consistent with the intent of this Section&nbsp;8(b). </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Trust
profit and loss shall be allocated as follows: </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;For
the purpose of allocating profit or loss among the Unitholders, there shall be established a tax account with respect to each outstanding Unit and with respect to
the Managing Owner. The initial balance of each tax account shall be the amount contributed to the Trust for each Unit and the amount contributed by the Managing Owner. As of the end of each of the
first sixty months after the Trust begins operations, the balance of such tax account shall be reduced by each Unit's allocable share of the amount of organizational and initial offering cost
reimbursements amortized as of the end of such month by the Trust, as provided in Section&nbsp;8(c). As of the end of each month after the Trust begins operations, the balance of such tax account
shall be further reduced by each Unit's allocable share of any amount payable by the Trust in respect of that month for the costs of the ongoing offering of Units. The adjustment to reflect the
amortization of organizational and initial offering cost reimbursements as well as ongoing offering costs shall be made prior to the following allocations of Trust profit and loss (and shall be taken
into account in making such allocations). Tax accounts shall be adjusted as of the end of each fiscal year and as of the date a Unitholder redeems any Units as follows: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Each
tax account shall be increased by the amount of profit allocated to the Unitholder pursuant to Section&nbsp;8(b)(1)(B) and 8(b)(1)(C) below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;Each
tax account shall be decreased by the amount of loss allocated to the Unitholder pursuant to Section&nbsp;8(b)(1)(D) and 8(b)(1)(E) below and by the amount of
any distributions the Unitholder has received with respect to such Unit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;When
a Unit is redeemed, the tax account attributable to such Unit (determined after making all allocations set forth in Section&nbsp;8(b)) shall be eliminated. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;Profits
shall be allocated first to each Unitholder who has redeemed any Units during the fiscal year up to the excess, if any, of the amount received upon redemption of
the Units over the amount in the Unitholder's tax account attributable to the redeemed Units. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;Profit
remaining after the allocation thereof pursuant to Section&nbsp;8(b)(1)(B) shall be allocated next among all Unitholders who hold Units outstanding at the end
of the applicable fiscal year whose capital accounts with respect to such Units are in excess of their tax accounts in the ratio that each such Unitholder's excess bears to all such Unitholders'
excesses. Profit remaining after the allocation described in the preceding sentence shall be allocated among all Unitholders in proportion to their holdings of outstanding Units. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;Loss
shall be allocated first to each Unitholder who has redeemed any Units during the fiscal year up to the excess, if any, of the amount in such Unitholder's tax
account attributable to the redeemed Units over the amount received upon redemption of the Units. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;Loss
remaining after the allocation thereof pursuant to Section&nbsp;8(b)(1)(D) shall be allocated next among all Unitholders who hold Units outstanding at the end of
the applicable fiscal year whose tax accounts with respect to such Units are in excess of their capital accounts in </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-8</FONT></P>

<HR NOSHADE>
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<A NAME="page_hc3142_1_9"> </A>
<UL>
<BR>

<P><FONT SIZE=2>the
ratio that each such Unitholder's excess bears to all such Unitholders' excesses. Loss remaining after the allocation pursuant to the preceding sentence shall be allocated among all Unitholders in
proportion to their holding of outstanding Units. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>In
the event that a Unit has been assigned, the allocations prescribed by this Section&nbsp;8(b) shall be made with respect to such Unit without regard to the assignment, except
that in the year of assignment the allocations prescribed by this Section&nbsp;8(b) shall, to the extent permitted for federal income tax purposes, be allocated between the assignor and assignee
using the interim closing of the books method.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>The
allocation for federal income tax purposes of profit and loss, as set forth herein, is intended to allocate taxable profit and loss among Unitholders generally in the ratio and to
the extent that net profit and net loss are allocated to such Unitholders under Section&nbsp;8(a) hereof so as to eliminate, to the extent possible, any disparity between a Unitholder's capital
account and his tax account with respect to each Unit then outstanding, consistent with the principles set forth in Section&nbsp;704(c) of the Code.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Notwithstanding
anything herein to the contrary, in the event that at the end of any Trust taxable year any Unitholder's capital account is adjusted for, or such Unitholder is
allocated, or there is distributed to such Unitholder any item described in Treasury Regulation Section&nbsp;1.704-1(b)(2)(ii)(d)(4), (5)&nbsp;or (6)&nbsp;in an amount not reasonably
expected at the end of such year, and such treatment creates a deficit balance in such Unitholder's capital account, then such Unitholder shall be allocated all items of income and gain of the Trust
for such year and for all subsequent taxable years of the Trust until such deficit balance has been eliminated. In the event that any such unexpected adjustments, allocations or distributions create a
deficit balance in the capital accounts of more than one Unitholder in any Trust taxable, all items of income and gain of the Trust for such taxable year and all subsequent taxable years shall be
allocated among all such Unitholders in proportion to their respective deficit balances until such deficit balances have been eliminated.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>The
allocations of profit and loss to the Unitholders shall not exceed the allocations permitted under Subchapter K of the Code, as determined by the Managing Owner, whose
determination shall be binding. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner may adjust the allocations set forth in this Section&nbsp;8(b), in the Managing Owner's discretion, if the Managing Owner believes that doing so will achieve more
equitable allocations or allocations more consistent with the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Expenses.</I></FONT><FONT SIZE=2> The Managing Owner advanced all organizational and initial offering costs incurred in connection with the
initial public offering of Units, for which the Managing Owner was reimbursed by the Trust on the closing date of the initial public offering of Units (the "Initial Closing Date") and such costs are
being amortized over 60&nbsp;months beginning with June&nbsp;1997. At no month-end will the amount amortized by the Trust exceed <SUP>1</SUP>/<SMALL>60</SMALL> of 2% of the month-end
Net Assets of the Trust. The amount amortized each month-end shall be the lesser of (i)&nbsp;the product of (x)&nbsp;one divided by the number of months remaining in the amortization
period times (y)&nbsp;the unamortized balance of the capitalized organizational and initial offering costs, or (ii)&nbsp;<SUP>1</SUP>/<SMALL>60</SMALL> of 2% of such month-end Net Assets at that
month-end. The amount of such expenses amortized each month shall be allocated on a </FONT><FONT SIZE=2><I>pro rata</I></FONT><FONT SIZE=2> basis to each Unit outstanding at such
month-end (determined prior to any redemptions). If (i)&nbsp;the Trust is terminated prior to the end of such 60-month period, or (ii)&nbsp;the entire amount of the
organizational and initial offering costs reimbursed to the Managing Owner is not amortized at the end of the 60-month period due to the 2% limitation, the Managing Owner shall return to
the Trust, without interest, an amount equal to the unamortized balance of the capitalized organizational and initial offering costs. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-9</FONT></P>

<HR NOSHADE>
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<UL>
<BR>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
July&nbsp;1, 2003, the Trust shall pay no later than the fifth day of each month to Cargill Investor Services,&nbsp;Inc., the Trust's clearing broker ("CIS"), the monthly
Brokerage Fee at an annual rate of 6.0% (or approximately 0.5% per month) of the Trust's assets (after deduction of the Management Fee payable to the Trust's trading advisor) as of the immediately
preceding month-end (the "Brokerage Fee Rate"); provided that, with respect to the month-end assets of the Trust attributable to Units held by any Unitholder holding as of such
month-end Units originally issued at an aggregate Net Asset Value of at least $5,000,000, CIS shall be paid a Brokerage Fee at an annual rate equal to 4.5% (or a monthly rate of
approximately 0.375%) of the assets (after deduction of the Management Fee) attributable to such Units ("Special Brokerage Fee Rate"), as described in the Prospectus. Prior to July&nbsp;1, 2003, the
Trust paid CIS a monthly Brokerage Fee at an annual rate of 6.5% (or approximately 0.542% per month) and a Special Brokerage Fee at an annual rate equal to 5% (or approximately 0.417% per month). In
the event of Unitholders acquiring Units at more than one time, their Units will be treated on a "first-in, first-out" basis, as described in the Prospectus, for purposes of
determining whether the Special Brokerage Fee Rate is applicable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
goods and services provided to the Trust by the Managing Owner shall be provided at rates and terms at least as favorable as those which may be obtained from third parties in
arm's-length negotiations. All of the expenses which are for the Trust's account shall be billed directly to the Trust, as appropriate. Appropriate reserves may be created, accrued and charged against
Net Assets for contingent liabilities, if any, as of the date any such contingent liability becomes known to the Managing Owner. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall bear the costs of the continuous offering of the Units (other than selling commissions and ongoing compensation), as incurred; provided that the Managing Owner shall
absorb, without reimbursement from the Trust, all such costs to the extent that such costs exceed 0.5% of the Trust's average month-end Net Assets in any fiscal year. The amount of any
such costs borne by the Trust shall be allocated on a </FONT><FONT SIZE=2><I>pro rata</I></FONT><FONT SIZE=2> basis to each Unit outstanding at any month-end (determined prior to any
redemptions). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
Assets, for purposes of calculating the 2% and 0.5% limitations on organizational and initial offering cost amortization and continuous offering costs set forth in this
Section&nbsp;8(c), shall be calculated in the same manner as calculation of the redemption value of a Unit, </FONT><FONT SIZE=2><I>i.e.,</I></FONT><FONT SIZE=2> net of all accrued fees and expenses
including any accrued Incentive Fee (but prior to redemption charges). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event shall organizational and offering expenses (including redemption fees, but excluding selling commission and ongoing compensation) exceed 15% of the capital contributions to
the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner shall not allocate any of its internal expenses or overhead to the account of the Trust. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Limited Liability of Unitholders.</I></FONT><FONT SIZE=2> Each Unit, when purchased in accordance with this Declaration and Agreement of Trust,
shall, except as otherwise provided by law, be fully-paid and nonassessable. Any provisions of this Declaration and Agreement of Trust to the contrary notwithstanding, Unitholders
(including the Managing Owner, except to the extent otherwise provided herein) shall be entitled to the same limitation on personal liability extended to stockholders of private corporations for
profit organized under the General Corporation Law of the State of Delaware. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust will indemnify, to the full extent permitted by law, each Unitholder (other than the Managing Owner in the event that the Managing Owner acquires Units) against any claims of
liability asserted against such Unitholder solely because such Unitholder is a beneficial owner of the Trust (other than in respect of taxes due from such Unitholder as such a beneficial owner). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
written note, bond, contract, instrument, certificate or undertaking made or issued by the Managing Owner shall give notice to the effect that the same was executed or made by or
on behalf of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-10</FONT></P>

<HR NOSHADE>
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<A NAME="page_hc3142_1_11"> </A>
<BR>

<P><FONT SIZE=2>the
Trust and that the obligations of any of the foregoing are not binding upon the Unitholders individually but are binding only upon the assets and property of the Trust, and that no resort shall be
had to the Unitholders' personal property for the satisfaction of any obligation or claim thereunder, and appropriate references may be made to this Declaration and Agreement of Trust and may contain
any further recital which the Managing Owner deems appropriate, but the omission thereof shall not operate to bind the Unitholders individually or otherwise invalidate any such note, bond, contract,
instrument, certificate or undertaking. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Return of Capital Contributions.</I></FONT><FONT SIZE=2> No Unit-holder or subsequent assignee shall have any right to demand the
return of its capital contribution or any profits added thereto, except through redeeming Units or upon dissolution of the Trust, in each case as provided herein. In no event shall a Unitholder or
subsequent assignee be entitled to demand or receive property other than cash. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Management of the Trust.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Authority of the Managing Owner</I></FONT><FONT SIZE=2>. Pursuant to Section&nbsp;3806 of the Act, the Trust shall be managed by the Managing
Owner, and the conduct of the Trust's business shall be controlled and conducted solely by the Managing Owner in accordance with this Declaration and Agreement of Trust. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner, to the exclusion of all other Unitholders, shall control, conduct and manage the business of the Trust. The Managing Owner shall have sole discretion in determining
what distributions of profits and income, if any, shall be made to the Unitholders (subject to the allocation provisions hereof), shall execute various documents on behalf of the Trust and the
Unitholders pursuant to powers of attorney and shall supervise the liquidation of the Trust if an event causing dissolution of the Trust occurs. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner may, in furtherance of the business of the Trust, cause the Trust to buy, sell, hold or otherwise acquire or dispose of commodities, futures contracts, options on
futures contracts, and spot and forward contracts traded on exchanges or otherwise, arbitrage positions, repurchase agreements, interest-bearing securities, deposit accounts and similar instruments
and other assets, and cause the trading of the Trust to be limited to only certain of the foregoing instruments. The Managing Owner is specifically authorized to enter into brokerage, custodial and
margining arrangements as described in the prospectus relating to the public offering of the Units, as it may be supplemented or updated from time to time (the "Prospectus"). The Managing Owner may
engage, and compensate on behalf of the Trust from funds of the Trust, or agree to share profits and losses with, such persons, firms or corporations, including (except as described in this
Declaration and Agreement of Trust) the Managing Owner and any affiliated person or entity, as the Managing Owner in its sole judgment shall
deem advisable for the conduct and operation of the business of the Trust; provided, that no such arrangement shall allow brokerage commissions paid by the Trust in excess of such amount as permitted
under the North American Securities Administrators Association,&nbsp;Inc. Guidelines for the Registration of Commodity Pool Programs (the "NASAA Guidelines") in effect as of the date of the
Prospectus (</FONT><FONT SIZE=2><I>i.e.,</I></FONT><FONT SIZE=2> 14% annually&#151;including pit brokerage and service fees&#151;of the Trust's average Net Assets, excluding the assets,
if any, not directly related to trading activity). The Managing Owner shall reimburse the Trust, on an annual basis, to the extent that the Trust's brokerage commissions have exceeded 14% of the
Trust's average Net Assets during the preceding year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any fiscal year of the Trust, if the Management Fee exceeds the 6% annual management fee contemplated by the NASAA Guidelines, the Managing Owner shall reimburse the Trust for
such excess. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner may take such other actions on behalf of the Trust as the Managing Owner deems necessary or desirable to manage the business of the Trust. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-11</FONT></P>

<HR NOSHADE>
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<A NAME="page_hc3142_1_12"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
material change in the Trust's basic investment policies or structure shall require the approval of Unitholders owning more than 50% of the Units then outstanding. In addition, the
Managing Owner shall notify Unitholders of any material changes relating to the Trust as provided in Section&nbsp;10 hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner is hereby authorized to perform all duties imposed by Sections 6221 through 6232 of the Code on the Managing Owner as the "tax matters partner" of the Trust. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Unitholders, by subscribing to the Units, will be deemed to have consented to the Managing Owner's selection of: (i)&nbsp;John W. Henry&nbsp;&amp; Company,&nbsp;Inc. as the Trust's
trading advisor; (ii)&nbsp;Cargill Investor Services,&nbsp;Inc. as the Trust's clearing broker, with whom the Trust's trading assets will be maintained (it being understood that CIS may place
certain Trust assets with a sub-custodian depository bank and employ the services of a third-party cash manager solely for purposes of cash management and further that the Managing Owner
may place certain Trust assets in one or more bank accounts in the name of the Trust and engage a third-party cash manager to manage such assets with the goal of enhancing the net return on such
assets), (iii)&nbsp;CIS Financial Services,&nbsp;Inc. as the Trust's foreign currency and precious metals counterparty ("CISFS") and (iv)&nbsp;Cargill Investor Services,&nbsp;Inc. as the
Trust's transfer agent. The Managing Owner is hereby specifically authorized to enter into, on behalf of the Trust, the Trading Advisory Agreement, the Customer Agreement, the Foreign Exchange Account
Agreement, the Cash Bullion Account Agreement, the Escrow Agreement, the Selling Agreement and the Transfer Agent Agreement referred to in the Prospectus. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Fiduciary Duties.</I></FONT><FONT SIZE=2> The Managing Owner shall be under a fiduciary duty to conduct the affairs of the Trust in the best
interests of the Trust, provided that the Managing Owner shall not be obligated to engage in any conduct on behalf of the Trust to the detriment of any other commodity pool to which the Managing Owner
owes similar fiduciary duties. Except as otherwise provided herein or disclosed in the Prospectus, the Unitholders will under no circumstances be deemed to have contracted away the fiduciary
obligations owed them by the Managing Owner under the common law. The Managing Owner's fiduciary duty includes, among other things, the safekeeping of all funds and assets of the Trust and the use
thereof for the benefit of the Trust. The funds of the Trust will not be commingled with the funds of any other person or entity (deposit of funds with a commodity or securities broker, clearinghouse
or forward dealer shall not be deemed to constitute "commingling" for these purposes). The Managing Owner will take no actions with respect to the property of the Trust which do not benefit the Trust.
The Managing Owner shall at all times act with integrity and good faith and exercise due diligence in all activities relating to the conduct of the business of the Trust and in resolving conflicts of
interest. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Loans; Investments.</I></FONT><FONT SIZE=2> Except as otherwise provided in Section&nbsp;8(c), the Trust shall not make loans to any party. The
Managing Owner shall make no loans to the Trust unless approved by the Unitholders in accordance with Section&nbsp;19(a). If the Managing Owner makes a loan to the Trust, the Managing Owner shall
not receive interest in excess of its interest costs, nor may the Managing Owner receive interest in excess of the amounts which would be charged to the Trust (without reference to the Managing
Owner's financial resources or guarantees) by unrelated banks on comparable loans for the same purpose. The Managing Owner shall not receive "points" or other financing charges or fees regardless of
the amount. The Trust shall not invest in any debt instruments other than Government Securities and other Commodity Futures Trading Commission ("CFTC")-authorized investments, or invest in any equity
security without prior notice to Unitholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Certain Conflicts of Interest Prohibited.</I></FONT><FONT SIZE=2> No person or entity may receive, directly or indirectly, any advisory or
management fees, profit shares or any profit-sharing allocation, from joint ventures, partnerships or similar arrangements in which the Trust participates, for investment advice or management who
shares or participates in any commodity brokerage commissions paid by the Trust; no broker may pay, directly or indirectly, rebates or give-ups to any trading advisor, </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-12</FONT></P>

<HR NOSHADE>
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<A NAME="page_hc3142_1_13"> </A>
<UL>
<BR>

<P><FONT SIZE=2>manager
or joint venturer, or to the Managing Owner or any of its affiliates; and such prohibitions may not be circumvented by any reciprocal business arrangements. No trading advisor shall be
affiliated with the Trust's commodity broker or any of its affiliates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Certain Agreements.</I></FONT><FONT SIZE=2> Any agreements between the Trust and the Managing Owner or any affiliate of the Managing Owner, or a
trading advisor, shall be terminable by the Trust, without penalty, on no more than 60&nbsp;days' written notice. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to any specific contract or agreements described herein, the Trust and the Managing Owner on behalf of the Trust may enter into any other contracts or agreements specifically
described in or contemplated by the Prospectus without any further act, approval or vote of the Unitholders, notwithstanding any other provisions of this Declaration and Agreement of Trust, the Act or
any applicable laws, rules or regulations; provided, however, any material change in the Trust's basic investment policies or structure shall require the approval of Unitholders owning more than 50%
of the Units then outstanding and the Managing Owner shall notify Unitholders of any material changes relating to the Trust as provided in Section&nbsp;10 hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner shall not enter into any advisory agreement with any trading advisor that does not satisfy the relevant experience requirements under the NASAA Guidelines
(</FONT><FONT SIZE=2><I>i.e.,</I></FONT><FONT SIZE=2> a minimum of three years' experience in the managed futures industry). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
maximum period covered by any contract entered into by the Trust, except for the various provisions of the Selling Agreement which survive the final closing of the sale of the Units,
shall not exceed one year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner is hereby specifically authorized (i)&nbsp;to enter into, deliver and perform on behalf of the Trust the Trading Advisory Agreement, Selling Agreement on the terms
described in the Prospectus, (ii)&nbsp;to enter into, deliver and perform on behalf of the Trust, as the case may be, the Escrow Agreement, the Customer Agreement, the Foreign Exchange Account
Agreement, the Cash Bullion Account Agreement and the Transfer Agent Agreement as referred to in the Prospectus, (iii)&nbsp;to consent, at its sole discretion, to the selection and appointment by
CIS, in its capacity as the Trust Lead Selling Agent, of one or more Wholesalers, Additional Selling Agents and Correspondents as described in the Prospectus and in accordance with the terms of the
Selling Agreement and (iv)&nbsp;in the event that the Managing Owner determines to deposit Trust assets in one or more bank accounts in the name of the Trust at a bank ("Custodian") and engage the
services of a third-party cash manager to manage such assets, to enter into and deliver an appropriate cash management agreement and any related agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
brokerage commissions paid by the Trust shall be competitive. The Trust shall seek the best price and services available for its commodity transactions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initially
all of the Trust's assets will be deposited in the Trust's account with CIS and CISFS. CIS and CISFS will credit the Trust on the fifth business day of each month with interest
income on 100% of the Trust's average daily assets on deposit with CIS and CISFS, respectively, during the previous month at the average 91-day U.S. Treasury bill rate for that month in
respect of deposits denominated in dollars and at applicable rates described in the Prospectus in respect of deposits denominated in currencies other than dollars (which may be zero in certain cases).
&nbsp;&nbsp;&nbsp;&nbsp;The Trust and the Managing Owner reserve the right to deposit, at any time, a portion of Trust assets with a Custodian and engage the services of a third-party cash manager to manage
such assets with the goal of enhancing net return on such assets. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Prohibition on "Pyramiding."</I></FONT><FONT SIZE=2> The Trust is prohibited from employing the trading technique commonly known as "pyramiding."
A trading manager or advisor of the Trust taking into account the Trust's open-trade equity on existing positions in determining generally whether to </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-13</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=13,SEQ=133,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=735228,FOLIO='A-13',FILE='DISK014:[03CHI2.03CHI3142]HC3142A.;14',USER='DINGRAM',CD='15-MAY-2003;11:58' -->
<A NAME="page_hc3142_1_14"> </A>
<UL>

<P><FONT SIZE=2>acquire
additional commodity positions on behalf of the Trust will not be considered to be engaging in "pyramiding." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Freedom of Action.</I></FONT><FONT SIZE=2> The Managing Owner is engaged, and may in the future engage, in other business activities and shall
not be required to refrain from any other activity nor forgo any profits from any such activity, whether or not in competition with the Trust. Neither the Trust nor any of the Unitholders shall have
any rights by virtue of this Declaration and Agreement of Trust in and to such independent ventures or the income or profits derived therefrom. Unitholders may similarly engage in any such other
business activities. The Managing Owner shall devote to the Trust such time as the Managing Owner may deem advisable to conduct the Trust's business and affairs. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Audits and Reports to Unitholders.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust's books shall be audited annually by an independent certified public accountant. The Trust shall cause each Unitholder to receive (i)&nbsp;within 90&nbsp;days after the
close of each fiscal year certified financial statements for the fiscal year then ended, (ii)&nbsp;within 90&nbsp;days of the end of each fiscal year (but in no event later than March&nbsp;15 of
each year) such tax information as is necessary for a Unitholder to complete its federal income tax return and (iii)&nbsp;such other annual and monthly information as the CFTC may by regulation
require. The Managing Owner shall include in the annual reports sent to Unitholders an approximate estimate (calculated as accurately as may be reasonably practicable) of the round-turn
equivalent brokerage commission rate paid by the Trust during the preceding year (including forward contracts on a futures-equivalent basis for purposes of such calculation). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders
or their duly authorized representatives may inspect the books and records of the Trust, (which do not include records of the Trust's trades) during normal business hours
upon reasonable written notice to the Managing Owner and obtain copies of such records upon payment of reasonable reproduction costs; provided, however, that upon request by the Managing Owner, the
requesting Unitholder shall represent that the inspection and/or copies of such records will not be used for commercial purposes unrelated to such Unitholder's interest as a beneficial owner of the
Trust. The Managing Owner shall have the right to keep confidential from the Unitholders, for such period of time as the Managing Owner deems reasonable, any information that the Managing Owner
reasonably believes to be in the nature of trade secrets or other information the disclosure of which the Managing Owner in good faith believes is not in the best interest of the Trust or could damage
the Trust or its business or which the Trust is required by law or by agreement with a third party to keep confidential. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner shall calculate the Net Asset Value per Unit on a monthly basis and sell and redeem Units at Net Asset Value. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner shall notify the Unitholders of (i)&nbsp;changes to the trading method of the Trust's trading advisor which the Managing Owner believes to be material,
(ii)&nbsp;changes in Brokerage Fees, Incentive Fee or other fees paid by the Trust or (iii)&nbsp;material changes in the basic investment policies or structure of the Trust. The Managing Owner
shall so notify Unitholders, by certified mail or other means of notification providing for evidence of delivery, prior to any such change. Such notification shall set forth the Unitholders' voting
and redemption rights. The Managing Owner will send written notice to each Unitholder within seven days of any decline in the Net Asset Value per Unit to 50% or less of such value as of the previous
month-end. Any such notice shall contain a description of the Unitholders' voting and redemption rights. The Trust shall pay the cost of any notification delivered pursuant to this
paragraph. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner shall prepare or cause to be prepared and shall file on or before the due date (or any extension thereof) any federal, state or local tax returns required to be filed
by the Trust. The Managing Owner shall cause the Trust to pay any taxes payable by the Trust; provided, however, that such taxes need not be paid if the Managing Owner or the Trust is in good faith
and by </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-14</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=14,SEQ=134,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=676821,FOLIO='A-14',FILE='DISK014:[03CHI2.03CHI3142]HC3142A.;14',USER='DINGRAM',CD='15-MAY-2003;11:58' -->
<A NAME="page_hc3142_1_15"> </A>
<BR>

<P><FONT SIZE=2>appropriate
legal proceedings contesting the validity, applicability or amount thereof, and such contest does not materially endanger any right or interest of the Trust. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner shall maintain and preserve all required records relating to the Trust for a period of not less than six years from the receipt of such records. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
particular, and not by way of limitation, the Managing Owner will retain all Subscription Agreement and Power of Attorney Signature Pages submitted by persons admitted as Unitholders,
and all other records necessary to substantiate that Units are sold only to purchasers for whom the Units are a suitable investment, for at least six years after Units are sold to such persons. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner shall seek the best price and services for the Trust's trading, and will, with the assistance of the Trust's commodity broker(s), make an annual review of the
commodity brokerage arrangements applicable to the Trust. In connection with such review, the Managing Owner will ascertain, to the extent practicable, the commodity brokerage rates charged to other
major commodity pools whose trading and operations are, in the opinion of the Managing Owner, comparable to those of the Trust, in order to assess whether the rates charged the Trust are reasonable in
light of the services it receives and the terms upon which the Trust was promoted to subscribers. If, as a result of such review, the Managing Owner determines that such rates are unreasonable in
light of the services provided to the Trust and the terms upon which the Trust was promoted, the Managing Owner will notify the Unitholders, setting forth the rates charged to the Trust and several
funds which are, in the
Managing Owner's opinion, comparable to the Trust. The Managing Owner shall also make an annual review of the spot and forward trading arrangements for the Trust in an attempt to determine whether
such arrangements are competitive with those of other comparable pools in light of the circumstances. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Assignability of Units.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Unitholder expressly agrees that it will not assign, transfer or dispose of, by gift or otherwise, any of its Units or any part or all of its right, title and interest in the
capital or profits of the Trust in violation of any applicable federal or state securities laws or, except by involuntary operation of law, without giving written notice to the Managing Owner. No
assignment, transfer or disposition by an assignee of Units or of any part of its right, title and interest in the capital or profits of the Trust shall be effective against the Trust, the Trustee or
the Managing Owner until the Managing Owner has received the written notice of the assignment; the Managing Owner shall not be required to give any assignee any rights hereunder prior to receipt of
such notice. The Managing Owner may, in its sole discretion, waive any such notice. No such assignee, except with the consent of the Managing Owner, may become a substituted Unitholder, nor will the
estate or any beneficiary of a deceased Unitholder or assignee have any right to redeem Units from the Trust except by redemption as provided in Section&nbsp;12 hereof. The Managing Owner's consent
is required for the admission of a substituted Unitholder, and the Managing Owner intends to so consent; provided, that the Managing Owner and the Trust receive an opinion of counsel to the Managing
Owner and of counsel to the Trust that such admission will not adversely affect the classification of the Trust as a partnership for federal income tax purposes; and provided further, that an assignee
shall not become a substituted Unitholder without first having executed an instrument reasonably satisfactory to the Managing Owner accepting and adopting the terms and provisions of this Declaration
and Agreement of Trust, including a Subscription Agreement and Power of Attorney Signature Page, a counterpart signature page to this Declaration and Agreement of Trust or other comparable document,
and without having paid to the Trust a fee sufficient to cover all reasonable expenses of the Trust in connection with its admission as a substituted Unitholder. Each Unitholder agrees that with the
consent of the Managing Owner any assignee may become a substituted Unitholder without need of the further act or approval of any Unitholder. If the Managing Owner withholds consent, an assignee shall
not become a substituted Unitholder, and shall not have any of the rights of a Unitholder, except that the assignee shall be entitled to receive that share of capital and profits and shall have that
right of redemption to which its assignor would otherwise have been entitled. No assignment, transfer or disposition of Units shall be effective against </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-15</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=15,SEQ=135,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=137839,FOLIO='A-15',FILE='DISK014:[03CHI2.03CHI3142]HC3142A.;14',USER='DINGRAM',CD='15-MAY-2003;11:58' -->
<A NAME="page_hc3142_1_16"> </A>

<P><FONT SIZE=2>the
Trust or the Managing Owner until the last day of the month in which the Managing Owner receives notice of such assignment, transfer or disposition. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Redemptions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Unitholder (including the Managing Owner except to the extent that its power to redeem is limited by any other provision of this Declaration and Agreement of Trust) to the extent that
it owns Units or any assignee of Units of whom the Managing Owner has received written notice as described above, may redeem all or part of its Units, effective as of the close of business (as
determined by the
Managing Owner) on the last day of any month, provided, that (i)&nbsp;all liabilities, contingent or otherwise, of the Trust, except any liability to Unitholders on account of their capital
contributions, have been paid or there remains property of the Trust sufficient to pay them, (ii)&nbsp;the Unitholder redeems at least $1,000 of Units, (iii)&nbsp;in the case of partial
redemption, such Unitholder's investment in the Trust after the partial redemption will be at least $1,000, and (iv)&nbsp;the Managing Owner shall have timely received a request for redemption (as
provided below). If Units are redeemed by a Unitholder at a time when there is an accrued incentive fee due to the Trust's trading advisor, the amount of such accrual attributable to the Units being
redeemed will be deducted from the redemption proceeds payable to the redeeming Unitholder and paid to the Trust's trading advisor. Units redeemed on or before the end of the eleventh full calendar
month after such Units are issued by the Trust are subject to early redemption charges of 3% of the Net Asset Value at which they are redeemed. Such charges will be deducted from redemption proceeds
due to the Unitholder making the redemption and will be paid to CIS. Units are issued, for purposes of determining whether an early redemption charge is due, as of the date as of which the
subscription price of such Units is invested in the Trust, not when subscriptions are submitted by Unitholders or accepted by the Managing Owner or subscription funds are accepted into escrow. No
redemption charges shall be applicable to Unitholders who redeem because the Trust's expenses have been increased. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that a Unitholder acquires Units as of the end of more than one month, such Units will be treated on a "first-in, first-out" basis for purposes of
identifying which of such Units are being redeemed so as to determine whether early redemption charges apply. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requests
for redemption as of any month-end must be received by the Managing Owner on or before the fifth business day prior to the month-end of redemption
(including the last business day of the month), or such later date as shall be acceptable to the Managing Owner. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
as of the close of business (as determined by the Managing Owner) on any day, the Net Asset Value of a Unit has decreased to less than 50% of the Net Asset Value per Unit as of the
previous highest month-end Net Asset Value per Unit or to $50 or less, after adding back all distributions, the Managing Owner shall cause the Trust to liquidate all open positions as
expeditiously as possible and suspend trading. Within ten business days after the suspension of trading, the Managing Owner shall declare a Special Redemption Date. Such Special Redemption Date shall
be a business day within 30 business days from the suspension of trading by the Trust, and the Managing Owner shall mail notice of such date to each Unitholder and assignee of Units of whom it has
received written notice as described above, by first-class mail, postage prepaid, not later than ten business days prior to such Special Redemption Date, together with instructions as to the procedure
such Unitholder or assignee must follow to have its Units redeemed on such Date (only entire, not partial, interests in the Trust may be redeemed on a Special Redemption Date, unless otherwise
determined by the Managing Owner). Upon redemption pursuant to a Special Redemption Date, a Unitholder or any other assignee of whom the Managing Owner has received written notice as described above,
shall receive from the Trust an amount equal to the Net Asset Value of its Units, determined as of the close of business (as determined by the Managing Owner) on such Special Redemption Date. No
redemption charges shall be assessed on any such Special Redemption Date. As in the case of a regular redemption, an assignee shall not be entitled to redemption until the Managing Owner has received
written notice as described above of the assignment, transfer or disposition under which the assignee claims an interest in the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-16</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=16,SEQ=136,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=139092,FOLIO='A-16',FILE='DISK014:[03CHI2.03CHI3142]HC3142A.;14',USER='DINGRAM',CD='15-MAY-2003;11:58' -->
<A NAME="page_hc3142_1_17"> </A>
<BR>

<P><FONT SIZE=2>Units
to be redeemed. If, after a Special Redemption Date, the Net Assets of the Trust are at least $1,000,000 and the Net Asset Value per Unit is in excess of $25, the Trust may, in the discretion of
the Managing Owner, resume trading. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner may at any time and in its discretion declare a Special Redemption Date, should the Managing Owner determine that it is in the best interests of the Trust to do so. If
the Managing Owner declares a Special Redemption Date, the Managing Owner shall not be required to again call a Special Redemption Date (whether or not a Special Redemption Date would otherwise be
required to be called as described above); and the Managing Owner in its notice of a Special Redemption Date may, at its discretion, establish the conditions, if any, under which other Special
Redemption Dates must be called, which conditions may be determined in the sole discretion of the Managing Owner, irrespective of the provisions of the preceding paragraph. The Managing Owner may
also, in its discretion, declare additional regular redemption dates for Units, permit certain Unitholders to redeem at other than at month-end and waive the notice period otherwise
required to effect redemptions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption
payments will be made within ten business days after the month-end of redemption, except that under special circumstances, including, but not limited to, inability
to liquidate commodity positions as of a redemption date or default or delay in payments due the Trust from commodity brokers, banks or other persons or entities, the Trust may in turn delay payment
to Unitholders or assignees requesting redemption of their Units of the proportionate part of the Net Asset Value of such Units equal to the proportionate part of the Trust's aggregate Net Asset Value
represented by the sums which are the subject of such default or delay. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner may require a Unitholder to redeem all or a portion of such Unitholder's Units if the Managing Owner considers doing so to be desirable for the protection of the
Trust, and will use best efforts to do so to the extent necessary to prevent the Trust from being deemed to hold "plan assets" under the provisions of the Employee Retirement Income Security Act of
1974 ("ERISA") or the Code, with respect to any "employee benefit plan" subject to ERISA or with respect to any "plan" or "account" subject to Section&nbsp;4975 of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Offering of Units.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner, on behalf of the Trust shall (i)&nbsp;cause to be filed a Registration Statement or Registration Statements, and such amendments thereto as the Managing Owner may
deem advisable or necessary, with the Securities and Exchange Commission for the registration and continuous public offering of the Units, (ii)&nbsp;use its best efforts to qualify the Units for
sale under the securities laws of such States of the United States or other jurisdictions as the Managing Owner may deem advisable and (iii)&nbsp;take such action with respect to the matters
described in (i)&nbsp;and (ii)&nbsp;as the Managing Owner may deem advisable or necessary. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fractional
Units, calculated to five decimal places, may be sold. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
sales of Units in the United States will be conducted by registered brokers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner shall not accept any subscriptions for Units if doing so would cause the Trust to hold "plan assets" under ERISA or the Code with respect to any "employee benefit
plan" subject to ERISA or with respect to any "plan" or "account "subject to Section&nbsp;4975 of the Code. If a subscriber has its subscription reduced for such reason, such subscriber shall be
entitled to rescind its subscription in its entirety even though subscriptions are otherwise irrevocable. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
subscriptions will be held in escrow by The First National Bank of Chicago (the "Escrow Agent") until released as of the last business day of the month. The interest actually earned
on subscriptions funds while held by the Escrow Agent will be invested in the Trust, and each subscriber will be issued additional Units reflecting the subscriber's attributable share of such
interest. The Managing Owner may terminate any offering of Units at any time. The aggregate of all capital </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-17</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=17,SEQ=137,EFW="2111283",CP="JWH GLOBAL TRUST",DN="1",CHK=563165,FOLIO='A-17',FILE='DISK014:[03CHI2.03CHI3142]HC3142A.;14',USER='DINGRAM',CD='15-MAY-2003;11:58' -->
<A NAME="page_hc3142_1_18"> </A>
<BR>

<P><FONT SIZE=2>contributions
shall be available to the Trust to carry on its business, and no interest shall be paid by the Trust on any such contributions after such contributions are released by the Escrow Agent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Offerings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner may, in its discretion, continue, suspend or discontinue the public offering of the Units, as well as make additional public or private offerings of Units, provided
that the net proceeds to the Trust of any such sales shall in no event be less than the Net Asset Value per Unit (as defined in Section&nbsp;5(d)) at the time of sale (unless the new Unit's
participation in the profits and losses of the Trust is appropriately adjusted). No Unitholder shall have any preemptive, preferential or other rights with respect to the issuance or sale of any
additional Units, other than as set forth in the preceding sentence. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Special Power of Attorney.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Unitholder by virtue of having purchased or otherwise acquired Units does hereby irrevocably constitute and appoint the Managing Owner and each officer of the Managing Owner, with
full power of substitution, as its true and lawful attorney-in-fact, in its name, place and stead, to execute, acknowledge, swear to (and deliver as may be appropriate) on its
behalf and file and record in the appropriate public offices and publish (as may in the reasonable judgment of the Managing Owner be required by law): (i)&nbsp;this Declaration and Agreement of
Trust, including any amendments and/or restatements hereto duly adopted as provided herein; (ii)&nbsp;certificates in various jurisdictions, and amendments and/or restatements thereto;
(iii)&nbsp;all conveyances and other instruments which the Managing Owner deems appropriate to qualify or continue the Trust in the State of Delaware and the jurisdictions in which the Trust may
conduct business, or which may be required to be filed by the Trust or the Unitholders under the laws of any jurisdiction or under any amendments or successor statutes to the Act, to reflect the
dissolution or termination of the Trust or the Trust being governed by any amendments or successor statutes to the Act or to reorganize or refile the Trust in a different jurisdiction; and
(iv)&nbsp;to file, prosecute, defend, settle or compromise litigation, claims or arbitrations on behalf of the Trust. The Power of Attorney granted herein shall be irrevocable and deemed to be a
power coupled with an interest (including, without limitation, the interest of the other Unitholders in the Managing Owner being able to rely on its authority to act as contemplated by this
Section&nbsp;15) and shall survive and shall not be affected by the subsequent incapacity, disability or death of a Unitholder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Withdrawal of a Unitholder.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall be dissolved upon the death, insanity, bankruptcy, retirement, resignation, expulsion, withdrawal, insolvency or dissolution of the Managing Owner, or any other event
that causes the Managing Owner to cease to be the managing owner of the Trust, unless the Trust is continued pursuant to the terms of Section&nbsp;5(a)(3). In addition, the Managing Owner may
withdraw from the Trust, without any breach of this Declaration and Agreement of Trust, at any time upon 120&nbsp;days' written notice by first class mail, postage prepaid, to the Trustee, each
Unitholder and each assignee of whom the Managing Owner has notice. If the Managing Owner withdraws from the Trust and all Unitholders agree in writing to continue the business of the Trust and to the
appointment, effective as of the date of withdrawal of the Managing Owner, of one or more managing owners, the Managing Owner shall pay all expenses incurred as a result of its withdrawal. Upon
removal or withdrawal, the Managing Owner shall be entitled to redeem its interest in the Trust at its Net Asset Value on the next valuation date following the date of removal or withdrawal. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner may not assign its general liability interest or its obligation to manage the Trust without the consent of each Unitholder; provided, however, that the consent of
Unitholders is not required if the Managing Owner assigns its general liability interest and its obligation to manage the Trust to an entity controlling, controlled by or under common control with the
Managing Owner, provided that such entity (i)&nbsp;expressly assumes all obligations of the Managing Owner under this Declaration and Agreement of Trust and (ii)&nbsp;is entitled to act in the
capacity of managing owner for </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-18</FONT></P>

<HR NOSHADE>
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<A NAME="page_hc3142_1_19"> </A>

<P><FONT SIZE=2>the
benefit of the Trust. The Managing Owner shall notify all Unitholders of such assignment. The Managing Owner will notify all Unitholders of any change in the principals of the Managing Owner. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
death, incompetency, withdrawal, insolvency or dissolution of a Unitholder or any other event that causes a Unitholder to cease to be a beneficial owner (within the meaning of the
Act) in the Trust shall not terminate or dissolve the Trust, and a Unitholder, the Unitholder's estate, custodian or personal representative shall have no right to redeem or value such Unitholder's
interest except as provided in Section&nbsp;12 hereof. Each Unitholder that is a natural person expressly agrees that in the event of his or her death, he or she waives on behalf of himself or
herself and his or her estate, and directs the legal representatives of his or her estate and any person interested therein to waive, the furnishing of any inventory, accounting or appraisal of the
assets of the Trust and any right to an audit or examination of the books of the Trust. Nothing in this Section&nbsp;16 shall, however, waive any right given elsewhere in this Declaration and
Agreement of Trust for Unitholders to be informed of the Net Asset Value of their Units, to receive periodic reports, audited financial statements and other information from the Managing Owner or the
Trust or to redeem or transfer Units. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Benefit Plan Investors.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Unitholder or assignee that is an "employee benefit plan" as defined in and subject to ERISA, or a "plan" as defined in Section&nbsp;4975 of the Code (each such employee benefit
plan and plan, a "Plan"), and each fiduciary thereof who has caused the Plan to become a Unitholder or assignee (a "Plan Fiduciary"), represents and warrants that: (a)&nbsp;the Plan Fiduciary has
considered an investment in the Trust by such Plan in light of the risks relating thereto; (b)&nbsp;the Plan Fiduciary has determined that, in view of such considerations, the investment in the
Trust by the Plan is consistent with the Plan Fiduciary's responsibilities under ERISA; (c)&nbsp;the investment in the Trust by the Plan does not violate, and is not otherwise inconsistent with, the
terms of any legal document constituting the Plan or any trust agreement thereunder; (d)&nbsp;the Plan's investment in the Trust has been duly authorized and approved by all necessary parties;
(e)&nbsp;none of the Managing Owner, the Trustee, JWH, CIS, CISFS, any Selling Agent, Wholesaler, Correspondent, the Escrow Agent, any of their respective affiliates or any of their respective
agents or employees: (i)&nbsp;has investment discretion with respect to the investment of assets of the Plan used to purchase Units; (ii)&nbsp;has authority or responsibility to or regularly gives
investment advice with respect to the assets of the Plan used to purchase Units for a fee and pursuant to an agreement or understanding that such advice will serve as a primary basis for investment
decisions with respect to the Plan and that such advice will be based on the particular investment needs of the Plan; or (iii)&nbsp;is an employer maintaining or contributing to the Plan; and
(f)&nbsp;the Plan Fiduciary: (i)&nbsp;is authorized to make, and is responsible for, the decision of the Plan to invest in the Trust, including the determination that such investment is consistent
with the requirement imposed by Section&nbsp;404 of
ERISA that Plan investments be diversified so as to minimize the risks of large losses; (ii)&nbsp;is independent of the Managing Owner, the Trustee, JWH, CIS, CISFS, any Selling Agent, Wholesaler,
Correspondent, the Escrow Agent, and any of their respective affiliates; and (iii)&nbsp;is qualified to make such investment decision. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Standard of Liability; Indemnification.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Standard of Liability for the Managing Owner.</I></FONT><FONT SIZE=2> The Managing Owner and its Affiliates, as defined below, shall have no
liability to the Trust or to any Unitholder for any loss suffered by the Trust which arises out of any action or inaction of the Managing Owner or its Affiliates, if the Managing Owner, in good faith,
determined that such course of conduct was in the best interests of the Trust, and such course of conduct did not constitute negligence or misconduct of the Managing Owner or its Affiliates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Indemnification of the Managing Owner by the Trust.</I></FONT><FONT SIZE=2> To the fullest extent permitted by law, subject to this
Section&nbsp;18, the Managing Owner and its Affiliates shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained
by them in connection with the Trust; provided that such claims were not the result of </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-19</FONT></P>

<HR NOSHADE>
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<A NAME="page_hc3142_1_20"> </A>
<UL>
<BR>

<P><FONT SIZE=2>negligence
or misconduct on the part of the Managing Owner or its Affiliates, and the Managing Owner, in good faith, determined that such conduct was in the best interests of the Trust; and provided
further that Affiliates of the Managing Owner shall be entitled to indemnification only for losses incurred by such Affiliates in performing the duties of the Managing Owner and acting wholly within
the scope of the authority of the Managing Owner. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in the preceding two paragraphs, the Managing Owner and its Affiliates and any persons acting as selling agent for the Units shall not
be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws unless (1)&nbsp;there has been a successful adjudication on the
merits of each count involving alleged securities law violations as to the particular indemnitee and the court approves indemnification of the litigation costs, or (2)&nbsp;such claims have been
dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves indemnification of the litigation costs, or (3)&nbsp;a court of
competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
any claim for indemnification for federal or state securities law violations, the party seeking indemnification shall place before the court the position of the Securities and
Exchange Commission, the California Department of Corporations, the Massachusetts Securities Division, the Missouri Securities Division, the Pennsylvania Securities Commission, the Tennessee
Securities Division, the Texas Securities Board and any other state or applicable regulatory authority with respect to the issue of indemnification for securities law violations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall not bear the cost of that portion of any insurance which insures any party against any liability the indemnification of which is herein prohibited. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this Section&nbsp;18, the term "Affiliates" shall mean any person acting on behalf of or performing services on behalf of the Trust who: (1)&nbsp;directly or
indirectly controls, is controlled by, or is under common control with the Managing Owner; or (2)&nbsp;owns or controls 10% or more of the outstanding voting securities of the Managing Owner; or
(3)&nbsp;is an officer or director of the Managing Owner; or (4)&nbsp;if the Managing Owner is an officer, director, partner or trustee, is any entity for which the Managing Owner acts in any such
capacity. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances
from the funds of the Trust to the Managing Owner or its Affiliates for legal expenses and other costs incurred as a result of any legal action initiated against the Managing
Owner by a Unitholder are prohibited. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances
from the funds of the Trust to the Managing Owner or its Affiliates for legal expenses and other costs incurred as a result of a legal action will be made only if the following
three conditions are satisfied: (1)&nbsp;the legal action relates to the performance of duties or services by the Managing Owner or its Affiliates on behalf of the Trust; (2)&nbsp;the legal action
is initiated by a third party who is not a Unitholder; and (3)&nbsp;the Managing Owner or its Affiliates undertake to repay the advanced funds, with interest from the initial date of such advance,
to the Trust in cases in which they would not be entitled to indemnification under the standard of liability set forth in Section&nbsp;18(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event shall any indemnity or exculpation provided for herein be more favorable to the Managing Owner or any Affiliate than that contemplated by the NASAA Guidelines as in effect on
the date of this Declaration and Agreement of Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event shall any indemnification permitted by this subsection (b)&nbsp;of Section&nbsp;18 be made by the Trust unless all provisions of this Section for the payment of
indemnification have been complied with in all respects. Furthermore, it shall be a precondition of any such indemnification that the Trust receive a determination of qualified independent legal
counsel in a written opinion that the party which seeks to be indemnified hereunder has met the applicable standard of conduct set forth herein. Receipt </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-20</FONT></P>

<HR NOSHADE>
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<A NAME="page_hc3142_1_21"> </A>
<BR>

<P><FONT SIZE=2>of
any such opinion shall not, however, in itself, entitle any such party to indemnification unless indemnification is otherwise proper hereunder. Any indemnification payable by the Trust hereunder
shall be made only as provided in the specific case. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event shall any indemnification obligations of the Trust under this subsection (b)&nbsp;of Section&nbsp;18 subject a Unitholder to any liability in excess of the capital
contributed by such Unitholder, his or her share of undistributed profits and assets and the amount of any distributions wrongfully distributed to such Unitholder. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Indemnification by the Unitholders.</I></FONT><FONT SIZE=2> In the event that the Trust is made a party to any claim, dispute or litigation or
otherwise incurs any loss or expense as a result of or in connection with any activities of a Unitholder, obligations or liabilities unrelated to the business of the Trust or as a result of or in
connection with a transfer, assignment or other disposition or an attempted transfer, assignment or other disposition by a Unitholder or an assignee of its Units or of any part of its right, title and
interest in the capital or profits of the Trust in violation of this Declaration and Agreement of Trust, such Unitholder shall indemnify and reimburse the Trust for all loss and expense incurred,
including reasonable attorneys' fees. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner shall indemnify and hold the Trust harmless from all loss or expense which the Trust may incur (including, without limitation, any indemnify payments) as a result of
the difference between the standard of liability and indemnity under the Trading Advisory Agreement, the Customer Agreement, the Foreign Exchange Account Agreement or the Cash Bullion Account
Agreement, on the one hand, and the Managing Owner's standards of liability as set forth herein, on the other hand. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendments; Meetings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Amendments with Consent of the Managing Owner.</I></FONT><FONT SIZE=2> If at any time during the term of the Trust the Managing Owner shall deem
it necessary or desirable to amend this Declaration and Agreement of Trust, the Managing Owner may proceed to do so, provided that such amendment shall be effective only if embodied in an instrument
approved by the Managing Owner and, pursuant to a vote called by the Managing Owner, by the holders of Units representing a majority of the outstanding Units. Such vote shall be taken at least 30 but
not more than 60&nbsp;days after delivery by the Managing Owner to each Unitholder of record by certified mail of notice of the proposed amendment and voting procedures. Notwithstanding the
foregoing, the Managing Owner may amend this Declaration and Agreement of Trust without the consent of the Unitholders in order (i)&nbsp;to clarify any clerical inaccuracy or ambiguity or reconcile
any inconsistency (including any inconsistency between this Declaration and Agreement of Trust and the Prospectus), (ii)&nbsp;to effect the intent of the allocations proposed herein to the maximum
extent possible in the event of a change in the Code or the interpretations thereof affecting such allocations, (iii)&nbsp;to attempt to ensure that the Trust is not treated as an association
taxable as a corporation for federal income tax purposes, (iv)&nbsp;to qualify or maintain the qualification of the Trust as a trust in any jurisdiction, (v)&nbsp;to delete or add any provision of
or to this Declaration and Agreement of Trust required to be deleted or added by the Staff of the Securities and Exchange Commission or any other federal agency or any state "Blue Sky" or similar
official or in order to opt to be governed by any amendment or successor statute to the Act, (vi)&nbsp;to make any amendment to this Declaration and Agreement of Trust which the Managing Owner deems
advisable, provided that such amendment is for the benefit of and not adverse to the Unitholders or the Trustee, or that is required by law, (vii)&nbsp;to make any amendment that is appropriate or
necessary, in the opinion of the Managing Owner, to prevent the Trust or the Managing Owner or its directors, officers or controlling persons from in any manner being subjected to the provisions of
the Investment Company Act of 1940, as amended, or to avoid causing the assets of the Trust from being considered for any purpose of ERISA or Section&nbsp;4975 of the Code to constitute assets of
any "employee benefit plan," as defined in and subject to ERISA, or of a "plan," as defined in and subject to Section&nbsp;4975 of the Code. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-21</FONT></P>

<HR NOSHADE>
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<A NAME="page_hc3142_1_22"> </A>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that JWH shall cease to be the sole trading advisor of the Trust, the Managing Owner shall cause "JWH" to be deleted from the Trust's name and take all such other actions as
shall be necessary or appropriate. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Amendments and Actions without Consent of the Managing Owner.</I></FONT><FONT SIZE=2> In any vote called by the Managing Owner or pursuant to
subsection (c)&nbsp;of this Section&nbsp;19, upon the affirmative vote (which may be in person or by proxy) of more than 50% of the Units then owned by Unitholders, the following actions may be
taken with respect to the Trust, irrespective of whether the Managing Owner concurs: (i)&nbsp;this Declaration and Agreement of Trust may be amended, provided, however, that approval of all
Unitholders shall be required in the case of amendments changing or altering this Section&nbsp;19 or extending the term of the Trust; in addition, reduction of the capital account of any Unitholder
or assignee or modification of the percentage of profits, losses or distributions to which a Unitholder or an assignee is entitled hereunder shall not be effected by any amendment or supplement to
this Declaration and Agreement of Trust without such Unitholder's or assignee's written consent; (ii)&nbsp;the Trust may be dissolved; (iii)&nbsp;the Managing Owner may be removed and replaced;
(iv)&nbsp;a new managing owner or managing owners may be elected if the Managing Owner withdraws from the Trust; (v)&nbsp;the sale of all or substantially all of the assets of the Trust may be
approved; and (vi)&nbsp;any contract with the
Managing Owner or any affiliate thereof may be disapproved and, as a result, terminated upon 60&nbsp;days' notice. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Meetings; Other.</I></FONT><FONT SIZE=2> Any Unitholder upon request addressed to the Managing Owner shall be entitled to obtain from the
Managing Owner, upon payment in advance of reasonable reproduction and mailing costs, a list of the names and addresses of record of all Unitholders and the number of Units held by each (which shall
be mailed by the Managing Owner to the Unitholder within ten days of the receipt of the request); provided, that the Managing Owner may require any Unitholder requesting such information to submit
written confirmation that such information will not be used for commercial purposes. Upon receipt of a written proposal, signed by Unitholders owning Units representing at least 10% of all Units then
owned by Unitholders, that a meeting of the Trust be called to vote upon any matter upon which the Unitholders may vote pursuant to this Declaration and Agreement of Trust, the Managing Owner shall,
by written notice to each Unitholder of record sent by certified mail within 15&nbsp;days after such receipt, call a meeting of the Trust. Such meeting shall be held at least 30 but not more than
60&nbsp;days after the mailing of such notice, and such notice shall specify the date of, a reasonable place and time for, and the purpose of such meeting. Such notice shall establish a record date
for Units entitled to vote at the meeting, which shall be not more than 15&nbsp;days prior to the date established for such meeting. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Owner may not restrict the voting rights of Unitholders as set forth herein. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Managing Owner or the Unitholders vote to amend this Declaration and Agreement of Trust in any material respect, the amendment will not become effective prior to
all Unitholders having an opportunity to redeem their Units. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Consent by Trustee.</I></FONT><FONT SIZE=2> The Trustee's written consent to any amendment of this Declaration and Agreement of Trust shall be
required, such consent not to be unreasonably withheld; provided, however, that the Trustee may, in its sole discretion, withhold its consent to any such amendment that would adversely affect any
right, duty or liability of, or immunity or indemnity in favor of, the Trustee under this Declaration and Agreement of Trust or any of the documents contemplated hereby to which the Trustee is a
party, or would cause or result in any conflict with or breach of any terms, conditions or provisions of, or default under, the charter documents or by-laws of the Trustee or any document
contemplated hereby to which the Trustee is a party; provided further, that the Trustee may not withhold consent for any action listed in subsections 19(b)(ii)-(vi). Notwithstanding anything to the
contrary contained in this Declaration and Agreement of Trust, the Trustee may immediately resign if, in its sole discretion, the Trustee determines that the </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-22</FONT></P>

<HR NOSHADE>
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<A NAME="page_hc3142_1_23"> </A>
<UL>


<P><FONT SIZE=2>Unitholders'
actions pursuant to subsections 19(b)(i)-(vi)&nbsp;would adversely affect the Trustee in any manner. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governing Law.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Declaration and Agreement of Trust shall be determined and governed by the laws of the State of Delaware without regard to principles of conflicts
of law; provided, that causes of action for violations of federal or state securities laws shall not be governed by this Section&nbsp;20. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Notices.</I></FONT><FONT SIZE=2> All notices under this Declaration and Agreement of Trust shall be in writing and shall be effective upon
personal delivery, or if sent by first class mail, postage prepaid, addressed to the last known address of the party to whom such notice is to be given, upon the deposit of such notice in the United
States mails. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Binding Effect.</I></FONT><FONT SIZE=2> This Declaration and Agreement of Trust shall inure to and be binding upon all of the parties, their
successors and assigns, custodians, estates, heirs and personal representatives. For purposes of determining the rights of any Unitholder or assignee hereunder, the Trust and the Managing Owner may
rely upon the Trust records as to who are Unitholders and assignees, and all Unitholders and assignees agree that their rights shall be determined and they shall be bound thereby. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Captions.</I></FONT><FONT SIZE=2> Captions in no way define, limit, extend or describe the scope of this Declaration and Agreement of Trust nor
the effect of any of its provisions. Any reference to "persons" in this Declaration and Agreement of Trust shall also be deemed to include entities, unless the context otherwise requires. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Certain Definitions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Declaration and Agreement of Trust contains certain provisions required by the NASAA Guidelines. The terms used in such provisions are defined as follows (the following definitions
are included </FONT><FONT SIZE=2><I>verbatim</I></FONT><FONT SIZE=2> from such Guidelines and, accordingly, may not in all cases be relevant to this Declaration and Agreement of Trust): </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The official or agency administering the securities laws of a state. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any Person who for any consideration engages in the business of advising others, either directly or indirectly, as
to the value, purchase, or sale of Commodity Contracts or commodity options. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An Affiliate of a Person means: (a)&nbsp;any Person directly or indirectly owning, controlling or holding with
power to vote 10% or more of the outstanding voting securities of such Person; (b)&nbsp;any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held with power to vote, by such Person; (c)&nbsp;any Person, directly or indirectly, controlling, controlled by, or under common control of such Person; (d)&nbsp;any officer, director or partner
of such Person; or (e)&nbsp;if such Person is an officer, director or partner, any Person for which such Person acts in any such capacity. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Contributions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The total investment in a Program by a Participant or by all Participants, as the case may be. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity Broker.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any Person who engages in the business of effecting transactions in Commodity Contracts for the account of
others or for his or her own account. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity Contract.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A contract or option thereon providing for the delivery or receipt at a future date of a specified amount
and grade of a traded commodity at a specified price and delivery point. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-23</FONT></P>

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<BR>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross Reference Sheet.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A compilation of the NASAA Guidelines sections, referenced to the page of the prospectus, Program
agreement, or other exhibits, and justification of any deviation from the NASAA Guidelines. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The total assets, less total liabilities, of the Program determined on the basis of generally accepted accounting
principles. Net Assets shall include any unrealized profits or losses on open positions, and any fee or expense including Net Asset fees accruing to the Program. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value Per Program Interest.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Net Assets divided by the number of Program Interests outstanding. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Worth.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The excess of total assets over total liabilities as determined by generally accepted accounting principles. Net
Worth shall be determined exclusive of home, home furnishings and automobiles. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Trading Profits.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The excess, if any, of Net Assets at the end of the period over Net Assets at the end of the highest
previous period or Net Assets at the date trading commences, whichever is higher,
and as further adjusted to eliminate the effect on Net Assets resulting from new Capital Contributions, redemptions, or capital distributions, if any, made during the period decreased by interest or
other income, not directly related to trading activity, earned on Program assets during the period, whether the assets are held separately or in a margin account. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational and Offering Expenses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All expenses incurred by the Program in connection with and in preparing a Program for
registration and subsequently offering and distributing it to the public, including, but not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriters'
attorneys), expenses for printing, engraving, mailing, salaries of employees while engaged in sales activity, charges of transfer agents, registrars, trustees, escrow holders, depositories, experts,
expenses of qualification of the sale of its Program Interest under federal and state law including taxes and fees, accountants' and attorneys' fees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Participant. </I></FONT><FONT SIZE=2>The holder of a Program Interest. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Person. </I></FONT><FONT SIZE=2>Any natural Person, partnership, corporation, association or other legal entity. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Pit Brokerage Fee. </I></FONT><FONT SIZE=2>Pit Brokerage Fee shall include floor brokerage, clearing fees, National Futures Association fees, and exchange fees. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Program. </I></FONT><FONT SIZE=2>A limited partnership, joint venture, corporation, trust or other entity formed and operated for the purpose of investing in
Commodity Contracts. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Program Broker. </I></FONT><FONT SIZE=2>A Commodity Broker that effects trades in Commodity Contracts for the account of a Program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Program Interest. </I></FONT><FONT SIZE=2>A limited partnership interest or other security representing ownership in a Program. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Pyramiding. </I></FONT><FONT SIZE=2>A method of using all or a part of an unrealized profit in a Commodity Contract position to provide margin for any additional
Commodity Contracts of the same or related commodities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Sponsor. </I></FONT><FONT SIZE=2>Any Person directly or indirectly instrumental in organizing a Program or any Person who will manage or participate in the
management of a Program, including a Commodity Broker who pays any portion of the Organizational and Offering Expenses of the Program, and the general partner(s) and any other Person who regularly
performs or selects the Persons who perform services for the Program. Sponsor does not include wholly independent third parties such as attorneys, accountants and underwriters whose only compensation
is for professional services rendered in connection with the offering of the units. The term "Sponsor" shall be deemed to include its Affiliates. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-24</FONT></P>

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<A NAME="page_hc3142_1_25"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Valuation Date. </I></FONT><FONT SIZE=2>The date as of which the Net Assets of the Program are determined. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Valuation Period. </I></FONT><FONT SIZE=2>A regular period of time between Valuation Dates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
terms not defined herein are used with the respective meanings set forth in the Prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Legal Title to Trust Estate.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Unitholders shall not have legal title to any part of the Trust Estate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Legal Title.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal
title to all the Trust Estate shall be vested in the Trust as a separate legal entity; except where applicable law in any jurisdiction requires any part of the Trust Estate to be
vested otherwise, the Managing Owner (or the Trustee, if required by law) may cause legal title to the Trust Estate or any portion thereof to be held by or in the name of the Managing Owner or any
other person as nominee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Creditors.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
creditors of any Unitholders shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the Trust Estate. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the undersigned have duly executed this Fifth Amended and Restated Declaration and Agreement of Trust and Trust Agreement as of the day and year first above written. </FONT></P>

<P><FONT SIZE=2>WILMINGTON
TRUST COMPANY<BR>
as Trustee </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>EMMETT R. HARMAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>Emmett R. Harmon</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>Vice President</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=5 VALIGN="TOP"><FONT SIZE=2><BR>
CIS INVESTMENTS,&nbsp;INC.<BR>
as Managing Owner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>BARBARA A. PFENDLER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>Barbara A. Pfendler</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>Vice President</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=5 VALIGN="TOP"><FONT SIZE=2><BR>
All Unitholders now and hereafter admitted as Unitholders of the Trust, pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to, the Managing Owner.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2><BR>
CIS INVESTMENTS,&nbsp;INC.<BR>
as Attorney-in-Fact</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>BARBARA A. PFENDLER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>Barbara A. Pfendler</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>Vice President</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>A-25</FONT></P>

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NAME="page_hg3142_1_1"> </A> </FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT B  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JWH GLOBAL TRUST  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hg3142_subscription_requirements"> </A>
<A NAME="toc_hg3142_1"> </A></FONT> <FONT SIZE=2><B>SUBSCRIPTION REQUIREMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By executing a Subscription Agreement and Power of Attorney Signature Page for </FONT><FONT SIZE=2><B>JWH Global Trust (the "Trust")</B></FONT><FONT SIZE=2>,
each </FONT><FONT SIZE=2><B>purchaser ("Purchaser")</B></FONT><FONT SIZE=2> of </FONT><FONT SIZE=2><B>units of beneficial interest ("Units")</B></FONT><FONT SIZE=2> in the Trust subscribes for Units
at the Net Asset Value per Unit, as described in the Trust's current </FONT><FONT SIZE=2><B>Prospectus (the "Prospectus")</B></FONT><FONT SIZE=2>. The minimum initial subscription is $5,000; $2,000
for trustees or custodians of eligible employee benefit plans and individual retirement accounts. Incremental subscriptions will be accepted in multiples of $100 in excess of such minimums. Existing
Unitholders may make additional investments in the Trust in $1,000 minimums, also with $100 increments. Units are sold in fractions calculated to five decimal places. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchaser
is herewith delivering to Purchaser's selling agent (hereinafter, "Selling Agent") an executed Subscription Agreement and Power of Attorney Signature Page and either
(i)&nbsp;delivering a check in the full amount of the Purchaser's subscription or (ii)&nbsp;hereby authorizing such Selling Agent to debit Purchaser's customer securities account maintained with
such Selling Agent for the full amount of Purchaser's subscription in accordance with the procedures described under "Plan of Distribution&#151;Subscription Procedure" in the Prospectus. If
Purchaser's Subscription Agreement and Power of Attorney is accepted by </FONT><FONT SIZE=2><B>CIS Investments,&nbsp;Inc.</B></FONT><FONT SIZE=2>, the managing owner of the Trust (the "Managing
Owner"), Purchaser agrees to contribute Purchaser's subscription to the Trust and to be bound by the terms of the Trust's Declaration and Agreement of Trust (Exhibit&nbsp;A to the
Prospectus), including, without limitation, the provisions of Sections 9(a), 11 and 15 thereof. Purchaser agrees to reimburse the Trust and the Managing Owner for any expense or loss incurred by
either as a result of the cancellation of Purchaser's Units due to a failure of the Purchaser to deliver good funds in the amount of the subscription price of any or all of such Units. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the undersigned is acting on behalf of an "employee benefit plan," as defined in and subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or any
"plan," as defined in Section&nbsp;4975 of the Internal Revenue Code of 1986, as amended (the "Code") (each such employee benefit plan and plan, a "Plan"), the individual signing this Subscription
Agreement and Power of Attorney on behalf of the undersigned, in addition to the representations and warranties set forth above, hereby further represents and warrants as, or on behalf of, the
fiduciary of the Plan responsible for purchasing a Unit (the "Plan Fiduciary") that: (a)&nbsp;the Plan Fiduciary has considered an investment in the Trust for such Plan in light of the risks
relating thereto; (b)&nbsp;the Plan Fiduciary has determined that, in view of such considerations, the investment in the Trust for such Plan is consistent with the Plan Fiduciary's responsibilities
under ERISA; (c)&nbsp;the Plan's investment in the Trust does not violate and is not otherwise inconsistent with the terms of any legal document constituting the Plan or any trust agreement
thereunder; (d)&nbsp;the Plan's investment in the Trust has been duly authorized and approved by all necessary parties; (e)&nbsp;none of the Managing Owner, John W. Henry&nbsp;&amp;
Company,&nbsp;Inc. ("JWH"), Cargill Investor Services,&nbsp;Inc. ("CIS"), CIS Financial Services,&nbsp;Inc. ("CISFS"), CIS Securities,&nbsp;Inc. ("CISSI"), any Selling Agent, wholesaler or
correspondent, Bank One, NA (the "Escrow Agent"), Wilmington Trust Company (the "Trustee"), any of their respective affiliates or any of their respective agents or employees (i)&nbsp;has investment
discretion with respect to the investment of assets of the Plan used to purchase Units; (ii)&nbsp;has authority or responsibility to or regularly gives investment advice with respect to the assets
of the Plan used to purchase Units for a fee and pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decisions with respect to the Plan and that
such advice will be based on the particular investment needs of the Plan; or (iii)&nbsp;is an employer maintaining or contributing to the Plan; and (f)&nbsp;the Plan Fiduciary (i)&nbsp;is
authorized to make, and is responsible for, the decision to invest in the Trust, including the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-1</FONT></P>

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<BR>

<P><FONT SIZE=2>determination
that such investment is consistent with the requirement imposed by Section&nbsp;404 of ERISA that Plan investments be diversified so as to minimize the risk of large losses,
(ii)&nbsp;is independent of the Managing Owner, JWH, CIS, CISFS, CISSI, any Selling Agent, wholesaler or correspondent, the Escrow Agent, the Trustee, and any of their respective affiliates, and
(iii)&nbsp;is qualified to make such investment decision. The undersigned will, at the request of the Managing Owner, furnish the Managing Owner with such information as the Managing Owner may
reasonably require to establish that the purchase of Units by the Plan does not violate any provision of ERISA or the Code, including, without limitation, those provisions relating to "prohibited
transactions" by "parties in interest" or "disqualified persons" as defined therein. </FONT></P>

<P><FONT SIZE=2><I>Investor Suitability  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Purchaser understands that the purchase of Units may be made only by persons who, at a minimum, have (i)&nbsp;a net worth of at least
$150,000 (exclusive of home, furnishings and automobiles) or (ii)&nbsp;an annual gross income of at least $45,000 and a net worth (similarly calculated) of at least $45,000.
Residents of the following states must meet the specific requirements set forth below (net worth is, in all cases, to be calculated exclusive of home, furnishings and automobiles). It is recommended
(required, in the case of an individual Pennsylvania Purchaser) that no individual Purchaser should (may, in the case of an individual Pennsylvania Purchaser) invest more than 10% of his or her net
worth (exclusive of home, furnishings and automobiles) in the Units and no entity Purchaser, including ERISA plans, should invest more than 10% of its liquid net worth (readily marketable securities)
in the Units.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska&#151;Net
worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona&#151;Net
worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California&#151;Liquid
net worth of at least $100,000 and an annual taxable income of at least $50,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa&#151;Net
worth of at least $225,000 or a net worth of at least $60,000 and an annual taxable income of at least $60,000. Minimum purchase for individual
retirement accounts and employee benefit plans in Iowa is $2,500. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maine&#151;Minimum
subscription per investment, both initial and subsequent, of $5,000; net worth of at least $200,000 or a net worth of at least $50,000 and an
annual income of at least $50,000. All Maine residents, including existing Unitholders in the Trust subscribing for additional Units, must execute a Subscription Agreement and Power of Attorney
Signature Page. Maine residents must sign a Subscription Agreement and Power of Attorney Signature Page specifically prepared for Maine residents, a copy of which shall accompany this Prospectus and
be delivered to all Maine residents. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts&#151;Net
worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan&#151;Net
worth of at least $225,000 or a net worth of at least $60,000 and taxable income during the preceding year of at least $60,000. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota&#151;Except
as provided in the immediately following sentence, each Minnesota Purchaser must be an "accredited investor" as defined in
Regulation&nbsp;D under the Securities Act of 1933 and must, either alone or together with a purchaser representative, have sufficient financial knowledge and experience to be capable of evaluating
the risks and merits of an investment in the Units. The Trust may effect no more than 35 sales of Units to non-accredited investors in Minnesota in any consecutive 12-month
period. Each non-accredited investor must have a net worth of at least </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-2</FONT></P>

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<A NAME="page_hg3142_1_3"> </A>
<BR>

<P><FONT SIZE=2>$225,000
or a net worth of at least $60,000 and an annual income of at least $60,000. Minnesota residents must sign a Subscription Agreement and Power of Attorney Signature Page specifically prepared
for Minnesota residents, a copy of which shall accompany this Prospectus and be delivered to all Minnesota residents. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi&#151;Net
worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;Missouri&#151;Net
worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;New
Hampshire&#151;Net worth of at least $250,000 or a net worth of at least $125,000 and an annual taxable income of at least $50,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;North
Carolina&#151;Net worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;Oklahoma&#151;Net
worth of at least $225,000 or a net worth of $60,000 and an annual income of at least $60,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;Oregon&#151;Net
worth of at least $225,000 or a net worth of at least $60,000 and an annual income of at least $60,000. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;Pennsylvania&#151;Net
worth of at least $175,000 or a net worth of at least $100,000 and an annual income of at least $50,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;South
Carolina&#151;Net worth of at least $100,000 or a net income in the preceding year some portion of which was subject to maximum federal and state income
tax. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;South
Dakota&#151;Net worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;Tennessee&#151;Net
worth of at least $250,000 or a net worth of at least $65,000 and annual taxable income of at least $65,000. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;Texas&#151;Net
worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of IRA and SEP plans, the foregoing suitability standards are applicable to the beneficiary of the plan for whose account the Units are being acquired. In the case of a
custodian purchasing Units for a minor, the Units will be either a gift to the minor and not paid with funds of the minor or the minor meets the foregoing suitability standards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The foregoing suitability standards are regulatory minimums only. Merely because Purchaser meets such requirements does not necessarily mean that a high risk,
speculative and illiquid investment such as the Trust is, in fact, suitable for Purchaser.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-3</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT C  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JWH GLOBAL TRUST  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hi3142_subscription_instructio__hi302508"> </A>
<A NAME="toc_hi3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>SUBSCRIPTION INSTRUCTIONS<BR>  FOR<BR>  UNITS OF BENEFICIAL INTEREST    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Any person considering subscribing for Units should carefully read and review the Prospectus, including the Privacy Policy of the Managing
Owner contained therein. The Prospectus must be accompanied by the most recent Account Statement of the Trust (current within 60 calendar days).</B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Units are speculative and involve a high degree of risk. It is recommended that no subscriber should invest more than 10% of such subscriber's net worth (which excludes home,
furnishings and automobiles) in the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached
to these subscription instructions is a detachable carbonless copy set of the Subscription Agreement and Power of Attorney Signature Page (the "Signature Page") with the
Subscription Agreement and Power of Attorney on the reverse side. The Signature Page is the document which you must execute if you wish to subscribe for Units. One copy of such Signature Page should
be retained by you for your records and the others delivered to your Financial Advisor. </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="61%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=5 VALIGN="TOP"><FONT SIZE=2>FILL IN ALL THE INFORMATION ON THE ATTACHED SIGNATURE PAGE, USING BLUE OR BLACK INK ONLY, AS FOLLOWS:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
Item 1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2><BR>
Enter the whole dollar amount of the subscription (no cents). Check the box if the subscriber currently owns Units.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
Item 2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2><BR>
Check the box if payment is to be made by debit from investor's securities account. If debited, enter the investor's securities account number.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
Item 3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2><BR>
Enter the Social Security or Taxpayer ID Number of the investor. Check the appropriate box to indicate the type of ownership for the entity that is subscribing. In the case of joint ownership, either Social Security Number may be used. If the
Non-Taxable Investor is a plan or IRA of a Financial Advisor, check the box for "Other" and indicate "Selling Agent Plan" in the space provided.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
Item 4 through 8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2><BR>
The following specific instructions are provided for certain ownership types identified on the Signature Page:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><BR><FONT SIZE=2><I>Trust</I></FONT><FONT SIZE=2>&#151;Enter the trust's name in Item 4 and the trustee's name in Item&nbsp;5, followed by "Ttee."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><BR><FONT SIZE=2><I>Custodian Under Uniform Gifts to Minors Act</I></FONT><FONT SIZE=2>&#151;Complete Item&nbsp;4 with the name of minor followed by "UGMA." Enter the minor's Social Security Number in Item&nbsp;3. In Item 8, enter the
custodian's name followed by "Custodian." Be sure to furnish the Taxpayer ID Number of the Custodian.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><BR><FONT SIZE=2><I>Partnership or Corporation</I></FONT><FONT SIZE=2>&#151;The partnership's or corporation's name is required in Item&nbsp;4. Enter a partner's or officer's name in Item&nbsp;5. Enter the Taxpayer ID Number of the
partnership or corporation in Item&nbsp;3.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><BR><FONT SIZE=2><I>Non-Taxable Investor&#151;</I></FONT><FONT SIZE=2>If applicable, complete Item 8 for the Custodian. Be sure to furnish the Taxpayer ID Number of the Custodian.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>C-1</FONT></P>

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&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2><BR>
Complete residence address in Item 6 and mailing address (if different) in Item&nbsp;7.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2><BR>
The investor(s) must review the representations relating to backup withholding tax or non-resident alien status following Item&nbsp;8. Check box if applicable.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
Item 9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2><BR>
The investor(s) must sign the Subscription Agreement and Power of Attorney Signature Page. Joint accounts must include signatures of all parties.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
Items 10 and 11</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2><BR>
Financial Advisor must complete.</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2><B>The Financial Advisor's copy of the Subscription Agreement and Power of Attorney Signature Page may be required to be retained in the Branch Office.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-2</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>JWH GLOBAL TRUST<BR>
UNITS OF BENEFICIAL INTEREST  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>BY EXECUTING THIS SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY<BR>
SUBSCRIBERS ARE NOT WAIVING ANY RIGHTS UNDER THE SECURITIES ACT OF 1933<BR>
OR THE SECURITIES EXCHANGE ACT OF 1934  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hj3142_subscription_agreement_and_power_of_attorney"> </A>
<A NAME="toc_hj3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>JWH GLOBAL TRUST<BR>
c/o CIS Investments,&nbsp;Inc., Managing Owner<BR>
233 South Wacker Drive, Suite 2300<BR>
Chicago, Illinois 60606  </B></FONT></P>

<P><FONT SIZE=2>Dear Sirs: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Subscription for Units.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;I hereby subscribe for the dollar amount of </FONT><FONT SIZE=2><B>units of
beneficial interest ("Units")</B></FONT><FONT SIZE=2> in </FONT><FONT SIZE=2><B>JWH Global Trust (the "Trust")</B></FONT><FONT SIZE=2> set forth in the Subscription Agreement and Power of Attorney
Signature Page attached hereto (minimum $5,000; $2,000 for trustees or custodians of eligible employee benefit plans and individual retirement accounts), at a purchase price per Unit of Net Asset
Value. Incremental subscriptions in excess of the foregoing minimums are permitted in $100 multiples. Existing investors may subscribe for additional Units in $1,000 minimums, also with $100
increments. Fractional Units will be issued to five decimal places. The terms of the offering of the Units are described in the current Prospectus of the Trust (the "Prospectus"). I have either
(i)&nbsp;authorized my Financial Advisor to debit my customer securities account in the amount of my subscription or (ii)&nbsp;delivered a check to my Financial Advisor made payable to
"</FONT><FONT SIZE=2><B>Bank One, NA, Escrow Agent for JWH Global Trust."</B></FONT><FONT SIZE=2> If I have chosen to subscribe by account debit, I acknowledge that I must have my subscription
payment in such account when I submit my subscription. My Financial Advisor shall debit my account and the amounts so debited will be transmitted directly to the Escrow Agent. </FONT> <FONT SIZE=2><B>CIS Investments,&nbsp;Inc. (the "Managing
Owner")</B></FONT><FONT SIZE=2> may, in its sole and absolute discretion, accept or reject this subscription in whole or in part. </FONT> <FONT SIZE=2><B>Subscriptions are revocable for five business days after submission. All Units are offered
subject to prior sale.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions
generally must be received by the Managing Owner no later than five business days before month-end (including the last business day of the month) in order to be
invested in the Units as of the end of the month. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Representations and Warranties of Subscriber.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;I have received the Prospectus and an account statement
(current within 60&nbsp;days) relating to the Trust. I understand that certain investor suitability standards must be met as a condition of my investment in the Units. I acknowledge that I satisfy
the applicable requirements relating to net worth and annual income as set forth in "Exhibit&nbsp;B&#151;Subscription Requirements" to the Prospectus. If subscriber is an employee benefit
plan, the investment in the Units by such employee benefit plan is in compliance with all federal laws relating to such plans. If the subscriber is a trust under an employee benefit plan, none of the
Trustee, the Managing Owner, the Trading Advisor, the Futures Broker, the Foreign Currency Broker, any Selling Agent, Wholesaler or correspondent, or the Escrow Agent, any of their respective
affiliates or any of their respective agents or employees: (i)&nbsp;has investment discretion with respect to the investment of the assets of such trust being used to purchase Units; (ii)&nbsp;has
authority or responsibility to give or regularly gives investment advice with respect to such trust assets for a fee and pursuant to an agreement or understanding that such advice will be based on the
particular investment needs of the trust; or (iii)&nbsp;is an employer maintaining or contributing to the Trust. If subscriber is not an individual, subscriber is authorized to invest in the Trust
and the person signing the Subscription Agreement and Power of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-3</FONT></P>

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<A NAME="page_hj3142_1_4"> </A>
<BR>

<P><FONT SIZE=2>Attorney
Signature Page on behalf of the subscriber is duly authorized to execute such Signature Page. Subscriber is registered with the Commodity Futures Trading Commission and is a member of
National Futures Association in all capacities that subscriber is required to be registered or such a member. If subscriber is a custodian for a minor, the Units purchased will be either a gift to the
minor and not paid with funds of the minor or the minor meets the net worth and annual income requirements set forth in "Exhibit&nbsp;B&#151;Subscription Requirements" to the Prospectus. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Power of Attorney.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In connection with my purchase of Units, I do hereby irrevocably constitute and appoint
the Managing Owner and its successors and assigns, as my true and lawful Attorney-in-Fact, with full power of substitution, in my name, place and stead, to (i)&nbsp;file,
prosecute, defend, settle or compromise litigation, claims or arbitrations on behalf of the Trust and (ii)&nbsp;make, execute, sign, acknowledge, swear to, deliver, record and file any documents or
instruments which may be considered necessary or desirable by the Managing Owner to carry out fully the provisions of the Declaration and Agreement of Trust of the Trust, including, without
limitation, the execution of the said Agreement itself and the execution of all amendments permitted by the terms thereof. The Power of Attorney granted hereby shall be deemed to be coupled with an
interest, shall be irrevocable, shall survive, and shall not be affected by, my subsequent death, incapacity, disability, insolvency or dissolution or any delivery by me of an assignment of the whole
or any portion of my Units. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Governing Law.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subscriber hereby acknowledges and agrees that this Subscription Agreement and Power of
Attorney derives from a business initiated in and concluded in the United States of America and shall be governed by and be interpreted in accordance with the laws of the State of Delaware, without
regard to principles of conflicts of laws thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Risks.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;These securities are speculative and involve a high degree of risk. It is recommended that you should
invest no more than 10% of your net worth (excluding home, furnishings and automobiles) in the Trust. Risk factors relating to the Units include the following: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;You could lose all or substantially all of your investment in the Trust; (ii)&nbsp;the Trust is speculative and it takes positions with total
values that are bigger than the total amount of the Trust's assets; the face value of the Trust's positions typically range from three to fifteen times its aggregate Net Asset Value;
(iii)&nbsp;performance has been volatile; the Net Asset Value per Unit has fluctuated over 21% in a single month; (iv)&nbsp;the use of a single advisor applying a limited number of generally
similar trading programs decreases diversification relative to a fund using multiple advisors and increases risk; (v)&nbsp;substantial expenses, totalling almost 9.6% per annum, must be offset by
trading profits and interest income; (vi)&nbsp;there is no market for the Units; Units may only be redeemed as of the end of a calendar month subject to a 3% redemption charge through the end of the
eleventh month after issuance; (vii)&nbsp;the Trust trades to a substantial degree on non-U.S. markets which are not subject to the same degree of regulation as U.S. markets;
(viii)&nbsp;investors are required to make representations and warranties in connection with their investment; (ix)&nbsp;each prospective investor is encouraged to discuss the investment with
his/her individual financial, legal and tax adviser.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>See "The Risks You Face" beginning at page 13 of the Prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>PLEASE COMPLETE THE SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY SIGNATURE PAGE WHICH ACCOMPANIES THIS PROSPECTUS CAREFULLY AND ENSURE THAT YOUR FINANCIAL ADVISOR
KNOWS WHETHER YOU ARE SUBSCRIBING BY CHECK OR ACCOUNT DEBIT.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-4</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hk3142_jwh_global_trust_subscription___jwh04812"> </A>
<A NAME="hk3142_units_#160;of_#160;beneficial___uni02748"> </A>
<A NAME="toc_hk3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST<BR>  SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY SIGNATURE PAGE<BR>  </B></FONT><FONT SIZE=2>See Subscription Instructions on Cover)    <BR></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investor named below, by executing and delivering this Signature Page and by payment of the purchase price for units of beneficial interest ("Units") in </FONT><FONT SIZE=2><B>JWH
Global Trust</B></FONT><FONT SIZE=2> (the "Trust"), and by either (i)&nbsp;enclosing a check payable to "</FONT><FONT SIZE=2><B>Bank One, NA, as Escrow Agent for JWH Global
Trust</B></FONT><FONT SIZE=2>" or (ii)&nbsp;authorizing the Selling Agent (or Additional Selling Agent, as the case may be) to debit investor's securities account in the amount set forth below,
hereby subscribes for the purchase of Units at a purchase price of 100% of the Net Asset Value per Unit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
named investor further acknowledges receipt of the current Prospectus of the Trust (the "Prospectus"), together with a recent Account Statement relating to the Trust (current within
60 calendar days) and the Trust's most recent Annual Report if not included in the Prospectus. The Prospectus includes the Trust's Declaration and Agreement of Trust, Subscription Requirements and
Subscription Agreement and Power of Attorney, the terms of which govern the investment in the Units being subscribed for hereby. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1)</FONT></DT><DD><FONT SIZE=2>Investment
Amount $____,_______,_______ (minimum $5,000, except $2,000 minimum for IRAs and other qualified accounts; $1,000 minimum for additional investments; $100 increments)
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>Check
box if own Units
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2)</FONT></DT><DD><FONT SIZE=2>Investor's
securities account: Account _______________________ _&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;check box if debiting investor's securities
account
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3)</FONT></DT><DD><FONT SIZE=2>Social
Security #_______-____-_________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxpayer ID #____-________________ </FONT></DD></DL>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="38%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="25%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="25%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5><FONT SIZE=2><B>Taxable Investors</B></FONT><FONT SIZE=2> (check one)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="38%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Individual Investor</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Community Property</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Partnership</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="38%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Joint Tenants with Right of Survivorship</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Estate</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;UGMA/UTMA (Minor)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="38%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Tenants in Common</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Trust</FONT></TD>
</TR>
</TABLE>
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<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="29%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=7><FONT SIZE=2><B>Non-Taxable Investors</B></FONT><FONT SIZE=2>&#151;Custodian Signature Required (check one)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;IRA</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;IRA Rollover</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Profit Sharing</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;SEP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Roth IRA</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Pension</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Defined Benefit</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Other___________________</FONT></TD>
</TR>
</TABLE>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4)</FONT></DT><DD><FONT SIZE=2>Investor(s)
Name(s)<BR>
___________________________________________________________________________________________
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5)</FONT></DT><DD><FONT SIZE=2>Additional
Information (For Estates, Partnerships, Trusts and Corporations)<BR>
___________________________________________________________________________________________
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6)</FONT></DT><DD><FONT SIZE=2>Residence
Address of Unitholder<BR>
___________________________________________________________________________________________ </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Street
(P.0. Box numbers are not acceptable for residence address)<BR>
__________________________________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________<BR>
City&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zip
 </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>7)</FONT></DT><DD><FONT SIZE=2>Mailing
Address (if different)<BR>
__________________________________________________________________________________________ _ </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>C-5</FONT></P>

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<A NAME="page_hk3142_1_6"> </A>
<UL>
<BR>

<P><FONT SIZE=2>Street
</FONT></P>

</UL>
<UL>

<P><FONT SIZE=2>__________________________________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________<BR>
City&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zip
 </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>8)</FONT></DT><DD><FONT SIZE=2>Custodian
Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxpayer ID# ____-________________<BR>
Name </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>___________________________________________________________________________________________<BR></FONT></P>


<P><FONT SIZE=2>___________________________________________________________________________________________<BR>
Street </FONT></P>

<P><FONT SIZE=2>__________________________________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________<BR>
City&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zip
 </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2><B>UNITED STATES INVESTORS ONLY  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have checked the following box if I am subject to backup withholding under the provisions of Section&nbsp;3406(a)(1)(C) of the Internal Revenue Code: . Under
the penalties of perjury, by signature below I hereby certify that the Social Security or Taxpayer ID Number set forth in Item 3 above is my true, correct and complete Social Security or Taxpayer ID
Number and that the information given in the immediately preceding sentence is true, correct and complete. Moreover, under penalties of perjury, by signature below I certify that I am a U.S. Person. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>NON-UNITED STATES INVESTORS ONLY  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under penalties of perjury, by signature below I hereby certify that I am not a U.S. Person (including (a)&nbsp;a citizen or resident of the United States or
(b)&nbsp;(in the case of an investor which is not an individual) a United States corporation, partnership, estate or trust): . Moreover, under penalties of perjury, by signature below I certify that
I am (or am authorized to sign for) the beneficial owner (as defined in the Internal Revenue Code) of all the income to which this form relates. I will deliver the appropriate
Form&nbsp;W-8 as instructed by my Financial Adviser. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-6</FONT></P>

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<A NAME="page_hk3142_1_7"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9)</FONT></DT><DD><FONT SIZE=2><B>INVESTOR(S) MUST SIGN  </B></FONT></DD></DL>
<UL>

<P><FONT SIZE=2><B>The Internal Revenue Service does not require your consent to any provisions of this document other than the certifications required to avoid backup withholding set forth after
Section&nbsp;8 above.</B></FONT></P>
</UL>
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<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="41%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="41%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>Signature</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>Date</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>Signature of Joint Investor (if any)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>Date</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Executing and delivering this Subscription Agreement and Power of Attorney shall in no respect be deemed to constitute a waiver of any rights under the Securities
Act of 1933 or under the Securities Exchange Act of 1934.</B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>10)</FONT></DT><DD><FONT SIZE=2><B>FINANCIAL ADVISOR MUST SIGN</B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
hereby certify that I have provided the investor with a copy of the Prospectus and informed the investor of all pertinent facts relating to the: risks; tax consequences; liquidity and
marketability; management; and control of the Managing Owner with respect to an investment in the Units, as set forth in the Prospectus. I have also informed the investor of the unlikelihood of a
public trading market developing for the Units and the restrictions on the redemption of Units. I do not have discretionary authority over the account of the investor. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reasonable grounds to believe, based on information obtained from the investor concerning his/her investment objectives, other investments, financial situation and needs and any
other information known by me, that an investment in the Trust is suitable for such investor in light of his/her financial position, net worth and other suitability characteristics. </FONT> <FONT SIZE=2><B>The Financial Advisor MUST sign below in
order to substantiate compliance with Rule&nbsp;2810 of the NASD</B></FONT><FONT SIZE=2>. </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="3%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="41%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="41%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="41%"><HR NOSHADE></TD>
<TD WIDTH="5%"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="41%"><HR NOSHADE></TD>
<TD WIDTH="5%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>Financial Advisor Signature</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>Date</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>Office Manager Signature (if required)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>Date</FONT></TD>
</TR>
</TABLE>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>11)</FONT></DT><DD><FONT SIZE=2>Broker-Dealer
Firm:&nbsp;__________________________&nbsp;&nbsp;&nbsp;&nbsp;Financial Advisor:&nbsp;____________________________ __<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First&nbsp;&nbsp;M.I.&nbsp;&nbsp;Last&nbsp;&nbsp;&nbsp;&nbsp;Fin. Adv.
Number
 </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Financial
Advisor Mailing Address:____________________________________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Street </FONT><FONT SIZE=1>(P.0. Box numbers are not acceptable for residence address)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2>City&nbsp;&nbsp;&nbsp;&nbsp;State&nbsp;&nbsp;&nbsp;&nbsp;Zip </FONT></P>
</UL>
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<TR VALIGN="BOTTOM">
<TH WIDTH="30%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="30%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="30%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><HR NOSHADE></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><HR NOSHADE></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2>Financial Advisor Phone</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2>Financial Advisor Fax</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2>E-mail address</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>C-7</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_hm3142_1_8"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hm3142_jwh_global_trust_units_of_bene__jwh02830"> </A>
<A NAME="toc_hm3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>JWH GLOBAL TRUST<BR>  <BR>    UNITS OF BENEFICIAL INTEREST<BR>  <BR>    REQUEST FOR REDEMPTION    <BR>    </B></FONT></P>

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<TH WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><B>JWH GLOBAL TRUST<BR>
c/o CIS Investments,&nbsp;Inc.<BR>
Managing Owner<BR>
233 South Wacker Drive, Suite 2300<BR>
Chicago, Illinois 60606</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>____________________________________<BR>
Date</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>Dear
Sirs: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby requests redemption subject to all the terms and conditions of the Amended and Restated Declaration and Agreement of Trust (the "Declaration and Agreement of
Trust") of JWH GLOBAL TRUST (the "Trust") of Units of Beneficial Interest ("Units") in the Trust. </FONT><FONT SIZE=2><I>(Insert number of Units or dollar amount to be redeemed below. Unitholders
need not redeem all of their Units provided they redeem at least $1,000 of Units and they must hold a minimum investment of $1,000 after any partial redemption. If no number of Units or dollar amount
is indicated, ALL Units held by the undersigned will be redeemed.)</I></FONT><FONT SIZE=2> Units are redeemed at the Net Asset Value per Unit, as defined in the Declaration and Agreement of Trust,
less any applicable redemption charge (see below). Redemption shall be effective as of the end of the current calendar month; provided this Request for Redemption is received no later than five
business days before the end of such month (including the last business day of the month).
Payment of the redemption proceeds will generally be made within ten business days of the date of redemption. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby represents and warrants that the undersigned is the true, lawful and beneficial owner of the Units to which this Request for Redemption relates, with full power
and authority to request redemption of such Units. Such Units are not subject to any pledge or otherwise encumbered in any fashion. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units
redeemed at or prior to the end of the eleventh full month after such Units are sold are subject to redemption charges of 3% of the Net Asset Value of Units at which they are
redeemed. Such charges will be deducted from the redemption proceeds and paid to Cargill Investor Services,&nbsp;Inc., the Trust's Futures Broker. If the undersigned has purchased Units at more than
one closing, such Units will be treated on a first-in/first-out basis for purposes of determining whether redemption charges continue to be applicable to such Units. </FONT></P>

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<P><FONT SIZE=2><B>United States Unitholders Only:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned has checked the following box if he, she or it is subject to backup withholding under the provisions of Section&nbsp;3406(a)(1)(C) of the
Internal Revenue Code:&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT>. Under the penalties of perjury, by signature below the undersigned hereby certifies that the Social Security or
Taxpayer ID Number set forth below is his, her or its true, correct and complete Social Security or Taxpayer ID Number and that the information given in the immediately preceding sentence is true,
correct and complete. Moreover, under penalties of perjury, by signature below the undersigned certifies that he, she or it is a U.S. Person. </FONT></P>


<P><FONT SIZE=2><B>Non-United States Unitholders Only:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under penalties of perjury, by signature below the undersigned hereby certifies that he, she or it is not a U.S. person (including (a)&nbsp;a citizen or
resident of the United States or (b)&nbsp;(in the case of an investor which is not an individual) a United States corporation, partnership, estate or
trust):&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT>. Moreover, under penalties of perjury, by signature below the undersigned certifies that he, she or it is (or is authorized to sign
for) the beneficial owner (as defined in the Internal Revenue Code) of all the income to which this form relates. The undersigned will deliver the appropriate Form&nbsp;W-8 as instructed
by his, her or its Financial Advisor. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-8</FONT></P>

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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>Tax ID&#151;SS# or Fed No (No hyphens)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Account Number</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><HR NOSHADE></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>Account
Name<BR>
___________________________________________________________________________________________ </FONT></P>

<P><FONT SIZE=2>___________________________________________________________________________________________
</FONT></P>

<P><FONT SIZE=2>By:<BR>
___________________________________________________________________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Authorized corporate officer, partner, trustee or custodian) </FONT></P>


<P><FONT SIZE=2><B>Account Mailing Address  </B></FONT></P>

<P><FONT SIZE=2>Street
or P.O.&nbsp;Box<BR>
___________________________________________________________________________________________ </FONT></P>

<P><FONT SIZE=2>City<BR>
___________________________________________________________________________________________ </FONT></P>

<P><FONT SIZE=2>State&nbsp;________________________
Zip&nbsp;________________________ Country&nbsp;________________________ </FONT></P>

<P><FONT SIZE=2>Phone&nbsp;________________________________________________________________________
</FONT></P>

<P><FONT SIZE=2><B>JWH Global Trust:  </B></FONT></P>

<P><FONT SIZE=2>Redeem:
Number of Units&nbsp;____________________________________ OR Amount $____________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Write "ALL" for full redemption)
 </FONT></P>

<P><FONT SIZE=2>(Check
one) </FONT></P>

<P><FONT SIZE=2>____________&nbsp;Mail
check to the address above </FONT></P>

<P><FONT SIZE=2>____________&nbsp;Credit
my customer securities account at: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name
of Broker Dealer:____________________________________ </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account
Name:___________________________________________ </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account
Number:__________________________________________ </FONT></P>

<P><FONT SIZE=2><B>SIGNATURES MUST BE IDENTICAL TO NAME(S) IN WHICH UNITS ARE REGISTERED.  </B></FONT></P>

<P><FONT SIZE=2>____________________________________________________________<BR>
Individual Unitholder(s)/Custodian Signature </FONT></P>


<P><FONT SIZE=2>____________________________________________________________<BR>
Individual Unitholder(s)/Custodian Signature </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-9</FONT></P>

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<BR>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ho3142_1_1"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ho3142_part_ii_information_not_required_in_prospectus"> </A>
<A NAME="toc_ho3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART II<BR>  <BR>    INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Item 13.&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is an estimate of the costs incurred in connection with preparing and filing this Registration Statement. The Trust will pay all such costs. </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="67%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Approximate<BR>
Amount</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Securities and Exchange Commission Registration Fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>24,270</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>National Association of Securities Dealers, Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>30,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Filing Fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Printing Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>100,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Fees of Certified Public Accountants</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>15,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Blue Sky Expenses (Excluding Legal Fees)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>30,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Fees of Counsel</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>75,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Escrow Fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>20,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Advertising and Sales Literature</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>20,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Miscellaneous Offering Costs</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>10,230</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="74%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>325,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Actual,
not estimated. </FONT></DD></DL>

<P><FONT SIZE=2><B>Item 14.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;18 of the Amended and Restated Declaration and Agreement of Trust (attached as Exhibit&nbsp;A to the Prospectus which forms a part of this
Registration Statement) provides for the indemnification of the Managing Owner, certain of its affiliates and certain of their respective directors, officers and controlling persons by the Registrant
in certain circumstances. Such indemnification is limited to claims sustained by such persons in connection with the Registrant; provided that such claims were not the result of negligence or
misconduct on the part of the Managing Owner or its affiliates, directors, officers and controlling persons. The Registrant is prohibited from incurring the cost of any insurance covering any broader
indemnification than that provided above. Advances of Registrant funds to cover legal expenses and other costs incurred as a result of any legal action initiated against the Managing Owner by a
Unitholder are prohibited. </FONT></P>


<P><FONT SIZE=2><B>Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Recent Sales of Unregistered Securities.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no sales of unregistered securities of the Registrant within the last three years. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II-1</FONT></P>

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<BR>

<P><FONT SIZE=2><B>Item 16.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement Schedules.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents are made a part of this Registration Statement: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Exhibits. </FONT></DD></DL>
</UL>
<BR>

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<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="87%" ALIGN="CENTER"><FONT SIZE=1><B>Description of Document</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2>3.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2>Form of Fifth Amended and Restated Declaration and Agreement of Trust of the Registrant (included as Exhibit A to the Prospectus).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
5.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Opinion of Richards, Layton &amp; Finger relating to legality of the Units.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
8.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Opinion of Sidley Austin Brown &amp; Wood with respect to Federal Income Tax Aspects.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
10.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Form of Subscription Agreement and Power of Attorney (included as Exhibit C to the Prospectus).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
23.01(a)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Consent of Sidley Austin Brown &amp; Wood (included in Exhibit 8.01).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
23.01(b)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Consent of Richards, Layton &amp; Finger (included in Exhibit 5.01).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
23.02</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Consent of KPMG LLP.</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibit is incorporated by reference herein from the exhibit of the same description and number filed on March&nbsp;12, 2002 with Post-Effective Amendment
No.&nbsp;6 to Registration Statement on Form&nbsp;S-1 (Reg. No.&nbsp;333-33937). </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Description of Document</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2>1.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Form of Selling Agreement among CIS Securities,&nbsp;Inc., the Registrant, the Managing Owner, CIS Financial Services,&nbsp;Inc. ("CISFS"), Cargill Investor Services, Inc. ("CIS") and John&nbsp;W. Henry &amp; Company,
&nbsp;Inc. ("JWH").</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibit is incorporated by reference herein from the exhibit of the same description and number filed on August&nbsp;19, 1997 with Registrant's Registration Statement on
Form&nbsp;S-1 (Reg. No.&nbsp;333-33937). </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Description of Document</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2>10.02</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Form of Amended Escrow Agreement among the Registrant, The First National Bank of Chicago, the Managing Owner and the Lead Selling Agent.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>II-2</FONT></P>

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<A NAME="page_ho3142_1_3"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibits are incorporated by reference herein from the exhibits of the same description and number filed on February&nbsp;10, 1997 with Amendment No.&nbsp;1 to
Registrant's Registration Statement on Form&nbsp;S-1 (Reg. No.&nbsp;333-16825; declared effective April&nbsp;3, 1997). </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Description of Document</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2>3.02</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Amended and Restated Declaration and Agreement of Trust.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
3.03</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Certificate of Amendment of Certificate of Trust of the Registrant.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
10.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Trading Advisory Agreement among the Registrant, the Managing Owner, CIS and JWH.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
10.02</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Customer Agreement between the Registrant and CIS.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
10.03</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Foreign Exchange Account Agreement between the Registrant and CISFS.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
10.04</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Cash Bullion Account Agreement between the Registrant and CISFS.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
10.06</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Transfer Agent Agreement.</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibits are incorporated by reference herein from the exhibits of the same description and number filed on November&nbsp;26, 1996 with Registrant's Registration
Statement on Form&nbsp;S-1 (Reg. No.&nbsp;333-16825; declared effective April&nbsp;3, 1997). </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Description of Document</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2>3.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Certificate of Trust of the Registrant.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
3.02</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Declaration and Agreement of Trust.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
99.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Securities and Exchange Commission Release No.&nbsp;33-6815&#151;Interpretation and Request for Public Comment&#151;Statement of the Commission Regarding Disclosure by Issuers of Interests in Publicly Offered Commodity Pools. (54&nbsp;Fed.
Reg.&nbsp;5600; February&nbsp;6, 1989).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
99.02</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Commodity Futures Trading Commission&#151;Interpretive Statement and Request for Comments&#151;Statement of the Commodity Futures Trading Commission Regarding Disclosure by Commodity Pool Operators of Past Performance Records and Pool Expenses and
Requests for Comments. (54&nbsp;Fed. Reg.&nbsp;5597; February&nbsp;6, 1989).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
99.03</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
North American Securities Administrators Association, Inc. Guidelines for the Registration of Commodity Pool Programs.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
99.04</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Delaware Business Trust Act.</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2><B>Item 17.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1)&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes to file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>II-3</FONT></P>

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<A NAME="page_ho3142_1_4"> </A>
<UL>
<BR>

<P><FONT SIZE=2>the
form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no more than 20&nbsp;percent change in the maximum
aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the
offering. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to
the provisions described in Item 14 above, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any such action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II-4</FONT></P>

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<BR>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ja3142_signatures"> </A>
<A NAME="toc_ja3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this Registration Statement or Registration Statement Amendment to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago in the State of Illinois on May&nbsp;15, 2003. </FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><BR><FONT SIZE=2>JWH GLOBAL TRUST</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="54%" ALIGN="CENTER"><FONT SIZE=2><BR>
CIS Investments, Inc., Managing Owner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JAMES A. DAVISON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> James A. Davison<BR></FONT> <FONT SIZE=2><I>President</I></FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement or Registration Statement Amendment has been signed below by the following persons on behalf of
CIS Investments,&nbsp;Inc., the Managing Owner of the Registrant, in the capacities indicated on May&nbsp;15, 2003. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=1><B><U>Name</U></B></FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="58%" ALIGN="CENTER"><FONT SIZE=1><B><U>Title</U></B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JAMES A. DAVISON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> James A. Davison</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2>President and Director<BR>
(Principal Executive Officer)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>SHAUN D. O'BRIEN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Shaun D. O'Brien</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
Chief Financial Officer and Director<BR>
(Principal Financial and Accounting Officer)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>BARBARA A. PFENDLER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Barbara A. Pfendler</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Vice President and Director<BR></FONT>
</TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Being the principal executive officer, the principal financial and accounting officer and a majority of the directors of CIS Investments,&nbsp;Inc.) </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>CIS INVESTMENTS,&nbsp;INC.,</FONT><FONT SIZE=2> the Managing Owner of Registrant</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JAMES A. DAVISON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> James A. Davison<BR></FONT> <FONT SIZE=2><I>President</I></FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><B>JWH GLOBAL TRUST  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka3142_exhibit_index"> </A>
<A NAME="toc_ka3142_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>    </B></FONT></P>

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<TABLE WIDTH="79%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="87%" ALIGN="LEFT"><FONT SIZE=1><B>Description of Document<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2>3.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2>Form of Fifth Amended and Restated Declaration and Agreement of Trust of the Registrant (included as Exhibit&nbsp;A to the Prospectus).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2><BR>
5.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Opinion of Richards, Layton &amp; Finger relating to legality of the Units.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2><BR>
8.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Opinion of Sidley Austin Brown &amp; Wood with respect to Federal Income Tax Aspects.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Form of Subscription Agreement and Power of Attorney (included as Exhibit&nbsp;C to the Prospectus).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.01(a)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Consent of Sidley Austin Brown &amp; Wood (included in Exhibit&nbsp;8.01).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.01(b)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Consent of Richards, Layton &amp; Finger (included in Exhibit&nbsp;5.01).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.02</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Consent of KPMG LLP.</FONT></TD>
</TR>
</TABLE>
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<BR>
<P><br><A NAME="03CHI3142_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg3142_1">JWH GLOBAL TRUST $342,100,000 Units of Beneficial Interest</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bi3142_1">COMMODITY FUTURES TRADING COMMISSION RISK DISCLOSURE STATEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bk3142_1">CIS INVESTMENTS, INC. PRIVACY POLICY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_da3142_1">JWH GLOBAL TRUST CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de3142_1">SUMMARY</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de3142_2">JWH Global Trust Sector Allocation</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de3142_3">Average Sector Allocations (3-Year Average) as of March 31, 2003</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de3142_4">See "Charges" at page 66.</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg3142_1">THE RISKS YOU FACE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg3142_2">HOW THE TRUST WORKS</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_do3142_1">PERFORMANCE OF THE TRUST</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dp3142_1">SELECTED AND SUPPLEMENTARY FINANCIAL INFORMATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dp3142_2">MANAGEMENT'S ANALYSIS OF OPERATIONS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dt3142_1">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT THE TRUST'S MARKET RISK</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dt3142_2">MANAGED FUTURES FUNDS IN GENERAL</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_du3142_1">THE ROLE OF MANAGED FUTURES IN YOUR PORTFOLIO</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_du3142_2">Comparison of JWH Global Trust and Certain General Market Indices June 1, 1997 through March 31, 2003</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_du3142_3">JWH Global Trust versus the S&amp;P 500&reg; 500 Stock Index and an Equally Weighted Portfolio of the Trust and the S&amp;P 500&reg; 500 Stock Index June 1, 1997 through March 31, 2003</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_du3142_4">JWH Global Trust Performance as of March 31, 2003</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_du3142_5">Extreme Correlation Analysis</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_du3142_6">JWH Global Trust and Selected Indices versus the Best and Worst 46 Months of the S&amp;P 500&reg; Stock Index (June 1997 through March 2003)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dw3142_1">THE MANAGING OWNER</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dy3142_1">JOHN W. HENRY &amp; COMPANY, INC.</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ea3142_1">JWH PRINCIPALS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ec3142_1">PERFORMANCE OF THE JWH PROGRAMS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ec3142_2">PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ec3142_3">PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ee3142_1">INTEREST INCOME</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_eg3142_1">CHARGES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ei3142_1">BROKERAGE ARRANGEMENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ek3142_1">REDEMPTIONS; NET ASSET VALUE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_em3142_1">CONFLICTS OF INTEREST</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_eo3142_1">TRANSACTIONS BETWEEN THE CIS GROUP AND THE TRUST</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_eq3142_1">THE TRUST AND THE TRUSTEE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_es3142_1">TAX CONSEQUENCES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_es3142_2">PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISERS BEFORE DECIDING WHETHER TO INVEST.</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_eu3142_1">PLAN OF DISTRIBUTION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ew3142_1">LAWYERS; ACCOUNTANTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fa3142_1">FINANCIAL STATEMENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fc3142_1">JWH GLOBAL TRUST Statements of Financial Condition (unaudited) March 31, 2003 and 2002</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fe3142_1">JWH GLOBAL TRUST Statements of Operations (unaudited) Periods ended March 31, 2003 and 2002</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fg3142_1">JWH GLOBAL TRUST Statements of Changes in Unitholders' Capital (unaudited) Periods from January 1, 2003 through March 31, 2003</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fk3142_1">JWH GLOBAL TRUST Statements of Financial Condition December 31, 2002 and 2001</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fm3142_1">JWH GLOBAL TRUST Statements of Operations Years ended December 31, 2002, 2001 and 2000</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fm3142_2">JWH GLOBAL TRUST Statements of Changes in Unitholders' Capital Years ended December 31, 2002, 2001 and 2000</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fn3142_1">JWH GLOBAL TRUST Condensed Schedule of Investments December 31, 2002</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fp3142_1">JWH GLOBAL TRUST Notes to Financial Statements December 31, 2002, 2001 and 2000</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fp3142_2">JWH GLOBAL TRUST Notes to Financial Statements December 31, 2002, 2001 and 2000</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fp3142_3">JWH GLOBAL TRUST Notes to Financial Statements December 31, 2002, 2001 and 2000</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fp3142_4">JWH GLOBAL TRUST Notes to Financial Statements December 31, 2002, 2001 and 2000</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fr3142_1">CIS INVESTMENTS, INC. Statement of Financial Condition (unaudited) March 31, 2003</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fs3142_1">INDEPENDENT AUDITORS' REPORT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fu3142_1">CIS INVESTMENTS, INC. Statements of Financial Condition May 31, 2002 and 2001</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fv3142_1">CIS INVESTMENTS, INC. Statements of Income Years ended May 31, 2002 and 2001</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fw3142_1">CIS INVESTMENTS, INC. Statements of Changes in Stockholder's Equity Years ended May 31, 2002 and 2001</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fx3142_1">CIS INVESTMENTS, INC. Statements of Cash Flows Years ended May 31, 2002 and 2001</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fy3142_1">CIS INVESTMENTS, INC. Notes to Financial Statements May 31, 2002 and 2001</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fy3142_2">CIS INVESTMENTS, INC. Notes to Financial Statements May 31, 2002 and 2001</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fy3142_3">CIS INVESTMENTS, INC. Notes to Financial Statements May 31, 2002 and 2001</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ge3142_1">PART TWO STATEMENT OF ADDITIONAL INFORMATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ge3142_2">FUTURES MARKETS AND TRADING METHODS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_gg3142_1">"BLUE SKY" GLOSSARY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ha3142_1">FIFTH AMENDED AND RESTATED DECLARATION AND AGREEMENT OF TRUST</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_hb3142_1">JWH GLOBAL TRUST</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_hb3142_2">TABLE OF CONTENTS</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_hg3142_1">SUBSCRIPTION REQUIREMENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_hi3142_1">SUBSCRIPTION INSTRUCTIONS FOR UNITS OF BENEFICIAL INTEREST</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_hj3142_1">SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_hk3142_1">UNITS&#160;OF&#160;BENEFICIAL&#160;INTEREST&#160;SUBSCRIPTION&#160;AGREEMENT&#160;AND&#160;POWER&#160;OF&#160;ATTORNEY&#160;SIGNATURE&#160;PAGE</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_hm3142_1">JWH GLOBAL TRUST UNITS OF BENEFICIAL INTEREST REQUEST FOR REDEMPTION</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ho3142_1">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ja3142_1">SIGNATURES</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ka3142_1">EXHIBIT INDEX</A></FONT><BR>

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As filed with the Securities and Exchange Commission on May 15, 2003
Registration No.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
JWH GLOBAL TRUST
(Exact name of registrant as specified in its charter)
Delaware
(State of Organization)
6799
(Primary Standard Industrial
Classification Code Number)
36-4113382
(IRS Employer
Identification Number)
c/o CIS Investments, Inc.
233 South Wacker Drive
Suite 2300
Chicago, Illinois 60606
(312) 460-4000
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
Barbara A. Pfendler
c/o CIS Investments, Inc.
233 South Wacker Drive
Suite 2300
Chicago, Illinois 60606
(312) 460-4000
(Name, address, including zip code, and telephone number, including
area code, of agent for service)
Copies to:
James B. Biery
Scott M. Montpas
Sidley Austin Brown & Wood
Bank One Plaza
10 S. Dearborn Street
Chicago, Illinois 60603
Approximate date of commencement of proposed sale to the public:
As soon as practicable after the effective date of this Registration Statement.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933 (the "Securities Act") check the following box.
ý
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.
o
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.
o
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.
o
If
delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box.
o
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall
file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until this
Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
Calculation of Registration Fee
Title of each class of
Securities to be Registered
Proposed Maximum
Aggregate
Offering Price
Amount of
Registration Fee*
Units of Beneficial Interest
$300,000,000
$24,270.00
*
Pursuant to Rule 457(o). $46,970 was previously paid in registration fees to the Securities and Exchange Commission in connection with the Registrant's
previous Registration Statement 333-33937, registering $155,000,000 of Units of Beneficial Interest. This Registration Statement relates to and carries forward $42,100,000 of Units of
Beneficial Interest, which amount constitutes the unsold balance of Registration Statement 333-33937, as of the date hereof, and registers an additional $300,000,000 of Units of Beneficial
Interest. Pursuant to the provisions of Rule 429 of the rules and regulations of the Securities and Exchange Commission under the Securities Act of 1933, the form of prospectus set forth herein
also relates to the Registrant's Registration Statement on Form S-1 (Registration No. 33-33937) declared effective September 24, 1997 and constitutes
Post-Effective Amendment No. 8 thereto.
JWH GLOBAL TRUST
$342,100,000
Units of Beneficial Interest
The Trust
The Trust trades in the U.S. and international futures and forward markets in currencies, interest rates, energy and agricultural products, metals and stock
indices.
The
primary objective of the Trust is substantial capital appreciation over time by applying trend-following strategies.
It
seeks to reduce volatility and risk of loss by participating in broadly diversified global markets and implementing risk control policies.
An
investment in the Trust offers a potentially valuable means of diversifying a traditional portfolio.
Investors
have the opportunity to participate in markets which are typically not represented in most investors' portfolios and which offer the potential to be profitable in both rising
and falling markets. It is as easy for the Trust to take long as short positions, and in a wide range of U.S. and non-U.S. markets.
The Trading Advisor
John W. Henry & Company, Inc. (JWH®) is one of the largest professional managed futures advisors in terms of assets under management in the managed
futures industry. As of March 31, 2003, JWH was managing approximately $1.5 billion of client assets.
The
Trust utilizes the Trading Advisor's Financial and Metals Portfolio, G-7 Currency Portfolio and JWH GlobalAnalytics® Family of Programs.
Managing Owner
CIS Investments, Inc. (CISI) is the Managing Owner and sponsor of the Trust.
The
Managing Owner is a subsidiary of Cargill Investor Services, Inc. (CIS). CIS is a subsidiary of Cargill, Incorporated, one of the largest private companies in the United States.
As
of March 31, 2003, there was approximately $129.6 million invested in managed futures funds sponsored (alone or jointly) by CISI. The Trust is CISI's largest fund.
The Units
The Units are available for subscription on the last day of each month at Net Asset Value per Unit.
As
of March 31, 2003, the Net Asset Value per Unit had increased from $100 as of June 2, 1997, when the Trust began trading, to $149.59.
Past
performance is not necessarily indicative of future results.
Subscriptions as received will be deposited in escrow at Bank One, NA until being invested in the Units as of the last day of the month. All interest actually
earned on an investor's subscription while held in escrow will be used to purchase additional Units for such investor.
The
Units are offered on a best efforts basis. There is no minimum number of Units which must be sold as of the beginning of any particular month.
The Risks
Before you decide whether to invest, read this entire prospectus carefully and consider "The Risks You Face" beginning on page 13.
•
You
could lose all or substantially all of your investment in the Trust.
•
The
Trust is speculative and it takes positions with total values that are bigger than the total amount of the Trust's assets. The face value of the Trust's positions
typically range from three to fifteen times its aggregate Net Assets.
•
Performance
has been volatile. The Net Asset Value per Unit has fluctuated over 21% in a single month.
•
The
use of a single advisor applying a limited number of generally similar trading programs decreases diversification relative to a fund using multiple advisors and
increases risk.
•
Substantial
expenses, totaling about 9.6% per annum, must be offset by trading profits and interest income.
•
The
Trust trades to a substantial degree on non-U.S. markets which are not subject to the same degree of regulation as U.S. markets.
•
There
is no market for the Units. Units may only be redeemed as of the end of a calendar month subject to a 3% redemption charge through the end of the eleventh month after
issuance.
•
Investors
are required to make representations and warranties in connection with their investment.
•
Each
prospective investor is encouraged to discuss the investment with his/her individual financial, legal and tax adviser.
Minimum Investments
First-time investors:
$5,000
IRAs, other tax-exempt accounts:
$2,000
Existing investors:
$1,000
This prospectus is in two parts: a disclosure document and a statement of additional information. These parts are bound together, and both contain
important information.
Neither the Securities and Exchange Commission nor any state securities commission has approved of these securities or determined if this prospectus is
truthful or complete. Any representation to the contrary is a criminal offense.
THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE
MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ON THE
ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.
CIS INVESTMENTS, INC.
Managing Owner
May    , 2003
COMMODITY FUTURES TRADING COMMISSION
RISK DISCLOSURE STATEMENT
YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE
AWARE THAT FUTURES AND OPTIONS TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR
INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL.
FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT, ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT
TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL
AT PAGES 66 TO 67 AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAKEVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 12.
THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL. THEREFORE, BEFORE YOU DECIDE
TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AT PAGES 13
TO 17.
YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES,
INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS PARTICIPANTS. FURTHER, UNITED STATES
REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE
EFFECTED.
See Important Privacy Policy Statement on the Following Page.
This prospectus does not include all of the information or exhibits in the Trust's Registration Statement. You can read and copy the
entire Registration Statement at the public reference facilities maintained by the SEC in Washington, D.C.
The Trust files quarterly and annual reports with the SEC. You can read and copy these reports at the SEC public reference facilities in
Washington D.C. at 450 Fifth Street, N.W. Room 1200, Washington D.C. 20549. Please call the SEC at 1-202-942-8090, or toll free at
1-800-SEC-0330, for further information.
The Trust's filings are posted at the SEC website at http://www.sec.gov.
CIS INVESTMENTS, INC.
Managing Owner
233 South Wacker Drive
Suite 2300
Chicago, Illinois 60606
(312) 460-4000
1
CIS INVESTMENTS, INC.
PRIVACY POLICY
If you are an individual customer of CIS Investments, Inc. ("CISI"), the following applies to you. Under rules issued by the
Commodity Futures Trading Commission, financial institutions like CISI are required to provide privacy policy notices to their clients who are individuals. We believe that protecting the privacy of
your nonpublic personal information ("Personal Information") is of the utmost importance. Personal Information is nonpublic information about you that is personally identifiable and that we obtain in
connection with providing a financial product or service to you. For example, Personal Information includes information regarding the value of your investment in commodity pool(s) or hedge fund(s).
This notice describes the Personal Information that we collect about you, and our treatment of that information.
•
We collect Personal Information about you from the following sources:
(i)
Information we receive from you in subscription agreements and related forms (for example, name, address, Social Security number, birth date,
assets, income, and investment experience);
(ii)
Information about your transactions with us, our affiliates, or others (for example, account activity and balances); and
(iii)
Information we receive from a consumer reporting agency, such as your credit history.
•
We may disclose all of the Personal Information we collect about our customers or
former customers, as described above, as permitted by law. In addition, we may disclose all of the Personal Information we collect to companies that perform services on our behalf, including selling
agents. Otherwise, we do not disclose any Personal Information we collect about our customers or former customers to unaffiliated third parties (i.e., parties not within our corporate
family).
•
We may disclose the name, address, or other identifying information relating solely to our transactions or
experiences with our customers or former customers, as well as other information we are permitted by law to share, among companies within our corporate family, such as CIS Securities, Inc. and
Cargill Investor Services, Inc.
•
We restrict access to Personal Information we collect about you to our personnel who need to know that
information in order to provide products or services to you. We maintain physical, electronic and procedural controls in keeping with federal standards to safeguard your Personal
Information.
•
We reserve the right to change this Notice, and to apply changes to information previously collected, as
permitted by law. We will inform you of any changes as required by law.
2
JWH GLOBAL TRUST
Organizational Chart
Other
than JWH and the Trustee, all of the entities indicated in the Organizational Chart are Cargill, Incorporated affiliates.
For convenience, CISI and entities affiliated with it are sometimes collectively referred to as the "CIS Group."
See
"Conflicts of Interest" beginning at page 74 and "Transactions Between the CIS Group and the Trust" at page 77.
3
JWH GLOBAL TRUST
CONTENTS
PART ONE
DISCLOSURE DOCUMENT
Summary
5
The Risks You Face
13
How the Trust Works
18
Performance of the Trust
20
Selected and Supplementary Financial Information
21
Management's Analysis of Operations
23
Quantitative and Qualitative Disclosures About the
Trust's Market Risk
28
Managed Futures Funds in General
34
The Role of Managed Futures in Your Portfolio
36
The Managing Owner
44
John W. Henry & Company, Inc.
46
JWH Principals
52
Performance of the JWH Programs
55
Interest Income
65
Charges
66
Brokerage Arrangements
70
Redemptions; Net Asset Value
72
Conflicts of Interest
74
Transactions Between the CIS Group and the Trust
77
The Trust and the Trustee
78
Tax Consequences
81
Plan of Distribution
84
Lawyers; Accountants
87
Financial Statements
88
PART TWO
STATEMENT OF ADDITIONAL INFORMATION
Futures Markets and Trading Methods
110
Blue Sky Glossary
113
Exhibit A —
Fifth Amended and Restated Declaration and Agreement of Trust
A-1
Exhibit B —
Subscription Requirements
B-1
Exhibit C —
Subscription Agreement and Power of Attorney
C-1
4
SUMMARY
General
JWH Global Trust is a Delaware statutory trust which trades in a wide range of U.S. and international futures and forward markets. CIS Investments, Inc.
("CISI") is the Trust's Managing Owner. John W. Henry & Company, Inc. ("JWH®") is its Trading Advisor.
The
Trust began trading on June 2, 1997 with an initial capitalization of $13,027,103 and a Net Asset Value per Unit of $100. As of March 31, 2003, the Trust's
capitalization was approximately $89.3 million, the Net Asset Value per Unit was $149.59, and the Trust had a total of 3,330 Unitholders.
The Trust and Its Objectives
The primary objective of the Trust is substantial capital appreciation through trading directed by JWH. At the same time, JWH will attempt to reduce volatility
and risk of loss by participating in diversified markets and applying risk control policies.
Through
an investment in the Trust, investors have the opportunity to participate in markets not typically represented in an individual's portfolio, and the potential to profit from
rising as well as falling prices. The success of JWH's trading is not dependent upon favorable economic conditions, national or international. Indeed, periods of economic uncertainty can augment the
profit potential of the Trust by increasing the likelihood of significant movements in commodity prices, the exchange rates between various countries, world stock prices and interest rates.
The
Trust allocates 40% of its assets to JWH's Financial and Metals Portfolio, 30% to its G-7 Currency Portfolio and 30% to the JWH GlobalAnalytics® Family of
Programs. JWH rebalances the Trust's assets at the end of each quarter among these three trading programs in accordance with the preceding percentages.
JWH and Its Programs
JWH
JWH has been the sole Trading Advisor for the Trust since inception. JWH manages capital in commodities, financial futures and foreign exchange markets for
international banks, brokerage firms, pension funds, institutions and high net worth individuals. JWH trades on a 24-hour basis in a wide range of futures and forward
contracts—more than seventy markets as of the date of this prospectus—in the United States, Europe and Asia. JWH is one of the largest managed futures advisors in terms of
assets under management, trading approximately $1.5 billion in client capital as of March 31, 2003.
JWH
currently offers four types of investment programs: Broadly Diversified; Financial; Foreign Exchange; and Multiple Style. Broadly Diversified programs invest in a broad spectrum of
worldwide financial and nonfinancial futures and forward markets including currencies, interest rates, non-U.S. stock indices, metals, energies and agricultural commodities. Financial
programs invest in worldwide financial futures and forward markets including currencies, interest rates and stock indices in addition to the metals and energies markets. Foreign Exchange programs
invest in a wide range of world currencies primarily traded in the interbank market. Multiple Style programs involve the selection and allocation of assets among the other types of JWH investment
programs on a discretionary basis.
JWH's Programs Used for the Trust
Since January 1, 2000, the Trust has been allocating its assets among JWH's Financial and Metals Portfolio, G-7 Currency Portfolio and JWH
GlobalAnalytics® Family of Programs. The Financial and Metals Portfolio, which began trading client funds in October 1984, is one of the longest established JWH programs. The
G-7 Currency Portfolio has been trading client funds since February 1991. JWH GlobalAnalytics® Family of Programs is JWH's newest program and has been trading client
capital since June 1997.
The JWH programs used by the Trust may change materially over time. The Trust has employed other JWH programs in the past and may do so in the future without
notice to investors.
Past performance is not necessarily indicative of future results.
5
Financial and Metals Portfolio
Market Sectors Traded:
Interest Rates
Global Stock Indices
Currencies
Precious and Base Metals
The
Financial and Metals Portfolio began trading client capital in October 1984 and has an estimated compounded annualized rate of return of 30.5% from inception through
March 31, 2003. The Financial and Metals Portfolio seeks to identify and capitalize on intermediate-term price movements in four worldwide market sectors: interest rates,
currencies, global stock indices and precious and base metals. This program takes a market position when trends are identified but may take a neutral stance or liquidate open positions in
non-trending markets. As of March 31, 2003, JWH had approximately $280 million under management pursuant to the Financial and Metals Portfolio.
G-7 Currency Portfolio
Market Sectors Traded:
Currencies
The G-7 Currency Portfolio began trading client capital in February 1991 and has a compounded annualized rate of return of 12.4% from inception
through March 31, 2003. The G-7 Currency Portfolio seeks to identify and capitalize on intermediate-term price movements in the highly liquid currencies of major
industrialized nations and, in the case of the Euro, supranational organizations. These currencies allow for trading outrights against the U.S. dollar or non-dollar cross rates. This
program takes a market position when trends are identified, but may take a neutral stance or liquidate open positions in non-trending markets. It also incorporates specialized
intra-day volatility filters. As of March 31, 2003, JWH had approximately $27 million under management in the G-7 Currency Portfolio.
JWH GlobalAnalytics® Family of Programs
Market Sectors Traded:
Interest Rates
Global Stock Indices
Currencies
Energies
Softs
Grains
Fiber
Precious and Base Metals
Introduced in June 1997 as JWH's most broadly diversified investment program, JWH GlobalAnalytics® Family of Programs is the result of
extensive research and testing by JWH. The program invests in a broad spectrum of worldwide financial and non-financial futures markets, including interest rate, global stock index,
currency, metal, energy and agricultural contracts. Unlike other JWH programs, which invest in intermediate or long-term price movements, JWH GlobalAnalytics® Family of
Programs invests in both long- and short-term price movements. JWH
GlobalAnalytics® Family of Programs uses a combination of two investment styles, one of which always maintains a market position—long or short—and the other of
which takes a market position when trends are identified but may take a neutral stance or liquidate open positions in non-trending markets. As of March 31, 2003, JWH had
approximately $61.3 million under management in the JWH GlobalAnalytics® Family of Programs and approximately $11.5 million under management in the account referred to as JWH
GlobalAnalytics® 99. Please see page 58 for additional information about the JWH GlobalAnalytics® 99 account.
Past performance is not necessarily indicative of future results.
6
Please see the capsule performance summaries beginning on page 56 and the notes accompanying those performance summaries beginning on page
62.
Allocation Among JWH Programs
The Managing Owner has the discretion, subject to JWH's agreement, from time to time, to alter the allocation of the Trust's assets among the JWH trading
programs, to delete a trading program or to add other JWH programs. In deciding whether to delete or add a JWH program, the Managing Owner will consider, among other things, recent and/or expected
economic and market conditions, the performance of each trading program and the trading programs combined, the performance of other JWH programs, and the market sector concentration of the trading
programs currently being used by the Trust as well as the other JWH programs. If the Trust's trading programs become concentrated in the same market sectors, or if the recent performance of a trading
program appears incompatible with the Trust's objectives, the Managing Owner and JWH might agree to terminate the use of that program and possibly replace it with another. The following pie charts
show the historical allocations made by the Trust to the various JWH programs since the Trust's inception.
Historical Allocation Among JWH Programs
Legend:
F&M:
Financial and Metals Portfolio
G-7: G-7 Currency Portfolio
GA: JWH GlobalAnalytics® Family of Programs
Original: Original Investment Program
The JWH Programs Are Technical and Trend-Following, Computerized Systems
The mathematical models used by the JWH programs are technical systems, generating trading signals on the basis of statistical research into past market prices.
JWH does not attempt to analyze underlying economic factors, identify mispricings in the market or predict future prices. Its analysis focuses exclusively on past price movements.
As
a trend-following advisor, JWH's objective is to participate in major price trends—sustained price movements either up or down. Such price trends may be relatively
infrequent. Trend-following advisors anticipate that over half of their positions will be unprofitable.
Their strategy is based on making sufficiently large profits from the trends which they identify and follow to generate overall profits despite the more numerous but, hopefully, smaller losses
incurred on the majority of their positions.
See
"The Risks You Face" beginning at page 13.
7
Markets Traded
The Financial and Metals Portfolio, the G-7 Currency Portfolio and the JWH GlobalAnalytics® Family of Programs emphasize trading in
currencies and financial instruments, but participate in most major sectors of the global economy, which may include:
Currencies
Australian Dollar
*Mexican Peso
Brazilian Real
*New Zealand Dollar
British Pound
*Norwegian Krone
Canadian Dollar
*Polish Zloty
Chilean Peso
*Singapore Dollar
*Czech Koruna
*South African Rand
*Danish Krone
*Swedish Krona
Euro
Swiss Franc
*Hong Kong Dollar
Taiwan Dollar
Japanese Yen
*Thai Baht
Korean Won
Indices
Australian All
FTSE 100 (UK)
Ordinaries Index
*Nasdaq 100
DAX (German)
Nasdaq 100 E-Mini
EuroStoxx Index
Nikkei 225 Index
*Goldman Sachs
S&P 500® Stock Index
Commodity Index
Energies
Brent Crude Oil
Heating Oil
Crude Oil
*Unleaded Gasoline
Natural Gas
London Gasoil
Metals
Aluminum
*Palladium
Copper
*Platinum
Copper, High Grade
Silver
Gold
*Tin
*Lead
Zinc
Nickel
Agricultural Products
*Cocoa
Soybeans
*Coffee
*Soybean Meal
*Corn
Soybean Oil
Cotton
Sugar
*Live Cattle
Wheat
8
Financial Instruments
Australian (90-day) Bank Bills
*Euroyen
Australian (3-year and 10-year) Treasury Bonds
Euro BOBL (5 year)
*Canadian Bank Bills
Euro Shatz (2 year)
*Canadian Government Bonds
Japanese Government Bond
Euribor
U.K. Long "Gilt"
Eurobund
U.K. Short Sterling
Eurodollar
U.S. 5- and 10-year Treasury Note
Euroswiss
U.S. 30-year Bond
*U.S. 2-year Note
*
These
markets are traded if and when contract liquidity, legal constraints, market conditions and data reliability standards meet JWH's specifications.
9
As
of March 31, 2003, the Trust had the approximate market sector commitments as shown in the pie chart below. Also shown on the following page are the approximate average market
sector weightings of each JWH program currently used by the Trust for the three year period ending March 31, 2003. The market sector weightings of the Trust and the JWH programs may vary
significantly over time.
JWH Global Trust Sector Allocation
Average Sector Allocations (3-Year Average) as of March 31, 2003
Allocation to
JWH Program
JWH Program
Commodities
Currencies
Energies
Stock
Indices
Interest
Rates
Metals
30%
G-7 Currency Portfolio
100.0%
40%
Financial and Metals Portfolio
39.3%
11.8%
40.5%
8.4%
30%
JWH GlobalAnalytics Family of Programs
10.2%
18.8%
18.9%
9.7%
33.3%
9.1%
There is no way to predict which markets the Trust will trade or what its relative commitments to the different markets
will be.
Varying the Size of the Trust's Market Positions
JWH attempts to adjust the Trust's position sizes and market exposure to meet its profit and risk-control objectives. Generally, only between 2% and
15% of the face value of a futures or forward position is required as margin to put on the position. Consequently, JWH has considerable flexibility to make significant changes in the size of the
Trust's open positions. For example, the margin requirement for the Treasury bond futures contract is only approximately 2% of the face value of each contract. This means that JWH could acquire, for
each $100,000 of Trust capital, positions ranging from a single Treasury bond contract with a face value of $100,000 up to fifty such contracts with a face value of $5,000,000. The greater the market
exposure of the Trust, the more profit or loss it will recognize as a result of the same price movement, and the greater its risk, profit potential and expected performance volatility.
The Managing Owner
The Managing Owner and Commodity Pool Operator of the Trust is CISI. CISI was incorporated in Delaware in 1983 and is an affiliate of CIS, the Trust's futures
broker. In addition to the Trust, CISI currently operates two public commodity pools jointly with IDS Futures Corporation. As of March 31, 2003, the aggregate capitalization of the funds
managed by CISI was approximately $129.6 million. CISI maintains its principal office at 233 South Wacker Drive, Suite 2300, Chicago, Illinois 60606; telephone
(312) 460-4000.
See the organizational chart of the Trust at page 3 and "Transactions Between the CIS Group and the Trust" at page 77.
10
Major Risks of the Trust
The Trust is a speculative investment. It is not possible to predict how the Trust will perform over either the long or short term.
Investors
must be prepared to lose all or substantially all of their investment in the Units.
There
can be no assurance that the past performance of either the Trust or JWH is indicative of how they will perform in the future.
The
Trust is a single-advisor fund, which is likely to involve higher risk than multi-advisor funds.
To
date, the performance of the Trust has been volatile. The Net Asset Value per Unit has varied by more than 21% in a single month.
The
Trust could incur large losses over short periods.
The
Trust typically takes positions with a face value of three to fifteen times its total Net Assets.
Positive
correlation among the trading programs (because they trade in some of the same markets and are all technical, trend-following programs) reduces diversification and increases the
risk of loss.
The
performance of the JWH trading programs is dependent upon market trends of the type that JWH's models are designed to identify. Trendless periods are frequent, and during such
periods the Trust is unlikely to be profitable.
Trading
on foreign contract markets involves additional risks, including the risks of inadequate or lack of regulation, exchange-rate fluctuations, expropriation, credit and
investment controls and counterparty insolvency.
There
can be no assurance of the continued availability of JWH or its key principals.
Because
its performance is entirely unpredictable, there is no way of telling when is a good time to invest in the Trust. Investors have no means of knowing whether they are buying Units
at a time when profitable periods are ending, beginning, or not in progress.
The
Units are not transferable and may only be redeemed once a month. Because investors must submit irrevocable subscriptions as well as redemption notices by the fifth business day
prior to month-end, they cannot know the Net Asset Value at which they will acquire or redeem Units. Investors cannot control the maximum losses on their Units because they cannot be sure
of the redemption value of their Units.
As
Unitholders, investors have no voice in the operation of the Trust; they are entirely dependent on the management of CISI and JWH for the success of their investment.
Fees and Expenses
The Incentive Fee payable to JWH is calculated on a quarterly basis and could be substantial even in a breakeven or losing year. The Trust's other significant
expenses are its Brokerage and Management Fees. If the Trust's Net Asset Value increases, the absolute dollar amount of these percentage-of-assets fees will also, but they will
have the same effect on the Trust's rate of return. The following breakeven table indicates the approximate amount of trading profit the Trust must earn during the first twelve months after a Unit is
purchased to offset the costs of the Trust.
11
Breakeven Table
Expenses
Twelve-Month
Percentage
Breakeven
Twelve-Month
Dollar
Breakeven
($5,000 Initial
Investment)‡
Brokerage Fees
6.00
%
$
300.00
Management Fee
2.00
%
$
100.00
Incentive Fee
*
1.00
%
$
50.00
Administrative Expenses
*
0.10
%
$
5.00
Ongoing Offering Costs
0.50
%
$
25.00
Less
Interest Income
*
(1.25
)%
$
(62.50
)
Return on $5,000 Initial Investment Required For "Breakeven" If Units Held At Least Twelve Months
**
8.35
%
$
417.50
*
Estimated.
The Incentive Fee is 20% of New Trading Profits and is paid quarterly; consequently, an Incentive Fee could be paid in a breakeven or losing year. Interest Income is
estimated based upon March 2003 interest rates.
‡
Assumes
a constant $5,000 Net Asset Value.
**
A
redeeming Unitholder pays redemption charges equal to 3% of the redemption proceeds to CIS through the end of the eleventh month after the redeemed Unit was purchased. Redemption
charges, if applicable, reduce the redemption proceeds otherwise payable to investors.
See "Charges" at page 66.
Principal Tax Aspects of Owning Units
Investors are taxed each year on any gains recognized by the Trust whether or not they redeem any Units or receive any distributions from the Trust.
40%
of any trading profits on U.S. exchange-traded contracts are taxed as short-term capital gains at the individual investor's ordinary income tax rate, while 60% of such
gains are taxed as long-term capital gain at a 20% maximum rate for individuals. The Trust's trading gains from other contracts will be primarily short-term capital gain. This
tax treatment applies regardless of how long an investor holds Units. If, on the other hand, an investor held a stock or bond for twelve months or longer, all the gain realized on its sale would
generally be taxed at a 20% maximum rate.
Losses
on the Units may be deducted against capital gains. Any losses in excess of capital gains may only be deducted against ordinary income to the extent of $3,000 per year.
Consequently, investors could pay tax on the Trust's interest income even though they have lost money on their Units. See "Tax Consequences" beginning at page 81.
An Investment in the Units Should be Considered as a Three to Five Year Commitment
The market conditions in which the Trust is likely to recognize significant profits occur infrequently. An investor should plan to hold Units for long enough to
have a realistic opportunity for a number of such trends to develop.
CISI
believes that investors should consider the Units at least a three to five year commitment.
Is the Trust a Suitable Investment for You?
You should consider investing in the Trust if you are interested in its potential to produce enhanced returns over the long-term that are generally
unrelated to the returns of the traditional debt and equity markets and you are prepared to risk significant losses. CISI offers the Trust only as a diversification opportunity for an investor's
entire investment portfolio, not as a complete investment program. No one should invest more than 10% of his or her readily marketable assets in the Trust.
12
THE RISKS YOU FACE
Possible Total Loss of an Investment in the Trust
You could lose all or substantially all of your investment in the Trust.
Specific Risks Associated with a Single-Advisor Fund
Even in the speculative area of managed futures, single-advisor funds are considered by some to be unusually high risk investments. Multi-advisor strategies are
used by many "commodity pools" specifically for risk control purposes.
Investing in the Units Might Not Diversify an Overall Portfolio
One of the objectives of the Trust is to add an element of diversification to a traditional securities portfolio. While the Trust may perform in a manner largely
independent from the general stock and bond markets, there is no assurance it will do so. An investment in the Trust could increase rather than reduce overall portfolio losses during periods when the
Trust as well as stocks and bonds decline in value. There is no way of predicting whether the Trust will lose more or less than stocks and bonds in declining markets. Investors must not rely on the
Trust as any form of hedge against losses in their core securities portfolios.
Prospective
investors should consider whether diversification in itself is worthwhile even if the Trust is unprofitable.
Investors Must Not Rely on the Past Performance of Either JWH or the Trust in Deciding Whether to Buy Units
The performance of the Trust is entirely unpredictable, and the past performance of the Trust as well as of JWH is not necessarily indicative of their future
results.
The
price data which JWH has researched in developing its programs may not reflect the changing dynamics of future markets. If not, the JWH programs would have little chance of being
profitable. An influx of new market participants, changes in market regulation, international political developments, demographic changes and numerous other factors can contribute to
once-successful strategies becoming outdated. Not all of these factors can be identified, much less quantified. There can be no assurance that JWH will trade profitably.
Volatile JWH Trading History
JWH's performance, even when successful, has been characterized by significant volatility. Since the inception of trading of the JWH programs, the largest
"peak-to-valley" drawdown experienced by any single program was nearly 60% on a composite basis, and certain individual accounts managed pursuant to such program experienced
even greater volatility. Moreover, certain programs have incurred losses of 10% or more in a single trading day. Even if the Trust is successful, it is likely to experience significant losses from
time to time.
The
performance of the Trust to date has been volatile.
The Similarities Among the JWH Programs Reduce Diversification, Increasing the Risk of Loss
The similarities among the programs reduce the Trust's diversification. The less diversification, the higher the risk that the market will move against a large
number of positions held by different programs at the same time, increasing losses.
13
Overlap of the Markets Traded by JWH Also Reduces Diversification, Increasing the Risk of Loss
The trading programs used by the Trust emphasize trading in the financial instrument and currency markets. The degree of market overlap changes with the program
mix. However, in general, CISI expects the Trust will maintain a substantial concentration in these two sectors while the current programs continue to be used for the Trust. For example, the Trust may
allocate more than 50% of its trading assets to a single market sector such as currencies. Market concentration increases the risk of major losses and unstable Unit values, as the same price movements
adversely affect many of the Trust's concentrated positions at or about the same time.
As
it is impossible to predict where price trends will occur, certain trend-following managers attempt to maximize the chance of exploiting such trends by taking positions in as many
different markets and market sectors as feasible. The Trust does not follow this approach and, as a result, may not capture trends which would have been highly profitable.
Its Substantial Expenses Will Cause Losses for the Trust Unless Offset by Profits and Interest Income
The Trust pays fixed annual expenses of approximately 8.6% of its average month-end assets. In addition to this 8.6% annual expense level, the Trust
is subject to 20% quarterly Incentive Fees on any New Trading Profits. Because these Incentive Fees are calculated quarterly, they could represent a substantial expense to the Trust even in a
breakeven or losing year. Based on CISI's experience with the Trust and its other funds, CISI expects that approximately 1% of the Trust's average month-end assets might be paid out in
Incentive Fees even during a losing year. Overall, investors must expect that the Trust will pay about 9.6% per year in expenses, 12.6% including the 3% redemption charge in effect for the first
eleven months after a Unit is issued.
The
Trust's expenses could, over time, result in significant losses. Except for the Incentive Fee, these expenses are not contingent and are payable whether or not the Trust is
profitable.
JWH Analyzes Only Technical Market Data, Not Any Economic Factors External to Market Prices
The JWH programs focus exclusively on statistical analysis of market prices. Consequently, any factor external to the market itself which dominates prices is
likely to cause major losses. For example, a pending political or economic event may be very likely to cause a major price movement, but JWH would continue to maintain positions that would incur major
losses as a result of such movement, if its programs indicated that it should do so.
The
likelihood of the Units being profitable could be materially diminished during periods when events external to the markets themselves have an important impact on prices. During such
periods, JWH's historical price analysis could establish positions on the wrong side of the price movements caused by such events.
Lack of Price Trends or of the Types of Price Trends Which JWH Programs Can Identify Will Cause Major Losses
The Trust cannot trade profitably unless major price trends occur in at least certain markets that it trades. Many markets are trendless most of the time, and in
static markets the JWH programs are likely to incur losses. In fact, JWH expects more than half of its trades to be unprofitable; it depends on significant gains from a few major trends to offset
these losses. It is not just any price trend, but price trends of the type which JWH's systems have been designed to identify, which are necessary for the Trust to be profitable.
14
The Danger to the Trust of "Whipsaw" Markets
Often, the most unprofitable market conditions for the Trust are those in which prices "whipsaw," moving quickly upward, then reversing, then moving upward again,
then reversing again. In such conditions, the JWH programs may establish losing positions based on incorrectly identifying both the brief upward or downward price movements as trends.
The Large Size of the Trust's Trading Positions Increases the Risk of Sudden, Major Losses
The Trust takes positions with face values up to as much as approximately fifteen times its total equity. Consequently, even small price movements can cause major
losses.
Unit Values Are Unpredictable and Vary Significantly Month-to-Month
The Net Asset Value per Unit can vary significantly month-to-month. In June 2002, there was more than a 21% change in the value of
a Unit. Investors cannot know at the time they submit a subscription or a redemption request what the subscription price or redemption value of their Units will be.
The
only way to take money out of the Trust is to redeem Units. You can only redeem Units at month-end on five business days' advance notice and subject to possible
redemption charges. The restrictions imposed on redemptions limit your ability to protect yourself against major losses by redeeming Units.
Transfers
of Units are subject to limitations as well, such as advance written notice of any intent to transfer and the consent of CISI to such transfer.
In
addition, investors are unable to know whether they are subscribing for Units after a significant upswing in the Net Asset Value per Unit—often a time when the Trust has
an increased probability of entering into a losing period.
The Opportunity Costs of Rebalancing the JWH Programs
The quarterly rebalancing of the Trust's assets among its JWH trading programs may result in the liquidation of profitable positions, thereby foregoing greater
profits which the Trust would otherwise have realized, and the establishment of unprofitable positions, thereby incurring losses which the Trust would otherwise have avoided had rebalancing not
occurred.
Alteration of Trading Systems and Contracts and Markets Traded
JWH may, in its discretion, change and adjust the trading programs, as well as the contracts and markets which they trade. These adjustments may result in
foregoing profits which the trading programs would otherwise have captured, as well as incurring losses which they would otherwise have avoided. Neither the Managing Owner nor the Unitholders are
likely to be informed of any non-material changes in the trading programs.
Increased Competition from Other Trend-Following Traders Could Reduce JWH's Profitability
There has been a dramatic increase over the past twenty-one years in the amount of assets managed by trend-following trading systems like the JWH
programs. In 1980, the amount of assets in the managed futures industry were estimated at approximately $300 million; by December 31, 2002, this estimate had risen to approximately
$50.7 billion. It is also estimated that over half of all managed futures trading advisors rely primarily on trend-following systems. Although the amount of trading in the futures industry as a
whole has increased significantly during the same period of time, the increase
15
in
managed money increases trading competition. The more competition there is for the same positions, the more costly and harder they are to acquire.
JWH's High Level of Equity Under Management Could Lead to Diminished Returns
JWH has a significant amount of assets under management. As of January 1, 1990, JWH had approximately $197 million under management; as of
March 31, 2003, this figure had risen to approximately $1.5 billion. The more money JWH manages, the more difficult it may be for JWH to trade profitably because of the difficulty of
trading larger positions without adversely affecting prices and performance. Large trades result in more price slippage than do smaller orders.
Illiquid Markets Could Make It Impossible for JWH to Realize Profits or Limit Losses
In illiquid markets, JWH could be unable to capitalize on the opportunities identified by it or to close out positions against which the market is moving. There
are numerous factors which can contribute to market illiquidity, far too many for JWH to predict when or where illiquid markets may occur. JWH attempts to limit its trading to highly liquid markets,
but there can be no assurance that a market which has been highly liquid in the past will not experience periods of unexpected illiquidity.
Unexpected
market illiquidity has caused major losses in recent years in such sectors as emerging markets, fixed income relative value strategies and mortgage-backed securities. There
can be no assurance that the same will not happen to the Trust at any time or from time to time. The large size of the positions which JWH acquires for the Trust increases the risk of illiquidity by
both making its positions more difficult to liquidate and increasing the losses incurred while trying to do so.
JWH Trades Extensively in Foreign Markets; These Markets Are Less Regulated Than U.S. Markets and Are Subject to Exchange Rate, Market Practices and Political Risks
The trading programs used for the Trust trade a great deal outside the U.S. From time to time, as much as 30%-50% of the Trust's overall market
exposure could involve positions taken on foreign markets. Foreign trading involves risks—including exchange-rate exposure, possible governmental intervention and lack of
regulation—which U.S. trading does not. In addition, the Trust may not have the same access to certain positions on foreign exchanges as do local traders, and the historical market data on
which JWH bases its strategies may not be as reliable or accessible as it is in the United States. Certain foreign exchanges may also be in a more or less developmental stage so that prior price
histories may not be indicative of current price dynamics. The rights of clients in the event of the insolvency or bankruptcy of a non-U.S. market or broker are also likely to be more
limited than in the case of U.S. markets or brokers.
Unregulated Markets Lack Regulatory Protections of Exchanges
A substantial portion of the Trust's trading—primarily its trading of spot and forward contracts in currencies—takes place in unregulated
markets. It is impossible to determine fair pricing, prevent abuses such as "front-running" or impose other effective forms of control over such markets. The absence of regulation could expose the
Trust in certain circumstances to significant losses which it might otherwise have avoided.
Mandatory Closing Out of Offsetting Positions
Applicable CFTC rules require that offsetting positions taken by JWH on behalf of the Trust, even though taken by different programs, be closed out. JWH does not
believe that the requirement of liquidating offsetting positions held for the Trust by the trading programs will, at this point, impede the operation of the Trust. However, it is possible that under
certain circumstances the requirement to close out offsetting positions on an inter-program basis could adversely affect the performance of the
16
Trust.
The fact that JWH operates three strategies for the same account without having its overall performance disrupted by the CFTC's "close out" rule demonstrates the extent of the similarities
between the trading programs and the likelihood of significant positive correlation among their respective trading results.
Regulatory Changes Could Restrict the Trust's Operations
The Trust implements a speculative, highly leveraged strategy. From time to time there is governmental scrutiny of these types of strategies and political
pressure to regulate their activities. For example, in 1998 the Malaysian government blamed the collapse of its currency on speculative funds and called for international restrictions on their
operations.
Regulatory
changes could adversely affect the Trust by restricting its markets, limiting its trading and/or increasing the taxes to which Unitholders are subject. As an example, the
legality of EFP transactions come under periodic CFTC review. EFPs are a mechanism for converting a foreign currency forward into a futures contract. If JWH could not trade EFPs for the Trust, the
effect on the Trust could be material and adverse. CISI is not aware of any pending or threatened regulatory developments which might adversely affect the Trust. However, adverse regulatory
initiatives could develop suddenly and without notice.
The Trust Could Lose Assets and Have Its Trading Disrupted Due to the Bankruptcy of CIS or Others
The Trust is subject to the risk of CIS, exchange or clearinghouse insolvency. Trust assets could be lost or impounded in such an insolvency during lengthy
bankruptcy proceedings. Were a substantial portion of the Trust's capital tied up in a bankruptcy, CISI might suspend or limit trading, perhaps causing the Trust to miss significant profit
opportunities. No CISI fund has ever lost any assets due to the bankruptcy or default of a broker, exchange or clearinghouse, but there can be no assurance that this will not happen in the future.
Possibility of Termination of the Trust before Expiration of Its Stated Term
As Managing Owner, CISI may withdraw from the Trust upon 120 days' notice, which would cause the Trust to terminate unless a substitute managing owner were
obtained. Other events, such as a long-term substantial loss suffered by the Trust, could also cause the Trust to terminate before the expiration of its stated term. This could cause you
to liquidate your investments and upset the overall maturity and timing of your investment portfolio. If the registrations with the CFTC or memberships in NFA of JWH, CISI or CIS were revoked or
suspended, such entity would no longer be able to provide services to the Trust.
The following are not risks but rather important tax features of investing in the Trust which all prospective investors should carefully consider before deciding
whether to purchase Units.
Investors Are Taxed Every Year on Their Share of the Trust's Profits—Not Only When They Redeem as Would Be the Case if They Held Stocks or Bonds
Investors are taxed each year on their investment in the Trust, irrespective of whether they redeem any Units.
All
performance information included in this prospectus is presented on a pre-tax basis; the investors who experienced such performance had to pay the related taxes from
other sources.
Over
time, the compounding effects of the annual taxation of the Trust's income are material to the economic consequences of investing in the Trust. For example, a 10% compound annual
rate of return over five years would result in an initial $10,000 investment compounding to $16,105. However, if one factors in a 30% tax rate each year, the result would be $14,025.
17
The Trust's Trading Gains Are Taxed at Higher Short-Term Capital Gains Rate
Investors are taxed on their share of any trading profits of the Trust at both short- and long-term capital gain rates depending on the mix of U.S.
exchange-traded contracts and non-U.S. exchange-traded contracts traded. These tax rates are determined irrespective of how long an investor holds Units. Consequently, the tax rate on the
Trust's trading gains may be higher than those applicable to other investments held by an investor for a comparable period.
Tax Could Be Due From Investors on Their Share of the Trust's Interest Income Despite Overall Losses
Investors may be required to pay tax on their allocable share of the Trust's interest income, even though the Trust incurs overall losses. Trading losses can only
be used by individuals to offset trading gains and $3,000 of interest income each year. Consequently, if an investor were allocated $5,000 of interest income and $10,000 of net trading losses, the
investor would owe tax on $2,000 of interest income even though the investor would have a $5,000 economic loss for the year. The $7,000 capital loss would carry forward, but subject to the same
limitation on its deductibility against interest income.
HOW THE TRUST WORKS
Buying Units
You buy Units as of the last business day of any month at Net Asset Value. Your subscription must be submitted by the fifth business day prior to the
month-end of investment. Late subscriptions will be applied to Unit sales as of the end of the second month after receipt, unless revoked.
CISI
has no present intention to terminate the offering, but may do so at any time.
Units
are offered at Net Asset Value.
Investors
need to submit Subscription Agreements with each purchase of Units.
The
minimum purchase for first-time investors is $5,000; $2,000 for IRAs and other tax-exempt accounts. Existing investors may make additional investments in
$1,000 minimums.
Use of Proceeds
100% of all subscription proceeds are invested directly into the Trust. Neither the Trust nor any subscriber pays any selling commissions. CISI pays all such
commissions as part of the ongoing syndication costs of the Trust. In return, CISI receives substantial revenues from the Trust over time.
The
Trust uses subscription proceeds to margin its speculative futures trading, as well as to pay trading losses and expenses. At the same time that the Trust's assets are being used as
margin, they are also available for active or passive cash management. To date, the Trust's cash has been passively managed by placing it on deposit with CIS. Substantially all the cash management
return earned on the Trust's assets is paid to the Trust, although the CIS Group does retain certain economic benefits from
possession of the Trust's assets, as described in more detail under "Interest Income" beginning at page 65.
Redeeming Units
You can redeem Units monthly. To redeem at month-end, contact your financial advisor or CISI. Redemption requests must be received by CISI no later
than the fifth business day prior to the month-end of redemption.
The
proceeds of Units redeemed through the eleventh month from the date of issuance are reduced by a charge of 3% of their redemption date Net Asset Value. This charge is paid to CIS. If
a
18
Unitholder
acquires Units at more than one closing, the Units purchased first by such investor and, accordingly, least likely to be subject to redemption charges, are assumed to be those first
redeemed.
Uncertain Subscription and Redemption Value of Units
The Trust sells and redeems Units at subscription or redemption date Net Asset Value, not at the Net Asset Value as of the date that subscriptions or redemption
requests are submitted. Investors must submit irrevocable subscriptions and redemption requests no later than the fifth business day prior to the effective date of subscription or redemption. Because
of the volatility of Unit values, this delay means that investors cannot know the value at which they will purchase or redeem their Units.
Materially
adverse changes in the Trust's financial position could occur between the time an investor irrevocably commits to acquire or redeem Units and the time the purchase or
redemption is made.
No Distributions Intended
The Trust does not anticipate making any distributions to investors. No distributions have been made to date.
19
PERFORMANCE OF THE TRUST
The following are the monthly rates of return from the inception of the Trust through March 31, 2003. The line appearing in the performance table between
1998 and 1997 separates the period for which performance is required by CFTC Rule 4.25(a)(1)(i)(H) to be disclosed from the performance record of the Trust prior to that period. Through
September 30, 2000, the Trust paid JWH a 4% Management Fee and a 15% Incentive Fee. As of October 1, 2000, the Trust began paying JWH a 2% Management Fee and a 20% Incentive Fee. The
Trust currently pays CIS an annual Brokerage Fee of 6.5% of the Trust's month-end assets. As of July 1, 2003, the Trust will pay CIS a reduced annual Brokerage Fee of 6.0% of the
Trust's month-end assets.
JWH GLOBAL TRUST
June 2, 1997—March 31, 2003
Aggregate Subscriptions:
$161.2 million
Current Capitalization:
$89.3 million
Worst Monthly Decline (Month/Year):
(13.27)% (11/01)
Worst Peak-to-Valley Decline (Month/Year):
(28.77)% (7/99 - 9/00)
Net Asset Value per Unit, March 31, 2003:
$149.59
Number of Unitholders, March 31, 2003:
3,330
2003
2002
2001
2000
1999
1998
1997
January
7.07
%
(1.60
)%
1.70
%
(2.81
)%
(4.08
)%
(2.83
)%
February
3.57
(5.58
)
0.09
(3.24
)
2.78
(1.14
)
March
(3.32
)
(5.97
)
8.25
(3.47
)
(0.78
)
(3.03
)
April
(0.30
)
(6.96
)
2.43
3.89
(4.59
)
May
8.81
3.15
(1.21
)
(0.20
)
3.44
June
21.15
(4.15
)
(5.15
)
2.58
(1.63
)
0.16
%
July
5.72
(4.26
)
(2.28
)
(3.42
)
(3.05
)
6.64
August
1.07
4.24
0.88
(0.25
)
10.84
(2.26
)
September
4.41
1.33
(4.54
)
(3.67
)
8.02
(1.46
)
October
(6.66
)
1.93
6.61
(7.16
)
2.73
2.46
November
(6.64
)
(13.27
)
5.80
2.86
(9.97
)
0.83
December
11.98
7.50
18.58
(1.77
)
8.35
3.22
Compound Annual Rate
of Return
7.21
(3 months
%
)
24.99
%
(2.58
)%
9.65
%
(9.44
)%
5.20
%
9.70
(7 months
%
)
Until October 5, 1998, when the G-7 Currency Program was added to the Trust's portfolio, the Trust used
only two JWH programs, the Original Investment Program and the Financial and Metals Portfolio. Effective January 1, 2000, the Trust substituted the JWH GlobalAnalytics® Family of
Programs for the Original Investment Program and changed the allocation of Trust assets among the three programs.
Monthly Rate of Return is the net performance of the Trust during a month (including interest income) divided by the total equity of the Trust as of the beginning
of the month. Performance information is calculated on an accrual basis in accordance with generally accepted accounting principles.
Worst Peak-to-Valley Decline is the largest decline in the Net Asset Value per Unit without such Net Asset Value per Unit being
subsequently equalled or exceeded.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
20
SELECTED AND SUPPLEMENTARY FINANCIAL INFORMATION
The following Selected Financial Information for the period ended March 31, 2003 is derived from the unaudited financial statements of the Trust for the
period from January 1, 2003 to March 31, 2003. The Selected Financial Information for the years ended December 31, 2002, 2001, 2000, 1999 and 1998 is derived from the financial
statements for the years ended December 31, 2002, 2001, 2000, 1999 and 1998, which have been audited by KPMG LLP. See "Financial Statements" at page 88.
Income Statement Data
Jan. 1, 2003
to
Mar. 31, 2003
Jan. 1, 2002
to
Dec. 31, 2002
Jan. 1, 2001
to
Dec. 31, 2001
Jan. 1, 2000
to
Dec. 31, 2000
Jan. 1, 1999
to
Dec. 31, 1999
Jan. 1, 1998
to
Dec. 31, 1998
Revenues:
Realized gain (loss) on closed positions
$
14,746,237
$
15,033,511
$
8,079,390
$
740
$
2,105,322
$
10,418,484
Change in unrealized gain (loss) on open positions
(7,589,396
)
3,792,911
(5,446,646
)
4,664,653
(4,219,845
)
3,078,002
Interest income
202,480
811,042
1,657,888
3,265,169
4,299,669
3,669,771
Foreign currency transaction gain (loss)
20,872
103,274
139,504
(483,085
)
153,831
(296,969
)
Total Revenues
$
7,380,193
$
19,740,738
$
4,430,136
$
7,447,477
$
2,338,977
$
16,869,288
Expenses:
Commissions paid to CIS
1,240,769
3,450,709
3,215,618
3,737,532
6,136,926
5,195,089
Exchange, clearing, and NFA fees
6,213
17,475
32,547
38,489
83,215
59,724
Management fees
384,299
1,068,838
1,001,094
2,088,954
3,833,530
3,239,007
Incentive fees
1,221,849
2,741,521
990,171
—
853,599
1,383,562
Amortization of prepaid initial organization and offering expenses
*
0
55,072
132,172
132,173
132,172
132,173
Ongoing organization and offering expenses
93,707
263,456
248,048
288,770
474,221
400,616
Operating expenses
15,000
86,473
64,643
35,740
47,406
58,596
Total Expenses
2,961,837
7,683,544
5,684,293
6,321,658
11,561,069
10,468,767
Net profit (loss)
$
4,418,356
$
12,057,194
$
(1,254,157
)
$
1,125,819
$
(9,222,092
)
$
6,400,521
Balance Sheet Data
Mar. 31, 2003
Net
Asset Value
Dec. 31, 2002
Net
Asset Value
Dec. 31, 2001
Net
Asset Value
Dec. 31, 2000
Net
Asset Value
Dec. 31, 1999
Net
Asset Value
Dec. 31, 1998
Net
Asset Value
(unaudited)
Aggregate Net Asset Value
$
89,278,261
$
64,130,526
$
49,535,093
$
50,129,734
$
85,169,866
$
95,472,546
Net Asset Value per Unit
$
149.59
$
139.53
$
111.63
$
114.59
$
104.51
$
115.40
*
The
$650,000 of organizational and initial offering costs reimbursed to the Managing Owner by the Trust as of the commencement of trading were amortized over a sixty-month period, which
ended on May 31, 2002.
21
The following Supplementary Financial Information presents the results of operations and other data for three-month periods ended March 31,
2003 and March 31, June 30, September 30 and December 31, 2002 and 2001. This information has not been audited.
Period ending
March 31, 2003
Total Revenues
$
7,380,193
Total Expenses
$
2,961,837
Gross Profit (Loss)
$
4,418,356
Net Profit (Loss)
$
4,418,356
Net Profit per Unit
$
10.06
Period ending
March 31, 2002
Period ending
June 30, 2002
Period ending
Sept. 30, 2002
Period ending
Dec. 31, 2002
Total Revenues
$
(5,149,058
)
$
15,420,129
$
9,347,058
$
122,609
Total Expenses
$
1,086,917
$
2,151,685
$
3,088,920
$
1,356,022
Gross Profit (Loss)
$
(6,235,975
)
$
13,268,444
$
6,258,138
$
(1,233,413
)
Net Profit (Loss)
$
(6,235,975
)
$
13,268,444
$
6,258,138
$
(1,233,413
)
Net Profit per Unit
$
(14.11
)
$
30.64
$
14.82
$
(3.45
)
Period ending
March 31, 2001
Period ending
June 30, 2001
Period ending
Sept. 30, 2001
Period ending
Dec. 31, 2001
Total Revenues
$
7,094,125
$
(3,079,378
)
$
1,724,129
$
(1,308,740
)
Total Expenses
$
2,194,062
$
1,173,172
$
1,163,736
$
1,153,323
Gross Profit (Loss)
$
4,900,063
$
(4,252,550
)
$
560,393
$
(2,462,063
)
Net Profit (Loss)
$
4,900,063
$
(4,252,550
)
$
560,393
$
(2,462,063
)
Net Profit per Unit
$
11.68
$
(10.11
)
$
1.30
$
(5.83
)
There
were no extraordinary, unusual or infrequently occurring items recognized in each full calendar quarter within the two most recent fiscal years, and the Trust has not disposed of
any segments of its business. There have been no year-end adjustments that are material to the results of any fiscal quarter reported above.
22
MANAGEMENT'S ANALYSIS OF OPERATIONS
Results of Operations
General
JWH programs do not predict price movements. No fundamental economic supply or demand analysis is used in attempting to identify mispricings in the market, and no
macroeconomic assessments of the relative strengths of different national economies or economic sectors is made. Instead, the programs apply proprietary computer models to analyze past market data,
and from this data alone attempt to determine whether market prices are trending. Technical traders such as JWH base their strategies on the theory that market prices reflect the collective judgment
of numerous different traders and are, accordingly, the best and most efficient indication of market movements. However, there are frequent periods during which fundamental factors external to the
market dominate prices.
If
JWH's models identify a trend, they signal positions which follow it. When these models identify the trend as having ended or reversed, these positions are either closed out or
reversed. Due to their trend-following character, the JWH 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.
In
analyzing the performance of JWH's trend-following programs, economic conditions, political events, weather factors, etc., are not directly relevant because only market data has any
input into JWH's trading results. There is no direct connection between particular market conditions and price trends. There are so many influences on the markets that the same general type of
economic event may lead to a price trend in some cases but not in others. The analysis is further complicated by the fact that the programs are designed to recognize only certain types of trends and
to apply only certain criteria of when a trend has begun. Consequently, even though significant price trends may occur, if these trends are not comprised of the type of intra-period price movements
which the programs are designed to identify, the Trust may miss the trend altogether.
The
Trust's success depends on JWH's ability to recognize and capitalize on major price movements and other profit opportunities in different sectors of the world economy. Because of the
speculative
nature of its trading, operational or economic trends have little relevance to the Trust's results, and its past performance is not necessarily indicative of its future results. The Managing Owner
believes, however, that there are certain market conditions—for example, markets with major price movements—in which the Trust has a better opportunity of being profitable than
in others.
The
following performance summary outlines certain major price trends which the JWH programs have identified for the Trust during the last three fiscal years as well as the first fiscal
quarter of 2003. The fact that certain trends were captured does not imply that others, perhaps larger and potentially more profitable trends, were not missed or that JWH will be able to capture
similar trends in the future. Moreover, the fact that the programs were profitable in certain market sectors in the past does not mean that they will be so in the future.
The
performance summary is an outline description of how the Trust performed in the past, not necessarily any indication of how it will perform in the future. Furthermore, the general
causes to which certain trends are attributed may or may not in fact have caused such trends, as opposed to simply having occurred at about the same time.
While
there can be no assurance that JWH will be profitable even in trending markets, markets in which substantial and sustained price movements occur offer the best profit potential for
the Trust.
23
Performance Summary
2003
The Trust recorded a gain of $4,418,356 or $10.06 per Unit in the first quarter of 2003. As of March 31, the Trust had gained 49.59% since its inception in
June 1997.
The
Trust began the year auspiciously with strong gains in January and February but closed lower in March, still ending the quarter, however, in positive territory. In January, the
currency sector supplied most of the month's gain and non-Dollar trading had the largest effect on performance.
The energy portfolio of the Trust was positive despite a small allocation to this sector. The remainder of the market sectors traded had little impact on performance.
The
Trust continued its positive performance in February. The impending war with Iraq, slowing global economies, a weaker U.S. dollar and high energy prices became a recurring theme in
the quarter. The currency sector was unchanged in February. All geographic components of the interest rate sector posted positive results as money market and bond yields worldwide continued to move
lower. The energy sector was the second-best performing sector for the month. Gold prices dropped $40 after the German Bundesbank announced that it had sold a portion of its gold reserves.
This was the primary reason for negative performance from this sector.
The
Trust closed lower in March as the war in Iraq created volatile moves in the world's financial and commodity markets. Nearly all markets traded in the interest rate sector were
negative as a whipsaw action in the U.S. dollar and interest rates led to losses. The nearly 35% rise in crude oil since mid-December was erased in just over one week's time immediately
before the start of the war. This caused negative performance in the energy sector. The metal and agricultural sector had little impact on performance. The stock index sector was the only positive
performer for the month.
In
early March, out of concern for heightened volatility in global markets, JWH reduced the Trust's exposure to all markets traded but continued to follow its disciplined trading
approach. Normal market exposure resumed in April.
2002
The Trust posted an overall profit for 2002. After a negative first quarter, the Trust enjoyed extremely positive performance in the second and third quarters
while being slightly lower in the final quarter, resulting in a net gain of $12,057,194 for the year. As of December 31, 2002, the Net Asset Value per Unit was $139.53, an increase per Unit of
$27.90 over the previous year. The Trust produced a gain of 24.99% for the calendar year.
All
three months of the first quarter were unprofitable for the Trust. Although performance was positive in the currency sector early in the quarter, pronounced trend reversals in the
Japanese financial markets caused substantial losses for the Trust's positions in Japanese Yen and Japanese government bonds. The negative news surrounding Enron and fear of additional accounting
scandals created a "flight to quality" and caused losses in the Trust's long interest rate positions.
In
the second quarter, the Trust was up substantially. June proved to be the Trust's most profitable month since inception of trading. The strong performance for the quarter was driven
by the Trust's currency and interest rate positions. Short positions in the U.S. dollar, which steadily weakened against
most major currencies throughout the quarter, were profitable for the Trust as were short positions in stock indices, which saw a decline as a result of additional accounting scandals.
The
third quarter was also profitable for the Trust, primarily due to strong performance in the interest rate sector. Actual and potential accounting scandals continued to erode consumer
confidence in the U.S. which contributed to a U.S. led global economic slowdown. The foregoing events accelerated a downward trend in global interest rates, which proved very profitable for the Trust.
24
Throughout
the quarter interest rates denominated in Euros, British pounds, Australian dollars and Japanese yen fell providing positive returns for the Trust. Additionally, the Trust's positions in
the U.S. 5, 10 and 30 year bonds, Japanese government bonds and Euro denominated bonds prospered. The energy markets were also profitable for the quarter. The currency sector, which was the
standout performer of the second quarter, suffered throughout the third quarter chiefly due to losses sustained in U.S. dollar and British Pound trading.
The
last quarter of 2002 began poorly as reversals in the currency and interest markets occurred early in the quarter. However, as year-end approached, the currency trends
that prevailed since June resumed and allowed for a strong close to the year.
As
they were for nearly all of 2002, the metal, agriculture, energy and stock index sectors had a very minimal impact on the Trust's performance. The Trust was negative in October and
November, but strongly positive in December.
2001
The Trust experienced a challenging year in 2001. The year-end Net Asset Value was $111.63 per Unit, representing a loss of 2.58% for the calendar
year. After a strong first quarter, the Trust suffered negative performance in the second and fourth quarters. Pronounced price reversals in the interest rate and currency sectors were the most
difficult markets for JWH.
In
the first quarter of 2001, the world's financial markets continued the price patterns that had allowed for positive performance in the last quarter of 2000. Short positions in the
Japanese yen versus the U.S. dollar and the Euro accrued profits throughout this period. The Trust's long global bond position was the cornerstone of the portfolio and benefited from the first of
several interest rate cuts made by the U.S. Federal Reserve. The Trust was positive all three months in the first quarter.
The
much anticipated cut in European interest rates never materialized in the second quarter. This caused trend reversals in both Euro and U.S. dollar denominated bond markets. The
Trust's positions in these markets were large and had been held for several months prior to being closed out. Various newsworthy events, including the re-election of British Prime Minister
Tony Blair, and inconsistent corporate earnings reports created excessive volatility in the interest rate and currency markets. As had been the case for several months, the Trust maintained extremely
small positions in the metal and commodity markets.
The
third quarter was laden with markets lacking direction. During this time, the Trust's portfolio was dominated by currency and interest rate positions. These sectors were unable to
sustain long term price moves. Despite several cuts by the U.S. Federal Reserve, bond prices at quarter-end were trading well below the highs made previously in March. Lack of a dominant
currency led to flat performance in the currency sector.
The
last quarter of 2001 began positively due to strong performance in the interest rate sector. The Trust's long positions in global bond markets benefited from interest rate cuts as
well as a "flight to quality" as a result of the September 11 tragedy. However, in November, after economic data indicated a strengthening of the economy, trends in the interest rate and
currency sectors reversed. The U.S. 30-year bond lost approximately 10% in value. The currency sector moved in concert with interest rates, which also caused portfolio losses. The Trust
was down approximately 5% for the quarter.
2000
The Trust had a profitable year in 2000 and produced a gain of 9.65% for the calendar year. This represented an increase in the Net Asset Value per Unit equal to
$10.08. After experiencing difficult trading environments during the first three quarters of the year, the Trust exploited trading opportunities in the financial markets during the fourth quarter and
closed the year strongly.
25
In
the first quarter of 2000, strategic events reversed trends, which led to unprofitable trading for the Trust. In February, the U.S. Federal Reserve announced that it was buying back
part of the debt. This led to a powerful rally in the world's interest rate markets and the Trust's short positions were closed out at a loss. In March, the decline of the Nasdaq commenced and with it
came a dramatic shift of capital from U.S. dollar into Yen. This movement of capital hurt the Trust's long dollar and Euro positions. Prices of agriculture, energy and metals markets were flat during
the first quarter.
The
second quarter was marked by conflicting economic signals, which often reversed long term price trends. The U.S. dollar, after having lost value in March, was strong in April and
then declined in value in May and June. Interest rates, followed a similar directionless path with the "hard landing or soft landing" question being the primary driver. Through the end of June, the
only market sector with defined direction was the energy sector, which has been the Trust's most consistent source of profits over the past few years.
As
the third quarter began, the futures markets continued seeking direction. Metal and agricultural prices were listless. Stock index trading was volatile in the short term and sideways
over a longer period. Up trends emerged in the world's bond markets where open trade profits were accrued. In the currency sector, the U.S. dollar gained very steadily versus the Euro during July and
August. By September, the dollar was gaining value on all major currencies. However, on September 22, the European Central Bank intervened to support the Euro. Consequently, price trends
reversed dramatically and the Trust's accrued profits in the currency and interest rate sectors turned into open trade losses.
Despite
the intervention, the Trust remained long U.S. dollar and interest rates and reaped the benefits of those positions as the fourth quarter began. In October, the dollar hit its
all-time high versus the Euro and gained substantially versus the Swiss, British and Japanese currencies. By November, interest rate trading became the Trust's strongest sector as long
positions in global bond markets amassed large open trade gains. Strong performance in interest rate markets continued in December. A revival of European currencies provided the bulk of the month's
gain in the currency sector. These trends remained in place through year-end.
Effective
October 1, Management Fees paid by the Trust to JWH were reduced from 4% to 2% annually (paid monthly). Incentive fees were increased from 15% to 20% of quarter end new
high profits.
Liquidity and Capital Resources
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 sells no securities other than the Units. 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.
The
Net Asset Value of the Trust's cash and financial instruments is not materially affected by inflation. Changes in interest rates, which are often associated with inflation, could
cause the value of certain of the Trust's debt securities to decline, but only to a limited extent. More importantly, changes in interest rates could cause periods of strong up or down price trends,
during which the Trust's profit potential generally increases. Inflation or deflation in commodity prices could also generate price movements which the programs might successfully follow.
26
The
Trust's assets are held primarily in cash. 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 JWH to limit losses as well as reduce market exposure on short notice should its programs indicate reducing market
exposure. In addition, because there is a readily available market value for the Trust's positions and assets, the Trust's monthly Net Asset Value calculations are precise, and investors need only
wait ten business days to receive the full redemption proceeds of their Units.
27
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT THE TRUST'S 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.
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.
Standard of Materiality
Materiality as used in this section, "Qualitative and Quantitative 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.
Interim Periods
Quantitative and qualitative disclosures about the Trust's market risk are provided as of December 31, 2002 and 2001. CISI believes that there have not
been any material changes to either the sources of the Trust's trading and non-trading market risk or their impacts on the Trust since the end of 2002.
Quantifying the Trust's Trading Value at 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.
28
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 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 year 2002 and 2001. All open position trading risk exposures of the Trust have been included in calculating the figures set forth in the tables below. During fiscal year 2002, the Trust's
average total capitalization was approximately
29
$52.9 million.
During fiscal year 2001, the Trust's average total capitalization was approximately $49.6 million.
Fiscal Year 2002
Market Sector
Highest
Value
at Risk*
Lowest
Value
at Risk*
Average
Value
at Risk*
% of
Average
Capitalization**
Interest Rates
$
2.2
$
0.4
$
1.2
2.2
%
Currencies
$
3.6
$
0.3
$
1.9
3.6
%
Stock Indices
$
0.7
$
0.2
$
0.4
0.8
%
Precious Metals
$
0.4
$
0.1
$
0.2
0.4
%
Commodities
$
0.4
$
0.1
$
0.2
0.3
%
Energy
$
0.6
$
0.1
$
0.3
0.6
%
Total
$
7.9
$
1.2
$
4.2
7.9
%
Fiscal Year 2001
Market Sector
Highest
Value
at Risk*
Lowest
Value
at Risk*
Average
Value
at Risk*
% of
Average
Capitalization**
Interest Rates
$
2.3
$
0.6
$
1.5
2.9
%
Currencies
$
2.5
$
1.0
$
1.9
3.8
%
Stock Indices
$
0.6
$
0.1
$
0.3
0.6
%
Precious Metals
$
0.3
$
0.1
$
0.2
0.4
%
Commodities
$
0.2
$
0.1
$
0.1
0.2
%
Energy
$
0.5
$
0.0
$
0.3
0.6
%
Total
$
6.4
$
1.9
$
4.3
8.5
%
*
Average,
highest and lowest Value at Risk amounts relate to the quarter-end amounts for each calendar quarter-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 quarter for each fiscal year.
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 ranging 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 tables—as well as the past performance of the Trust—give 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 CIS and CISFS. The Trust has cash flow risk on these cash deposits because if interest rates decline, so will the
interest paid out by CIS and CISFS at the 91-day Treasury bill rate. As of March 31, 2003, December 31, 2002 and
30
December 31,
2001, the Trust had approximately $82,925,000, $56,848,000 and $46,977,000, respectively, in cash on deposit with CIS and CISFS.
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, 2002 and December 31, 2001, by market sector.
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 changes in interest rates which have the most effect on the Trust are changes in
long-term, as opposed to short-term, rates. Most of the speculative positions held by the Trust are in medium- to long-term instruments. Consequently, even a
material change in short-term rates would have little effect on the Trust were the medium- to long-term rates to remain steady.
Currencies
The Trust's currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different
currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Trust trades in a large number of currencies,
including cross-rates—
i.e.
, positions between two currencies other than the U.S. dollar. However, the Trust's major exposures have typically
been in the dollar/yen, dollar/Euro, dollar/Swiss franc and dollar/pound positions. The Managing Owner does not anticipate that the risk profile of the Trust's currency sector will change
significantly in the future. The currency trading Value at Risk figure includes foreign margin amounts converted into U.S. dollars with an incremental adjustment to reflect the exchange rate risk
inherent to the dollar-based Trust in expressing Value at Risk in a functional currency other than dollars.
Stock Indices
The Trust's primary equity exposure is to equity price risk in the G-7 countries and the U.S. As of December 31, 2002, the Trust's primary
exposure was in the DAX (Germany) stock index, E Nasdaq,
31
Euro
DJ, OSE Nikkei (Japan) and SFE SPI 200 (Australia). As of December 31, 2001, the Trust's primary exposures were in the SFE SPI 200 and the DAX stock indices. The Managing Owner anticipates
little, if any, trading in non-G-7 stock indices. The Trust is primarily exposed to the risk of adverse price trends or static markets in the major U.S., European and Japanese
indices. (Static markets would not cause major market changes but would 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, not base, metals, and the Trust's primary metals market exposure is to fluctuations in the
price of gold. JWH has from time to time taken substantial positions as it has perceived market opportunities in these metals to develop.
Commodities
The Trust's primary commodities exposure is to agricultural price movements which are often directly affected by severe or unexpected weather conditions. Grains,
wheat, beans and cotton accounted for the substantial bulk of the Trust's commodities exposure as of December 31, 2002 and December 31, 2001. In the past, the Trust has had material
market exposure to cotton, live cattle, coffee, sugar and the soybean complex and may do so again in the future. However, JWH and the Trust will maintain an emphasis on grains, coffee, sugar and
cocoa, in which the Trust has historically taken its largest commodity positions.
Energy
The Trust's primary energy market exposure is to gas and oil price movements, often resulting from political developments in the Middle East. Although JWH trades
natural gas to a limited extent, oil is by far the dominant energy market exposure of the Trust. Oil prices can be volatile and substantial profits and losses have been and are expected to 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, 2002 and December 31, 2001.
Foreign Currency Balances
The Trust's primary foreign currency balances are in Japanese yen, Euros, British pounds and Australian dollars. The Trust controls the non-trading
risk of these balances by regularly converting these balances back into dollars (no less frequently than twice a month).
Cash Position
The Trust holds substantially all its assets in cash at CIS and CISFS, earning interest at the 91-day Treasury bill rate.
Qualitative Disclosures Regarding Means of Managing Risk Exposure
The Managing 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.
32
Risk Management
JWH attempts to control risk in all aspects of the investment process—from confirmation of a trend to determining the optimal exposure in a given
market, and to money management issues such as the startup or upgrade of investor accounts. JWH double checks the accuracy of market data, and will not trade a market without multiple price sources
for analytical input. In constructing a portfolio, JWH seeks to control overall risk as well as the risk of any one position, and JWH trades only markets that have been identified as having positive
performance characteristics. Trading discipline requires plans for the exit of a market as well as for entry. JWH factors the point of exit into the decision to enter (stop loss). The size of JWH's
positions in a particular market is not a matter of how large a return can be generated but of how much risk it is willing to take relative to that expected return.
To
attempt to reduce the risk of volatility while maintaining the potential for excellent performance, proprietary research is conducted on an ongoing basis to refine the JWH investment
strategies. Research may suggest substitution of alternative investment methodologies with respect to particular contracts; this may occur, for example, when the testing of a new methodology has
indicated that its use might have resulted in different historical performance. In addition, risk management research and analysis may suggest modifications regarding the relative weighting among
various contracts, the addition or deletion of particular contracts from a program, or a change in position size in relation to account equity. The weighting of capital committed to various markets in
the investment programs is
dynamic, and JWH may vary the weighting at its discretion as market conditions, liquidity, position limit considerations and other factors warrant.
JWH
may determine that risks arise when markets are illiquid or erratic, such as may occur cyclically during holiday seasons, or on the basis of irregularly occurring market events. In
such cases, JWH at its sole discretion may override computer-generated signals and may at times use discretion in the application of its quantitative models, which may affect performance positively or
negatively.
Adjustments
in position size in relation to account equity have been and continue to be an integral part of JWH's investment strategy. At its discretion, JWH may adjust the size of a
position in relation to equity in certain markets or entire programs. Such adjustments may be made at certain times for some programs but not for others. Factors which may affect the decision 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.
33
MANAGED FUTURES FUNDS IN GENERAL
The Trust is one type of managed futures fund. All of these investments products offer, in varying degrees, the possibility of achieving
substantial capital appreciation as well as diversifying a portion of a traditional portfolio. The purpose of this section is to provide prospective investors a general overview of where the Trust is
positioned in the spectrum of managed futures funds.
Managed Futures Funds
A managed futures fund is a professionally managed portfolio typically trading in a wide range of markets through futures, forwards and options contracts. These
markets may include global currencies, interest rates, energy, stock indices, metals and agricultural commodities. Managed futures funds may trade either or both the short or long side of the market,
often on a 24-hour basis, and are generally riskier and have more volatile performance than many other traditional investments. However, managed futures investments offer a unique return
pattern when compared to traditional long-only equity or fixed income investments. As a result, professional management can be an important advantage in this highly complex and specialized
investment area.
Not
all managed futures funds are the same. Like other investment products, managed futures funds are designed with a variety of risk/reward parameters. The variety of available managed
futures funds matches a wide range of individual investment objectives.
The Different Types of Managed Futures Funds
Risk/reward parameters of a managed futures fund may be modified by adjusting the number of trading advisors, trading strategies and/or markets traded. The
increase of diversification in one or more of these categories is generally expected to produce lower but more consistent returns.
Certain
managed futures funds are more aggressive than others. For example, single advisor, single strategy funds are typically expected to have higher profit potential as well as risk
because of their dependence upon just one advisor's performance and, in many cases, a limited number of markets traded. The returns in these types of managed futures funds often fluctuate
significantly from month to month.
The
performance volatility of single advisor funds may be reduced by a multi-advisor approach. Multi-advisor funds typically have lower returns, but also lower risk and volatility than
single-advisor managed futures funds (although more risk and volatility than many other investments). The Trust is a single-advisor, multi-strategy, not a multi-advisor, single-strategy investment.
Managed Futures and the Asset Allocation Process
The primary objective of an asset allocation process is to diversify a portfolio into a variety of investment components. Each component of investments may
respond differently to economic cycles and shifts in the financial markets. Thus, each component of investments contributes differently to a portfolio's overall performance.
A
traditional investment portfolio is invested in stocks, bonds and cash equivalents. Adding "non-traditional" or "alternative" investments, such as managed futures, to a
traditional portfolio can be beneficial in the asset allocation process. Because of its potential non-correlation with the performance of stocks and bonds, the non-traditional
component can, if it outperforms either stocks or bonds, improve long-term returns and can also help to reduce volatility of a portfolio.
Prospective
investors should carefully evaluate managed futures, weighing its return and diversification potential against the risks, before investing. Managed futures are speculative
investments and are not
appropriate for everyone. There can be no assurance that these investments will be profitable or will avoid losses.
34
Growth in Futures Investments
There has been a dramatic increase over the past twenty-one years in the volume of futures contracts traded in general as well as the amount of assets
invested in the managed futures industry. The first chart below, Futures Volume by Market Sector, depicts the increased volume of futures contracts traded by market sector from 1980 to 2002. The
second chart below, Growth in Managed Futures Industry, illustrates the substantial increase in the amount of assets invested in managed futures. In 1980, the amount of assets in the managed futures
industry were estimated at approximately $300 million; by December 31, 2002, this estimate had risen to approximately $50.7 billion.
Futures Volume by Market Sector
Total Volume: 92 million contracts
Total Volume: 5.2 billion contracts
Source: Futures Industry Association
The futures volume figures and market sector distributions presented above include both speculative and hedging transactions, as well as options on futures. A
significant portion of currency trading is done in the forward rather than in the futures markets, and, accordingly, is not reflected in the foregoing chart.
Growth in the Managed Futures Industry
Source:
Barclay Trading Group, Ltd. Fairfield, Iowa 52556 Phone (641) 472-3456
The assets categorized above as invested in managed futures are invested in a wide range of different products, including single-advisor and multi-advisor funds,
"funds of funds," "principal protection" pools (in which only a fraction of the assets invested are committed to trading) and to individual managed accounts.
35
THE ROLE OF MANAGED FUTURES IN YOUR PORTFOLIO
The Managing Owner's objective in sponsoring the Trust with JWH as its sole trading advisor is to offer an investment which has the
potential of achieving substantial capital appreciation over time to those investors whose risk tolerance levels can accept significant risk and expected volatility in performance. If substantial
losses can be avoided, the Managing Owner and JWH believe that the Trust has a reasonable opportunity to generate significant profits over time, despite exhibiting considerable intra-period
volatility, by capitalizing on
major price movements when they do occur. If successful, the Trust offers investors the following potential advantages.
Access to JWH and the Trading Programs
By investing in the Trust, subscribers have the opportunity to place assets with an experienced active managed futures advisor. JWH is one of the largest advisors
in the managed futures industry in terms of assets under management. JWH has been continuously managing client funds in the futures and forward markets for over twenty years and, as of
March 31, 2003, managed approximately $1.5 billion in client capital. JWH has achieved substantial profits under a variety of different market conditions and trading a variety of
different programs, including the Financial and Metals Portfolio, the G-7 Currency Portfolio and JWH GlobalAnalytics® Family of Programs.
Investment Diversification
The globalization of the world's economy offers potentially valuable trading opportunities, as major political and economic events continue to influence world
markets, at times dramatically. In recent years, the futures markets have expanded to include a wide array of innovative products to capture potential profit opportunities that arise from volatility
in interest rates, significant fluctuations in the value of commodities and currencies, the consolidation of European currencies, fragility in world banking and credit mechanisms and the growing
interdependence among national economies. Moreover, trading on the major exchanges in Chicago, Frankfurt, London, New York, Paris, Singapore, Sydney and Tokyo has expanded and gives managed futures
investors access to international markets and global diversification.
Unlike
a traditional diversified portfolio of stocks, bonds and real estate, the profit potential of the Trust does not depend upon favorable general economic conditions and the Trust is
as likely to be profitable (or unprofitable) during periods of declining stock, bond and real estate markets as at any other time. In addition to the expected non-correlation in its
performance with the performance of the general equity and debt markets, the Trust's flexibility to take either long or short positions, as opposed to traditional portfolios which are typically
heavily weighted towards the former, can be an important advantage in times of economic uncertainty.
An
investor who is not prepared to spend substantial time trading in the futures and forward markets may nevertheless participate in the commodities and financial markets through
investing in the Trust, thereby obtaining diversification from traditional investments such as a diversified portfolio of stocks, bonds and real estate. By allocating a portion of the risk segment of
a traditional diversified portfolio to the Trust, an investor has the potential, if the Trust is successful, to enhance the prospects for superior performance of the overall portfolio as well as to
reduce the volatility of the portfolio over time and the dependence of such portfolio on any single country's economy.
Opportunity to Profit in Declining as Well as in Rising Markets
The futures markets offer the ability to trade either side of the market. Unlike short selling in the securities markets, taking short positions in the futures
market (or buying a put option or selling a call option) in anticipation of a drop in price can be accomplished without additional restrictions or special margin requirements. Selling short is no more
difficult than establishing a long position.
36
The
profit and loss potential of futures trading is not dependent upon economic prosperity or interest rate or currency stability. Positive and negative returns may be realized in both
rising and declining markets. It is potentially advantageous for investors to own assets which can appreciate during a period of generally declining prices, financial disruption or economic
instability.
Non-Correlation
Managed futures investments have often performed differently from stocks and bonds. In addition, different types of alternative investments are frequently
non-correlated with each other. This creates the potential to assemble a combination of alternative investments able to profit in different economic cycles and international markets, while
reducing the portfolio concentration of traditional long equity and debt holdings.
The
following chart illustrates the generally low historical correlation between the Trust, stocks and bonds.
Low Historical Correlation to Other Investments
Correlation to
the Trust
(June 1997 through March 2003)
Correlation to
the S&P
500®
(June 1997 through March 2003)
S&P 500® Stock Index
-.371
1.00
Lehman Brothers Long-term Government Bond Index
.365
-.259
Europe, Australasia, Far East Index (EAFE)
-.329
.825
NASDAQ Composite
-.379
.801
Goldman Sachs Commodity Index
.128
-.026
Barclay's CTA Index
.830
-.316
Past performance is not necessarily indicative of future results.
The source for all indices except the Barclay's CTA Index in the table above is Standard & Poor's Fund Services (2002)
1-800-596-5323. The source for the Barclay's CTA Index is Barclay Trading Group, Ltd.
The
Trust is an actively managed portfolio of futures and forward contracts and related options that pays the fees and expenses described in this prospectus. The foregoing indices are
unmanaged indices commonly used as benchmarks. The performance of the indices does not reflect any fees or transaction costs as these expenses do not apply to market indices. Neither the performance
of the Trust nor the market indices have been adjusted to reflect any taxes applicable to an investor in the Trust or in the investment products that track market indices.
Non-correlation
is not negative correlation. Managed futures' performance is not expected to be opposite, but rather unrelated, to the performance of stocks and bonds. For
example, during certain periods, the Trust has demonstrated a strong degree of positive correlation to the S&P 500® Stock Index.
By
allocating a portion of the risk segment of a traditional portfolio of stocks and bonds to the Trust, an investor has the potential, if the Trust is successful, to enhance the
prospects for superior performance of the overall portfolio as well as to reduce the volatility of the portfolio over time. The following graphs, prepared by the Managing Owner and JWH demonstrate the
potential effects of adding managed futures to a diversified stock portfolio and a traditional stock and bond portfolio. Adding futures has the potential to increase the portfolio's overall returns
while decreasing the standard deviation of returns (one measure of risk). In the first graph, once the managed futures portion exceeds approximately 50% of the investment portfolio—an
amount not typically recommended
37
for
an investor's portfolio—standard deviation increases without substantial increase in returns. The second graph demonstrates a similar effect when the Trust is added to a traditional
portfolio of 60% stocks and 40% bonds. Neither graph reflects the risk of the Trust incurring sudden, major losses as both graphs are based on statistical averages over time.
JWH Global Trust and S&P 500® Stock Index
Volatility (Standard Deviation)
JWH Global Trust with
60
/
40
Blend of
S&P 500® Stock Index and Lehman Brothers Government Bond Index
Volatility (Standard Deviation)
Past performance is not necessarily indicative of future results.
Standard Deviation
measures the variability of a probability distribution and is widely used as a measure of risk. Figures are
annualized using the monthly rates of return of the Trust on a compounded basis since June 1997.
The
NFA requires the following hypothetical disclaimer: HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY
ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN ABOVE. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
FREQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE
38
FINANCIAL
RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR
TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE
PROGRAMS WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.
The foregoing charts are provided for illustrative purposes only. Prospective investors should note that JWH has not managed any accounts consisting of the
portfolio mixes shown in the above charts and that the charts are presented only as an illustration of the potential advantage of adding a managed futures component to a portfolio of stocks and/or
bonds, not as a recommendation that any investor should allocate more than 10% of his or her portfolio to managed futures. For a portfolio consisting of managed futures, stocks and bonds, the managed
futures component itself must outperform stocks or bonds over the period being measured in order for returns to increase. There can be no assurance that that will, in fact,
occur.
The
following chart compares the Trust's performance since June 1, 1997 with the S&P 500® Stock Index (assuming the reinvestment of all dividends), the NASDAQ
Composite, the Lehman Brothers Long-term Government Bond Index (LBGI) (including all interest paid), the Goldman Sachs Commodity Index, the Morgan Stanley Capital International EAFE Index
and the Barclay's CTA Index. The chart begins with 100 as the arbitrary starting point for all seven graphics and tracks the monthly rates of return for each. The periods during which the graph of the
Trust's performance diverges from that of an index indicates, when compared to the periods during which their respective performance graphs are similar, the extent of the non-correlation
between them. Past performance, including past non-correlation patterns, is not necessarily indicative of future results.
Comparison of JWH Global Trust and Certain General Market Indices
June 1, 1997 through March 31, 2003
Past results are not necessarily indicative of future performance. The comparison of the Trust, an actively managed investment, to passive indices of general securities returns
has certain inherent material limitations.
The source for all indices except the Barclay's CTA Index in the graph above is Standard & Poor's Fund Services (2002)
1-800-596-5323. The Barclay's CTA Index is produced by Barclay Trading Group, Ltd.
The S&P 500® Stock Index and NASDAQ Composite are capitalization-weighted indices of the common stocks of publicly-traded United States
issuers. The Lehman Brothers Long-term Government Bond Index is a total-return index comprised of Treasury Bonds with at least ten years to maturity. The Goldman Sachs
39
Commodities Index is a composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum
of commodities. The returns are calculated on a fully-collateralized basis with full reinvestment. The Morgan Stanley Capital International EAFE Index comprises stock indices for 21 countries
representing the developed markets in Europe, Australasia and the Far East.
The Barclay's CTA Index represents the composite performance of a large number of commodity trading advisors. The accounts included in this Index
represent a wide variety of materially different products, including discretionary and systematic traders' styles. Combining the results of accounts with materially different performance objectives
and fee structures into a single index is subject to certain inherent and material limitations. There can be no assurance that the Barclay's CTA Index provides any meaningful indication of how managed
futures investments, in general, have performed in the past or will perform in the future. Nevertheless, the Barclay's CTAs Index is one of several widely-used benchmarks of general U.S.
managed futures industry performance.
Graphic comparisons of securities indices and the Trust may not adequately reflect all differences between the securities and futures market or between
passive and managed investments.
The following chart compares the Trust's performance since June 1, 1997 with the S&P 500® Stock Index (assuming the reinvestment of all
dividends) and a portfolio consisting 50% of the Trust and 50% of the S&P 500® Stock Index (assuming the reinvestment of all dividends). The chart begins with 100 as the arbitrary starting
point for each graph and tracks the monthly rates of return for each. Past performance, including past non-correlation patterns, is not necessarily indicative of future results.
JWH Global Trust versus the S&P 500® 500 Stock Index and an Equally
Weighted Portfolio of the Trust and the S&P 500® 500 Stock Index
June 1, 1997 through March 31, 2003
Past results are not necessarily indicative of future performance. The comparison of the Trust, an actively managed investment, to passive indices of general securities returns
has certain inherent material limitations.
Graphic comparisons of securities indices and the Trust may not adequately reflect all differences between the securities and futures market or between
passive and managed investments.
Neither the Managing Owner nor JWH recommend that any investor allocate 50% of his or her portfolio to the Trust.
40
The following chart represents the compound annualized rate of return of the Trust as of March 31, 2003: (i) since inception; (ii) over
five-year, three-year and one-year periods ending March 31, 2003; and (iii) since January 1, 2000, when the Trust began allocating its assets
among JWH's Financial and Metals Portfolio, G-7 Currency Portfolio and JWH GlobalAnalytics® Family of Programs.
JWH Global Trust Performance
as of March 31, 2003*
*
Past
performance is not necessarily indicative of future results.
Extreme Correlation Analysis
Extreme Correlation measures the correlation for the selected data based on groupings of the data. Since correlation quantifies the relationship of two assets as
a single number, it is often useful to divide the historical data into segments and examine the correlations for each of the segments. The objective of this analysis is to determine if the overall
correlation is uniform across the entire period. For example, return data for the S&P 500® Stock Index and the Trust can be divided into data thirds based on the S&P 500® Stock
Index returns: the highest return months, the middle return months and the lowest return months. The following analysis shows how the correlation changes depending on the return pattern of the S&P
500® Stock Index. The analysis presented is for the 70-month period June 1997 through March 31, 2003. Extreme Correlation analysis is statistically significant
using a dataset with a minimum of 90 months divided into equal thirds. Although the Trust does not have 90 months of performance history, the Managing Owner and JWH believe that the
following analysis is representative of the correlation that would exist among the indices shown below if the Trust had 90 months of performance history. For this analysis the
70-month period was divided into thirds representing the best 23 months, the middle 24 months and the worst 23 months. An analysis of other time periods may have
different results than those in this presentation. Source Standard & Poor's Fund Services (2002) 1-800-596-5323. The Managing Owner and JWH cannot be
responsible for errors or omissions from this source.
41
Extreme Correlation Analysis
Correlation in S&P 500® Stock
Index—Best One-Third
Correlation in S&P 500® Stock Index—Worst One-Third
JWH Global Trust and Selected Indices versus the
Best and Worst 46 Months of the S&P 500® Stock Index
(June 1997 through March 2003)
Past performance is not necessarily indicative of future results. Trading futures is speculative, involves substantial risk and is not suitable for all investors.
Interest on Trust Assets
The Trust receives interest income on its assets. On the fifth business day of each month, CIS and CISFS credit the Trust's account with interest as if 100% of
the Trust's average daily balances on deposit with CIS or CISFS, as the case may be, in the previous month were continuously invested at
42
the
average 91-day Treasury bill rate for that previous month for deposits denominated in dollars and at the applicable rate for deposits denominated in currencies other than dollars. The
interest earned on the Trust's assets can offset a portion, although at current rates not all, of its routine costs. The Trust's interest income represents a source of revenue entirely independent of
its speculative futures and forward trading, but is subject to the risk of trading losses.
Although
CISI has not yet done so, CISI may place some of the Trust's assets with a Custodian and hire a third-party cash manager to manage that money. If Trust assets are deposited with
such Custodian, the Trust will receive the interest actually earned by the third-party cash manager on such assets. CIS has agreed to credit the account of the Trust at each month-end the
amount, if any, by which returns (net of fees of the cash manager) for such month on Trust assets held by a Custodian are less than the return that would have been realized by the Trust had such
assets been deposited with CIS.
Small Minimum Investment
JWH is typically available to manage individual accounts only of substantial size—$5,000,000 or more. Investors in the Trust are currently able to
gain access to three JWH programs for a minimum investment of only $5,000; $2,000 in the case of eligible employee benefit plans and individual retirement accounts. A small minimum investment
requirement makes the Trust accessible to a wide range of investors and also means that no investor must commit a significant amount of assets in order to participate in the Trust.
Limited Liability
An investor who opens an individual futures account is generally liable for all losses incurred in such account, and may lose substantially more than such
investor committed to the account, particularly in light of the large positions in relation to capital used in futures and forward trading. However, a Unitholder cannot lose more than his or her
investment in the Trust plus undistributed profits. In fact, in the event the Net Asset Value of a Unit decreases to less than 50% of the previous highest month-end Net Asset Value per
Unit as of the close of business on any day, the Managing Owner is required to cause the Trust to liquidate all open positions, suspend trading and
declare a Special Redemption Date in accordance with the provisions in the Declaration and Agreement of Trust. Without limited liability, it could be imprudent for an investor to participate in
strategies like those applied by JWH where positions may be large in relation to account equity.
Administrative Convenience
The Trust is structured so as to substantially eliminate the administrative burden which would otherwise be involved in Unitholders engaging directly in futures
and forward trading. Unitholders receive monthly unaudited and annual certified financial reports as well as all tax information relating to the Trust necessary for Unitholders to complete their
federal and state income tax returns. The approximate daily Net Asset Value per Unit is available by calling your financial advisor or CISI at (312) 460-4000 or toll free at
(888) 292-9399.
43
THE MANAGING OWNER
The Managing Owner and Commodity Pool Operator of the Trust is CISI, a wholly-owned subsidiary of CIS, the Trust's Futures Broker. The Managing Owner was
incorporated in Delaware in 1983. It has been registered with the CFTC under the CEA as a Commodity Pool Operator since December 13, 1985 and is a member of NFA in such capacity. CISI maintains
its principal office at 233 South Wacker Drive, Suite 2300, Chicago, Illinois 60606; telephone (312) 460-4000. The records of the Trust are kept at CISI's principal office. The
officers and directors of CISI do not receive any compensation directly from CISI.
In
addition to the Trust, CISI currently operates two public commodity pools jointly with IDS Futures Corporation. CISI operated two other private commodity pools which have been
liquidated.
The
directors and officers of CISI are as follows:
James A. Davison
(born in May 1961) is President and a director. Mr. Davison is a graduate of the School of Oriental
and African Studies, University of London. He began his career with Cargill plc and joined Cargill Investor Services Ltd. in 1987. His management responsibilities included commodity and
financial markets as well as the development of all business activity with alternative asset management clients in European and Middle Eastern geographies. He resigned from Cargill plc in 1996 to
establish his own consultancy business. One of his assignments of this business included Managing Director for Hasenbichler Asset Management Ltd., one of Europe's largest alternative asset
management groups and, in 1998, he assumed responsibility for all international activity of a portfolio of trading advisors. He re-joined Cargill plc in December 2000 as European
Managing Director of Cargill Investor Services Ltd. and was named Worldwide Business Unit Leader of CIS in July of 2001.
Shaun D. O'Brien
(born in November 1964) is Vice President, Chief Financial Officer and a director. Mr. O'Brien
became a Vice President and a director of CISI on July 1, 1999. Mr. O'Brien graduated from Northeastern University in 1987 and received a Master's degree from the University of
Minnesota's Carlson School of Management in 1999. Mr. O'Brien began working for Cargill in 1988 and joined CIS in 1999.
Barbara A. Pfendler
(born in May 1953) is Vice President and a director. Ms. Pfendler is a graduate of the University
of Colorado, Boulder. She began her career with Cargill, Incorporated in 1975. She held various merchandising and management positions within the organization's Oilseed Processing Division before
transferring to CIS in 1986 where she is responsible for the Fund Services Group. She was appointed Vice President of CISI in May 1990 and Vice President of CIS in June 1996. She is a
past member of the International Advisory Committee for the Managed Funds Association and currently serves on the CPO/CTA Advisory Committee for the National Futures Association.
Christopher Malo
(born in August 1956) is Vice President. Mr. Malo graduated from Indiana University in 1978 with a B.S. in
Accounting and further completed the University of Minnesota Executive Program in 1993. He started work at Cargill, Incorporated in June 1978. He joined CIS in 1979, and served as
Secretary/Treasurer and Controller from 1983 until 1991. He was elected Vice President, Administration and Operations in July 1991. He was Managing Director in Europe from 1996 until
January 1999, responsible for CIS activities and operations in Europe, the Middle East and Russia. He was an active member of the FIA-UK Chapter and LIFFE Membership and Rules
Committee. He currently serves on the Board of the FIA in Chicago.
Patrice H. Halbach
(born in August 1953) is a Vice President. Ms. Halbach graduated Phi Beta Kappa from the
University of Minnesota with a B.A. degree in history. In 1980 she received a J.D. degree
cum laude
from the University of Minnesota. She is a member of
the Tax Executives Institute, the American Bar Association and the Minnesota Bar Association. Ms. Halbach joined the Law Department of Cargill, Incorporated in February 1983. She had
previously been an attorney with
44
Fredrikson &
Byron, Minneapolis, Minnesota. In December 1990, she was named Senior Tax Manager for Cargill, Incorporated's Tax Department and became Assistant Tax Director in
March 1993. She was named Assistant Vice President of Cargill, Incorporated's Administrative Division in April 1994. In January 1999, she was named Vice President, Tax, of
Cargill, Incorporated. In her current position as Vice President, Tax, Ms. Halbach oversees Cargill, Incorporated's global tax function.
Jennifer S. Johnston
(born in January 1967) is Treasurer. Ms. Johnston became a Vice President of CIS in
October 2002. Ms. Johnson graduated from the University of Illinois in 1989 with a B.S. in Finance. Ms. Johnston began working at CIS in 1990. She has worked in various
departments at CIS during her 12 year career.
Penelope J. Beckhardt
(born November 1965) is Chief Compliance Officer and Secretary. Ms. Beckhardt graduated from
the University of Wisconsin, Madison with a B.B.A. in Marketing in 1987 and received an M.B.A. with a Finance concentration from Loyola University of Chicago in 1989. She began her career at the
Chicago Board of Trade in the Office of Investigations and Audits. In March 1993, she moved to LFG, L.L.C. and served in both Compliance Specialist and Accounting Manager roles.
Ms. Beckhardt continued her career with UBS Warburg as Associate Director and N.A. Head of Exchange Traded Derivatives Compliance from June 1997 through March 2002. She began
working for CIS in March 2002. She is currently a member of the FIA Law and Compliance Division.
The
following are additional officers of CISI:
James Clemens,
Assistant Secretary;
Lillian
Lundeen,
Assistant Secretary;
Anne R. Carlson
, Assistant Secretary; and
Jeanne Y.
Smith
, Assistant Secretary.
45
JOHN W. HENRY & COMPANY, INC.
Background
JWH, a Florida corporation, began managing assets in 1981 as a sole proprietorship and was later incorporated in 1982 to conduct business as a commodity trading
advisor ("CTA"; a person who directs the trading of futures accounts for clients, including commodity pools). JWH's offices are located at 301 Yamato Road, Suite 2200, Boca Raton, Florida 33431. JWH's
registration as a CTA became effective in November 1980. JWH is a member of NFA in this capacity. "JWH" is the registered trademark of John W. Henry & Company, Inc.
For
a description of the principals of JWH, see "JWH Principals" beginning at page 52.
Trading Strategy
The following description of JWH's trading strategy relates to JWH generally and not to the Trust itself.
General
JWH specializes in managing institutional and individual capital in the global futures, financial futures and foreign exchange markets. Since 1981, JWH has
developed and implemented proprietary trend-following trading techniques. As of the date of this prospectus, JWH operates eleven trading programs.
Investment Philosophy and Methodology
The JWH investment philosophy has been based, since the inception of the firm, on the premise that market prices, rather than market fundamentals, are the key
aggregator of information necessary to make investment decisions and that market prices, which may at first seem random, are actually related through time in complex, but discernible ways. This
philosophy is based on analysis of historical data that revealed that market adjustments sometimes form price trends that can be exploited for profit. JWH believes there is an inherent return
opportunity in participating in price movement trends that its systematic and analytic models have identified. JWH trading programs may participate in either rising or falling trends; they do not have
a directional bias nor do they try to forecast or predict market turning points. Once a program has established a position in a market that has been identified as trending, no pre-set
price target for profits is established given the highly variable nature of market trends.
JWH
believes that changes in market prices initially reflect human reactions to new or emerging information or events that will cause trends, but that prices eventually reflect all
relevant information. The price adjustment process takes time, however, since reactions of market participants to changing market dynamics initially may be inefficient. For example, investors may not
react immediately to information because of differing evaluation processes, differing levels of risk tolerance or uncertainty. Gradual price adjustments manifest themselves in long-terms
trends, which themselves can influence the course of events and from which profit opportunities can arise. JWH believes that such market inefficiencies can be exploited through a combination of trend
detection and risk management.
There
is strong economic and statistical evidence to suggest that trends do exist in most markets although they may be difficult to identify. Since it was founded, JWH has employed
analytical methods to identify short- to long-term trends. Comprehensive research undertaken by the firm's founder, John W. Henry, led to the development of disciplined systematic
quantitative models. JWH's computer models examine market data for systematic price behavior or relationships which will characterize a trend. When price trends are identified, the JWH trading system
generates buy and sell signals for implementing trades. The strict application of these signals is one of the most important aspects of JWH's investment process.
46
JWH
attempts to control risk throughout the investment process. This includes the confirmation of a trend, determining the optimal exposure in a given market and money management issues
such as the startup or upgrade of accounts. JWH's research on these and other issues has resulted in investment program modifications from time to time that have decreased from previous levels the
overall volatility of its investment programs while maintaining the potential for generating attractive performance returns.
Style, Timing and Market Characteristics
JWH investment programs have different style, timing and market characteristics. Investment style differences are primarily based on the number of directional
phases that investment programs use for markets—long, short or neutral—and how position sizes are determined. Timing—whether trends are recognized over a short to
very long-term period—is a distinguishing characteristic of JWH investment programs. JWH investment programs can also be distinguished by the markets they trade.
While
some characteristics may overlap, each investment program has a distinctive combination of style, timing and markets. This does not mean that one program will have higher returns
than another will or that a certain set of characteristics are preferable for one type of market. At times, an investment program may, for certain markets, use a style different from its primary
style.
Detecting Price Trends
The first step in the investment process is the identification of sustained price movements—or trends—in a given market. JWH's
well-researched investment process uses a consistent approach whose fundamental principles have not changed over the life of the firm. The JWH systems examine market data for relationships
among movements in prices, detecting frequencies or repetitive behavior hidden within thousands of pieces of raw price data. JWH's trading models seek to identify signals by separating
short-term market noise from relevant information and locating a directional opportunity that has favorable risk characteristics. Prices are an aggregate of market information. JWH
considers the price paid to be the sum of the signal plus "noise," where the signal is the trend information and the "noise" is market volatility.
How JWH Can Make Money
Trading
JWH's experienced traders work on a 24-hour rotation schedule, executing trades worldwide in markets that are the most liquid for the specific trade
that is being made. Trades are executed by teams, with each member of the team fully responsible for the trade's fulfillment, and are recorded and reviewed for strict adherence to procedures.
47
Once
those trades are received, traders focus on the manner and speed with which the trade will be executed in an effort to minimize market disturbance at the best price. Whether
entering or exiting the markets, traders follow specific procedures designed to help minimize the impact of any immediate adverse price developments.
Preserving Capital
Given the noisy nature of price data, all market signals may not lead to profitable trades. Consequently, JWH places significant emphasis on risk management
techniques to minimize the losses on any particular trade on the portfolio as a whole. Stop-losses are used and managed in a proprietary manner to balance the potential loss in any trade
versus the opportunity for maximum profit. Depending on the model used, risk may be managed through variable position size or risk levels for any market. Additionally, modern portfolio techniques,
which account for the volatility and correlation of markets as well as behavior during extreme market conditions, are used to construct the overall portfolio for a given program. Portfolio adjustments
will be made to account for systematic changes in the relationships across markets. Portfolios are managed to meet longer-term risk and volatility tolerances. Risk management on a market
basis accounts for volatility and the fact that markets may turn against the prevailing trend.
While
JWH is looking for longer-term trends, the preservation of capital is paramount. If a predetermined amount of capital is lost, positions will be closed regardless of
fundamental market conditions. Unlike some managers, such as traditional equity or fixed income managers, JWH does not manage or seek to perform against a natural benchmark, such as an index of
performance. JWH seeks to generate returns in all market conditions.
In
markets with short-term volatility or where no trends exist—conditions which can result in flat or negative performance—JWH strives to preserve
capital. Some of the JWH programs may take a neutral position (exit a market) rather than risk trading capital. While there can be no guarantee against losses, the JWH trading discipline is designed
to preserve capital while waiting for opportunities where programs generate profits over longer periods of time.
Duration of Positions Held
JWH's historical performance demonstrates that, because trends often last longer than most market participants expect, significant returns can be generated from
positions held over a long period of time. Therefore, market exposure to profitable positions is not changed based on the time horizon of a trade, positions held for two to four months are not
unusual, and positions have been held for more than a year. Losing positions are generally reversed or eliminated relatively quickly, with most closing within a few days or weeks. However, if the JWH
system detects a profitable underlying trend, a position trading at a loss may be retained in order to capture the potential benefits of participating in that trend. Throughout the investment process,
risk controls designed to reduce the possibility of an extraordinary loss in any one market are maintained.
Equity Drawdowns
Historically, only 30% to 40% of all trades made pursuant to JWH's programs have been profitable. Large profits on a few trades in positions that typically exist
for several months have produced favorable results overall. The greatest cumulative percentage decline in daily net asset value which JWH has experienced since inception in any single program on a
composite basis was nearly 60%. Prospective investors in the Trust should understand that similar or greater drawdowns are possible in the future.
To
reduce exposure to volatility in any particular market, most JWH programs participate in several markets at one time. In total, JWH participates in more than
[seventy] markets, encompassing
48
interest
rates, currencies and commodities such as agricultural products, energy and precious and base metals. Most investment programs maintain a consistent portfolio composition to allow
opportunities in as many major market trends as possible.
Disciplined Investment Process
JWH believes that an investment strategy can only be as successful as the discipline of the manager to adhere to its requirements in the face of market adversity.
Unlike discretionary traders, whose decisions may be subject to behavioral biases, JWH practices a disciplined investment process. This systematic process may dictate that JWH close positions with a
loss in order to provide downside protection, but it also may ensure the discipline to stay in markets that are calm for long periods of time in order to
achieve possible long-term gain for investors. In either case, JWH investment decisions reflect the JWH trading models' assessment of the market itself, not an emotional response to recent
economic or political data.
Oversight of Trading Policies
The JWH Investment Policy Committee ("IPC") is a senior-level advisory group, broadly responsible for evaluating and overseeing trading policies. The IPC provides
a forum for shared responsibility, meeting periodically to discuss issues relating to implementation of JWH's investment process and its application to markets, including research on new markets and
strategies in relation to JWH trading models.
Typical
issues analyzed by the IPC include liquidity, position size, capacity, performance cycles and new product and market strategies. The IPC also makes the discretionary decisions
concerning investment program selection, asset allocation and leverage levels for the Strategic Allocation Program and Currency Strategic Allocation Program, each a multi-program asset allocation
methodology. Composition of the IPC, and participation in its discussions and decisions by non-members, may vary over time. The chairman participates in all IPC meetings and decisions. The
IPC does not make day-to-day trading decisions.
Discretionary Aspects
JWH at its sole discretion may override computer-generated signals and may at times use discretion in the application of 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 of JWH's quantitative models also include the determination of position size in relation to account equity, when an account should commence
trading, the investment of assets associated with additions, redemptions and allocations, contracts and contract months traded, and effective trade execution.
Program Modifications
Proprietary research is conducted on an ongoing basis to refine the JWH investment strategies. While the basic philosophy underlying the firm's investment
methodology has remained intact throughout its history, the potential benefits of employing more than one investment methodology, or in varying combinations, is a subject of continual testing, review
and evaluation. Extensive research may suggest substitution of alternative investment methodologies with respect to particular contracts. This may occur, for example, when the testing of a different
methodology has indicated that its use might have resulted in different historical performance. In addition, risk management research and 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
49
particular
contracts for an investment program or a change in position size in relation to account equity. However, most investment programs maintain a consistent portfolio composition to allow
opportunities in as many major market trends as possible.
All
cash in a JWH investment program is available to be used for trading, although the amounts committed to margin will vary from time to time. As capital in each JWH trading program
increases, additional emphasis and weighting may be placed on certain markets which have historically demonstrated the greatest liquidity and profitability. Furthermore, the weighting of capital
committed to various markets in the trading programs is dynamic, and JWH may vary the weighting at its discretion as market conditions, liquidity, position limit considerations and other factors
warrant. CISI will generally not be informed of any such changes.
Adjusting the Size of Positions Taken
Adjustments to position size in relation to account equity have been and continue to be an integral part of JWH's investment strategy. At its discretion, JWH may
adjust the size of a position in relation to account equity in certain markets or entire investment programs. Such adjustments may be made at certain times for some investment programs but not for
others. Factors which may affect the decision to adjust the size of a position in relation to account equity include ongoing research, program volatility, current market volatility, risk exposure and
subjective judgment and evaluation of these and other general market conditions. Such decisions to change the size of a position in relation to account equity may positively or negatively affect
performance and will alter risk exposure for an account. Such adjustments may lead to greater profits or losses, more frequent and larger margin calls and greater brokerage expense. No assurance is or
can be given that such adjustments will result in profits for investors in the Trust. JWH reserves the right to alter, at its sole discretion and without notification to the Trust, its policy
regarding the size of positions taken in relation to account equity.
Addition, Redemption and Reallocation of Capital for Commodity Pool Accounts
Investors purchase or redeem Units at Net Asset Value on the close of business on the last business day of the month. In order to provide market exposure
commensurate with the Trust's equity on the date of these transactions, JWH's general practice is to adjust positions as near as possible to the close of business on the last trading date of the
month. The intention is to provide for additions and redemptions at a Net Asset Value that will be the same for each of these transactions, and to eliminate possible variations in Net Asset Values
that could occur as a result of inter-day price changes if, for example, additions were calculated on the first day of the subsequent month. Therefore, JWH may, at its sole discretion,
adjust its investment of the assets associated with the addition or redemption as near as possible to the close of business on the last business day of the month to reflect the amount then available
for trading. Based on JWH's determination of liquidity or other market conditions, JWH may decide to commence trading earlier in the day on, or before, the last business day of the month, or at its
sole discretion, delay adjustments to trading for an account to a date or time after the close of business on the last day of the month. No assurance is given that JWH will be able to achieve the
objectives described above in connection with Trust equity level changes. The use of discretion by JWH in the application of this procedure may affect performance positively or negatively.
Physical and Cash Commodities
JWH may trade in physical or cash commodities for immediate or deferred delivery, including specifically gold bullion, as well as futures, options and forward
contracts when JWH believes that cash markets offer comparable or superior market liquidity or the ability to execute transactions at a single price. The CFTC does not regulate cash transactions,
which are subject to the risk of counterparty failure, inability or refusal to perform with respect to such contracts.
50
The Trading Advisory Agreement
The Trust has entered into a Trading Advisory Agreement with JWH. The agreement provides that JWH will be the sole trading advisor for the Trust and will have
sole responsibility for determining transactions in commodity interests with respect to Trust assets. The Trading Advisory Agreement also provides that the Managing Owner, with the agreement of JWH,
may reallocate assets among the trading programs, delete a trading program or add one or more other JWH programs. The term of the Trading Advisory Agreement will end on the last day of
June 2004 and will be automatically renewed pursuant to a provision which provides for automatic renewal for an additional one-year period on the same terms unless the Managing
Owner gives notice of termination to JWH at least forty-five days prior to the expiry of the then current term. The Trading Advisory Agreement will terminate automatically if the Trust is
terminated.
JWH,
its principals and employees will not be liable to the Managing Owner or its principals and employees, the Trust, the Unitholders, or any of their successors or assigns except by
reason of acts or omissions due to bad faith, misconduct, negligence or not having acted in good faith in the reasonable belief that such actions or omissions were in, or not opposed to, the best
interests of the Trust. The Trust and the Managing Owner will, jointly and severally, indemnify JWH, its principals and employees to the fullest extent permitted by law against any liability incurred
or sustained by JWH in connection with any acts or omissions of JWH relating to its management of Trust assets or arising out of or in connection with the Trading Advisory Agreement or arising out of
JWH's management of Trust assets, provided that there has been no judicial determination that such liability was the result of negligence, misconduct, bad faith or a breach of the Trading Advisory
Agreement nor any judicial determination that the conduct which was the basis for such liability was not done in good faith in the reasonable belief that it was in, or not opposed to, the best
interests of the Trust. Any such indemnification involving a material amount, unless ordered or expressly permitted by a court, will be made by the Trust only upon the opinion of mutually acceptable
independent legal counsel that JWH has met the applicable standard of conduct described above. The Trading Advisory Agreement prohibits JWH from receiving any commission, compensation, remuneration or
payment whatsoever from any broker with whom the Trust carries any account by reason of the Trust's transactions.
Legal Concerns
There neither now exists nor has there previously ever been any material administrative, civil or criminal action against JWH or its principals.
Principals
of JWH serve on the board of directors and committees of various organizations, both in and outside of the managed futures industry. In such capacities, these individuals have
a fiduciary duty to the other organizations they serve, and they are required to act in the best interests of those organizations even if those actions were to be adverse to the interest of JWH and
its clients.
51
JWH PRINCIPALS
The following are the principals of JWH:
The
sole shareholder of JWH is the John W. Henry Trust dated July 27, 1990.
Mr. John W. Henry
is chairman of the JWH Board
of Directors and is trustee and sole beneficiary of the John W. Henry Trust. Mr. Henry is also a member of the Investment Policy Committee. He currently oversees trading program design and
composition, reviews and approves research and system development proposals prior to implementation in trading, reviews and approves decisions involving the strategic direction of the firm and
discusses trading activities with trading supervisors. JWH's corporate officers, rather than Mr. Henry, manage JWH's day-to-day operations. Mr. Henry is the
exclusive owner of certain trading systems licensed to Elysian Licensing Corporation, a corporation wholly-owned by Mr. Henry and sublicensed by Elysian Licensing Corporation to JWH and
utilized by JWH in managing investor accounts. Mr. Henry conducts his business responsibilities for JWH from Boca Raton, Florida and Boston, Massachusetts.
Mr. Henry
has served on the Board of Directors of the Futures Industry Association ("FIA"), the National Association of Futures Trading Advisors ("NAFTA") and the Managed Futures
Trade Association, and has served on the Nominating Committee of NFA. He has served on 412 a panel created by the Chicago Mercantile Exchange and the Chicago Board of Trade to study cooperative
efforts related to electronic trading, common clearing and issues regarding a potential merger. Mr. Henry is a principal of Westport Capital Management Corporation, Global Capital Management
Limited, and JWH Investment Management, Inc., all affiliates of JWH. Since the beginning of 1987, Mr. Henry has devoted, and will continue to devote, considerable time to activities in
businesses other than JWH and its affiliates. From January, 1999 until February, 2002, Mr. Henry was chairman of the Florida Marlins Baseball Club LLC. Effective February, 2002,
Mr. Henry is Principal Owner of New England Sports Ventures, LLC, which owns the Boston Red Sox baseball team, New England Sports Network, and certain real estate, including Fenway Park. He
holds comparable positions with the individual business entities engaged in these activities. Mr. Henry is regularly involved in the businesses of New England Sports Ventures, LLC with
professional management of the Boston Red Sox (including its president and chief executive officer) and of the other associated entities.
Mr. Mark H. Mitchell
is vice chairman, counsel to the firm and a member of the JWH Board of Directors. His duties include the
coordination and allocation of responsibilities among JWH and its affiliates. Prior to joining JWH in January 1994, Mr. Mitchell was a partner at Chapman and Cutler, in Chicago, where he
headed the law firm's futures law practice from August 1983 to December 1993. He
also served as General Counsel of the Managed Funds Association ("MFA") and General Counsel of NAFTA. Mr. Mitchell is currently a director of MFA and a member of the NFA CPO/CTA Advisory
Committee. In addition, he has served as a member of the NFA Special Committee for the Review of Multi-tiered Regulatory Apprmisthang oach to NFA Rules, the MFA Government Relations Committee and the
Executive Committee of the Law and Compliance Division of the FIA. In 1985, he received the Richard P. Donchian Award for Outstanding Contributions to the Field of Commodity Money Management. He
received an A.B. with honors from Dartmouth College and a J.D. from the University of California at Los Angeles, where he was named to the Order of the Coif, the national legal honorary society.
Dr. Mark S. Rzepczynski
is president, chief investment officer and a member of the JWH Investment Policy Committee.
Dr. Rzepczynski is responsible for the day-to-day management of the firm. He is also a principal of Westport Capital Management Corporation, Global Capital Management
Limited and JWH Investment Management, Inc. Dr. Rzepczynski joined JWH in May 1998. From May 1995 to April 1998, he was vice president and director of taxable credit
and quantitative research in the fixed-income division of Fidelity Management and Research, where he oversaw credit and quantitative research recommendations for all Fidelity taxable fixed-income
funds. From April 1993 to
52
April 1995,
he was a portfolio manager and director of research for CSI Asset Management, Inc., a fixed-income money management subsidiary of Prudential Insurance. In addition, he is a
director of the Futures Industry Association. Dr. Rzepczynski has a B.A.
cum laude
in Economics from Loyola University of Chicago and
an A.M. and Ph.D. in Economics from Brown University.
Mr. Paul Braica
is a senior vice president and chief financial officer. He is also a principal of Westport Capital Management
Corporation, JWH Investment Management, Inc., Global Capital Management Limited and JWH Securities, Inc. Since joining JWH in April 1996, Mr. Braica has held positions of
increasing responsibility in internal audit, risk management, and administration. Before joining JWH, he was employed with Ernest & Young LLP as an auditor from December 1994 to
March 1996. Mr. Braica received a BA in Economics from Gettysburg College, a MBA from Rutgers University and a MS in Taxation from Seton Hall University and was certified as a CPA by the
State of New York in 1989.
Mr. Matthew J. Driscoll
is a senior vice president, trading, and chief trader and a member of the JWH Investment Policy Committee.
He is responsible for the supervision and administration of all aspects of order execution strategies and implementation of trading policies and procedures. Mr. Driscoll joined JWH in
March 1991 as a member of its trading department. Since joining the firm, he has held positions of increasing responsibility as they relate to the development and implementation of JWH's
trading strategies and procedures. He has played a major role in the development of JWH's 24-hour trading operation. Mr. Driscoll attended Pace University.
Mr. Kevin S. Koshi
is a senior vice president, proprietary trading and a member of the JWH Investment Policy Committee. He is
responsible for the implementation and oversight of the firm's proprietary strategies and investments. Mr. Koshi joined JWH in August 1988 as a professional in the finance department,
and since 1990, has held positions of increasing responsibility in the trading department. He received a B.S. in Finance from California State University at Long Beach.
Mr. David M. Kozak
is a senior vice president, general counsel and secretary to the corporation. He is also a principal of JWH
Investment Management, Inc. and Westport Capital Management Corporation. Prior to joining JWH in September 1995, he had been a partner at the law firm of Chapman and Cutler since 1989.
In his practice there, he concentrated in commodity futures law, with an emphasis on commodity money management. Mr. Kozak is chairman of the MFA's Government Relations Committee. He formerly
served as the secretary and a director of the MFA, and was a member of that organization's Executive Committee. He is also a member of the NFA's Membership Committee, as well as the NFA's Special
Committee on CPO/CTA Disclosure Issues and the Special Committee for the Review of Multi-Tiered Regulatory Approach to NFA Rules. He is chairman of the subcommittee on CTA and CPO issues of the
Futures Regulation Committee of the Association of the Bar of the City of New York. He received a B.A. from Lake Forest College, an M.A. from the University of Chicago and a J.D. from Loyola
University of Chicago.
Mr. Kenneth S. Webster
, CPA is senior vice president, operations. He is also a principal of Westport Capital Management Corporation
and Global Capital Management Limited. He is responsible for firm wide operations including management of the investment support and information technology departments. Since joining JWH in
January 1995, Mr. Webster has held positions of increasing responsibility and has played an instrumental role in the development and implementation of support systems for JWH and its
affiliates. Prior to his employment at JWH, Mr. Webster was the Controller of Chang Crowell Management, a registered CTA, from December 1991 to December 1994, where he was
responsible for directing the financial and operational activities of the firm. Mr. Webster received a BBA in Accounting from Pace University.
Mr. Julius A. Staniewicz
is a vice president, senior strategist and research manager and a member of the JWH Investment Policy
Committee. Since joining JWH in March of 1992. Mr. Staniewicz has held positions of increasing responsibility at the firm. These include long-term strategic planning in the
53
areas
of trading and investment strategies and business development. Mr. Staniewicz received a B.A. in Economics from Cornell University.
Mr. Edwin B. Twist
is a member of the JWH Board of Directors. He is also a director of JWH Investment Management, Inc.
Mr. Twist joined JWH as internal projects manager in September 1991 and has been a director since August 1993. His responsibilities include assisting with internal projects.
The
additional principals of JWH have the following titles:
Mr. Andrew D. Willard
, vice president, information technology;
Mr. Ted A. Parkhill
, vice
president, marketing;
Mr. William S. Dinon
, vice president,
sales and manager of retail distribution; and
Ms. Wendy B. Goodyear
, vice president, investor services.
54
PERFORMANCE OF THE JWH PROGRAMS
General
The composite capsule performance of all accounts managed by JWH pursuant to the trading programs used for the Trust is presented below. All performance is
current as of March 31, 2003.
Monthly
rates of return from inception of client trading through March 31, 2003 are also presented below for the programs used for the Trust. Descriptions of these programs are
set forth on pages 5 and 6. The line appearing in these performance tables between 1998 and 1997 separates the CFTC required performance period for the past five years and year to date from the
performance record of the investment programs prior to that period.
The
Trust may use any of JWH's active programs in the future subject to JWH's agreement.
From the inception of trading of the JWH programs, the greatest cumulative percentage decline in daily net asset value experienced in any single program was
nearly 60% on a composite basis, and certain individual accounts included in such program experienced even greater declines. Certain JWH accounts have lost 10% or more in a single trading day.
Prospective investors should understand that similar or greater drawdowns are possible in the future.
There can be no assurance that JWH will trade profitably for the Trust or
avoid sudden and severe losses.
55
THE JWH PROGRAMS USED BY THE TRUST
CAPSULE PERFORMANCE AND
ANNUAL AND MONTHLY RATES OF RETURN
FINANCIAL AND METALS PORTFOLIO
October 1984 through March 2003
Inception of Client Account Trading by JWH: October 1982
Inception of Client Account Trading in Program: October 1984
Assets under Management in all Programs on March 31, 2003: $1.5 billion
Assets under Management in the Program on March 31, 2003: $280 million
Number of Open Accounts: 13
Worst Monthly Decline on an Individual Account Basis: (18.5)% (11/01)
Worst Peak-to-Valley Decline on an Individual Account Basis: (47.9)% (10/98-9/00)
2003 Compound Annual Rate of Return: 12.3% (3 months)
2002 Compound Annual Rate of Return: 45.1%
2001 Compound Annual Rate of Return: 7.1%
2000 Compound Annual Rate of Return: 13.0%
1999 Compound Annual Rate of Return: (18.7)%
1998 Compound Annual Rate of Return: 7.2%
Average Compounded Annualized Rate of Return from January 1998 through March 31, 2003: 10.9%
Average Compounded Annualized Rate of Return from inception in October 1984 through March 31, 2003: 30.5%
Annual and Monthly Rates of Return (%)
Year
January
February
March
April
May
June
July
August
September
October
November
December
Compound
Annual ROR
2003
11.4
4.5
(3.5
)
12.3
(3 months
)
2002
(0.8
)
(6.0
)
(5.5
)
(1.0
)
11.0
28.3
11.2
3.6
7.4
(8.5
)
(6.3
)
10.0
45.1
2001
3.3
2.5
12.8
(8.3
)
1.0
(4.1
)
(4.4
)
8.5
5.4
4.6
(17.8
)
7.4
7.1
2000
(3.6
)
(6.2
)
(2.3
)
2.5
(2.1
)
(9.0
)
(1.7
)
(0.4
)
(6.2
)
9.4
13.3
23.0
13.0
1999
(4.8
)
0.9
(2.6
)
1.6
5.9
6.1
(2.3
)
(3.1
)
(7.0
)
(8.1
)
(3.2
)
(2.8
)
(18.7
)
1998
(3.5
)
(4.0
)
(1.6
)
(7.9
)
3.2
(4.8
)
(0.9
)
17.5
15.3
(3.8
)
(7.5
)
8.9
7.2
1997
4.4
(2.2
)
(0.7
)
(2.9
)
(8.3
)
4.1
15.8
(3.7
)
2.2
2.0
2.5
2.9
15.2
1996
6.0
(5.5
)
0.7
2.3
(1.7
)
2.2
(1.1
)
(0.8
)
3.2
14.3
10.9
(2.6
)
29.7
1995
(3.8
)
15.7
15.3
6.1
1.2
(1.7
)
(2.3
)
2.1
(2.1
)
0.3
2.6
1.7
38.5
1994
(2.9
)
(0.6
)
7.2
0.9
1.3
4.5
(6.1
)
(4.1
)
1.5
1.7
(4.4
)
(3.5
)
(5.3
)
1993
3.3
13.9
(0.3
)
9.3
3.3
0.1
9.7
(0.8
)
0.2
(1.1
)
(0.3
)
2.9
46.8
1992
(18.0
)
(13.5
)
3.0
(12.2
)
(5.7
)
21.9
25.5
10.2
(5.2
)
(4.5
)
(0.8
)
(2.6
)
(10.9
)
1991
(2.3
)
3.8
4.5
(0.8
)
(0.3
)
(1.3
)
(13.4
)
4.8
25.8
(7.7
)
6.6
39.4
61.9
1990
28.0
19.5
11.4
2.4
(22.7
)
6.9
12.2
11.2
8.3
(5.0
)
3.1
(3.7
)
83.6
1989
31.7
(8.7
)
8.5
3.2
37.0
(6.6
)
4.4
(8.2
)
(14.9
)
(17.5
)
21.6
(4.5
)
34.6
1988
(12.6
)
9.8
(2.3
)
(15.0
)
0.3
44.2
5.5
6.9
(8.1
)
2.5
5.2
(19.2
)
4.0
1987
33.0
12.1
34.2
18.2
(7.2
)
(10.7
)
12.2
(14.6
)
(8.9
)
28.0
32.5
21.2
252.4**
1986
4.8
21.9
(6.3
)
3.7
(17.5
)
17.6
25.0
9.4
(0.2
)
2.6
(3.6
)
(0.5
)
61.5
1985
6.6
17.7
(9.3
)
(7.8
)
(7.7
)
(1.8
)
41.3
(10.1
)
(27.3
)
6.4
26.6
1.9
20.7
1984
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.6
(3.2
)
11.7
9.9
(3 months
)
**
The
timing of additions and withdrawals materially inflated the 1987 rate of return. The three accounts that were open for the entire year of 1987 achieved rates of return of 138%,
163% and 259%.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
56
THE JWH PROGRAMS USED BY THE TRUST
CAPSULE PERFORMANCE AND
ANNUAL AND MONTHLY RATES OF RETURN
G-7 CURRENCY PORTFOLIO
February 1991 through March 2003
Inception of Client Account Trading by JWH: October 1982
Inception of Client Account Trading in Program: February 1991
Assets under Management in all Programs on March 31, 2003: $1.5 billion
Assets under Management in the Program on March 31, 2003: $27 million
Number of Open Accounts: 2
Worst Monthly Decline on an Individual Account Basis: (12.2)% (3/02)
Worst Peak-to-Valley Decline on an Individual Account Basis: (29.3)% (6/01-3/02)
2003 Compound Annual Rate of Return: 6.2% (3 months)
2002 Compound Annual Rate of Return: 13.3%
2001 Compound Annual Rate of Return: 0.2%
2000 Compound Annual Rate of Return: 8.1%
1999 Compound Annual Rate of Return: 20.7%
1998 Compound Annual Rate of Return: (4.8)%
Average Compounded Annualized Rate of Return from January 1998 through March 31, 2003: 8.0%
Average Compounded Annualized Rate of Return from inception in February 1991 through March 31, 2003: 12.4%
Annual and Monthly Rates of Return (%)
Year
January
February
March
April
May
June
July
August
September
October
November
December
Compound
Annual ROR
2003
4.7
2.7
(1.2
)
6.2
(3 months
)
2002
(1.6
)
(3.9
)
(11.8
)
4.4
12.9
22.9
(2.5
)
(7.5
)
(2.0
)
(2.2
)
(5.0
)
14.6
13.3
2001
1.4
(3.1
)
9.5
(2.8
)
9.5
(3.7
)
(6.2
)
3.0
(4.8
)
(4.8
)
(8.2
)
13.1
0.2
2000
(1.4
)
(1.1
)
(2.8
)
8.2
(6.2
)
(3.1
)
(1.4
)
(1.3
)
(2.6
)
4.7
(4.5
)
22.4
8.1
1999
(2.2
)
3.3
5.9
5.0
(1.4
)
(0.3
)
(5.6
)
4.2
1.4
(0.1
)
9.1
0.5
20.7
1998
(4.1
)
(2.6
)
4.7
(1.9
)
6.6
(2.8
)
0.4
(2.5
)
2.0
7.4
(9.1
)
(1.7
)
(4.8
)
1997
2.5
3.9
0.4
3.1
(3.3
)
5.7
4.1
(3.5
)
(1.2
)
1.2
6.0
0.9
21.0
1996
2.9
(4.2
)
(0.4
)
2.2
0.7
1.8
(2.7
)
(4.3
)
1.6
10.9
4.1
1.8
14.5
1995
(3.0
)
9.6
21.2
2.2
(4.3
)
(0.2
)
(1.8
)
5.3
1.8
2.0
(1.3
)
(0.8
)
32.2
1994
(1.3
)
(1.7
)
0.9
(1.3
)
(1.0
)
7.9
(3.5
)
(0.3
)
2.9
4.1
(7.2
)
(3.6
)
(4.9
)
1993
(4.4
)
7.9
(0.3
)
(1.8
)
(1.0
)
4.6
2.6
(5.0
)
(1.8
)
(5.4
)
(0.6
)
(0.5
)
(6.3
)
1992
(10.7
)
(1.4
)
(0.1
)
(2.6
)
1.8
10.0
5.8
10.9
1.6
2.3
(0.3
)
(1.8
)
14.6
1991
N/A
(1.8
)
19.6
0.8
3.5
7.8
(2.9
)
(4.1
)
2.1
0.5
1.7
15.7
48.5
(11 months
)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
57
THE JWH PROGRAMS USED BY THE TRUST
CAPSULE PERFORMANCE AND
ANNUAL AND MONTHLY RATES OF RETURN
JWH GLOBALANALYTICS® FAMILY OF PROGRAMS
June 1997 through March 2003
The performance of JWH GlobalAnalytics® Family of Programs is presented in three components: (1) JWH GlobalAnalytics® Family of
Programs Composite Performance Record; (2) JWH GlobalAnalytics® Family of Programs Exclusive Fund Accounts Composite Performance Record; and (3) JWH
GlobalAnalytics® 99. A portion of component (1) and all of component (2) relate to the same two accounts. These two accounts were subject to an agreement with one client
operating two funds. Between May 8, 1998 and September 18, 1998, the position size in relation to account equity was increased for these two accounts. As a result,
the performance of these two accounts has been presented separately for the periods June 1997 through May 7, 1998 and from May 8, 1998 through December 1999. Beginning in
January 2000, the Trust allocated assets to the JWH GlobalAnalytics® Family of Programs and, since then, the Trust's account has been combined in the Composite Performance Record
shown in component (1).
In
March 1999, an additional account began trading pursuant to the JWH GlobalAnalytics® Family of Programs. This account was referred to as JWH
GlobalAnalytics® 99. Due to the size of the account, it may have had different results than other accounts using this program. Therefore, performance for this account is presented
separately through September 2000. As of October 2000, the initial account increased in size to a level sufficient to trade the JWH GlobalAnalytics® Family of Programs. A new
account was added to JWH GlobalAnalytics® 99 on September 27, 2001. As of January 2003, this account increased its size to a level sufficient to trade in JWH
GlobalAnalytics® Family of Programs. A new account was added to JWH GlobalAnalytics® 99 on February 3, 2003.
58
THE JWH PROGRAMS USED BY THE TRUST
CAPSULE PERFORMANCE AND
ANNUAL AND MONTHLY RATES OF RETURN
JWH GlobalAnalytics® Family of Programs Composite Performance Record
(June 1997 through March 2003)
(continued)
Inception of Client Account Trading by JWH: October 1982
Inception of Client Account Trading in Program: June 1997
Assets under Management in all Programs on March 31, 2003: $1.5 billion
Assets under Management in the Composite Performance Record Accounts on March 31, 2003: $61.3 million
Number of Open Accounts: 3
Worst Monthly Decline on an Individual Account Basis: (10.5)% (11/01)
Worst Peak-to-Valley Decline on an Individual Account Basis: (20.5)% (4/01-4/02)
2003 Compound Annual Rate of Return: 7.8% (3 months)
2002 Compound Annual Rate of Return: 26.3%
2001 Compound Annual Rate of Return: (3.5)%
2000 Compound Annual Rate of Return: 22.7%
1999 Compound Annual Rate of Return: N/A
1998 Compound Annual Rate of Return: (3.6)% (5 months)
Average Compounded Annualized Rate of Return from inception in June 1997 through March 31, 2003: N/A
Annual and Monthly Rates of Return (%)
Year
January
February
March
April
May
June
July
August
September
October
November
December
Compound
Annual ROR
2003
7.7
5.1
(4.7
)
7.8
(3 months
)
2002
(0.9
)
(5.6
)
0.4
(2.6
)
2.6
14.9
8.3
5.6
6.7
(7.3
)
(7.7
)
12.1
26.3
2001
0.4
1.0
6.6
(8.2
)
(0.8
)
(2.4
)
(1.1
)
1.1
2.4
6.1
(10.4
)
3.1
(3.5
)
2000
0.3
(0.1
)
(4.9
)
(0.8
)
6.8
(1.2
)
(2.3
)
6.2
(2.6
)
5.3
5.3
9.7
22.7
1999
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1998
(1.8
)
(1.1
)
4.7
(4.9
)
(0.3
)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
(3.6
(5 months
)
)
1997
N/A
N/A
N/A
N/A
N/A
3.2
8.4
(4.4
)
3.4
0.7
0.5
5.0
17.6
(7 months
)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
59
THE JWH PROGRAMS USED BY THE TRUST
CAPSULE PERFORMANCE AND
ANNUAL AND MONTHLY RATES OF RETURN
JWH GLOBALANALYTICS® FAMILY OF PROGRAMS
June 1997 through March 2003
(continued)
JWH GlobalAnalytics® Family of Programs Exclusive Fund Accounts Composite Performance Record
(May 8, 1998 to December 31, 1999)
Inception of Client Account Trading by JWH: October 1982
Inception of Client Account Trading in Program: June 1997
Assets under Management in all Programs on March 31, 2003: $1.5 billion
Assets under Management in the Exclusive Fund Accounts on December 31, 1999: $95.0 million
Number of Open Accounts on December 31, 1999: 2
Worst Monthly Decline on an Individual Account Basis: (9.2)% (10/99)
Worst Peak-to-Valley Decline on an Individual Account Basis: (13.1)% (7/99-10/99)
1999 Compound Annual Rate of Return: (1.3)%
1998 Compound Annual Rate of Return: 25.5% (8 months)
Average Compounded Annualized Rate of Return from May 8, 1998 through December 1999: 13.7%
Annual and Monthly Rates of Return (%)
Year
January
February
March
April
May
June
July
August
September
October
November
December
Compound
Annual ROR
1999
(1.9
)
4.0
(3.9
)
3.7
2.6
3.0
(2.6
)
(0.7
)
(1.0
)
(9.2
)
3.5
2.0
(1.3
)
1998
N/A
N/A
N/A
N/A
6.2
(1.9
)
0.6
12.4
8.2
(0.3
)
(5.6
)
4.8
25.5
(8 months
)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
60
THE JWH PROGRAMS USED BY THE TRUST
CAPSULE PERFORMANCE AND
ANNUAL AND MONTHLY RATES OF RETURN
JWH GLOBALANALYTICS® FAMILY OF PROGRAMS
June 1997 through March 2003
(continued)
JWH GlobalAnalytics® 99
(March 1999 through March 2003)
Inception of Client Account Trading by JWH: October 1982
Inception of Client Account Trading in Program: March 1999
Assets under Management in all Programs on March 31, 2003: $1.5 billion
Assets under Management in the JWH Global Analytics® 99 Account on March 31, 2003: $11.5 million
Number of Open Accounts: 1
Worst Monthly Decline on an Individual Account Basis: (9.6)% (11/01)
Worst Peak-to-Valley Decline on an Individual Account Basis: (16.3)% (7/99-4/00)
2003 Compound Annual Rate of Return: 0.1% (2 months)
2002 Compound Annual Rate of Return: 24.9%
2001 Compound Annual Rate of Return: (2.8)% (9/27/01-12/31/01)
2000 Compound Annual Rate of Return: (2.9)% (9 months)
1999 Compound Annual Rate of Return: (7.5)% (10 months)
Average Compounded Annualized Rate of Return from March 1999 through March 31, 2003: N/A
Annual and Monthly Rates of Return (%)
Year
January
February
March
April
May
June
July
August
September
October
November
December
Compound
Annual ROR
2003
N/A
4.4
(4.1
)
0.1 (2 months
)
2002
(0.8
)
(5.9
)
0.6
(2.5
)
2.8
13.1
7.4
5.9
6.8
(7.1
)
(7.3
)
12.0
24.9
2001
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
(0.3
)
4.9
(9.6
)
2.9
(2.8
(9/27-12/31
)
)
2000
(0.5
)
(0.1
)
(5.2
)
(0.8
)
6.5
(1.6
)
(2.6
)
5.4
(3.4
)
N/A
N/A
N/A
(2.9
(9 months
)
)
1999
N/A
N/A
(4.7
)
2.9
2.3
2.9
(3.2
)
(1.5
)
(1.7
)
(9.4
)
3.7
1.7
(7.5
(10 months
)
)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
61
Notes on Performance Records
An
investor should note that the composite capsule performance presentations include individual accounts which, even though traded according to the same investment program, have
materially different rates of return. The reasons for this are numerous material differences among accounts: (a) procedures governing timing for the commencement of trading and means of moving
toward full portfolio commitment of new accounts; (b) the period during which accounts are active; (c) client trading restrictions, including futures versus forward contracts and
contract months; (d) trading size to equity ratio resulting from JWH procedures for the commencement of trading and full portfolio commitment of new accounts and new capital; (e) the
size of the account, which can influence the size of positions taken and restrict the account from participating in all markets available to an investment program; (f) the amount of interest
income earned by an account, which will depend on the rates paid by futures commission merchants on equity deposits and/or on the portion of an account invested in interest-bearing obligations such as
U.S. Treasury bills; (g) the amount of management and incentive fees paid to JWH and the amount of brokerage commissions paid, which will vary and will depend on the commissions negotiated by
the client with the broker; (h) the timing of orders to open or close positions; (i) the market conditions, which in part determine the quality of trade executions; (j) variations
in fill prices; and (k) timing of additions and withdrawals. Notwithstanding these material differences among accounts, the composite remains a valid representation of the accounts included
therein.
Composite
performance presentation is only allowed for accounts which are not materially different. For the purpose of determining whether material differences exist among accounts
traded pursuant to the same trading program, the gross trading performance of each JWH investment program and each individual JWH account within the relevant program is reviewed against the following
parameters established by interpretations of the Division of Trading and Markets of the CFTC to determine whether the differences are material: (i) if the arithmetic average of two percentages
is greater than ten percentage points, the difference between the two is less than 10% of their average; (ii) if the arithmetic average of the two percentages is greater than five percentage
points, but less than ten percentage
points, the difference between the two is 1.5 percentage points or less; and (iii) if the arithmetic average of the two percentages is less than five percentage points, and the
difference between the two is one percentage point or less. If one of the parameters (i)-(iii) is satisfied in the review, then the results within the designated range are deemed "materially
the same" or "not materially different." The parameters (i)-(iii) determine if differences between accounts are material. The gross trading performance of each JWH investment program and each
individual JWH account within the relevant program not satisfying the above parameters (i)-(iii) is then reviewed to determine whether any material differences detected could produce misleading
composite performance results. With the exception of accounts that were established at levels below JWH's current minimum account size, JWH's policy is to provide separate performance capsules when an
account is consistently performing differently on a gross trading basis than the other JWH accounts traded pursuant to the same trading program and the continued inclusion of that account in the
composite would create a distortion in the composite rate of return.
The
composite rates of return indicated should not be taken as representative of any rate of return actually achieved by any single account represented in the records. Investors are
further cautioned that the data set forth in the performance capsule records is not indicative of any results which may be attained by JWH in the future since past performance is not necessarily
indicative of future results.
During
the periods covered by the preceding capsule performance records, and particularly since 1989, JWH has increased and decreased position size in relation to account equity in
certain markets and entire programs, and also altered the composition of the markets and contracts for certain programs. In general since 1992, JWH began implementing certain position size adjustments
that were
62
of
a more permanent nature. While historical returns represent actual performance achieved, you should be aware that the position size relative to account equity utilized currently or in the future
may be significantly different from that used during previous time periods. You should be aware of the following position size adjustments relative to account equity:
Financial
and Metals Portfolio—reduced 50% commencing in August 1992
G-7
Currency Portfolio—increased 50% commencing in May 1998
All
JWH Programs—reduced 50% on an interim basis commencing on March 5, 2003 and then increased to traditional position sizes by April 10, 2003.
Prior
to December 1991, capsule performance records are presented on a cash basis except as otherwise stated in the notes to the records. The recording of items on a cash basis
should not, for most months,
be materially different from presenting such rates of return on an accrual basis. Any differences in the monthly rates of return between the two methods are immaterial to the overall performance
presented. With the change to the accrual basis of accounting for incentive fees in December 1991, the net effect on monthly net performance and the rate of return in the capsule performance
records of continuing to record interest income, management fees, commissions and other expenses on a cash basis is materially equivalent to the full accrual basis. JWH began reflecting all items of
net performance on an accrual basis for the G-7 Currency Portfolio in July 1992, and at the inception of client trading for the JWH GlobalAnalytics® Family of Programs.
In August 1998, JWH made an adjustment to the accounting method employed for every investment program not already utilizing the full accrual basis of accounting. This adjustment moved all JWH
investment programs to the full accrual basis beginning on September 1, 1998.
The
calculation of management and incentive fees is subject to variation due to the agreed upon definitions contained in each account's advisory agreement. Management fees range
historically from 0% to 6% of assets under management and incentive fees range from 0% to 25% of trading profits. From time to time, such variations in advisory fees may have a material impact on the
performance of an account.
Notes to JWH Programs' Capsule Performance Records
Number of open accounts is the number of accounts directed by JWH pursuant to the investment program shown as of March 31, 2003.
Assets
under management in a program is the aggregate amount of total equity, excluding "notional" equity under management, in the investment program shown as of March 31, 2003.
Worst
monthly decline on an individual account basis within the past five years is the largest monthly loss experienced by any single account in the relevant investment program in any
calendar month covered by the capsule. "Loss" for these purposes is calculated on the basis of the loss experienced by the individual account, expressed as a percentage of total equity (including
"notional" equity) in the account. Worst monthly decline information includes the month and year of such decline.
Worst
peak-to-valley decline on an individual account basis is the largest percentage decline by any single account in the relevant investment program (after
eliminating the effect of additions and withdrawals) during the period covered by the capsule from any month-end net asset value, without such month-end net asset value being
equalled or exceeded as of a subsequent month-end by the individual account, expressed as a percentage of the total equity (including "notional" equity) in the account. The worst
peak-to-valley decline since inception is the worst peak-to-valley decline by the program as a composite.
Compound
Annual Rate of Return is calculated by compounding the monthly rates of return over the number of periods in a given year. For example, each monthly rate of return in hundredths
is
63
added
to one (1) and the result is multiplied by the previous month's compounded monthly rate of return similarly expressed. One (1) is then subtracted from the product. For periods less
than one year, the results are year to date.
Average
Compounded Annualized Rate of Return is calculated in a similar manner to Compound Annual Rate of Return, except that before subtracting one (1) from the product, the
product is exponentially changed by the factor of one (1) divided by the number of years in the program's performance record, then one (1) is subtracted.
Monthly
Rates of Return are daily compounded monthly rates of return in the investment program. The daily compounded monthly rate of return is calculated by compounding the daily rates
of return over the number of days in the month. For example, each of the daily rates of return in hundredths is added to one (1) and the result is multiplied by the previous day's daily rate of
return similarly expressed. One (1) is then subtracted from the product. The daily rates of return are calculated by dividing the day's net performance by the sum of the beginning equity, plus
additions minus withdrawals for the day. Prior to September 1998, Monthly Rates of Return were calculated by dividing net performance by the sum of the beginning equity, plus additions minus
withdrawals in the investment program for the month. For such purposes all additions and withdrawals were treated as if they had been made on the first day of the month, even if, in fact, they
occurred later. From December 1991 through August 1998, if additions and withdrawals were material to a program's performance, they were time weighted. If time weighting was materially
misleading, then the only accounts traded method was utilized. As of September 1998, time weighting is no longer relevant as the monthly rates of return are daily compounded monthly rates of
return.
Proprietary
capital is included in the rates of return for the Financial and Metals Portfolio for certain periods. The absence of management and incentive fees as well as reduced
commissions during these periods may have had a material effect on the rates of return. This potential material effect occurred from inception of the program through July 1987 for the Financial
and Metals Portfolio. In addition, during the period May 1991 through August 1995, the Financial and Metals Portfolio included two other proprietary accounts, which had no material
impact on the rates of return presented.
For
periods other than those described above, proprietary capital is included in the rates of return for the G-7 Currency Portfolio pursuant to an investment in a fund. These
proprietary accounts were traded in exactly the same manner as client funds, and were subject to all of the same fees and expenses charged to a client investment in the fund. Therefore, there is no
material impact on the rates of return presented.
Additional Note for the Financial and Metals Portfolio
In May 1992, position sizes were reduced by 50% for 35% of the assets in the Financial and Metals Portfolio at the request of a client. This reduction in
position size materially affected the rates of return in some JWH accounts; the 1992 annual rate of return for the relevant accounts was negative 24.3%. The 1992 annual rate of return for the
Financial and Metals Portfolio was negative 10.9%. If these accounts had been excluded from the performance record, the 1992 annual rate of return would have been negative 3.9%. The effect of this
reduction in position size was eliminated in September 1992 when all accounts in this program underwent a reduction in position size.
64
INTEREST INCOME
The Trust's assets are generally deposited with CIS and CISFS.
On
the fifth business day of each month, CIS and CISFS credit the Trust with interest on 100% of the Trust's average daily balances on deposit with CIS or CISFS, as the case may be, in
the previous month at the average 91-day Treasury bill rate for such previous month in respect of deposits denominated in dollars.
On
Trust assets held in a foreign currency (for purposes of making margin deposits with respect to positions on an exchange outside the United States on which JWH currently trades), CIS
and CISFS credit the Trust with interest on the fifth business day of each month on the average daily balance of Trust assets held in such currency during the previous month at a rate equal to 0.75%
below the average rate paid with respect to deposits in such currency by the relevant clearing association for such previous month (which is zero in certain cases). With respect to currencies required
for margin on markets not currently traded by JWH, CIS and CISFS will credit the Trust with interest at the rates paid by, respectively, CIS and CISFS to other accounts similar in size and character
to that of the Trust.
The
economic benefit from possession of the Trust's assets in excess of the interest credited by CIS and CISFS to the Trust is retained by CIS and CISFS, respectively.
To
the extent that the Trust participates in the spot and forward currency markets, the Trust is required to deposit margin with CISFS. CIS satisfies such margin requirements by
transferring Trust assets from the Trust's account at CIS to CISFS. Amounts transferred to CISFS as margin on spot and forward currency and precious metals positions are not held by CISFS as customer
segregated funds under the CEA and the rules of the CFTC but are included in determining the interest to be credited to the Trust as described above.
The
Trust's assets are used either as margin to secure the Trust's obligations under the open positions which it holds in the markets or as a reserve to support further trading in the
event of market losses. The assets deposited as margin with and held by the Futures Broker are held in "customer segregated
funds accounts" or "foreign futures and foreign options secured amount accounts" (in the case of futures and options traded on non-U.S. exchanges), as prescribed by the CEA and applicable
CFTC regulations. Assets deposited as margin with and held by the Foreign Currency Broker are held in unregulated accounts. In general, approximately 70% to 90% of the Trust's assets are held in
customer segregated funds accounts or with a Custodian, approximately 5% to 15% in foreign futures and options secured amount accounts and approximately 3% to 20% in unregulated accounts. Assets held
in "customer segregated funds accounts" may be held in cash or invested in United States Treasury bills or notes. Assets held at a Custodian may be held in cash or invested on an unleveraged basis in
Treasury bills, notes and bonds as well as other securities issued or guaranteed as to principal and/or interest by certain U.S. government agencies or instrumentalities.
Although
currently not contemplated, CISI may deposit a portion of Trust assets with a Custodian and engage a third-party cash manager to manage such assets. Such assets will be invested
on an unleveraged basis in Treasury bills, notes and bonds as well as other securities issued or guaranteed as to principal and/or interest by certain U.S. government agencies or instrumentalities.
The fees of such third-party cash manager will be paid by the Trust. CIS has agreed to credit to the account of the Trust at each month-end the amount, if any, by which returns (net of
fees of the cash manager) for such month on Trust assets held by a Custodian are less than the return that would have been realized by the Trust had such assets been deposited with CIS.
There can be no assurance that, if the
services of one or more cash managers are used, the Trust will avoid loss of principal with respect to Trust assets placed with such
managers.
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CHARGES
Charges Paid by the Trust
The Trust is subject to the following charges and fees.
Recipient
Nature of Payment
Amount of Payment
Third Parties
Ongoing offering costs
As incurred, subject to a ceiling of 0.5% of the Trust's average month-end Net Assets in each fiscal year. Year-to-date through March 2003, ongoing offering costs equalled $93,707. During 2002, ongoing offering costs
equalled $263,456.
CIS
Brokerage Fee
Prior to June 30, 2003, 6.5% annually (or approximately 0.542% per month) of the Trust's month-end assets (after deduction of the Management Fee payable to JWH and before recognizing the purchases and redemptions for the month) is paid to CIS.
Such Brokerage Fee covers all brokerage, exchange, clearing and NFA fees incurred in the Trust's trading including brokerage fees payable to CISFS on spot and forward currency trading. Year-to-date through March 31, 2003, Brokerage Fees equalled
$1,246,982. During 2002, Brokerage Fees equalled $3,468,184. Effective July 1, 2003, the Brokerage Fee will be reduced from 6.5% annually to 6.0% annually (or approximately 0.5% per month).
Certain large investors are eligible to be charged the Special Brokerage Fee Rate as described under "Charges—Brokerage Fee—Special Brokerage Fee Rate."
CIS and CISFS
Interest income earned above amount credited to the Trust, if any
CIS and CISFS credit the Trust with interest on 100% of the Trust's average daily U.S. dollar balances on deposit with CIS or CISFS during each month at the average 91-day Treasury bill rate and at the applicable rates (which may be zero in some
cases) in respect of non-U.S. dollar deposits. The economic benefit from the possession of the Trust's assets in excess of the interest credited by CIS and CISFS to the Trust will be retained by CIS and CISFS, respectively.
Third Parties
Administrative expenses
As incurred, currently estimated to be approximately $90,000 annually. Year-to-date through March 2003, administrative expenses equalled $22,228. During 2002, administrative expenses equalled $86,473.
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Recipient
Nature of Payment
Amount of Payment
JWH
Management Fee
2% annually (or approximately 0.166% per month) of the Trust's month-end assets after deduction of a portion of the Brokerage Fee at a 1.25% annual rate (rather than 6.0% annual rate) and before recognizing the purchases and redemptions for the
month; payable monthly. Year-to-date through March 2003, Management Fees equalled $384,299. During 2002, Management Fees equalled $1,068,838.
JWH
Incentive Fee
As of each calendar quarter-end, 20% of any New Trading Profits for such quarter will be paid to JWH. Trading Profits for any period equal the sum of (i) the net of any profits and losses realized on all trades closed out during a quarter,
(ii) the net of any unrealized profits and losses on open positions as of the end of such quarter less the net of any unrealized profits and losses on open positions as of the end of the immediately preceding quarter, minus (iii) the
Brokerage Fee at the annual rate of 1.25% (rather than 6.0% annual rate) of the Trust's month-end assets and the Management Fee.
Trading Profits do not include interest income.
Trading Profits are calculated on the basis of the overall performance of the Trust, not the performance of each trading program considered individually.
New Trading Profits for any quarter are the amount of cumulative calendar quarter-end Trading Profits in excess of the highest level of such cumulative Trading Profits as of any previous calendar quarter-end.
Year-to-date through March 2003, Incentive Fees equalled $1,221,849. During 2002, Incentive Fees were $2,741,521.
Third Parties
Reimbursement of delivery, insurance, storage and any other extraordinary charges; taxes (if any)
Actual payments to third parties; not subject to estimate.
The above fees are the complete compensation that will be received by CIS or its affiliates from the Trust. This excludes redemption fees which will be charged to
some Unitholders if they redeem on or before the eleventh month-end of ownership.
Brokerage Commissions; Administrative Fees
Brokerage Fee
Brokerage Fee Rate.
Commodity brokerage commissions are typically paid upon the completion or liquidation of a trade and are
referred to as "round-turn commissions," which cover both the initial purchase (or sale) and the subsequent offsetting sale (or purchase) of a commodity futures contract.
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The
Trust does not pay commodity brokerage commissions on a per-trade basis but rather pays monthly flat-rate Brokerage Fees at the annual rate of 6.0% (or a monthly rate of
approximately 0.5%) of the Trust's average month-end assets after deduction of the Management Fee but before inclusion of purchases and redemptions for the month. CIS receives such
Brokerage Fee, irrespective of the number of trades executed on the Trust's behalf.
Special Brokerage Fee Rate.
A Unitholder who purchases at least $5,000,000 of Units as of any month-end (an
"Eligible Unitholder") will be charged Brokerage Fees at the flat rate of 4.5% per annum (or 0.375% per month; the "Special Brokerage Fee Rate"). As of each month-end that a Unitholder
holds Units with an aggregate issue price of at least $5,000,000, such Unitholder will remain an Eligible Unitholder regardless of the aggregate Net Asset Value of such Units.
An
investor who makes an additional purchase of Units on a closing date that causes the aggregate issue price of all of such investor's Units to equal at least $5,000,000 will be charged
the Special Brokerage Fee Rate with respect to such additional Units as of the next month-end but with respect to earlier purchased Units only after such Units have been outstanding for at
least twelve full months. For example, if an investor makes an initial investment of $3,000,000 as of May 31, 2003 ("Initial Purchase Date") and an incremental investment of $3,000,000 as of
November, 2003 ("Subsequent Purchase Date"), such Eligible Unitholder will be eligible to be charged the Special Brokerage Fee Rate (i) immediately with respect to Units acquired as of the
Subsequent Purchase Date and (ii) as of June 30, 2004 with respect to Units acquired as of the Initial Purchase Date. In determining the Brokerage Fees due on such an investor's Units,
Units when redeemed will be treated on a "first-in, first-out" basis.
The
Special Brokerage Fee reduction is effected while maintaining a uniform Net Asset Value per Unit by issuing additional Units to Eligible Unitholders.
The Trust's Brokerage Fees constitute a "wrap fee," which cover the CIS Group's costs and expenses, not just the cost of brokerage executions.
The Brokerage Fees may not be increased above the current level without the unanimous consent of all Unitholders.
JWH's Management Fees
The Trust pays monthly Management Fees to JWH at a rate of 0.166% (a 2% annual rate) of the month-end assets of the Trust, after reduction for a 1.25%
(rather 6.0% per annum) portion of the Brokerage Fee charged, but before reduction for any Incentive Fee or other costs and before inclusion of purchases and redemptions for the month.
Incentive Fees
Method of Calculating
The Trust pays to JWH an Incentive Fee equal to 20% of any New Trading Profits as of the end of each calendar quarter. New Trading Profits are any cumulative
Trading Profit in excess of the highest level—the "High Water Mark"—of cumulative Trading Profits as of any previous calendar quarter-end.
Trading
Profits (i) include realized and unrealized profits and losses, (ii) exclude interest income and (iii) are reduced by Brokerage Fees of 1.25% (not 6.0%) of
month-end assets, the Management Fee and by no other costs.
Accrued
Incentive Fees on Units when redeemed are paid to JWH. Any shortfall between cumulative Trading Profits and the "High Water Mark" in cumulative Trading Profits is proportionately
reduced when Units are redeemed.
Trading
Profits are not reduced by redemption charges.
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For
example, assume that as of January 1, 2003, the Trust is at a "High Water Mark" in cumulative Trading Profits. If Trading Profits for such month equalled $500,000, all of such
Trading Profits would be New Trading Profits, resulting in an accrued $100,000 Incentive Fee. Assume also that by the end of the next month, losses, the 1.25% Brokerage Fee and the Management Fee have
reduced the $500,000 New Trading Profits to a loss of ($180,000). If the Trust then withdrew 50% of its assets, this ($180,000) loss carryforward would be reduced by 50% to ($90,000) for Incentive Fee
calculation purposes. If during the following month Trading Profits equalled $200,000, New Trading Profits of $110,000 would be accrued as of the end of such quarter, and JWH would be entitled to an
Incentive Fee of $22,000 for the quarter.
Paid Equally by All Units
New Trading Profits may be generated even though the Net Asset Value per Unit has declined below the purchase price of certain Units. Conversely, if new Units are
purchased at a Net Asset Value reduced by an accrued Incentive Fee which is subsequently reversed, the reversal is allocated equally among all Units, although the accrual itself was attributable only
to the previously outstanding Units.
Extraordinary Expenses
The Trust will be required to pay any extraordinary expenses, such as taxes, incurred in its operation. The Trust has had no such expenses to date, and in CISI's
experience with other managed futures funds, such expenses have been negligible. Extraordinary expenses, if any, would not reduce Trading Profits for purposes of calculating the Incentive Fees.
Fees and Expenses Paid by CIS and CISSI
Brokerage Fee for Currency and Precious Metals Trading
CIS pays CISFS, from CIS's own funds, brokerage fees on a per trade basis for the Trust's trading of spot and forward contracts on currencies.
Selling Commissions and Ongoing Compensation
CISSI is the Lead Selling Agent. At the instruction of CISSI, CIS pays the Selling Agents selling commissions of up to 4% (up to 2.5% in respect of Units sold to
Eligible Unitholders). CIS, at the instruction of CISSI, also pays eligible Selling Agents ongoing compensation of up to 4% per annum of the average month-end Net Asset Value per Unit for
all Units which remain outstanding for longer than twelve months (up to 2.5% per annum in respect of Units owned by Eligible Unitholders), beginning in the thirteenth month after sale. Selling Agents
ineligible to receive ongoing compensation may receive installment selling commissions which, when added to the initial selling commission, may not exceed 9% of the initial subscription price of each
Unit sold by any such Selling Agent. Such ongoing compensation may be deemed to constitute underwriting compensation. See "Federal Income Tax Aspects—Syndication Expenses."
Wholesalers
who introduce Additional Selling Agents to CISSI will share the selling commissions and ongoing compensation (or installment selling commissions) with their respective
Additional Selling Agents. Additional Selling Agents who distribute Units through correspondents will also share the selling commissions and ongoing compensation (or installment selling commissions)
with their respective correspondents. See "Plan of Distribution—Selling Agents."
Redemption Charges
A redemption charge of 3% of the redemption date Net Asset Value per Unit is imposed on Units redeemed on or before the end of the first eleven months after
issuance. This redemption charge is deducted from investors' redemption proceeds and paid to CIS.
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BROKERAGE ARRANGEMENTS
The Futures Broker
CIS is the Trust's Futures Broker. CIS executes and clears the Trust's futures transactions and provides other brokerage-related services. CIS is a Delaware
corporation. Its principal office is located at 233 South Wacker Drive, Suite 2300, Chicago, Illinois 60606. It has offices and affiliated offices in Chicago, New York, Kansas City and Minneapolis as
well as in England, France, Switzerland and Singapore. The clients of CIS include commercial and financial institutions that use the futures markets for risk management purposes as well as private
investors. CIS has more than 425 employees. CIS is a wholly-owned, but separately managed, subsidiary of Cargill, Incorporated, a privately-owned international merchant, warehouser, processor and
transporter of agricultural and other bulk commodities that was founded in 1865.
CIS
is a clearing member of all of the principal futures exchanges in the United States and is a clearing broker or has clearing relationships on all major world futures exchanges. It is
registered with the CFTC as a futures commission merchant and is a member of NFA in such capacity. Certain employees of CIS are members of U.S. futures exchanges and may serve on the governing bodies
and standing committees of those exchanges, their clearinghouses and NFA. In that capacity, these employees have a fiduciary duty to the exchanges and would be required to act in the best interests of
such exchanges, even if that action might be adverse to the interests of the Trust.
Cargill,
Incorporated owns and operates grain elevators and soybean processing plants that are designated as regular warehouses for delivery of certain physical commodities in
satisfaction of futures contracts under the rules of the Chicago Board of Trade and similar rules of other U.S. futures exchanges.
Cargill,
Incorporated and its affiliates are substantial users of virtually all futures contracts for hedging purposes. Such hedging transactions are generally implemented by employees
of Cargill, Incorporated, and CIS generally executes or clears those transactions. The volume of trading by Cargill, Incorporated and its affiliates is likely to result in their competing with the
Trust for futures market positions. Thus,
in certain instances, CIS may have orders for trades from the Trust and from Cargill, Incorporated or its affiliates, and CIS might be deemed to have a conflict of interest with respect to the
sequence in which such orders will be transmitted to the trading floors of futures exchanges. In order to assure impartial treatment for such orders, CIS has an operating policy of transmitting orders
to the trading floors in the sequence received regardless of which entity has placed the order. The Trust might enter into trades in which the other party is Cargill, Incorporated or one of its
affiliates. It is possible that the hedging and cash operations of Cargill, Incorporated or trading by its affiliates may adversely affect the Trust. Records of such trading will not be made available
to Unitholders. It is possible that these entities may compete for similar positions in the futures markets.
No officers, directors or employees of CIS or its affiliates are permitted to trade futures speculatively for their own accounts.
In
the ordinary course of its business, CIS is engaged in civil litigation and subject to administrative proceedings which, in the aggregate, are not expected to have a material effect
upon its condition, financial or otherwise, or the services it will render to the Trust.
The
Trust and CIS have entered into a Customer Agreement that provides that, for as long as the Trust maintains an account with CIS, CIS will execute and clear trades for the Trust upon
instruction of JWH, and will receive the monthly flat-rate Brokerage Fees. The Customer Agreement is terminable on sixty days' notice by either party. If for any reason the Trust elects to
terminate the Customer Agreement with CIS, no assurance may be given that the Trust will be able to retain the brokerage services of another futures broker at the same commission rate. In addition,
under the Declaration and Agreement of Trust, Unitholders owning more than 50% of the outstanding Units may cause the Trust
70
to
terminate the Customer Agreement. CIS is responsible for execution and clearance of futures contracts (and options, if traded) as well as for certain administrative duties such as record keeping,
transmittal of confirmation statements and calculating equity balance and margin requirements for the Trust's account. The agreement provides that CIS will not be liable to the Trust except for bad
faith or negligence.
Trust
assets are deposited with CIS in its capacity as the Trust's Futures Broker. CIS credits interest monthly to the Trust's account on substantially all of the Trust's average daily
balances on deposit at CIS, as described under "Interest Income." CIS retains any economic benefit derived from possession of the Trust's assets in excess of the amount credited to the Trust's
account.
The Foreign Currency Broker
CISFS acts as the Trust's counterparty in the Trust's spot and forward contracts trades. CISFS is a Delaware corporation that is a wholly-owned subsidiary of CIS
Holdings, Inc. Under most normal circumstances, CISFS will contact at least two counterparties for a quote on each of the Trust's currency and precious metals trades. CISFS will enter a spot or
forward contract with the selected counterparty and will enter into a back-to-back spot or forward contract with the Trust at the same price CISFS buys from (or sells to) the
selected counterparty.
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REDEMPTIONS; NET ASSET VALUE
Redemptions
The Trust is intended as a medium- to long-term, "buy and hold" investment. The Trust's objectives are to achieve substantial
capital appreciation over time. The Trust is not intended to achieve, nor to attempt to achieve, significant appreciation over the short-term.
A
Unitholder may cause the Trust to redeem any or all of such Unitholder's Units at Net Asset Value as of the close of business on the last business day of any calendar month. Written
redemption requests may be submitted to CISI or to a redeeming Unitholder's financial advisor but in either case must be received by CISI no later than five business days prior to
month-end (including the last business day of the month) to effect redemption as of such month-end. A form of Request for Redemption is attached to the Subscription Agreement
and Power of Attorney as an Annex.
Redemption
proceeds will generally be paid within ten business days after the month-end of redemption, either directly to the redeeming Unitholder or to the Unitholder's
customer securities account as directed by the Unitholder. However, in special circumstances, including, but not limited to, default or delay in payments due to the Trust from banks or other persons,
the Trust may, in turn, delay payment to persons requesting redemption of Units of the proportionate part of the redemption value of their Units equal to the proportionate part of the Net Assets of
the Trust represented by the sums that are the subject of such default or delay.
A
Unit which is redeemed at or prior to the end of the eleventh full month after its issuance will be assessed a redemption charge of 3% of the Net Asset Value per Unit as of the date of
redemption. In the event that an investor acquires Units at more than one time, such investor's Units will be treated on a "first-in, first-out" basis for purposes of
determining whether redemption charges apply.
Applicable
state "Blue Sky" policies require that redemption charges not be assessed on any Unitholder who redeems because the Trust's expenses have increased.
The
Managing Owner may declare additional redemption dates, including Special Redemption Dates under certain circumstances. If as of the close of business on any day the Net Asset Value
of a Unit has decreased to less than 50% of the previous highest month-end Net Asset Value per Unit, after adding back all distributions, the Managing Owner shall liquidate all of the
Trust's open positions, suspend trading and within ten business days after the suspension of trading declare a Special Redemption Date by notice to Unitholders and otherwise in accordance with the
Declaration and Agreement of Trust.
Unitholders
may not transfer or assign Units without providing prior written notice to the Managing Owner. No assignee may become a substitute Unitholder except with the consent of the
Managing Owner.
Notices of redemption are irrevocable once submitted. The Net Asset Value per Unit as of the date of redemption may differ substantially from the Net Asset Value
per Unit as of the date that irrevocable notice of redemption must be submitted.
Unitholders
need not redeem all their Units in order to redeem any such Units, provided that at least $1,000 of Units are redeemed and that the minimum investment of $1,000 is maintained
after any partial redemption.
Net Asset Value
The Net Assets of the Trust are its assets less its liabilities determined in accordance with generally accepted accounting principles. The Net Asset Value per
Unit is the Net Assets of the Trust divided by the number of Units outstanding.
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Futures
or option contracts traded on a United States commodity exchange are valued at the settlement price on the date of valuation. If an open position cannot be liquidated on the day
with respect to which Net Assets are being determined, the settlement price on the first subsequent day on which the position can be liquidated shall be the basis for determining the liquidating value
of such position for such day, or such other value as the Managing Owner may deem fair and reasonable. The liquidating value of a commodity futures or option contract not traded on a United States
commodity exchange shall mean its liquidating value as determined by the Managing Owner on a basis consistently applied for each different variety of contract. Accrued Incentive Fee liabilities reduce
Net Asset Value (subject, however, to possible whole or partial reversal if the Trust incurs subsequent losses) even if such accrued Incentive Fees may never, in fact, be finally paid to JWH.
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CONFLICTS OF INTEREST
General
Neither CISI nor JWH has established any formal procedures to resolve the following conflicts of interest. Consequently, there is no independent control on how
CISI or JWH resolves these conflicts which can be relied upon by investors as ensuring that the Trust is treated equitably with other CISI or JWH clients.
Because
no formal procedures are in place for resolving conflicts, they may be resolved by CISI and/or JWH in a manner which causes the Trust losses. The value of Unitholders' investment
may be diminished by actions or omissions which independent third parties could have prevented or corrected.
Although
the following conflicts of interest are present in the operation of the Trust, CISI does not believe that they are likely to have a material adverse effect on its performance.
This belief is based on a number of factors, including the following.
(i)
JWH
trades all similarly situated CIS accounts in parallel, placing bulk orders which are allocated among the JWH accounts pursuant to pre-established
procedures. Consequently, JWH has little opportunity to prefer another JWH client over the Trust.
(ii)
CIS
simply receives and executes JWH's bulk orders based on pre-established procedures. CIS has no ability in allocating positions to favor one account over
another.
(iii)
JWH
charges similar accounts the same fees.
(iv)
CISI,
as a fiduciary, is prohibited from benefiting itself at the expense of the Trust.
In
CISI's view, the most important conflict of interest relating to the Trust is that the business terms applicable to the CIS Group's dealings with the Trust were not negotiated when
they were initially established. These business terms are described in detail in this prospectus in order to give prospective investors ample opportunity to accept or reject such terms. However, it
may be difficult for investors to assess, for example, the extent of the adverse impact which the high level of the Trust's Brokerage Fees has on its long-term prospects for profitability.
CISI
CISI organized and controls the Trust. CISI and its affiliates are the primary service providers to the Trust and will remain so even if using other firms might
be better for the Trust. Futures trading is highly competitive. To the extent that CIS Group entities continue to be retained by the Trust despite providing non-competitive services, the
Trust is likely to be less profitable or incur greater losses.
CISI
allocates its resources among a number of different funds. CISI may have financial incentives to favor certain funds over the Trust. To the extent that CISI actually does so, the
Net Asset Value per Unit is likely to be negatively impacted.
The
business terms of the Trust—other than the Management and Incentive Fees due to JWH which were negotiated between CISI and JWH—were not negotiated. CISI
unilaterally established these terms, balancing marketing and performance considerations and its interest in maximizing the revenues generated to CISI.
CISI's interest in maximizing its revenues could cause it to take actions which are detrimental to the Trust in order to increase CISI's income from the Trust or
decrease its costs in sponsoring the Trust. Also, because CISI does not have to compete with third parties to provide services to the Trust, there is no independent check on the quality of such
services. CISI may lower the quality of such services in order to maximize the net revenues which it receives from the Trust, possibly causing the Net Asset Value per Unit to
decline.
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CIS; CISFS
General
CIS executes trades for different clients in the same markets at the same time. Consequently, other clients may receive better prices on the same trades than the
Trust, causing the Trust to pay higher prices for its positions.
Many
CIS clients pay lower brokerage rates than the Trust. Brokerage Fees are a major drag on the Trust's performance, and the cumulative effect of the higher rates paid by the Trust is
material.
CIS
and CISFS must allocate their resources among many different clients. They all have financial incentives to favor certain accounts over the Trust. Because of the competitive nature
of the markets in which they trade, to the extent that either CIS or CISFS prefers other clients over the Trust, the Trust is likely to be negatively impacted.
CIS and CISFS do not have to compete to provide services to the Trust; consequently, there is no independent check on the quality of their
services.
JWH
General
JWH manages many accounts other than the Trust. Consequently, JWH may devote less resources to the Trust's trading than JWH otherwise might, to the detriment of
the Trust.
Some
of JWH's principals and staff members devote a substantial portion of their business time to ventures other than managing the Trust, including ventures unrelated to futures trading.
The Trust may be at a competitive disadvantage to other accounts which are managed by advisors whose principals devote their entire attention to futures trading.
Financial Incentives to Disfavor the Trust
If the Trust has losses, JWH may have an incentive to prefer other clients because JWH could begin to receive incentive compensation from such clients without
having to earn back any losses.
Any action which JWH takes to maximize its revenues by disfavoring the Trust, either in respect of the resources devoted to its trading or the programs selected
for it, could adversely affect the Trust's performance, perhaps to a material extent.
The Selling Agents
The Selling Agents will receive substantial selling commissions on the sale of Units. Consequently, the Selling Agents have a conflict of interest in advising
their clients whether to invest in the Units.
The
Selling Agents receive, beginning in the thirteenth month after each month-end sale of Units, ongoing compensation based on the Net Asset Value of Units sold by them
which remain outstanding. Consequently, in advising clients whether to redeem their Units the Selling Agents will have a conflict of interest between their interest in maximizing the compensation
which they will receive from the Trust and giving their clients the financial advice which the Selling Agents believe to be in such clients' best interests. The same conflict of interest extends to
the Wholesalers and correspondents who distribute Units.
Proprietary Trading
The CIS Group and their employees are prohibited from trading for their own accounts.
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JWH
and Mr. Henry may engage in discretionary trading for their own accounts, as long as such trading does not amount to a breach of fiduciary duty. Such trading will be for
purposes of testing new investment programs and concepts, as well as for proprietary profit. Proprietary trading may involve contract markets that are not traded for client accounts. The reasons for
not trading a contract market for clients may include: the contract market does not trade reasonable volume and is not expected to grow such that JWH could trade significant size with appropriate
liquidity; the contract markets are liquid but are highly correlated or redundant to existing markets or sectors traded for clients; or the contract markets have excessively high volatility associated
with low liquidity and no historical trends. In the course of trading for their own accounts, JWH and Mr. Henry may take positions that are the same as or opposite to the Trust's positions, due
to testing a new quantitative model or investment program, an allocation system, and/or trading pursuant to individual discretionary methods. On occasion, the accounts of JWH and Mr. Henry may
receive better fills than the Trust's account. Records for these accounts will not be made available to the Trust.
Employees
and principals of JWH (other than Mr. Henry) are not permitted to trade in futures, options on futures or forward contracts. However, such principals and employees may
invest in investment vehicles that trade futures, options on futures or forward contracts when an independent trader manages trading in that vehicle, and in The JWH Employee Fund, L.P., for which JWH
is the trading advisor. Records of these accounts will not be made available to the Trust.
Records
of proprietary trading will not be available for inspection by Unitholders.
Proprietary
trading by JWH or Mr. Henry could, if substantial in size and conducted in the same markets traded by the Trust, cause losses for the Trust by increasing the cost at
which it must acquire and liquidate positions. Over time, the losses resulting from such increased prices could make it difficult for the Trust to earn profits even if its trading were otherwise
successful.
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TRANSACTIONS BETWEEN THE CIS GROUP AND THE TRUST
All of the service providers to the Trust, other than JWH and the Trustee, are affiliates of CIS. CISI negotiated with JWH over the level of its Management and
Incentive Fees. However, none of the fees paid by the Trust to the CIS Group were negotiated, and they may be higher than would have been obtained in arm's-length bargaining.
The
Trust pays CIS substantial Brokerage Fees. The Trust also pays CIS interest on short-term loans extended by CIS to cover losses on foreign currency positions and permits
CIS to retain a portion of the benefit derived from possession of the Trust's assets.
Within
the CIS Group, CISI is the direct beneficiary of the revenues received by CIS from the Trust. CISI controls the management of the Trust and CISSI serves as its promoter. Although
CISI has not sold any assets, directly or indirectly, to the Trust, CISI makes substantial profits from the Trust due to the foregoing revenues.
No
loans have been, are or will be outstanding between CISI or any of its principals and the Trust.
CIS,
at the instruction of CISSI, pays substantial selling commissions (up to 4% of the subscription price of Units) and trailing commissions (up to 4% annually of the average Net Asset
Value per Unit, beginning in the thirteenth month after a Unit is sold) to the Selling Agents for distributing the Units. CIS is ultimately paid back for these expenditures from the revenues it
receives from the Trust.
Descriptions
of the dealings between the Trust and the CIS Group are set forth under "Selected and Supplementary Financial Data," "Interest Income" and "Charges."
77
THE TRUST AND THE TRUSTEE
Principal Office; Location of Records
The Trust is organized under the Delaware Statutory Trust Act. The Trust is administered by the Managing Owner, whose office is located at 233 South Wacker Drive,
Suite 2300, Chicago, Illinois 60606 (telephone: (312) 460-4000). The records of the Trust, including a list of the Unitholders and their addresses but excluding detailed trading
records of JWH, is located at the foregoing address, and available for inspection and copying (upon payment of reasonable reproduction costs) by Unitholders or their representatives during regular
business hours as provided in the Declaration and Agreement of Trust. (Section 10). There is a limitation to non-commercial purposes. Transfer agent services will be provided by CIS
at 233 South Wacker Drive, Suite 2300, Chicago, Illinois 60606 at no additional cost to the Trust. The Managing Owner will maintain and preserve the books and records of the Trust for a period of not
less than six years.
Certain Aspects of the Trust
The Trust is the functional equivalent of a limited partnership; prospective investors should not anticipate any legal or practical
protections under the Delaware Statutory Trust Act greater than those available to limited partners.
No
special custody arrangements are applicable to the Trust which would not be applicable to a limited partnership, and the existence of a trustee should not be taken as an indication of
any additional level of management or supervision over the Trust. To the greatest extent permissible under Delaware law, the Trustee acts in an entirely passive role, delegating all authority over the
operation of the Trust to the Managing Owner. The Managing Owner is the functional equivalent of the general partner in a limited partnership. (Sections 5(a), 9 and 19).
Although
units of beneficial interest in a trust need not carry any voting rights, the Declaration and Agreement of Trust gives Unitholders voting rights comparable to those typically
extended to limited partners in publicly-offered futures funds. (Section 19).
The
Delaware Statutory Trust Act under which the Trust is formed is filed as an exhibit to the Registration Statement of which this Prospectus is a part.
The Trustee
Wilmington Trust Company, a Delaware banking corporation, is the sole Trustee of the Trust. The Trustee's principal offices are located at Rodney Square North,
1100 North Market Street, Wilmington, Delaware 19890-0001. The Trustee is unaffiliated with either the Managing Owner or the Selling Agents. The Trustee's duties and liabilities with
respect to the offering of the Units and the administration of the Trust are limited to its express obligations under the Declaration and Agreement of Trust.
The
rights and duties of the Trustee, the Managing Owner and the Unitholders are governed by the provisions of the Delaware Statutory Trust Act and by the Declaration and Agreement of
Trust.
The
Trustee serves as the Trust's sole trustee in the State of Delaware. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain
filings under the Delaware Statutory Trust Act. The Trustee does not owe any other duties to the Trust, the Managing Owner or the Unitholders. The Trustee is permitted to resign upon at least
60 days' notice to the Trust, provided that any such resignation will not be effective until a successor Trustee is appointed by the Managing Owner. The Declaration and Agreement of Trust
provides that the Trustee is compensated by the Trust, and is indemnified by the Managing Owner against any expenses it incurs relating to or arising out of the formation, operation or termination of
the Trust or the performance of its duties
78
pursuant
to the Declaration and Agreement of Trust, except to the extent that such expenses result from the gross negligence or willful misconduct of the Trustee. The Managing Owner has the discretion
to replace the Trustee.
Only
the Managing Owner has signed the Registration Statement of which this prospectus is a part, and only the assets of the Trust and the Managing Owner are subject to issuer liability
under the federal securities laws for the information contained in this prospectus and under federal and state laws with respect to the issuance and sale of the Units. Under such laws, neither the
Trustee, either in its capacity as Trustee or in its individual capacity, nor any director, officer or controlling person of the Trustee is, or has any liability as, the issuer or a director, officer
or controlling person of the issuer of
the Units. The Trustee's liability in connection with the issuance and sale of the Units is limited solely to the express obligations of the Trustee set forth in the Declaration and Agreement of
Trust.
Under
the Declaration and Agreement of Trust, the Trustee has delegated to the Managing Owner the exclusive management and control of all aspects of the business of the Trust. The
Trustee has no duty or liability to supervise or monitor the performance of the Managing Owner, nor shall the Trustee have any liability for the acts or omissions of the Managing Owner. In addition,
the Managing Owner has been designated as the "tax matters partner" of the Trust for purposes of the Internal Revenue Code of 1986, as amended (the "Code"). The Unitholders have no voice in the
operations of the Trust, other than certain limited voting rights as set forth in the Declaration and Agreement of Trust. In the course of its management, the Managing Owner may, in its sole and
absolute discretion, retain such persons (except where the Managing Owner has been notified by the Unitholders that the Managing Owner is to be replaced as the managing owner), including an affiliate
or affiliates of the Managing Owner, as the Managing Owner deems necessary for the efficient operation of the Trust. (Sections 2 and 9).
Because
the Trustee has delegated substantially all of its authority over the operation of the Trust to the Managing Owner, the Trustee itself is not registered in any capacity with the
CFTC.
The
Trust's Declaration and Agreement of Trust effectively gives CISI, as Managing Owner, full control over the management of the Trust. Unitholders have no voice in its operations. In
addition, CISI in its operation of the Trust is specifically authorized to engage in the transactions described herein (including those involving affiliates of CISI), and is exculpated and indemnified
by the Trust against claims sustained in connection with the Trust, provided that such claims were not the result of negligence or misconduct and that CISI determined that such conduct was in the best
interests of the Trust.
Although
Unitholders have no right to participate in the control or management of the Trust, they are entitled to: (i) vote on a variety of different matters; (ii) receive
annual audited financial statements, unaudited monthly reports and timely tax information; (iii) inspect the Trust's books and records; (iv) redeem Units; and (v) not have the
business terms of the Trust changed in a manner which increases the compensation received by CISI or its affiliates without their unanimous consent.
Unitholders'
voting rights extend to any proposed change in the Declaration and Agreement of Trust which would adversely affect them, as well as to their right to terminate the Trust's
contracts with affiliates of CISI. Unitholders also have the right to call meetings of the Trust in order to permit Unitholders to vote on any matter on which they are entitled to vote, including the
removal of CISI as Managing Owner of the Trust.
Unitholders
or their duly authorized representatives may inspect the Trust's books and records, for any purpose reasonably related to their status as Unitholders in the Trust, during
normal business hours upon reasonable written notice to the CISI. They may also obtain copies of such records upon payment of reasonable reproduction costs; provided, however, that such Unitholders
represent that the
79
inspection
and/or copies of such records will not be for commercial purposes unrelated to such Unitholders' interest in the Trust.
The
Declaration and Agreement of Trust contains restrictions on CISI's ability to raise Brokerage Fees, Administrative Fees and other revenues received by the CIS Group from the Trust,
as well as certain other limitations on the various conflicts of interest to which the CIS Group is subject in operating the Trust.
The
Declaration and Agreement of Trust provides for the economic and tax allocations of the Trust's profit and loss. Economic allocations are based on investors' capital accounts, and
the tax allocations generally attempt to equalize tax and capital accounts by, for example, making a priority allocation of taxable income to Unitholders who redeem at a profit.
A
Unitholder may transfer or assign his or her Units upon prior written notice to his or her financial advisor and CISI and subject to approval of the assignee, CISI will provide consent
when it is satisfied that the transfer complies with applicable laws. An assignee not admitted to the Trust as a Unitholder will have only limited rights to share the profits and capital of the Trust
and a limited redemption right.
The
Managing Owner may amend the Declaration and Agreement of Trust in any manner not adverse to the Unitholders without need of obtaining their consent. These amendments can be for
clarification of inaccuracies or ambiguities, modifications in response to changes in tax code or regulations or any other changes CISI deems advisable so long as they do not change the basic
investment policy or structure.
The
Trust has agreed to indemnify CISI, as Managing Owner, for actions taken on behalf of the Trust, provided that CISI's conduct was in the best interests of the Trust and the conduct
was not the result of negligence or misconduct. Indemnification by the Trust for alleged violation of securities laws is only available if the following conditions are satisfied:
1)
a
successful adjudication on the merits of each count alleged has been obtained; or
2)
such
claims have been dismissed with prejudice on the merits by a court of competent jurisdiction; or
3)
a
court of competent jurisdiction approves a settlement of the claims and finds indemnification of the settlement and related costs should be made; and
4)
in
the case of 3), the court has been advised of the position of the SEC and the states in which the Units were offered and sold as to indemnification for the violations.
80
TAX CONSEQUENCES
The following constitutes the opinion of Sidley Austin Brown & Wood and summarizes the material federal income tax consequences to
United States taxpayers who are individuals.
The Trust's Tax Status
In the opinion of Sidley Austin Brown & Wood, the Trust will be classified as a partnership for federal income tax purposes. Consequently, the Unitholders
individually, not the Trust itself, are subject to tax.
The
Managing Owner believes that all of the income expected to be generated by the Trust will constitute "qualifying income" and has so advised Sidley Austin Brown & Wood. As a
result, in the opinion of Sidley Austin Brown & Wood, the Trust will not be subject to tax as a corporation under the provisions applicable to "publicly-traded partnerships."
Taxation of Unitholders on Profits or Losses of the Trust
Each Unitholder must pay tax on his or her share of the Trust's income and gains. Such share must be included each year in a Unitholder's taxable income whether
or not such Unitholder has redeemed Units. In addition, a Unitholder may be subject to paying taxes on the Trust's interest income even though the Net Asset Value per Unit has decreased due to trading
losses. See "—Tax on Capital Gains and Losses; Interest Income," below.
The
Trust provides each Unitholder with an annual schedule of his or her share of the Trust's tax items. The Trust generally allocates these items equally to each Unit. However, when a
Unitholder redeems Units, the Trust allocates capital gains or losses so as to eliminate any difference between the redemption proceeds and the tax accounts of such Units.
Limited Deductibility of Trust Losses and Deductions
A Unitholder may not deduct Trust losses or deductions in excess of his or her tax basis in his or her Units as of year-end. Generally, a Unitholder's
tax basis in his or her Units is the amount paid for such Units reduced (but not below zero) by his or her share of any Trust distributions, losses and deductions and increased by his or her share of
the Trust's income and gains.
Limited Deductibility for Certain Expenses
Individual taxpayers are subject to material limitations on their ability to deduct investment advisory expenses and other expenses of producing income. Sidley
Austin Brown & Wood has opined that the amount, if any, of the Trust's expenses which might be subject to this limitation should be
de minimis
.
However, the IRS could take a different position. The IRS could contend that the Management and Incentive Fees should be characterized as "investment advisory expenses" because the Trust is not
engaged in a "trade or business."
Individuals
cannot deduct investment advisory expenses in calculating their alternative minimum tax.
Year-End Mark-to-Market of Open Positions
Section 1256 Contracts are futures, futures options traded on U.S. exchanges, certain foreign currency contracts and stock index options. Certain of the
Trust's open positions are Section 1256 Contracts. Section 1256 Contracts that remain open at the end of each year are treated for tax purposes as if such positions had been sold and any
gain or loss recognized. The gain or loss on Section 1256 Contracts is characterized as 40% short-term capital gain or loss and 60% long-term
81
capital
gain or loss regardless of how long any given position has been held. Non-U.S. exchange-traded futures and forwards are generally non-Section 1256 Contracts.
Gain or loss on non-Section 1256 Contracts will be recognized when sold by the Trust and will be primarily short-term gain or loss. Gain or loss on certain currency
contracts will be ordinary income or loss.
Tax on Capital Gains and Losses; Interest Income
As described under "—Year-End Mark-to-Market of Open Positions," the Trust's trading generates 60%
long-term capital gains or losses and 40% short-term capital gains or losses from its Section 1256 Contracts and primarily short-term capital gain or loss
from its non-Section 1256 Contracts. Individuals pay tax on long-term capital gains at a maximum rate of 20%. Short-term capital gains are subject to tax at
the same rates as ordinary income.
Individual
taxpayers may deduct capital losses only to the extent of their capital gains plus $3,000. Accordingly, the Trust could incur significant losses but a Unitholder could be
required to pay taxes on his or her share of the Trust's interest income.
If
an individual taxpayer incurs a net capital loss for a year, he may elect to carryback (up to three years) the portion of such loss which consists of a net loss on Section 1256
Contracts. A taxpayer may deduct such losses only against net capital gain for a carryback year to the extent that such gain includes gains on Section 1256 Contracts. To the extent that a
taxpayer could not use such losses to offset gains on Section 1256 Contracts in a carryback year, the taxpayer may carryforward such losses indefinitely as losses on Section 1256
Contracts.
Syndication Expenses
The $650,000 in organizational and initial offering costs reimbursed by the Trust to CISI were non-deductible syndication expenses, as will be the
estimated $500,000 in costs in 2003 associated with the ongoing offering of the Units under this prospectus and any subsequent ongoing offering expenses incurred by the Trust. The IRS could also
contend that a portion of the Brokerage Fees paid to CIS constitute non-deductible syndication expenses.
Taxation of Foreign Investors
A Unitholder who is a non-resident alien individual, foreign corporation, foreign partnership, foreign trust or foreign estate (a "Foreign
Unitholder") generally is not subject to taxation by the United States on capital gains from commodity or derivatives trading, provided that such Foreign Unitholder (in the case of an individual) does
not spend more than 182 days in the United States during his or her taxable year, and provided further, that such Foreign Unitholder is not engaged in a trade or business within the United
States during a taxable year to which income, gain, or loss is treated as "effectively connected." An investment in the Trust should not, by itself, cause a Foreign Unitholder to be engaged in a trade
or business within the United States for the foregoing purposes, assuming that the trading activities of the Trust will be conducted as described in this prospectus. Pursuant to a "safe harbor" in the
Code, an investment fund whose U.S. business activities consist solely of trading commodities and derivatives for its own account should not be treated as engaged in a trade or business within the
United States provided that such investment fund is not a dealer in commodities or derivatives and that the commodities traded are of a kind customarily dealt in on an organized commodity exchange.
The Managing Owner has advised Sidley Austin Brown & Wood of the contracts that the Trust will trade. Based on a review of such contracts as of the date of this prospectus, the Trust has been
advised by its counsel, Sidley Austin Brown & Wood, that such contracts should satisfy the safe harbor. If the contracts traded by the Trust in the future were not covered by the safe harbor,
there is a risk that the Trust would be treated as engaged in a trade or business within the United States. In the event that the Trust were found to be engaged in a United States trade or
82
business,
a Foreign Unitholder would be required to file a United States federal income tax return for such year and pay tax at full United States rates. In the case of a Foreign Unitholder
which is a foreign corporation, an additional 30% "branch profits" tax might be imposed. Furthermore, in such event the Trust would be required to withhold taxes from the income or gain allocable to
such a Unitholder under Section 1446 of the Code.
A
Foreign Unitholder is not subject to United States tax on certain interest income, including income attributable to (i) original issue discount on Treasury bills having a
maturity of 183 days or less or (ii) commercial bank deposits, provided, in either case, that such Foreign Unitholder is not engaged in a trade or business within the United States
during a taxable year. Additionally, a Foreign Unitholder, not engaged in a trade or business within the United States, is not subject to United States tax on interest income (other than certain
so-called "contingent interest") attributable to obligations issued after July 18, 1984 that are in registered form if the Foreign Unitholder provides the Trust with the appropriate
Form W-8.
Unrelated Business Taxable Income
Tax-exempt Unitholders will not be required to pay tax on their share of income or gains of the Trust, provided that such Unitholders do not purchase
Units with borrowed funds.
IRS Audits of the Trust and Its Unitholders
The IRS is required to audit Trust-related items at the Trust rather than the Unitholder level. CISI is the Trust's "tax matters partner" with general authority
to determine the Trust's responses to a tax audit. If an audit of the Trust results in an adjustment, all Unitholders may be required to pay additional taxes plus interest as well as penalties and
additions to tax.
State and Other Taxes
In addition to the federal income tax consequences described above, the Trust and the Unitholders may be subject to various state and other taxes. For example,
the Trust may be subject to a 1.5% Personal Property Replacement Tax in Illinois. Such tax is imposed on the net income of the Trust allocable to Illinois.
PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR TAX
ADVISERS BEFORE DECIDING WHETHER TO INVEST.
83
PLAN OF DISTRIBUTION
Subscription Procedure
Units are offered at Net Asset Value as of the close of business on the last business day of each calendar month. The minimum initial investment is $5,000; $2,000
for trustees or custodians of eligible employee benefit plans and individual retirement accounts. Subscriptions in excess of these minimums are permitted in $100 increments. Additional subscriptions
by existing Unitholders are permitted in $1,000 minimums with $100 increments. Units are sold in fractions calculated to five decimal places.
In
order to purchase Units, an investor must complete, execute and deliver to a Selling Agent an original of the Subscription Agreement and Power of Attorney Signature Page which
accompanies this prospectus, together with a check for the amount of his or her subscription. Pending investment in the Units, subscriptions will be held in escrow at Bank One, NA. Checks should be
made payable to "BANK ONE, NA ESCROW AGENT FOR JWH GLOBAL TRUST," and shall be transmitted to the Escrow Agent by noon of the second business day after receipt by the Managing Owner.
Subscription
payments by clients of certain Selling Agents may be made by authorizing the Selling Agents to debit a subscriber's customer securities account with the amount of the
subscription. When a subscriber authorizes such a debit, the subscriber will be required to have the amount of his or her subscription payment on deposit in his or her account when the subscription is
submitted. The account will be debited, and amounts so debited will be transmitted directly to Bank One, NA by such Selling Agent via Selling Agent check or wire transfer made payable to "BANK ONE, NA
ESCROW AGENT FOR JWH GLOBAL TRUST" for deposit in the escrow account of the Trust.
The
Managing Owner will determine, in its sole discretion, whether to accept or reject a subscription in whole or in part. Such determination is made within five business days after the
receipt of a subscription by the Managing Owner. The Managing Owner will send each subscriber whose subscription for Units has been accepted a confirmation of such acceptance.
Subscription
documents must be received no later than the fifth business day prior to the month-end of investment (including the last business day of the month) in order to
be accepted as of the last day of the month.
Subscription
funds are invested in short-term United States Treasury bills or comparable authorized instruments while held in escrow pending investment in the Units and will
earn interest at the applicable rates paid on these instruments. Escrow interest is allocated
pro rata
among all subscribers during a particular escrow
period based on the amount of their respective subscriptions and the length of time on deposit in escrow. Interest actually earned on subscriptions while held in escrow will be invested in the Trust,
and investors will be issued additional Units reflecting each investor's allocable share of such interest.
No
fees are charged on any subscriptions while held in escrow. Subscribers are notified prior to any return of their subscriptions, and the amounts returned to them shall in no event be
reduced by any deductions for fees or expenses.
Subscriptions,
if rejected, will be promptly returned to investors directly or, if applicable, to the appropriate Selling Agent for credit to an investor's customer securities account,
together with all interest earned thereon while held in escrow.
No
subscriptions are final or binding on a subscriber until the close of business on the fifth business day following such subscriber's receipt of a final prospectus
(
i.e
., the date of subscription).
CISI
advanced the Trust's organizational and initial offering costs (approximately $650,000), for which CISI was reimbursed by the Trust at the initial closing. The Trust amortized such
costs over the first sixty months of its operations, which ended May 31, 2002.
84
Subscribers' Representations and Warranties
By executing a Subscription Agreement and Power of Attorney Signature Page, such subscriber is representing and warranting, among other things, that:
(i) the subscriber is of legal age to execute and deliver the Subscription Agreement and Power of Attorney and has full power and authority to do so; (ii) the subscriber has read and
understands "Exhibit B—Subscription Requirements" of this prospectus and meets or exceeds the applicable suitability criteria of net worth and annual income
set forth therein; and (iii) the subscriber has received a copy of this prospectus. These representations and warranties might be used by the Managing Owner or others against a subscriber in
the event that the subscriber were to take a position inconsistent therewith.
While
the foregoing representations and warranties will be binding on subscribers, the Managing Owner believes that to a large extent such representations and warranties would be implied
from the fact that an investor has subscribed for Units.
Nonetheless, no prospective subscriber who is not prepared to make such representations and warranties, and to be bound
by them, should consider investing in the Units.
The Selling Agents
No selling commissions are paid from the proceeds of this offering. At the instruction of CISSI, CIS pays the Selling Agents selling commissions of up to 4% of
the subscription price of all Units sold by each Selling Agent. In addition to selling commissions, CIS, at the instruction of CISSI, will also pay ongoing compensation to the Selling Agents which are
registered with the CFTC as "futures commission merchants" or "introducing brokers" in the amount of up to 0.333% (a 4.0% annual rate) of the month-end Net Asset Value of all Units sold by
them which remain outstanding, beginning with the end of the thirteenth full month after the date such Units were first issued (not the date the subscription was accepted); provided that such ongoing
compensation may only be paid on Units in respect of which financial advisors who are registered with the CFTC and have passed either the Series 3 or the Series 31 Examination agree to
provide certain ongoing services to their clients who own outstanding Units. Such ongoing compensation may be deemed to constitute underwriting compensation. See "Federal Income Tax
Aspects—Syndication Expenses."
Under
applicable rules of the National Association of Securities Dealers, Inc., if either a Selling Agent or a Selling Agent's registered representative is not duly registered
with the CFTC, or such registered representative does not agree to provide ongoing services to his or her clients who own outstanding Units, no ongoing compensation may be paid either to such Selling
Agent or to such registered representative. Rather, such Selling Agent and such registered representative are restricted to receiving installment selling commissions, which will be calculated in the
same manner as ongoing compensation except that the total amount of installment selling commissions and initial selling commission received by any such registered representative on each Unit sold by
him or her that remains outstanding may not exceed 9% of the initial subscription price of the Unit.
Selling
Commissions and ongoing compensation payable in respect of Units sold to any Eligible Unitholder (an investor who purchases at least $5,000,000 of Units, as described under
"Charges—Brokerage Fee—Special Brokerage Fee Rate") shall be up to 2.5% of the subscription amount and up to 2.5% of the average month-end Net Asset Value. The
total amount of initial selling commissions and installment selling commissions paid on Units sold to Eligible Unitholders by a Selling Agent or registered representative ineligible to receive ongoing
compensation also may not exceed 9% of the initial subscription price of such Units.
The
Lead Selling Agent may engage Wholesalers who are registered broker-dealers, or their registered representatives who will introduce Additional Selling Agents to the Lead Selling
Agent and assist such Additional Selling Agents in the offering and sale of Units. Each such Wholesaler will share with an Additional Selling Agent introduced by the Wholesaler (i) the up to 4%
(in the case of sales to
85
Eligible
Unitholders, up to 2.5%) initial selling commissions and (ii) the up to 4% (in the case of sales to Eligible Unitholders, up to 2.5%) ongoing compensation payable in respect of Units
sold by such Additional Selling Agent.
Certain
Additional Selling Agents may select certain correspondent "introducing brokers" to distribute Units. On Units sold through each such correspondent, who must be registered as a
broker-dealer, the relevant Additional Selling Agent will retain (i) up to 1% of the 4% (in the case of sales to an Eligible Unitholder, up to 0.5% of the 2.5%) initial selling commissions and
(ii) up to 1% of the 4% (in the case of sales to an Eligible Unitholder, up to 0.5% of the 2.5%) ongoing compensation to be received by such Additional Selling Agent in respect of Units sold by
such correspondent, and will in each case pass on the remainder of the initial selling commissions and ongoing compensation to the correspondent.
Wholesalers
and correspondents must meet the same eligibility requirements applicable to Selling Agents in order to receive ongoing compensation.
86
LAWYERS; ACCOUNTANTS
Sidley Austin Brown & Wood, Chicago, Illinois and Richards, Layton & Finger, Wilmington, Delaware have advised CISI and CISSI on the offering of the
Units. Sidley Austin Brown & Wood drafted "Tax Consequences."
The
financial statements of CISI as of May 31, 2002 and 2001 and the financial statements of the Trust as of December 31, 2002 and 2001 included herein have been audited by
KPMG LLP.
87
FINANCIAL STATEMENTS
Schedules are omitted for the reason that they are not required or are not applicable or that equivalent information has been included in
the financial statements or notes thereto.
INDEX OF FINANCIAL STATEMENTS
Page
JWH GLOBAL TRUST
Statements of Financial Condition (unaudited) as of March 31, 2003 and 2002
89
Statements of Operations (unaudited) for the period from January 1, 2003 to March 31, 2003 and the period from January 1, 2002 to March 31, 2002
90
Statement of Changes in Unitholders' Capital (unaudited) for the period from January 1, 2003 to March 31, 2003
91
Independent Auditors' Report
92
Statements of Financial Condition as of December 31, 2002 and 2001
93
Statements of Operations for the years ended December 31, 2002, 2001 and 2000
94
Statements of Changes in Unitholders' Capital for the years ended December 31, 2002, 2001 and 2000
95
Condensed Schedule of Investments as of December 31, 2002
96
Notes to Financial Statements
97
CIS INVESTMENTS, INC.
Statement of Financial Condition (unaudited) as of March 31, 2003
101
Independent Auditors' Report
102
Statements of Financial Condition as of May 31, 2002 and 2001
103
Statements of Income for the years ended May 31, 2002 and 2001
104
Statements of Changes in Stockholder's Equity for the years ended May 31, 2002 and 2001
105
Statements of Cash Flows for the years ended May 31, 2002 and 2001
106
Notes to Financial Statements
107
88
JWH GLOBAL TRUST
Statements of Financial Condition (unaudited)
March 31, 2003 and 2002
Assets
March 31, 2003
March 31, 2002
Assets:
Equity in commodity trading accounts:
Cash on deposit with Brokers
$
82,925,039
43,334,039
Unrealized gain on open contracts
(1,239,167
)
112,038
81,685,872
43,446,077
Receivable for units sold
9,729,800
775,665
Interest receivable
77,602
68,305
Prepaid initial organization and offering costs
0
22,029
Total assets
$
91,493,274
44,312,076
Liabilities and Unitholders' Capital
Liabilities:
Accrued commissions
$
439,984
232,870
Accrued management fees
136,134
72,508
Accrued incentive fees
1,206,343
0
Accrued operating expenses
52,772
52,694
Accrued offering expenses
33,303
17,996
Redemptions payable
346,477
764,599
Total liabilities
2,215,013
1,140,665
Unitholders' capital:
Beneficial owners (591,082.78 and 436,951.05 units outstanding at March 31, 2003 and 2002, respectively)
88,417,478
42,610,248
Managing owner (5,754.50 units outstanding at March 31, 2003 and 2002, respectively)
860,783
561,163
Total unitholders' capital
89,278,261
43,171,411
Total liabilities and unitholders' capital
$
91,493,274
44,312,076
This Statement of Financial Condition, in the opinion of the Managing Owner, reflects all adjustments necessary to fairly state the financial condition of the
Trust at March 31, 2003 and 2002.
89
JWH GLOBAL TRUST
Statements of Operations (unaudited)
Periods ended March 31, 2003 and 2002
January 1, 2003
through
March 31, 2003
January 1, 2002
through
March 31, 2002
Revenues:
Gain (loss) on trading of commodity contracts:
Realized gain on closed positions
$
14,746,237
(2,866,784
)
Change in unrealized gain (loss) on open positions
(7,589,396
)
(2,445,281
)
Interest income
202,480
193,384
Foreign currency transaction gain (loss)
20,872
(30,378
)
Total revenues
7,380,193
(5,149,059
)
Expenses:
Commission
1,240,769
745,397
Exchange, clearing and NFA fees
6,213
4,985
Management fees
384,299
231,226
Incentive fees
1,221,849
0
Amortization of prepaid initial organization and offering costs
0
33,043
Ongoing organization and offering expenses
93,707
57,384
Operating expenses
15,000
14,882
Total expenses
2,961,837
1,086,917
Net profit (loss)
$
4,418,356
(6,235,976
)
Profit (loss) per unit of beneficial ownership interest
$
10.06
(14.11
)
Profit (loss) per unit of managing ownership interest
10.06
(14.11
)
These Statements of Operations, in the opinion of the Managing Owner, reflect all adjustments necessary to fairly state the financial condition of the Trust.
90
JWH GLOBAL TRUST
Statements of Changes in Unitholders' Capital (unaudited)
Periods from January 1, 2003 through March 31, 2003
Units*
Beneficial
Owners
Managing
Owner
Total
Unitholders' Capital at January 1, 2003
453,878.17
$
63,327,633
802,893
64,130,526
Net Profit (loss)
—
4,360,466
57,890
4,418,356
Unitholders' contributions
144,935.32
21,895,406
0
21,895,406
Unitholders' redemptions
(7,730.71
)
(1,166,027
)
0
(1,166,027
)
Unitholders' Capital at March 31, 2003
591,082.78
88,417,478
860,783
89,278,261
Net asset value per unit at January 1, 2003
$
139.53
139.53
Net profit (loss) per unit
10.06
10.06
Net asset value per unit at March 31, 2003
$
149.59
149.59
*
Units
of beneficial ownership.
These Statements of Changes in Unitholders' Capital, in the opinion of the Managing Owner, reflects all adjustments necessary to fairly state the financial
condition of the Trust.
91
The Unitholders
JWH
Global Trust:
We
have audited the accompanying statements of financial condition of JWH Global Trust (the Trust) as of December 31, 2002 and 2001, including the condensed schedule of
investments as of December 31, 2002 and the related statements of operations and changes in unitholders' capital for each of the years in the three-year period ended December 31, 2002.
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We
conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In
our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of JWH Global Trust as of December 31, 2002 and 2001,
and the results of its operations and changes in its unitholders' capital, for each of the years in the three-year period ended December 31, 2002, in conformity with accounting principles
generally accepted in the United States of America.
KPMG
LLP
February 14,
2003
92
JWH GLOBAL TRUST
Statements of Financial Condition
December 31, 2002 and 2001
2002
2001
Assets
Equity in commodity trading accounts:
Cash on deposit with Brokers
$
56,847,327
46,976,650
Unrealized gain on open contracts
6,350,230
2,557,319
63,197,557
49,533,969
Receivable for units sold
1,853,334
618,077
Interest receivable
60,731
70,569
Prepaid initial organization and offering costs
0
55,072
Total assets
$
65,111,622
50,277,687
Liabilities and Unitholders' Capital
Liabilities:
Accrued commissions
$
340,076
265,856
Accrued management fees
105,324
82,703
Accrued operating expenses
60,000
60,000
Accrued offering expenses
26,147
20,526
Redemptions payable
449,549
313,509
Total liabilities
981,096
742,594
Unitholders' capital:
Beneficial owners (453,878.17 and 438,008.69 units outstanding at December 31, 2002 and 2001, respectively)
63,327,633
48,892,753
Managing owner (5,754.50 units outstanding at December 31, 2002
and 2001, respectively)
802,893
642,340
Total unitholders' capital
64,130,526
49,535,093
Total liabilities and unitholders' capital
$
65,111,622
50,277,687
See
accompanying notes to financial statements.
93
JWH GLOBAL TRUST
Statements of Operations
Years ended December 31, 2002, 2001 and 2000
2002
2001
2000
Revenues:
Gain (loss) on trading of commodity contracts:
Realized gain on closed positions
$
15,033,511
8,079,390
740
Change in unrealized gain (loss) on open positions
3,792,911
(5,446,646
)
4,664,653
Interest income
811,042
1,657,888
3,265,169
Foreign currency transaction gain (loss)
103,274
139,504
(483,085
)
Total revenues
19,740,738
4,430,136
7,447,477
Expenses:
Commission
3,450,709
3,215,618
3,737,532
Exchange, clearing and NFA fees
17,475
32,547
38,489
Management fees
1,068,838
1,001,094
2,088,954
Incentive fees
2,741,521
990,171
—
Amortization of prepaid initial organization and offering costs
55,072
132,173
132,173
Ongoing organization and offering expenses
263,456
248,048
288,770
Operating expenses
86,473
64,643
35,740
Total expenses
7,683,544
5,684,294
6,321,658
Net profit (loss)
$
12,057,194
(1,254,158
)
1,125,819
Profit (loss) per unit of beneficial ownership interest
$
27.90
(2.96
)
10.08
Profit (loss) per unit of managing ownership interest
27.90
(2.96
)
10.08
See
accompanying notes to financial statements.
94
JWH GLOBAL TRUST
Statements of Changes in Unitholders' Capital
Years ended December 31, 2002, 2001 and 2000
Units*
Beneficial
Owners
Managing
Owner
Total
Balance at December 31, 1999
806,374.79
$
84,270,892
898,974
85,169,866
Net gain
—
1,056,111
69,708
1,125,819
Unitholders' contributions
18,386.99
1,766,481
58
1,766,539
Unitholders' redemptions
(393,996.40
)
(37,731,946
)
(200,544
)
(37,932,490
)
Balance at December 31, 2000
430,765.38
49,361,538
768,196
50,129,734
Net loss
—
(1,238,945
)
(15,212
)
(1,254,157
)
Unitholders' contributions
72,485.25
8,406,483
—
8,406,483
Unitholders' redemptions
(65,241.94
)
(7,636,323
)
(110,644
)
(7,746,967
)
Balance at December 31, 2001
438,008.69
48,892,753
642,340
49,535,093
Net gain
—
11,896,641
160,553
12,057,194
Unitholders' contributions
87,641.17
10,980,607
—
10,980,607
Unitholders' redemptions
(71,771.69
)
(8,442,368
)
—
(8,442,368
)
Balance at December 31, 2002
453,878.17
$
63,327,633
802,893
64,130,526
Net asset value per unit at December 31, 2002
$
139.53
139.53
Net asset value per unit at December 31, 2001
111.63
111.63
Net asset value per unit at December 31, 2000
114.59
114.59
*
Units
of beneficial ownership.
See
accompanying notes to financial statements.
95
JWH GLOBAL TRUST
Condensed Schedule of Investments
December 31, 2002
Number of
Contracts
Principal
(notional)
Value (OTE)
Long positions:
Futures positions (4.87%)
Agriculture
288
$
3,427,124
44,193
Energy
240
7,201,799
531,651
Interest rates
1,944
332,395,246
2,184,255
Metals
378
12,952,753
375,619
Indices
20
394,800
(11,400
)
356,371,722
3,124,318
Forward positions (7.78%)
Currencies
23
216,521,615
4,988,915
Total long positions
$
572,893,337
8,113,233
Short positions:
Futures positions (0.04%)
Agriculture
100
$
1,303,700
69,100
Metals
99
3,405,806
(37,332
)
Indices
73
3,784,064
(3,838
)
8,493,570
27,930
Forward positions (-2.79%)
Currencies
10
102,373,617
(1,790,933
)
102,373,617
(1,790,933
)
Total short positions
$
110,867,187
(1,763,003
)
Total open contracts (9.9%)
$
6,350,230
Cash on deposit with brokers (88.64%)
56,847,327
Other assets in excess of liabilities (1.45%)
932,969
Net assets (100.0%)
$
64,130,526
See
accompanying notes to financial statements.
96
JWH GLOBAL TRUST
Notes to Financial Statements
December 31, 2002, 2001 and 2000
(1)   General Information and Summary
JWH Global Trust (the Trust), a Delaware statutory trust organized on November 12, 1996, was formed to engage in the speculative trading of futures
contracts on currencies, interest rates, energy and agricultural products, metals and stock indices, spot and forward contracts on currencies and precious metals, and exchanges for physicals pursuant
to the trading instructions of independent trading advisors. The Managing Owner of the Trust is CIS Investments, Inc. (CISI). The clearing broker is Cargill Investor Services, Inc. (Clearing Broker or
CIS), the parent company of CISI. The broker for forward contracts is CIS Financial Services, Inc. (CISFS or Forwards Currency Broker), an affiliate of CISI. The Clearing Broker and the Forwards
Currency Broker will collectively be referred to as the Brokers.
Units
of beneficial ownership of the Trust commenced selling on April 3, 1997 and trading began on June 2, 1997. The initial amount offered for investment was $50,000,000.
On September 26, 1997, the Trust registered an additional $155,000,000 for further investment and continued the offering. By December 31, 2002, a total of 1,291,794.45 units
representing an investment for $138,451,203 of beneficial ownership interest had been sold in the combined offerings. In addition, during the offerings, the Managing Owner purchased a total of
8,602.73 units, representing a total investment of $885,058. See the JWH Global Trust prospectus for further details of the offering.
The
Trust will be terminated on December 31, 2026, if none of the following occur prior to that date: (1) beneficial owners holding more than 50% of the outstanding units
notify the Managing Owner to dissolve the Trust as of a specific date; (2) disassociation of the Managing Owner with the Trust; (3) bankruptcy of the Trust; (4) , a decrease in
the net asset value to less than $2,500,000; (5) a decline in the net asset value per unit to $50 or less; (6) dissolution of the Trust; or (7) any event that would make it unlawful for the
existence of the Trust to be continued or require dissolution of the Trust.
(2)   Summary of Significant Accounting Policies
The accounting and reporting policies of the Trust conform to accounting principles generally accepted in the United States of America and to general practices in
the commodities industry. The following is a description of the more significant of those policies that the Trust follows in preparing its financial statements.
Revenue Recognition
Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade date. All such transactions are recorded on
the identified cost basis and marked to market daily. Unrealized gains and losses on open contracts reflected in the statements of financial condition represent the difference between original
contract amount and market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical
commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements.
The
Trust earns interest on its assets on deposit at the Brokers at 100% of the 91-day Treasury bill rate for deposits denominated in U.S. dollars, and at the rates agreed between the
Trust and CIS and CISFS for deposits denominated in other currencies.
97
JWH GLOBAL TRUST
Notes to Financial Statements
December 31, 2002, 2001 and 2000
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 five days' written notice to the Managing Owner. Payment will be made within ten business days of the effective date of the redemption. Any redemption made during the
first 11 months of investment is subject to a 3% redemption penalty. Any redemption made in the 12th month of investment or later will not be subject to any penalty. The Trust's Amended and Restated
Declaration and Agreement of Trust contains a full description of redemption and distribution policies.
Organizational and Offering Costs
Initial organizational and offering costs advanced to the Trust are being amortized over the first 60 months of the Trust's operations, subject to a maximum
monthly payment of 1/60 of 2% of the month-end net assets. Ongoing offering costs, subject to a ceiling of 0.5% of the Trust's average month-end net assets, are paid by the Trust and expensed as
incurred.
Commissions
Commodity brokerage commissions are typically paid for each trade transacted and are referred to as "round-turn commissions". These commissions cover both the
initial purchase (or sale) and the subsequent offsetting sale (or purchase) of a commodity futures contract. The Trust does not pay commodity brokerage commissions on a per-trade basis, but rather
pays monthly flat-rate Brokerage Fees at the annual rate of 6.5% (or a monthly rate of approximately 0.542%) of the Trust's month-end assets after reduction of the Management Fee. CIS receives these
Brokerage Fees irrespective of the number of trades executed on the Trust's behalf. The amount paid to CIS is reduced by exchange fees paid by the Trust. The round-turn equivalent rate for commissions
paid by the Trust for the years ended December 31, 2002, 2001, and 2000 was $52, $56, and $57, respectively.
Certain
large investors are eligible for a "Special Brokerage Fee Rate" of 5% per year. As of December 31, 2002, there were no such eligible investors in the Trust.
Foreign Currency Transactions
Trading accounts in foreign currency denominations are susceptible to both movements in the underlying contract markets as well as fluctuation in currency rates.
Translation of foreign currencies into U.S. dollars for closed positions are translated at an average exchange rate for the year, while year-end balances are translated at the year-end currency rates.
The impact of the translation is reflected in the statements of operations.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
(3)   Fees
Management fees are accrued and paid monthly, incentive fees are accrued monthly and paid quarterly. Trading decisions for the period of these financial
statements were made by John W. Henry & Company, Inc. (JWH) utilizing three of its trading programs, the GlobalAnalytics Family of Programs, the Financial and Metals Portfolio, and the G-7
Currency Portfolio.
98
JWH GLOBAL TRUST
Notes to Financial Statements
December 31, 2002, 2001 and 2000
Under signed agreement, prior to October 1, 2000, JWH received a monthly management fee of 1/12 of 4% of the Trust's month-end assets after deduction of a
portion of the Brokerage Fee at an annual rate
of 1.25% of month-end Trust assets but before deduction of any management fees, redemptions, distributions, or incentive fee accrued or payable as of the relevant month end. Effective
October 1, 2000, the agreement with JWH was changed to reduce the monthly management fee to 1/12 of 2% of the month-end net assets after the deductions.
Also,
under signed agreement, prior to October 1, 2000, the Trust paid to JWH a quarterly incentive fee equal to 15% of the new trading profits of the Trust. The incentive fee is
based on the overall performance of the Trust, not individually in respect of the performance of the individual programs utilized by the Trust. This fee is also calculated by deducting a portion of
the Brokerage Fees at an annual rate of 1.25%. Effective October 1, 2000, the agreement with JWH was changed to increase the incentive fee to 20% of the net trading profits.
(4)   Income Taxes
No provision for Federal income taxes has been made in the accompanying financial statements as each beneficial owner is responsible for reporting income (loss)
based on the pro rata share of the profits or losses of the Trust. Generally, for both Federal and state tax purposes, trusts, such as the JWH Global Trust, are treated as partnerships. The Trust is
responsible for the Illinois State Partnership Information and Replacement Tax based on the operating results of the Trust. Such tax amounted to $0, $0 and $0 for the years ended December 31,
2002, 2001, and 2000, respectively, and is included in operating expenses in the statements of operations.
(5)   Trading Activities and Related Risks
The Trust engages in the speculative trading of U.S. and foreign futures contracts, and forward contracts (collectively derivatives). These derivatives include
both financial and non-financial contracts held as part of a diversified trading strategy. The Trust is exposed to both market risk, the risk arising from changes in the market value of the contracts;
and credit risk, the risk of failure by another party to perform according to the terms of a contract.
The
purchase and sale of futures requires margin deposits with a Futures Commission Merchant (FCM). Additional deposits may be necessary for any loss on contract value. The Commodity
Exchange Act (CEAct) requires an FCM to segregate all customer transactions and assets from the FCM's proprietary activities. A customer's cash and other property such as U.S. Treasury Bills,
deposited with an FCM are considered commingled with all other customer funds subject to the FCM's segregation requirements. In the event of an FCM's insolvency, recovery may be limited to a pro rata
share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited.
The
Trust has cash on deposit with an affiliate interbank market maker in connection with its trading of forward contracts. In the event of interbank market maker's insolvency, recovery
of the Trust assets on deposit may be limited to account insurance or other protection afforded such deposits. In the normal course of business, the Trust does not require collateral from such
interbank market maker. Because forward contracts are traded in unregulated markets between principals, the Trust also assumes a credit risk, the risk of loss from counter party non-performance.
For
derivatives, risks arise from changes in the market value of the contracts. Theoretically, the Trust is exposed to a market risk equal to the value of futures and forward contracts
purchased and unlimited liability on such contracts sold short.
99
JWH GLOBAL TRUST
Notes to Financial Statements
December 31, 2002, 2001 and 2000
Net trading results from derivatives for the years ended December 31, 2002, 2001, and 2000, are reflected in the statement 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, 2002, as disclosed in the Schedule of Investments, do not represent the Trust's risk of loss due to market and credit risk,
but rather represent the Trust's extent of involvement in derivatives at the date of the statement of financial condition.
The
Beneficial Owners bear the risk of loss only to the extent of the market value of their respective investments.
(6)   Financial Highlights
The following financial highlights show the Trust's financial performance for the period ended December 31, 2002. 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, 2001 to December 31, 2002. Total return is calculated based on the aggregate
return of the Trust taken as a whole.
Total return
24.99
%
Ratio to average net assets:
Net profit
23.22
%
Expenses
Expenses
9.52
%
Incentive fees
5.28
%
Total expenses
14.80
%
The
net profit and expense ratios are computed based upon the weighted average net assets for the Trust for the period ended December 31, 2002.
100
CIS INVESTMENTS, INC.
Statement of Financial Condition (unaudited)
March 31, 2003
2003
Assets
Assets:
Accrued organizational and offering costs due from JWH Global Trust
$
158,997
Receivable from funds
1,088
Due from Cargill, Inc.
3,351,827
Fee income receivable
84,941
Investments in registered commodity pools
1,074,405
Total assets
$
4,671,258
Liabilities and Stockholder's Equity
Liabilities:
Deferred tax liabilities
$
41,439
Accrued taxes payable
31,628
Deferred management fees
57,635
Total liabilities
130,702
Stockholder's equity:
Common stock, $100 par value. Authorized 30,000 shares; issued 10 shares
1,000
Common stock subscribed, 29,990 shares
2,999,000
Less: subscriptions receivable
(2,999,000
)
Paid-in capital
18,250,000
Less: demand note receivable
(18,000,000
)
Retained earnings
4,289,556
Total stockholder's equity
4,540,556
Total liabilities and stockholder's equity
$
4,671,258
This Statement of Financial Condition, in the opinion of management, reflects all adjustments necessary to fairly state the financial condition of CIS
Investments, Inc. at March 31, 2003. All adjustments made were of a normal and recurring nature.
PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.
101
INDEPENDENT AUDITORS' REPORT
The
Board of Directors
CIS Investments, Inc.:
We
have audited the accompanying statements of financial condition of CIS Investments, Inc., a wholly owned subsidiary of Cargill Investor Services, Inc., (the Company) as of
May 31, 2002 and 2001, and the related statements of income, changes in stockholder's equity and cash flows for the years then ended. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We
conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In
our opinion, the financial statements referred to above present fairly, in all material respects, the financial condition of CIS Investments, Inc. as of May 31, 2002 and 2001,
and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
KPMG
LLP
July
15, 2002
PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.
102
CIS INVESTMENTS, INC.
Statements of Financial Condition
May 31, 2002 and 2001
2002
2001
Assets
Assets:
Receivable from funds
$
1,088
1,088
Due from Cargill, Inc.
3,101,529
2,342,529
Accrued taxes receivable
30,449
69,235
Fee income receivable
48,645
53,259
Investments in registered commodity pools
770,026
1,023,584
Total assets
$
3,951,737
3,489,695
Liabilities and Stockholder's Equity
Liabilities:
Accrued organizational and offering costs due to JWH Global Trust
$
8,855
40,737
Deferred tax liabilities
74,113
9,791
Deferred management fees
40,760
53,205
Total liabilities
123,728
103,733
Stockholder's equity:
Common stock, $100 par value. Authorized 30,000 shares; issued 10 shares
1,000
1,000
Common stock subscribed, 29,990 shares
2,999,000
2,999,000
Less subscriptions receivable
(2,999,000
)
(2,999,000
)
Paid-in-capital
18,250,000
18,250,000
Less demand note receivable
(18,000,000
)
(18,000,000
)
Retained earnings
3,577,009
3,134,962
Total stockholder's equity
3,828,009
3,385,962
Total liabilities and stockholder's equity
$
3,951,737
3,489,695
See
accompanying notes to financial statements.
PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.
103
CIS INVESTMENTS, INC.
Statements of Income
Years ended May 31, 2002 and 2001
2002
2001
Revenues:
Management fees
$
—
36,009
Interest income
72,156
132,897
Accounting and administrative services income
680,663
787,445
Realized and unrealized gain (loss) on investments
(134,085
)
207,794
Total revenues
618,734
1,164,145
Expenses—operating
3,276
—
Income before income taxes
615,458
1,164,145
Income tax expense
173,411
410,283
Net income
$
442,047
753,862
See
accompanying notes to financial statements.
PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.
104
CIS INVESTMENTS, INC.
Statements of Changes in Stockholder's Equity
Years ended May 31, 2002 and 2001
Common
stock
Common
stock
subscribed
Subscriptions
receivable
Paid-in
capital
Demand note
receivable
Retained
earnings
Total
Balance at May 31, 2000
$
1,000
2,999,000
(2,999,000
)
18,250,000
(18,000,000
)
2,381,000
2,632,100
Net income
—
—
—
—
—
753,862
753,862
Balance at May 31, 2001
1,000
2,999,000
(2,999,000
)
18,250,000
(18,000,000
)
3,134,962
3,385,962
Net income
—
—
—
—
—
442,047
442,047
Balance at May 31, 2002
1,000
2,999,000
(2,999,000
)
18,250,000
(18,000,000
)
3,577,009
3,828,009
See
accompanying notes to financial statements.
PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.
105
CIS INVESTMENTS, INC.
Statements of Cash Flows
Years ended May 31, 2002 and 2001
2002
2001
Cash flows from operating activities:
Net income
$
442,047
$
753,862
Adjustments to reconcile net income to net cash used in operating activities:
Realized and unrealized (gain) loss on investments
134,085
(207,794
)
Decrease (increase) in assets:
Receivable from funds
—
(602
)
Due from Cargill, Inc.
(759,000
)
(1,487,423
)
Accrued taxes receivable
38,786
(69,235
)
Miscellaneous receivable
4,614
(53,259
)
Increase (decrease) in liabilities:
Deferred management fees
(12,445
)
(14,321
)
Deferred tax liabilities
64,322
8,825
Accounts payable
—
(387
)
Net cash used in operating activities
$
(87,591
)
$
(1,070,334
)
Cash flows from investing activities:
Organizational and offering costs of JWH Global Trust
$
(31,882
)
$
117,239
Proceeds from sale of registered commodity pools
119,473
953,095
Net cash provided by investing activities
87,591
1,070,334
Net change in cash
—
—
Cash at beginning of year
—
—
Cash at end of year
$
—
$
—
Supplemental disclosures of cash flow information:
cash paid during the year for income taxes
$
70,303
$
467,418
See
accompanying notes to financial statements.
PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.
106
CIS INVESTMENTS, INC.
Notes to Financial Statements
May 31, 2002 and 2001
(1)   General Information and Summary of Significant Accounting Policies
A summary of the significant accounting policies which have been followed in preparing the accompanying financial statements is set forth below.
Nature of Business
CIS Investments, Inc. (the Company), a wholly owned subsidiary of Cargill Investor Services, Inc. (the Parent), is a registered commodity pool operator with the
Commodity Futures Trading Commission. The Company is the general partner or managing owner in various limited partnerships or trusts (Funds) organized for the purpose of engaging in the speculative
trading of commodity interests, including futures contracts, physical commodities, and related options.
Revenue Recognition
The Company earns accounting and administrative fees from the Funds for which it acts as general partners and managing owner which is recognized into income as it
is earned. Unearned management fees are amortized over one year, the life of the contract, using the straight-line method.
Investments
Investments in Funds are recorded at a value which approximates the Company's proportionate share of each Fund's net asset value.
Income Taxes
The Company is included in the consolidated Federal income tax return of the Parent. Income tax expense is calculated as if the Company would file a separate
return. Accrued taxes represents the remaining balance due from the Parent for the current year and prior year taxes including the impact of deferred taxes.
Deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and
liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Due from Cargill Inc.
Due from Cargill, Inc. represents the net balance to/from Cargill Inc., the Company's ultimate parent. Cash on deposit with Cargill, Inc., earns interest daily at
the one month LIBOR.
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
PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.
107
CIS INVESTMENTS, INC.
Notes to Financial Statements
May 31, 2002 and 2001
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
(2)   Receivable/Payable from/to JWH Global Trust
The Company advanced JWH Global Trust (the Trust) funds for payment of its initial organizational and offering costs. These costs were being reimbursed currently
by the Trust at an annual rate of
1
/
2
of 1% of the net assets of the Trust. At May 31, 2002, the aggregate amount that the Trust has reimbursed the Company exceeded the aggregate
amounts provided by the Company, thus creating a payable. Ongoing offering costs are paid by the Trust and expensed as incurred.
(3)   Investments in Funds
Investments in IDS Managed Futures, L.P., IDS Managed Futures II, L.P., and JWH Global Trust are 0.53%, 0.52%, and 1.33% of the total interest of each fund,
respectively. Investments in the Funds at May 31, 2002 and 2001 are as follows:
2002
2001
Units
Amount
Units
Amount
IDS Managed Futures, L.P.
478
$
133,782
807
$
253,594
IDS Managed Futures II, L.P.
54
27,475
128
72,730
JWH Global Trust
5,755
608,769
5,754
697,260
$
770,026
$
1,023,584
The
following represents condensed combined financial information of the Funds as of May 31, 2002 and 2001 (in thousands).
2002
2001
Assets
$
78,310
93,770
Liabilities
2,207
1,869
Capital
76,103
91,901
Total liabilities and capital
$
78,310
93,770
(4)   Net Worth Requirements
The Company is required to maintain an amount of net worth as stated in each Fund's agreement. For the purpose of compliance, net worth is defined as the total of
common stock issued and subscribed, paid in capital, demand note receivables, and retained earnings. At May 31, 2002, the Company believes it is in compliance with its net worth requirements.
(5)   Common Stock Subscriptions
The Company and its Parent entered into stock subscription agreements whereby the Parent subscribed to purchase up to 29,990 shares of the Company's stock at $100
per share in order to ensure the Company's continued compliance with its net worth requirements. No subscribed stock was issued, nor is it known when and if any will be issued in the future. As such,
the subscribed stock receivable amount is shown as a deduction from stockholder's equity.
PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.
108
CIS INVESTMENTS, INC.
Notes to Financial Statements
May 31, 2002 and 2001
(6)   Demand Note Receivable
The Company received a capital contribution of $18,000,000 from its Parent and entered into a related non-interest bearing demand note for $18,000,000. No cash
was transferred, nor is it known when and if any will be transferred in the future. As such, the demand note is shown as a deduction from stockholder's equity.
(7)   Related Parties
The Company has no employees. The Parent provides facilities and administrative services to the Company at no cost. The Parent also pays certain expenses on
behalf of the Company.
(8)   Financial Instruments with Off-balance Sheet Risk
As general partner or managing owner of the Funds, the Company's investment in the Funds are subject to the risks related to financial instruments and commodity
contracts held or sold short by these Funds. The Company 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 the contract. However, the Company bears the risk of loss only to the extent of the market value of its respective investment and, in certain
specific circumstances, distributions and redemptions received.
PURCHASERS OF UNITS WILL NOT RECEIVE AN INTEREST IN THIS ENTITY.
109
PART TWO
STATEMENT OF ADDITIONAL INFORMATION
This Prospectus is in two parts: a Disclosure Document and a Statement of Additional Information. These parts are bound together, and both contain important
information.
FUTURES MARKETS AND TRADING METHODS
The Futures and Forward Markets
The Commodity Futures Modernization Act of 2000 ("CFMA") became effective in December 2000 and substantially amended various laws relating to the trading
of futures and derivatives contracts. New regulations regarding the trading of futures contracts have been enacted and more are expected. Although the new regulations have not had a significant impact
on the markets traded by the Trust, it is impossible to predict how such regulations may impact the trading activities of the Trust. The following discussion describes traditional futures trading and
briefly describes the characteristics of new exchanges permitted by the CFMA.
Futures and Forward Contracts
Futures contracts normally have standardized terms, such as size and delivery month, and call for the future delivery of various commodities. These contractual
obligations may be satisfied either by taking or making physical delivery or by making an offsetting sale or purchase of a futures contract.
Prior
to the enactment of the CFMA, futures contracts could only be traded on exchanges that were designated as "contract markets" by the CFTC. The CFMA permits certain futures contracts
between
sophisticated parties to be traded "off exchange." The CFMA permits several new categories of exchanges to be created, each of which is subject to less regulation than traditional
CFTC-approved contract markets. To date, all of the Trust's futures trading in the United States has been conducted on exchanges subject to the full oversight of the CFTC and the Managing
Owner expects that substantially all of the Trust's futures trading in the United States will continue to be conducted on such exchanges. However, it is not now possible to determine what impact the
existence of these new exchanges will have on the Trust's trading activities.
Forward
currency contracts are traded off-exchange through banks or dealers. In such instances, the bank or dealer generally acts as principal in the transaction and charges
"bid-ask" spreads.
Futures
and forward trading is a "zero-sum," risk transfer economic activity. For every gain there is an equal and offsetting loss.
Exchange of Futures for Physicals ("EFP") Transactions
Although futures contracts are normally entered into through competitive bidding and offering on an exchange floor (or its electronic equivalent), most U.S.
exchanges allow futures contracts also to be established in a transaction known as an exchange of futures for physicals ("EFP"). In an EFP transaction where two parties engage in a cash sale of a
commodity underlying a futures contract, those same two parties are permitted to establish futures positions of an equivalent quantity opposite to their cash transaction. For example, a seller of a
cash commodity would be permitted to establish a long futures position of an equivalent quantity and the buyer of the cash commodity would be permitted to establish a short futures position of the
equivalent commodity. In some futures markets, the cash transaction upon which the EFP is based can be the reversal of a previously entered into but unsettled cash transaction. In those markets,
because the cash transaction is essentially "transitory," EFPs can serve as a means for parties to enter into futures contracts at negotiated prices and at other than during normal trading hours.
110
Hedgers and Speculators
The two broad classifications of persons who trade futures are "hedgers" and "speculators." Hedging is designed to minimize the losses that may occur because of
price changes, for example, between the time a merchandiser contracts to sell a commodity and the time of delivery. The futures and forward markets enable the hedger to shift the risk of price changes
to the speculator. The speculator risks capital with the hope of making profits from such changes. Speculators, such as the Trust, rarely take
delivery of the physical commodity but rather close out their futures positions through offsetting futures contracts.
Exchanges; Position and Daily Limits; Margins
Each of the existing futures exchanges in the United States has an associated "clearinghouse." Once trades made between members of an exchange have been cleared,
each clearing broker looks only to the clearinghouse for all payments in respect of such broker's open positions. The clearinghouse "guarantee" of performance on open positions does not run to
customers. If a member firm goes bankrupt, customers could lose money.
JWH
trades for the Trust on a number of foreign commodities exchanges. Foreign commodity exchanges differ in certain respects from their United States counterparts and are not regulated
by any United States agency.
The
CFTC and the United States exchanges have established "speculative position limits" on the maximum positions that JWH may hold or control in futures contracts on certain commodities.
Most
United States futures exchanges limit the maximum change in futures prices during any single trading day. Once the "daily limit" has been reached, it becomes very difficult to
execute trades. Because these limits apply on a day-to-day basis, they do not limit ultimate losses, but may reduce or eliminate liquidity.
When
a position is established, "initial margin" is deposited. On most futures exchanges, at the close of each trading day "variation margin," representing the unrealized gain or loss on
the open positions, is either credited to or debited from a trader's account. If "variation margin" payments cause a trader's "initial margin" to fall below "maintenance margin" levels, a "margin
call" is made, requiring the trader to deposit additional margin or have his position closed out.
Trading Methods
Managed futures strategies are generally classified as either (i) systematic or discretionary; and (ii) technical or fundamental.
Systematic and Discretionary Trading Approaches
A systematic trader relies on trading programs or models to generate trading signals. Discretionary traders make trading decisions on the basis of their own
judgment.
Each
approach involves inherent risks. For example, systematic traders may incur substantial losses when fundamental or unexpected forces dominate the markets, while discretionary
traders may overlook price trends which would have been signaled by a system.
Technical and Fundamental Analysis
Technical analysis operates on the theory that market prices, momentum and patterns at any given point in time reflect all known factors affecting the supply and
demand for a particular commodity. Consequently, technical analysis focuses on market data as the most effective means of attempting to predict future prices.
111
Fundamental
analysis, in contrast, focuses on the study of factors external to the markets, for example: weather, the economy of a particular country, government policies, domestic and
foreign political and economic events, and changing trade prospects. Fundamental analysis assumes that markets are imperfect and that market mispricings can be identified.
Trend-Following
Trend-following advisors try to take advantage of major price movements, in contrast with traders who focus on making many small profits on short-term
trades or through relative value positions. Trend-following traders assume that most of their trades will be unprofitable. They look for a few large profits from big trends. During periods with no
major price movements, a trend-following trading advisor is likely to have big losses.
Risk Control Techniques
Trading advisors often adopt risk management principles. Such principles typically restrict the size of positions taken as well as establishing
stop-loss points at which losing positions must be liquidated. However, no risk control technique can assure that big losses will be avoided.
The JWH programs are systematic, technical and trend-following.
112
"BLUE SKY" GLOSSARY
The following definitions are included in this Statement of Additional Information in compliance with the requirements of various state
securities administrators who review public futures fund offerings for compliance with the "Guidelines for the Registration of Commodity Pool Programs" Statement of Policy promulgated by the North
American Securities Administrators Association, Inc. The following definitions are reprinted verbatim from such Guidelines and may, accordingly, not in all cases be relevant to an investment in
the Trust.
Definitions
—As used in the Guidelines, the following terms have the following meanings:
Administrator
—The official or agency administering the security laws of a state.
Advisor
—Any Person who for any consideration engages in the business of advising others, either directly or indirectly, as to
the value, purchase, or sale of commodity contracts or commodity options.
Affiliate
—An Affiliate of a Person means: (a) any Person directly or indirectly owning, controlling or holding with
power to vote 10% or more of the outstanding voting securities of such Person; (b) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held with power to vote, by such Person; (c) any Person, directly or indirectly, controlling, controlled by, or under common control of such Person; (d) any officer, director or partner
of such Person; or (e) if such Person is an officer, director or partner, any Person for which such Person acts in any such capacity.
Capital Contributions
—The total investment in a Program by a Participant or by all Participants, as the case may be.
Commodity Broker
—Any Person who engages in the business of effecting transactions in commodity contracts for the account of
others or for his or her own account.
Commodity Contract
—A contract or option thereon providing for the delivery or receipt at a future date of a specified amount
and grade of a traded commodity at a specified price and delivery point.
Cross Reference Sheet
—A compilation of the Guideline sections, referenced to the page of the prospectus, Program agreement, or
other exhibits, and justification of any deviation from the Guidelines.
Net Assets
—The total assets, less total liabilities, of the Program determined on the basis of generally accepted accounting
principles. Net Assets shall include any unrealized profits or losses on open positions, and any fee or expense including Net Asset fees accruing to the Program.
Net Asset Value Per Program Interest
—The Net Assets of the Trust divided by the number of Units outstanding.
Net Worth
—The excess of total assets over total liabilities as determined by generally accepted accounting principles. Net
Worth shall be determined exclusive of home, home furnishings and automobiles.
New Trading Profits
—The excess, if any, of Net Assets at the end of the period over Net Assets at the end of the highest
previous period or Net Assets at the date trading commences, whichever is higher, and as further adjusted to eliminate the effect on Net Assets resulting from new Capital Contributions, redemptions,
or capital distributions, if any, made during the period decreased by interest or other income, not directly related to trading activity, earned on Program assets during the period, whether the assets
are held separately or in a margin account.
113
Organizational and Offering Expenses
—All expenses incurred by the Program in connection with and in preparing a Program for
registration and subsequently offering and distributing it to the public, including, but not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriter's
attorneys), expenses for printing, engraving, mailing, salaries of employees while engaged in sales activity, charges of transfer agents, registrars, trustees, escrow holders, depositories, experts,
expenses of qualification of the sale of its Program Interests under federal and state law, including taxes and fees, and accountants' and attorneys' fees.
Participant
—The holder of a Program Interest.
Person
—Any natural person, partnership, corporation, association or other legal entity.
Pit Brokerage Fee
—Pit Brokerage Fee shall include floor brokerage, clearing fees, National Futures Association fees, and
exchange fees.
Program
—A limited partnership, joint venture, corporation, trust or other entity formed and operated for the purpose of
investing in Commodity Contracts.
Program Broker
—A Commodity Broker that effects trades in Commodity Contracts for the account of a Program.
Program Interest
—A limited partnership interest or other security representing ownership in a Program.
Pyramiding
—A method of using all or a part of an unrealized profit in a Commodity Contract position to provide margin for any
additional Commodity Contracts of the same or related commodities.
Sponsor
—Any Person directly or indirectly instrumental in organizing a Program or any Person who will manage or participate in
the management of a Program, including a Commodity Broker who pays any portion of the Organizational Expenses of the Program, and the general partner(s) and any other Person who regularly performs or
selects the Persons who perform services for the Program. Sponsor does not include wholly independent third parties such as attorneys, accountants, and underwriters whose only compensation is for
professional services rendered in connection with the offering of the Units. The term "Sponsor" shall be deemed to include its Affiliates.
Valuation Date
—The date as of which the Net Assets of the Program are determined.
Valuation Period
—A regular period of time between Valuation Dates.
114
EXHIBIT A
JWH GLOBAL TRUST
FIFTH AMENDED AND RESTATED
DECLARATION AND AGREEMENT OF TRUST
Dated as of July 1, 2003
JWH GLOBAL TRUST
FIFTH AMENDED AND RESTATED
DECLARATION AND AGREEMENT OF TRUST
TABLE OF CONTENTS
Page
1.
Declaration of Trust
A-1
2.
The Trustee
A-1
(a) Term; Resignation
A-1
(b) Powers
A-2
(c) Compensation and Expenses of the Trustee
A-2
(d) Indemnification
A-2
(e) Successor Trustee
A-3
(f) Liability of the Trustee
A-3
(g) Reliance by the Trustee and the Managing Owner; Advice of Counsel
A-4
(h) Not Part of Trust Estate
A-4
3.
Principal Office
A-4
4.
Business
A-4
5.
Term, Dissolution, Fiscal Year and Net Asset Value
A-5
(a) Term
A-5
(b) Dissolution
A-5
(c) Fiscal Year
A-6
(d) Net Asset Value
A-6
6.
Net Worth of Managing Owner
A-6
7.
Capital Contributions; Units; Managing Owner's Liability
A-6
(a) Capital Contributions; Units
A-6
(b) Managing Owner's Liability
A-7
8.
Allocation of Profits and Losses
A-7
(a) Capital Accounts and Allocations
A-7
(b) Allocation of Profit and Loss for Federal Income Tax Purposes
A-7
(c) Expenses
A-9
(d) Limited Liability of Unitholders
A-10
(e) Return of Capital Contributions
A-11
9.
Management of the Trust
A-11
(a) Authority of the Managing Owner
A-11
(b) Fiduciary Duties
A-12
(c) Loans; Investments
A-12
(d) Certain Conflicts of Interest Prohibited
A-12
(e) Certain Agreements
A-13
(f) Prohibition on "Pyramiding"
A-13
(g) Freedom of Action
A-14
10.
Audits and Reports to Unitholders
A-14
11.
Assignability of Units
A-15
12.
Redemptions
A-16
13.
Offering of Units
A-17
14.
Additional Offerings
A-18
15.
Special Power of Attorney
A-18
16.
Withdrawal of a Unitholder
A-18
17.
Benefit Plan Investors
A-19
18.
Standard of Liability; Indemnification
A-19
(a) Standard of Liability for the Managing Owner
A-19
(b) Indemnification of the Managing Owner by the Trust
A-19
(c) Indemnification by the Unitholders
A-21
19.
Amendments; Meetings
A-21
(a) Amendments with Consent of the Managing Owner
A-21
(b) Amendments and Actions without Consent of the Managing Owner
A-22
(c) Meetings; Other
A-22
(d) Consent by Trustee
A-22
20.
Governing Law
A-23
21.
Miscellaneous
A-23
(a) Notices
A-23
(b) Binding Effect
A-23
(c) Captions
A-23
22.
Certain Definitions
A-23
23.
No Legal Title to Trust Estate
A-25
24.
Legal Title
A-25
25.
Creditors
A-25
Testimonium
Signatures
A-ii
JWH GLOBAL TRUST
FIFTH AMENDED AND RESTATED
DECLARATION AND AGREEMENT OF TRUST
This FIFTH AMENDED AND RESTATED DECLARATION AND AGREEMENT OF TRUST ("Declaration and Agreement of Trust") of
JWH Global
Trust
(the "Trust") is made and entered into as of this 1st day of July, 2003 by and among
CIS Investments, Inc.
, a
Delaware corporation, as a managing owner (the "Managing Owner"),
Wilmington Trust Company
, a Delaware banking corporation, as trustee (the "Trustee"),
each other party who shall execute a counterpart of this Declaration and Agreement of Trust as an owner of a unit of beneficial interest of the Trust ("Units") or who becomes a party to this
Declaration and Agreement of Trust as a Unitholder by execution of a Subscription Agreement and Power of Attorney Signature Page or otherwise and who is shown in the books and records of the Trust as
a Unitholder (individually, a "Unitholder" and, collectively, the "Unitholders").
WITNESSETH:
WHEREAS, the parties hereto desire to continue the Trust for the business and purpose of issuing Units, the capital of which shall be used to engage in
speculative trading, buying, selling or otherwise acquiring, holding or disposing of futures and forward contracts on currencies, interest rate, energy and agricultural products, metals and stock
indices, hybrid instruments, swaps, any rights pertaining thereto and any options thereon or on physical commodities, with the objective of capital appreciation through speculative trading, and to
amend and restate the Third Amended and Restated Declaration and Agreement of Trust of the Trust in its entirety.
NOW
THEREFORE, the parties hereto agree as follows:
1.
Declaration of Trust.
The
Trustee hereby declares that it holds the investments in the Trust in trust upon and subject to the conditions set forth herein for the use and benefit of the Unitholders. It is the
intention of the parties hereto that the Trust shall be a statutory trust under the Act, and that this Declaration and Agreement of Trust shall constitute the governing instrument of the Trust. The
Trustee has filed the Certificate of Trust required by Section 3810 of the Act.
Nothing
in this Declaration and Agreement of Trust shall be construed to make the Unitholders partners or members of a joint stock association except to the extent that such Unitholders,
as constituted from time to time, are deemed to be partners under the Internal Revenue Code of 1986, as amended (the "Code"), and applicable state and local tax laws. Notwithstanding the foregoing, it
is the intention of the parties hereto that the Trust be treated as a partnership for purposes of taxation under the Code and applicable state and local tax laws. Effective as of the date hereof, the
Trustee shall have all of the rights, powers and duties set forth herein and in the Act with respect to accomplishing the purposes of the Trust.
2.
The Trustee.
(a)
Term; Resignation.
(i) Wilmington Trust Company has been appointed and has agreed to serve as the Trustee of the
Trust. The Trust shall have only one trustee unless otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the Trustee or the Trustee resigns
and a successor Trustee is appointed by the Managing Owner in accordance with the terms of Section 2(e) hereof.
(ii)   The
Trustee may resign at any time upon the giving of at least 60 days' advance written notice to the Trust; provided, that such resignation shall not become
effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with
A-1
Section 2(e)
hereof. If the Managing Owner does not act within such 60 day period, the Trustee may apply to the Court of Chancery of the State of Delaware for the appointment of a
successor Trustee.
(b)
Powers.
Except to the extent expressly set forth in this Section 2 and Sections 3 and 24, the duty and authority
of the Trustee to manage the business and affairs of the Trust are hereby delegated to the Managing Owner. The Trustee shall have only the rights, obligations or liabilities specifically provided for
herein and in the Act and shall have no implied rights, obligations or liabilities with respect to the business or affairs of the Trust. The Trustee shall have the power and authority to execute,
deliver, acknowledge and file all necessary documents, including any amendments to or cancellation of the Certificate of Trust, and to maintain all necessary records of the Trust as required by the
Act. The Trustee shall provide prompt notice to the Managing Owner of the Trustee's performance of any of the
foregoing. The Managing Owner shall keep the Trustee informed of any actions taken by the Managing Owner with respect to the Trust that affect the rights, obligations or liabilities of the Trustee
hereunder or under the Act.
(c)
Compensation and Expenses of the Trustee.
The Trustee shall be entitled to receive from the Trust or, if the assets of
the Trust are insufficient, from the Managing Owner reasonable compensation for its services hereunder in accordance with the Trustee's standard fee schedule, and shall be entitled to be reimbursed by
the Trust or, if the assets of the Trust are insufficient, by the Managing Owner for reasonable out-of-pocket expenses incurred by the Trustee in the performance of its duties
hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other agents as the Trustee may employ in
connection with the exercise and performance of its rights and duties hereunder, to the extent attributable to the Trust.
(d)
Indemnification.
The Managing Owner agrees, whether or not any of the transactions contemplated hereby shall be
consummated, to assume liability for, and does hereby indemnify, protect, save and keep harmless the Trustee and its successors, assigns, legal representatives, officers, directors, agents and
servants (the "Indemnified Parties") from and against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes payable by the Trustee on or measured by any
compensation received by the Trustee for its services hereunder or as indemnity payments pursuant to this Section 2(d)), claims, actions, suits, costs, expenses or disbursements (including
legal fees and expenses) of any kind and nature whatsoever (collectively, "Expenses"), which may be imposed on, incurred by or asserted against the Indemnified Parties in any way relating to or
arising out of the formation, operation or termination of the Trust, the execution, delivery and performance of any other agreements to which the Trust is a party or the action or inaction of the
Trustee hereunder or thereunder, except for Expenses resulting from the gross negligence or willful misconduct of the Indemnified Parties. The indemnities contained in this Section 2(d) shall
survive the termination of this Declaration and Agreement of Trust or the removal or resignation of the Trustee. In addition, the Indemnified Parties shall be entitled to indemnification from any
cash, net equity in any commodity futures, forward and option contracts, all funds on deposit in the accounts of the Trust, any other property held by the Trust, and all proceeds therefrom, including
any rights of the Trust pursuant to any agreements to which the Trust is a party (the "Trust Estate") to the extent such expenses are attributable to the formation, operation or termination of the
Trust as set forth above, and to secure the same the Trustee shall have a lien against the Trust Estate which shall be prior to the rights of the Managing Owner and the Unitholders to receive
distributions from the Trust Estate. The Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the
Trust Estate which result from claims against the Trustee personally that are not related to the ownership or the administration of the Trust Estate or the transactions contemplated by any documents
to which the Trust is a party.
A-2
(e)
Successor Trustee.
Upon the resignation or removal of the Trustee, the Managing Owner shall appoint a successor Trustee
by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Act. Any resignation or removal of the
Trustee and appointment of a successor Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Owner
and any fees and expenses due to the outgoing Trustee are paid. Following compliance with the preceding sentence, the successor Trustee shall become fully vested with all of the rights, powers, duties
and obligations of the outgoing Trustee under this Declaration and Agreement of Trust, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties
and obligations under this Declaration and Agreement of Trust.
(f)
Liability of the Trustee.
Except as otherwise provided in this Section 2, in accepting the trust created hereby,
Wilmington Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all persons having any claim against the Trustee by reason of the transactions contemplated by this
Declaration and Agreement of Trust and any other agreement to which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof. The Trustee shall not be liable or
accountable hereunder or under any other agreement to which the Trust is a party, except for the Trustee's gross negligence or willful misconduct. In particular, but not by way of limitation:
(i)    the
Trustee shall have no liability or responsibility for the validity or sufficiency of this Declaration and Agreement of Trust or for the form, character, genuineness,
sufficiency, value or validity of the Trust Estate;
(ii)   the
Trustee shall not be liable for any actions taken or omitted to be taken by it in accordance with the instructions of the Managing Owner;
(iii)  the
Trustee shall not have any liability for the acts or omissions of the Managing Owner;
(iv)  the
Trustee shall not be liable for its failure to supervise the performance of any obligations of the Managing Owner, any commodity broker, any selling agent, any
additional selling agent, "wholesaler" selling agent or "correspondent" selling agent;
(v)   no
provision of this Declaration and Agreement of Trust shall require the Trustee to expend or risk funds or otherwise incur any financial liability in the performance
of any of its rights or powers hereunder if the Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured or provided to it;
(vi)  under
no circumstances shall the Trustee be liable for indebtedness evidenced by or other obligations of the Trust arising under this Declaration and Agreement of Trust
or any other agreements to which the Trust is a party;
(vii) the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Declaration and Agreement of Trust, or to institute, conduct or
defend any litigation under this Declaration and Agreement of Trust or any other agreements to which the Trust is a party, at the request, order or direction of the Managing Owner or any Unitholders
unless the Managing Owner or such Unitholders have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Trustee
(including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby; and
(viii) notwithstanding
anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of
Delaware if the taking of such action will (a) require the consent or approval or authorization or order of or the giving of
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notice
to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (b) result
in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivision thereof in existence as of the date hereof other than the State of Delaware becoming
payable by the Trustee or (c) subject the Trustee to personal jurisdiction other than in the State of Delaware for causes of action arising from personal acts unrelated to the consummation by
the Trustee of the transactions contemplated hereby.
(g)
Reliance by the Trustee and the Managing Owner; Advice of Counsel.
(i) In the absence of bad faith, the Trustee
and the Managing Owner may conclusively rely upon certificates or opinions furnished to the Trustee or the Managing Owner and conforming to the requirements of this Declaration and Agreement of Trust
in determining the truth of the statements and the correctness of the opinions contained therein, and shall incur no liability to anyone in acting on any signature, instrument, notice, resolution,
request, consent, order, certificate, report, opinion, bond or other document or paper which is believed to be genuine and believed to be signed by the proper party or parties, and need not
investigate any fact or matter pertaining to or in any such document; provided, however, that the Trustee or the Managing Owner shall have examined any certificates or opinions so as to determine
compliance of the same with the requirements of this Declaration and Agreement of Trust. The Trustee or the Managing Owner may accept a certified copy of a resolution of the board of directors or
other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the
method of the determination of which is not specifically prescribed herein, the Trustee or the Managing Owner may for all purposes hereof rely on a certificate, signed by the president or any
vice-president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Trustee or
the Managing Owner for any action taken or omitted to be taken by either of them in good faith in reliance thereon.
(ii)   In
the exercise or administration of the trust hereunder and in the performance of its duties and obligations under this Declaration and Agreement of Trust, the
Trustee, at the expense of the Trust, (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Trustee shall
not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall
have been selected by the Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled professionals to be selected with reasonable care by the Trustee;
provided that the Trustee shall not allocate any of its internal expenses or overhead to the account of the Trust. The Trustee shall not be liable for anything done, suffered or omitted in good faith
by it in accordance with the opinion or advice of any such counsel, accountant or other such persons.
(h)
Not Part of Trust Estate.
Amounts paid to the Trustee from the Trust Estate, if any, pursuant to this Section 2
shall not be deemed to be part of the Trust Estate immediately after such payment.
3.
Principal Office.
The address of the principal office of the Trust is c/o CIS Investments, Inc., 233
South Wacker Drive, Suite 2300, Chicago, IL 60606. The Trustee is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration. The
Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address. In the event Wilmington Trust Company resigns or is removed as the Trustee, the Trustee of the
Trust in the State of Delaware shall be the successor Trustee.
4.
Business.
The Trust's business and purpose is to trade, buy, sell or otherwise acquire, hold or dispose of
all futures contracts including, but not limited to, those on currencies, interest rates, energy
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and
agricultural products, metals and stock indices; spot and forward contracts in currencies and precious metals; any rights pertaining thereto and any options thereon or on physical commodities; as
well as securities and any rights pertaining thereto and any options thereon, and to engage in all activities necessary, convenient or incidental thereto. The Trust may also engage in "hedge,"
arbitrage and cash trading of any of the foregoing instruments. The Trust may engage in such business and purpose either directly or through joint ventures, entities or partnerships, provided that the
Trust's participation in any of the foregoing has no adverse economic or liability consequences for the Unitholders, which consequences would not be present had the Trust engaged in that same business
or purpose directly.
The
objective of the Trust's business is appreciation of its assets through speculative trading. The Trust shall have the power to engage in all activities which are necessary, suitable,
desirable, convenient or incidental to the accomplishment to the foregoing business and purpose. The Trust shall do so under the direction of the Managing Owner.
5.
Term, Dissolution, Fiscal Year and Net Asset Value.
(a)
Term.
The term of the Trust commenced on the day on which the Certificate of Trust was filed with the Secretary of State
of the State of Delaware pursuant to the provisions of the Act and shall end upon the first to occur of the following: (1) December 31, 2026; (2) receipt by the Managing Owner of
the determination by Unitholders owning more than 50% of the Units then owned by Unitholders to dissolve the Trust, notice of which is sent by certified mail, return receipt requested, to the Managing
Owner not less than 90 days prior to the effective date of such dissolution; (3) the bankruptcy, retirement, resignation, expulsion, withdrawal, insolvency or dissolution of the Managing
Owner, or any other event that causes the Managing Owner to cease to be managing owner of the Trust unless within 90 days after such event all Unitholders agree in writing to continue the
business of the Trust and to the appointment, effective as of the date of such event, of one or more managing owners of the Trust (except Unitholders owning more than 50% of the Units then outstanding
may agree in writing to the appointment of one or more managing owners to continue the business of the Trust); (4) the insolvency or bankruptcy of the Trust; (5) a decline in the
aggregate Net Assets of the Trust to less than $2,500,000 (except as provided in Section 12); (6) a decline in the Net Asset Value per Unit to $50 or less (except as provided in
Section 12); (7) dissolution of the Trust pursuant hereto; or (8) any other event which shall make it unlawful for the existence of the Trust to be continued or require
dissolution of the Trust.
(b)
Dissolution.
Upon the occurrence of an event causing the dissolution of the Trust, the Trust shall be dissolved and its
affairs wound up. Upon the dissolution of the Trust, the Managing Owner or, in the event that dissolution of the Trust pursuant to Section 5(a)(3) has caused the Managing Owner to cease to be
managing owner of the Trust, a person or persons approved by the affirmative vote of more than 50% of the Units then owned by Unitholders, shall wind up the Trust's affairs and, in connection
therewith, shall distribute the Trust's assets in the following manner and order:
(i)    FIRST
TO payment and discharge of all claims of creditors of the Trust (including, to the extent otherwise permitted by law, creditors who are Unitholders), including by
the creation of any reserve that the Managing Owner (or its successor), in its sole discretion, may consider reasonably necessary for any losses, contingencies, liabilities or other matters of or
relating to the Trust; provided, however, that if and when the cause for such reserve ceases to exist, the monies, if any, then in such reserve shall be distributed in the manner hereinafter provided;
and
(ii)   SECOND
TO distribution in cash of the remaining assets to the Unitholders in proportion to their capital accounts, after giving effect to the allocations pursuant to
Section 8 hereof as if the date of distribution were the end of a calendar year.
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(c)
Fiscal Year.
The fiscal year of the Trust shall begin on January 1 of each year and end on the following
December 31; provided, however, that the first fiscal year of the Trust shall commence on the date its Certificate of Trust is filed.
(d)
Net Asset Value.
The Net Assets of the Trust are its assets less its liabilities determined in accordance with generally
accepted accounting principles. The Net Asset Value per Unit is the Net Assets of the Trust divided by the number of Units outstanding, subject to the provision of Section 8(a) hereof.
A
futures or futures option contract traded on a United States commodity exchange shall be valued at the settlement price on the date of valuation. If such a contract held by the Trust
cannot be liquidated on the day with respect to which Net Assets are being determined, the settlement price on the first subsequent day on which the contract can be liquidated shall be the basis for
determining the liquidating value of such contract for such day, or such other value as the Managing Owner may deem fair and reasonable. The liquidating value of a futures, forward or option contract
not traded on a United States commodity exchange shall mean its liquidating value as determined by the Managing Owner on a basis consistently applied for each different variety of such contract.
The
Managing Owner may only cause the Trust to invest in joint ventures, entities or partnerships which conform to the foregoing valuation principles.
Organizational
and initial offering cost reimbursement shall not reduce Net Asset Value for any purpose, including calculating the redemption value of Units; however, the amount of
organizational and initial offering costs amortized at each month-end during the amortization period will reduce Net Asset Value as of each such month-end.
Accrued
Incentive Fee (as described in the Prospectus as defined in Section 9(a)) payable to John W. Henry & Company, Inc., the Trust's trading advisor ("JWH")
(including the portion paid to JWH upon intra-calendar quarter redemption of certain Units) shall reduce the Net Asset Value of the Trust.
6.
Net Worth of Managing Owner.
The
Managing Owner agrees that at all times so long as it remains the managing owner of the Trust, it will maintain a Net Worth at an amount not less than 5% of the total contributions
by all Unitholders to the Trust and all entities of which the Managing Owner is general partner or managing owner. In no event shall the Managing Owner be required to maintain a net worth in excess of
the greater of (i) $1,000,000 or (ii) the amount which the Managing Owner is advised by counsel as necessary or advisable to ensure that the Trust is taxed as a partnership for federal
income tax purposes.
7.
Capital Contributions; Units; Managing Owner's Liability.
(a)
Capital Contributions; Units
. The beneficial interests in the Trust shall consist of two types: a general liability
interest and limited liability Units. The Managing Owner shall acquire the general liability interest, and investors shall all acquire limited liability Units.
Upon
the initial contribution by the Managing Owner to the Trust, the Managing Owner became the holder of the general liability interest of the Trust.
No
certificates or other evidences of beneficial ownership of the Units will be issued. The Unitholders' respective capital contributions to the Trust shall be as shown on the books and
records of the Trust.
Every
Unitholder, by virtue of having purchased or otherwise acquired Units, shall be deemed to have expressly consented and agreed to be bound by the terms of this Declaration and
Agreement of Trust.
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Any
Units acquired by the Managing Owner or any of its affiliates will be non-voting, and will not be considered outstanding for purposes of determining whether the majority
approval of the outstanding Units has been obtained.
The
general liability interest in the Trust held by the Managing Owner will be non-voting.
(b)
Managing Owner's Liability
. The Managing Owner shall have unlimited liability for the repayment, satisfaction and
discharge of all debts, liabilities and obligations of the Trust to the full extent, and only to the extent, of the Managing Owner's assets.
The
Managing Owner shall be liable for the acts, omissions, obligations and expenses of the Trust, to the extent not paid out of the assets of the Trust, to the same extent that the
Managing Owner would be so liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act and the Managing Owner were the general partner of such partnership. The
obligations of the Managing Owner under this paragraph shall be evidenced by its ownership of the general liability interest.
The
Managing Owner, so long as it is generally liable for the obligations of the Trust, shall invest in the Trust, as a general liability interest, no less than 1% of the total capital
contributions to the Trust (including the Managing Owner's contributions). The Managing Owner may (i) withdraw any interest it may have in excess of such requirement as of any
month-end or (ii) redeem any Units which it may acquire, in each case on the same terms as any Unitholder (although without early redemption charges).
8.
Allocation of Profits and Losses.
(a)
Capital Accounts and Allocations.
A capital account shall be established for each Unit and for the Managing Owner. The
initial balance of each capital account shall be the aggregate amount contributed to the Trust with respect to a Unit, which amount shall be equal to the Net Asset Value per Unit on the date each Unit
is purchased after all accrued fees, expenses and Incentive Fee allocations (other than unamortized organizational and initial offering costs). The Net Asset Value per Unit prior to the Trust
commencing operations has been arbitrarily established by the Managing Owner as $100 per Unit.
As
of the close of business (as determined by the Managing Owner) on the last business day of each month, any increase or decrease in the Trust's Net Assets as compared to the last such
determination of Net Assets shall be credited or charged equally to the Units of all Unitholders.
In
making the month-end adjustments to the capital accounts described in the preceding paragraph, capital accounts of all Units shall be adjusted to reflect the Brokerage Fee
at the Primary Brokerage Fee Rate, as defined in Section 8(c). Each Unitholder eligible for a Special Brokerage Fee Rate pursuant to Section 8(c) shall, to the extent Units are available
for sale, be credited with additional Units at the following month-end Net Asset Value per Unit in an amount equal to the difference between the adjustment to the such Unitholder's Units
at the Primary Brokerage Fee Rate and the adjustment to the such Unitholder's Units that would have been made under the applicable Special Brokerage Fee Rate (the "Brokerage Fee Excess"). The
foregoing allocation of additional Units shall be used solely as a means of efficiently accounting for the Special Brokerage Fee Rate while preserving a uniform Net Asset Value per Unit. To the extent
Units are not available to be purchased with the Brokerage Fee Excess as of such date, the Brokerage Fee Excess shall be distributed to the Unitholder no later than 15 days after such
month-end.
(b)
Allocation of Profit and Loss for Federal Income Tax Purposes.
As of the end of each fiscal year, the Trust's income and
expense and capital gain or loss shall be allocated among the Unitholders (including the Managing Owner on a Unit-equivalent basis) pursuant to the following provisions of this
Section 8(b) for federal income tax purposes. Allocations of profit and loss shall be
pro rata
from net capital gain or loss and net ordinary
income or loss realized by the Trust
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unless
allocation of items of gain or income or loss or expense are necessary to satisfy the requirements in Sections 8(b)(1)(B) and 8(b)(1)(D) that sufficient profit and loss be allocated to tax
accounts such that tax accounts attributable to redeemed Units equal distributions in redemption of such Units. Notwithstanding the foregoing requirement that annual allocations of profit and loss be
pro rata
from capital and ordinary income, gain, loss and expense, adjustments to such allocations shall be made to reflect the extent to which income
or expense is otherwise determined and periodically allocated to the Unitholders, and such periodic allocations and adjustment shall be determined in a manner that in the judgment of the Managing
Owner is consistent with the intent of this Section 8(b).
(1)
Trust
profit and loss shall be allocated as follows:
(A)  For
the purpose of allocating profit or loss among the Unitholders, there shall be established a tax account with respect to each outstanding Unit and with respect to
the Managing Owner. The initial balance of each tax account shall be the amount contributed to the Trust for each Unit and the amount contributed by the Managing Owner. As of the end of each of the
first sixty months after the Trust begins operations, the balance of such tax account shall be reduced by each Unit's allocable share of the amount of organizational and initial offering cost
reimbursements amortized as of the end of such month by the Trust, as provided in Section 8(c). As of the end of each month after the Trust begins operations, the balance of such tax account
shall be further reduced by each Unit's allocable share of any amount payable by the Trust in respect of that month for the costs of the ongoing offering of Units. The adjustment to reflect the
amortization of organizational and initial offering cost reimbursements as well as ongoing offering costs shall be made prior to the following allocations of Trust profit and loss (and shall be taken
into account in making such allocations). Tax accounts shall be adjusted as of the end of each fiscal year and as of the date a Unitholder redeems any Units as follows:
(i)    Each
tax account shall be increased by the amount of profit allocated to the Unitholder pursuant to Section 8(b)(1)(B) and 8(b)(1)(C) below.
(ii)   Each
tax account shall be decreased by the amount of loss allocated to the Unitholder pursuant to Section 8(b)(1)(D) and 8(b)(1)(E) below and by the amount of
any distributions the Unitholder has received with respect to such Unit.
(iii)  When
a Unit is redeemed, the tax account attributable to such Unit (determined after making all allocations set forth in Section 8(b)) shall be eliminated.
(B)  Profits
shall be allocated first to each Unitholder who has redeemed any Units during the fiscal year up to the excess, if any, of the amount received upon redemption of
the Units over the amount in the Unitholder's tax account attributable to the redeemed Units.
(C)  Profit
remaining after the allocation thereof pursuant to Section 8(b)(1)(B) shall be allocated next among all Unitholders who hold Units outstanding at the end
of the applicable fiscal year whose capital accounts with respect to such Units are in excess of their tax accounts in the ratio that each such Unitholder's excess bears to all such Unitholders'
excesses. Profit remaining after the allocation described in the preceding sentence shall be allocated among all Unitholders in proportion to their holdings of outstanding Units.
(D)  Loss
shall be allocated first to each Unitholder who has redeemed any Units during the fiscal year up to the excess, if any, of the amount in such Unitholder's tax
account attributable to the redeemed Units over the amount received upon redemption of the Units.
(E)  Loss
remaining after the allocation thereof pursuant to Section 8(b)(1)(D) shall be allocated next among all Unitholders who hold Units outstanding at the end of
the applicable fiscal year whose tax accounts with respect to such Units are in excess of their capital accounts in
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the
ratio that each such Unitholder's excess bears to all such Unitholders' excesses. Loss remaining after the allocation pursuant to the preceding sentence shall be allocated among all Unitholders in
proportion to their holding of outstanding Units.
(2)
In
the event that a Unit has been assigned, the allocations prescribed by this Section 8(b) shall be made with respect to such Unit without regard to the assignment, except
that in the year of assignment the allocations prescribed by this Section 8(b) shall, to the extent permitted for federal income tax purposes, be allocated between the assignor and assignee
using the interim closing of the books method.
(3)
The
allocation for federal income tax purposes of profit and loss, as set forth herein, is intended to allocate taxable profit and loss among Unitholders generally in the ratio and to
the extent that net profit and net loss are allocated to such Unitholders under Section 8(a) hereof so as to eliminate, to the extent possible, any disparity between a Unitholder's capital
account and his tax account with respect to each Unit then outstanding, consistent with the principles set forth in Section 704(c) of the Code.
(4)
Notwithstanding
anything herein to the contrary, in the event that at the end of any Trust taxable year any Unitholder's capital account is adjusted for, or such Unitholder is
allocated, or there is distributed to such Unitholder any item described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) in an amount not reasonably
expected at the end of such year, and such treatment creates a deficit balance in such Unitholder's capital account, then such Unitholder shall be allocated all items of income and gain of the Trust
for such year and for all subsequent taxable years of the Trust until such deficit balance has been eliminated. In the event that any such unexpected adjustments, allocations or distributions create a
deficit balance in the capital accounts of more than one Unitholder in any Trust taxable, all items of income and gain of the Trust for such taxable year and all subsequent taxable years shall be
allocated among all such Unitholders in proportion to their respective deficit balances until such deficit balances have been eliminated.
(5)
The
allocations of profit and loss to the Unitholders shall not exceed the allocations permitted under Subchapter K of the Code, as determined by the Managing Owner, whose
determination shall be binding.
The
Managing Owner may adjust the allocations set forth in this Section 8(b), in the Managing Owner's discretion, if the Managing Owner believes that doing so will achieve more
equitable allocations or allocations more consistent with the Code.
(c)
Expenses.
The Managing Owner advanced all organizational and initial offering costs incurred in connection with the
initial public offering of Units, for which the Managing Owner was reimbursed by the Trust on the closing date of the initial public offering of Units (the "Initial Closing Date") and such costs are
being amortized over 60 months beginning with June 1997. At no month-end will the amount amortized by the Trust exceed
1
/
60
of 2% of the month-end
Net Assets of the Trust. The amount amortized each month-end shall be the lesser of (i) the product of (x) one divided by the number of months remaining in the amortization
period times (y) the unamortized balance of the capitalized organizational and initial offering costs, or (ii)
1
/
60
of 2% of such month-end Net Assets at that
month-end. The amount of such expenses amortized each month shall be allocated on a
pro rata
basis to each Unit outstanding at such
month-end (determined prior to any redemptions). If (i) the Trust is terminated prior to the end of such 60-month period, or (ii) the entire amount of the
organizational and initial offering costs reimbursed to the Managing Owner is not amortized at the end of the 60-month period due to the 2% limitation, the Managing Owner shall return to
the Trust, without interest, an amount equal to the unamortized balance of the capitalized organizational and initial offering costs.
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Effective
July 1, 2003, the Trust shall pay no later than the fifth day of each month to Cargill Investor Services, Inc., the Trust's clearing broker ("CIS"), the monthly
Brokerage Fee at an annual rate of 6.0% (or approximately 0.5% per month) of the Trust's assets (after deduction of the Management Fee payable to the Trust's trading advisor) as of the immediately
preceding month-end (the "Brokerage Fee Rate"); provided that, with respect to the month-end assets of the Trust attributable to Units held by any Unitholder holding as of such
month-end Units originally issued at an aggregate Net Asset Value of at least $5,000,000, CIS shall be paid a Brokerage Fee at an annual rate equal to 4.5% (or a monthly rate of
approximately 0.375%) of the assets (after deduction of the Management Fee) attributable to such Units ("Special Brokerage Fee Rate"), as described in the Prospectus. Prior to July 1, 2003, the
Trust paid CIS a monthly Brokerage Fee at an annual rate of 6.5% (or approximately 0.542% per month) and a Special Brokerage Fee at an annual rate equal to 5% (or approximately 0.417% per month). In
the event of Unitholders acquiring Units at more than one time, their Units will be treated on a "first-in, first-out" basis, as described in the Prospectus, for purposes of
determining whether the Special Brokerage Fee Rate is applicable.
Any
goods and services provided to the Trust by the Managing Owner shall be provided at rates and terms at least as favorable as those which may be obtained from third parties in
arm's-length negotiations. All of the expenses which are for the Trust's account shall be billed directly to the Trust, as appropriate. Appropriate reserves may be created, accrued and charged against
Net Assets for contingent liabilities, if any, as of the date any such contingent liability becomes known to the Managing Owner.
The
Trust shall bear the costs of the continuous offering of the Units (other than selling commissions and ongoing compensation), as incurred; provided that the Managing Owner shall
absorb, without reimbursement from the Trust, all such costs to the extent that such costs exceed 0.5% of the Trust's average month-end Net Assets in any fiscal year. The amount of any
such costs borne by the Trust shall be allocated on a
pro rata
basis to each Unit outstanding at any month-end (determined prior to any
redemptions).
Net
Assets, for purposes of calculating the 2% and 0.5% limitations on organizational and initial offering cost amortization and continuous offering costs set forth in this
Section 8(c), shall be calculated in the same manner as calculation of the redemption value of a Unit,
i.e.,
net of all accrued fees and expenses
including any accrued Incentive Fee (but prior to redemption charges).
In
no event shall organizational and offering expenses (including redemption fees, but excluding selling commission and ongoing compensation) exceed 15% of the capital contributions to
the Trust.
The
Managing Owner shall not allocate any of its internal expenses or overhead to the account of the Trust.
(d)
Limited Liability of Unitholders.
Each Unit, when purchased in accordance with this Declaration and Agreement of Trust,
shall, except as otherwise provided by law, be fully-paid and nonassessable. Any provisions of this Declaration and Agreement of Trust to the contrary notwithstanding, Unitholders
(including the Managing Owner, except to the extent otherwise provided herein) shall be entitled to the same limitation on personal liability extended to stockholders of private corporations for
profit organized under the General Corporation Law of the State of Delaware.
The
Trust will indemnify, to the full extent permitted by law, each Unitholder (other than the Managing Owner in the event that the Managing Owner acquires Units) against any claims of
liability asserted against such Unitholder solely because such Unitholder is a beneficial owner of the Trust (other than in respect of taxes due from such Unitholder as such a beneficial owner).
Every
written note, bond, contract, instrument, certificate or undertaking made or issued by the Managing Owner shall give notice to the effect that the same was executed or made by or
on behalf of
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the
Trust and that the obligations of any of the foregoing are not binding upon the Unitholders individually but are binding only upon the assets and property of the Trust, and that no resort shall be
had to the Unitholders' personal property for the satisfaction of any obligation or claim thereunder, and appropriate references may be made to this Declaration and Agreement of Trust and may contain
any further recital which the Managing Owner deems appropriate, but the omission thereof shall not operate to bind the Unitholders individually or otherwise invalidate any such note, bond, contract,
instrument, certificate or undertaking.
(e)
Return of Capital Contributions.
No Unit-holder or subsequent assignee shall have any right to demand the
return of its capital contribution or any profits added thereto, except through redeeming Units or upon dissolution of the Trust, in each case as provided herein. In no event shall a Unitholder or
subsequent assignee be entitled to demand or receive property other than cash.
9.
Management of the Trust.
(a)
Authority of the Managing Owner
. Pursuant to Section 3806 of the Act, the Trust shall be managed by the Managing
Owner, and the conduct of the Trust's business shall be controlled and conducted solely by the Managing Owner in accordance with this Declaration and Agreement of Trust.
The
Managing Owner, to the exclusion of all other Unitholders, shall control, conduct and manage the business of the Trust. The Managing Owner shall have sole discretion in determining
what distributions of profits and income, if any, shall be made to the Unitholders (subject to the allocation provisions hereof), shall execute various documents on behalf of the Trust and the
Unitholders pursuant to powers of attorney and shall supervise the liquidation of the Trust if an event causing dissolution of the Trust occurs.
The
Managing Owner may, in furtherance of the business of the Trust, cause the Trust to buy, sell, hold or otherwise acquire or dispose of commodities, futures contracts, options on
futures contracts, and spot and forward contracts traded on exchanges or otherwise, arbitrage positions, repurchase agreements, interest-bearing securities, deposit accounts and similar instruments
and other assets, and cause the trading of the Trust to be limited to only certain of the foregoing instruments. The Managing Owner is specifically authorized to enter into brokerage, custodial and
margining arrangements as described in the prospectus relating to the public offering of the Units, as it may be supplemented or updated from time to time (the "Prospectus"). The Managing Owner may
engage, and compensate on behalf of the Trust from funds of the Trust, or agree to share profits and losses with, such persons, firms or corporations, including (except as described in this
Declaration and Agreement of Trust) the Managing Owner and any affiliated person or entity, as the Managing Owner in its sole judgment shall
deem advisable for the conduct and operation of the business of the Trust; provided, that no such arrangement shall allow brokerage commissions paid by the Trust in excess of such amount as permitted
under the North American Securities Administrators Association, Inc. Guidelines for the Registration of Commodity Pool Programs (the "NASAA Guidelines") in effect as of the date of the
Prospectus (
i.e.,
14% annually—including pit brokerage and service fees—of the Trust's average Net Assets, excluding the assets,
if any, not directly related to trading activity). The Managing Owner shall reimburse the Trust, on an annual basis, to the extent that the Trust's brokerage commissions have exceeded 14% of the
Trust's average Net Assets during the preceding year.
During
any fiscal year of the Trust, if the Management Fee exceeds the 6% annual management fee contemplated by the NASAA Guidelines, the Managing Owner shall reimburse the Trust for
such excess.
The
Managing Owner may take such other actions on behalf of the Trust as the Managing Owner deems necessary or desirable to manage the business of the Trust.
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Any
material change in the Trust's basic investment policies or structure shall require the approval of Unitholders owning more than 50% of the Units then outstanding. In addition, the
Managing Owner shall notify Unitholders of any material changes relating to the Trust as provided in Section 10 hereof.
The
Managing Owner is hereby authorized to perform all duties imposed by Sections 6221 through 6232 of the Code on the Managing Owner as the "tax matters partner" of the Trust.
All
Unitholders, by subscribing to the Units, will be deemed to have consented to the Managing Owner's selection of: (i) John W. Henry & Company, Inc. as the Trust's
trading advisor; (ii) Cargill Investor Services, Inc. as the Trust's clearing broker, with whom the Trust's trading assets will be maintained (it being understood that CIS may place
certain Trust assets with a sub-custodian depository bank and employ the services of a third-party cash manager solely for purposes of cash management and further that the Managing Owner
may place certain Trust assets in one or more bank accounts in the name of the Trust and engage a third-party cash manager to manage such assets with the goal of enhancing the net return on such
assets), (iii) CIS Financial Services, Inc. as the Trust's foreign currency and precious metals counterparty ("CISFS") and (iv) Cargill Investor Services, Inc. as the
Trust's transfer agent. The Managing Owner is hereby specifically authorized to enter into, on behalf of the Trust, the Trading Advisory Agreement, the Customer Agreement, the Foreign Exchange Account
Agreement, the Cash Bullion Account Agreement, the Escrow Agreement, the Selling Agreement and the Transfer Agent Agreement referred to in the Prospectus.
(b)
Fiduciary Duties.
The Managing Owner shall be under a fiduciary duty to conduct the affairs of the Trust in the best
interests of the Trust, provided that the Managing Owner shall not be obligated to engage in any conduct on behalf of the Trust to the detriment of any other commodity pool to which the Managing Owner
owes similar fiduciary duties. Except as otherwise provided herein or disclosed in the Prospectus, the Unitholders will under no circumstances be deemed to have contracted away the fiduciary
obligations owed them by the Managing Owner under the common law. The Managing Owner's fiduciary duty includes, among other things, the safekeeping of all funds and assets of the Trust and the use
thereof for the benefit of the Trust. The funds of the Trust will not be commingled with the funds of any other person or entity (deposit of funds with a commodity or securities broker, clearinghouse
or forward dealer shall not be deemed to constitute "commingling" for these purposes). The Managing Owner will take no actions with respect to the property of the Trust which do not benefit the Trust.
The Managing Owner shall at all times act with integrity and good faith and exercise due diligence in all activities relating to the conduct of the business of the Trust and in resolving conflicts of
interest.
(c)
Loans; Investments.
Except as otherwise provided in Section 8(c), the Trust shall not make loans to any party. The
Managing Owner shall make no loans to the Trust unless approved by the Unitholders in accordance with Section 19(a). If the Managing Owner makes a loan to the Trust, the Managing Owner shall
not receive interest in excess of its interest costs, nor may the Managing Owner receive interest in excess of the amounts which would be charged to the Trust (without reference to the Managing
Owner's financial resources or guarantees) by unrelated banks on comparable loans for the same purpose. The Managing Owner shall not receive "points" or other financing charges or fees regardless of
the amount. The Trust shall not invest in any debt instruments other than Government Securities and other Commodity Futures Trading Commission ("CFTC")-authorized investments, or invest in any equity
security without prior notice to Unitholders.
(d)
Certain Conflicts of Interest Prohibited.
No person or entity may receive, directly or indirectly, any advisory or
management fees, profit shares or any profit-sharing allocation, from joint ventures, partnerships or similar arrangements in which the Trust participates, for investment advice or management who
shares or participates in any commodity brokerage commissions paid by the Trust; no broker may pay, directly or indirectly, rebates or give-ups to any trading advisor,
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manager
or joint venturer, or to the Managing Owner or any of its affiliates; and such prohibitions may not be circumvented by any reciprocal business arrangements. No trading advisor shall be
affiliated with the Trust's commodity broker or any of its affiliates.
(e)
Certain Agreements.
Any agreements between the Trust and the Managing Owner or any affiliate of the Managing Owner, or a
trading advisor, shall be terminable by the Trust, without penalty, on no more than 60 days' written notice.
In
addition to any specific contract or agreements described herein, the Trust and the Managing Owner on behalf of the Trust may enter into any other contracts or agreements specifically
described in or contemplated by the Prospectus without any further act, approval or vote of the Unitholders, notwithstanding any other provisions of this Declaration and Agreement of Trust, the Act or
any applicable laws, rules or regulations; provided, however, any material change in the Trust's basic investment policies or structure shall require the approval of Unitholders owning more than 50%
of the Units then outstanding and the Managing Owner shall notify Unitholders of any material changes relating to the Trust as provided in Section 10 hereof.
The
Managing Owner shall not enter into any advisory agreement with any trading advisor that does not satisfy the relevant experience requirements under the NASAA Guidelines
(
i.e.,
a minimum of three years' experience in the managed futures industry).
The
maximum period covered by any contract entered into by the Trust, except for the various provisions of the Selling Agreement which survive the final closing of the sale of the Units,
shall not exceed one year.
The
Managing Owner is hereby specifically authorized (i) to enter into, deliver and perform on behalf of the Trust the Trading Advisory Agreement, Selling Agreement on the terms
described in the Prospectus, (ii) to enter into, deliver and perform on behalf of the Trust, as the case may be, the Escrow Agreement, the Customer Agreement, the Foreign Exchange Account
Agreement, the Cash Bullion Account Agreement and the Transfer Agent Agreement as referred to in the Prospectus, (iii) to consent, at its sole discretion, to the selection and appointment by
CIS, in its capacity as the Trust Lead Selling Agent, of one or more Wholesalers, Additional Selling Agents and Correspondents as described in the Prospectus and in accordance with the terms of the
Selling Agreement and (iv) in the event that the Managing Owner determines to deposit Trust assets in one or more bank accounts in the name of the Trust at a bank ("Custodian") and engage the
services of a third-party cash manager to manage such assets, to enter into and deliver an appropriate cash management agreement and any related agreement.
The
brokerage commissions paid by the Trust shall be competitive. The Trust shall seek the best price and services available for its commodity transactions.
Initially
all of the Trust's assets will be deposited in the Trust's account with CIS and CISFS. CIS and CISFS will credit the Trust on the fifth business day of each month with interest
income on 100% of the Trust's average daily assets on deposit with CIS and CISFS, respectively, during the previous month at the average 91-day U.S. Treasury bill rate for that month in
respect of deposits denominated in dollars and at applicable rates described in the Prospectus in respect of deposits denominated in currencies other than dollars (which may be zero in certain cases).
    The Trust and the Managing Owner reserve the right to deposit, at any time, a portion of Trust assets with a Custodian and engage the services of a third-party cash manager to manage
such assets with the goal of enhancing net return on such assets.
(f)
Prohibition on "Pyramiding."
The Trust is prohibited from employing the trading technique commonly known as "pyramiding."
A trading manager or advisor of the Trust taking into account the Trust's open-trade equity on existing positions in determining generally whether to
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acquire
additional commodity positions on behalf of the Trust will not be considered to be engaging in "pyramiding."
(g)
Freedom of Action.
The Managing Owner is engaged, and may in the future engage, in other business activities and shall
not be required to refrain from any other activity nor forgo any profits from any such activity, whether or not in competition with the Trust. Neither the Trust nor any of the Unitholders shall have
any rights by virtue of this Declaration and Agreement of Trust in and to such independent ventures or the income or profits derived therefrom. Unitholders may similarly engage in any such other
business activities. The Managing Owner shall devote to the Trust such time as the Managing Owner may deem advisable to conduct the Trust's business and affairs.
10.
Audits and Reports to Unitholders.
The
Trust's books shall be audited annually by an independent certified public accountant. The Trust shall cause each Unitholder to receive (i) within 90 days after the
close of each fiscal year certified financial statements for the fiscal year then ended, (ii) within 90 days of the end of each fiscal year (but in no event later than March 15 of
each year) such tax information as is necessary for a Unitholder to complete its federal income tax return and (iii) such other annual and monthly information as the CFTC may by regulation
require. The Managing Owner shall include in the annual reports sent to Unitholders an approximate estimate (calculated as accurately as may be reasonably practicable) of the round-turn
equivalent brokerage commission rate paid by the Trust during the preceding year (including forward contracts on a futures-equivalent basis for purposes of such calculation).
Unitholders
or their duly authorized representatives may inspect the books and records of the Trust, (which do not include records of the Trust's trades) during normal business hours
upon reasonable written notice to the Managing Owner and obtain copies of such records upon payment of reasonable reproduction costs; provided, however, that upon request by the Managing Owner, the
requesting Unitholder shall represent that the inspection and/or copies of such records will not be used for commercial purposes unrelated to such Unitholder's interest as a beneficial owner of the
Trust. The Managing Owner shall have the right to keep confidential from the Unitholders, for such period of time as the Managing Owner deems reasonable, any information that the Managing Owner
reasonably believes to be in the nature of trade secrets or other information the disclosure of which the Managing Owner in good faith believes is not in the best interest of the Trust or could damage
the Trust or its business or which the Trust is required by law or by agreement with a third party to keep confidential.
The
Managing Owner shall calculate the Net Asset Value per Unit on a monthly basis and sell and redeem Units at Net Asset Value.
The
Managing Owner shall notify the Unitholders of (i) changes to the trading method of the Trust's trading advisor which the Managing Owner believes to be material,
(ii) changes in Brokerage Fees, Incentive Fee or other fees paid by the Trust or (iii) material changes in the basic investment policies or structure of the Trust. The Managing Owner
shall so notify Unitholders, by certified mail or other means of notification providing for evidence of delivery, prior to any such change. Such notification shall set forth the Unitholders' voting
and redemption rights. The Managing Owner will send written notice to each Unitholder within seven days of any decline in the Net Asset Value per Unit to 50% or less of such value as of the previous
month-end. Any such notice shall contain a description of the Unitholders' voting and redemption rights. The Trust shall pay the cost of any notification delivered pursuant to this
paragraph.
The
Managing Owner shall prepare or cause to be prepared and shall file on or before the due date (or any extension thereof) any federal, state or local tax returns required to be filed
by the Trust. The Managing Owner shall cause the Trust to pay any taxes payable by the Trust; provided, however, that such taxes need not be paid if the Managing Owner or the Trust is in good faith
and by
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appropriate
legal proceedings contesting the validity, applicability or amount thereof, and such contest does not materially endanger any right or interest of the Trust.
The
Managing Owner shall maintain and preserve all required records relating to the Trust for a period of not less than six years from the receipt of such records.
In
particular, and not by way of limitation, the Managing Owner will retain all Subscription Agreement and Power of Attorney Signature Pages submitted by persons admitted as Unitholders,
and all other records necessary to substantiate that Units are sold only to purchasers for whom the Units are a suitable investment, for at least six years after Units are sold to such persons.
The
Managing Owner shall seek the best price and services for the Trust's trading, and will, with the assistance of the Trust's commodity broker(s), make an annual review of the
commodity brokerage arrangements applicable to the Trust. In connection with such review, the Managing Owner will ascertain, to the extent practicable, the commodity brokerage rates charged to other
major commodity pools whose trading and operations are, in the opinion of the Managing Owner, comparable to those of the Trust, in order to assess whether the rates charged the Trust are reasonable in
light of the services it receives and the terms upon which the Trust was promoted to subscribers. If, as a result of such review, the Managing Owner determines that such rates are unreasonable in
light of the services provided to the Trust and the terms upon which the Trust was promoted, the Managing Owner will notify the Unitholders, setting forth the rates charged to the Trust and several
funds which are, in the
Managing Owner's opinion, comparable to the Trust. The Managing Owner shall also make an annual review of the spot and forward trading arrangements for the Trust in an attempt to determine whether
such arrangements are competitive with those of other comparable pools in light of the circumstances.
11.
Assignability of Units.
Each
Unitholder expressly agrees that it will not assign, transfer or dispose of, by gift or otherwise, any of its Units or any part or all of its right, title and interest in the
capital or profits of the Trust in violation of any applicable federal or state securities laws or, except by involuntary operation of law, without giving written notice to the Managing Owner. No
assignment, transfer or disposition by an assignee of Units or of any part of its right, title and interest in the capital or profits of the Trust shall be effective against the Trust, the Trustee or
the Managing Owner until the Managing Owner has received the written notice of the assignment; the Managing Owner shall not be required to give any assignee any rights hereunder prior to receipt of
such notice. The Managing Owner may, in its sole discretion, waive any such notice. No such assignee, except with the consent of the Managing Owner, may become a substituted Unitholder, nor will the
estate or any beneficiary of a deceased Unitholder or assignee have any right to redeem Units from the Trust except by redemption as provided in Section 12 hereof. The Managing Owner's consent
is required for the admission of a substituted Unitholder, and the Managing Owner intends to so consent; provided, that the Managing Owner and the Trust receive an opinion of counsel to the Managing
Owner and of counsel to the Trust that such admission will not adversely affect the classification of the Trust as a partnership for federal income tax purposes; and provided further, that an assignee
shall not become a substituted Unitholder without first having executed an instrument reasonably satisfactory to the Managing Owner accepting and adopting the terms and provisions of this Declaration
and Agreement of Trust, including a Subscription Agreement and Power of Attorney Signature Page, a counterpart signature page to this Declaration and Agreement of Trust or other comparable document,
and without having paid to the Trust a fee sufficient to cover all reasonable expenses of the Trust in connection with its admission as a substituted Unitholder. Each Unitholder agrees that with the
consent of the Managing Owner any assignee may become a substituted Unitholder without need of the further act or approval of any Unitholder. If the Managing Owner withholds consent, an assignee shall
not become a substituted Unitholder, and shall not have any of the rights of a Unitholder, except that the assignee shall be entitled to receive that share of capital and profits and shall have that
right of redemption to which its assignor would otherwise have been entitled. No assignment, transfer or disposition of Units shall be effective against
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the
Trust or the Managing Owner until the last day of the month in which the Managing Owner receives notice of such assignment, transfer or disposition.
12.
Redemptions.
A
Unitholder (including the Managing Owner except to the extent that its power to redeem is limited by any other provision of this Declaration and Agreement of Trust) to the extent that
it owns Units or any assignee of Units of whom the Managing Owner has received written notice as described above, may redeem all or part of its Units, effective as of the close of business (as
determined by the
Managing Owner) on the last day of any month, provided, that (i) all liabilities, contingent or otherwise, of the Trust, except any liability to Unitholders on account of their capital
contributions, have been paid or there remains property of the Trust sufficient to pay them, (ii) the Unitholder redeems at least $1,000 of Units, (iii) in the case of partial
redemption, such Unitholder's investment in the Trust after the partial redemption will be at least $1,000, and (iv) the Managing Owner shall have timely received a request for redemption (as
provided below). If Units are redeemed by a Unitholder at a time when there is an accrued incentive fee due to the Trust's trading advisor, the amount of such accrual attributable to the Units being
redeemed will be deducted from the redemption proceeds payable to the redeeming Unitholder and paid to the Trust's trading advisor. Units redeemed on or before the end of the eleventh full calendar
month after such Units are issued by the Trust are subject to early redemption charges of 3% of the Net Asset Value at which they are redeemed. Such charges will be deducted from redemption proceeds
due to the Unitholder making the redemption and will be paid to CIS. Units are issued, for purposes of determining whether an early redemption charge is due, as of the date as of which the
subscription price of such Units is invested in the Trust, not when subscriptions are submitted by Unitholders or accepted by the Managing Owner or subscription funds are accepted into escrow. No
redemption charges shall be applicable to Unitholders who redeem because the Trust's expenses have been increased.
In
the event that a Unitholder acquires Units as of the end of more than one month, such Units will be treated on a "first-in, first-out" basis for purposes of
identifying which of such Units are being redeemed so as to determine whether early redemption charges apply.
Requests
for redemption as of any month-end must be received by the Managing Owner on or before the fifth business day prior to the month-end of redemption
(including the last business day of the month), or such later date as shall be acceptable to the Managing Owner.
If
as of the close of business (as determined by the Managing Owner) on any day, the Net Asset Value of a Unit has decreased to less than 50% of the Net Asset Value per Unit as of the
previous highest month-end Net Asset Value per Unit or to $50 or less, after adding back all distributions, the Managing Owner shall cause the Trust to liquidate all open positions as
expeditiously as possible and suspend trading. Within ten business days after the suspension of trading, the Managing Owner shall declare a Special Redemption Date. Such Special Redemption Date shall
be a business day within 30 business days from the suspension of trading by the Trust, and the Managing Owner shall mail notice of such date to each Unitholder and assignee of Units of whom it has
received written notice as described above, by first-class mail, postage prepaid, not later than ten business days prior to such Special Redemption Date, together with instructions as to the procedure
such Unitholder or assignee must follow to have its Units redeemed on such Date (only entire, not partial, interests in the Trust may be redeemed on a Special Redemption Date, unless otherwise
determined by the Managing Owner). Upon redemption pursuant to a Special Redemption Date, a Unitholder or any other assignee of whom the Managing Owner has received written notice as described above,
shall receive from the Trust an amount equal to the Net Asset Value of its Units, determined as of the close of business (as determined by the Managing Owner) on such Special Redemption Date. No
redemption charges shall be assessed on any such Special Redemption Date. As in the case of a regular redemption, an assignee shall not be entitled to redemption until the Managing Owner has received
written notice as described above of the assignment, transfer or disposition under which the assignee claims an interest in the
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Units
to be redeemed. If, after a Special Redemption Date, the Net Assets of the Trust are at least $1,000,000 and the Net Asset Value per Unit is in excess of $25, the Trust may, in the discretion of
the Managing Owner, resume trading.
The
Managing Owner may at any time and in its discretion declare a Special Redemption Date, should the Managing Owner determine that it is in the best interests of the Trust to do so. If
the Managing Owner declares a Special Redemption Date, the Managing Owner shall not be required to again call a Special Redemption Date (whether or not a Special Redemption Date would otherwise be
required to be called as described above); and the Managing Owner in its notice of a Special Redemption Date may, at its discretion, establish the conditions, if any, under which other Special
Redemption Dates must be called, which conditions may be determined in the sole discretion of the Managing Owner, irrespective of the provisions of the preceding paragraph. The Managing Owner may
also, in its discretion, declare additional regular redemption dates for Units, permit certain Unitholders to redeem at other than at month-end and waive the notice period otherwise
required to effect redemptions.
Redemption
payments will be made within ten business days after the month-end of redemption, except that under special circumstances, including, but not limited to, inability
to liquidate commodity positions as of a redemption date or default or delay in payments due the Trust from commodity brokers, banks or other persons or entities, the Trust may in turn delay payment
to Unitholders or assignees requesting redemption of their Units of the proportionate part of the Net Asset Value of such Units equal to the proportionate part of the Trust's aggregate Net Asset Value
represented by the sums which are the subject of such default or delay.
The
Managing Owner may require a Unitholder to redeem all or a portion of such Unitholder's Units if the Managing Owner considers doing so to be desirable for the protection of the
Trust, and will use best efforts to do so to the extent necessary to prevent the Trust from being deemed to hold "plan assets" under the provisions of the Employee Retirement Income Security Act of
1974 ("ERISA") or the Code, with respect to any "employee benefit plan" subject to ERISA or with respect to any "plan" or "account" subject to Section 4975 of the Code.
13.
Offering of Units.
The
Managing Owner, on behalf of the Trust shall (i) cause to be filed a Registration Statement or Registration Statements, and such amendments thereto as the Managing Owner may
deem advisable or necessary, with the Securities and Exchange Commission for the registration and continuous public offering of the Units, (ii) use its best efforts to qualify the Units for
sale under the securities laws of such States of the United States or other jurisdictions as the Managing Owner may deem advisable and (iii) take such action with respect to the matters
described in (i) and (ii) as the Managing Owner may deem advisable or necessary.
Fractional
Units, calculated to five decimal places, may be sold.
All
sales of Units in the United States will be conducted by registered brokers.
The
Managing Owner shall not accept any subscriptions for Units if doing so would cause the Trust to hold "plan assets" under ERISA or the Code with respect to any "employee benefit
plan" subject to ERISA or with respect to any "plan" or "account "subject to Section 4975 of the Code. If a subscriber has its subscription reduced for such reason, such subscriber shall be
entitled to rescind its subscription in its entirety even though subscriptions are otherwise irrevocable.
All
subscriptions will be held in escrow by The First National Bank of Chicago (the "Escrow Agent") until released as of the last business day of the month. The interest actually earned
on subscriptions funds while held by the Escrow Agent will be invested in the Trust, and each subscriber will be issued additional Units reflecting the subscriber's attributable share of such
interest. The Managing Owner may terminate any offering of Units at any time. The aggregate of all capital
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contributions
shall be available to the Trust to carry on its business, and no interest shall be paid by the Trust on any such contributions after such contributions are released by the Escrow Agent.
14.
Additional Offerings.
The
Managing Owner may, in its discretion, continue, suspend or discontinue the public offering of the Units, as well as make additional public or private offerings of Units, provided
that the net proceeds to the Trust of any such sales shall in no event be less than the Net Asset Value per Unit (as defined in Section 5(d)) at the time of sale (unless the new Unit's
participation in the profits and losses of the Trust is appropriately adjusted). No Unitholder shall have any preemptive, preferential or other rights with respect to the issuance or sale of any
additional Units, other than as set forth in the preceding sentence.
15.
Special Power of Attorney.
Each
Unitholder by virtue of having purchased or otherwise acquired Units does hereby irrevocably constitute and appoint the Managing Owner and each officer of the Managing Owner, with
full power of substitution, as its true and lawful attorney-in-fact, in its name, place and stead, to execute, acknowledge, swear to (and deliver as may be appropriate) on its
behalf and file and record in the appropriate public offices and publish (as may in the reasonable judgment of the Managing Owner be required by law): (i) this Declaration and Agreement of
Trust, including any amendments and/or restatements hereto duly adopted as provided herein; (ii) certificates in various jurisdictions, and amendments and/or restatements thereto;
(iii) all conveyances and other instruments which the Managing Owner deems appropriate to qualify or continue the Trust in the State of Delaware and the jurisdictions in which the Trust may
conduct business, or which may be required to be filed by the Trust or the Unitholders under the laws of any jurisdiction or under any amendments or successor statutes to the Act, to reflect the
dissolution or termination of the Trust or the Trust being governed by any amendments or successor statutes to the Act or to reorganize or refile the Trust in a different jurisdiction; and
(iv) to file, prosecute, defend, settle or compromise litigation, claims or arbitrations on behalf of the Trust. The Power of Attorney granted herein shall be irrevocable and deemed to be a
power coupled with an interest (including, without limitation, the interest of the other Unitholders in the Managing Owner being able to rely on its authority to act as contemplated by this
Section 15) and shall survive and shall not be affected by the subsequent incapacity, disability or death of a Unitholder.
16.
Withdrawal of a Unitholder.
The
Trust shall be dissolved upon the death, insanity, bankruptcy, retirement, resignation, expulsion, withdrawal, insolvency or dissolution of the Managing Owner, or any other event
that causes the Managing Owner to cease to be the managing owner of the Trust, unless the Trust is continued pursuant to the terms of Section 5(a)(3). In addition, the Managing Owner may
withdraw from the Trust, without any breach of this Declaration and Agreement of Trust, at any time upon 120 days' written notice by first class mail, postage prepaid, to the Trustee, each
Unitholder and each assignee of whom the Managing Owner has notice. If the Managing Owner withdraws from the Trust and all Unitholders agree in writing to continue the business of the Trust and to the
appointment, effective as of the date of withdrawal of the Managing Owner, of one or more managing owners, the Managing Owner shall pay all expenses incurred as a result of its withdrawal. Upon
removal or withdrawal, the Managing Owner shall be entitled to redeem its interest in the Trust at its Net Asset Value on the next valuation date following the date of removal or withdrawal.
The
Managing Owner may not assign its general liability interest or its obligation to manage the Trust without the consent of each Unitholder; provided, however, that the consent of
Unitholders is not required if the Managing Owner assigns its general liability interest and its obligation to manage the Trust to an entity controlling, controlled by or under common control with the
Managing Owner, provided that such entity (i) expressly assumes all obligations of the Managing Owner under this Declaration and Agreement of Trust and (ii) is entitled to act in the
capacity of managing owner for
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the
benefit of the Trust. The Managing Owner shall notify all Unitholders of such assignment. The Managing Owner will notify all Unitholders of any change in the principals of the Managing Owner.
The
death, incompetency, withdrawal, insolvency or dissolution of a Unitholder or any other event that causes a Unitholder to cease to be a beneficial owner (within the meaning of the
Act) in the Trust shall not terminate or dissolve the Trust, and a Unitholder, the Unitholder's estate, custodian or personal representative shall have no right to redeem or value such Unitholder's
interest except as provided in Section 12 hereof. Each Unitholder that is a natural person expressly agrees that in the event of his or her death, he or she waives on behalf of himself or
herself and his or her estate, and directs the legal representatives of his or her estate and any person interested therein to waive, the furnishing of any inventory, accounting or appraisal of the
assets of the Trust and any right to an audit or examination of the books of the Trust. Nothing in this Section 16 shall, however, waive any right given elsewhere in this Declaration and
Agreement of Trust for Unitholders to be informed of the Net Asset Value of their Units, to receive periodic reports, audited financial statements and other information from the Managing Owner or the
Trust or to redeem or transfer Units.
17.
Benefit Plan Investors.
Each
Unitholder or assignee that is an "employee benefit plan" as defined in and subject to ERISA, or a "plan" as defined in Section 4975 of the Code (each such employee benefit
plan and plan, a "Plan"), and each fiduciary thereof who has caused the Plan to become a Unitholder or assignee (a "Plan Fiduciary"), represents and warrants that: (a) the Plan Fiduciary has
considered an investment in the Trust by such Plan in light of the risks relating thereto; (b) the Plan Fiduciary has determined that, in view of such considerations, the investment in the
Trust by the Plan is consistent with the Plan Fiduciary's responsibilities under ERISA; (c) the investment in the Trust by the Plan does not violate, and is not otherwise inconsistent with, the
terms of any legal document constituting the Plan or any trust agreement thereunder; (d) the Plan's investment in the Trust has been duly authorized and approved by all necessary parties;
(e) none of the Managing Owner, the Trustee, JWH, CIS, CISFS, any Selling Agent, Wholesaler, Correspondent, the Escrow Agent, any of their respective affiliates or any of their respective
agents or employees: (i) has investment discretion with respect to the investment of assets of the Plan used to purchase Units; (ii) has authority or responsibility to or regularly gives
investment advice with respect to the assets of the Plan used to purchase Units for a fee and pursuant to an agreement or understanding that such advice will serve as a primary basis for investment
decisions with respect to the Plan and that such advice will be based on the particular investment needs of the Plan; or (iii) is an employer maintaining or contributing to the Plan; and
(f) the Plan Fiduciary: (i) is authorized to make, and is responsible for, the decision of the Plan to invest in the Trust, including the determination that such investment is consistent
with the requirement imposed by Section 404 of
ERISA that Plan investments be diversified so as to minimize the risks of large losses; (ii) is independent of the Managing Owner, the Trustee, JWH, CIS, CISFS, any Selling Agent, Wholesaler,
Correspondent, the Escrow Agent, and any of their respective affiliates; and (iii) is qualified to make such investment decision.
18.
Standard of Liability; Indemnification.
(a)
Standard of Liability for the Managing Owner.
The Managing Owner and its Affiliates, as defined below, shall have no
liability to the Trust or to any Unitholder for any loss suffered by the Trust which arises out of any action or inaction of the Managing Owner or its Affiliates, if the Managing Owner, in good faith,
determined that such course of conduct was in the best interests of the Trust, and such course of conduct did not constitute negligence or misconduct of the Managing Owner or its Affiliates.
(b)
Indemnification of the Managing Owner by the Trust.
To the fullest extent permitted by law, subject to this
Section 18, the Managing Owner and its Affiliates shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained
by them in connection with the Trust; provided that such claims were not the result of
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negligence
or misconduct on the part of the Managing Owner or its Affiliates, and the Managing Owner, in good faith, determined that such conduct was in the best interests of the Trust; and provided
further that Affiliates of the Managing Owner shall be entitled to indemnification only for losses incurred by such Affiliates in performing the duties of the Managing Owner and acting wholly within
the scope of the authority of the Managing Owner.
Notwithstanding
anything to the contrary contained in the preceding two paragraphs, the Managing Owner and its Affiliates and any persons acting as selling agent for the Units shall not
be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws unless (1) there has been a successful adjudication on the
merits of each count involving alleged securities law violations as to the particular indemnitee and the court approves indemnification of the litigation costs, or (2) such claims have been
dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves indemnification of the litigation costs, or (3) a court of
competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made.
In
any claim for indemnification for federal or state securities law violations, the party seeking indemnification shall place before the court the position of the Securities and
Exchange Commission, the California Department of Corporations, the Massachusetts Securities Division, the Missouri Securities Division, the Pennsylvania Securities Commission, the Tennessee
Securities Division, the Texas Securities Board and any other state or applicable regulatory authority with respect to the issue of indemnification for securities law violations.
The
Trust shall not bear the cost of that portion of any insurance which insures any party against any liability the indemnification of which is herein prohibited.
For
the purposes of this Section 18, the term "Affiliates" shall mean any person acting on behalf of or performing services on behalf of the Trust who: (1) directly or
indirectly controls, is controlled by, or is under common control with the Managing Owner; or (2) owns or controls 10% or more of the outstanding voting securities of the Managing Owner; or
(3) is an officer or director of the Managing Owner; or (4) if the Managing Owner is an officer, director, partner or trustee, is any entity for which the Managing Owner acts in any such
capacity.
Advances
from the funds of the Trust to the Managing Owner or its Affiliates for legal expenses and other costs incurred as a result of any legal action initiated against the Managing
Owner by a Unitholder are prohibited.
Advances
from the funds of the Trust to the Managing Owner or its Affiliates for legal expenses and other costs incurred as a result of a legal action will be made only if the following
three conditions are satisfied: (1) the legal action relates to the performance of duties or services by the Managing Owner or its Affiliates on behalf of the Trust; (2) the legal action
is initiated by a third party who is not a Unitholder; and (3) the Managing Owner or its Affiliates undertake to repay the advanced funds, with interest from the initial date of such advance,
to the Trust in cases in which they would not be entitled to indemnification under the standard of liability set forth in Section 18(a).
In
no event shall any indemnity or exculpation provided for herein be more favorable to the Managing Owner or any Affiliate than that contemplated by the NASAA Guidelines as in effect on
the date of this Declaration and Agreement of Trust.
In
no event shall any indemnification permitted by this subsection (b) of Section 18 be made by the Trust unless all provisions of this Section for the payment of
indemnification have been complied with in all respects. Furthermore, it shall be a precondition of any such indemnification that the Trust receive a determination of qualified independent legal
counsel in a written opinion that the party which seeks to be indemnified hereunder has met the applicable standard of conduct set forth herein. Receipt
A-20
of
any such opinion shall not, however, in itself, entitle any such party to indemnification unless indemnification is otherwise proper hereunder. Any indemnification payable by the Trust hereunder
shall be made only as provided in the specific case.
In
no event shall any indemnification obligations of the Trust under this subsection (b) of Section 18 subject a Unitholder to any liability in excess of the capital
contributed by such Unitholder, his or her share of undistributed profits and assets and the amount of any distributions wrongfully distributed to such Unitholder.
(c)
Indemnification by the Unitholders.
In the event that the Trust is made a party to any claim, dispute or litigation or
otherwise incurs any loss or expense as a result of or in connection with any activities of a Unitholder, obligations or liabilities unrelated to the business of the Trust or as a result of or in
connection with a transfer, assignment or other disposition or an attempted transfer, assignment or other disposition by a Unitholder or an assignee of its Units or of any part of its right, title and
interest in the capital or profits of the Trust in violation of this Declaration and Agreement of Trust, such Unitholder shall indemnify and reimburse the Trust for all loss and expense incurred,
including reasonable attorneys' fees.
The
Managing Owner shall indemnify and hold the Trust harmless from all loss or expense which the Trust may incur (including, without limitation, any indemnify payments) as a result of
the difference between the standard of liability and indemnity under the Trading Advisory Agreement, the Customer Agreement, the Foreign Exchange Account Agreement or the Cash Bullion Account
Agreement, on the one hand, and the Managing Owner's standards of liability as set forth herein, on the other hand.
19.
Amendments; Meetings.
(a)
Amendments with Consent of the Managing Owner.
If at any time during the term of the Trust the Managing Owner shall deem
it necessary or desirable to amend this Declaration and Agreement of Trust, the Managing Owner may proceed to do so, provided that such amendment shall be effective only if embodied in an instrument
approved by the Managing Owner and, pursuant to a vote called by the Managing Owner, by the holders of Units representing a majority of the outstanding Units. Such vote shall be taken at least 30 but
not more than 60 days after delivery by the Managing Owner to each Unitholder of record by certified mail of notice of the proposed amendment and voting procedures. Notwithstanding the
foregoing, the Managing Owner may amend this Declaration and Agreement of Trust without the consent of the Unitholders in order (i) to clarify any clerical inaccuracy or ambiguity or reconcile
any inconsistency (including any inconsistency between this Declaration and Agreement of Trust and the Prospectus), (ii) to effect the intent of the allocations proposed herein to the maximum
extent possible in the event of a change in the Code or the interpretations thereof affecting such allocations, (iii) to attempt to ensure that the Trust is not treated as an association
taxable as a corporation for federal income tax purposes, (iv) to qualify or maintain the qualification of the Trust as a trust in any jurisdiction, (v) to delete or add any provision of
or to this Declaration and Agreement of Trust required to be deleted or added by the Staff of the Securities and Exchange Commission or any other federal agency or any state "Blue Sky" or similar
official or in order to opt to be governed by any amendment or successor statute to the Act, (vi) to make any amendment to this Declaration and Agreement of Trust which the Managing Owner deems
advisable, provided that such amendment is for the benefit of and not adverse to the Unitholders or the Trustee, or that is required by law, (vii) to make any amendment that is appropriate or
necessary, in the opinion of the Managing Owner, to prevent the Trust or the Managing Owner or its directors, officers or controlling persons from in any manner being subjected to the provisions of
the Investment Company Act of 1940, as amended, or to avoid causing the assets of the Trust from being considered for any purpose of ERISA or Section 4975 of the Code to constitute assets of
any "employee benefit plan," as defined in and subject to ERISA, or of a "plan," as defined in and subject to Section 4975 of the Code.
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In
the event that JWH shall cease to be the sole trading advisor of the Trust, the Managing Owner shall cause "JWH" to be deleted from the Trust's name and take all such other actions as
shall be necessary or appropriate.
(b)
Amendments and Actions without Consent of the Managing Owner.
In any vote called by the Managing Owner or pursuant to
subsection (c) of this Section 19, upon the affirmative vote (which may be in person or by proxy) of more than 50% of the Units then owned by Unitholders, the following actions may be
taken with respect to the Trust, irrespective of whether the Managing Owner concurs: (i) this Declaration and Agreement of Trust may be amended, provided, however, that approval of all
Unitholders shall be required in the case of amendments changing or altering this Section 19 or extending the term of the Trust; in addition, reduction of the capital account of any Unitholder
or assignee or modification of the percentage of profits, losses or distributions to which a Unitholder or an assignee is entitled hereunder shall not be effected by any amendment or supplement to
this Declaration and Agreement of Trust without such Unitholder's or assignee's written consent; (ii) the Trust may be dissolved; (iii) the Managing Owner may be removed and replaced;
(iv) a new managing owner or managing owners may be elected if the Managing Owner withdraws from the Trust; (v) the sale of all or substantially all of the assets of the Trust may be
approved; and (vi) any contract with the
Managing Owner or any affiliate thereof may be disapproved and, as a result, terminated upon 60 days' notice.
(c)
Meetings; Other.
Any Unitholder upon request addressed to the Managing Owner shall be entitled to obtain from the
Managing Owner, upon payment in advance of reasonable reproduction and mailing costs, a list of the names and addresses of record of all Unitholders and the number of Units held by each (which shall
be mailed by the Managing Owner to the Unitholder within ten days of the receipt of the request); provided, that the Managing Owner may require any Unitholder requesting such information to submit
written confirmation that such information will not be used for commercial purposes. Upon receipt of a written proposal, signed by Unitholders owning Units representing at least 10% of all Units then
owned by Unitholders, that a meeting of the Trust be called to vote upon any matter upon which the Unitholders may vote pursuant to this Declaration and Agreement of Trust, the Managing Owner shall,
by written notice to each Unitholder of record sent by certified mail within 15 days after such receipt, call a meeting of the Trust. Such meeting shall be held at least 30 but not more than
60 days after the mailing of such notice, and such notice shall specify the date of, a reasonable place and time for, and the purpose of such meeting. Such notice shall establish a record date
for Units entitled to vote at the meeting, which shall be not more than 15 days prior to the date established for such meeting.
The
Managing Owner may not restrict the voting rights of Unitholders as set forth herein.
In
the event that the Managing Owner or the Unitholders vote to amend this Declaration and Agreement of Trust in any material respect, the amendment will not become effective prior to
all Unitholders having an opportunity to redeem their Units.
(d)
Consent by Trustee.
The Trustee's written consent to any amendment of this Declaration and Agreement of Trust shall be
required, such consent not to be unreasonably withheld; provided, however, that the Trustee may, in its sole discretion, withhold its consent to any such amendment that would adversely affect any
right, duty or liability of, or immunity or indemnity in favor of, the Trustee under this Declaration and Agreement of Trust or any of the documents contemplated hereby to which the Trustee is a
party, or would cause or result in any conflict with or breach of any terms, conditions or provisions of, or default under, the charter documents or by-laws of the Trustee or any document
contemplated hereby to which the Trustee is a party; provided further, that the Trustee may not withhold consent for any action listed in subsections 19(b)(ii)-(vi). Notwithstanding anything to the
contrary contained in this Declaration and Agreement of Trust, the Trustee may immediately resign if, in its sole discretion, the Trustee determines that the
A-22
Unitholders'
actions pursuant to subsections 19(b)(i)-(vi) would adversely affect the Trustee in any manner.
20.
Governing Law.
The
validity and construction of this Declaration and Agreement of Trust shall be determined and governed by the laws of the State of Delaware without regard to principles of conflicts
of law; provided, that causes of action for violations of federal or state securities laws shall not be governed by this Section 20.
21.
Miscellaneous.
(a)
Notices.
All notices under this Declaration and Agreement of Trust shall be in writing and shall be effective upon
personal delivery, or if sent by first class mail, postage prepaid, addressed to the last known address of the party to whom such notice is to be given, upon the deposit of such notice in the United
States mails.
(b)
Binding Effect.
This Declaration and Agreement of Trust shall inure to and be binding upon all of the parties, their
successors and assigns, custodians, estates, heirs and personal representatives. For purposes of determining the rights of any Unitholder or assignee hereunder, the Trust and the Managing Owner may
rely upon the Trust records as to who are Unitholders and assignees, and all Unitholders and assignees agree that their rights shall be determined and they shall be bound thereby.
(c)
Captions.
Captions in no way define, limit, extend or describe the scope of this Declaration and Agreement of Trust nor
the effect of any of its provisions. Any reference to "persons" in this Declaration and Agreement of Trust shall also be deemed to include entities, unless the context otherwise requires.
22.
Certain Definitions.
This
Declaration and Agreement of Trust contains certain provisions required by the NASAA Guidelines. The terms used in such provisions are defined as follows (the following definitions
are included
verbatim
from such Guidelines and, accordingly, may not in all cases be relevant to this Declaration and Agreement of Trust):
Administrator.
The official or agency administering the securities laws of a state.
Advisor.
Any Person who for any consideration engages in the business of advising others, either directly or indirectly, as
to the value, purchase, or sale of Commodity Contracts or commodity options.
Affiliate.
An Affiliate of a Person means: (a) any Person directly or indirectly owning, controlling or holding with
power to vote 10% or more of the outstanding voting securities of such Person; (b) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held with power to vote, by such Person; (c) any Person, directly or indirectly, controlling, controlled by, or under common control of such Person; (d) any officer, director or partner
of such Person; or (e) if such Person is an officer, director or partner, any Person for which such Person acts in any such capacity.
Capital Contributions.
The total investment in a Program by a Participant or by all Participants, as the case may be.
Commodity Broker.
Any Person who engages in the business of effecting transactions in Commodity Contracts for the account of
others or for his or her own account.
Commodity Contract.
A contract or option thereon providing for the delivery or receipt at a future date of a specified amount
and grade of a traded commodity at a specified price and delivery point.
A-23
Cross Reference Sheet.
A compilation of the NASAA Guidelines sections, referenced to the page of the prospectus, Program
agreement, or other exhibits, and justification of any deviation from the NASAA Guidelines.
Net Assets.
The total assets, less total liabilities, of the Program determined on the basis of generally accepted accounting
principles. Net Assets shall include any unrealized profits or losses on open positions, and any fee or expense including Net Asset fees accruing to the Program.
Net Asset Value Per Program Interest.
The Net Assets divided by the number of Program Interests outstanding.
Net Worth.
The excess of total assets over total liabilities as determined by generally accepted accounting principles. Net
Worth shall be determined exclusive of home, home furnishings and automobiles.
New Trading Profits.
The excess, if any, of Net Assets at the end of the period over Net Assets at the end of the highest
previous period or Net Assets at the date trading commences, whichever is higher,
and as further adjusted to eliminate the effect on Net Assets resulting from new Capital Contributions, redemptions, or capital distributions, if any, made during the period decreased by interest or
other income, not directly related to trading activity, earned on Program assets during the period, whether the assets are held separately or in a margin account.
Organizational and Offering Expenses.
All expenses incurred by the Program in connection with and in preparing a Program for
registration and subsequently offering and distributing it to the public, including, but not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriters'
attorneys), expenses for printing, engraving, mailing, salaries of employees while engaged in sales activity, charges of transfer agents, registrars, trustees, escrow holders, depositories, experts,
expenses of qualification of the sale of its Program Interest under federal and state law including taxes and fees, accountants' and attorneys' fees.
Participant.
The holder of a Program Interest.
Person.
Any natural Person, partnership, corporation, association or other legal entity.
Pit Brokerage Fee.
Pit Brokerage Fee shall include floor brokerage, clearing fees, National Futures Association fees, and exchange fees.
Program.
A limited partnership, joint venture, corporation, trust or other entity formed and operated for the purpose of investing in
Commodity Contracts.
Program Broker.
A Commodity Broker that effects trades in Commodity Contracts for the account of a Program.
Program Interest.
A limited partnership interest or other security representing ownership in a Program.
Pyramiding.
A method of using all or a part of an unrealized profit in a Commodity Contract position to provide margin for any additional
Commodity Contracts of the same or related commodities.
Sponsor.
Any Person directly or indirectly instrumental in organizing a Program or any Person who will manage or participate in the
management of a Program, including a Commodity Broker who pays any portion of the Organizational and Offering Expenses of the Program, and the general partner(s) and any other Person who regularly
performs or selects the Persons who perform services for the Program. Sponsor does not include wholly independent third parties such as attorneys, accountants and underwriters whose only compensation
is for professional services rendered in connection with the offering of the units. The term "Sponsor" shall be deemed to include its Affiliates.
A-24
Valuation Date.
The date as of which the Net Assets of the Program are determined.
Valuation Period.
A regular period of time between Valuation Dates.
Certain
terms not defined herein are used with the respective meanings set forth in the Prospectus.
23.
No Legal Title to Trust Estate.
The
Unitholders shall not have legal title to any part of the Trust Estate.
24.
Legal Title.
Legal
title to all the Trust Estate shall be vested in the Trust as a separate legal entity; except where applicable law in any jurisdiction requires any part of the Trust Estate to be
vested otherwise, the Managing Owner (or the Trustee, if required by law) may cause legal title to the Trust Estate or any portion thereof to be held by or in the name of the Managing Owner or any
other person as nominee.
25.
Creditors.
No
creditors of any Unitholders shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the Trust Estate.
IN
WITNESS WHEREOF, the undersigned have duly executed this Fifth Amended and Restated Declaration and Agreement of Trust and Trust Agreement as of the day and year first above written.
WILMINGTON
TRUST COMPANY
as Trustee
By:
/s/
EMMETT R. HARMAN
Name:
Emmett R. Harmon
Title:
Vice President
CIS INVESTMENTS, INC.
as Managing Owner
By:
/s/
BARBARA A. PFENDLER
Name:
Barbara A. Pfendler
Title:
Vice President
All Unitholders now and hereafter admitted as Unitholders of the Trust, pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to, the Managing Owner.
By:
CIS INVESTMENTS, INC.
as Attorney-in-Fact
By:
/s/
BARBARA A. PFENDLER
Name:
Barbara A. Pfendler
Title:
Vice President
A-25
EXHIBIT B
JWH GLOBAL TRUST
SUBSCRIPTION REQUIREMENTS
By executing a Subscription Agreement and Power of Attorney Signature Page for
JWH Global Trust (the "Trust")
,
each
purchaser ("Purchaser")
of
units of beneficial interest ("Units")
in the Trust subscribes for Units
at the Net Asset Value per Unit, as described in the Trust's current
Prospectus (the "Prospectus")
. The minimum initial subscription is $5,000; $2,000
for trustees or custodians of eligible employee benefit plans and individual retirement accounts. Incremental subscriptions will be accepted in multiples of $100 in excess of such minimums. Existing
Unitholders may make additional investments in the Trust in $1,000 minimums, also with $100 increments. Units are sold in fractions calculated to five decimal places.
Purchaser
is herewith delivering to Purchaser's selling agent (hereinafter, "Selling Agent") an executed Subscription Agreement and Power of Attorney Signature Page and either
(i) delivering a check in the full amount of the Purchaser's subscription or (ii) hereby authorizing such Selling Agent to debit Purchaser's customer securities account maintained with
such Selling Agent for the full amount of Purchaser's subscription in accordance with the procedures described under "Plan of Distribution—Subscription Procedure" in the Prospectus. If
Purchaser's Subscription Agreement and Power of Attorney is accepted by
CIS Investments, Inc.
, the managing owner of the Trust (the "Managing
Owner"), Purchaser agrees to contribute Purchaser's subscription to the Trust and to be bound by the terms of the Trust's Declaration and Agreement of Trust (Exhibit A to the
Prospectus), including, without limitation, the provisions of Sections 9(a), 11 and 15 thereof. Purchaser agrees to reimburse the Trust and the Managing Owner for any expense or loss incurred by
either as a result of the cancellation of Purchaser's Units due to a failure of the Purchaser to deliver good funds in the amount of the subscription price of any or all of such Units.
If
the undersigned is acting on behalf of an "employee benefit plan," as defined in and subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or any
"plan," as defined in Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code") (each such employee benefit plan and plan, a "Plan"), the individual signing this Subscription
Agreement and Power of Attorney on behalf of the undersigned, in addition to the representations and warranties set forth above, hereby further represents and warrants as, or on behalf of, the
fiduciary of the Plan responsible for purchasing a Unit (the "Plan Fiduciary") that: (a) the Plan Fiduciary has considered an investment in the Trust for such Plan in light of the risks
relating thereto; (b) the Plan Fiduciary has determined that, in view of such considerations, the investment in the Trust for such Plan is consistent with the Plan Fiduciary's responsibilities
under ERISA; (c) the Plan's investment in the Trust does not violate and is not otherwise inconsistent with the terms of any legal document constituting the Plan or any trust agreement
thereunder; (d) the Plan's investment in the Trust has been duly authorized and approved by all necessary parties; (e) none of the Managing Owner, John W. Henry &
Company, Inc. ("JWH"), Cargill Investor Services, Inc. ("CIS"), CIS Financial Services, Inc. ("CISFS"), CIS Securities, Inc. ("CISSI"), any Selling Agent, wholesaler or
correspondent, Bank One, NA (the "Escrow Agent"), Wilmington Trust Company (the "Trustee"), any of their respective affiliates or any of their respective agents or employees (i) has investment
discretion with respect to the investment of assets of the Plan used to purchase Units; (ii) has authority or responsibility to or regularly gives investment advice with respect to the assets
of the Plan used to purchase Units for a fee and pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decisions with respect to the Plan and that
such advice will be based on the particular investment needs of the Plan; or (iii) is an employer maintaining or contributing to the Plan; and (f) the Plan Fiduciary (i) is
authorized to make, and is responsible for, the decision to invest in the Trust, including the
B-1
determination
that such investment is consistent with the requirement imposed by Section 404 of ERISA that Plan investments be diversified so as to minimize the risk of large losses,
(ii) is independent of the Managing Owner, JWH, CIS, CISFS, CISSI, any Selling Agent, wholesaler or correspondent, the Escrow Agent, the Trustee, and any of their respective affiliates, and
(iii) is qualified to make such investment decision. The undersigned will, at the request of the Managing Owner, furnish the Managing Owner with such information as the Managing Owner may
reasonably require to establish that the purchase of Units by the Plan does not violate any provision of ERISA or the Code, including, without limitation, those provisions relating to "prohibited
transactions" by "parties in interest" or "disqualified persons" as defined therein.
Investor Suitability
Purchaser understands that the purchase of Units may be made only by persons who, at a minimum, have (i) a net worth of at least
$150,000 (exclusive of home, furnishings and automobiles) or (ii) an annual gross income of at least $45,000 and a net worth (similarly calculated) of at least $45,000.
Residents of the following states must meet the specific requirements set forth below (net worth is, in all cases, to be calculated exclusive of home, furnishings and automobiles). It is recommended
(required, in the case of an individual Pennsylvania Purchaser) that no individual Purchaser should (may, in the case of an individual Pennsylvania Purchaser) invest more than 10% of his or her net
worth (exclusive of home, furnishings and automobiles) in the Units and no entity Purchaser, including ERISA plans, should invest more than 10% of its liquid net worth (readily marketable securities)
in the Units.
1.     Alaska—Net
worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000.
2.     Arizona—Net
worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000.
3.     California—Liquid
net worth of at least $100,000 and an annual taxable income of at least $50,000.
4.     Iowa—Net
worth of at least $225,000 or a net worth of at least $60,000 and an annual taxable income of at least $60,000. Minimum purchase for individual
retirement accounts and employee benefit plans in Iowa is $2,500.
5.     Maine—Minimum
subscription per investment, both initial and subsequent, of $5,000; net worth of at least $200,000 or a net worth of at least $50,000 and an
annual income of at least $50,000. All Maine residents, including existing Unitholders in the Trust subscribing for additional Units, must execute a Subscription Agreement and Power of Attorney
Signature Page. Maine residents must sign a Subscription Agreement and Power of Attorney Signature Page specifically prepared for Maine residents, a copy of which shall accompany this Prospectus and
be delivered to all Maine residents.
6.     Massachusetts—Net
worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000.
7.     Michigan—Net
worth of at least $225,000 or a net worth of at least $60,000 and taxable income during the preceding year of at least $60,000.
8.     Minnesota—Except
as provided in the immediately following sentence, each Minnesota Purchaser must be an "accredited investor" as defined in
Regulation D under the Securities Act of 1933 and must, either alone or together with a purchaser representative, have sufficient financial knowledge and experience to be capable of evaluating
the risks and merits of an investment in the Units. The Trust may effect no more than 35 sales of Units to non-accredited investors in Minnesota in any consecutive 12-month
period. Each non-accredited investor must have a net worth of at least
B-2
$225,000
or a net worth of at least $60,000 and an annual income of at least $60,000. Minnesota residents must sign a Subscription Agreement and Power of Attorney Signature Page specifically prepared
for Minnesota residents, a copy of which shall accompany this Prospectus and be delivered to all Minnesota residents.
9.     Mississippi—Net
worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000.
10.   Missouri—Net
worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000.
11.   New
Hampshire—Net worth of at least $250,000 or a net worth of at least $125,000 and an annual taxable income of at least $50,000.
12.   North
Carolina—Net worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000.
13.   Oklahoma—Net
worth of at least $225,000 or a net worth of $60,000 and an annual income of at least $60,000.
14.   Oregon—Net
worth of at least $225,000 or a net worth of at least $60,000 and an annual income of at least $60,000.
15.   Pennsylvania—Net
worth of at least $175,000 or a net worth of at least $100,000 and an annual income of at least $50,000.
16.   South
Carolina—Net worth of at least $100,000 or a net income in the preceding year some portion of which was subject to maximum federal and state income
tax.
17.   South
Dakota—Net worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000.
18.   Tennessee—Net
worth of at least $250,000 or a net worth of at least $65,000 and annual taxable income of at least $65,000.
19.   Texas—Net
worth of at least $225,000 or a net worth of at least $60,000 and annual taxable income of at least $60,000.
In
the case of IRA and SEP plans, the foregoing suitability standards are applicable to the beneficiary of the plan for whose account the Units are being acquired. In the case of a
custodian purchasing Units for a minor, the Units will be either a gift to the minor and not paid with funds of the minor or the minor meets the foregoing suitability standards.
The foregoing suitability standards are regulatory minimums only. Merely because Purchaser meets such requirements does not necessarily mean that a high risk,
speculative and illiquid investment such as the Trust is, in fact, suitable for Purchaser.
B-3
EXHIBIT C
JWH GLOBAL TRUST
SUBSCRIPTION INSTRUCTIONS
FOR
UNITS OF BENEFICIAL INTEREST
Any person considering subscribing for Units should carefully read and review the Prospectus, including the Privacy Policy of the Managing
Owner contained therein. The Prospectus must be accompanied by the most recent Account Statement of the Trust (current within 60 calendar days).
The
Units are speculative and involve a high degree of risk. It is recommended that no subscriber should invest more than 10% of such subscriber's net worth (which excludes home,
furnishings and automobiles) in the Trust.
Attached
to these subscription instructions is a detachable carbonless copy set of the Subscription Agreement and Power of Attorney Signature Page (the "Signature Page") with the
Subscription Agreement and Power of Attorney on the reverse side. The Signature Page is the document which you must execute if you wish to subscribe for Units. One copy of such Signature Page should
be retained by you for your records and the others delivered to your Financial Advisor.
FILL IN ALL THE INFORMATION ON THE ATTACHED SIGNATURE PAGE, USING BLUE OR BLACK INK ONLY, AS FOLLOWS:
Item 1
•
Enter the whole dollar amount of the subscription (no cents). Check the box if the subscriber currently owns Units.
Item 2
•
Check the box if payment is to be made by debit from investor's securities account. If debited, enter the investor's securities account number.
Item 3
•
Enter the Social Security or Taxpayer ID Number of the investor. Check the appropriate box to indicate the type of ownership for the entity that is subscribing. In the case of joint ownership, either Social Security Number may be used. If the
Non-Taxable Investor is a plan or IRA of a Financial Advisor, check the box for "Other" and indicate "Selling Agent Plan" in the space provided.
Item 4 through 8
•
The following specific instructions are provided for certain ownership types identified on the Signature Page:
Trust
—Enter the trust's name in Item 4 and the trustee's name in Item 5, followed by "Ttee."
Custodian Under Uniform Gifts to Minors Act
—Complete Item 4 with the name of minor followed by "UGMA." Enter the minor's Social Security Number in Item 3. In Item 8, enter the
custodian's name followed by "Custodian." Be sure to furnish the Taxpayer ID Number of the Custodian.
Partnership or Corporation
—The partnership's or corporation's name is required in Item 4. Enter a partner's or officer's name in Item 5. Enter the Taxpayer ID Number of the
partnership or corporation in Item 3.
Non-Taxable Investor—
If applicable, complete Item 8 for the Custodian. Be sure to furnish the Taxpayer ID Number of the Custodian.
C-1
Complete residence address in Item 6 and mailing address (if different) in Item 7.
The investor(s) must review the representations relating to backup withholding tax or non-resident alien status following Item 8. Check box if applicable.
Item 9
•
The investor(s) must sign the Subscription Agreement and Power of Attorney Signature Page. Joint accounts must include signatures of all parties.
Items 10 and 11
•
Financial Advisor must complete.
The Financial Advisor's copy of the Subscription Agreement and Power of Attorney Signature Page may be required to be retained in the Branch Office.
C-2
JWH GLOBAL TRUST
UNITS OF BENEFICIAL INTEREST
BY EXECUTING THIS SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY
SUBSCRIBERS ARE NOT WAIVING ANY RIGHTS UNDER THE SECURITIES ACT OF 1933
OR THE SECURITIES EXCHANGE ACT OF 1934
SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY
JWH GLOBAL TRUST
c/o CIS Investments, Inc., Managing Owner
233 South Wacker Drive, Suite 2300
Chicago, Illinois 60606
Dear Sirs:
1.
Subscription for Units.
I hereby subscribe for the dollar amount of
units of
beneficial interest ("Units")
in
JWH Global Trust (the "Trust")
set forth in the Subscription Agreement and Power of Attorney
Signature Page attached hereto (minimum $5,000; $2,000 for trustees or custodians of eligible employee benefit plans and individual retirement accounts), at a purchase price per Unit of Net Asset
Value. Incremental subscriptions in excess of the foregoing minimums are permitted in $100 multiples. Existing investors may subscribe for additional Units in $1,000 minimums, also with $100
increments. Fractional Units will be issued to five decimal places. The terms of the offering of the Units are described in the current Prospectus of the Trust (the "Prospectus"). I have either
(i) authorized my Financial Advisor to debit my customer securities account in the amount of my subscription or (ii) delivered a check to my Financial Advisor made payable to
"
Bank One, NA, Escrow Agent for JWH Global Trust."
If I have chosen to subscribe by account debit, I acknowledge that I must have my subscription
payment in such account when I submit my subscription. My Financial Advisor shall debit my account and the amounts so debited will be transmitted directly to the Escrow Agent.
CIS Investments, Inc. (the "Managing
Owner")
may, in its sole and absolute discretion, accept or reject this subscription in whole or in part.
Subscriptions are revocable for five business days after submission. All Units are offered
subject to prior sale.
Subscriptions
generally must be received by the Managing Owner no later than five business days before month-end (including the last business day of the month) in order to be
invested in the Units as of the end of the month.
2.
Representations and Warranties of Subscriber.
I have received the Prospectus and an account statement
(current within 60 days) relating to the Trust. I understand that certain investor suitability standards must be met as a condition of my investment in the Units. I acknowledge that I satisfy
the applicable requirements relating to net worth and annual income as set forth in "Exhibit B—Subscription Requirements" to the Prospectus. If subscriber is an employee benefit
plan, the investment in the Units by such employee benefit plan is in compliance with all federal laws relating to such plans. If the subscriber is a trust under an employee benefit plan, none of the
Trustee, the Managing Owner, the Trading Advisor, the Futures Broker, the Foreign Currency Broker, any Selling Agent, Wholesaler or correspondent, or the Escrow Agent, any of their respective
affiliates or any of their respective agents or employees: (i) has investment discretion with respect to the investment of the assets of such trust being used to purchase Units; (ii) has
authority or responsibility to give or regularly gives investment advice with respect to such trust assets for a fee and pursuant to an agreement or understanding that such advice will be based on the
particular investment needs of the trust; or (iii) is an employer maintaining or contributing to the Trust. If subscriber is not an individual, subscriber is authorized to invest in the Trust
and the person signing the Subscription Agreement and Power of
C-3
Attorney
Signature Page on behalf of the subscriber is duly authorized to execute such Signature Page. Subscriber is registered with the Commodity Futures Trading Commission and is a member of
National Futures Association in all capacities that subscriber is required to be registered or such a member. If subscriber is a custodian for a minor, the Units purchased will be either a gift to the
minor and not paid with funds of the minor or the minor meets the net worth and annual income requirements set forth in "Exhibit B—Subscription Requirements" to the Prospectus.
3.
Power of Attorney.
In connection with my purchase of Units, I do hereby irrevocably constitute and appoint
the Managing Owner and its successors and assigns, as my true and lawful Attorney-in-Fact, with full power of substitution, in my name, place and stead, to (i) file,
prosecute, defend, settle or compromise litigation, claims or arbitrations on behalf of the Trust and (ii) make, execute, sign, acknowledge, swear to, deliver, record and file any documents or
instruments which may be considered necessary or desirable by the Managing Owner to carry out fully the provisions of the Declaration and Agreement of Trust of the Trust, including, without
limitation, the execution of the said Agreement itself and the execution of all amendments permitted by the terms thereof. The Power of Attorney granted hereby shall be deemed to be coupled with an
interest, shall be irrevocable, shall survive, and shall not be affected by, my subsequent death, incapacity, disability, insolvency or dissolution or any delivery by me of an assignment of the whole
or any portion of my Units.
4.
Governing Law.
Subscriber hereby acknowledges and agrees that this Subscription Agreement and Power of
Attorney derives from a business initiated in and concluded in the United States of America and shall be governed by and be interpreted in accordance with the laws of the State of Delaware, without
regard to principles of conflicts of laws thereof.
5.
Risks.
These securities are speculative and involve a high degree of risk. It is recommended that you should
invest no more than 10% of your net worth (excluding home, furnishings and automobiles) in the Trust. Risk factors relating to the Units include the following:
(i)    You could lose all or substantially all of your investment in the Trust; (ii) the Trust is speculative and it takes positions with total
values that are bigger than the total amount of the Trust's assets; the face value of the Trust's positions typically range from three to fifteen times its aggregate Net Asset Value;
(iii) performance has been volatile; the Net Asset Value per Unit has fluctuated over 21% in a single month; (iv) the use of a single advisor applying a limited number of generally
similar trading programs decreases diversification relative to a fund using multiple advisors and increases risk; (v) substantial expenses, totalling almost 9.6% per annum, must be offset by
trading profits and interest income; (vi) there is no market for the Units; Units may only be redeemed as of the end of a calendar month subject to a 3% redemption charge through the end of the
eleventh month after issuance; (vii) the Trust trades to a substantial degree on non-U.S. markets which are not subject to the same degree of regulation as U.S. markets;
(viii) investors are required to make representations and warranties in connection with their investment; (ix) each prospective investor is encouraged to discuss the investment with
his/her individual financial, legal and tax adviser.
See "The Risks You Face" beginning at page 13 of the Prospectus.
PLEASE COMPLETE THE SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY SIGNATURE PAGE WHICH ACCOMPANIES THIS PROSPECTUS CAREFULLY AND ENSURE THAT YOUR FINANCIAL ADVISOR
KNOWS WHETHER YOU ARE SUBSCRIBING BY CHECK OR ACCOUNT DEBIT.
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JWH GLOBAL TRUST
SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY SIGNATURE PAGE
See Subscription Instructions on Cover)
The
investor named below, by executing and delivering this Signature Page and by payment of the purchase price for units of beneficial interest ("Units") in
JWH
Global Trust
(the "Trust"), and by either (i) enclosing a check payable to "
Bank One, NA, as Escrow Agent for JWH Global
Trust
" or (ii) authorizing the Selling Agent (or Additional Selling Agent, as the case may be) to debit investor's securities account in the amount set forth below,
hereby subscribes for the purchase of Units at a purchase price of 100% of the Net Asset Value per Unit.
The
named investor further acknowledges receipt of the current Prospectus of the Trust (the "Prospectus"), together with a recent Account Statement relating to the Trust (current within
60 calendar days) and the Trust's most recent Annual Report if not included in the Prospectus. The Prospectus includes the Trust's Declaration and Agreement of Trust, Subscription Requirements and
Subscription Agreement and Power of Attorney, the terms of which govern the investment in the Units being subscribed for hereby.
1)
Investment
Amount $____,_______,_______ (minimum $5,000, except $2,000 minimum for IRAs and other qualified accounts; $1,000 minimum for additional investments; $100 increments)
o
Check
box if own Units
2)
Investor's
securities account: Account _______________________ _
o
check box if debiting investor's securities
account
3)
Social
Security #_______-____-_________          or          Taxpayer ID #____-________________
Taxable Investors
(check one)
o
Individual Investor
o
Community Property
o
Partnership
o
Joint Tenants with Right of Survivorship
o
Estate
o
UGMA/UTMA (Minor)
o
Tenants in Common
o
Corporation
o
Trust
Non-Taxable Investors
—Custodian Signature Required (check one)
o
IRA
o
IRA Rollover
o
Profit Sharing
o
SEP
o
Roth IRA
o
Pension
o
Defined Benefit
o
Other___________________
4)
Investor(s)
Name(s)
___________________________________________________________________________________________
5)
Additional
Information (For Estates, Partnerships, Trusts and Corporations)
___________________________________________________________________________________________
6)
Residence
Address of Unitholder
___________________________________________________________________________________________
Street
(P.0. Box numbers are not acceptable for residence address)
__________________________________________________          _________          ________________
City                                         
                                          
                                State         
          Zip
7)
Mailing
Address (if different)
__________________________________________________________________________________________ _
C-5
Street
__________________________________________________          _________          ________________
City                                         
                                          
                           State              
          Zip
8)
Custodian
Information                        Taxpayer ID# ____-________________
Name
___________________________________________________________________________________________
___________________________________________________________________________________________
Street
__________________________________________________          _________          ________________
City                                         
                                          
                           State              
          Zip
UNITED STATES INVESTORS ONLY
I have checked the following box if I am subject to backup withholding under the provisions of Section 3406(a)(1)(C) of the Internal Revenue Code: . Under
the penalties of perjury, by signature below I hereby certify that the Social Security or Taxpayer ID Number set forth in Item 3 above is my true, correct and complete Social Security or Taxpayer ID
Number and that the information given in the immediately preceding sentence is true, correct and complete. Moreover, under penalties of perjury, by signature below I certify that I am a U.S. Person.
NON-UNITED STATES INVESTORS ONLY
Under penalties of perjury, by signature below I hereby certify that I am not a U.S. Person (including (a) a citizen or resident of the United States or
(b) (in the case of an investor which is not an individual) a United States corporation, partnership, estate or trust): . Moreover, under penalties of perjury, by signature below I certify that
I am (or am authorized to sign for) the beneficial owner (as defined in the Internal Revenue Code) of all the income to which this form relates. I will deliver the appropriate
Form W-8 as instructed by my Financial Adviser.
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9)
INVESTOR(S) MUST SIGN
The Internal Revenue Service does not require your consent to any provisions of this document other than the certifications required to avoid backup withholding set forth after
Section 8 above.
Signature
Date
Signature of Joint Investor (if any)
Date
Executing and delivering this Subscription Agreement and Power of Attorney shall in no respect be deemed to constitute a waiver of any rights under the Securities
Act of 1933 or under the Securities Exchange Act of 1934.
10)
FINANCIAL ADVISOR MUST SIGN
I
hereby certify that I have provided the investor with a copy of the Prospectus and informed the investor of all pertinent facts relating to the: risks; tax consequences; liquidity and
marketability; management; and control of the Managing Owner with respect to an investment in the Units, as set forth in the Prospectus. I have also informed the investor of the unlikelihood of a
public trading market developing for the Units and the restrictions on the redemption of Units. I do not have discretionary authority over the account of the investor.
I
have reasonable grounds to believe, based on information obtained from the investor concerning his/her investment objectives, other investments, financial situation and needs and any
other information known by me, that an investment in the Trust is suitable for such investor in light of his/her financial position, net worth and other suitability characteristics.
The Financial Advisor MUST sign below in
order to substantiate compliance with Rule 2810 of the NASD
.
X
X
Financial Advisor Signature
Date
Office Manager Signature (if required)
Date
11)
Broker-Dealer
Firm: __________________________    Financial Advisor: ____________________________ __
First  M.I.  Last    Fin. Adv.
Number
Financial
Advisor Mailing Address:____________________________________________________________
Street
(P.0. Box numbers are not acceptable for residence address)
City    State    Zip
Financial Advisor Phone
Financial Advisor Fax
E-mail address
C-7
JWH GLOBAL TRUST
UNITS OF BENEFICIAL INTEREST
REQUEST FOR REDEMPTION
JWH GLOBAL TRUST
c/o CIS Investments, Inc.
Managing Owner
233 South Wacker Drive, Suite 2300
Chicago, Illinois 60606
____________________________________
Date
Dear
Sirs:
The
undersigned hereby requests redemption subject to all the terms and conditions of the Amended and Restated Declaration and Agreement of Trust (the "Declaration and Agreement of
Trust") of JWH GLOBAL TRUST (the "Trust") of Units of Beneficial Interest ("Units") in the Trust.
(Insert number of Units or dollar amount to be redeemed below. Unitholders
need not redeem all of their Units provided they redeem at least $1,000 of Units and they must hold a minimum investment of $1,000 after any partial redemption. If no number of Units or dollar amount
is indicated, ALL Units held by the undersigned will be redeemed.)
Units are redeemed at the Net Asset Value per Unit, as defined in the Declaration and Agreement of Trust,
less any applicable redemption charge (see below). Redemption shall be effective as of the end of the current calendar month; provided this Request for Redemption is received no later than five
business days before the end of such month (including the last business day of the month).
Payment of the redemption proceeds will generally be made within ten business days of the date of redemption.
The
undersigned hereby represents and warrants that the undersigned is the true, lawful and beneficial owner of the Units to which this Request for Redemption relates, with full power
and authority to request redemption of such Units. Such Units are not subject to any pledge or otherwise encumbered in any fashion.
Units
redeemed at or prior to the end of the eleventh full month after such Units are sold are subject to redemption charges of 3% of the Net Asset Value of Units at which they are
redeemed. Such charges will be deducted from the redemption proceeds and paid to Cargill Investor Services, Inc., the Trust's Futures Broker. If the undersigned has purchased Units at more than
one closing, such Units will be treated on a first-in/first-out basis for purposes of determining whether redemption charges continue to be applicable to such Units.
United States Unitholders Only:
The undersigned has checked the following box if he, she or it is subject to backup withholding under the provisions of Section 3406(a)(1)(C) of the
Internal Revenue Code:
o
. Under the penalties of perjury, by signature below the undersigned hereby certifies that the Social Security or
Taxpayer ID Number set forth below is his, her or its true, correct and complete Social Security or Taxpayer ID Number and that the information given in the immediately preceding sentence is true,
correct and complete. Moreover, under penalties of perjury, by signature below the undersigned certifies that he, she or it is a U.S. Person.
Non-United States Unitholders Only:
Under penalties of perjury, by signature below the undersigned hereby certifies that he, she or it is not a U.S. person (including (a) a citizen or
resident of the United States or (b) (in the case of an investor which is not an individual) a United States corporation, partnership, estate or
trust):
o
. Moreover, under penalties of perjury, by signature below the undersigned certifies that he, she or it is (or is authorized to sign
for) the beneficial owner (as defined in the Internal Revenue Code) of all the income to which this form relates. The undersigned will deliver the appropriate Form W-8 as instructed
by his, her or its Financial Advisor.
C-8
Tax ID—SS# or Fed No (No hyphens)
Account Number
Account
Name
___________________________________________________________________________________________
___________________________________________________________________________________________
By:
___________________________________________________________________________________________
(Authorized corporate officer, partner, trustee or custodian)
Account Mailing Address
Street
or P.O. Box
___________________________________________________________________________________________
City
___________________________________________________________________________________________
State ________________________
Zip ________________________ Country ________________________
Phone ________________________________________________________________________
JWH Global Trust:
Redeem:
Number of Units ____________________________________ OR Amount $____________
(Write "ALL" for full redemption)
(Check
one)
____________ Mail
check to the address above
____________ Credit
my customer securities account at:
Name
of Broker Dealer:____________________________________
Account
Name:___________________________________________
Account
Number:__________________________________________
SIGNATURES MUST BE IDENTICAL TO NAME(S) IN WHICH UNITS ARE REGISTERED.
____________________________________________________________
Individual Unitholder(s)/Custodian Signature
____________________________________________________________
Individual Unitholder(s)/Custodian Signature
C-9
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13.    Other Expenses of Issuance and Distribution.
The following is an estimate of the costs incurred in connection with preparing and filing this Registration Statement. The Trust will pay all such costs.
Approximate
Amount
Securities and Exchange Commission Registration Fee
$
24,270
*
National Association of Securities Dealers, Inc.
30,500
*
Filing Fee
Printing Expenses
100,000
Fees of Certified Public Accountants
15,000
Blue Sky Expenses (Excluding Legal Fees)
30,000
Fees of Counsel
75,000
Escrow Fees
20,000
Advertising and Sales Literature
20,000
Miscellaneous Offering Costs
10,230
Total
$
325,000
*
Actual,
not estimated.
Item 14.    Indemnification of Directors and Officers.
Section 18 of the Amended and Restated Declaration and Agreement of Trust (attached as Exhibit A to the Prospectus which forms a part of this
Registration Statement) provides for the indemnification of the Managing Owner, certain of its affiliates and certain of their respective directors, officers and controlling persons by the Registrant
in certain circumstances. Such indemnification is limited to claims sustained by such persons in connection with the Registrant; provided that such claims were not the result of negligence or
misconduct on the part of the Managing Owner or its affiliates, directors, officers and controlling persons. The Registrant is prohibited from incurring the cost of any insurance covering any broader
indemnification than that provided above. Advances of Registrant funds to cover legal expenses and other costs incurred as a result of any legal action initiated against the Managing Owner by a
Unitholder are prohibited.
Item 15.    Recent Sales of Unregistered Securities.
There have been no sales of unregistered securities of the Registrant within the last three years.
II-1
Item 16.    Exhibits and Financial Statement Schedules.
The following documents are made a part of this Registration Statement:
(a)
Exhibits.
Exhibit
Number
Description of Document
3.01
Form of Fifth Amended and Restated Declaration and Agreement of Trust of the Registrant (included as Exhibit A to the Prospectus).
5.01
Opinion of Richards, Layton & Finger relating to legality of the Units.
8.01
Opinion of Sidley Austin Brown & Wood with respect to Federal Income Tax Aspects.
10.01
Form of Subscription Agreement and Power of Attorney (included as Exhibit C to the Prospectus).
23.01(a)
Consent of Sidley Austin Brown & Wood (included in Exhibit 8.01).
23.01(b)
Consent of Richards, Layton & Finger (included in Exhibit 5.01).
23.02
Consent of KPMG LLP.
The
following exhibit is incorporated by reference herein from the exhibit of the same description and number filed on March 12, 2002 with Post-Effective Amendment
No. 6 to Registration Statement on Form S-1 (Reg. No. 333-33937).
Exhibit
Number
Description of Document
1.01
Form of Selling Agreement among CIS Securities, Inc., the Registrant, the Managing Owner, CIS Financial Services, Inc. ("CISFS"), Cargill Investor Services, Inc. ("CIS") and John W. Henry & Company,
 Inc. ("JWH").
The
following exhibit is incorporated by reference herein from the exhibit of the same description and number filed on August 19, 1997 with Registrant's Registration Statement on
Form S-1 (Reg. No. 333-33937).
Exhibit
Number
Description of Document
10.02
Form of Amended Escrow Agreement among the Registrant, The First National Bank of Chicago, the Managing Owner and the Lead Selling Agent.
II-2
The
following exhibits are incorporated by reference herein from the exhibits of the same description and number filed on February 10, 1997 with Amendment No. 1 to
Registrant's Registration Statement on Form S-1 (Reg. No. 333-16825; declared effective April 3, 1997).
Exhibit
Number
Description of Document
3.02
Amended and Restated Declaration and Agreement of Trust.
3.03
Certificate of Amendment of Certificate of Trust of the Registrant.
10.01
Form of Trading Advisory Agreement among the Registrant, the Managing Owner, CIS and JWH.
10.02
Form of Customer Agreement between the Registrant and CIS.
10.03
Form of Foreign Exchange Account Agreement between the Registrant and CISFS.
10.04
Form of Cash Bullion Account Agreement between the Registrant and CISFS.
10.06
Form of Transfer Agent Agreement.
The
following exhibits are incorporated by reference herein from the exhibits of the same description and number filed on November 26, 1996 with Registrant's Registration
Statement on Form S-1 (Reg. No. 333-16825; declared effective April 3, 1997).
Exhibit
Number
Description of Document
3.01
Certificate of Trust of the Registrant.
3.02
Declaration and Agreement of Trust.
99.01
Securities and Exchange Commission Release No. 33-6815—Interpretation and Request for Public Comment—Statement of the Commission Regarding Disclosure by Issuers of Interests in Publicly Offered Commodity Pools. (54 Fed.
Reg. 5600; February 6, 1989).
99.02
Commodity Futures Trading Commission—Interpretive Statement and Request for Comments—Statement of the Commodity Futures Trading Commission Regarding Disclosure by Commodity Pool Operators of Past Performance Records and Pool Expenses and
Requests for Comments. (54 Fed. Reg. 5597; February 6, 1989).
99.03
North American Securities Administrators Association, Inc. Guidelines for the Registration of Commodity Pool Programs.
99.04
Delaware Business Trust Act.
Item 17.    Undertakings.
(a)(1)   The
undersigned registrant hereby undertakes to file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:
(i)    To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)   To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in
II-3
the
form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum
aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.
(iii)  To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement.
(2)   That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)   To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the
offering.
(b)   Insofar
as indemnification for liabilities under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to
the provisions described in Item 14 above, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any such action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
II-4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this Registration Statement or Registration Statement Amendment to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago in the State of Illinois on May 15, 2003.
JWH GLOBAL TRUST
By:
CIS Investments, Inc., Managing Owner
By:
/s/
JAMES A. DAVISON
James A. Davison
President
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement or Registration Statement Amendment has been signed below by the following persons on behalf of
CIS Investments, Inc., the Managing Owner of the Registrant, in the capacities indicated on May 15, 2003.
Name
Title
/s/
JAMES A. DAVISON
James A. Davison
President and Director
(Principal Executive Officer)
/s/
SHAUN D. O'BRIEN
Shaun D. O'Brien
Chief Financial Officer and Director
(Principal Financial and Accounting Officer)
/s/
BARBARA A. PFENDLER
Barbara A. Pfendler
Vice President and Director
(Being the principal executive officer, the principal financial and accounting officer and a majority of the directors of CIS Investments, Inc.)
CIS INVESTMENTS, INC.,
the Managing Owner of Registrant
By:
/s/
JAMES A. DAVISON
James A. Davison
President
JWH GLOBAL TRUST
EXHIBIT INDEX
Exhibit
Number
Description of Document
3.01
Form of Fifth Amended and Restated Declaration and Agreement of Trust of the Registrant (included as Exhibit A to the Prospectus).
5.01
Opinion of Richards, Layton & Finger relating to legality of the Units.
8.01
Opinion of Sidley Austin Brown & Wood with respect to Federal Income Tax Aspects.
10.01
Form of Subscription Agreement and Power of Attorney (included as Exhibit C to the Prospectus).
23.01(a)
Consent of Sidley Austin Brown & Wood (included in Exhibit 8.01).
23.01(b)
Consent of Richards, Layton & Finger (included in Exhibit 5.01).
23.02
Consent of KPMG LLP.
QuickLinks
JWH GLOBAL TRUST $342,100,000 Units of Beneficial Interest
COMMODITY FUTURES TRADING COMMISSION RISK DISCLOSURE STATEMENT
CIS INVESTMENTS, INC. PRIVACY POLICY
JWH GLOBAL TRUST CONTENTS
SUMMARY
JWH Global Trust Sector Allocation
Average Sector Allocations (3-Year Average) as of March 31, 2003
See "Charges" at page 66.
THE RISKS YOU FACE
HOW THE TRUST WORKS
PERFORMANCE OF THE TRUST
SELECTED AND SUPPLEMENTARY FINANCIAL INFORMATION
MANAGEMENT'S ANALYSIS OF OPERATIONS
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT THE TRUST'S MARKET RISK
MANAGED FUTURES FUNDS IN GENERAL
THE ROLE OF MANAGED FUTURES IN YOUR PORTFOLIO
Comparison of JWH Global Trust and Certain General Market Indices June 1, 1997 through March 31, 2003
JWH Global Trust versus the S&P 500® 500 Stock Index and an Equally Weighted Portfolio of the Trust and the S&P 500® 500 Stock Index June 1, 1997 through March 31, 2003
JWH Global Trust Performance as of March 31, 2003
Extreme Correlation Analysis
JWH Global Trust and Selected Indices versus the Best and Worst 46 Months of the S&P 500® Stock Index (June 1997 through March 2003)
THE MANAGING OWNER
JOHN W. HENRY & COMPANY, INC.
JWH PRINCIPALS
PERFORMANCE OF THE JWH PROGRAMS
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
INTEREST INCOME
CHARGES
BROKERAGE ARRANGEMENTS
REDEMPTIONS; NET ASSET VALUE
CONFLICTS OF INTEREST
TRANSACTIONS BETWEEN THE CIS GROUP AND THE TRUST
THE TRUST AND THE TRUSTEE
TAX CONSEQUENCES
PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISERS BEFORE DECIDING WHETHER TO INVEST.
PLAN OF DISTRIBUTION
LAWYERS; ACCOUNTANTS
FINANCIAL STATEMENTS
JWH GLOBAL TRUST Statements of Financial Condition (unaudited) March 31, 2003 and 2002
JWH GLOBAL TRUST Statements of Operations (unaudited) Periods ended March 31, 2003 and 2002
JWH GLOBAL TRUST Statements of Changes in Unitholders' Capital (unaudited) Periods from January 1, 2003 through March 31, 2003
JWH GLOBAL TRUST Statements of Financial Condition December 31, 2002 and 2001
JWH GLOBAL TRUST Statements of Operations Years ended December 31, 2002, 2001 and 2000
JWH GLOBAL TRUST Statements of Changes in Unitholders' Capital Years ended December 31, 2002, 2001 and 2000
JWH GLOBAL TRUST Condensed Schedule of Investments December 31, 2002
JWH GLOBAL TRUST Notes to Financial Statements December 31, 2002, 2001 and 2000
JWH GLOBAL TRUST Notes to Financial Statements December 31, 2002, 2001 and 2000
JWH GLOBAL TRUST Notes to Financial Statements December 31, 2002, 2001 and 2000
JWH GLOBAL TRUST Notes to Financial Statements December 31, 2002, 2001 and 2000
CIS INVESTMENTS, INC. Statement of Financial Condition (unaudited) March 31, 2003
INDEPENDENT AUDITORS' REPORT
CIS INVESTMENTS, INC. Statements of Financial Condition May 31, 2002 and 2001
CIS INVESTMENTS, INC. Statements of Income Years ended May 31, 2002 and 2001
CIS INVESTMENTS, INC. Statements of Changes in Stockholder's Equity Years ended May 31, 2002 and 2001
CIS INVESTMENTS, INC. Statements of Cash Flows Years ended May 31, 2002 and 2001
CIS INVESTMENTS, INC. Notes to Financial Statements May 31, 2002 and 2001
CIS INVESTMENTS, INC. Notes to Financial Statements May 31, 2002 and 2001
CIS INVESTMENTS, INC. Notes to Financial Statements May 31, 2002 and 2001
PART TWO STATEMENT OF ADDITIONAL INFORMATION
FUTURES MARKETS AND TRADING METHODS
"BLUE SKY" GLOSSARY
FIFTH AMENDED AND RESTATED DECLARATION AND AGREEMENT OF TRUST
JWH GLOBAL TRUST
TABLE OF CONTENTS
SUBSCRIPTION REQUIREMENTS
SUBSCRIPTION INSTRUCTIONS FOR UNITS OF BENEFICIAL INTEREST
SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY
UNITS OF BENEFICIAL INTEREST SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY SIGNATURE PAGE
JWH GLOBAL TRUST UNITS OF BENEFICIAL INTEREST REQUEST FOR REDEMPTION
PART II INFORMATION NOT REQUIRED IN PROSPECTUS
SIGNATURES
EXHIBIT INDEX