March 31, 2003


Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549

     Re:  Kenmar Global Trust
          Commission File #333-8869

Dear Sirs:

This filing contains Form 10-K for the year ended December 31, 2002.

                               Very truly yours,

                               Kenneth A. Shewer
                               Chairman and Director
                               (Principal Executive Officer)
                               Kenmar Advisory Corp., Managing Owner
                               Kenmar Global Trust



                     SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C.  20549

                               ---------------

                                  FORM 10-K

                               ---------------

                FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO
         SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


              [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

                 For the fiscal year ended:  December 31, 2002
                       Commission File number:  333-8869

                                 --------------

                              KENMAR GLOBAL TRUST

             ------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)

           DELAWARE                                   06-6429854
-------------------------------         ------------------------------------
(State or Other Jurisdiction of         (I.R.S. Employer Identification No.)
Incorporation or Organization)

                           c/o Kenmar Advisory Corp.
                               Two American Lane
                                  P.O. Box 5150
                         Greenwich, Connecticut  06831
               ---------------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

       Registrant's telephone number, including area code:  (203) 861-1000

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

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

                         Units of Beneficial Interest
                         ----------------------------
                               (Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
Yes [X]  No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K.
[X]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2).
Yes [ ]  No [X]

None of the voting securities of the registrant are held by Non-Affiliates of
the registrant.


                              TABLE OF CONTENTS
                              -----------------

                                                                     Page
                                                                     ----

                                    PART I
                                    ------

ITEM 1.   BUSINESS

ITEM 2.   PROPERTIES

ITEM 3.   LEGAL PROCEEDINGS

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS


                                    PART II
                                    -------

ITEM 5.   MARKET FOR REGISTRANT'S COMMON EQUITY AND
            RELATED STOCKHOLDER MATTERS

ITEM 6.   SELECTED FINANCIAL DATA

ITEM 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
            CONDITION AND RESULTS OF OPERATIONS

ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
            ON ACCOUNTING AND FINANCIAL DISCLOSURE


                                   PART III
                                   --------

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

ITEM 11.  EXECUTIVE COMPENSATION

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
            MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

ITEM 14.  CONTROLS AND PROCEDURES


                                    PART IV
                                    -------

ITEM 15.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND
            REPORTS ON FORM 8-K

SIGNATURES

CERTIFICATIONS



                                    PART I


ITEM 1.  BUSINESS

     (a) General Development of Business:

Kenmar Global Trust (the "Fund") is a Delaware business trust that operates
as a commodity investment pool.  The Fund was formed on July 17, 1996 and
commenced trading on May 22, 1997.  The Fund maintains its principal office
at Two American Lane, P.O. Box 5150, Greenwich, Connecticut 06831, with a
telephone number of (203) 861-1000.  The proceeds of the offering of the Units
are used by the Fund to engage in the speculative trading of futures, forward,
options and related contracts through allocating such proceeds to multiple
commodity trading advisors (the "Advisors").  The assets of the Fund are
deposited with commodity brokers and interbank dealers (collectively, the
"Clearing Brokers") in trading accounts established by the Fund for the
Advisors and are used by the Fund as margin to engage in trading.

Units of beneficial interest are offered for sale as of the last day of each
month at the then-current Net Asset Value per Unit.  The minimum investment is
$5,000, except for (i) trustees or custodians of eligible employee benefit
plans and individual retirement accounts and (ii) existing holders of Units
("Unitholders") subscribing for additional Units, in which case the minimum
investment is $2,000.  Investors receive a Prospectus that sets forth the
material terms of the investment.  The Prospectus is updated every nine (9)
months or upon any material change (whichever is sooner), as required by the
Regulations promulgated under the Commodity Exchange Act, as amended (the
"CEAct"), and is filed with the National Futures Association (the "NFA") and
the Commodity Futures Trading Commission (the "CFTC") in compliance with such
Regulations.

The Fund's managing owner is Kenmar Advisory Corp. ("Kenmar"), a corporation
originally organized as a New York corporation in September 1983 and
reorganized as a Connecticut corporation on January 1, 1996.  Kenmar is owned
equally and indirectly by Kenneth A. Shewer and Marc S. Goodman, the sole
directors of Kenmar.

The Fund itself does not have any employees.  Rather, Kenmar employs 35 persons
(as of December 31, 2002) and provides the Fund with the services of research,
client support (marketing) and management information systems and analysis
personnel to conduct its operational activities.

The Fund is managed by Kenmar. Kenmar:  (i) selects the Fund's Clearing Brokers
and Selling Agents and selects and monitors the Advisors; (ii) allocates and/or
reallocates Fund assets among the Advisors; (iii) determines if an Advisor
should be removed or replaced; (iv) negotiates advisory fees; and (v) performs
such other services as Kenmar believes that the Fund may from time to time
require.

     (b) Financial Information about Industry Segments:

The Fund's business constitutes only one segment for financial reporting
purposes, i.e., a commodity investment pool.

     (c) Narrative Description of Business:

General

Kenmar believes that the most effective means of controlling the risks of the
Fund's futures, forward and options trading is through a diversified portfolio
of Advisors.  An important part of this strategy focuses on controlling risk
by combining Advisors who employ diverse trading methodologies -- such as
technical, fundamental, systematic, trend-following, discretionary or
mathematical -- and who exhibit diverse performance characteristics.  The
objective of this strategy is to construct a portfolio of Advisors whose
combined performance best meets the investment aim of the Fund to achieve
superior returns within appropriately defined parameters of risk.

The process of selecting Advisors is an ongoing one -- Kenmar continuously
analyzes qualitatively and quantitatively the performance and trading
characteristics of the current and prospective Advisors in an effort to
determine which Advisors are best suited to Kenmar's perception of the current
market environment.  Based upon such continuing analysis, Kenmar will
reallocate assets among the Advisors or change the portfolio of Advisors when
Kenmar's perception of the trading environment or an Advisor's individual
performance indicates to Kenmar that such change or changes are appropriate.

Kenmar believes that its ability to manage successfully the risks of futures
and related investments is dependent upon a willingness to act decisively and
a management style that identifies and responds to shifting market trends.
Therefore, when Kenmar's perception of market conditions and/or individual
Advisor performance suggests that an alternative trading style or methodology
might be better suited to Kenmar's perception of the current market
environment, Kenmar may alter the portfolio of Advisors or the allocation of
assets among the Advisors without prior notice to, or the approval of, the
Unitholders.

Advisor Summaries

Set forth below is a brief description of the portfolio of core-Advisors
trading for the Fund as of December 31, 2002.

Graham Capital Management, L.P.

Graham Capital Management, L.P. ("GCM") was organized as a Delaware limited
partnership in May 1994.  The general partner of GCM is KGT, Inc., a Delaware
corporation of which Kenneth G. Tropin is the President and sole shareholder.
The limited partner of GCM is KGT Investment Partners, L.P., a Delaware limited
partnership of which KGT, Inc. is also a general partner and in which
Mr. Tropin is the principal investor.  (KGT, Inc. and KGT Investment Partners,
L.P. are not affiliated with Kenmar, the Fund or any other company affiliated
or related to Kenmar or the Fund).  GCM became registered as a commodity pool
operator and commodity trading advisor under the CEAct and a member of the NFA
on July 27, 1994.

The programs used by GCM on behalf of the Fund are the K4 Program at Standard
Leverage ("Standard Leverage") and the K4 Program at 150% Leverage ("150%
Leverage").  The Fund invests in either the Standard Leverage program or the
150% Leverage program, but not in both programs simultaneously.

GCM is an investment manager that actively trades worldwide on a 24-hour basis
in the equity, fixed income, currency and commodity markets utilizing
securities, futures, forwards and other financial instruments.  GCM offers
clients systematic and discretionary global macro trading programs and a long-
short equity program.  The investment objective of each GCM trading strategy is
to provide clients with significant potential for capital appreciation in both
rising and falling markets during expanding and recessionary economic cycles.

Grinham Managed Funds Pty Ltd.

Grinham Managed Funds Pty Ltd. is an Australian commodity trading advisor,
regulated as such with the CFTC and a member of NFA, utilizing an automated,
technical trading system.  The basic premise of the system is that markets
incorporate a random and non-random component.  The Grinham Managed Funds Pty
Ltd. system is designed to identify when markets begin to move in a non-random
fashion and to generate orders to profit from non-random price movements.
Grinham Managed Funds Pty Ltd. trades 45 markets across 7 countries,
incorporating most of the major stock indices, interest rates, currency and
commodities markets.  Risk control is a major fundamental of the system,
utilizing diversification to limit the risk of any single trade to less than
0.1% of the assets under management.

Transtrend B.V.

Transtrend B.V. ("Transtrend") is a Dutch limited liability company formed in
November 1991 to provide commodity trading advisory services to selected
clients.  It has been registered as a commodity trading advisor and commodity
pool operator under the CEAct since September 23, 1994, and is a member of the
NFA in such capacities.  Transtrend is also licensed as a portfolio manager,
and is subject to regulation by the Autoriteit Financiele Markten, the
securities board of The Netherlands ("AFM").  Registration under the CEAct,
membership in the NFA and the AFM license in no way imply that the CFTC, the
NFA or the AFM have endorsed Transtrend's qualifications to provide the
commodity trading advisory services described in this document.

In its Diversified Trend Program, traded on behalf of the Fund, Transtrend
applies a combination of well researched trading systems.  Each trading system
has a demonstrated profit expectancy over the course of time.  In particular,
the trading systems attempt to exploit non-random price behaviors based on
quantitative analysis of (typical) price patterns.  The trading systems are
consistent, systematic and applied with skill and discipline.

The systems can be applied to well over a hundred different product-market
combinations traded on approximately fifty exchanges in approximately
twenty-five countries.  Diversified portfolios consist of a variety of futures
broadly spread over interest instruments, stock indices, tangible commodities
and foreign exchange pairs.

Correlation analysis contributes to a desired portfolio balance.  Volatility
analysis plays a prominent role in the assessment of risk.  Compatibility
between trading systems and the markets they are applied to is monitored
closely.  Multiple entries and exits contribute to the desired stability of
returns.

Use of Proceeds

The proceeds of the offering of the Units are used by the Fund to engage in the
speculative trading of futures, forward, options and related markets, through
allocating such proceeds to the Advisors.

To the extent the Fund trades in futures contracts on U.S. exchanges, the
assets deposited by the Fund with its Clearing Brokers as margin must be
segregated pursuant to the regulations of the CFTC.  Such segregated funds may
be invested only in a limited range of instruments -- principally U.S.
government obligations.

To the extent that the Fund trades in futures, forward, options and related
contracts on markets other than regulated U.S. futures exchanges, funds
deposited to margin positions held on such exchanges are invested in bank
deposits or in instruments of a credit standing generally comparable to those
authorized by the CFTC for investment of "customer segregated funds," although
applicable CFTC rules prohibit funds employed in trading on foreign exchanges
from being deposited in "customer segregated fund accounts."

Although the percentages set forth below may vary substantially over time,
Kenmar estimates that as of December 31, 2002:

(i) up to approximately 58% of the Net Asset Value of the Fund is placed with
the Clearing Brokers in the form of cash or U.S. Treasury bills to margin
positions of all commodities combined.  Such funds will be segregated pursuant
to CFTC rules; and

(ii) approximately 42% of the Net Asset Value of the Fund is maintained in bank
deposits.

Fund assets maintained in bank deposits are currently maintained with Brown
Brothers Harriman & Co. in New York, New York and Georgetown, Grand Cayman
Island.

In addition, assets of the Fund not required to margin positions may be
maintained in United States bank accounts opened in the name of the Fund and
may be held in U.S. Treasury bills (or other securities approved by the CFTC
for investment of customer funds).

The Fund receives all of the interest income earned on its assets.

Breakeven Table

The "Breakeven Table" below indicates the approximate percentage and dollar
returns required for the redemption value of an initial $5,000 investment in
the Units to equal the amount originally invested twelve months after issuance
(assuming the Units are redeemed on or before the 12th month-end following sale
and, therefore, are subject to a 3% redemption charge). Redemptions on the 13th
month-end through the 18th month-end are subject to a 2% charge. Redemptions
after the 18th month-end are redeemed at Net Asset Value (no charge).

The "Breakeven Table," as presented, is an approximation only and is not
affected by the size of the Fund.  The Fund's capitalization does not directly
affect the level of its charges as a percentage of Net Asset Value, other than
administrative expenses (which are assumed in the "Breakeven Table" to equal
the maximum estimated percentage of the Fund's average beginning of month Net
Assets).  See "Description of Current Charges" below for an explanation of
these charges.

                               "Breakeven Table"

-------------------------------------------------------------------------------
                                  Percentage Return    Dollar Return Required
              Expenses (1)          Required First         ($5,000 Initial
           Which must Be Offset     Twelve Months     Investment) First Twelve
             To "Break Even"        of Investment       Months of Investment
-------------------------------------------------------------------------------
Brokerage Commissions(2)               11.00 %                $ 550.00
-------------------------------------------------------------------------------
Administrative Expenses(3)              1.00 %                $  50.00
-------------------------------------------------------------------------------
Miscellaneous Execution Costs(4)        0.25 %                $  12.50
-------------------------------------------------------------------------------
Advisors' Profit Shares(5)              2.00 %                $ 100.00
-------------------------------------------------------------------------------
Kenmar Incentive Fee(6)                 0.15 %                $   7.50
-------------------------------------------------------------------------------
Redemption Charge(7)                    3.10 %                $ 155.00
-------------------------------------------------------------------------------
Interest Income(8)                     (1.75)%                $ (87.50)
-------------------------------------------------------------------------------
Return on $5,000 initial investment     15.75 %               $ 787.50
required for "break even" if Units
are redeemed on or before the 12th
month-end following sale.
-------------------------------------------------------------------------------
Return on $5,000 initial investment     14.69 %               $ 734.50
required for "break even" if Units
are redeemed on the 13th month-end
through the 18th month-end following
sale.
-------------------------------------------------------------------------------
Return on $5,000 initial investment     12.65 %               $ 632.50
required for "break even" if Units
are redeemed after the 18th month-end
following sale.
-------------------------------------------------------------------------------

Notes to "Breakeven Table"

(1)  The foregoing break-even analysis assumes that the Units have a constant
     month-end Net Asset Value.  Calculations are based on $5,000 as the Net
     Asset Value per Unit.

(2)  Paid to Kenmar each month.  Kenmar pays all floor brokerage, exchange,
     clearing and NFA fees, selling compensation, trailing commissions and
     Advisors' Consulting Fees from this amount.

(3)  Administrative expenses are paid as incurred.  For this "Breakeven Table"
     such expenses are at historical amounts.

(4)  Estimated; paid on a per-transaction basis.  "Bid-ask" spreads are not
     included due to the difficulty of determining such spreads, which may
     constitute a significant cost to the Fund.

(5)  Profit Shares are calculated quarterly on the basis of each Advisor's
     individual performance, not the overall performance of the Fund.
     Consequently, it is not possible to determine the amount of Profit Shares,
     if any, that would be payable in a "breakeven" year.  Kenmar believes that
     2.00% of average beginning of month Net Assets is a reasonable estimate
     for such Profit Shares, but the actual Profit Shares paid in a "breakeven"
     year could substantially exceed such estimate.

(6)  No Incentive Fee might, in fact, be due.  However, for purposes of the
     "Breakeven Table," the Incentive Fee has been estimated at 5% of such
     3.1% gain referred to below.

(7)  Redemption charges for purposes of this "breakeven" analysis equal 3.1%
     of the initial $5,000 (3% of the $5,155 Net Asset Value required so that
     after subtraction of the 3% redemption charge, the investor would receive
     net redemption proceeds of $5,000).

(8)  Interest income is estimated based on current rates.

Description of Current Charges

Recipient         Nature Of Payment       Amount Of Payment

Kenmar            Brokerage commissions   Flat-rate monthly commissions of
                                          0.917% of the Fund's beginning of
                                          month Net Assets (an 11% annual
                                          rate).  Such commissions cover all
                                          floor brokerage, exchange, clearing
                                          and NFA fees incurred in the Fund's
                                          trading.

Third Parties     Miscellaneous           Paid as incurred; not anticipated to
                  execution costs         exceed 0.25% of average beginning of
                                          month Net Assets per year.

Counterparties    "Bid-ask" spreads       Each counterparty with which the Fund
                                          trades receives "bid-ask" spreads on
                                          the forward trades executed on behalf
                                          of the Fund.

Advisors          Profit Shares           Paid by the Fund on a quarterly basis
                                          (although accrued against Net Asset
                                          Value per Unit monthly).  Each
                                          Advisor's Profit Share is determined
                                          based on 20% of any New Trading
                                          Profit (as defined) generated by such
                                          Advisor.  New Trading Profit in
                                          respect of each Advisor's account is
                                          calculated after reduction for
                                          brokerage commissions at an annual
                                          rate of 2.5%--5.0%, rather than at an
                                          11% annual rate, and execution costs
                                          actually incurred (other than floor
                                          brokerage, exchange, clearing and NFA
                                          fees).  New Trading Profit is not
                                          reduced by any Incentive Fee,
                                          administrative expenses or
                                          organizational and initial offering
                                          costs (or extraordinary expenses).
                                          The Profit Shares are payable
                                          separately to each Advisor based on
                                          its individual performance, not
                                          overall profits of the Fund.  Units
                                          may be subject to reduction for
                                          Profit Shares attributable to a
                                          particular Advisor even though the
                                          Net Asset Value per Unit has declined
                                          from the purchase price of such
                                          Units.

Kenmar            Incentive Fee           Paid by the Fund as a whole on an
                                          annual basis (although accrued
                                          against Net Asset Value per Unit
                                          monthly).  The Incentive Fee equals
                                          5% of any New Overall Appreciation
                                          (as defined).  An Incentive Fee may
                                          be allocated even though the Net
                                          Asset Value per Unit has declined
                                          from the purchase price of such
                                          Units.

Third Parties     Operating, Selling      Paid as incurred; not anticipated
                  and Administrative      to exceed 1.0% of the Fund's average
                  costs                   beginning of month Net Assets per
                                          year.

Regulation

Kenmar, the Advisors and the Clearing Brokers are each subject to regulation
by the CFTC and the NFA.  Other than in respect of its periodic reporting
requirements and the registration of the Units for continuous public
distribution under the Securities Act of 1933, the Fund itself is generally
not subject to regulation by the Securities and Exchange Commission.


ITEM 2.  PROPERTIES

The Fund does not use any physical properties in the conduct of its business.
The Fund's only place of business is the place of business of Kenmar.

Certain administrative services are provided by Derivatives Portfolio
Management L.L.C. which is located at Two Worlds Fair Drive, P.O. Box 6741,
Somerset, New Jersey 08875-6741.


ITEM 3.  LEGAL PROCEEDINGS

There are no pending legal proceedings to which the Fund or Kenmar is a party.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Fund has never submitted any matters to a vote of its Unitholders.


                                   PART II


ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Related Stockholder Matters

     (a) Market Information:

(1)(i)   There is no established public trading market for the Units, nor will
one develop.  Rather, Unitholders may purchase or redeem Units as of the end of
each month at Net Asset Value, subject to certain early redemption charges.

     (b) Holders:

(1)      As of December 31, 2002, there were 604 holders of Units, including
Kenmar and the Advisors.  As of December 31, 2002, Marc S. Goodman owned
52.8321 Units in his individual retirement account, Kenneth A. Shewer owned
50.2517 Units in his individual retirement account and Kenmar owned 2,041.4999
Units.

     (c) Dividends:

(1)      The Fund has made no distributions since trading commenced, nor does
Kenmar presently intend to make any distributions in the future.

     (d) Securities Authorized for Issuance Under Equity Compensation Plans:

(1)      Not applicable.

Reg. S-K Item 701(f)

During the fourth quarter of 2002, 14,747.778 Units were sold for a total of
$1,584,914.


ITEM 6.  SELECTED FINANCIAL DATA

The following selected financial data of the Fund has been derived from the
Fund's audited financial statements.

                                                                Year ended
                                                                 12/31/02
                                                                 --------

Operations Data
Realized Gains (Losses)                                        $  4,672,380
Change in Unrealized                                                631,477
Interest Income                                                     170,849
Brokerage Commissions                                               184,293
Managing Owner Brokerage Commissions                              1,647,208
Managing Owner Incentive Fee                                              0
Advisor Profit Shares                                               934,498
Operating Expenses                                                  139,531
Net Income (Loss)                                                 2,569,176
Net Income (Loss) Per Unit                                            15.20
  (Based on Weighted Average Number of
  Units Outstanding)
Increase (Decrease) in Net Asset                                      14.29
  Value per Unit


                                                                 12/31/02
                                                                 --------
Financial Position Data:

Managing Owner's Capital                                       $    226,137
Other Unitholders' Capital                                       19,168,078
Total Capital                                                    19,394,215
Net Asset Value Per Unit                                             110.77


                                                                Year ended
                                                                 12/31/01
                                                                 --------

Operations Data
Realized Gains (Losses)                                        $  2,479,061
Change in Unrealized                                               (584,140)
Interest Income                                                     517,609
Brokerage Commissions                                               239,616
Managing Owner Brokerage Commissions                              1,566,968
Managing Owner Incentive Fee                                              0
Advisor Profit Shares                                               465,428
Operating Expenses                                                   99,383
Net Income (Loss)                                                    41,135
Net Income (Loss) Per Unit                                             0.24
  (Based on Weighted Average Number of
  Units Outstanding)
Increase (Decrease) in Net Asset                                      (0.53)
  Value per Unit


                                                                 12/31/01
                                                                 --------
Financial Position Data:

Managing Owner's Capital                                       $    196,966
Other Unitholders' Capital                                       15,928,413
Total Capital                                                    16,125,379
Net Asset Value Per Unit                                              96.48


                                                                Year ended
                                                                 12/31/00
                                                                 --------

Operations Data
Realized Gains (Losses)                                        $    (14,413)
Change in Unrealized                                                960,207
Interest Income                                                   1,129,270
Brokerage Commissions                                               312,560
Managing Owner Brokerage Commissions                              1,911,158
Managing Owner Incentive Fee                                              0
Advisor Profit Shares                                               198,721
Operating Expenses                                                  132,875
Net Income (Loss)                                                  (480,250)
Net Income (Loss) Per Unit                                            (2.29)
  (Based on Weighted Average Number of
  Units Outstanding)
Increase (Decrease) in Net Asset                                      (2.57)
  Value per Unit


                                                                 12/31/00
                                                                 --------
Financial Position Data:

Managing Owner's Capital                                       $    195,013
Other Unitholders' Capital                                       17,537,051
Total Capital                                                    17,732,064
Net Asset Value Per Unit                                              97.01


                                                                Year ended
                                                                 12/31/99
                                                                 --------

Operations Data
Realized Gains (Losses)                                        $    130,990
Change in Unrealized                                             (1,149,702)
Interest Income                                                   1,082,050
Brokerage Commissions                                               274,883
Managing Owner Brokerage Commissions                              2,616,529
Managing Owner Incentive Fee                                              0
Advisor Profit Shares                                               109,313
Operating Expenses                                                  236,610
Net Income (Loss)                                                (3,173,997)
Net Income (Loss) Per Unit                                           (12.65)
  (Based on Weighted Average Number of
  Units Outstanding)
Increase (Decrease) in Net Asset                                     (13.61)
  Value per Unit


                                                                 12/31/99
                                                                 --------
Financial Position Data:

Managing Owner's Capital                                       $    280,146
Other Unitholders' Capital                                       22,497,207
Total Capital                                                    22,777,353
Net Asset Value Per Unit                                              99.58


                                                                Year ended
                                                                 12/31/98
                                                                 --------

Operations Data
Realized Gains (Losses)                                        $  4,443,190
Change in Unrealized                                                381,635
Interest Income                                                     750,290
Brokerage Commissions                                               147,779
Managing Owner Brokerage Commissions                              1,652,458
Managing Owner Incentive Fee                                         43,400
Advisor Profit Shares                                               984,809
Operating Expenses                                                  134,568
Net Income (Loss)                                                 2,612,101
Net Income (Loss) Per Unit                                            16.96
  (Based on Weighted Average Number of
  Units Outstanding)
Increase (Decrease) in Net Asset                                      13.09
  Value per Unit


                                                                 12/31/98
                                                                 --------
Financial Position Data:

Managing Owner's Capital                                       $    263,850
Other Unitholders' Capital                                       25,099,248
Total Capital                                                    25,363,098
Net Asset Value Per Unit                                             113.19


ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

The proceeds of the offering of the Units are used by the Fund to engage in the
speculative trading of futures, forward, options and related contracts through
allocating such proceeds to the Advisors.  The assets of the Fund are deposited
with the Clearing Brokers in trading accounts established by the Fund for the
Advisors and are used by the Fund as margin to engage in trading.  Such assets
are held in either a non-interest bearing bank account or in securities
approved by the CFTC for investment of customer funds.

Results of Operations.

The Fund incurs substantial charges from the payment of Profit Shares to the
Advisors and the Incentive Fee and Brokerage Commissions to Kenmar.  The
Brokerage Commissions are payable without regard to the profitability of the
Fund.  Thus, due to the nature of the Fund's business, the success of the Fund
is dependent upon the ability of the Advisors to generate trading profits
through the speculative trading of futures, forward and option contracts
sufficient to produce capital appreciation after payment of all fees and
expenses.

The following paragraph presents a summary of the Fund's operations for the
calendar year 2002.  It is important to note, however, that (i) the Advisors
trade in various markets at different times and that prior activity in a
particular market does not mean that such markets will be actively traded by
an Advisor or will be profitable in the future and (ii) the Advisors trade
independently of each other using different trading systems and may trade
different markets with various concentrations at various times.  Consequently,
the results of operations of the Fund can only be discussed in the context of
the overall trading activities of the Fund, the Advisors' trading activities
on behalf of the Fund as a whole and how the Fund has performed in the past.

As of December 31, 2002, the Net Asset Value of the Fund was $19,394,215, an
increase of approximately 20.27% from its Net Asset Value of $16,125,379 at
December 31, 2001.  The Fund's subscriptions and redemptions for the year ended
December 31, 2002, totaled $3,163,416 and $2,354,126, respectively.  For the
year ended December 31, 2002, the Fund had revenues comprised of $4,672,380 in
realized trading gains, $631,477 in unrealized trading gains and $170,849 of
interest income.  Total expenses for the year ended December 31, 2002 were
$2,905,530.  The Net Income for the year ended December 31, 2002 was
$2,569,176.  The Net Asset Value per Unit increased 14.81% from $96.48 at
December 31, 2001, to $110.77 at December 31, 2002.  The Fund's positive
performance for the year ended December 31, 2002 resulted primarily from
global interest rates, currencies and global stock indices.

As of December 31, 2001, the Net Asset Value of the Fund was $16,125,379, a
decrease of approximately 9.06% from its Net Asset Value of $17,732,064 at
December 31, 2000.  The Fund's subscriptions and redemptions for the year ended
December 31, 2001 totaled $2,242,654 and $3,766,020, respectively.  For the
year ended December 31, 2001, the Fund had revenues comprised of $2,479,061 in
realized trading gains, $(584,140) in change in unrealized trading losses and
$517,609 in interest income.  Total expenses for the year ended December 31,
2001 were $2,371,395.  The Net Income for the year ended December 31, 2001 was
$41,135.  The Net Asset Value per Unit at December 31, 2001 decreased 0.55%
from $97.01 at December 31, 2000 to $96.48 at December 31, 2001.  The Fund's
trading gains during 2001 resulted primarily from global interest rates,
currencies, global stock indices and grains, but, net of offering costs, the
Fund experienced a negative compounded rate of return of (0.55)%.

As of December 31, 2000, the Net Asset Value of the Fund was $17,732,064, a
decrease of approximately 22.15% from its Net Asset Value of $22,777,353 at
December 31, 1999.  The Fund's subscriptions and redemptions for the year ended
December 31, 2000 totaled $3,526,802 and $7,889,441, respectively.  For the
year ended December 31, 2000, the Fund had revenues comprised of ($14,413) in
realized trading losses, $960,207 in change in unrealized trading gains and
$1,129,270 in interest income.  Total expenses for the year ended December 31,
2000 were $2,555,314.  The Net Loss for the year ended December 31, 2000 was
($480,250).  The Net Asset Value per Unit at December 31, 2000 decreased 2.58%
from $99.58 at December 31, 1999 to $97.01 at December 31, 2000.  The Fund's
trading losses during 2000 resulted primarily from an unusually volatile market
environment for the period, which affected similarly situated funds.

Past performance is not indicative of future results.  As a result, any recent
increases in realized or unrealized trading gains may have no bearing on any
results that may be obtained in the future.

Liquidity And Capital Resources

Units may be redeemed only as of the close of business on the last day of a
calendar month and only beginning on or after the end of the sixth month after
sale.  Through the end of the twelfth and eighteenth full months after their
sale, Units will be subject to redemption charges, payable to Kenmar, equal to
3% and 2%, respectively, of the Net Asset Value per Unit as of the date of
redemption.  Requests for redemption must be received at least 10 calendar days
before the proposed date of redemption.

The amount of capital raised for the Fund should not, except at extremely high
levels of capitalization, have a significant impact on its operations.  The
Fund's costs are generally proportional to its asset base, and, within broad
ranges of capitalization, the Advisors' trading positions (and the resulting
gains and losses) should increase or decrease in approximate proportion to the
size of the Fund's account managed by each of them, respectively.

The Fund raises additional capital only through the continuous offering of its
Units.

Inflation per se is not a significant factor in the Fund's profitability,
although inflationary cycles can give rise to the type of major price movements
that can have a materially favorable or adverse impact on the Fund's
performance.

With respect to the Fund's trading, in general, the Fund's Advisors will trade
only futures, forwards and options that have sufficient liquidity to enable
them to enter and close out positions without causing major price movements.
Notwithstanding the foregoing, most United States commodity exchanges limit the
amount by which certain commodities may move during a single day by regulations
referred to as "daily price fluctuation limits" or "daily limits."  Pursuant to
such regulations, no trades may be executed on any given day at prices beyond
the daily limits.  The price of a futures contract has occasionally moved the
daily limit for several consecutive days, with little or no trading, thereby
effectively preventing a party from liquidating his position.  While the
occurrence of such an event may reduce or effectively eliminate the liquidity
of a particular market, it will not limit ultimate losses and may in fact
substantially increase losses because of this inability to liquidate
unfavorable positions.  In addition, if there is little or no trading in a
particular futures or forward contract that the Fund is trading, whether such
illiquidity is caused by any of the above reasons or otherwise, the Fund may be
unable to execute trades at favorable prices and/or may be unable or unwilling
to liquidate its position prior to its expiration date, thereby requiring the
Fund to make or take delivery of the underlying interest of the commodity.

In highly unusual circumstances, market illiquidity could make it difficult for
certain Advisors to close out open positions, and any such illiquidity could
expose the Fund to significant losses, or cause it to be unable to recognize
unrealized gains.  However, in general, there is no meaningful difference
between the Fund's realized and unrealized gains.

In terms of cash flow, it makes little difference whether a market position
remains open (so that the profit or loss on such positions remains unrealized),
as cash settlement of unrealized gains and losses occurs periodically whether
or not positions are closed out.  The only meaningful difference between
realized and unrealized gains or losses in the case of the Fund is that
unrealized items reflect gains or losses on positions which the Advisors have
determined not to close out (presumably, in the hope of future profits),
whereas realized gains or losses reflect amounts received or paid in respect of
positions no longer being maintained.


ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Financial statements meeting the requirements of Regulation S-X appear
beginning on Page F-1 of this report.  The supplementary financial information
specified by Item 302 of Regulation S-K appears herewith.

Selected Quarterly Financial Data

The following summarized quarterly financial information presents the results
of operations for the three month periods ended March 31, June 30, September 30
and December 31, 2002 and 2001:

                         1st Quarter   2nd Quarter.  3rd Quarter   4th Quarter
                             2002         2002           2002          2002
                         -----------   -----------   -----------   -----------

Gain (Loss) from
  Trading                $  (487,029)  $ 1,736,816   $ 3,665,225   $   388,845
Total Income (Loss)         (435,676)    1,781,533     3,706,273       422,576
Net Income (Loss)           (888,460)    1,064,948     2,524,402      (131,714)

Net Income (Loss)
  per Unit                     (5.27)         6.28         15.03         (0.78)
Increase (Decrease)
  in Net Asset Value
  per Unit                     (5.32)         6.20         14.84         (1.43)

Net Asset Value per
  Unit at end of
  period                       91.16         97.36        112.20        110.77


                         1st Quarter   2nd Quarter.  3rd Quarter   4th Quarter
                             2001         2001           2001          2001
                         -----------   -----------   -----------   -----------

Gain (Loss) from
  Trading                $   691,373   $   (67,533)  $ 1,210,051   $    61,030
Total Income (Loss)          897,115        73,521     1,324,873       117,021
Net Income (Loss)            196,964      (425,270)      670,834      (401,393)

Net Income (Loss)
  per Unit                      1.10         (2.55)         4.03         (2.43)
Increase (Decrease)
  in Net Asset Value
  per Unit                      1.22         (2.78)         4.04         (3.01)

Net Asset Value per
  Unit at end of
  period                       98.23         95.45         99.49         96.48


There were no extraordinary, unusual or infrequently occurring items recognized
in any quarter reported above, and the Fund 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.


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

There were no changes in or disagreements with accountants on accounting and
financial disclosure.


                                   PART III


ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     (a), (b) Identification of Directors and Executive Officers:

Kenmar Advisory Corp. is the sole managing owner of the Fund.  Kenmar, a
corporation originally organized as a New York corporation in September 1983
and reorganized as a Connecticut corporation on January 1, 1996, is owned
equally and indirectly by Messrs. Shewer and Goodman.  Kenneth A. Shewer is
Kenmar's Chairman and Marc S. Goodman is its President.  Messrs. Shewer and
Goodman are Kenmar's sole directors.

Mr. Kenneth A. Shewer (born 1953), Chairman, was employed by Pasternak, Baum
and Co., Inc. ("Pasternak, Baum"), an international cash commodity firm, from
June 1976 until September 1983.  Mr. Shewer created and managed Pasternak,
Baum's Grain Logistics and Administration Department and created its Domestic
Corn and Soybean Trading Department.  In 1982, Mr. Shewer became co-manager of
Pasternak, Baum's F.O.B. Corn Department.  In 1983, Mr. Shewer was made Vice
President and Director of Pasternak, Baum.  Mr. Shewer graduated from Syracuse
University with a B.S. degree in 1975.

Mr. Marc S. Goodman (born 1948), President, joined Pasternak, Baum in September
1974 and was a Vice President and Director from July 1981 until September 1983.
While at Pasternak, Baum, Mr. Goodman was largely responsible for business
development outside of the United States, for investment of its corporate
retirement funds, and for selecting trading personnel.  Mr. Goodman has
conducted extensive business in South America, Europe and the Far East.
Mr. Goodman graduated from the Bernard M. Baruch School of Business of the City
University of New York with a B.B.A. in 1969 and an M.B.A. in 1971 in Finance
and Investments, where he was awarded an Economics and Finance Department
Fellowship from September 1969 through June 1971.

Messrs. Shewer and Goodman left Pasternak, Baum in September 1983 to form
Kenmar and they have occupied their present positions with Kenmar since that
time.

Ms. Esther Eckerling Goodman (born 1952), Chief Operating Officer and Senior
Executive Vice President, joined Kenmar in July 1986 and has been involved in
the futures industry since 1974.  From 1974 through 1976, she was employed by
Conti-Commodity Services, Inc. and ACLI Commodity Services, Inc., in the areas
of hedging, speculative trading and tax arbitrage.  In 1976, Ms. Goodman joined
Loeb Rhoades and Company, Inc. where she was responsible for developing and
managing a managed futures program which, in 1979, became the trading system
for Westchester Commodity Management, an independent commodity trading advisor
of which Ms. Goodman was a founder and principal.  From 1983 through mid-1986,
Ms. Goodman was employed as a marketing executive at Commodities Corp. (USA) of
Princeton, New Jersey.  Ms. Goodman was a Director of the Managed Futures Trade
Association from 1987 to 1991 and a Director of its successor organization, the
Managed Futures Association, from 1991 to 1995 (now the Managed Funds
Association).  She has written several articles and has spoken before various
professional groups and organizations on the subject of managed futures.
Ms. Goodman graduated from Stanford University in 1974 with a B.A. degree.

Mr. Braxton Glasgow III (born 1953), Executive Vice President, joined Kenmar
in May 2001.  Prior to joining Kenmar, Mr. Glasgow was the Executive Vice
President of Chesapeake Capital Corporation.  From 1994 to 1995, he was
President of the Jay Group Ltd.  Mr. Glasgow received a B.S. degree in
accounting from the University of North Carolina in 1975.

Ms. Florence Y. Sofer (born 1966), Managing Director, Investor Communications
responsible for the development and implementation of all internal and external
communications programs worldwide, joined Kenmar in 2001.  From 1997 to 2001,
Ms. Sofer was the Vice President, Marketing, and a Principal of John W. Henry &
Company, where she was responsible for strategic marketing and client
communications for the firm and its subsidiaries.  From 1994 to 1997, Ms. Sofer
was the Marketing Manager for Global Asset Management where she was involved in
the successful development and launch of the firm's mutual fund product line.
Ms. Sofer received a B.A. degree from American University in 1988 and an M.B.A.
in Marketing from George Washington University in 1992.

Mr. Gary J. Yannazzo (born 1953), Senior Vice President and Chief Financial
Officer, joined Kenmar in August 1997.  From March 1992 to July 1995, he was
Senior Vice President and Controller of Metallgesellschaft Corp., a diversified
commodity marketing and trading company, with thirty worldwide subsidiaries and
$5 billion in annual revenues.  From January 1990 through February 1992, Mr.
Yannazzo was President, Chief Executive Officer and part owner of Holland
Mortgage Corporation.  From December 1982 through November 1989, Mr. Yannazzo
was First Vice President of Security Capital Corporation, a publicly traded
financial services company and affiliate of Smith Barney, Inc.  From June 1975
through November 1982, Mr. Yannazzo was with Arthur Andersen & Co., serving as
an Audit Manager from June 1980.  From August 1995 until he joined Kenmar, Mr.
Yannazzo was a private consultant, engaged primarily in projects and ventures
in the commodity and derivative areas.  Mr. Yannazzo received his B.S. in
Business Administration from Seton Hall University in 1975 and his CPA
certification in 1977.

Ms. Joanne D. Rosenthal (born 1965), Senior Vice President and Director of
Research, joined Kenmar in October 1999.  Prior to joining Kenmar, Ms.
Rosenthal spent 9 years at The Chase Manhattan Bank, in various positions of
increasing responsibility.  From July 1991 through April 1994, she managed the
Trade Execution Desk and from May 1994 through September 1999, she was a Vice
President and Senior Portfolio Manager of Chase Alternative Asset Management,
Inc.  Ms. Rosenthal received a Masters of Business Administration in Finance
from Cornell University and a Bachelor of Arts in Economics from Concordia
University in Montreal, Canada.

Mr. Mark M. Rossow (born 1952), Senior Vice President and General Counsel,
joined Kenmar in August 2000.  From October 1998 until July 2000, Mr. Rossow
was a partner in the law firm of Snow Becker Krauss P.C.  From May 1994 until
September 1998, Mr. Rossow was a partner in the law firm of Amon & Sabatini.
Prior to that, Mr. Rossow was in-house counsel to the international accounting
firm BDO Seidman.  Mr. Rossow has served on the staff of the United States
Securities and Exchange Commission.  Mr. Rossow earned a B.A. degree from
Syracuse University in 1975 and a J.D. degree from the University of Michigan
in 1978.  He was admitted to practice law in 1979.

Mr. Jeffrey Wilson (born 1965), Financial Controller, joined Kenmar in January
2001.  From June 2000 to December 2000, Mr. Wilson was a group controller for
Whitney & Company.  From 1995 to May 2000, Mr. Wilson was a group controller at
UBS Warburg.  Mr. Wilson received a B.B.A. degree in accounting from the
University of San Diego in 1988.  He received his CPA certification in 1991.

Mr. James Dodd (born 1951), Managing Director, joined Kenmar in 2002.  He is
responsible for structuring and marketing investment products to insurance
companies and other financial institutions.  Mr. Dodd has almost twenty years
of experience in investment banking and marketing structured investment
products, working at Chesapeake Capital, Hoak, Breedlove, Wesneski, Continental
Bank and Boettcher & Co.  Prior to joining Kenmar, Mr. Dodd was the Chief
Financial Officer at VE Group, a company that specialized in venture capital
investments from 2000.  Prior to that Mr. Dodd was Managing Director, Financial
Institutions Marketing, for Chesapeake Capital from 1997.  Previously, Mr. Dodd
held various positions at distinguished banks and other financial institutions.
Mr. Dodd received a A.B. degree from Cornell University in 1974 and a M.B.A.
degree from the University of Chicago in 1983.

Each director of Kenmar serves until the next annual meeting of stockholders or
until a successor is elected.  Executive officers of Kenmar are appointed
annually and serve at the discretion of its Board of Directors.  Messrs. Shewer
and Goodman hold directorships in the following entities, all of which are
affiliates of Kenmar:  Kenmar Asset Allocation Inc., Kenmar Global Strategies
Inc., Kenmar Holdings Inc., Kenmar Investment Adviser Corp., Kenmar Securities,
Inc. and Kenmar Global Investment Management Inc.  In addition, Mr. Shewer is a
director of KAS Commodities Inc., Mr. Goodman is a director of MSG Commodities
Inc. and both are managing members of Select Advisors L.L.C. and Kenmar
Greenwich Holdings LLC.

     (c) Identification of Certain Significant Employees:

              None.

     (d) Family Relationships:

              Mrs. Esther Eckerling Goodman is married to Mr. Marc S. Goodman.

     (e) Business Experience:

              See Item 10(a) and (b) above.

     (f) Involvement in Certain Legal Proceedings:

              None.

     (g) Promoters and Control Persons:

              Not applicable.


ITEM 11.  EXECUTIVE COMPENSATION

The Fund has no directors or executive officers.  The business of the Fund is
managed by Kenmar which is responsible for the administration of the business
affairs of the Fund and receives the compensation described in Item 1 hereof.


ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
          RELATED STOCKHOLDER MATTERS

      Reg. S-K Item 201(d)

         Securities Authorized for Issuance Under Equity Compensation Plans.

              Not applicable.

      Reg. S-K Item 403

     (a) Security Ownership of Certain Beneficial Owners and Management:

As of December 31, 2002, no person or "group" is known to the registrant to be
the beneficial owner of more than five percent of the Units.

     (b) Security Ownership of Management:

As of December 31, 2002, the following officers of Kenmar beneficially owned the
following number of Units:

          Name of Beneficial        Number of Units         Percentage of
          ------------------        ----------------        -------------
               Owner                     Owned                  Class
               -----                     -----                  -----

          Marc S. Goodman               52.8321             Less than 1%
          Kenneth A. Shewer             50.2517             Less than 1%

As of December 31, 2002, Kenmar has purchased and will maintain a 1% interest
in the Fund in its capacity as managing owner.

     (c) Changes in Control:

None.


ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     (a) Transactions with Management and Others:

Kenmar acts as managing owner and commodity pool operator.  Certain
administrative services are provided by Derivatives Portfolio Management L.L.C.
The Fund pays its own administrative expenses.

     (b) Certain Business Relationships:

None.

     (c) Indebtedness of Management:

The Fund is prohibited from making any loans, to management or otherwise.

     (d) Transactions with Promoters:

Not Applicable.


ITEM 14.  CONTROLS AND PROCEDURES

Kenmar Advisory Corp., the Managing Owner of the Fund, with the participation
of the Managing Owner's Chief Executive Officer, President and Director, and
Senior Vice President and Chief Financial Officer, has evaluated the
effectiveness of the design and operation of its disclosure controls and
procedures with respect to the Fund within 90 days of the filing date of this
annual report, and, based on their evaluation, have concluded that these
disclosure controls and procedures are effective.  There were no significant
changes in the Managing Owner's internal controls with respect to the Fund or
in other factors applicable to the Fund that could significantly affect these
controls subsequent to the date of their evaluation.


                                    PART IV


ITEM 15.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

     (a) The following documents are filed as part of this Form 10-K:

  1.  Independent Auditor's Report. . . . . . . . . . . . . . . . . . .F-1

      Statements of Financial Condition
        as of December 31, 2002 and 2001 (Audited). . . . . . . . . . .F-2

      Condensed Schedule of Investments
        as of December 31, 2002 (Audited) . . . . . . . . . . . . . . .F-3

      Statements of Operations For the Years Ended
        December 31, 2002, 2001 and 2000 (Audited). . . . . . . . . . .F-4

      Statements of Cash Flows For the Years Ended
        December 31, 2002, 2001 and 2000 (Audited). . . . . . . . . . .F-5

      Statements of Changes in Unitholders' Capital
        (Net Asset Value) For the Years Ended
        December 31, 2002, 2001 and 2000 (Audited). . . . . . . . . . .F-6

      Notes to Financial Statements (Audited) . . . . . . . . . F-7 - F-11

  2.  Exhibits:

      Exhibit Number    Description of Document

           3.1          Certificate of Formation of the Registrant.
                        (Incorporated by reference to the Fund's Registration
                        Statement on Form S-1, Registration No. 333-8869, dated
                        July 25, 1996).

           3.2          Declaration of Trust and Trust Agreement of the
                        Registrant.  (Incorporated by reference to the Fund's
                        Registration Statement on Form S-1, Registration No.
                        333-8869, dated July 25, 1996).

           3.3          Amended and Restated Declaration of Trust and Trust
                        Agreement of the Registrant.  (Incorporated by
                        reference to the Fund's Registration Statement on Form
                        S-1, Registration No. 333-8869, dated July 25, 1996).

           10.1         Form of Advisory Agreement.  (Incorporated by reference
                        to the Fund's Registration Statement on Form S-1,
                        Registration No. 333-8869, dated July 25, 1996).

           10.2         Form of Customer Agreement between the Trust and the
                        Commodity Brokers.  (Incorporated by reference to the
                        Fund's Registration Statement on Form S-1, Registration
                        No. 333-8869, dated July 25, 1996).

           10.3         Form of Escrow Agreement.  (Incorporated by reference
                        to the Fund's Registration Statement on Form S-1,
                        Registration No. 333-8869, dated July 25, 1996).

           10.4         Subscription Agreement and Power of Attorney.
                        (Incorporated by reference to the Fund's Registration
                        Statement on Form S-1, Registration No. 333-8869,
                        dated July 25, 1996).

           23.2         Consent of Arthur F. Bell, Jr. & Associates, L.L.C.
                        (Included herein at page F-1).

           99.1         Certification of Kenneth A. Shewer, Chief Executive
                        Officer, pursuant to 18 U.S.C. Section 1350, as enacted
                        by Section 906 of The Sarbanes-Oxley Act of 2002.

           99.2         Certification of Gary J. Yannazzo, Senior Vice
                        President and Chief Financial Officer, pursuant to 18
                        U.S.C. Section 1350, as enacted by Section 906 of The
                        Sarbanes-Oxley Act of 2002.

      (b) Reports on Form 8-K:

      The Fund did not file any reports on Form 8-K during the fourth quarter
      of 2002.



                                  SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized, on the 31st day of March,
2003.

                                  KENMAR GLOBAL TRUST

                                  By: Kenmar Advisory Corp., managing owner

                                  By: /s/ KENNETH A SHEWER
                                      -------------------------------------
                                      Kenneth A. Shewer
                                      Chairman

Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated on the 31st day of March, 2003.

                                  KENMAR GLOBAL TRUST

                                  By: Kenmar Advisory Corp., managing owner

                                  By: /s/ KENNETH A SHEWER
                                      -------------------------------------
                                      Kenneth A. Shewer
                                      Chairman and Director
                                      (Principal Executive Officer)


                                  By: /s/ MARC S. GOODMAN
                                      -------------------------------------
                                      Marc S. Goodman
                                      President and Director


                                  By: /s/ GARY J. YANNAZZO
                                      -------------------------------------
                                      Gary J. Yannazzo
                                      Senior Vice President and Chief
                                        Financial Officer
                                      (Principal Financial and Accounting
                                      Officer for the Fund)



                                 CERTIFICATION


I, Kenneth A. Shewer, Chief Executive Officer of Kenmar Advisory Corp., the
Managing Owner of Kenmar Global Trust, do hereby certify that:

1.  I have reviewed this annual report on Form 10-K of Kenmar Global Trust;

2.  Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;

3.  Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4.  The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
paragraph (c) of Exchange Act Rule 15d-14) for the registrant and have:

    a)  designed such disclosure controls and procedures to ensure that
    material information relating to the registrant, including its consolidated
    subsidiaries, is made known to us by others within those entities,
    particularly during the period in which this annual report is being
    prepared;

    b)  evaluated the effectiveness of the registrant's disclosure controls and
    procedures as of a date within 90 days prior to the filing date of this
    annual report (the "Evaluation Date"); and

    c)  presented in this annual report our conclusions about the effectiveness
    of the disclosure controls and procedures based on our evaluation as of the
    Evaluation Date;

5.  The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

    a)  all significant deficiencies in the design or operation of internal
    controls which could adversely affect the registrant's ability to record,
    process, summarize and report financial data and have identified for the
    registrant's auditors any material weaknesses in internal controls; and

    b)  any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal
    controls; and

6.  The registrant's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions
with regard to significant deficiencies and material weaknesses.


March 31, 2003

                                  By: /s/ KENNETH A. SHEWER
                                      -------------------------------------
                                      Kenneth A. Shewer
                                      Chief Executive Officer



                                 CERTIFICATION


I, Marc S. Goodman, President and Director of Kenmar Advisory Corp., the
Managing Owner of Kenmar Global Trust, do hereby certify that:

1.  I have reviewed this annual report on Form 10-K of Kenmar Global Trust;

2.  Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;

3.  Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4.  The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
paragraph (c) of Exchange Act Rule 15d-14) for the registrant and have:

    a)  designed such disclosure controls and procedures to ensure that
    material information relating to the registrant, including its consolidated
    subsidiaries, is made known to us by others within those entities,
    particularly during the period in which this annual report is being
    prepared;

    b)  evaluated the effectiveness of the registrant's disclosure controls and
    procedures as of a date within 90 days prior to the filing date of this
    annual report (the "Evaluation Date"); and

    c)  presented in this annual report our conclusions about the effectiveness
    of the disclosure controls and procedures based on our evaluation as of the
    Evaluation Date;

5.  The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

    a)  all significant deficiencies in the design or operation of internal
    controls which could adversely affect the registrant's ability to record,
    process, summarize and report financial data and have identified for the
    registrant's auditors any material weaknesses in internal controls; and

    b)  any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal
    controls; and

6.  The registrant's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions
with regard to significant deficiencies and material weaknesses.


March 31, 2003

                                  By: /s/ MARC S. GOODMAN
                                      -------------------------------------
                                      Marc S. Goodman
                                      President and Director



                                 CERTIFICATION


I, Gary J. Yannazzo, Senior Vice President and Chief Financial Officer of
Kenmar Advisory Corp., the Managing Owner of Kenmar Global Trust, do hereby
certify that:

1.  I have reviewed this annual report on Form 10-K of Kenmar Global Trust;

2.  Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;

3.  Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4.  The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
paragraph (c) of Exchange Act Rule 15d-14) for the registrant and have:

    a)  designed such disclosure controls and procedures to ensure that
    material information relating to the registrant, including its consolidated
    subsidiaries, is made known to us by others within those entities,
    particularly during the period in which this annual report is being
    prepared;

    b)  evaluated the effectiveness of the registrant's disclosure controls and
    procedures as of a date within 90 days prior to the filing date of this
    annual report (the "Evaluation Date"); and

    c)  presented in this annual report our conclusions about the effectiveness
    of the disclosure controls and procedures based on our evaluation as of the
    Evaluation Date;

5.  The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

    a)  all significant deficiencies in the design or operation of internal
    controls which could adversely affect the registrant's ability to record,
    process, summarize and report financial data and have identified for the
    registrant's auditors any material weaknesses in internal controls; and

    b)  any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal
    controls; and

6.  The registrant's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions
with regard to significant deficiencies and material weaknesses.


March 31, 2003

                                  By: /s/ GARY J. YANNAZZO
                                      -------------------------------------
                                      Gary J. Yannazzo
                                      Senior Vice President and
                                        Chief Financial Officer



                    ARTHUR F. BELL, JR. & ASSOCIATES, L.L.C.
                          Certified Public Accountants
                                (410) 771-0001
                              FAX (410) 785-9784
Member:
American Institute of Certified Public Accountants
  SEC Practice Section                                                Suite 200
Maryland Association of Certified                      201 International Circle
Public Accountants                                  Hunt Valley, Maryland 21030


                          INDEPENDENT AUDITOR'S REPORT
                          ----------------------------

To the Unitholders
Kenmar Global Trust


We have audited the accompanying statements of financial condition of Kenmar
Global Trust as of December 31, 2002 and 2001, including the December 31, 2002
condensed schedule of investments, and the related statements of operations,
cash flows and changes in unitholders' capital (net asset value) for the years
ended December 31, 2002, 2001 and 2000.  These financial statements are the
responsibility of the Fund'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 Kenmar Global Trust as of
December 31, 2002 and 2001, and the results of its operations, cash flows and
changes in its net asset values for the years ended December 31, 2002, 2001 and
2000, in conformity with accounting principles generally accepted in the United
States of America.

                              /s/ ARTHUR F. BELL, JR. & ASSOCIATES, L.L.C.

Hunt Valley, Maryland
February 8, 2003


                                       F-1




                                KENMAR GLOBAL TRUST
                         STATEMENTS OF FINANCIAL CONDITION
                            December 31, 2002 and 2001
                                   ------------



                                                       2002          2001
                                                       ----          ----
ASSETS
  Equity in broker trading accounts
    Cash                                           $10,076,868   $10,297,595
    Unrealized gain on open contracts                1,074,472       442,946
                                                   -----------   -----------

      Deposits with broker                          11,151,340    10,740,541

    Cash and cash equivalents                        8,569,208     5,646,645
    Unrealized gain on open forward contracts            3,326         3,375
                                                   -----------   -----------

      Total assets                                 $19,723,874   $16,390,561
                                                   ===========   ===========

LIABILITIES
  Accounts payable                                 $    37,706   $    23,683
  Commissions and other trading fees
    on open contracts                                      800        13,128
  Managing Owner brokerage commissions                 142,204       113,273
  Advisor profit shares                                 60,105        36,403
  Redemptions payable                                   85,655        78,695
  Redemption charges payable to
    Managing Owner                                       3,189             0
                                                   -----------   -----------

      Total liabilities                                329,659       265,182
                                                   -----------   -----------

UNITHOLDERS' CAPITAL (Net Asset Value)
  Managing Owner - 2,041.4999 units
    outstanding at December 31, 2002
    and 2001                                           226,137       196,966
  Other Unitholders - 173,044.1212 and
    165,093.4546 units outstanding at
    December 31, 2002 and 2001                      19,168,078    15,928,413
                                                   -----------   -----------

      Total unitholders' capital
        (Net Asset Value)                           19,394,215    16,125,379
                                                   -----------   -----------

                                                   $19,723,874   $16,390,561
                                                   ===========   ===========


                             See accompanying notes.

                                       F-2



                                KENMAR GLOBAL TRUST
                         CONDENSED SCHEDULE OF INVESTMENTS
                                 December 31, 2002
                                   ------------



LONG FUTURES CONTRACTS
----------------------

    No. of                                                        % of Net
  Contracts  Description                                 Value   Asset Value
  ---------  -----------                                 -----   -----------

      77     Agricultural                             $   20,826     0.11 %
     252     Currency                                    475,180     2.45 %
     250     Energy                                      (21,726)   (0.11)%
     680     Interest rate                               442,573     2.28 %
     120     Metals                                        5,203     0.03 %
       4     Stock index                                   4,055     0.02 %
      38     Other                                         1,006     0.00 %
                                                      ----------    -------

             Total long futures contracts             $  927,117     4.78 %
                                                      ----------    -------


SHORT FUTURES CONTRACTS
-----------------------

    No. of                                                        % of Net
  Contracts  Description                                 Value   Asset Value
  ---------  -----------                                 -----   -----------

     155     Agricultural                             $   33,743     0.17 %
      48     Currency                                     68,346     0.35 %
      50     Interest rate                               (11,809)   (0.06)%
     116     Metals                                      (39,883)   (0.20)%
     163     Stock index                                  96,958     0.50 %
                                                      ----------    -------

             Total short futures contracts            $  147,355     0.76 %
                                                      ----------    -------

             Total futures contracts                  $1,074,472     5.54 %
                                                      ==========    =======


FORWARD CURRENCY CONTRACTS
--------------------------

                                                                  % of Net
             Description                                 Value   Asset Value
             -----------                                 -----   -----------

             Short forward currency contracts         $    3,326     0.02 %
                                                      ==========    =======


                             See accompanying notes.

                                       F-3



                                KENMAR GLOBAL TRUST
                             STATEMENTS OF OPERATIONS
               For the Years Ended December 31, 2002, 2001 and 2000
                                   ------------



                                         2002          2001          2000
                                         ----          ----          ----
INCOME
  Trading gains (losses)
    Realized                         $ 4,672,380   $ 2,479,061   $   (14,413)
    Change in unrealized                 631,477      (584,140)      960,207
                                     -----------   -----------   -----------

      Gain from trading                5,303,857     1,894,921       945,794

  Interest income                        170,849       517,609     1,129,270
                                     -----------   -----------   -----------

      Total income                     5,474,706     2,412,530     2,075,064
                                     -----------   -----------   -----------

EXPENSES
  Brokerage commissions                  184,293       239,616       312,560
  Managing Owner brokerage
    commissions                        1,647,208     1,566,968     1,911,158
  Advisor profit shares                  934,498       465,428       198,721
  Operating expenses                     139,531        99,383       132,875
                                     -----------   -----------   -----------

      Total expenses                   2,905,530     2,371,395     2,555,314
                                     -----------   -----------   -----------

      NET INCOME (LOSS)              $ 2,569,176   $    41,135   $  (480,250)
                                     ===========   ===========   ===========

NET INCOME (LOSS) PER UNIT
  (based on weighted average
  number of units outstanding
  during the year)                   $     15.20   $      0.24   $     (2.29)
                                     ===========   ===========   ===========

INCREASE (DECREASE) IN NET ASSET
  VALUE PER  UNIT                    $     14.29   $     (0.53)  $     (2.57)
                                     ===========   ===========   ===========


                             See accompanying notes.

                                       F-4



                                KENMAR GLOBAL TRUST
                             STATEMENTS OF CASH FLOWS
               For the Years Ended December 31, 2002, 2001 and 2000
                                   ------------



                                         2002          2001          2000
                                         ----          ----          ----
Cash flows from (for) operating
 activities
   Net income (loss)                 $ 2,569,176   $    41,135   $  (480,250)
     Adjustments to reconcile
      net income (loss) to net
      cash from (for) operating
      activities:
        Net change in unrealized        (631,477)      584,140      (960,207)
        Increase (decrease) in
         accounts payable and
         accrued expenses                 54,328      (100,111)       31,583
                                     -----------   -----------   -----------

           Net cash from (for)
            operating activities       1,992,027       525,164    (1,408,874)
                                     -----------   -----------   -----------

Cash flows from (for) financing
 activities
  Additions of units                   3,163,416     2,242,654     3,526,802
  Offering costs paid                   (109,630)     (124,454)     (202,400)
  Redemption of units                 (2,343,977)   (4,010,064)  (11,361,325)
                                     -----------   -----------   -----------

           Net cash from (for)
            financing activities         709,809    (1,891,864)   (8,036,923)
                                     -----------   -----------   -----------

Net increase (decrease) in cash
 and cash equivalents                  2,701,836    (1,366,700)   (9,445,797)

Cash and cash equivalents
  Beginning of year                   15,944,240    17,310,940    26,756,737
                                     -----------   -----------   -----------

  End of year                        $18,646,076   $15,944,240   $17,310,940
                                     ===========   ===========   ===========

End of year cash and cash
 equivalents consists of:
  Cash in broker trading accounts    $10,076,868   $10,297,595   $10,646,538
  Cash and cash equivalents            8,569,208     5,646,645     6,664,402
                                     -----------   -----------   -----------

           Total end of year cash
            and cash equivalents     $18,646,076   $15,944,240   $17,310,940
                                     ===========   ===========   ===========


                             See accompanying notes.

                                       F-5



                                KENMAR GLOBAL TRUST
         STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)
              For the Years Ended December 31, 2002, 2001 and 2000
                                   ------------



                                               Unitholders' Capital
                            Total      -------------------------------------
                          Number of    Managing       Other
                            Units        Owner     Unitholders      Total
                        ------------   ---------   -----------   -----------

Balances at
  December 31, 1999     228,738.3088   $ 280,146   $22,497,207   $22,777,353

Net (loss) for
  the year ended
  December 31, 2000                       (9,719)     (470,531)     (480,250)

Additions                36,698.8104           0     3,526,802     3,526,802

Redemptions             (82,643.4326)    (73,085)   (7,816,356)   (7,889,441)

Offering costs                            (2,329)     (200,071)     (202,400)
                        ------------   ---------   -----------   -----------

Balances at
  December 31, 2000     182,793.6866     195,013    17,537,051    17,732,064

Net income for
  the year ended
  December 31, 2001                          480        40,655        41,135

Additions                23,090.2782       3,000     2,239,654     2,242,654

Redemptions             (38,749.0103)          0    (3,766,020)   (3,766,020)

Offering costs                            (1,527)     (122,927)     (124,454)
                        ------------   ---------   -----------   -----------

Balances at
  December 31, 2001     167,134.9545     196,966    15,928,413    16,125,379

Net income for
  the year ended
  December 31, 2002                       30,486     2,538,690     2,569,176

Additions                31,247.2738           0     3,163,416     3,163,416

Redemptions             (23,296.6072)          0    (2,354,126)   (2,354,126)

Offering costs                            (1,315)     (108,315)     (109,630)
                        ------------   ---------   -----------   -----------

Balances at
  December 31, 2002     175,085.6211   $ 226,137   $19,168,078   $19,394,215
                        ============   =========   ===========   ===========



                                   Net Asset Value Per Unit
                              -----------------------------------

                                         December 31,
                               2002          2001          2000
                               ----          ----          ----

                              $110.77       $ 96.48       $ 97.01
                              =======       =======       =======


                              See accompanying notes.

                                       F-6



                                KENMAR GLOBAL TRUST
                           NOTES TO FINANCIAL STATEMENTS
                                   ------------



Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
         -----------------------------------------------------------

         A.  General Description of the Fund

             Kenmar Global Trust (the Fund) is a Delaware business trust.  The
             Fund is a multi-advisor, multi-strategy commodity pool which
             trades in United States (U.S.) and foreign futures, options,
             forwards and related markets.

         B.  Regulation

             As a registrant with the Securities and Exchange Commission, the
             Fund is subject to the regulatory requirements under the
             Securities Act of 1933 and the Securities Exchange Act of 1934.
             As a commodity pool, the Fund is subject to the regulations of the
             Commodity Futures Trading Commission, an agency of the U.S.
             government which regulates most aspects of the commodity futures
             industry; rules of the National Futures Association, an industry
             self-regulatory organization; and the requirements of the various
             commodity exchanges where the Fund executes transactions.
             Additionally, the Fund is subject to the requirements of the
             Futures Commission Merchants (brokers) and interbank market makers
             through which the Fund trades.

         C.  Method of Reporting

             The Fund's financial statements are presented in accordance with
             accounting principles generally accepted in the United States of
             America, which require the use of certain estimates made by the
             Fund's management.  Gains or losses are realized when contracts
             are liquidated.  Net unrealized gain or loss on open contracts
             (the difference between contract trade price and market price) is
             reflected in the statement of financial condition in accordance
             with Financial Accounting Standards Board Interpretation No. 39 -
             "Offsetting of Amounts Related to Certain Contracts."  Any change
             in net unrealized gain or loss is reported in the statement of
             operations.  Brokerage commissions paid directly to brokers,
             reflected as "brokerage commissions" in the statement of
             operations, include exchange and other trading fees and are
             charged to expense when contracts are opened.

         D.  Cash and Cash Equivalents

             Cash and cash equivalents includes cash and short-term time
             deposits held at financial institutions.

         E.  Income Taxes

             The Fund prepares calendar year U.S. and applicable state
             information tax returns and reports to the Unitholders their
             allocable shares of the Fund's income, expenses and trading gains
             or losses.


                                       F-7



                                KENMAR GLOBAL TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                  ------------



Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
         (CONTINUED)
         -----------------------------------------------------------

         F.  Offering Costs

             Offering costs are borne by the Fund and are charged directly to
             unitholders' capital as incurred.

         G.  Foreign Currency Transactions

             The Fund's functional currency is the U.S. dollar; however, it
             transacts business in currencies other than the U.S. dollar.
             Assets and liabilities denominated in currencies other than the
             U.S. dollar are translated into U.S. dollars at the rates in
             effect at the date of the statement of financial condition.
             Income and expense items denominated in currencies other than the
             U.S. dollar are translated into U.S. dollars at the rates in
             effect during the period.  Gains and losses resulting from the
             translation to U.S. dollars are reported in income currently.

Note 2.  MANAGING OWNER
         --------------

         The Managing Owner of the Fund is Kenmar Advisory Corp., which
         conducts and manages the business of the Fund.  The Declaration of
         Trust and Trust Agreement requires the Managing Owner to maintain a
         capital account equal to at least 1% of the total capital accounts of
         the Fund.  The Managing Owner has agreed to maintain a net worth of
         not less than $1,000,000.

         The Managing Owner is paid monthly brokerage commissions ("Managing
         Owner brokerage commissions") equal to 1/12 of 11% (11% annually) of
         the Fund's beginning of month Net Asset Value.  The Managing Owner, in
         turn, pays substantially all actual costs of executing the Fund's
         trades, selling commissions and trailing commissions to selling
         agents, and consulting fees to the commodity trading advisors.
         Managing Owner brokerage commissions are reduced by brokerage
         commissions and other trading fees paid directly to brokers by the
         Fund.  For the years ended December 31, 2002, 2001 and 2000, brokerage
         commissions equated to an approximate round-turn equivalent rate of
         $64, $60 and $65, respectively.  Such approximate round-turn
         equivalent brokerage commission rate will vary depending on the
         frequency of trading by the Fund's commodity trading advisors.

         The Managing Owner is paid an incentive fee equal to 5% of New Overall
         Appreciation (which is defined in the Declaration of Trust and Trust
         Agreement and excludes interest income) as of each fiscal year-end and
         upon redemption of Units.  No incentive fee was earned by the Managing
         Owner during 2002, 2001 and 2000.


                                       F-8



                                KENMAR GLOBAL TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                  ------------



Note 3.  COMMODITY TRADING ADVISORS
         --------------------------

         The Fund has advisory agreements with various commodity trading
         advisors pursuant to which the Fund pays quarterly profit shares of
         20% of Trading Profit (as defined in each respective advisory
         agreement).

Note 4.  DEPOSITS WITH BROKERS
         ---------------------

         The Fund deposits cash with brokers subject to Commodity Futures
         Trading Commission regulations and various exchange and broker
         requirements.  Margin requirements are satisfied by the deposit of
         cash with such brokers.  The Fund earns interest income on its cash
         deposited with the brokers.

Note 5.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
         --------------------------------------------

         Investments in Units of Beneficial Interest are made by subscription
         agreement, subject to acceptance by the Managing Owner.

         The Fund is not required to make distributions, but may do so at the
         sole discretion of the Managing Owner.  A Unitholder may request and
         receive redemption of Units owned, beginning with the end of the sixth
         month after such Units are sold, subject to restrictions in the
         Declaration of Trust and Trust Agreement.  Units redeemed on or before
         the end of the twelfth full calendar month and after the end of the
         twelfth full month but on or before the end of the eighteenth full
         calendar month after the date such Units begin to participate in the
         profits and losses of the Fund are subject to early redemption charges
         of 3% and 2%, respectively, of the Net Asset Value redeemed.  All
         redemption charges are paid to the Managing Owner.  Such redemption
         charges are included in redemptions in the statement of changes in
         unitholders' capital and amounted to $4,872, $9,407 and $51,848 during
         2002, 2001 and 2000, respectively.

Note 6.  TRADING ACTIVITIES AND RELATED RISKS
         ------------------------------------

         The Fund engages in the speculative trading of U.S. and foreign
         futures contracts, options on U.S. and foreign futures contracts and
         forward contracts (collectively, "derivatives").  The Fund 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.


                                       F-9



                                KENMAR GLOBAL TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                  ------------



Note 6.  TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)
         ------------------------------------------------

         Purchases and sales of futures and options on futures contracts
         require margin deposits with the brokers.  Additional deposits may be
         necessary for any loss of contract value.  The Commodity Exchange Act
         requires a broker to segregate all customer transactions and assets
         from such broker's proprietary activities.  A customer's cash and
         other property (for example, U.S. Treasury bills) deposited with a
         broker are considered commingled with all other customer funds subject
         to the broker's segregation requirements.  In the event of a broker'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 total cash and other property deposited.

         The Fund has cash and cash equivalents on deposit with interbank
         market makers and other financial institutions in connection with its
         trading of forward contracts and its cash management activities.  In
         the event of a financial institution's insolvency, recovery of Fund
         assets on deposit may be limited to account insurance or other
         protection afforded such deposits.  Since forward contracts are traded
         in unregulated markets between principals, the Fund also assumes the
         risk of loss from counterparty nonperformance.

         For derivatives, risks arise from changes in the market value of the
         contracts.  Theoretically, the Fund is exposed to a market risk equal
         to the notional contract value of futures and forward contracts
         purchased and unlimited liability on such contracts sold short.  As
         both a buyer and seller of options, the Fund pays or receives a
         premium at the outset and then bears the risk of unfavorable changes
         in the price of the contract underlying the option.  Written options
         expose the Fund to potentially unlimited liability, and purchased
         options expose the Fund to a risk of loss limited to the premiums
         paid.

         The Managing Owner has established procedures to actively monitor
         market risk and minimize credit risk, although there can be no
         assurance that it will, in fact, succeed in doing so.  The Unitholders
         bear the risk of loss only to the extent of the market value of their
         respective investments and, in certain specific circumstances,
         distributions and redemptions received.


                                       F-10



                                KENMAR GLOBAL TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                  ------------



Note 7.  FINANCIAL HIGHLIGHTS
         --------------------

         The following information presents per unit operating performance data
         and other supplemental financial data for the years ended December 31,
         2002 and 2001.  This information has been derived from information
         presented in the financial statements.


                                                       2002          2001
                                                       ----          ----
         Per Unit Performance
         (for a unit outstanding throughout
          the entire year)
         ----------------------------------

         Net asset value per unit at
           beginning of year                         $   96.48     $   97.01
                                                     ---------     ---------

         Income from operations:
            Net investment (loss) (1), (3)              (15.09)        (9.54)
            Net realized and change in unrealized
              gain from trading (2), (3)                 30.03          9.75
                                                     ---------     ---------

                Total income from operations             14.94          0.21
                                                     ---------     ---------

         Offering costs (3)                              (0.65)        (0.74)
                                                     ---------     ---------

         Net asset value per unit at
           end of year                               $  110.77     $   96.48
                                                     =========     =========

         Total Return                                    14.81 %       (0.55)%
                                                        =======       =======

         Supplemental Data

         Ratios to average net asset value:
            Expenses prior to advisor profit
              shares (4)                                (10.73)%      (10.16)%
            Advisor profit shares                        (5.61)%       (2.84)%
                                                        -------       -------

                Total expenses (1)                      (16.34)%      (13.00)%
                                                        =======       =======

            Net investment (loss) (4)                    (9.71)%       (7.00)%
                                                        =======       =======


         Total returns are calculated based on the change in value of a unit
         during the year.  An individual unitholder's total returns and ratios
         may vary from the above total returns and ratios based on the timing
         of additions and redemptions.

         ---------------
         (1)  Excludes brokerage commissions and other trading fees paid
              directly to the brokers.
         (2)  Includes brokerage commissions and other trading fees paid
              directly to the brokers.
         (3)  The net investment (loss) per unit and offering costs per unit
              are calculated by dividing the net investment (loss) and offering
              costs by the average number of units outstanding during the year.
              The net realized and change in unrealized gain from trading is a
              balancing amount necessary to reconcile the change in net asset
              value per unit with the other per unit information.
         (4)  Excludes brokerage commissions and other trading fees paid
              directly to the brokers and advisor profit shares.


                                      F-11



                                 EXHIBIT INDEX


Exhibit Number          Description of Document                     Page Number

     99.1               Certification of Kenneth A. Shewer,             E-2
                        Chief Executive Officer, pursuant to
                        18 U.S.C. Section 1350, as enacted by
                        Section 906 of The Sarbanes-Oxley Act
                        of 2002
     99.2               Certification of Gary J. Yannazzo,              E-3
                        Senior Vice President and Chief
                        Financial Officer, pursuant to 18 U.S.C.
                        Section 1350, as enacted by Section 906
                        of The Sarbanes-Oxley Act of 2002



                                                                   Exhibit 99.1

          Certification of Kenneth A. Shewer, Chief Executive Officer,
         pursuant to 18 U.S.C. Section 1350, as enacted by Section 906
                         of The Sarbanes-Oxley Act of 2002


     I, Kenneth A. Shewer, the Chief Executive Officer of Kenmar Advisory
Corp., as Managing Owner of Kenmar Global Trust, certify that (i) the Form 10-K
for the fiscal year ended December 31, 2002 of Kenmar Global Trust fully
complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 and (ii) the information contained in the Form 10-K for
the fiscal year ended December 31, 2002 of Kenmar Global Trust fairly presents,
in all material respects, the financial condition and results of operations of
Kenmar Global Trust.



                                  By: /s/ KENNETH A. SHEWER
                                      -------------------------------------
                                      Kenneth A. Shewer
                                      Chief Executive Officer
                                      March 31, 2003



                                                                   Exhibit 99.2

          Certification of Gary J. Yannazzo, Senior Vice President and,
         Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as
            enacted by Section 906 of The Sarbanes-Oxley Act of 2002


     I, Gary J. Yannazzo, the Senior Vice President and Chief Financial Officer
of Kenmar Advisory Corp., as Managing Owner of Kenmar Global Trust, certify
that (i) the Form 10-K for the fiscal year ended December 31, 2002 of Kenmar
Global Trust fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934 and (ii) the information contained in the
Form 10-K for the fiscal year ended December 31, 2002 of Kenmar Global Trust
fairly presents, in all material respects, the financial condition and results
of operations of Kenmar Global Trust.



                                  By: /s/ GARY J. YANNAZZO
                                      -------------------------------------
                                      Gary J. Yannazzo
                                      Senior Vice President and
                                        Chief Financial Officer
                                      March 31, 2003