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, 2000

                         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]

None of the voting securities of the registrant are held by non-affiliates of
the registrant.


<PAGE>


                                TABLE OF CONTENTS
                                -----------------
<TABLE>
<CAPTION>



                                                                                                               Page
                                                                                                               ----

                                                            PART I

<S>              <C>                                                                                           <C>
ITEM 1.           BUSINESS........................................................................................1

ITEM 2.           PROPERTIES......................................................................................6

ITEM 3.           LEGAL PROCEEDINGS...............................................................................6

ITEM 4.           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.............................................6

                                                           PART II

ITEM 5.           MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS...........................6

ITEM 6.           SELECTED FINANCIAL DATA.........................................................................7

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

ITEM 8.           FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.....................................................9

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

                                                           PART III

ITEM 10.          DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT..............................................9

ITEM 11.          EXECUTIVE COMPENSATION.........................................................................11

ITEM 12.          SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.................................11

ITEM 13.          CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.................................................12

                                                           PART IV

ITEM 14.          EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
                  FORM 8-K.......................................................................................12

</TABLE>





                                       i
<PAGE>








                                     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 31 persons
(as of December 31, 2000) 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.


<PAGE>

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, 2000.

BRIDGEWATER ASSOCIATES, INC.

Bridgewater Associates, Inc. will trade its Aggressive Pure Alpha Give-Up
Futures Only system on behalf of the Fund. The Aggressive Pure Alpha Give-Up
Futures Only system is substantially similar to Bridgewater Associates Inc.'s
Aggressive Pure Alpha Futures Only system. The principal difference is in
certain of the products traded. The Aggressive Pure Alpha Futures Only system
trades futures contracts on some equity markets which cannot be given up to the
designated clearing broker. These include contracts on the IBEX, TOPIX, OMLX and
MIB-30. Capital allocated to these markets will be reallocated to other markets
in an attempt to realize the same overall portfolio return.

GRINHAM MANAGED FUNDS PTY LTD.

Grinham Managed Funds Pty Ltd. is an Australian commodity trading advisor
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 36 markets across 7
countries, incorporating most of the major stock indices, interests rate,
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 of the assets under management.

SUNRISE CAPITAL PARTNERS, LLC

Sunrise Capital Partners, LLC trades its Expanded Diversified Program on behalf
of the Fund. Sunrise Capital Partners, LLC utilizes technical trend-following
systems trading a wide continuum of time windows. Relying on technical analysis,
Sunrise Capital Partners, LLC believes that future price movements in all
markets may be more accurately anticipated by analyzing historical price
movements within a quantitative framework rather than attempting to predict or
forecast changes in price through fundamental economic analysis. The trading
methodologies employed by Sunrise Capital Partners, LLC are based on programs
analyzing a large number of interrelated mathematical and statistical formulas
and techniques which are quantitative, proprietary in nature and which have been
either learned or developed by principals of Sunrise Capital Partners, LLC.
Sunrise Capital Partners, LLC's trading system consists of multiple, independent
and parallel systems, each designed and tested to seek out and extract different
market inefficiencies on different time horizons.


                                       2
<PAGE>

TRANSTREND B.V.

In its Diversified Program, Transtrend B.V. 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 contracts, 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, 2000:

(i)     up to approximately 68% 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 32% of the Net Asset Value of the Fund is maintained in
bank deposits.

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 United States 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).


                                       3
<PAGE>


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.


<TABLE>
<CAPTION>


-----------------------------------------------------------------------------------------------------------------------
                  EXPENSES (1)                             PERCENTAGE RETURN            DOLLAR RETURN
              WHICH MUST BE OFFSET                            REQUIRED                    REQUIRED
                TO "BREAK EVEN"                           FIRST TWELVE MONTHS     ($5,000 INITIAL INVESTMENT)
                                                            OF INVESTMENT            FIRST TWELVE MONTHS
                                                                                        OF INVESTMENT
<S>                                                        <C>                     <C>
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
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)                                             (5.09)%                  $(254.50)
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
RETURN ON $5,000 INITIAL INVESTMENT REQUIRED                     12.41%                   $620.50
FOR "BREAKEVEN" IF UNITS ARE REDEEMED ON OR
BEFORE THE 12TH MONTH-END FOLLOWING SALE.
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
RETURN ON $5,000 INITIAL INVESTMENT REQUIRED                     11.35%                   $567.50
FOR "BREAKEVEN" IF UNITS ARE REDEEMED ON THE
13TH MONTH-END THROUGH THE 18TH MONTH-END FOLLOWING SALE.
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
RETURN ON $5,000 INITIAL INVESTMENT REQUIRED                      9.31%                   $465.50
FOR "BREAKEVEN" IF UNITS ARE REDEEMED AFTER THE
18TH MONTH-END FOLLOWING SALE.
-----------------------------------------------------------------------------------------------------------------------

</TABLE>


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. However, for this
       "Breakeven Table" such expenses are assumed to be the maximum estimated
        amount.

(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.  See "Description of Current
        Charges". However, for purposes of the "Breakeven Table," the Incentive
        Fee has been estimated at 5% of such 3.1% gain.

(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.


                                       4
<PAGE>




Description Of Current Charges

<TABLE>
<CAPTION>

RECIPIENT                    NATURE OF PAYMENT                  AMOUNT OF PAYMENT
<S>                         <C>                                <C>

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

</TABLE>

                                       5
<PAGE>



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:

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:

As of December 31, 2000, there were 686 holders of Units, including Kenmar and
the Advisors. As of December 31, 2000, Marc S. Goodman owned 52.8321 Units in
his individual retirement account, Kenneth A. Shewer owned 50.2517 in his
individual retirement account and Kenmar owned 2010.3231 Units.

     (c) Dividends:

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

Reg. S-K Item 701(f)

During the fourth quarter of 2000, 10,513.8923 Units were sold for a total of
$983,146.78.


                                       6
<PAGE>


ITEM 6.  SELECTED FINANCIAL DATA

The following selected financial data of the Fund has been derived from the
Fund's audited financial statements. The Fund commenced trading on April 22,
1997.

<TABLE>
<CAPTION>



                                           Year ended       Year ended        Year ended        Year ended
                                           12/31/00         12/31/99          12/31/98          12/31/97
                                           ----------       ----------        -----------       ----------
<S>                                        <C>              <C>              <C>              <C>

Operations Data
Realized Gains (Losses)                    (14,413)          130,990          $4,443,190      $(162,443)
Change in Unrealized                       960,207        (1,149,702)            381,635        838,321
Interest Income                          1,129,270         1,082,050             750,290        293,033
Brokerage Commissions                      312,560           274,883             147,779         45,814
Managing Owner
     Brokerage Commissions               1,911,158         2,616,529           1,652,458        631,403
Managing Owner Incentive fee                     0                 0              43,400              0
Advisor Profit Shares                      198,721           109,313             984,809        106,886
Operating Expenses                         132,875           236,610             134,568         58,398
Net Income (Loss)                         (480,250)       (3,173,997)          2,612,101        126,410
Net Income (Loss) Per Unit (Based on         (2.29)           (12.65)              16.96           1.24
Weighted Average  Number of Units
Outstanding)
Increase (Decrease) in Net Asset Value       (2.57)           (13.61)              13.09           0.10
per Unit

</TABLE>

<TABLE>
<CAPTION>

                                           12/31/00         12/31/99          12/31/98          12/31/97
                                           --------         --------          --------          --------
<S>                                       <C>              <C>               <C>               <C>

Financial Position Data:
Managing Owner's Capital                $  195,013        $  280,146          $  263,850      $ 125,970
Other Unitholders' Capital              17,537,051        22,497,207          25,099,248     12,251,351
Total Capital                           17,732,064        22,777,353          25,363,098     12,377,321
Net Asset Value Per Unit                     97.01             99.58              113.19         100.10

</TABLE>


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.


                                       7
<PAGE>


The following paragraph presents a summary of the Fund's operations for the
calendar year 2000. 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, 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.

As of December 31, 1999, the Net Asset Value of the Fund was $22,777,353, a
decrease of approximately 10.19% from its Net Asset Value of $25,363,098 at
December 31, 1998. The Fund's subscriptions and redemptions for the year ended
December 31, 1999, totaled $8,331,096 and $7,590,705, respectively. For the year
ended December 31, 1999, the Fund had revenues comprised of $130,990 in realized
trading gains, ($1,149,702) in change in unrealized trading losses and
$1,082,050 in interest income. Total expenses for the year ended December 31,
1999 were $3,237,335. The Net Loss for the year ended December 31, 1999 was
($3,173,997). The Net Asset Value per Unit at December 31, 1999 decreased 12.02%
from $113.19 at December 31, 1998 to $99.58 at December 31, 1999. The Fund's
trading losses during 1999 resulted primarily from losses in U.S. and European
stock indices, Japanese interest rates, tropicals, grains and currencies.

As of December 31, 1998, the Net Asset Value of the Fund was $25,363,098, an
increase of approximately 104.92% from its Net Asset Value of $12,377,321 at
December 31, 1997. The Fund's subscriptions and redemptions for the year ended
December 31, 1998 totaled $13,497,520 and $2,401,065, respectively. For the year
ended December 31, 1998, the Fund had revenues comprised of $4,443,190 in
realized trading gains, $381,635 in change in unrealized trading gains and
$750,290 in interest income. Total expenses for the year ended December 31, 1998
were $2,963,014. The Net Income for the year ended December 31, 1998 was
$2,612,101. The Net Asset Value per Unit at December 31, 1998 increased 13.08%
from $100.10 at December 31, 1997 to $113.19 at December 31, 1998. The Fund's
trading gains during 1998 resulted primarily from global interest rates and
global stock indices.

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.


                                       8
<PAGE>


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 is not applicable.

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. The directors and executive
officers of Kenmar currently are as follows:

MR. KENNETH A. SHEWER, age 48, has been the Chairman and a director of Kenmar
since September 1983. Mr. Shewer was employed by Pasternak, Baum and Co., Inc.
("Pasternak, Baum"), an international cash commodity firm, from June 1976 until
September 1983. Mr. Shewer left Pasternak, Baum in September 1983 to form Kenmar
Advisory Corp. with Mr. Goodman. Mr. Shewer created and managed Pasternak,
Baum's Grain Logistics and




                                       9
<PAGE>

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, age 53, has been the President and a director of Kenmar
since September 1983. Mr. Goodman joined Pasternak, Baum in September 1974 and
was a Vice President and Director from July 1981 until September 1983. Mr.
Goodman left Pasternak, Baum in September 1983 to form Kenmar Advisory Corp.
with Mr. Shewer. 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 was awarded an Economics and Finance Department Fellowship from
September 1969 through June 1971. 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.

MS. ESTHER ECKERLING GOODMAN, age 49, has been the Senior Executive Vice
President of Kenmar since March 1991 and has also served as Chief Operating
Officer of Kenmar since October 1995. Ms. Goodman 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
the development and management of a managed futures program which, in 1979,
became the trading system for 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 Association and
its predecessor, the Managed Futures Trade Association, from 1987 through 1995.
In addition, she has written several articles and has spoken before various
professional groups and organizations on the subject of managed futures.
Ms. Goodman attended Vassar College from 1970-1972 and graduated from Stanford
University in 1974 with a B.A. degree. Ms. Goodman is married to Mr. Marc S.
Goodman.

MR. THOMAS J. DIVUOLO, age 41, Senior Vice President responsible for fund
accounting, administration, risk management and account oversight, joined Kenmar
in March 1989. From 1982 through 1984, Mr. DiVuolo was employed by Balfour
Maclaine International Ltd. working in the commodity accounting and compliance
areas. From 1984 through 1986 he was employed at E. F. Hutton and Company, Inc.
as a manager of commodity regulatory reporting. From 1986 until he joined Kenmar
in 1989, Mr. DiVuolo worked for Lloyds International Trading, a commodity
trading division of Lloyds Bank. Mr. DiVuolo graduated from Wagner College in
1990 with an M.B.A. degree in Finance and from Pace University with a B.B.A.
degree in Public Accounting in 1982.

MR. GARY J. YANNAZZO, age 48, 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, age 36, 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, age 49, 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


                                       10
<PAGE>


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.



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:

None.

(e) Business Experience:

See Item 10(a)(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

     (a) Security Ownership of Certain Beneficial Owners:

As of December 31, 2000, no person or "group" is known to be or has been the
beneficial owner of more than five percent of the Units.

     (b) Security Ownership of Management:

As of December 31, 2000, the following officers of Kenmar beneficially owned the
following number of Units:


                                       11
<PAGE>

<TABLE>
<CAPTION>


         NAME OF BENEFICIAL           NUMBER OF UNITS         PERCENTAGE OF
              OWNER                        OWNED                 CLASS
         ------------------           ---------------         -------------
         <S>                           <C>                  <C>

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

</TABLE>

As of December 31, 2000, 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.



                                    PART IV

ITEM 14.  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, 2000 and 1999 (Audited)..................................F-2
       Statements of Operations For the Years
       Ended December 31, 2000, 1999 and 1998 (Audited)......................F-3
       Statements of Cash Flows For the Years
       Ended December 31, 2000, 1999 and 1998 (Audited)......................F-4
       Statements of Changes in Unitholders'
       Capital (Net Asset Value) For the Years Ended
       December 31, 2000, 1999 and 1998 (Audited)............................F-5
       Notes to Financial Statements (Audited)...........................F-6-F-9

    2. The following exhibits are filed with this Report or incorporated by
       reference in the Prospectus dated July 1, 1998 included within the
       Registration Statement on Form S-1 (File No. 333-8869):

       1.01   Form of Selling Agreement

       1.02   Amendment No. 1 to Selling Agreement


                                       12
<PAGE>



         3.01   Certificate of Formation of the Registrant

         3.02   Declaration of Trust and Trust Agreement of the Registrant

         3.03   Amended and Restated Declaration of Trust and Trust Agreement

         10.01  Form of Advisory Agreement

         10.02  Form of Customer Agreement between the Fund and the Commodity
                Brokers

         10.03  Form of Escrow Agreement

         10.04  Subscription Agreement and Power of Attorney

(b)      Reports on Form 8-K:

         The Fund did not file any reports on Form 8-K during the fourth quarter
         of 2000.


                                       13
<PAGE>








                                   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 27th day of March,
2001.



                                      KENMAR GLOBAL TRUST

                                      By: Kenmar Advisory Corp., managing owner


                                      By: -------------------------------------
                                          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 27th day of March, 2001.



                                      KENMAR GLOBAL TRUST

                                      By: Kenmar Advisory Corp., managing owner


                                      By: -------------------------------------
                                          Kenneth A. Shewer
                                          Chairman and Director
                                          (Principal Executive Officer)


                                      By: -------------------------------------
                                          Marc S. Goodman
                                          President and Director


                                      By: -------------------------------------
                                          Thomas J. DiVuolo
                                          Senior Vice President
                                          (Principal Financial and Accounting
                                          Officer for the Fund)


                                       14
<PAGE>






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

                          CERTIFIED PUBLIC ACCOUNTANTS
                                 (410) 821-8000
                               FAX (410) 321-8359



Member:


American Institute of Certified
Public Accountants
SEC Practice Section                                                   Suite 200
Maryland Association of                                 201 International Circle
Certified 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, 2000 and 1999, and the related statements of
operations, cash flows and changes in unitholders' capital (net asset value) for
the years ended December 31, 2000, 1999 and 1998. 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 generally accepted auditing
standards. 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, 2000 and 1999, and the results of its operations, cash flows and
the changes in its net asset values for the years ended December 31, 2000, 1999
and 1998, in conformity with generally accepted accounting principles.

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



Hunt Valley, Maryland
February 12, 2001




                                       F-1
<PAGE>



                               KENMAR GLOBAL TRUST
                        STATEMENTS OF FINANCIAL CONDITION
                           December 31, 2000 and 1999


<TABLE>
<CAPTION>


                                                                                      2000                     1999
                                                                                      ----                     ----
<S>                                                                              <C>                       <C>

ASSETS
    Equity in broker trading accounts
       Cash                                                                       $11,148,168               $3,275,658
       Unrealized gain on open contracts                                            1,030,461                   70,254
                                                                                  -----------              -----------
              Deposits with brokers                                                12,178,629                3,345,912

    Cash and cash equivalents                                                       6,162,772               23,481,079
                                                                                  -----------              -----------
              Total assets                                                        $18,341,401              $26,826,991
                                                                                  ===========              ===========
LIABILITIES
   Accounts payable                                                                $   33,000           $       40,000
   Commissions and other trading fees on open contracts                                21,500                    5,394
   Managing Owner brokerage commissions                                               111,250                  196,233
   Advisor profit shares                                                              120,848                   13,388
   Redemptions payable                                                                321,632                3,724,738
   Redemption charges payable to Managing Owner                                         1,107                   69,885
                                                                                  -----------              ===========
              Total liabilities                                                       609,337                4,049,638
UNITHOLDERS' CAPITAL (NET ASSET VALUE)
   Managing Owner - 2,010.3231 and 2,813.3231                                         195,013                  280,146
     units outstanding at December 31, 2000 and 1999
   Other Unitholders - 180,783.3635 and 225,924.9857                               17,537,051               22,497,207
                                                                                  -----------             ============
     units outstanding at December 31, 2000 and 1999
              Total unitholders' capital
                 (Net Asset Value)                                                 17,732,064               22,777,353
                                                                                  -----------             ------------
                                                                                  $18,341,401              $26,826,991
                                                                                  ===========             ============


</TABLE>






                             See accompanying notes.



                                       F-2
<PAGE>





                               KENMAR GLOBAL TRUST
                            STATEMENTS OF OPERATIONS
              For the Years Ended December 31, 2000, 1999 and 1998


<TABLE>
<CAPTION>


                                                                    2000                 1999               1998
                                                                    ----                 ----               ----
<S>                                                               <C>                  <C>                <C>
INCOME
    Trading gains (losses)
       Realized                                                  $ (14,413)          $  130,990         $ 4,443,190
       Change in unrealized                                        960,207           (1,149,702)            381,635
                                                                ----------          ------------        -----------
              Gain (loss) from trading                             945,794           (1,018,712)          4,824,825
    Interest income                                              1,129,270            1,082,050             750,290
                                                                ----------          ------------        -----------
              Total income                                       2,075,064               63,338           5,575,115
                                                                ----------          ------------        -----------
EXPENSES
   Brokerage commissions                                           312,560               274,883            147,779
   Managing Owner brokerage commissions                          1,911,158             2,616,529          1,652,458
   Managing Owner incentive fee                                          0                     0             43,400
   Advisor profit shares                                           198,721               109,313            984,809
   Operating expenses                                              132,875               236,610            134,568
                                                                ----------          ------------        -----------
              Total expenses                                     2,555,314             3,237,335          2,963,014
                                                                ----------          ------------        -----------
              NET INCOME (LOSS)                                 $(480,250)          $(3,173,997)         $2,612,101
                                                                ==========          ============        ===========
NET INCOME (LOSS) PER UNIT
   (based on weighted average number of
     units outstanding during the period)                        $  (2.29)            $  (12.65)           $  16.96
                                                                ==========          ============        ===========

INCREASE (DECREASE) IN NET
   ASSET VALUE PER UNIT                                          $  (2.57)            $  (13.61)           $  13.09
                                                                ==========          ============        ===========



</TABLE>







                             See accompanying notes.


                                       F-3
<PAGE>




                               KENMAR GLOBAL TRUST
                            STATEMENTS OF CASH FLOWS
              For the Years Ended December 31, 2000, 1999 and 1998


<TABLE>
<CAPTION>


                                                                           2000               1999             1998
                                                                           ----               ----             ----
<S>                                                                    <C>                <C>               <C>

CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
    Net income (loss)                                                  $(480,250)        $(3,173,997)       $2,612,101
       Adjustments to reconcile net income (loss)
       to net cash from (for) operating activities:
           Decrease in net option premiums paid                                 0                   0           12,165
           Net change in unrealized                                     (960,207)           1,149,702        (381,635)
           Decrease in other assets                                             0                   0          177,369
           Increase (decrease) in accounts payable and accrued
              expenses                                                     31,583           (140,214)          219,842
                                                                       ----------        ------------      -----------
              Net cash from (for) operating activities                (1,408,874)         (2,164,509)        2,639,842
                                                                       ----------        ------------      -----------
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
   Addition of units                                                    3,526,802           8,331,096       13,497,520
   Increase (decrease) in subscription deposits                                 0            (27,720)            2,000
   Offering costs paid                                                  (202,400)           (197,114)        (700,862)
   Redemption of units                                               (11,361,325)         (4,056,217)      (2,322,207)
                                                                      -----------        ------------      -----------
              Net cash from (for) financing activities                (8,036,923)           4,050,045       10,476,451
                                                                      -----------        ------------      -----------
Net increase (decrease) in cash and cash equivalents                  (9,445,797)           1,885,536       13,116,293

CASH AND CASH EQUIVALENTS
   Beginning of year                                                   26,756,737          24,871,201       11,754,908
                                                                       ----------        ------------      -----------
   End of year                                                        $17,310,940         $26,756,737      $24,871,201
                                                                       ----------        ------------      -----------
END OF YEAR CASH AND CASH EQUIVALENTS CONSISTS OF:
   Cash in broker trading accounts                                    $11,148,168          $3,275,658      $14,288,556
   Cash and cash equivalents                                            6,162,772          23,481,079       10,582,645
                                                                       ----------        ------------      -----------
             Total end of year cash and cash equivalents              $17,310,940         $26,756,737      $24,871,201
                                                                      ===========        ============      ===========

</TABLE>




                             See accompanying notes.



                                       F-4
<PAGE>


                               KENMAR GLOBAL TRUST
         STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)
              For the Years Ended December 31, 2000, 1999 and 1998

<TABLE>
<CAPTION>


                                                                               Unitholders' Capital
                                                      Total                                  Other
                                                  Number of Units     Managing Owner       Unitholders       Total
                                                  ---------------     ---------------     -------------   -----------
<S>                                               <C>                  <C>                <C>            <C>

Balances at
   December 31, 1997                                123,650.8308            $125,970       $12,251,351    $12,377,321
Net income for the year
   ended December 31, 1998                                                    26,933         2,585,168      2,612,101
Additions                                           123,109.1508             118,400        13,379,120     13,497,520
Redemptions                                         (22,683.3843)                  0        (2,401,065)    (2,401,065)
Offering costs                                                                (7,453)         (715,326)      (722,779)
                                                   --------------        -----------       -----------    -----------
Balances at
   December 31, 1998                                224,076.5973             263,850        25,099,248     25,363,098
Net (loss) for the year
   ended December 31, 1999                                                   (33,117)       (3,140,880)    (3,173,997)
Additions                                            79,543.5512              51,000         8,280,096      8,331,096
Redemptions                                         (74,881.8397)                  0        (7,590,705)    (7,590,705)
Offering costs                                                                (1,587)         (150,552)      (152,139)
                                                   --------------        -----------       -----------    -----------
Balances at
   December 31, 1999                                228,738.3088             280,146        22,497,207     22,777,353
Net (loss) for the year                                                       (9,719)         (470,531)      (480,250)
   ended December 31, 2000
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
                                                   ==============       =============      ===========   ============

</TABLE>


<TABLE>
<CAPTION>


                                                                   Net Asset Value Per Unit
                                                                         December 31,
                                                             2000             1999             1998
                                                             ----             ----             ----
<S>                                                        <C>              <C>             <C>

                                                            $97.01           $99.58          $113.19
                                                            =======          =======         =======

</TABLE>

                             See accompanying notes.



                                       F-5
<PAGE>






                               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. The Fund was formed on
                  July 17, 1996 and commenced trading on May 22, 1997.

          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 (FCMs)
                  and interbank market makers (collectively, "brokers") through
                  which the Fund trades.

          C.      Method of Reporting

                  The Fund's financial statements are presented in accordance
                  with generally accepted accounting principles, 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 purchase 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 from the preceding
                  period is reported in the statement of operations. Brokerage
                  commissions paid directly to brokers, reflected as "brokerage
                  commissions" in the statement of operations, include 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 state information tax
                  returns and reports to the Unitholders their allocable shares
                  of the Fund's income, expenses and trading gains or losses.


                                       F-6
<PAGE>







                               KENMAR GLOBAL TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)



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

          F.      Organizational and Offering Costs

                  Organizational and initial offering costs (exclusive of
                  selling commissions) of approximately $540,000 were advanced
                  to the Fund by the Managing Owner. Such costs were charged to
                  unitholders' capital and reimbursed to the Managing Owner at a
                  monthly rate of 0.2% of the Fund's beginning of month Net
                  Asset Value. As of December 31, 1998, all such organizational
                  and initial offering costs advanced by the Managing Owner were
                  charged to unitholders' capital.

                  Ongoing 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 1% of the total capital accounts of the
           Fund.

           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 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, 2000, 1999 and 1998, brokerage commissions equated to an
           approximate round-turn equivalent rate of $65, $87 and $84,
           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.

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
           15% to 20% of Trading Profit (as defined in each respective advisory
           agreement).


                                       F-7
<PAGE>



                               KENMAR GLOBAL TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)



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 $51,848, $92,707 and
           $51,752 during 2000, 1999 and 1998, 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.

           Purchases and sales of futures and options on futures contracts
           require margin deposits with the FCMs. Additional deposits may be
           necessary for any loss of contract value. The Commodity Exchange Act
           requires an FCM to segregate all customer transactions and assets
           from such FCM's proprietary activities. A customer's cash and other
           property (for example, U.S. Treasury bills) deposited with an FCM are
           considered commingled with all other customer funds subject to the
           FCM's segregation requirements. In the event of an FCM's insolvency,
           recovery may be limited to a pro rata share of segregated funds
           available. It is possible that the recovered amount could be less
           than 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 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



                                       F-8
<PAGE>



                               KENMAR GLOBAL TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)


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

           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. 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.