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, 2001
                       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
                                                                                                ----
<S>       <C>                                                                                    <C>
                                                PART I

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.............................................................................10

                                               PART III

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

ITEM 11.  EXECUTIVE COMPENSATION.................................................................12

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

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

                                                PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.......................13
</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 35 persons
(as of December 31, 2001) 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, 2001.

C-View International Limited

C-View Limited is a UK registered Company which is regulated by the FSA
(Financial Services Authority in the United Kingdom) as a Trading Advisor. The
program utilized by C-View on behalf of the Fund is the 3x Leverage Program.
C-View Limited's approach is discretionary, based on a combination of
fundamental analysis, technical analysis and market psychology. The intention is
to capture profits from short to medium-term price trends whilst maintaining
profitability in ranging markets.

C-View Limited aims to maximize returns through the active trading of foreign
exchange in the interbank spot, forward and options markets. Profits are sought
from fluctuations in exchange rates, and from the differentials in interest
rates reflected in the value of currencies.

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, 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.

In its Diversified Trend 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.

                                      2

<PAGE>

Winton Capital Management Limited

Winton Capital Management Limited is an English company established in 1997 to
offer investment advice in the international futures and forwards markets.

The investment strategy of Winton Capital Management Limited's program consists
of trading a portfolio of more than one hundred international futures and
forward markets, employing a computer-based trading system. This system tracks
the daily price movements from these markets around the world and carries out
certain computations to determine each day how long or short the portfolio
should be in each. If rising prices are anticipated, a long position will be
established; if prices are expected to fall, a short position is the appropriate
way to realize a profit. The computer does not, of course, make perfect
predictions, but by employing a sophisticated and systematic schema for placing
such positions in a wide array of futures and forwards markets, it can be
demonstrated that there is a reasonable expectation of profit being realized
after a sufficient period of time.

The profitability of such a system arises substantially as a result of the
tendency of the major international markets to trend and to tend to make
exaggerated movements in both upward and downward directions as a result of such
trends. Such systems are frequently unprofitable for long periods of time in
particular markets or market groups, and occasionally they are unprofitable for
periods of more than one year.

Winton Capital Management Limited's program will invest in exchange-traded
contracts, centered on the following areas: stock indices, bonds, short term
interest rates, currencies, precious metals and commodities.

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, 2001:

(i) up to approximately 67% 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 33% 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.

                                      3

<PAGE>

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"

<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)                                             (3.30)%                       $(165.00)
---------------------------------------------------------------------------------------------------------
Return on $5,000 initial investment                            14.20%                         $710.00
required for  "break even" if Units are
redeemed on or before the 12th month-end
following sale.
---------------------------------------------------------------------------------------------------------
Return on $5,000 initial investment                            13.14%                         $657.00
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                            11.10%                         $555.00
required for  "break even" 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. 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.

                                      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                 Paid as incurred; not anticipated to exceed 0.25% of
                     execution costs               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, 2001, there were 633 holders of Units, including Kenmar and
the Advisors. As of December 31, 2001, 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 2,041.4999 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 2001, 6,835.68 Units were sold for a total of
$674,526.00.

                                      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        Year ended
                                              12/31/01          12/31/00          12/31/99         12/31/98          12/31/97
                                              --------          --------          --------         --------          --------
<S>                                           <C>              <C>               <C>               <C>              <C>
Operations Data
Realized Gains (Losses)                        2,479,061          (14,413)          130,990        $4,443,190        $(162,443)
Change in Unrealized                            (584,140)         960,207        (1,149,702)          381,635          838,321
Interest Income                                  517,609        1,129,270         1,082,050           750,290          293,033
Brokerage Commissions                            239,616          312,560           274,883           147,779           45,814
Managing Owner
     Brokerage Commissions                     1,566,968        1,911,158         2,616,529         1,652,458          631,403
Managing Owner Incentive fee                           0                0                 0            43,400                0
Advisor Profit Shares                            465,428          198,721           109,313           984,809          106,886
Operating Expenses                                99,383          132,875           236,610           134,568           58,398
Net Income (Loss)                                 41,135         (480,250)       (3,173,997)        2,612,101          126,410
Net Income (Loss) Per Unit                          0.24            (2.29)           (12.65)            16.96             1.24
     (Based on Weighted Average Number of
     Units Outstanding)
Increase (Decrease) in Net Asset                   (0.53)           (2.57)           (13.61)            13.09             0.10
Value per Unit

                                                12/31/01         12/31/00          12/31/99          12/31/98         12/31/97
                                                --------         --------          --------          --------         --------
Financial Position Data:

Managing Owner's Capital                        $196,966         $195,013          $280,146          $263,850         $125,970
Other Unitholders' Capital                    15,928,413       17,537,051        22,497,207        25,099,248       12,251,351
Total Capital                                 16,125,379       17,732,064        22,777,353        25,363,098       12,377,321
Net Asset Value Per Unit                           96.48            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 2001. 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, 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.

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.

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 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, 2001 and 2000.

<TABLE>
<CAPTION>
                                    1st Quarter      2nd Quarter        3rd Quarter      4th Quarter
                                        2001             2001              2001              2001
                                   --------------- -----------------  ----------------  ---------------
<S>                                    <C>               <C>             <C>               <C>
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
</TABLE>

                                      9

<PAGE>

<TABLE>
<CAPTION>
                                    1st Quarter      2nd Quarter        3rd Quarter      4th Quarter
                                        2000             2000              2000              2000
                                   --------------- -----------------  ----------------  ---------------
<S>                                    <C>               <C>             <C>               <C>
Gain (Loss) from trading               $ (97,637)        $  453,401      $(1,019,298)      $ 1,609,328
Total Income (Loss)                       200,558           746,794         (737,238)        1,864,950
Net Income (Loss)                       (518,460)           113,576       (1,315,336)        1,239,970
Net Income (Loss) per unit                 (2.27)              0.52            (6.44)             6.55

Increase (Decrease) in Net Asset
Value per Unit                             (2.60)              0.49            (6.46)             6.00

Net Asset Value per Unit at end
of period                                  96.98              97.47            91.01             97.01
</TABLE>

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

                                      10

<PAGE>

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. Ms. Goodman is married to Mr. Marc S. Goodman.

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. Thomas J. DiVuolo (born 1960), 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 (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.

                                      11

<PAGE>

Mr. Jeffrey Wilson (born 1965), Financial Controller, joined Kenmar in January
2001. From June 2000 to December 2000, Mr. Wilson was the Controller for Whitney
& Company. From 1995 to May 2000, Mr. Wilson was the 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:
         None.

(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

     (a) Security Ownership of Certain Beneficial Owners:

As of December 31, 2001, no person or "group" is known to be or has been the
beneficial owner of more than five percent of the Units.

                                      12

<PAGE>

     (b) Security Ownership of Management:

As of December 31, 2001, the following officers of Kenmar beneficially owned the
following number of Units:

<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, 2001, 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, 2001 and 2000 (Audited).........................F-2
      Condensed Schedule of Investments as of
           December 31, 2001 (Audited)..................................F-3
      Statements of Operations For the Years
           Ended December 31, 2001, 2000 and 1999 (Audited).............F-4
      Statements of Cash Flows For the Years Ended
           December 31, 2001, 2000 and 1999 (Audited)...................F-5
      Statements of Changes in Unitholders' Capital
           (Net Asset Value) For the Years Ended
           December 31, 2001, 2000 and 1999 (Audited)...................F-6
      Notes to Financial Statements (Audited)......................F-7-F-10

                                      13

<PAGE>

  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

      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 2001.

                                      14

<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 28th day of March,
2002.

                                      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 28th day of March, 2002.

                                      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/ THOMAS J. DIVUOLO
                                          ------------------------------
                                          Thomas J. DiVuolo
                                          Senior Vice President
                                          (Principal Financial and Accounting
                                          Officer for the Fund)

<PAGE>

                    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                     Suite 200
SEC Practice Section                                    201 International Circle
Maryland Association of 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, 2001 and 2000, including the December 31, 2001
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, 2001, 2000 and 1999. 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, 2001 and 2000, and the results of its operations, cash flows and
changes in its net asset values for the years ended December 31, 2001, 2000 and
1999, in conformity with accounting principles generally accepted in the United
States of America.

Hunt Valley, Maryland
February 11, 2002

                                      F-1

<PAGE>

                               KENMAR GLOBAL TRUST
                        STATEMENTS OF FINANCIAL CONDITION
                           December 31, 2001 and 2000

<TABLE>
<CAPTION>
                                                                                       2001               2000
                                                                                       ----               ----
<S>                                                                                  <C>                <C>
ASSETS
   Equity in broker trading accounts
        Cash                                                                         $10,297,595        $10,646,538
        Unrealized gain on open contracts                                                442,946          1,028,999
                                                                                     -----------        -----------

                Deposits with brokers                                                 10,740,541         11,675,537

     Cash and cash equivalents                                                         5,646,645          6,664,402
     Unrealized gain on open forward contracts                                             3,375              1,462
                                                                                     -----------        -----------

                Total assets                                                         $16,390,561        $18,341,401
                                                                                     ===========        ===========

LIABILITIES
     Accounts payable                                                                $    23,683        $    33,000
     Commissions and other trading fees on open contracts                                 13,128             21,500
     Managing Owner brokerage commissions                                                113,273            111,250
     Advisor profit shares                                                                36,403            120,848
     Redemptions payable                                                                  78,695            321,632
     Redemption charges payable to Managing Owner                                              0              1,107
                                                                                     -----------        -----------

                Total liabilities                                                        265,182            609,337
                                                                                     -----------        -----------

UNITHOLDERS' CAPITAL (Net Asset Value)
     Managing Owner - 2,041.4999 and 2,010.3231 units
         outstanding at December 31, 2001 and 2000                                       196,966            195,013
     Other Unitholders - 165,093.4546 and 180,783.3635
         units outstanding at December 31, 2001 and 2000                              15,928,413         17,537,051
                                                                                     -----------        -----------

                Total unitholders' capital
                      (Net Asset Value)                                               16,125,379         17,732,064
                                                                                     -----------        -----------

                                                                                     $16,390,561        $18,341,401
                                                                                     ===========        ===========
</TABLE>

                             See accompanying notes.

                                      F-2

<PAGE>

                               KENMAR GLOBAL TRUST
                        CONDENSED SCHEDULE OF INVESTMENTS
                                December 31, 2001

LONG FUTURES CONTRACTS

<TABLE>
<CAPTION>
No. of Contracts      Description                                            Value          % of Net Asset Value
----------------      -----------                                            -----          --------------------

      <S>             <C>                                                 <C>                         <C>
      128             Agricultural                                        $  25,440                   0.16%
       72             Currency                                               89,125                   0.55%
       47             Energy                                                  3,113                   0.02%
      272             Interest rate                                          (9,347)                 (0.06)%
       95             Metals                                                 (3,937)                 (0.02)%
       92             Stock index                                            48,987                   0.30%
                                                                            --------               --------

                      Total long futures contracts                        $ 153,381                   0.95%
                                                                           ---------               --------
</TABLE>

SHORT FUTURES CONTRACTS

<TABLE>
<CAPTION>
No. of Contracts      Description                                            Value          % of Net Asset Value
----------------      -----------                                            -----          --------------------

      <S>             <C>                                                 <C>                         <C>
      527             Agricultural                                        $ 100,145                   0.62%
       94             Currency                                              212,059                   1.32%
       22             Energy                                                  4,157                   0.02%
      207             Interest rate                                          45,241                   0.28%
       92             Metals                                                (70,117)                 (0.43)%
       7              Stock index                                            (1,920)                 (0.01)%
                                                                          ---------                --------

                      Total short futures contracts                       $ 289,565                   1.80%
                                                                          ---------                --------

                      Total futures contracts                             $ 442,946                   2.75%
                                                                          =========                ========
</TABLE>

FORWARD CURRENCY CONTRACTS

<TABLE>
<CAPTION>
                      Description                                            Value          % of Net Asset Value
                      -----------                                            -----          --------------------

                      <S>                                                 <C>                         <C>
                      Long forward currency contracts                     $   9,984                   0.06%
                      Short forward currency contracts                       (6,609)                 (0.04)%
                                                                          -----------              --------

                      Total forward currency contracts                    $   3,375                   0.02%
                                                                          ===========              ========
</TABLE>

                             See accompanying notes.

                                      F-3

<PAGE>

                               KENMAR GLOBAL TRUST
                             STATEMENTS OF OPERATIONS
               For the Years Ended December 31, 2001, 2000 and 1999

<TABLE>
<CAPTION>
                                                                          2001             2000             1999
                                                                          ----             ----             ----
<S>                                                                   <C>               <C>            <C>
INCOME
   Trading gains (losses)
       Realized                                                       $ 2,479,061       $  (14,413)    $   130,990
       Change in unrealized                                              (584,140)         960,207      (1,149,702)
                                                                       ----------       ----------     ------------

            Gain (loss) from trading                                    1,894,921          945,794      (1,018,712)

   Interest income                                                        517,609        1,129,270       1,082,050
                                                                       ----------       ----------     ------------

            Total income                                                2,412,530        2,075,064          63,338
                                                                       ----------       ----------     ------------

EXPENSES
   Brokerage commissions                                                  239,616          312,560         274,883
   Managing Owner brokerage commissions                                 1,566,968        1,911,158       2,616,529
   Advisor profit shares                                                  465,428          198,721         109,313
   Operating expenses                                                      99,383          132,875         236,610
                                                                       ----------       ----------     ------------

            Total expenses                                              2,371,395        2,555,314       3,237,335
                                                                       ----------       ----------     ------------

            NET INCOME (LOSS)                                         $    41,135       $ (480,250)    $(3,173,997)
                                                                      ===========       ===========    ============

NET INCOME (LOSS) PER UNIT
   (based on weighted average number of
   units outstanding during the year)                                 $      0.24       $    (2.29)    $    (12.65)
                                                                      ===========       ===========    ============

(DECREASE) IN NET ASSET
   VALUE PER UNIT                                                     $     (0.53)      $    (2.57)    $    (13.61)
                                                                      ===========       ===========    ============
</TABLE>

                             See accompanying notes.

                                      F-4

<PAGE>

                               KENMAR GLOBAL TRUST
                            STATEMENTS OF CASH FLOWS
             For the Years Ended December 31, 2001, 2000 and 1999

<TABLE>
<CAPTION>
                                                                          2001              2000              1999
                                                                          ----              ----              ----
<S>                                                                 <C>               <C>              <C>
Cash flows from (for) operating activities
    Net income (loss)                                               $     41,135      $   (480,250)    $  (3,173,997)
         Adjustments to reconcile net income (loss) to net
         cash from (for) operating activities:
              Net change in unrealized                                   584,140          (960,207)        1,149,702
              Increase (decrease) in accounts payable and
                  accrued expenses                                      (100,111)           31,583          (140,214)
                                                                      ----------      ------------     -------------

                  Net cash from (for) operating activities               525,164        (1,408,874)       (2,164,509)
                                                                      ----------      ------------     -------------

Cash flows from (for) financing activities
    Addition of units                                                  2,242,654         3,526,802         8,331,096
    (Decrease) in subscription deposits                                        0                 0           (27,720)
    Offering costs paid                                                 (124,454)         (202,400)         (197,114)
    Redemption of units                                               (4,010,064)      (11,361,325)       (4,056,217)
                                                                      ----------      ------------     -------------

                  Net cash from (for) financing activities            (1,891,864)       (8,036,923)        4,050,045
                                                                      ----------      ------------     -------------

Net increase (decrease) in cash and cash equivalents                  (1,366,700)       (9,445,797)        1,885,536

Cash and cash equivalents
    Beginning of year                                                 17,310,940        26,756,737        24,871,201
                                                                      ----------      ------------     -------------

    End of year                                                     $ 15,944,240      $ 17,310,940     $  26,756,737
                                                                    ============      ============     =============

End of year cash and cash equivalents consists of:
    Cash in broker trading accounts                                 $ 10,297,595      $ 10,646,538     $   2,410,994
    Cash and cash equivalents                                          5,646,645         6,664,402        24,345,743
                                                                    ------------      ------------     -------------

                  Total end of year cash and cash equivalents       $ 15,944,240      $ 17,310,940     $  26,756,737
                                                                    ============      ============     =============
</TABLE>

                             See accompanying notes.

                                      F-5

<PAGE>

                               KENMAR GLOBAL TRUST
             STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)
                 For the Years Ended December 31, 2001, 2000 and 1999

<TABLE>
<CAPTION>
                                                                                Unitholders' Capital
                                                              -----------------------------------------------------
                                             Total Number         Managing             Other
                                               of Units             Owner            Unitholders         Total
                                           -----------------  ----------------  -------------------  --------------

<S>                                           <C>                  <C>               <C>              <C>
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
     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
                                              ============         ========          ===========      ===========
</TABLE>

<TABLE>
<CAPTION>
                            Net Asset Value Per Unit
---------------------------------------------------------------------------
                                  December 31,
             2001                     2000                        1999
             ----                --------------                   ----

            <S>                      <C>                         <C>
            $96.48                   $97.01                      $99.58
            ======                   ======                      ======
</TABLE>

                             See accompanying notes.

                                      F-6

<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.

           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 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 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

<PAGE>

                               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.

           H.     Reclassification

                  Certain amounts in the 2000 and 1999 financial statements were
                  reclassified to conform with the 2001 presentation.

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 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, 2001, 2000 and 1999, brokerage
           commissions equated to an approximate round-turn equivalent rate of
           $60, $65 and $87, 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 2001, 2000 and 1999.

                                      F-8

<PAGE>

                               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 $9,407, $51,848 and
           $92,707 during 2001, 2000 and 1999, 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 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-9

<PAGE>

                               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 year ended
           December 31, 2001. This information has been derived from information
           presented in the financial statements.

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

<TABLE>
              <S>                                                                     <C>
              Net asset value per unit at December 31, 2000                           $97.01
                                                                                      ------

              Income (loss) from operations:

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

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

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

              Net asset value per unit at December 31, 2001                          $96.48
                                                                                     =======

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

              Supplemental Data

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

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

                 Net investment (loss)(1)                                             (9.84)%
                                                                                     ========
</TABLE>

  Total return is calculated based on the change in value of a unit during the
  year. An individual unitholder's total return and ratios may vary from the
  above total return 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-10