##### Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.
20549

FORM 10-K

(Mark One)



|x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------



|                          |  |                  
|------------------------- |  | -----------------
|For the fiscal year ended |  | December 31, 2009

OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------



|                               |  |  |  |    |  | 
|------------------------------ |  |  |  | -- |  | 
|For the transition period from |  |  |  | to |  | 



|                       |  |         
|---------------------- |  | --------
|Commission file number |  | 333-9898

KENMAR GLOBAL TRUST



(Exact name of Registrant as specified in its charter)



|                                                             |  |                                     
|------------------------------------------------------------ |  | ------------------------------------
|Delaware                                                     |  | 06-6429854                          
|State or other jurisdiction of incorporation or organization |  | (I.R.S. Employer Identification No.)
|                                                             | 
|900 King Street, Suite 100, Rye Brook, New York              |  | 10573                               
|(Address of principal executive offices)                     |  | (Zip Code)                          



|                                                    |  |               
|--------------------------------------------------- |  | --------------
|Registrants telephone number, including area code: |  | (914) 307-7000

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

None



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

Limited Interests



(Title of class)

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

Yes   ̈    No  x

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

Yes   ̈    No  x

Indicate by check mark whether 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 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 whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes   ̈    No   ̈

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

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



|                           |  |                             
|-------------------------- |  | ----------------------------
|Large accelerated filer   ̈ |  | Accelerated filer   ̈        
|Non-accelerated filer  x   |  | Smaller Reporting Company   ̈

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

Yes   ̈    No  x

The value of Limited Interests in the Registrant as of June 30, 2009 is
$5,432,525.

As of February 28, 2010 there were 36,595.7965 Limited Interests outstanding.

[Remainder of page intentionally left blank]



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KENMAR GLOBAL TRUST





TABLE OF CONTENTS







|           |  |                                                                                                                 |  |     
|---------- |  | --------------------------------------------------------------------------------------------------------------- |  | ----
|           |  |                                                                                                                 |  | PAGE
|           |  |                                                                                                                
|PART I     |  |                                                                                                                 |  |     
|           |  |                                                                                                                
|Item 1.    |  | Business                                                                                                        |  | 3   
|           |  |                                                                                                                
|Item 1A.   |  | Risk Factors                                                                                                    |  | 5   
|           |  |                                                                                                                
|Item 1B.   |  | Unresolved Staff Comments                                                                                       |  | 12  
|           |  |                                                                                                                
|Item 2.    |  | Properties                                                                                                      |  | 12  
|           |  |                                                                                                                
|Item 3.    |  | Legal Proceedings                                                                                               |  | 12  
|           |  |                                                                                                                
|Item 4.    |  | Submission of Matters to a Vote of Security Holders                                                             |  | 12  
|           |  |                                                                                                                
|PART II    |  |                                                                                                                 |  |     
|           |  |                                                                                                                
|Item 5.    |  | Market for the Registrants Common Equity, Related Stockholder Mattersand Issuer Purchases of Equity Securities |  | 13  
|           |  |                                                                                                                
|Item 6.    |  | Selected Financial Data                                                                                         |  | 13  
|           |  |                                                                                                                
|Item 7.    |  | Managements Discussion and Analysis of Financial Conditionand Results of
Operations                            |  | 13  
|           |  |                                                                                                                
|Item 7A.   |  | Quantitative and Qualitative Disclosures About Market Risk                                                      |  | 26  
|           |  |                                                                                                                
|Item 8.    |  | Financial Statements and Supplementary Data                                                                     |  | 26  
|           |  |                                                                                                                
|Item 9.    |  | Changes in and Disagreements with Accountants on Accountingand Financial Disclosure                             |  | 27  
|           |  |                                                                                                                
|Item 9AT.  |  | Controls and Procedures                                                                                         |  | 27  
|           |  |                                                                                                                
|Item 9B.   |  | Other Information                                                                                               |  | 28  
|           |  |                                                                                                                
|PART III   |  |                                                                                                                 |  |     
|           |  |                                                                                                                
|Item 10.   |  | Directors, Executive Officers and Corporate Governance                                                          |  | 28  
|           |  |                                                                                                                
|Item 11.   |  | Executive Compensation                                                                                          |  | 33  
|           |  |                                                                                                                
|Item 12.   |  | Security Ownership of Certain Beneficial Owners and Managementand Related Stockholder
Matters                   |  | 33  
|           |  |                                                                                                                
|Item 13.   |  | Certain Relationships and Related Transactions, and Director Independence                                       |  | 33  
|           |  |                                                                                                                
|Item 14.   |  | Principal Accounting Fees and Services                                                                          |  | 33  
|           |  |                                                                                                                
|PART IV    |  |                                                                                                                 |  |     
|           |  |                                                                                                                
|Item 15.   |  | Exhibits, Financial Statements and Schedules                                                                    |  | 34  
|           | 
|SIGNATURES |  | 75                                                                                                             



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PART I



|Item 1. | Business
|------- | --------

General

Kenmar Global Trust (Registrant or the
Trust), a Delaware business trust, was organized under the Delaware Statutory Trust Act on July 17, 1996. Registrants trustee is Wilmington Trust Company. Registrant will terminate on December 31, 2026 unless
terminated sooner as provided in the Fifth Amended and Restated Declaration of Trust and Trust Agreement (the Trust Agreement). Registrants fiscal year for book and tax purposes ends on December 31.

Registrant is engaged solely in the business of commodity futures, forward and option trading; therefore, presentation of
industry segment information is not applicable.

Managing Owner and its Affiliates

Effective May 5, 2009, Preferred Investment Solutions Corp. changed its name to Kenmar Preferred Investments Corp.
(Preferred or the Managing Owner). Preferred or Managing Owner refers to either Preferred Investment Solutions Corp. or Kenmar Preferred Investments Corp., depending on the applicable period discussed. As the
Registrants Managing Owner, Preferred conducts and manages the business of the Registrant.

Effective
December 1, 2008, in accordance with the Trust Agreement, the Managing Owner is no longer required to maintain a capital account equal to 1% of the total capital accounts of the Registrant. As such, the Managing Owner redeemed its entire
interest in the Registrant in 2009.

On September 24, 2007, the Registrant and the Managing Owner entered
into a Purchase Agreement (the Purchase Agreement), effective as of August 10, 2007, whereby the Managing Owner acquired all the Registrants rights, title and interest to the Investment Advisory Agreement
(Advisory Agreement) dated February 11, 2004, by and between the Registrant and Sentinel Management Group, Inc. (Sentinel), an SEC-registered investment adviser and a CFTC-registered futures commission
merchant, and to the Registrants right, title and interest to the Registrants deposits in an account (the Account) managed by Sentinel, including the Registrants rights to the funds in the Account, including all
claims related thereto against Sentinel (the Asset). The purchase price for the Asset was $1,685,193 (the Purchase Price), which represented the recorded value of the Registrants deposit in the Account as
reported to the Registrant by Sentinel at the close of business on August 10, 2007, the business day immediately preceding the day on which withdrawals from the Account were suspended by Sentinel. The payment of the Purchase Price by the
Managing Owner to the Registrant was paid by a secured Demand Promissory Note (the Note) made by the Managing Owner in favor of the Registrant. The interest rate on the Note is the Wall Street Journal Prime Rate (3.25% at
December 31, 2009) and resets monthly. Interest is payable monthly no later than the first business day of the subsequent month. The Note was secured by a Security Agreement whereby the Managing Owner granted the Registrant a first priority
interest in the Asset to secure payment of the Note.

On June 23, 2008, the Managing Owner sold the Asset
to an unrelated third party and applied the proceeds of the sale of the Asset to pay down a portion of the Note. As part of that transaction, the Registrant and the Managing Owner entered into a Release and Setoff Agreement whereby (i) the
Registrant released its security interest in the Asset and any appreciation and (ii) the Managing Owner agreed that in the event the Registrant demands payment of all or a part of the Note and the Managing Owner fails to pay such amount, the
Registrant shall have the right to set off such amount demanded under the Note against any and all amounts due and owing then and in the future to the Managing Owner by the Registrant under the Registrants Trust Agreement, including, without
limitation, the incentive fee (as defined in the Trust Agreement) and the net portion of any brokerage commissions after payment of related expenses until all amounts outstanding under the Note are paid in full and all other obligations have been
paid or discharged.

Through December 31, 2009, the Managing Owner paid the Registrant principal of
$1,100,000 on the Note, leaving $585,193 of note receivable from the Managing Owner which is reflected on the Registrants December 31, 2009 statement of financial condition. Interest receivable from the Managing Owner on the Note as of
December 31, 2009 was $1,638.

Any portion of the principal amount, which is not demanded by the
Registrant prior to August 31, 2010, will be due and payable by the Managing Owner, with all accrued and unpaid interest thereon, on August 31, 2010, unless the Registrant and the Managing Owner agree to an extension of the Note.



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No default has existed or currently exists on the note receivable from the
Managing Owner.

The Trading Advisor and the Trading Vehicle

For the year ended December 31, 2009, Registrants net assets were managed (either directly or indirectly) by
Transtrend, B.V. (Transtrend) and Winton Capital Management Limited (Winton).

Pursuant to an advisory agreement (the Transtrend Advisory Agreement) among Registrant, the Managing Owner and Transtrend, Registrants net assets are managed by Transtrend pursuant to its Diversified Trend Program.

Effective January 1, 2007, Registrant became a member of and allocated a portion of its net assets to
KMP Futures Fund I LLC (formerly known as WCM Pool LLC) (the Trading Vehicle), a Delaware limited liability company, and received a voting membership interest in the Trading Vehicle and became party to the Trading Vehicles
Organization Agreement. The Trading Vehicle was formed to function as an aggregate trading vehicle for its Unitholders. Preferred has been delegated administrative authority over the operations of the Trading Vehicle. The Trading Vehicle engages in
the speculative trading of futures, forward and option contracts. Effective September 30, 2009, Registrant fully redeemed from the Trading Vehicle. The financial statements of the Trading Vehicle, including the condensed schedule of
investments, are included in Section II of Registrants financial statements, and should be read in conjunction with Registrants financial statements.

The Trading Vehicle has entered into an advisory agreement (the Trading Vehicle Advisory Agreement) with Winton, whereby Winton makes the trading decisions for the
Trading Vehicle and, in turn, Registrant, pursuant to Wintons Diversified Program. The Advisory Agreement may be terminated for various reasons, including at the discretion of the Trading Vehicle. Registrant has allocated 0.00% of its net
asset value to the Trading Vehicle as of December 31, 2009 after fully redeeming from the Trading Vehicle effective September 30, 2009. Registrant, through its prior investment in the Trading Vehicle, accrued and paid a monthly management
fee equal to 0.16667% (2% annually) of the assets allocated to the Trading Advisor. Registrant, through its prior investment in the Trading Vehicle, paid the Trading Advisor an incentive fee of 20% of New High Net Trading Profits (as defined in the
Advisory Agreement) generated by the Trading Vehicle. Incentive fees accrued monthly and were paid quarterly in arrears.

The term Trading Advisor, as used herein, refers either to Transtrend or Winton, depending upon the applicable period or context discussed. The
term Trading Advisory Agreement, as used herein, refers to the Transtrend Advisory Agreement or Trading Vehicle Advisory Agreement, depending upon the applicable period or context discussed. Since the
Registrant fully redeemed from the Trading Vehicle as detailed above, all references to Registrants investment in the Trading Vehicle are through September 30, 2009, the date of redemption.

Competition

The Managing Owner and its affiliates have formed, and may continue to form, various entities to engage in the speculative trading of futures, forward and option contracts that have certain of the same
investment policies as Registrant.

Registrant does not currently, and does not intend in the future to,
solicit the sale of additional Interests. As such, Registrant does not compete with other entities to attract new fund participants. However, to the extent that a Trading Advisor recommends similar or identical trades to Registrant and other
accounts that it manages, Registrant may compete with those accounts, as well as with other market participants, for the execution of the same or similar trades.

Employees

Registrant has no
employees. Management and administrative services for Registrant are performed by the Managing Owner or third parties pursuant to the Trust Agreement, as further discussed in Notes 3 and 4 of the Registrants financial statements included in
its annual report for the year ended December 31, 2009 (Registrants 2009 Annual Report), which is filed as an exhibit herewith.

Financial Information about Segments

Registrants
business constitutes only one segment for financial reporting purposes. Registrant does not engage in the production or sale of any goods or services. The objective of Registrants business is appreciation of its assets through
speculative trading in such commodity interests. Financial information about Registrants business, as of December 31, 2009, is set forth under Items 6, 7, and 8 herein.



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Financial Information about Geographic Areas

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



|ITEM 1A. | RISK FACTORS
|-------- | ------------



| | (1) | You Should Not Rely on Past Performance
| | --- | ---------------------------------------

The commodity trading advisor selected by the Managing Owner to manage the assets of Registrant has a performance history through the date of its selection. You must consider,
however, the uncertain significance of past performance, and you should not rely on the Trading Advisors or the Managing Owners performance record to date for predictive purposes. You should not assume that the Trading Advisors
future trading decisions will create profit, avoid substantial losses or result in performance for Registrant that is comparable to the Trading Advisors or to the Managing Owners past performance. In fact, as a significant amount of
academic study has shown, futures funds more frequently than not under-perform the past performance records.

Because you and other investors will acquire and redeem Interests at different times, you may experience a loss on your Interest even though Registrant as a whole is profitable and even though other investors in Registrant experience a
profit. The past performance of Registrant may not be representative of your investment experience in it.

Registrant has a limited operating history upon which to evaluate your investment. Although past performance is not necessarily indicative of future results, if Registrant had a material amount of performance history, such performance
history might provide you with more information on which to evaluate an investment in Registrant. Because Registrant has no material performance history, you will have to make your decision to invest in Registrant without such information.



| | (2) | Price Volatility May Possibly Cause the Total Loss of Your Investment
| | --- | ---------------------------------------------------------------------

Futures and forward contracts have a high degree of price variability and are subject to occasional rapid and substantial
changes. Consequently, you could lose all or substantially all of your investment in Registrant.



| | (3) | Speculative and Volatile Markets Combined With Highly Leveraged Trading May Cause Registrant to Incur Substantial Losses
| | --- | ------------------------------------------------------------------------------------------------------------------------

The markets in which Registrant trades are speculative, highly leveraged and involve a
high degree of risk. The Trading Advisors trading considered individually involves a significant risk of incurring large losses, and there can be no assurance that Registrant will not incur such losses.

Futures and forward prices are volatile. Volatility increases risk, particularly when trading with leverage. Trading
on a highly leveraged basis, even in stable markets involves risk; doing so in volatile markets necessarily involves a substantial risk of sudden, significant losses. Due to such leverage, even a small movement in price could cause large losses for
Registrant. Market volatility will increase the potential for large losses. Market volatility and leverage mean that Registrant could incur substantial losses, potentially impairing its equity base and ability to achieve its long-term profit
objectives even if favorable market conditions subsequently develop.

In addition to the leveraged
trading described above, the Managing Owner has the ability to further increase the leverage of Registrant by allocating notional equity to the Trading Advisor (in a maximum amount of up to 20% of Net Asset Value), which would then permit the
Trading Advisor to trade the account of Registrant as if more equity were committed to such accounts than is, in fact, the case.



| | (4) | High Leverage Embodied in Futures Trading May Exacerbate Losses
| | --- | ---------------------------------------------------------------

There is no limit on the amount of leverage that Registrant may use or that the Trading Advisor may use for Registrant
pursuant to the Diversified Program. The low margin deposits normally required in futures trading (typically between 2% and 15% of the value of the contract purchased or sold) permit an extremely high degree of leverage. Accordingly, a relatively
small price movement in a contract may result in immediate and substantial losses to the investor. For example, if at the time of purchase 10% of the price of a futures contract is deposited as margin, a 10% decrease in the price of the contract
would, if the contract is then closed out, result in a total loss of the margin deposit before any deduction for brokerage commissions. A decrease of more than 10% would result in a loss of more than the total margin deposit and trigger a margin
call. Thus, like other leveraged investments, any trade may result in losses in excess of the amount invested.



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Futures margin differs in important ways from the term as used in the
securities industry. Futures margin represents a good faith deposit made by both the buyer and seller of the futures contract that they will perform as required by the terms of the contract. In contrast, stock margin represents a borrowing from the
broker to enable the buyer to pay the full price of his purchase on the settlement date. This borrowing necessitates the payment of interest at a rate that may rise if credit becomes tight or may compel the borrower to sell his or its investment
prematurely if the lender experiences a financial crisis and can no longer extend credit. Neither of these risks occurs with futures margin which is typically not borrowed.



| | (5) | Trading in Options on Futures
| | --- | -----------------------------

Although successful options trading requires many of the same skills required for successful futures trading, the risks involved may be somewhat different. Options trading may be
restricted in the event that trading in the underlying futures contract becomes restricted, and options trading may itself be illiquid at times, irrespective of the condition of the market in the underlying future, making it difficult to offset
(i.e., liquidate) an option position. In addition, the purchaser of an option is subject to the risk of losing his entire premium. An option writer (or seller of the option) is subject to a potentially unlimited risk if he does not own the
underlying future at the time he sells a call option and must purchase the future in a rising market if the option is exercised.



| | (6) | Because Registrant Does Not Acquire Any Asset with Intrinsic Value, the Positive Performance of Your Investment Is Wholly Dependent Upon an Equal
and Offsetting Loss
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

Futures and forward trading is a risk transfer economic activity.
For every gain there is an equal and offsetting loss rather than an opportunity to participate over time in general economic growth. Unlike most alternative investments, an investment in Registrant does not involve acquiring any asset with intrinsic
value. Overall stock and bond prices could rise significantly and the economy as a whole prospers while Registrant trades unprofitably.



| | (7) | Market Conditions May Impair Profitability
| | --- | ------------------------------------------

The trading system used by the Trading Advisor is a technical, trend-following method. The profitability of trading under these systems depends on, among other things, the
occurrence of significant price trends which are sustained movements, up or down, in futures and forward prices. Such trends may not develop; there have been periods in the past without price trends. The likelihood of the Interests being
profitable could be materially diminished during periods when events external to the markets themselves have an important impact on prices. During such periods, the Trading Advisors historic price analysis could establish positions on the
wrong side of the price movements caused by such events.



| | (8) | Trading is Not Transparent
| | --- | --------------------------

The trading decisions in respect of Registrant are made the Trading Advisor. While the Managing Owner receives daily trade confirmations from the clearing broker and foreign exchange dealers, such
information is not provided to Unitholders and Registrants trading results are reported to the Unitholders monthly. Accordingly, an investment in Registrant does not offer you the same transparency, i.e., an ability to review all
investment positions daily, that a personal trading account offers. The Managing Owner may (but is under no obligation to) provide estimated daily or weekly values to Unitholders.



| | (9) | Registrant is subject to Speculative Position Limits
| | --- | ----------------------------------------------------

The CFTC and U.S. futures exchanges have established speculative position limits (referred to as position
limits) on the maximum position in certain futures interest contracts that may be held or controlled by any one person or group. Therefore, the Trading Advisor may have to reduce the size of its position in one or more futures contracts in
order to avoid exceeding such position limits, which could adversely affect the profitability of Registrant.



| | (10) | Possible Illiquid Markets May Exacerbate Losses
| | ---- | -----------------------------------------------

Futures and forward positions cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy
and sell orders in a market. A market disruption, such as when foreign governments may take or be subject to political actions which disrupt the markets in their currency or major exports, can also make it difficult to liquidate a position. Periods
of illiquidity have occurred from time-to-time in the past, such as in connection with Russias default on its sovereign debt in 1998. Such periods of illiquidity and the events that trigger them are difficult to predict and there can be no
assurance that the Trading Advisor will be able to do so.



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There can be no assurance that market illiquidity will not cause losses for
Registrant. The large size of the positions which the Trading Advisor is expected to acquire for Registrant increases the risk of illiquidity by both making its positions more difficult to liquidate and increasing the losses incurred while trying to
do so.

The risk of loss due to potentially illiquid markets is more acute in respect of over-the-counter
instruments than in respect of exchange-traded instruments because the performance of those contracts is not guaranteed by an exchange or clearinghouse and Registrant will be at risk to the ability of the counterparty to the instrument to perform
its obligations thereunder. Because these markets are not regulated, there are no specific standards or regulatory supervision of trade pricing and other trading activities that occur in those markets.



| | (11) | Systematic Trading Strategies May Incur Substantial Losses
| | ---- | ----------------------------------------------------------

A systematic trader will generally rely to some degree on judgmental decisions concerning, for example, what markets to
follow and commodities to trade, when to liquidate a position in a contract which is about to expire and how large a position to take in a particular commodity. Although these judgmental decisions may have a substantial effect on a systematic
traders performance, such traders primary reliance is on trading programs or models that generate trading signals. The systems utilized to generate trading signals are changed from time to time (although generally infrequently), but the
trading instructions generated by the systems being used are followed without significant additional analysis or interpretation. Therefore, systematic trading may incur substantial losses by failing to capitalize on market trends that their systems
would otherwise have exploited by applying their generally mechanical trading systems by judgmental decisions of employees. Furthermore, any trading system or trader may suffer substantial losses by misjudging the market. Systematic traders tend to
rely on computerized programs, and some consider the prospect of disciplined trading, which largely removes the emotion of the individual trader from the trading process, advantageous. Due to their reliance upon computers, systematic traders are
generally able to incorporate a significant amount of data into a particular trading decision. However, when fundamental factors dominate the market, trading systems may suffer rapid and severe losses due to their inability to respond to such
factors until such factors have had a sufficient effect on the market to create a trend of enough magnitude to generate a reversal of trading signals, by which time a precipitous price change may already be in progress, preventing liquidation at
anything but substantial losses.

The program utilized by the Trading Advisor is a systematic trading
strategy.



| | (12) | Competition with Other Technical and Trend-Following Traders
| | ---- | ------------------------------------------------------------

The Trading Advisors trading system incorporates technical analysis and trend-following, two trading methods that have
gained increasing popularity among trading advisors. The significant growth in the number of such traders has translated into greater competition for the Trading Advisor in identifying and executing orders promptly to take advantage of profitable
opportunities in the markets. Furthermore, the number of traders competing in the same market has the effect of decreasing the profit available in each trade as demand pushes up the price of a long contract and pushes down the price of a short
contract.



| | (13) | Other Limitations on Technical Analysis
| | ---- | ---------------------------------------

The profitability of technical analysis generally depends upon the accurate forecasting of major price moves or trends in prices. However, there is no assurance that trends will
develop in the markets followed by the Trading Advisor or that they will be forecast accurately. Furthermore, on occasion fundamental rather than technical factors may drive prices. A strict reliance on technical analysis may cause the Trading
Advisor to misperceive the factors motivating market behavior.



| | (14) | Non-Discretionary Versus Discretionary Systems
| | ---- | ----------------------------------------------

The Diversified Program follows a primarily non-discretionary system. This means that trading signals are automatically generated by its models and, except in extreme situations, are
followed to the letter. The Trading Advisor has found that the absence of discretion promotes greater consistency in performance and lessens the opportunity for less reliable anecdotal evidence and personal judgment to influence decision-making. In
unusual market situations, the Trading Advisor reserves the right to deviate from its automatic system. This raises the possibility that the Trading Advisor may misinterpret when an unusual market situation has occurred and take actions that cause
rather than prevent losses.



| | (15) | The Limits of a Research-Based System
| | ---- | -------------------------------------

A unique aspect of the Trading Advisors approach to trading is its heavy emphasis on research. Over half of its employees devote some or all of their time to identifying
nuances in market patterns, rigorously testing hypotheses and



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refining models in order to give an edge to the Diversified Programs trading system. However, research is generally linked to what has occurred in the past. To the extent a market deviates
from its accustomed response to an event or the event itself is unusual, extreme or never before experienced by the market, the value of a research-based methodology will lessen. The clearest recent example is the subprime market fiasco beginning in
mid-2007 which continues to produce an adverse impact on financial institutions and markets to a degree never before seen or even anticipated.

The constant evolution of markets represents a second factor influencing the benefits of a research-based system of trading. Unexpected price jumps have accompanied the transition from floor based to
all-electronic markets. New contract rules and new market participants, both hedgers and speculators, have also impacted the way markets act and react. These changes are not easily discerned until an identifiable pattern forms. The Trading Advisor
has concluded that the value of its research efforts far outweighs any limitations. However these limitations must be acknowledged.



| | (16) | The Limits of Risk Management Systems
| | ---- | -------------------------------------

A carefully designed and executed risk management system is critical to the success of any trading method. With this in mind, the Trading Advisor has approached the management of
risk from many different perspectives. Nevertheless, risk management is not the same as eliminating risk. It is virtually impossible to eliminate risk whereas lowering risk may be possible in most situations. Accordingly, the Trading Advisor
believes that it will continue to experience monthly, quarterly and even annual drawdowns despite its highly developed system of risk management.



| | (17) | Failure of Futures and Foreign Exchange Trading to be Non-Correlated to General Financial Markets Will Eliminate Benefits of Diversification
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------

Historically, managed futures and foreign exchange generally have been non-correlated to
the performance of other asset classes such as stocks and bonds. Non-correlation means that there is no statistically valid relationship between the past performance of futures and forward contracts on the one hand and stocks or bonds on the other
hand. Non-correlation should not be confused with negative correlation, where the performance would be exactly opposite between two asset classes. Because of this non-correlation, Registrant can be expected to be profitable during unfavorable
periods for the stock market, or vice-versa. The futures and forward markets are fundamentally different from the securities markets in that for every gain in futures and forward trading, there is an equal and offsetting loss. If Registrant
does not perform in a manner non-correlated with the general financial markets or does not perform successfully, you will obtain no diversification benefits by investing in the Interests and Registrant may have no gains to offset your losses from
other investments.



| | (18) | Trading on Commodity Exchanges Outside the United States is Not Subject to U.S. Regulation
| | ---- | ------------------------------------------------------------------------------------------

The Trading Advisor may engage in some or all of its trading on commodity exchanges outside the United States.
Trading on such exchanges is not regulated by any United States governmental agency and may involve certain risks not applicable to trading on United States exchanges. In trading contracts denominated in currencies other than U.S. dollars,
Registrant will be subject to the risk of adverse exchange-rate movements between the dollar and the functional currencies of such contracts. Additionally, trading on foreign exchanges is also subject to the risk of exchange controls, expropriation,
excessive taxation or government disruption. Investors could incur substantial losses from trading on foreign exchanges by Registrant to which such investors would not have been subject had the Trading Advisor limited its trading to U.S. markets.



| | (19) | Failure or Lack of Segregation of Assets May Increase Losses
| | ---- | ------------------------------------------------------------

The CEA requires a futures commission merchant (FCM) or clearing broker, to segregate all funds received
from customers from such brokers proprietary assets. If the clearing broker fails to do so, the assets of Registrant might not be fully protected in the event of their bankruptcy. Furthermore, in the event of the clearing brokers
bankruptcy, Registrant could be limited to recovering only a pro ratashare of all available funds segregated on behalf of the clearing brokers combined customer accounts, even though certain property specifically traceable to
Registrant (for example, Treasury bills deposited by Registrant with the clearing broker as margin) was held by the clearing broker. The clearing broker has been the subject of certain regulatory and private causes of action.

In the event of the FCMs bankruptcy, Registrant may recover a pro-rata share or none of its assets.



| | (20) | Default by Counterparty and Credit Risk Could Cause Substantial Losses
| | ---- | ----------------------------------------------------------------------

Dealers in forward contracts are not regulated by the CEA and are not obligated to segregate customer assets. As a result,
Unitholders do not have such basic protections with respect to the trading in forward contracts by Registrant. This



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lack of regulation in these markets could expose Registrant in certain circumstances to significant losses in the event of trading abuses or financial failure by the counterparties.

Registrant also faces the risk of non-performance by the counterparties to the over-the-counter contracts. Unlike in
futures contracts, the counterparty to these contracts is generally a single bank or other financial institution, rather than a clearing organization backed by a group of financial institutions. As a result, there will be greater counterparty credit
risk in these transactions. The clearing member, clearing organization or other counterparty may not be able to meet its obligations, in which case Registrant could suffer significant losses on these contracts.



| | (21) | Possible FCM Failure
| | ---- | --------------------

Under CFTC regulations, FCMs are required to maintain clients assets in a segregated account. If a Diversified Program clients FCM fails to do so, the client may be subject to a risk of loss
of Registrants on deposit with the clients FCM in the event of its bankruptcy. In addition, under certain circumstances, such as the inability of another client of the FCM or the FCM itself to satisfy substantial deficiencies in such other
clients account, a client may be subject to a risk of loss of Registrants on deposit with the clients FCM. In the case of any such bankruptcy or client loss, a client might recover, even in respect of property specifically traceable to
the client, only a pro rata share of all property available for distribution to all of the FCMs clients.



| | (22) | Forwards, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation
| | ---- | ---------------------------------------------------------------------------------

Registrant may trade foreign exchange contracts in the interbank market. Since forward contracts are traded in unregulated
markets between principals, Registrant also assumes the risk of loss from counterparty nonperformance. In the future, Registrant may also trade swap agreements, hybrid instruments and other off-exchange contracts. Swap agreements involve trading
income streams such as fixed rate or floating rate interest. Hybrids are instruments that combine features of a security with those of a futures contract. Because there is no exchange or clearing house for these contracts, Registrant will be subject
to the credit risk and nonperformance of the counterparty. Additionally, because these off-exchange contracts are not regulated by the CFTC, Registrant will not receive the protections that are provided by the CFTCs regulatory scheme.

There may be an additional risk due to the fact Registrant may trade foreign exchange contracts off-exchange
and, as such, does not have protection of an exchange. There is also the additional risk that the assets held with the clearing broker for trading off-exchange foreign currencies are not required to be segregated.

Registrant may also trade options on futures. Although successful options trading requires many of the same skills as
successful futures trading, the risks are different. Successful options trading requires a trader to assess accurately near-term market volatility because that volatility is immediately reflected in the price of outstanding options. Correct
assessment of market volatility can therefore be of much greater significance in trading options than it is in many long-term futures strategies where volatility does not have as great an effect on the price of a futures contract.



| | (23) | Foreign Exchange Currency Trading is Not Subject to CFTC Regulation
| | ---- | -------------------------------------------------------------------

The Trading Advisor may trade its programs by entering into spot and forward transactions involving currencies with United
States and foreign banks and currency dealers, or it may enter into such transactions for hedging purposes. As with the risks involved in forward contracts (see above), trading in spot and forward foreign exchange transactions is not regulated by
the CFTC and such contracts are not traded on or guaranteed by an exchange or its clearing house.



| | (24) | Fees and Commissions are Charged Regardless of Profitability and May Result in Depletion of Registrants Assets
| | ---- | ---------------------------------------------------------------------------------------------------------------

Registrant is subject to the fees and expenses described herein which are payable
irrespective of profitability in addition to incentive fees which are payable to the Trading Advisor based on the Trading Advisors profitability and not on the profitability of Registrant as a whole. Such fees and expenses include the Managing
Owners brokerage commissions of 10% and the Trading Advisors base fee of 2%. In addition, Registrant is subject to an incentive fee equal to 20% of net profits on a cumulative high water mark basis. The Trading Advisors fees are
based on a variety of factors, including the fees the Trading Advisor charges to other clients.

Registrant is
also subject to brokerage fees and administrative expenses. On Registrants forward trading, bid-ask spreads are incorporated into the pricing of Registrants forward contracts by its counterparties in addition to the brokerage
fees paid by Registrant. It is not possible to quantify the bid-ask spreads paid by Registrant because Registrant cannot determine the profit its counterparty is making on the forward trades into which it enters.



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Consequently, the expenses of Registrant could, over time, result in significant losses to
your investment therein. You may never achieve profits.



| | (25) | Reliance on the Trading Advisor to Trade Successfully
| | ---- | -----------------------------------------------------

The Trading Advisor is responsible for making all futures, forwards, and options trading decisions on behalf of Registrant.
The Managing Owner has no control over the specific trades the Trading Advisor may make, leverage used by the Trading Advisor in implementing its trading program, risks and/or concentrations assumed or whether the Trading Advisor will act in
accordance with the disclosure documents or descriptive materials furnished by it to the Managing Owner. The Managing Owner can provide no assurance that the trading program employed by the Trading Advisor will be successful.



| | (26) | Registrant Allocates 100% of its Assets to One Program of One Trading Advisor
| | ---- | -----------------------------------------------------------------------------

Registrant currently allocates 100% of its assets to trading by Transtrend pursuant to the Diversified Trend Program. As
such, Registrant is not subject to diversification that would otherwise occur if Registrants assets were allocated to multiple programs of the Trading Advisor or to multiple Trading Advisors utilizing different trading programs. In the event
that the Diversified Trend Program experiences a significant loss, or the Trading Advisor experiences a negative occurrence, Registrants performance and ability to continue investment operations may be negatively impacted more significantly
than if Registrant diversified its assets among multiple programs of the Trading Advisor and/or multiple trading advisors.



| | (27) | Increase in Assets Under Management May Affect Trading Decisions
| | ---- | ----------------------------------------------------------------

The more equity the Trading Advisor manages, the more difficult it may be for the Trading Advisor to trade profitably
because of the difficulty of trading larger positions without adversely affecting prices and performance. Accordingly, such increases in equity under management may require the Trading Advisor to modify trading decisions for Registrant that could
have a detrimental effect on your investment.



| | (28) | You Cannot be Assured of the Trading Advisors Continued Services Which May Be Detrimental to Registrant
| | ---- | --------------------------------------------------------------------------------------------------------

You cannot be assured that the Trading Advisor will be willing or able to continue to provide advisory services to
Registrant for any length of time. There is severe competition for the services of qualified trading advisors, and Registrant may not be able to retain satisfactory replacement or additional trading advisors on acceptable terms or the Trading
Advisor may require Registrant to pay higher fees in order to be able to retain the Trading Advisor. The Managing Owner may either terminate the Trading Advisor upon 30 days prior written notice, or upon shorter notice, if for cause. The
Trading Advisor has the right to terminate the Advisory Agreement in its discretion at any time for cause.



| | (29) | The Trust Agreement Does Not Require the Managing Owner to Maintain a Particular Net Worth or Capital Account
| | ---- | -------------------------------------------------------------------------------------------------------------

The Operating Agreement does not require the Managing Owner to maintain a particular net worth or capital account. As
such, investors may have limited recourse against the Managing Owner in certain circumstances.



| | (30) | Limited Ability to Liquidate Your Investment
| | ---- | --------------------------------------------

There is no secondary market for the Interests. While the Interests may be redeemed, there are restrictions. For example, Interests may be redeemed only as of the close of business
on the last business day of a calendar month provided a Request for Redemption is received at least five business days prior to the end of such month excluding the last business day of the month.

Transfers of Interests are subject to limitations, such as 30 days advance notice of any intent to transfer. Also, the
Managing Owner may deny a request to transfer if it determines that the transfer may result in adverse legal or tax consequences for Registrant.



| | (31) | Various Actual and Potential Conflicts of Interest May Be Detrimental to Unitholders
| | ---- | ------------------------------------------------------------------------------------

Registrant is subject to actual and potential conflicts of interests involving the Managing Owner, the Trading Advisor, and
various brokers. The Managing Owner, the Trading Advisor, and their respective principals, all of which are engaged in other investment activities, are not required to devote substantially all of their time to Registrants business, which also
presents the potential for numerous conflicts of interest with Registrant. As a result of these and



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other relationships, parties involved with Registrant have a financial incentive to act in a manner other than in the best interests of Registrant and its Unitholders. The Managing Owner has not
established any formal procedure to resolve conflicts of interest. Consequently, investors will be dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably. Although the Managing Owner attempts to
monitor these conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that these conflicts do not, in fact, result in adverse consequences to Registrant.

Registrant may be subject to certain conflicts with respect to its clearing broker, its futures broker, and any executing
broker including, but not limited to, conflicts that result from receiving greater amounts of compensation from other clients, purchasing opposite or competing positions on behalf of third party accounts traded through the clearing broker, the
futures broker and executing brokers.

Selling agents will be entitled to ongoing compensation as a
result of their clients holding Interests, so a conflict exists between their interest in maximizing compensation and in advising their clients to make investment decisions in such clients best interests.



| | (32) | Unitholders Taxed Currently
| | ---- | ---------------------------

Unitholders are subject to tax each year on their allocable share of the income or gains (if any) of Registrant, whether or not they receive distributions. Moreover, the Managing Owner does not intend to
make any distributions to Unitholders. Consequently, Unitholders will be required either to redeem Interests or to make use of other sources of funds to discharge their tax liabilities in respect of any profits earned by Registrant.

In comparing the profit objectives of Registrant with the performance of more familiar securities in which one might invest,
prospective investors must recognize that if they purchased equity or debt, there probably would be no tax due on the appreciation in the value of such holdings until disposition. In the case of Registrant, on the other hand, a significant portion
of any appreciation in the Unitholders capital accounts must be paid in taxes by the Unitholders every year, resulting in a substantial cumulative reduction in their net after-tax returns. Because Unitholders will be taxed currently on their
allocable share of the income or gains of Registrant, if any, Registrant may trade successfully but investors nevertheless would have recognized significantly greater gains on an after-tax basis had they invested in conventional stocks or bonds with
comparable performance.

The performance information included in this Memorandum is presented exclusively on a
pre-tax basis.



| | (33) | Limitation on Deductibility of Investment Advisory Fees
| | ---- | ---------------------------------------------------------

Non-corporate Unitholders may be required to treat the amount of incentive fees, management fees, and other expenses of
Registrant as investment advisory fees which may be subject to substantial restrictions on deductibility for federal income tax purposes. In the absence of further regulatory or statutory clarification, the Managing Owner is not
classifying these expenses as investment advisory fees, but this is a position to which the Internal Revenue Service (the IRS) may object. If a substantial portion of the fees and other expenses of Registrant were
characterized as investment advisory fees, an investment in Registrant might no longer be economically viable.



| | (34) | Taxation of Interest Income Irrespective of Trading Losses
| | ---- | ----------------------------------------------------------

The Unitholders capital accounts reflect the trading profits and losses as well as the interest income earned and
expenses incurred by Registrant. However, losses on Registrants trading will be almost exclusively capital losses, and capital losses are deductible against ordinary income only to the extent of $3,000 per year in the case of non-corporate
taxpayers and cannot be used to offset any ordinary income in the case of a corporate Unitholder. Consequently, if a non-corporate Unitholder had, for example, an allocable trading (i.e., capital) loss of $10,000 in a given fiscal year and
allocable interest (i.e., ordinary) income (after reduction for expenses) of $5,000, the Unitholder would have incurred a net loss in its capital account equal to $5,000 but would recognize taxable income of $2,000 (assuming a 40% tax rate).
The limited deductibility of capital losses for non-corporate Unitholders could result in such Unitholders having a tax liability in respect of their investment in Registrant despite incurring a financial loss on their Interests.



| | (35) | Possibility of a Tax Audit of Both Registrant and the Unitholders
| | ---- | -----------------------------------------------------------------

There can be no assurance that the tax returns of Registrant will not be audited by the IRS. If such an audit results in an
adjustment, Unitholders could themselves be audited as well as being required to pay additional taxes, interest and possibly penalties.



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Investors are strongly urged to consult their own tax advisers and counsel
with respect to the possible tax consequences to them of an investment in Registrant; such tax consequences may differ in respect of different investors.



| | (36) | Regulatory Changes or Actions May Alter the Nature of an Investment in Registrant
| | ---- | ---------------------------------------------------------------------------------

Considerable regulatory attention has been focused on non-traditional investment pools, in particular commodity pools. There
has been significant international governmental concern expressed regarding, for example, (i) the disruptive effects of speculative trading on the central banks attempts to influence exchange rates and (ii) the need to regulate the
derivatives markets in general. There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in Registrant.

The futures markets are subject to comprehensive statutes, regulations, and margin requirements. In addition, the CFTC and the exchanges are authorized to take extraordinary actions
in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily price limits and the suspension of trading. The regulation of futures
and forward transactions in the United States is a rapidly changing area of law and is subject to modification by government and judicial action. The effect of any future regulatory change on Registrant is impossible to predict, but could be
substantial and adverse.



| | (37) | Lack of Independent Experts Representing Investors
| | ---- | --------------------------------------------------

The Managing Owner has consulted with counsel, accountants and other experts regarding the formation and operation of Registrant. No counsel has been appointed to represent you in
connection with the offering of the Interests. Accordingly, you should consult your own legal, tax and financial advisers regarding the desirability of an investment in Registrant.



| | (38) | Possibility of Termination of Registrant Before Expiration of its Stated Term
| | ---- | -----------------------------------------------------------------------------

Registrant will be dissolved upon the insolvency, bankruptcy, dissolution or withdrawal of the Managing Owner, unless a
substitute Managing Owner was obtained in accordance with the Operating Agreement. Additionally, the Managing Owner has the authority to dissolve Registrant in its sole discretion. The occurrence of such an event could cause you to liquidate your
investments and upset the overall maturity and timing of your investment portfolio. Additionally, if the registrations with the CFTC or memberships in the NFA of the Managing Owner or the clearing broker were revoked or suspended, such entity would
no longer be able to provide services to Registrant.



|Item 1B. | Unresolved Staff Comments
|-------- | -------------------------

None



|Item 2. | Properties
|------- | ----------

Registrant does not own or lease any physical properties in the conduct of its business. Registrants only place of business is the place of business of the Managing Owner, located at 900 King Street, Suite 100, Rye Brook, New York
10573.

Certain administrative services are provided by Spectrum Global Fund Administration, L.L.C.,
Registrants administrator, which is located at 33 West Monroe, Suite 1000, Chicago, Illinois 60603, and 8415 Pulsar Place Suite 400, Columbus, Ohio 43240. In addition, the administrator maintains certain books and records of Registrant,
including certain books and records required by CFTC Rule 4.23(a), at its offices located as specified above.



|Item 3. | Legal Proceedings
|------- | -----------------

There are no material legal proceedings pending, on appeal, or concluded to which Registrant is a party or to which any of its assets are subject.



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

None



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PART II



|Item 5. | Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Selected Financial Data
|------- | ------------------------------------------------------------------------------------------------------------------------------------

Information with respect to the offering of Interests is incorporated by reference from
Note 1 of Registrants 2009 Annual Report to this section, which is filed as an exhibit hereto.

A
significant secondary market for the Interests has not developed, and it is not expected that one will develop in the future. There are also certain restrictions set forth in the Trust Agreement limiting the ability of a unitholder to transfer
Interests. However, redemptions are permitted monthly on at least five days prior written notice at the then current net asset value per Interest.

There are no material restrictions upon Registrants present or future ability to make distributions in accordance with the provisions of the Trust Agreement. No distributions have been made since
inception and no distributions are anticipated in the future.

As of February 28, 2010, there were 194 holders
of record owning 36,595.7965 Interests, which includes 0 General Interests.

The Managing Owner has sole
discretion in determining what distributions, if any, Registrant will make to Unitholders. Registrant has never declared a dividend and does not intend to do so in the future. Registrant did not repurchase any Interests registered pursuant to
Section 12 of the Exchange Act during the period January 1, 2009 through December 31, 2009.



|Item 6. | Selected Financial Data
|------- | -----------------------

The following selected financial data of the Trust has been derived from the Trusts audited financial statements. This data should be read in conjunction with the financial statements of the
Registrant and the notes thereto on pages 2 to 18 of the Registrants 2009 Annual Report, which is filed as an exhibit hereto.



|                                               |  |                         |            |   |      |   |           |  |      |           |      |   |           |  |   |            |  
|---------------------------------------------- |  | ----------------------- | ---------- | - | ---- | - | --------- |  | ---- | --------- | ---- | - | --------- |  | - | ---------- | -
|                                               |  | Year Ended December 31, |           
|                                               |  | 2009                    |            |   | 2008 |   | 2007      |  | 2006 |           | 2005 |  
|Total revenues (including interest)            |  | $                       | (618,073   | ) |      | $ | 2,715,984 |  | $    | 1,806,665 |      | $ | 1,212,174 |  | $ | 51,214     |  
|                                               |  |                         |            |   |     
|Net income (loss)                              |  | $                       | (1,364,329 | ) |      | $ | 1,459,895 |  | $    | 854,689   |      | $ | 286,637   |  | $ | (1,852,664 | )
|                                               |  |                         |            |   |     
|Net income (loss) per weightedaverage Interest |  | $                       | (35.70     | ) |      | $ | 34.81     |  | $    | 16.98     |      | $ | 3.64      |  | $ | (11.19     | )
|                                               |  |                         |            |   |     
|Total assets                                   |  | $                       | 4,668,049  |   |      | $ | 6,524,582 |  | $    | 5,800,915 |      | $ | 6,551,514 |  | $ | 12,001,911 |  
|                                               |  |                         |            |   |     
|Net asset value per Interest                   |  | $                       | 120.46     |   |      | $ | 156.10    |  | $    | 120.83    |      | $ | 103.43    |  | $ | 97.86      |  



|Item 7. | Managements Discussion and Analysis of Financial Condition and Results of Operations
|------- | -------------------------------------------------------------------------------------

Critical Accounting Policies

General

Preparation of the financial statements
and related disclosures in compliance with accounting principles generally accepted in the United States of America (U.S. GAAP) requires the application of appropriate accounting rules and guidance. Applying these policies
requires the Managing Owner to make judgments, estimates and assumptions in connection with the preparation of Registrants financial statements. Actual results may differ from the estimates used.



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The Managing Owner has evaluated Registrants financial statements and
related disclosures and has determined that the policies discussed below are critical accounting policies because they involve estimates, judgments and assumptions that are particularly complex, subjective or uncertain. For further discussion of
Registrants significant accounting policies, see Note 1 of Registrants 2009 Annual Report, attached hereto.

The valuation of Registrants investments that are not traded on a United States (US) or internationally recognized futures exchange is a critical accounting policy. The market
values of futures (exchange traded) contracts is verified by Registrants administrator, which obtains valuation data from third party data providers such as Bloomberg, Reuters and Super Derivatives and compares those prices with
Registrants clearing broker. The market value of currency swap and forward (non-exchange traded) contracts is extrapolated on a forward basis from the spot prices quoted as of 4 p.m. on the last business day of the reporting period. All values
assigned by the administrator and confirmed by the Managing Owner are final and conclusive as to all of Registrants Unitholders.

As such, if actual results vary from estimates used, they are not anticipated to have a material impact on the financial statements and related disclosures.

Registrant records all investments at fair value in its financial statements, with changes in fair value reported as a
component of Trading Profits (Losses) in the Statements of Operations. Generally, fair values are based on quoted market prices; however, in certain circumstances, significant judgments and estimates are involved in determining fair value in the
absence of an active market closing price. Registrant considers prices for exchange traded commodity futures and options contracts to be based on quoted prices in active markets for identical assets (Level 1). The values of forwards, swaps, and
certain option contracts for which market quotations are not readily available are priced by Super Derivatives, Bloomberg, Reuters and or other third party data providers who derive fair values for those assets from observable inputs (Level 2).
Level 3 inputs reflect Registrants assumptions that it believes market participants would use in pricing the asset or liability. Registrant develops Level 3 inputs based on the best information available in the circumstances, which may include
indirect correlation to a market value, combinations of market values or Registrants proprietary data. Level 3 inputs generally include information derived through extrapolation or interpolation of observable market data. Registrant does not
currently have any investments valued using Level 3 inputs.

Of the Registrants unrealized gains at
December 31, 2009, $72,225 or 91.94% of the Registrants unrealized gains at December 31, 2009 are classified as Level 1 and $6,328 or 8.06% as Level 2. $215,655 or 25.27% of Registrants unrealized gains at December 31,
2008 are classified as Level 1 and $638,493 or 74.73% as Level 2. There are no Level 3 investments at December 31, 2009 or 2008.

Investments classified as Level 2 at December 31, 2008 represented the Registrants investment in the Trading Vehicle and were valued monthly at the net asset value as reported by the Trading
Vehicle. The Trading Vehicles net asset value was determined based upon its managements best estimate of the fair value of its underlying net assets, substantially all of which are investments valued using Level 1 inputs but include
certain assets and liabilities where the inputs into the determination of fair value require management judgment or estimation. The Managing Owner determined that certain of the Trading Vehicles assets and liabilities which require management
judgment or estimation were not material to the Registrants financial statements and therefore the Registrants investment in the Trading Vehicle should be classified as Level 2 at December 31, 2008.

In April 2009, the Financial Accounting Standards Board (FASB) issued accounting guidance clarifying the
application of Accounting Standards Codification (ASC or Codification) Topic 820, Fair Value Measurements and Disclosures. The additional guidance provides for how the fair value of a financial asset
or liability is determined when the volume and level of activity for the asset or liability have significantly decreased and on identifying circumstances that indicate a transaction is not orderly. The guidance was effective for interim and annual
periods after June 15, 2009, with early adoption permitted for periods ending after March 15, 2009, and is to be applied prospectively. The Registrant adopted the guidance effective January 1, 2009. As required, the Registrant also
adopted guidance relating to recognition and presentation of other-than-temporary impairments, effective January 1, 2009. The adoption of these pronouncements did not have an impact on the Registrants financial statements.

In March 2008, the FASB issued accounting guidance which established among other things, the disclosure
requirements for derivative instruments and for hedging activities. The guidance is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The Registrants adoption of the guidance
effective January 1, 2009 did not have a material impact on the Registrants financial statements, other than enhanced disclosures as discussed under Note 2 of Registrants 2009 Annual Report.

Effective for the quarter ended June 30, 2009, the Registrant adopted ASC Topic 855, Subsequent Events
which provides guidance to establish general standards of accounting for and disclosures of events that occur after the balance



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sheet date but before financial statements are issued or are available to be issued. The adoption of ASC Topic 855 did not have a material impact on the Registrants financial statements.

Effective July 1, 2009, the Registrant adopted ASC Topic 105, Generally Accepted Accounting
Principles. ASC Topic 105 establishes the FASB Accounting Standards Codification as the source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements
in conformity with U.S. GAAP. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. The Codification did not change U.S. GAAP but reorganizes the
existing literature into Topics. References for FASB guidance throughout this document have been updated for the Codification.

On September 30, 2009, the FASB issued Accounting Standards Update (ASU) No. 2009-12, Investments in Certain Entities That Calculate Net Asset Value per Share (or its
Equivalent) (ASU 2009-12). ASU 2009-12 provides guidance on measuring the fair value of certain alternative investments, and amends ASC Topic 820 to offer investors a practical means for measuring the fair value of investments in
certain entities that calculate net asset value and require certain disclosures. ASU 2009-12 is effective for periods ended after December 15, 2009, and early adoption is permitted. The adoption of ASU 2009-12 did not have an impact on the
Registrants financial statements.

Liquidity and Capital Resources

Registrant commenced operations on May 22, 1997. Contributions were raised through the initial and continuous offering
of limited interests (Limited Interests) and general interests (General Interests and, together with the Limited Interests, Interests) of beneficial ownership in Registrant through
February 28, 2006. The continuous offering period ended on February 28, 2006.

Subscriptions and Redemptions

Year Ended December 31, 2009

Subscriptions of Limited Interests and General Interests for the year ended December 31, 2009 were $0
and $0, respectively. Redemptions of Limited Interests and General Interests for the year ended December 31, 2009 were $256,199 and $60,418, respectively.

Year Ended December 31, 2008

Subscriptions of Limited Interests and General Interests for the year ended December 31, 2008 were $0 and $0,
respectively. Redemptions of Limited Interests and General Interests for the year ended December 31, 2008 were $681,742 and $18,660, respectively.

Year Ended December 31, 2007

Subscriptions of Limited Interests and General Interests for the year ended December 31, 2007 were $0 and $0, respectively. Redemptions of Limited Interests and General Interests for the year ended December 31, 2007 were
$1,280,287 and $13,810, respectively.

Future redemptions will impact the amount of funds available for
investment in commodity contracts in subsequent periods.

Liquidity

At December 31, 2009, 100% of Registrants net investable assets were allocated to commodities trading. A
significant portion of Registrants net assets is held in cash, which is used as margin for trading in commodities. In as much as the sole business of Registrant is to trade in commodities, Registrant continues to own such liquid assets to be
used as margin. The clearing broker and bank credit Registrant with interest income on 100% of its average daily equity maintained in its accounts with the clearing broker and bank during each month at competitive interest rates.

The commodities contracts may be subject to periods of illiquidity because of market conditions, regulatory considerations
and other reasons. For example, commodity exchanges limit fluctuations in certain commodity futures contract prices during a single day by regulations referred to as daily limits. During a single day, no trades may be executed at prices
beyond the daily limit. Once the price of a futures contract for a particular commodity has increased or decreased by an amount equal to the daily limit, positions in the commodity can neither be taken nor liquidated unless traders are willing to
effect trades at or within the limit. Commodity futures prices have occasionally moved the daily



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limit for several consecutive days with little or no trading. Such market conditions could prevent the Registrant from promptly liquidating its commodity futures positions.

Since Registrants business is to trade futures, forward and option contracts, its capital is at risk due to changes in
the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk). Registrants exposure to market risk is influenced by a number of factors including the volatility of
interest rates and foreign currency exchange rates, the liquidity of the markets in which the contracts are traded and the relationships among the contracts held. The inherent uncertainty of Registrants speculative trading as well as the
development of drastic market occurrences could result in losses considerably beyond Registrants experience to date and could ultimately lead to a loss of all or substantially all of investors capital. The Managing Owner attempts to
minimize these risks by requiring Registrant and the Trading Advisor to abide by various trading limitations and policies, which include limiting margin amounts, trading only in liquid markets and permitting the use of stop loss provisions. For a
further discussion of the credit and market risks associated with Registrants futures, forward and option contracts, see Note 7 to Registrants 2009 Annual Report, which is filed as an exhibit herewith.

Registrant does not have, nor does it expect to have, any capital assets.

Market Overview

Following is a market overview for the years ended December 31, 2009, December 31, 2008 and December 31, 2007:

Year Ended December 31, 2009

The year began
amid a precipitous decline in global economic activity and a continued plunge in risk assets. However, an unprecedented, massive, concerted effort by policymakers around the world eventually took effect. The U.S. Federal Reserve (the
Fed) vastly expanded its lender of last resort operations by accepting a wide range of collateral through its discount window as well as through a variety of programs designed at various secondary markets. Furthermore, the Fed
embarked on a vast expansion of its balance sheet, also called quantitative easing, to pump excess reserves into the system. Meanwhile, the U.S. Treasury bailed out General Motors after already having taken over Fannie Mae and Freddie Mac in late
2008. The U.S. was not the only government stepping on the policy gas. Others followed suit, with varying degrees of stimuli. The UK was equally, if not more, aggressive than the U.S. The European Central Bank vastly expanded the scope of its
operations. China launched a massive stimulus program consisting of a ramp up in infrastructure spending. Overall, the global monetary and fiscal stimuli were unprecedented in scale and scope. Eventually, the markets began to recognize that
policymakers were unlikely to countenance a complete collapse of economic activity. The realization that the Great Depression Mark II would be avoided was enough to power the steepest rally since the 1930s.

While a catastrophe was avoided, the U.S. economic performance nonetheless turned out to be the worst in the postwar era.
The U.S. economy lost 4.2 million jobs and the unemployment rate skyrocketed to cross the 10% threshold. The first six months of the year witnessed a massive 3.5 million in job losses. Motor vehicle sales plunged to their lowest level
since 1981 and retail sales at one point during the year showed a 10% year-over-year decline. The household sector was in retrenchment mode, consumer credit suffered its steepest decline since WWII and overall household debt experienced its first
decline since the record began in 1952. However, by mid year, many of the indicators started to stabilize. Housing was the first to offer a glimmer of hope. New and existing home sales and housing starts bottomed in the first quarter. More
importantly, the Case-Shiller Index reported that home prices rose for five consecutive months after the trough in February. Auto sales, initially boosted by the U.S. governments cash-for-clunkers policy, settled at well above their lows.
Toward year-end, even the employment situation displayed slight improvement.

After a stellar 2008, U.S.
Treasuries turned out mediocre performance in 2009. While the two-year showed a small gain, Treasuries of maturities five years or greater gave up some ground. The losses in the five and ten-year were modest but the thirty-year lost approximately
14.9%. The Fed kept rates unchanged throughout the year as subdued inflation and still-high unemployment gave the Fed enough reason not to take its foot off the monetary pedal. Central banks in much of the advanced world maintained the status quo
throughout the year. Australia was a notable exception, hiking rates three times late in the year in the face of strengthening demand for commodities, an improving labor market and a recovery in housing.

Currencies:The Dollar Index, which measures the U.S. dollar against a basket of currencies, started 2009 on a high
note as the global risk aversion bolstered the demand for the dollar as a safe haven. However, as financial conditions stabilized, the dollar began to lose ground and the slump continued as the rally in risk assets gathered steam and eventually the
economic recovery began to take hold. The dollar rallied smartly in December but still ended the year down approximately 5.2%. The greenback declined against all the major currencies, except the Japanese yen. The dollars largest declines came
against the Australian, Canadian and New Zealand dollars as the recovery in commodities



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and rising interest rates boosted those currencies. The euro recorded a solid gain against the dollar, rising approximately 3.0%. Emerging market currencies by and large enjoyed solid gains.

Energies:Crude oil continued the downtrend early in year before hitting a trough in February.
Thereafter, the Organization of the Petroleum Exporting Countries production cuts and increasing evidence of Chinese-led Asian inventory restocking demand bolstered crude. As the year progressed, stabilization in U.S. demand assisted in
crudes overall positive performance as well and crude ended the year up nearly 77.9%. Reformulated gasoline outperformed crude, rising approximately 103.6% as U.S. transportation demand stabilized and then increased. Heating oil posted a solid
gain of approximately 50.7% as unusually cold weather toward year end helped boost gains. Cold weather helped natural gas as well, but not enough to prevent it from recording a loss for the year. In September, natural gas had slumped to a seven-year
low amid rising production and surging inventories.

Indices:Global equity performance in 2009 was a
welcome and stark contrast to that of 2008. The year started off poorly, with the S&P 500 hitting a twelve-year low. At that point, the forty-year total return on the index fell below that of the ten-year bond for the first time. However,
unnoticed by many, the dividend yield on the S&P 500 had edged up past the ten-year yield, something that had not occurred since the mid 1950s. From that trough, stocks staged their largest rally since the 1930s, led by financials. For the year
as a whole, the S&P 500, Dow Jones Industrial Average and the NASDAQ gained approximately 23.5%, 18.8% and 43.9%, respectively. In Europe, the DAX, CAC and FTSE experienced even larger rallies, posting gains of 23.9%, 22.3% and 25.0%,
respectively. Of the three majors in Asia, the Kospi and the Hang Seng surged powerfully, rising 49.7% and 52.0%, respectively, while the Nikkei posted a respectable 19.0% gain. Australia and New Zealand witnessed sharp gains as well. Emerging
economy stocks as whole had a V-shaped recovery, the MSCI Emerging Market Index rose 66.2% for the year.

Metals:Precious and base metals recorded impressive performance in 2009. While gold made headlines, copper actually led the way, gaining 138.5%, followed by zinc, which rose 111.9%. In fact, the entire base metals complex
outperformed gold. Nickel and aluminum posted gains of 58.3% and 44.8%, respectively. Gold itself rose 24.0%, although a selloff in December took some shine off the yellow metal. Silver recorded a hefty 49.3% gain.

Agriculturals:Agricultural commodities had a mixed year and grains in general underperformed the rest of the
commodity complex. For 2009, the S&P GSCI Grains Index posted a 10.3% loss, compared with the 13.5% gain for S&P GSCI overall. Wheat was the worst performer, not only within the grains complex but among major commodities as well, as it lost
11.3% for the year. Notwithstanding the gyrations caused by weather throughout the year, a wet spring delayed planting, a cool summer then slowed development of these crops, and finally a wet cold fall severely delayed harvesting. Ample production
and storage overhang from 2008 weighed on wheat and on the grain sector. Corn and soybeans gained modestly, rising 1.8% and 6.9%, respectively. The recovery in biofuel demand helped support corn and soybeans. Live cattle increased 1.8% and hogs
gained 7.8%.

Softs:Sugar was the star performer in 2009, recording a 128.2% gain and increasing to
its highest level since 1980. Massive production shortfall in India, the worlds largest consumer of sugar and the second biggest producer, created the perfect condition for sugars meteoric rise. Coffee and cocoa recorded strong
performance as well, rising 21.3% and 23.1%, respectively, as the global economic recovery and favorable fundamentals were supportive.

Year Ended December 31, 2008

2008 was a
watershed year for the world economy and the financial industry. It marked the end of an era for the world economyan era of rising leverage, bloated balance sheets, inflated asset valuations, and above all, a dangerously unbalanced
international economic and financial arrangement that was heavily reliant on the American consumer as the buyer of last resort. The financial market upheavals of the past year, rivaled only by those of the Great Depression, smashed the aging edifice
of the old era. The pain was all the more acute for the financial sector, where the yearlong nightmare was topped off by the eruption of the Bernie Madoff scandal. Thanks to the dramatic monetary and fiscal policy moves worldwide, most notably by
the US Federal Reserve, the US is unlikely to repeat the Depression of the 1930s. However, the liquidity environment is likely to remain challenged and a sustainable economic recovery may well not begin until 2010.

The US economic data reported throughout the year were horrendous. The US economy lost 2.6 million jobs in 2008, the
most since 1945. Of these, 1.9 million jobs were lost in the last few months of the year. The unemployment rate jumped to over 7% to end the year, which is the highest it has been in sixteen years. The latest reported US housing prices showed a
drop of over 15% from January 2008 through October 2008 and a 30% decline from January 2007 through October 2008 was reported. At year end, housing starts were at the lowest levels in 50-years and housing permits, one of the leading economic
indicators, were at 27-year lows. Retail sales struggled through 2008 and capped the year with one of the worst holiday seasons on record.



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According to the Merrill Lynch Index, treasuries of all maturities combined
returned almost 15% in 2008. The Federal Reserve added additional liquidity and slashed the Federal Discount Rate to a 0.0% - 0.25% range during December. For the first half of the year, the Federal Reserve Open Market Committee lowered rates in
attempts to improve market conditions due to the sub-prime mortgage crisis. Additional rate reductions were geared to stimulate the economy in the face of the global credit crisis as numerous financial institutions announced faltering operations
during the last few months of 2008. As a result, the Discount Rate and Federal Funds Rate decreased over 4% throughout the year.

As the housing and credit markets around the globe crumbled, the worlds central banks worked collaboratively and lowered key rates throughout 2008. The Bank of England, faced with a deepening
banking crisis and recession, lowered their rate by approximately 3.5% throughout the year. Even the President of the ECB, Jean Claude Trichet, had to abandon his long term hawkish stance as the ECB lowered rates to 2.0% by year end. The scene was
all too familiar in Asia as the Peoples Bank of China and the Bank of Japan lowered rates in 2008.

Currencies:The Dollar Index, which measures the US unit against a basket of other currencies, capped off the year by gaining roughly 6%. The greenbacks most noteworthy gains were concentrated on the euro, pound and Australian
and New Zealand dollars. The US dollar continued to decline versus the Japanese yen in December and fell approximately 19% for the year, the largest decline in more than twenty years. Japan appeared to be significantly less exposed to the credit
crisis compared to the US, England, European Union, China and other nations as the yen witnessed gains across the board in 2008. Though the euro lost value versus the US dollar in 2008, it ended the year with record performance versus the pound. The
pound was the weakest among major currencies versus the US dollar with an approximate 27% slide during the year.

Energies:After crude reached a record high close of over $145 a barrel on July 3, the deleveraging and a severe drop off in demand caused the price of crude to plummet. Within the Dow Jones AIG Commodity Index
(DJAIG) crude was one of the worst performing sectors in 2008, posting losses in excess of 50% by closing the year near $45 a barrel. Crude continued to slide despite significant OPEC (Organization of the Petroleum Exporting
Countries) supply decreases in September, in October and again in December. Heating oil and reformulated gasoline had similar 2008 price trends. Reformulated gasoline posted the worst performance within the DJAIG with losses amounting to roughly 60%
for the year. Natural gas witnessed handsome returns through July as the price of domestic natural gas surged from the first quarter and rallied over 70% for the year. However, like other commodities, the global economic malaise caused demand to
drop off considerably leading to dramatic price reductions throughout the second half of the year. The dispute between Russia and the Ukraine, which disrupted the supply of natural gas to Central and Eastern Europe during December, had little impact
on price. Within the DJAIG, natural gas realized a loss near 25% for the year, which was the best performance for all energies within the Index.

Agriculturals:Wheat, corn, soybeans and cotton ended the year with strong overall returns for December but all suffered rather disappointing returns for the year. Overall for 2008, wheat, corn,
soybeans and cotton ended the period down approximately 31%, 11%, 19% and 28%, respectively, within the DJAIG. Wheat gained early in the year on fears of feed grain shortage but record annual harvest, followed by the wheat deleveraging that occurred
in the second half of the year due to the global financial meltdown, led to increased supplies plaguing silos across the globe. The ethanol story, the growing potential of an eventual global food shortage and capital flows into commodities, were all
factors behind corns rally in the first half of 2008 that seemed to disappear in the third and fourth quarters of the year. Despite excessive precipitation across the central bean belt and increased demand from China, which lent support for
soybeans performance realized during the first and second quarters, all gains were erased in the third and fourth quarters.

Indices:The global equity performance for 2008 in general can be described as dreadful. The year started off poorly and the markets just got worse. Many market participants fell victim to forced
selling as massive capital outflows continued through year end. The global credit crisis and the recession worsened, but a flake of relief emerged as central banks worked collaboratively and lowered key rates, added substantial liquidity and enacted
stimulus packages during the final months of the year with more promised for 2009. The result for the major US indices was a modest advance in December as the Dow Jones Industrial Average posted a slight gain; however, it ended the year down
approximately 34%. The S&P 500 ended December with an advance but posted an approximate 37% loss for the year. For December, the NASDAQ recorded positive overall performance but technology stocks were a major victim of the global economic
collapse and realized an approximate 40% loss for the year. In Europe, the DAX and CAC witnessed positive performance in December; however, they posted losses of approximately 40% and 43%, respectively, for the year. The London FTSE and Russian
equities finished December and the year with negative returns. The three majors in Asia  the Nikkei, Hang Seng and Kospi  ended 2008 on a rally but down considerably for the year. Australia and New Zealand witnessed steep losses in 2008
as well. The Latin American block was hit hard by the economic meltdown as the Mexican Bolsa Index and the Brazilian Bovespa Stock Index closed the year down considerably.

Metals:Gold posted strong performance as the precious metal advanced approximately 8% in December and finished 2008 up almost 5%. Asian and geopolitical buying,
flight-to-safety, strong European dealer demand and small



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losses in the US Dollar Index all factored into golds run in December. Silver, platinum and palladium all recorded gains in December; however, silver posted large losses within the DJAIG on
the year. Among base metals, 2008 was a terrible year across the board. The global housing and commercial real-estate market collapse and the looming economic recession caused demand for these metals to grind to a halt. Also, large inventories of
these metals drove the prices down further. Within the DJAIG, aluminum, zinc, copper and nickel wrapped up the year down approximately 36%, 49%, 54% and 55%, respectively.

Softs and Livestock: Sugar featured a relatively quiet December and lost about 1% overall for the month as abundant supply prevailed. However, sugar was the leading commodity
in the DJAIG and witnessed an overall gain of over 9% for the year. Coffee and cocoa ended a miserable year with negative overall performance. As the global economy worsened, beef demand continued to fall, resulting in cattle prices dropping by a
disappointing 12% within the DJAIG for the year. Hogs were one of the few sectors within the DJAIG to cap the year with overall positive returns. Demand increases, mainly in China, drove hog prices up over 5% in 2008 within the DJAIG.

Year Ended December 31, 2007

The global economy endured the unfolding of the subprime credit crisis for most of 2007. August 2007 will forever be etched in the financial pantheon alongside 1998 and 1987 as
defining events of their respective decades. The US economy has cooled considerably since the beginning of the year and many economists are signifying a recessionary like outlook at best in the coming months, not the soft
landing that was anticipated. While the US economy proved volatile throughout the year, the rest of the world appeared to be going strong.

During 2007, single-family housing starts and permits hit sixteen-year lows as starts fell over 5% and are approximately 24% below 2006. The Home Builders Confidence Index witnessed the lowest drawdown in
nineteen years. In November, UK housing prices showed their greatest monthly dive in twelve years as the subprime crisis clearly impacted non-US markets. Inflation concerns led to the Bank of England (BOE) to cut rates late in
2007.

In the US, the unemployment rate unexpectedly jumped to 5.0% during the fourth quarter as private
sector payrolls fell, signaling the first decline in four years. For the first time since September 2003, fewer than half of the industries surveyed added jobs.

Currencies: While the US dollar managed periodic strength during December, the dollar ended 2007 with staggering losses to major rivals. The final 2007 tally saw the euro,
pound and yen gaining over 10%, 6% and 2%, respectively. After witnessing a record monthly low in November, the Dollar Index ended the year over 76.5. Throughout the year, emerging nations gained greater confidence in their domestic economic
strength. Many, especially in Asia, slowly abandoned the managed dollar peg.

The pound finished the year with
gains on the dollar, despite losses in December as a result of a BOE rate decrease. The euro had a strong year and benefited from perceptions that the ECB would not be lowering rates any time soon as ECB President Jean Claude Trichet issued a series
of hawkish comments, mainly as related to inflation concerns. European Union economic data was mixed to weak, including a twenty-two month low reading of the German IFO Business Confidence Index.

The yen closed out 2007 up 2% for the year on the US dollar. Japanese economic data persisted as lackluster and those
calling for a rate increase have now mostly backed away from that forecast. The yuan extended its yearlong gradual advance in December as the Peoples Bank of China continued to contract. Since abandonment of the US dollar peg in January 2005, the
yuan has risen 12% to the dollar. The Canadian, Australian and New Zealand dollars posted gains on the year against the US dollar.

Energies: It was a tremendous year for the petroleum sector as crude oil prices rose more than 40% within the Dow Jones AIG Index and closed 2007 over $95. Crude briefly reached the ominous $100
level but the market failed to hold that level in initial efforts. Geopolitical events were supportive during the year, encouraging the high volatility patterns. Supply/demand fundamentals have been trending weaker and the market saw periodic
selling as related to concerns surrounding slowing US and global growth. The US dollar remained a key influence and the dollars demise was a key factor in crudes run. Overall demand for commodities as an asset class was supportive,
particularly in the Peoples Republic of China and in India.

Reformulated gasoline soared throughout the year
and topped off with a year-to-date gain of over 45% within the Dow Jones AIG Index. Heating oil performed well in 2007 and closed up 5.5% within the same index. Distillate inventories remained below the five-year average and Department of Energy
inventories ran 6% under last year despite relatively moderate weather conditions.



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Agriculturals: Clearly, 2007 was a superior year for commodities as
evidence by stronger readings in the major indices. The 19-component Dow Jones AIG Index witnessed a yearly gain of over 11%. Commodities attracted significant interest as an alternative asset class throughout 2007. Corn closed the year at prices
that have not been seen since the summer of 1996. One key fundamental factor contributing to corns growth, besides the evident global demand for ethanol, is the increased quality of living in developing countries such as China and India. On
the production side, perhaps with the exception of soybeans, wherever crop interchangeability allows, corn will continue to steal acres from competing agricultural products.

Soybean prices finished the year over $12.50, which is second to historical highs set in June of 1973. The fundamentals for soybeans remain demand driven. Chinas need for
beans, bean oil and bean meal is so massive that all importation taxes and tariffs on all three have been dropped, which is a rare move. On the supply side, the battle for global acreage will hinge on the relative value of competing crops. In 2007,
the wheat market realized an outstanding 87% increase in prices from 2006, setting new all time record prices. This gain is despite the historic drought in Australia, one of the worlds largest producers of the grain. On the whole, cotton
improved in 2007 ending the year with over a 22% increase, at a level that has not been seen since early 2004.

Indices: The major US equity indices slumped in the fourth quarter under the weight of the subprime credit crisis but still tallied gains for the year. For 2007, the Dow Jones rose over 6%, the S&P 500 added 3.5%, while the tech
heavy NASDAQ was the leading performer with a 10% gain. The fourth quarter sell-off was a result of traders becoming increasingly concerned about the economy in general and housing in particular. Some doubted the Feds resolve to address the
economic issues in the face of growing inflation concerns. Also, interest and demand for commodities as an alternative asset class weighed on the equity sector.

To a lesser extent, European equities echoed the weak tone of the US during the fourth quarter. However, the German DAX showed strong gains of 22% during 2007. The CAC and
FTSE scored much lower gains of 1% and 4%. The broad based Pan-European Dow Jones STOXX 600 suffered minor losses as markets outside of the big three struggled.

Equities soared in Asia with the Hang Seng Index, Shanghai Composite, Kospi Index and Australian All Ordinaries setting record highs during 2007. During the fourth quarter,
volatility was rampant across Asian equities. While the Hang Seng performed extremely well, with almost a 40% gain on the year, it was a different story for Japan as the NIKKEI lost over 11%, resulting in the first decline in the past five years.
Despite the International Monetary Fund lowering Japans growth rate in November, business investment remained expansionary and many market participants view a Japanese recession as unlikely.

Interest Rates: With inflation concerns and the global credit crisis taking center stage during the second half of
the year, the Fed reacted aggressively on September 18 and cut both the Fed Funds rate by 50 basis points from 5.25% to 4.75% and the discount rate to 5.25%. After this action, the yield curve showed significant steepening. The 2 and 10 year
benchmark notes ended the year lower than 2006. The Federal Reserve indicated possible future US rate hikes in the coming months. The TED spread continued to rise through November.

After a pair of rate hikes in the first half of the year, the ECB held steady at 4.00% through year-end and the euro
benefited from perceptions that the ECB seems to be in a holding pattern. The BOE issued three quarter-point rate increases in the first half of 2007. Forced to deal with the Northern Rock Crisis, declines in consumer confidence, housing declines
and weakness in the service sector during the second half of the year, the BOE slashed their rate by a quarter-point in December to end the year at 5.50%.

The BOJ raised rates in the first quarter of the year and held the rate steady through the end of the year. A rash of lackluster economic data weighed on BOJ officials but they kept the rates unchanged.
The Peoples Bank of China drained liquidity and gradually hiked interest rates throughout 2007.

Metals: Base metals had a rather difficult 2007. The dismal housing market, poor construction data in the US and UK and the sliding US dollar had a significant impact. Zinc was the worst performer among the nineteen components of the
Dow Jones AIG Index, with annual losses over 43%. Aluminum and nickel witnessed steep losses over 18% and 16% within the Dow Jones AIG Index, respectively. In December, copper had a rough month but still posted an annual gain of over 4.5%.

Precious metals, on the other hand, recorded tremendous gains during 2007. Gold sky rocketed to a near
twenty-eight year high and finished 2007 up over 32%. This trend was fueled by the weak dollar, soaring oil prices, subprime credit woes and several geopolitical events, including the recent developments in Pakistan. Gold saw spotty selling per the
yen carry trade and other margin needs during the second half of the year. Silver traded with more volatility than gold



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and experienced less flight-to-safety demand and ended the year topping a 9% profit. Platinum had a positive year as Asian demand for the metal held strong.

Softs and Livestock: Citrus finished up 2007 on the rally side following forecasts of freezing temperatures in the
sunshine state. However, this rally could not offset losses realized throughout the year. Sugar and coffee had a rather difficult year as well. Within the Dow Jones AIG Index sugar and coffee were down more than 14% and 6%, respectively. Following
negative 2006 performance, cocoa rebounded in 2007, achieving a 17% return on the year.

2007 proved less than
kind to livestock prices as both cattle and hogs suffered losses. Live cattle were down more than 6% within the Dow Jones AIG Index. Korea rejected a series of shipments of US beef on trepidation of mad-cow disease concerns. Hogs were the second
worst performer within the Dow Jones AIG Index with a 30% loss.

Sector Performance

Due to the nature of Registrants trading activities, a period-to-period comparison of its trading results is not
meaningful. However, set forth below are the following:



| | (a) | the major sectors to which Registrants assets were allocated as of December 31, 2009, December 31, 2008 and December 31,
2007, measured as a percentage of the gross speculator margin (i.e., the minimum amount of cash or marginable securities a speculator must post when buying or selling futures assets); and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | a discussion of Registrants trading results for the major sectors in which Registrant traded for the year ended December 31, 2009, the
year ended December 31, 2008 and the year ended December 31, 2007.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Year
Ended December 31, 2009

As of December 31, 2009, the allocation of Registrants assets
to major sectors was as follows:



|               |  |            |  
|-------------- |  | ---------- | -
|Sector         |  | Allocation |  
|Currencies     |  | 33.69      | %
|               | 
|Energies       |  | 4.01       | %
|               | 
|Grains         |  | 5.47       | %
|               | 
|Indices        |  | 27.48      | %
|               | 
|Interest Rates |  | 18.59      | %
|               | 
|Meats          |  | 0.45       | %
|               | 
|Metals         |  | 4.44       | %
|               | 
|Tropicals      |  | 5.87       | %
|               |  |            |  
|               | 
|TOTAL          |  | 100.00     | %

Trading results for the major sectors in which Registrant traded for the year ended December 31, 2009 were as follows:

Currencies: (-) Registrant experienced a majority of its gains in the New Zealand and Australian dollars, Russian ruble and South African rand. The majority of losses were experienced in the
British pound, Canadian dollar, euro, Japanese yen and Mexican peso.

Energies: (-)Registrant
experienced a majority of its losses in brent crude, crude oil, gas oil, reformulated gasoline, heating oil, gas oil and natural gas.

Grains: (-)Registrant experienced gains in corn and soybean meal. The majority of its losses were incurred in bean oil, cotton, wheat and soybeans.

Indices: (+)Registrant experienced a majority of its gains in the DJ Stoxx Index, Australian All Ordinaries
Index, FTSE, KOSPI and the Taiwan Index. Losses were realized in the OMX Stockholm Index, Hang Seng, S&P TSE 60 Index and the S&P 500 Index.



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##### Table of Contents

Interest Rates: (-)Registrant experienced a majority of its gains in
the German Bond, Bobl and Swiss Bond. The majority of losses were experienced in US Treasury Bonds, Canadian Bond, Euribor Liffe, UK Gilt and Short Sterling.

Meats: (-)Registrant experienced gains in live hogs. Losses were realized in feeder cattle and live cattle.

Metals: (+)Registrant experienced gains in copper, tin, platinum and gold. Losses were incurred in aluminum,
lead, zinc and nickel.

Softs: (-) Registrant experienced gains in sugar and dairy. Losses were
realized in coffee, timber and citrus.

Year Ended December 31, 2008

As of December 31, 2008, the allocation of Registrants assets to major sectors was as follows:



|               |  |            |  
|-------------- |  | ---------- | -
|Sector         |  | Allocation |  
|Currencies     |  | 12.61      | %
|               | 
|Energies       |  | 17.14      | %
|               | 
|Grains         |  | 9.20       | %
|               | 
|Indices        |  | 5.59       | %
|               | 
|Interest Rates |  | 45.39      | %
|               | 
|Meats          |  | 0.50       | %
|               | 
|Metals         |  | 2.92       | %
|               | 
|Tropicals      |  | 6.65       | %
|               |  |            |  
|               | 
|TOTAL          |  | 100.00     | %

Trading results for the major sectors in which Registrant traded for the year ended December 31, 2008 were as follows:

Currencies: (+) Registrant experienced a majority of its gains in the Polish zloty, Taiwanese dollar and Australian dollar. The majority of losses were experienced in the Canadian dollar,
British pound, South African rand and the Japanese yen.

Energies: (+)Registrant experienced a
majority of its gains in brent crude, crude oil, gas oil, reformulated gasoline, heating oil and natural gas. Losses were incurred in kerosene.

Grains: (+)Registrant experienced gains in cotton, corn, soybeans and wheat. The majority of its losses were incurred in soybean meal.

Indices: (+)Registrant experienced a majority of its gains in the DJ Stoxx Indices, S&P 500 Indices, OMX
Stockholm Index and the MSCI Sing Index. Losses were realized in the Russell 2000, GSCI and DAX.

Interest
Rates: (+)Registrant experienced a majority of its gains in US Treasury Bonds, UK sterling and Eurodollar. The majority of losses were experienced in German Bund and Bobl.

Meats: (+)Registrant experienced gains in feeder cattle and live cattle. Losses were realized in live hogs.

Metals: (+)Registrant experienced gains in nickel, zinc and silver. Losses were incurred in
aluminum, copper and gold.

Softs: (+)Registrant experienced gains in coffee, lumber and citrus.
Losses were realized in sugar.

Year Ended December 31, 2007



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##### Table of Contents

As of December 31, 2007, the allocation of Registrants assets to
major sectors was as follows:



|               |  |            |  
|-------------- |  | ---------- | -
|Sector         |  | Allocation |  
|               | 
|Currencies     |  | 18.68      | %
|               | 
|Energies       |  | 9.06       | %
|               | 
|Grains         |  | 9.01       | %
|               | 
|Indices        |  | 24.00      | %
|               | 
|Interest Rates |  | 27.06      | %
|               | 
|Meats          |  | 0.93       | %
|               | 
|Metals         |  | 8.02       | %
|               | 
|Tropicals      |  | 3.24       | %
|               |  |            |  
|               | 
|TOTAL          |  | 100.00     | %

Trading results for the major sectors in which Registrant traded for the year ended December 31, 2007 were as follows:

Currencies: (+)Registrant experienced a majority of its losses in the euro, Japanese yen, Mexican peso, South African rand and Swiss franc. The majority of gains were experienced in the
Australian dollar, Canadian dollar and the euro versus the Japanese yen.

Energies: (+)Registrant
experienced a majority of its losses in kerosene. Gains were experienced in crude oil, gas oil, gasoline, heating oil and natural gas.

Grains: (+)Registrant experienced losses in corn, cotton and rice. The majority of its gains were experienced in soybean oil, wheat, soybean meal, soybeans.

Indices: (-) Registrant experienced a majority of its losses in the CAC 40, FTSE 100, IBEX, Nikkei, S&P 30, and
the Russell 2000 indices. The majority of gains were experienced in the DAX, Goldman Sachs Commodity, and the H Shares Indices.

Interest Rates: (+) Registrant experienced a majority of its losses in 3-year and 10 year Australian Bonds, Australian Bank Bills and Eurobonds. The majority of gains were experienced in
Euribor, Eurodollars, British Gilt and U.S. Treasury Notes.

Meats: (-) Registrant experienced losses
in feeder cattle, live cattle and live hogs.

Metals: (-) Registrant experienced losses in copper,
aluminum, zinc, palladium and silver. Gains were experienced in gold, lead, nickel and platinum.

Softs:
(+)Registrant experienced losses in cocoa, coffee, orange juice and rubber. Gains were experienced in lumber, palm oil, milk and sugar.

Results of Operations

Year Ended December 31, 2009

The Net Asset Value per Interest as of December 31, 2009 was $120.46,a decrease of $35.64 from the
December 31, 2008 Net Asset Value per Interest of $156.10. Registrants average net assets level for the year ended December 31, 2009 was approximately $5,347,000, a decrease of approximately $329,000 as compared to the year ended
December 31, 2008 primarily due to the effects of redemptions and negative trading performance.



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Registrants performance for the year ended December 31, 2009 was
down 22.83%. Performance includes the percentage change in Registrants Net Asset Value excluding the effect of redemptions and includes the percentage impact of trading gains/(losses) less any commissions and related fees and expenses. Past
performance is not necessarily indicative of future results.

Registrants trading losses before
commissions for the year ended December 31, 2009 were approximately $(637,000).

Interest income is
earned on the average daily equity maintained with the clearing broker or bank at competitive interest rates and, therefore, varies monthly according to interest rates, trading performance and redemptions. Interest income for the year ended
December 31, 2009 was approximately $19,000, a decrease of approximately $106,000 as compared to the year ended December 31, 2008 primarily due to reduced average net asset levels discussed above and declining interest rates.

Commissions are calculated on Registrants Net Asset Value at the beginning of each month and therefore,
vary according to monthly trading performance and redemptions. Other transaction fees consist of National Futures Association, exchange and clearing fees as well as floor brokerage costs and give-up charges, which are based on the number of trades
the Trading Advisor executes, as well as which exchange, clearing firm or bank on, or through, which the contract is traded. Commissions and other transaction fees for the year ended December 31, 2009 were approximately $538,000, a decrease of
approximately $1,000 as compared to the year ended December 31, 2008, primarily due to reduced average net asset levels discussed above.

Management fees are calculated on the Net Asset Value of Registrants investment in the Trading Vehicle at the end of each month, and therefore, are affected by monthly trading performance and
redemptions. Management fees allocated from the Trading Vehicle for the year ended December 31, 2009 were approximately $5,000, a decrease of approximately $21,000 as compared to the year ended December 31, 2008, primarily due to the
effect of redemptions from the Trading Vehicle as well as the Registrant fully redeeming its investment in the Trading Vehicle as of September 30, 2009.

Pursuant to the Trading Advisory Agreements, Registrant pays quarterly profit shares of 20% of Trading Profit (as defined in each respective Trading Advisory Agreement). Trading
Advisor profit shares for the year ended December 31, 2009 were $201.

Pursuant to the Declaration of
Trust and Trust Agreement, Registrant pays an incentive fee to the Managing Owner equal to 5% of New Overall Appreciation (as defined) as of each fiscal year end and upon redemption of Interests. Managing Owner incentive fees for the year ended
December 31, 2009 were $0.

Operating expenses include accounting, audit, tax, and legal fees, as well as
printing and postage costs related to reports sent to limited owners. Operating expenses for the year ended December 31, 2009 were approximately $204,000.

Year Ended December 31, 2008

The Net Asset Value per Interest as of December 31, 2008 was $156.10, an increase of $35.27 from the December 31, 2007 Net Asset Value per Interest of $120.83. Registrants average net assets level for the year ended
December 31, 2008 was approximately $5,676,000, an increase of approximately $279,000 as compared to the year ended December 31, 2007 primarily due to positive trading performance which more than offset the effect of redemptions.

Registrants performance for the year ended December 31, 2008 was 29.19%. Performance includes the
percentage change in Registrants Net Asset Value excluding the effect of redemptions and includes the percentage impact of trading gains/(losses) less any commissions and related fees and expenses. Past performance is not necessarily
indicative of future results.

Registrants trading gains before commissions for the year ended
December 31, 2008 were approximately $2,591,000.

Interest income is earned on the average daily equity
maintained with the clearing broker or bank at competitive interest rates and, therefore, varies monthly according to interest rates, trading performance and redemptions. Interest income for the year ended December 31, 2008 was approximately
$125,000, a decrease of approximately $144,000 as compared to the year ended December 31, 2007 primarily due to declining interest rates which more than offset the increased average net asset level discussed above.



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Commissions are calculated on Registrants Net Asset Value at the
beginning of each month and therefore, vary according to monthly trading performance and redemptions. Other transaction fees consist of National Futures Association, exchange and clearing fees as well as floor brokerage costs and give-up charges,
which are based on the number of trades the Trading Advisor executes, as well as which exchange, clearing firm or bank on, or through, which the contract is traded. Commissions and other transaction fees for the year ended December 31, 2008
were approximately $539,000, an increase of approximately $38,000 as compared to the year ended December 31, 2007 primarily due to increased average net asset levels discussed above.

Management fees are calculated on the Net Asset Value of Registrants investment in the Trading Vehicle at the end of
each month, and therefore, are affected by monthly trading performance and redemptions. Management fees allocated from the Trading Vehicle for the year ended December 31, 2008 were approximately $26,000, a decrease of approximately $13,000 as
compared to the year ended December 31, 2007 primarily due to the effect of redemptions from the Trading Vehicle.

Pursuant to the Trading Advisory Agreements, Registrant pays quarterly profit shares of 20% of Trading Profit (as defined in each respective Trading Advisory Agreement). Trading Advisor profit shares for the year ended December 31,
2008 were approximately $477,000.

Pursuant to the Declaration of Trust and Trust Agreement, Registrant pays
an incentive fee to the Managing Owner equal to 5% of New Overall Appreciation (as defined) as of each fiscal year end and upon redemption of Interests. Managing Owner incentive fees for the year ended December 31, 2008 were approximately
$39,000.

Operating expenses include accounting, audit, tax, and legal fees, as well as printing and postage
costs related to reports sent to limited owners. Operating expenses for the year ended December 31, 2008 were approximately $174,000.

Year Ended December 31, 2007

The Net Asset
Value per Interest as of December 31, 2007 was $120.83,an increase of $17.40 from the December 31, 2006 Net Asset Value per Interest of $103.43. Registrants average net asset level for the year ended December 31, 2007
was approximately $5,397,000, a decrease of approximately $2,237,000 as compared to the year ended December 31, 2006 primarily due to the effects of redemptions.

Registrants performance for the year ended December 31, 2007 was 16.82%. Performance includes the percentage change in Registrants Net Asset Value excluding the
effect of any redemptions and includes the percentage impact of trading gains/(losses) less any commissions and related fees and expenses. Past performance is not necessarily indicative of future results.

Registrants trading gains before commissions for the year ended December 31, 2007 were approximately $1,538,000.

Interest income is earned on the average daily equity maintained with the clearing broker or bank at
competitive interest rates and, therefore, varies monthly according to interest rates, trading performance and redemptions. Interest income for the year ended December 31, 2007 was approximately $269,000, a decrease of approximately $120,000 as
compared to the year ended December 31, 2006 primarily due to reduced average net asset levels discussed above.

Commissions are calculated on Registrants Net Asset Value at the beginning of each month and therefore, vary according to monthly trading performance and redemptions. Other transaction fees consist
of National Futures Association, exchange and clearing fees as well as floor brokerage costs and give-up charges, which are based on the number of trades the Trading Advisor executes, as well as which exchange, clearing firm or bank on, or through,
which the contract is traded. Commissions and other transaction fees for the year ended December 31, 2007 were approximately $501,000, a decrease of approximately $278,000 as compared to the year ended December 31, 2006 primarily due to
reduced average net asset levels discussed above.

Management fees are calculated on the Net Asset Value of
Registrants investment in the Trading Vehicle at the end of each month, and therefore, are affected by monthly trading performance and redemptions. Management fees allocated from the Trading Vehicle for the year ended December 31, 2007
were approximately $39,000, an increase of approximately $39,000, as compared to the year ended December 31, 2006 primarily due to investments in the Trading Vehicle commencing January 1, 2007. No management fees were allocated from the
Trading Vehicle for the year ended December 31,2006.

Pursuant to the Trading Advisory Agreements,
Registrant pays quarterly profit shares of 20% of Trading Profit (as defined in each respective Trading Advisory Agreement). Trading Advisor profit shares for the year ended December 31, 2007 were approximately $267,000.



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Pursuant to the Declaration of Trust and Trust Agreement, Registrant pays an
incentive fee to the Managing Owner equal to 5% of New Overall Appreciation (as defined) as of each fiscal year end and upon redemption of Interests. Managing Owner incentive fees for the year ended December 31, 2007 were $0.

Operating expenses include accounting, audit, tax, and legal fees, as well as printing and postage costs related to reports
sent to limited owners. Operating expenses for the year ended December 31, 2007 were approximately $145,000.

Inflation

Inflation has had no material impact on the operations or on the financial condition of Registrant from
inception through December 31, 2009.

Off-Balance Sheet Arrangements and Contractual Obligations

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

Registrants contractual obligations are with the Managing Owner, the Trading Advisor and its commodity
broker. Management fees payable by Registrant to the Trading Advisor and brokerage commissions payable to the Managing Owner are calculated as a fixed percentage of Registrants Net Asset Value. Incentive fees payable by the Registrant to the
Trading Advisor are at a fixed rate, calculated as a percentage of Registrants New High Net Trading Profits (as defined in the Trading Advisory Agreement). As such, the Managing Owner cannot anticipate the amounts to be paid for
future periods as Net Asset Values and New High Net Trading Profits are not known until a future date. Commissions payable to Registrants commodity broker are based on a cost per executed trade and, as such, the Managing Owner
cannot anticipate the amount that will be required under the brokerage agreement, as the level of executed trades are not known until a future date. These agreements are effective for one-year terms, renewable automatically for additional one-year
terms unless terminated. Additionally, these agreements may be terminated by either party thereto for various reasons. Additionally, since Registrant does not enter into other long-term debt obligations, capital lease obligations, operating lease
obligations or other long-term liabilities that would otherwise be reflected on Registrants Statement of Financial Condition, a table of contractual obligations has not been presented. For a further discussion of Registrants contractual
obligations, see Notes 2, 3 and 4 of Registrants 2009 Annual Report attached hereto.



|Item 7A. | Quantitative and Qualitative Disclosures About Market Risk
|-------- | ----------------------------------------------------------

Information regarding quantitative and qualitative disclosures about market risk is not required pursuant to Item 305(e) of Regulation S-K.



|Item 8. | Financial Statements and Supplementary Data
|------- | -------------------------------------------

The financial statements are incorporated by reference to pages 2 through 18 of the Registrants 2009 Annual Report, which is filed as an exhibit hereto.

Selected unaudited quarterly financial data for the years ended December 31, 2009 and 2008 are summarized below:



|                                                                               |  |                                                       |          |   |                                                     |   |          |                                                     |  |   |                                                       |   |  |   |          |  
|------------------------------------------------------------------------------ |  | ----------------------------------------------------- | -------- | - | --------------------------------------------------- | - | -------- | --------------------------------------------------- |  | - | ----------------------------------------------------- | - |  | - | -------- | -
|                                                                               |  | For the periodfrom January 1,2009
to   March 31, 2009 |          |   | For the periodfrom April 1,2009
to    June 30, 2009 |   |          | For the periodfrom July 1,2009
toSeptember 30, 2009 |  |   | For the periodfrom October 1,2009 toDecember 31, 2009 |  
|Total revenues (including interest)                                            |  | $                                                     | (197,447 | ) |                                                     | $ | 20,614   |                                                     |  | $ | (158,411                                              | ) |  | $ | (282,829 | )
|                                                                               |  |                                                       |          |   |                                                     |   |          |                                                     |  |   |                                                       |   |  |   |          |  
|                                                                               |  |                                                       |          |  
|Total revenues (including interest)less commissions and other transaction fees |  | $                                                     | (346,000 | ) |                                                     | $ | (117,586 | )                                                   |  | $ | (288,459                                              | ) |  | $ | (403,826 | )
|                                                                               |  |                                                       |          |   |                                                     |   |          |                                                     |  |   |                                                       |   |  |   |          |  
|                                                                               |  |                                                       |          |  
|Net loss                                                                       |  | $                                                     | (393,940 | ) |                                                     | $ | (174,455 | )                                                   |  | $ | (349,772                                              | ) |  | $ | (446,162 | )
|                                                                               |  |                                                       |          |   |                                                     |   |          |                                                     |  |   |                                                       |   |  |   |          |  
|                                                                               |  |                                                       |          |  
|Net loss per weightedaverage Interest                                          |  | $                                                     | (10.11   | ) |                                                     | $ | (4.54    | )                                                   |  | $ | (9.20                                                 | ) |  | $ | (11.92   | )
|                                                                               |  |                                                       |          |   |                                                     |   |          |                                                     |  |   |                                                       |   |  |   |          |  



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|                                                                               |  |                                                       |         |                                                     |   |                                                     |  |   |                                                           |   |  |   |          
|------------------------------------------------------------------------------ |  | ----------------------------------------------------- | ------- | --------------------------------------------------- | - | --------------------------------------------------- |  | - | --------------------------------------------------------- | - |  | - | ---------
|                                                                               |  | For the periodfrom January 1,2008
to   March 31, 2008 |         | For the periodfrom April 1,2008
to    June 30, 2008 |   | For the periodfrom July 1,2008 toSeptember 30, 2008 |  |   | For the periodfrom October 1,2008 to    December 31, 2008
|Total revenues (including interest)                                            |  | $                                                     | 688,297 |                                                     | $ | 754,886                                             |  | $ | 121,910                                                   |   |  | $ | 1,150,891
|                                                                               |  |                                                       |         |                                                     |   |                                                     |  |   |                                                           |   |  |   |          
|                                                                               |  |                                                       |         |                                                    
|Total revenues (including interest)less commissions and other transaction fees |  | $                                                     | 562,455 |                                                     | $ | 617,623                                             |  | $ | (11,375                                                   | ) |  | $ | 1,007,988
|                                                                               |  |                                                       |         |                                                     |   |                                                     |  |   |                                                           |   |  |   |          
|                                                                               |  |                                                       |         |                                                    
|Net income (loss)                                                              |  | $                                                     | 390,675 |                                                     | $ | 431,647                                             |  | $ | (89,341                                                   | ) |  | $ | 726,914  
|                                                                               |  |                                                       |         |                                                     |   |                                                     |  |   |                                                           |   |  |   |          
|                                                                               |  |                                                       |         |                                                    
|Net income (loss) per weightedaverage Interest                                 |  | $                                                     | 8.92    |                                                     | $ | 10.04                                               |  | $ | (2.17                                                     | ) |  | $ | 18.25    
|                                                                               |  |                                                       |         |                                                     |   |                                                     |  |   |                                                           |   |  |   |          

There were no extraordinary, unusual
or infrequently occurring items recognized in any quarter reported above, and the Trust has not disposed of any segments of its business. There have been no year-end adjustments that are material to the results of any fiscal quarter reported above.



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

None



|Item 9AT. | Controls and Procedures
|--------- | -----------------------

Evaluation of Disclosure Controls and Procedures

Registrants disclosure
controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) are designed to ensure that information required to be disclosed by
Registrant in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the SEC), and that
such information is accumulated and communicated to Registrants management, including the Managing Owners Co-Chief Executive Officers and Director of Fund Administration (who, in these capacities, function as the Principal Executive
Officers and Principal Financial Officer/Accounting, respectively, of Registrant), as appropriate to allow for timely decisions regarding required disclosure.

In designing and evaluating Registrants disclosure controls and procedures, the Managing Owner recognizes that any controls and procedures, no matter how well designed and
operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to
apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. Because of the inherent limitations in all control systems, no evaluation of the controls can prove absolute assurance that all control issues
and instances of fraud, if any, within Registrant have been detected.

The Managing Owners management,
under the supervision and with the participation of certain officers of the Managing Owner (including the Managing Owners Co-Chief Executive Officers and Director of Fund Administration), has evaluated the effectiveness of Registrants
disclosure controls and procedures as of December 31, 2009. Based upon such evaluation, the Managing Owners Co-Chief Executive Officers and Director of Fund Administration have concluded that, as of December 31, 2009,
Registrants disclosure controls and procedures were effective.

Managements Report on Internal Control Over Financial
Reporting

Registrants management is responsible for establishing and maintaining adequate
internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of Registrants management, including the Managing Owners Co-Chief
Executive Officers and Director of Fund Administration, Registrant conducted an evaluation of the effectiveness of its internal control over financial reporting as of December 31, 2009 based on the framework in Internal Control -
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on the evaluation under the framework in Internal Control - Integrated Framework issued by COSO,
the Managing Owner concluded that Registrants internal controls over financial reporting were effective as of December 31, 2009.



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There are inherent limitations in the effectiveness of any internal control
system, including the possibility of human error and the circumvention of overriding controls. Because of these inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Accordingly, even effective
internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of the effectiveness of internal control over financial reporting
to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Attestation Report of the Registered Public Accounting Firm

Registrants 2009 Annual Report does not include an attestation report of Registrants independent registered public accounting firm regarding the Registrants
internal control over financial reporting. Managements report was not subject to attestation by Registrants independent registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit
Registrant to provide only managements report in Registrants 2009 Annual Report.

Changes in Internal Control Over Financial
Reporting

There have been no changes in Registrants internal control over financial reporting
(as defined in Rules 13a  15(f) and 15d  15(f) under the Exchange Act) during the fourth quarter of 2009 that have materially affected, or are reasonably likely to materially affect, Registrants internal control over financial
reporting.



|Item 9B. | Other Information
|-------- | -----------------

None.

PART III



|Item 10. | Directors, Executive Officers and Corporate Governance
|-------- | ------------------------------------------------------

Registrant had no directors or executive officers. Registrant is managed by the Managing Owner. The directors and executive officers of the Managing Owner are as follows:

Mr. Kenneth A. Shewer (born 1953) has been a principal, associated person and NFA associate member of
the Managing Owner since February 8, 1984, May 1, 1985 since August 1, 1985, respectively. He has been Chairman and Co-Chief Executive Officer of the Managing Owner since February 1984. Mr. Shewer has been Chairman and
Co-Chief Executive Officer of Kenmar Global Investment Management LLC (KGIM LLC), an investment management firm, since its inception in October 2005 and has been a principal, associated person and NFA associate member of KGIM LLC
since December 12, 2005. Mr. Shewer has been Chairman and Co-Chief Executive Officer of Signature Advisors Group LLC (Signature, and formerly known as Kenmar Investment Adviser LLC), an investment management firm, since
its inception in October 2005. Mr. Shewer has been Chairman and Co-Chief Executive Officer of and ClariTy Managed Account & Analytics Platform LLC (ClariTy), an investment management firm, since its inception in May
2009 and has been a principal, associated person and NFA associate member of ClariTy since June 9, 2009, June 10, 2009 and June 24, 2009, respectively. Mr. Shewer has been a director of Kenmar Securities Inc.
(KSEC), a broker-dealer, since December 1995 and has been registered as a principal of KSEC since May 3, 2004. Mr. Shewer is Co-Chairman of the Managing Owners Investment Committee.

Mr. Shewer was a principal, associated person and NFA associate member of Kenmar GIM Inc., an investment management
firm, from March 3, 1999 until February 24, 2007, a principal, associated person and NFA associate member of Kenmar Global Strategies Inc., an investment management firm, from October 12, 1993 until April 7, 2006, a principal and
associated person of Kenmar IA Corp, an investment management firm, from August 5, 1991 until January 12, 2007, and a NFA associate member of Kenmar IA Corp from May 5, 1992 until January 12, 2007.

Mr. Shewer graduated from Syracuse University with a B.S. degree in 1975. Mr. Shewer sits on the Board of the
Stacy Joy Goodman Memorial Foundation, a non-profit charity committed to finding a cure for Juvenile Diabetes. He is also a member of the Board of the Diabetes Research Institute Foundation, a not-for-profit organization affiliated with the
University of Miami School of Medicine. Mr. Shewer is a founding member and member of the Board of the Greenwich Roundtable.

Mr. Marc S. Goodman (born 1948) has been a principal, associated person and NFA associate member of the Managing Owner since February 7, 1984, May 1, 1985 since
August 1, 1985, respectively. He has been President and Co-Chief Executive Officer of the Managing Owner since February 1984. Mr. Goodman has been President, Co-Chief



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Executive Officer and Treasurer of KGIM LLC, an investment management firm, since its inception in October 2005 and has been a principal, associated person and NFA associate member of KGIM LLC
since December 12, 2005. He has been President, Co-Chief Executive Officer and Treasurer of Signature, an investment management firm, since its inception in October 2005. Mr. Goodman has been President, Co-Chief Executive Officer and
Treasurer of ClariTy, an investment management firm, since its inception in May 2009 and has been a principal, associated person and NFA associate member of ClariTy since June 9, 2009, June 10, 2009 and June 24, 2009,
respectively. He has been a director of KSEC, a broker-dealer, since December 1995 and has been registered as a principal of KSEC since May 3, 2004. Mr. Goodman is Co-Chairman of the Managing Owners Investment Committee.

Mr. Goodman was a principal, associated person and NFA associate member of Kenmar GIM Inc., an investment management
firm, from March 3, 1999 until February 24, 2007, a principal, associated person and NFA associate member of Kenmar Global Strategies Inc., an investment management firm, from October 12, 1993 until April 7, 2006, a principal and
associated person of Kenmar IA Corp, an investment management firm, from August 5, 1991 on January 12, 2007, and a NFA associate member of Kenmar IA Corp from May 5, 1992 until January 12, 2007.

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. Mr. Goodman is a member of the American Arbitration Association; while at
Pasternak, Baum, he was a member of the National Institute of Oilseeds Products and the American Fats and Oils Association (including its Export Rules Committee).

Mr. Goodman is the Chairman of the Board of the Stacy Joy Goodman Memorial Foundation, a non-profit charity committed to finding a cure for Juvenile Diabetes. He is also
Chairman of the Board of the Diabetes Research Institute Foundation, a not-for-profit organization that is the principle source of funding for the Diabetes Research Institute, a world renowned cure based research center affiliated with the
University of Miami School of Medicine. Mr. Goodman is a founding member of the Greenwich Roundtable.

Ms. Esther Eckerling Goodman (born 1952) has been a principal, associated person and NFA associate member of the Managing Owner since May 12, 1988, July 17, 1986 and July 17, 1986, respectively. She joined
the Managing Owner in July 1986 and is its Chief Operating Officer and Senior Executive Vice President. Ms. Goodman has been Senior Executive Vice President and Chief Operating Officer of KGIM LLC, an investment management firm, and
Ms. Goodman has been Senior Executive Vice President and Chief Operating Officer and a principal, associated person and NFA associate member of KGIM LLC since December 12, 2005. She has been Senior Executive Vice President and COO of
Signature, an investment management firm, since its inception in October 2005. She has been Senior Executive Vice President and Chief Operating Officer of ClariTy, an investment management firm, since its inception in May 2009 and has been a
principal, associated person and NFA associate member of ClariTy since June 9, 2009, June 10, 2009 and June 24, 2009, respectively. Ms. Goodman has been a registered representative with KSEC, a broker-dealer, since December
1995 and a principal, associated person and NFA associate member of KSEC since January 1, 2003, June 24, 2003 and June 24, 2003, respectively. She is a member of the Managing Owners Investment Committee.

Ms. Goodman was a principal, associated person and NFA associate member of Kenmar GIM Inc., an investment management
firm, from March 3, 1999 until February 24, 2007, a principal, associated person and NFA associate member of Kenmar Global Strategies Inc., an investment management firm, from October 12, 1993 until April 7, 2006, a principal and
associated person of Kenmar IA Corp, an investment management firm, from August 5, 1991 until January 12, 2007, and NFA associate member of Kenmar IA Corp from May 5, 1992 until January 12, 2007.

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). Ms. Goodman graduated from Stanford University with a B.A. degree in psychology in 1974.

Mr. Braxton Glasgow III (born 1953) has been a principal, associated person, branch manager and NFA associate
member of the Managing Owner since June 21, 2001, June 21, 2001, July 13, 2004 and June 8, 2001, respectively. Mr. Glasgow has been Executive Vice President of the Managing Owner since joining the Managing Owner is
May 2001. Mr. Glasgow has been Executive Vice President of KGIM LLC, an investment management firm, since its inception in October 2005, a principal, associated person and NFA associate member of KGIM LLC since December 12, 2005, and a
branch manager since December 21, 2006. Mr. Glasgow has been Chief Executive Officer of KSEC, a broker-dealer, since June 2001 has been a principal, associated person, branch manager and NFA associate member of KSEC since January 12,
2006. He is responsible for business development. Mr. Glasgow is a member of the Managing Owners Investment Committee.

Mr. Glasgow was a principal, associated person and NFA associate member of Kenmar GIM Inc., an investment management firm, from October 9, 2001 until February 24, 2007 and a branch manager
of Kenmar GIM Inc. from



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July 13, 2004 until February 24, 2007, an associated person and NFA associate member of Kenmar Global Strategies Inc., an investment management firm, from August 9, 2001 until
April 7, 2006, a principal of Kenmar Global Strategies Inc. from August 13, 2001 until April 7, 2006 , a principal of Kenmar IA Corp., an investment management firm, from May 4, 2004 until January 12, 2007, and, an
associated person, NFA associate member and branch manager of Kenmar IA Corp. from August 28, 2006 until January 12, 2007.

Mr. Glasgow received a B.S. in Accounting from the University of North Carolina at Chapel Hill and is a Certified Public Accountant. He received a B.S. degree in accounting from the University of
North Carolina in 1975.

Mr. Lawrence S. Block (born 1967) has been Executive Vice President
and General Counsel of the Managing Owner since January 2010 and has been a principal of the Managing Owner since March 17, 2005. He was Senior Vice President and General Counsel of the Managing Owner from March 2005 to December 2009.
Mr. Block has been Executive Vice President and General Counsel KGIM LLC, an investment management firm, since January 2010, Senior Vice President and General Counsel of KGIM LLC since its inception in October 2005 and a principal of KGIM LLC
since December 12, 2005. He has been Executive Vice President and General Counsel of Signature, an investment management firm, since January 2010 and Senior Vice President and General Counsel of Signature since its inception in October 2005.
Mr. Block has been Executive Vice President and General Counsel of ClariTy, an investment management firm, since January 2010, Senior Vice President and General Counsel since its inception in May 2009 and has been a principal of ClariTy since
June 9, 2009. He has been Executive Vice President and General Counsel of KSEC, a broker-dealer, since January 2010, Senior Vice President and General Counsel since March 2005 and has been a principal of KSEC since March 17, 2005.

Mr. Block was a principal of Kenmar GIM Inc., an investment management firm, from March 17, 2005
until February 24, 2007, a principal of Kenmar Global Strategies Inc., an investment management firm, from March 17, 2005 until April 7, 2006, and a principal of Kenmar IA Corp., an investment management firm, from March 17, 2005
until January 12, 2007.

Prior to joining the Managing Owner, Mr. Block was a Managing Director and
General Counsel of Lipper & Company, L.P., a New York-based investment management firm, from January 1998 until March 2005. Mr. Block received a B.S. in Business Administration with a concentration in Accounting from the University of
North Carolina at Chapel Hill in 1989 and a J.D. from the University of Pennsylvania School of Law in 1992.

Ms. Maureen D. Howley (born 1967) has been a principal of the Managing Owner since August 11, 2003. She has been Senior Vice President and Chief Financial Officer of the Managing Owner since joining the Managing Owner
in July 2003. Ms. Howley has been Senior Vice President and Chief Financial Officer of KGIM LLC, an investment management firm, since its inception in October 2005 and has been a principal of KGIM LLC since December 12, 2005. She has been
Senior Vice President and Chief Financial Officer of Signature, an investment management firm, since its inception in October 2005. Ms. Howley has been Senior Vice President and Chief Financial Officer of ClariTy, an investment management firm,
since its inception in May 2009 and has been a principal of ClariTy since June 9, 2009. Ms. Howley has been Senior Vice President and Chief Financial Officer of KSEC, a broker-dealer, since August 2003 and has been a principal of KSEC
since January 12, 2006. She is responsible for corporate finance.

Ms. Howley was a principal of
Kenmar GIM Inc., an investment management firm, from August 11, 2003 until February 24, 2007, a principal of Kenmar Global Strategies Inc., an investment management firm, from August 11, 2003 until April 7, 2006, and a
principal of Kenmar IA Corp., an investment management firm, from August 11, 2003 until January 12, 2007.

Ms. Howley received a B.A. in Accounting from Muhlenberg College in 1989 and designation as a Certified Public Accountant in 1990.

Mr. David K. Spohr (born 1963) has been Senior Vice President and Director of Fund Administration of the Managing Owner since November 2006 and has been a principal of the Managing Owner
since May 7, 2007. He was Vice President and Director of Fund Administration of the Managing Owner from October 2005 to October 2006. Mr. Spohr has been Senior Vice President and Director of Fund Administration of KGIM LLC, an investment
management firm, since November 2006, Vice President and Director of Fund Administration since October 2006 and has been a principal of KGIM LLC since May 7, 2007. Mr. Spohr has been Senior Vice President and Director of Fund
Administration of ClariTy, an investment management firm, since November 2006, Vice President and Director of Fund administration since its inception in May 2009 and has been a principal of ClariTy since June 9, 2009. He is responsible for the
development and execution of the administration group support responsibilities and, as Director of Fund Administration, functions as the Principal Financial and Accounting Officer of the Trust.



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From June 2002 to March 2005, Mr. Spohr was a Vice President at Safra
Group, a firm engaged in banking, brokerage and asset management activities, where he was responsible for the Alternative Investment operations, tax reporting and pricing valuation. Mr. Spohr received a B.S. in Business Economics from The State
University of New York College at Oneonta in 1985 and designation as a Chartered Financial Analyst in 1998.

Ms. Joanne D. Rosenthal (born 1965) has been Senior Vice President and Director of Research of the Managing Owner since July 2009 and Senior Vice President and Director of Portfolio Management and Implementation since
October 1999. Ms. Rosenthal has been a principal, associated person and NFA associate member of the Managing Owner since February 29, 2000, February 29, 2000 and November 30, 1999, respectively. She has been Senior
Vice President and Director of Research of the Managing Owner since July 2009, Senior Vice President and Director of Portfolio Management and Implementation of KGIM LLC, an investment management firm, since its inception in October 2005
and has been a principal of KGIM LLC since December 12, 2005 and associated person and NFA associate member since October 10, 2006. Ms Rosenthal has been Senior Vice President and Director of Research of ClariTy, an investment
management firm, since July 15, 2009 and has been a principal of ClariTy since July 15, 2009. She has been a registered representative of KSEC, a broker-dealer, since October 1999 and has been a principal, associated person and NFA
associate member of KSEC since August 28, 2006. Ms. Rosenthal is a member of the Managing Owners Investment Committee.

Ms. Rosenthal was a principal of Kenmar GIM Inc., an investment management firm, from February 29, 2000 until February 24, 2007, an associated person and NFA associate member of Kenmar
GIM Inc. from October 10, 2006 until February 24, 2007, a principal of Kenmar Global Strategies Inc., an investment management firm, from February 29, 2000 until April 7, 2006, and a principal of Kenmar IA Corp., an
investment management firm, from February 29, 2000 until January 12, 2007.

Ms. Rosenthal
received a Masters of Business Administration with a concentration in Finance from Cornell University and a Bachelor of Arts in Economics from Concordia University in Montreal, Canada.

Mr. Peter J. Fell(born 1960) has been a principal of the Managing Owner since February 6, 2007. He
has been Senior Vice President, Director of Due Diligence since joining the Managing Owner in September 2004. Mr. Fell has been Senior Vice President and Director of Due Diligence of KGIM LLC, an investment management firm, since its inception
in October 2005 and has been a principal of KGIM LLC since February 6, 2007. Mr. Fell has been Senior Vice President and Director of Due Diligence of ClariTy, an investment management firm, since its inception in May 2009 and has been a
principal of ClariTy since June 9, 2009. He is responsible for manager selection and due diligence. Mr. Fell was a principal of Kenmar GIM Inc., an investment management firm, from February 6, 2007 until February 24, 2007.
Mr. Fell is a member of the Managing Owners Investment Committee.

From November 2000 through
August 2004, Mr. Fell was a founding partner and Investment Director of Starview Capital Management LLC and was an associated person and NFA associate member of Starview Capital Management LLC from May 21, 2004 until July 26,
2004, an associated person and NFA associate member of Starview Partners Ltd. from April 13, 2004 until July 26, 2004 and an associated person and NFA associate member of Lyra Capital LLC from May 10, 2004 until July 26,
2004. Mr. Fell holds an A.B. cum laude in Music Theory and History and an M.B.A. in Finance from Columbia University.

Mr. James E. Purnell(born 1961) joined the Managing Owner in January 2010 and is currently Senior Vice President and Chief Risk Officer. Mr. Purnells registration as a principal of the
Managing Owner, KGIM LLC and ClariTy is currently pending. He also serves as Senior Vice President and Chief Risk Officer of KGIM LLC and ClariTy. Mr. Purnell is a Member of Registrants Investment Committee. In addition, Mr. Purnell is an
adjunct professor in finance at Pace University. Prior to joining the Managing Owner, from November to December 2009, Mr. Purnell was unemployed. Previously from June 2008 to October 2009, he was the Head of Risk Management at Tremont Capital
Management, an investment management firm that was part of the Mass Mutual Group. From April 2001 until June 2008, Mr. Purnell was a Director at Dresdner Kleinwort Wasserstein Securities LLC which was the broker dealer for Dresdner Bank, one of
Europes largest banks, where he risk-managed and structured the US hedge fund linked structured products portfolio. He graduated with a B.A. and M.A. in History from Harvard in 1982 and 1983, respectively, and an M.A. in Economics and an
M.B.A. in Finance from New York University in 1988.

Ms. Melissa Cohn (born 1960) has been a NFA
associate member and an associated person of the Managing Owner since October 20, 1988 and November 9, 1988, respectively. Ms. Cohn has been Senior Vice President of Research of the Managing Owner since January 2010 and Vice
President, Managing Director and Senior Research Analyst since she joined the Managing Owner in July 1988. Ms. Cohn has been a Managing Director and Senior Research Analyst of KGIM LLC, an investment management firm, since its inception in
October 2005. Ms. Cohn is a



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member of the Managing Owners Investment Committee. Her responsibilities include manager due diligence, manager analysis, and portfolio/risk management. Ms. Cohn graduated from the
University of Wisconsin Madison with a B.S. in Agriculture in 1982.

Mr. Gordon Nicholson(born
1965) joined the Managing Owner in June 2005 and currently serves as Vice President, Director and Senior Research Analyst for the Managing Owner and KGIM LLC, an investment management firm. He is responsible for due diligence efforts on fixed
income, credit, and arbitrage managers. Mr. Nicholson is also a member of the Managing Owners Investment Committee. Prior to joining the Managing Owner, he was the Manager  Credit and Pricing, at Bombardier, Inc., a manufacturer of
planes and trains, where he held positions of increasing responsibility from April 2003 to June 2005. Mr. Nicholson graduated from John Abbott College in 1985 with a Diploma of Collegiate Studies - Pure and Applied Sciences; from Bishops
University in 1988 with a B.A. in Political Science and Economics and from Vermont Law School in 1993 with a J.D. Mr. Nicholson is also a Certified Financial Advisor and Chartered Alternative Investment Analyst.

Ms. Jennifer S. Moros (born 1970) has been a principal of the Managing Owner since January 24, 2007.
She has been Senior Vice President and Director of Marketing and Investor Services since she joined the Managing Owner in January 2007. Ms. Moros has been Senior Vice President and Director of Marketing and Investor Services of KGIM LLC, an
investment management firm, since January 2007 and has been a principal of KGIM LLC since January 24, 2007. Ms. Moros has been a registered representative with KSEC, a broker-dealer, since January 2007 and has been a principal of KSEC
since January 24, 2007. She was a principal of Kenmar GIM Inc., an investment management firm, from January 24, 2007 until February 24, 2007.

From October 2006 until December 2006, she was a Vice President at The Bank of New York responsible for sales in the alternative investment administration department. From September
2005 to September 2006, Ms. Moros was unemployed. Previously, she was the Chief Operating Officer and Director of Marketing of Coronat Capital Management, LLC, an investment management firm, from November 2004 until September 2005.
Ms. Moros worked at Credit Suisse, an investment banking firm, from February 2000 through November 2004, and was an associated person at Credit Suisse Securities USA LLC from July 28, 2004 until November 1, 2004, an associated person
at Credit Suisse Asset Management LLC from June 18, 2003 until June 8, 2004, and an associated person at Credit Suisse Alternative Capital Inc. from June 7, 2004 until March 16, 2007. Ms. Moros received an M.B.A in Finance
from The Sloan School at the Massachusetts Institute of Technology in 1997 and a B.S. in Economics from The Wharton School of the University of Pennsylvania in 1992.

Mr. Frank Coloccia(born 1965), Senior Vice President and Chief Technology Officer, joined Kenmar Group in December 2007 and has been the Senior Vice President and
Chief Technology Officer for the Managing Owner and KGIM LLC, an investment management firm, since December 2007 and ClariTy, an investment management firm, since its inception in May 2009. Prior to joining Kenmar, he was a Managing Partner of JFA
Group LLC, a consulting firm owned by Mr. Coloccia, from September 2007 until December 2007, as well as from September 2006 until January 2007. From January 2007 until September 2007, Mr. Coloccia was the Chief Research Officer at The
Info Pro, an independent market research company for the Information Technology industry. Prior to that time, he was Senior Vice President of Xandros Inc., a provider of Linux-based server, desktop and Windows-Linux cross-platform systems management
tools, from April 2006 until September 2006. From November 1999 through February 2006, he was the President and Chief Technology Officer of Creative Technologies Group Inc., a consulting company that specialized in networking and application support
for the small-medium enterprises market. Mr. Coloccia graduated from Manhattan College in 1987 and 1993 with a BS in Computer Information Systems and MBA in Management Information Systems, respectively.

Section 16(a) Beneficial Ownership Reporting Compliance

Certain of the Managing Owners directors and officers and any persons holding more than ten percent of Registrants Limited Interests (Ten Percent
Owners) are required to report their initial ownership of Interests and any subsequent changes in that ownership to the Securities and Exchange Commission (the SEC) on Forms 3, 4 or 5. Such directors and officers and Ten
Percent Owners are required by SEC regulations to furnish Registrant with copies of all Forms 3, 4 and 5 they file. There are no Ten Percent Owners of Registrants Limited Interests. All filing requirements of Section 16(a) of the Exchange
Act were timely complied with during the fiscal year. In making these disclosures, Registrant has relied solely on written representations of the Managing Owners directors and officers and Registrants Ten Percent Owners or copies of the
reports that they have filed with the SEC during and with respect to its most recent fiscal year.

Code of Ethics

The Managing Owner has adopted a Code of Ethics for its Co-Chief Executive Officers and Director of Fund Administration
(who, in these capacities, function as the Co-Chief Executive Officers and Principal Financial/Accounting



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Officer, respectively, of Registrant), accounting managers and persons performing similar functions. A copy of the Code of Ethics is attached as an exhibit hereto.

Audit Committee Financial Expert

Registrant itself does not have any employees. Kenmar Preferred Investments Corp. serves as Managing Owner of Registrant. The Board of Directors of the Managing Owner has delegated audit committee
responsibilities to the Internal Controls and Disclosure Committee. David K. Spohr is the Managing Owners Director of Fund Administration (and, in that capacity, functions as Registrants Principal Financial/Accounting Officer), is a
member of the Internal Controls and Disclosure Committee, and serves as the audit committee financial expert for Registrant. Mr. Spohr is not a member of the Managing Owners Board of Directors and he is not independent of
management.



|Item 11. | Executive Compensation
|-------- | ----------------------

Registrant does not itself have any officers, directors or employees. Registrant pays brokerage commissions to the Managing Owner. The managing officers of the Managing Owner are remunerated by the
Managing Owner in their respective positions.

The managing officers receive no other compensation
from Registrant. There are no compensation plans or arrangements relating to a change in control of either Registrant or the Managing Owner.



|Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|-------- | ----------------------------------------------------------------------------------------------

As of February 28, 2010, the following Unitholder owned beneficially more than five percent (5%) of the
outstanding Limited Interests issued by Registrant:



|                                     |  |            |  |             |  
|------------------------------------ |  | ---------- |  | ----------- | -
|Investor                             |  | Units      |  | % Ownership |  
|Dugan L Moore Revocable Living Trust |  | 1,997.2157 |  | 5.46        | %



|Item 13. | Certain Relationships and Related Transactions and Director Independence
|-------- | ------------------------------------------------------------------------

Registrant has and will continue to have certain relationships with the Managing Owner and its affiliates.

Kenmar Preferred Investments Corp. serves as Registrants managing owner. Registrant will pay to
the Managing Owner in advance monthly brokerage commissions equal to 1/12thof 10% (10% per annum) of the Net Asset Value of Registrant as of the beginning of each month.

Registrant reimburses the Managing Owner on a quarterly basis for certain legal, accounting, administrative and registrar and transfer agent work performed by certain of the Managing Owners
personnel for and on behalf of Registrant. The amount reimbursed is based on (i) the number of hours devoted by the Managing Owners personnel for and on behalf of Registrant and (ii) a commercially reasonable rate for such personnel.
For the years ended December 31, 2009, 2008 and 2007, Registrant reimbursed the Managing Owner $51,707, $36,219 and $30,220, respectively, for services provided by the Managing Owners personnel on behalf of Registrant.

Director Independence

David K. Spohr is Preferreds Director of Fund Administration (and, in that capacity, functions as Registrants Principal Financial/Accounting Officer), is a member of the Internal Controls and
Disclosure Committee, and serves as the audit committee financial expert for Registrant. Mr. Spohr is not a member of Preferreds Board of Directors and he is not independent of management.



|Item 14. | Principal Accounting Fees and Services
|-------- | --------------------------------------

Audit Fees and All Other Fees

Registrants principal accountant since October 15,
2007 has been Eisner LLP (Eisner). Registrants principal accountant for the period January 1, 2007 through September 14, 2007 was Deloitte & Touche LLP (D&T). We have been advised by
Eisner that neither the firm, nor any member of the firm, has any financial interest, direct or indirect, in any capacity in Registrant or its affiliates.



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##### Table of Contents

(a) Audit Fees

Fees for audit services performed by Eisner totaled approximately $82,000, $46,000 and $33,000 for 2009, 2008 and 2007, respectively, including fees associated with the annual audit
and reviews of Registrants quarterly reports on Form 10-Q. Fees for audit services performed by D&T totaled approximately $26,000 for 2007, including fees associated with the annual audit and the reviews of Registrants quarterly
reports on Form 10-Q.

(b) Audit-Related Fees

The audit-related fees billed to Registrant by Eisner for 2009 totaled approximately $3,000. The audit-related fees billed to Registrant by Eisner for 2008 totaled $0. The
audit-related fees billed to Registrant by Eisner for the period of October 15, 2007 through December 31, 2007 totaled $0. The audit-related fees billed to Registrant by D&T for the period January 1, 2007 through
September 14, 2007 for products and services other than the services reported above totaled $0.

(c) Tax Fees

There were no fees for tax services performed by, or billed to the Registrant by Eisner for 2009, 2008 and 2007 or
D&T for 2007.

(d) All Other Fees

The other fees billed to Registrant by D&T for the period January 1, 2007 through September 14, 2007 for products and services other than the services reported above
totaled $0. The other fees billed to Registrant by Eisner for the period of October 15, 2007 through December 31, 2007 totaled $0. The other fees billed to Registrant by Eisner for 2009 and 2008 totaled $0.

PART IV



|Item 15. | Exhibits, Financial Statements and Schedules
|-------- | --------------------------------------------



|    |  |                                                                      |  |                                                                                             |  |       
|--- |  | -------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------- |  | ------
|(a) |  | The following documents are filed as part of this Form 10-K:         |  |                                                                                            
|    |  |                                                                     
|1.  |  | Report of Independent Registered Public Accounting Firm  Eisner LLP |  | 2                                                                                          
|    |  |                                                                     
|    |  | Financial Statements                                                 |  |                                                                                            
|    |  |                                                                      | 
|    |  |                                                                      |  | Statements of Financial Condition December 31, 2009 and 2008                               |  | 3     
|    |  |                                                                      | 
|    |  |                                                                      |  | Condensed Schedules of Investments December 31, 2009 and 2008                              |  | 4     
|    |  |                                                                      | 
|    |  |                                                                      |  | Statements of Operations Years ended December 31, 2009, 2008 and 2007                      |  | 5     
|    |  |                                                                      | 
|    |  |                                                                      |  | Statements of Changes in Unitholders Capital Years ended December 31, 2009, 2008 and
2007 |  | 6     
|    |  |                                                                      | 
|    |  |                                                                      |  | Notes to Financial Statements                                                               |  | 7  19
|    |  |                                                                      | 
|2.  |  |                                                                      |  | Exhibits.                                                                                   |  |       



|               |  |                                                                                                                                                                                                                                              
|-------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description of Document                                                                                                                                                                                                                      
|               | 
|3.1            |  | Certificate of Formation of the Registrant. (Incorporated by reference to the Trusts Registration Statement on Form S-1, Registration No. 333-8869,
dated July 25, 1996).                                                                   
|               | 
|3.2            |  | Declaration of Trust and Trust Agreement of the Registrant. (Incorporated by reference to the Trusts Registration Statement on Form S-1, Registration
No. 333-8869, dated July 25, 1996).                                                   
|               | 
|3.3            |  | Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Registrant dated as of December 1, 2008 (incorporated by reference to
Exhibit 3.3 to Registrants Annual Report on Form 10-K for the year ended December 31, 2008)



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|     |  |                                                                                                                                                                                                                                                                                                     
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|4.5  |  | Form of the Privacy Notices of the Managing Owner dated July 2009 (filed herewith)                                                                                                                                                                                                                  
|     | 
|10.1 |  | Form of Advisory Agreement. (Incorporated by reference to the Trusts Registration Statement on Form S-1, Registration No. 333-8869, dated July 25, 1996).                                                                                                                                          
|     | 
|10.2 |  | Form of Customer Agreement between the Trust and the Commodity Brokers. (Incorporated by reference to the Trusts Registration Statement on Form S-1,
Registration No. 333-8869, dated July 25, 1996).                                                                                              
|     | 
|10.3 |  | Form of Escrow Agreement. (Incorporated by reference to the Trusts Registration Statement on Form S-1, Registration No. 333-8869, dated July 25, 1996).                                                                                                                                            
|     | 
|10.4 |  | Subscription Agreement and Power of Attorney. (Incorporated by reference to the Trusts Registration Statement on Form S-1, Registration No. 333-8869,
dated July 25, 1996).                                                                                                                        
|     | 
|10.5 |  | Advisory Agreement among the Managing Owner, WCM Pool LLC and Winton Capital Management Limited dated November 20, 2006 (incorporated by reference to Exhibit
10.5 to Registrants Annual Report on Form 10-K for the year ended December 31, 2007)                                                 
|     | 
|10.6 |  | WCM Pool LLC Organization Agreement dated November 20, 2006 (incorporated by reference to Exhibit 10.6 to Registrants Annual Report on Form 10-K for the
year ended December 31, 2007)                                                                                                             
|     | 
|10.7 |  | Administrative Service Agreement between WCM Pool LLC and Preferred Investment Solutions Corp. dated November 20, 2006 (incorporated by reference to Exhibit
10.7 to Registrants Annual Report on Form 10-K for the year ended December 31, 2007)                                                  
|     | 
|10.8 |  | Amendment No. 1 to WCM Pool LLC Organization Agreement dated March 30, 2007 (incorporated by reference to Exhibit 10.8 to Registrants Annual Report on
Form 10-K for the year ended December 31, 2007)                                                                                             
|     | 
|10.9 |  | Services Agreement between Spectrum Global Fund Administration, L.L.C. and Registrant dated May 23, 2007 (incorporated by reference to Exhibit 10.9 to
Registrants Annual Report on Form 10-K for the year ended December 31, 2007)                                                                
|     | 
|13.1 |  | Registrants 2009 Annual Report (with the exception of the information and data incorporated by reference in Item 8 of this Annual Report on Form 10-K,
no other information or data appearing in the Registrants 2009 Annual Report is to be deemed filed as part of this report) (filed herewith)
|     | 
|14.1 |  | Kenmar Preferred Investments Corp. Code Of Ethics (adopted pursuant to Section 406 of Sarbanes Oxley Act of 2002) as of November 9, 2009 (filed
herewith)                                                                                                                                           
|     | 
|31.1 |  | Certification pursuant to Exchange Act Rules 13a-14 and 15d-14 (filed herewith)                                                                                                                                                                                                                     
|     | 
|31.2 |  | Certification pursuant to Exchange Act Rules 13a-14 and 15d-14 (filed herewith)                                                                                                                                                                                                                     
|     | 
|32.1 |  | Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)                                                                                                                                                          
|     | 
|32.2 |  | Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished
herewith)                                                                                                                                                          

[Remainder of page intentionally left blank]



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KENMAR GLOBAL TRUST

ANNUAL REPORT

December 31, 2009



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##### Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Managing Owner and Limited Owners of

Kenmar Global Trust

We have audited the accompanying statements
of financial condition, including the condensed schedules of investments, of Kenmar Global Trust (the Trust) as of December 31, 2009 and 2008, and the related statements of operations and changes in unitholders capital and the
financial highlights for each of the three years in the period ended December 31, 2009. These financial statements and the financial highlights are the responsibility of the Trusts management. Our responsibility is to express an opinion on
these financial statements and the financial highlights based on our audits.

We conducted our audits in
accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights
are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, audits of the Trusts internal control over financial reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts internal control over financial reporting. Accordingly, we
express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Kenmar Global Trust at December 31, 2009 and 2008,
and the results of its operations and changes in unitholders capital (net asset value) and the financial highlights for each of the three years in the period ended December 31, 2009, in conformity with accounting principles generally accepted
in the United States of America.

Eisner LLP

New York, New York

March 23, 2010



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##### Table of Contents

KENMAR GLOBAL TRUST

STATEMENTS OF FINANCIAL CONDITION

December 31, 2009 and 2008







|                                                                                                             |  |      |           |      |   |          
|------------------------------------------------------------------------------------------------------------ |  | ---- | --------- | ---- | - | ---------
|                                                                                                             |  | 2009 |           | 2008
|ASSETS                                                                                                       |  |      |           |      |   |          
|Equity in broker trading accounts:                                                                           |  |      |           |      |   |          
|Cash (See Note 1)                                                                                            |  | $    | 1,548,812 |      | $ | 3,815,436
|Unrealized gain on open futures contracts, net                                                               |  |      | 72,225    |      |   | 215,655  
|                                                                                                             |  |      |           |      |   |          
|                                                                                                             |  |     
|Total equity in broker trading accounts                                                                      |  |      | 1,621,037 |      |   | 4,031,091
|                                                                                                             |  |     
|Cash and cash equivalents                                                                                    |  |      | 2,454,265 |      |   | 1,189,383
|Interest receivable, net                                                                                     |  |      | 1,226     |      |   | 108      
|Investment in KMP Futures Fund I LLC, at fair value                                                          |  |      |           |      |   |          
|(0.00% and 10.43% of net asset value, respectively)                                                          |  |      | 0         |      |   | 638,493  
|Note receivable, Managing Owner                                                                              |  |      | 585,193   |      |   | 585,193  
|Unrealized gain on open forward currency contracts, net                                                      |  |      | 6,328     |      |   | 0        
|Redemptions receivable from KMP Futures Fund I LLC                                                           |  |      | 0         |      |   | 80,314   
|                                                                                                             |  |      |           |      |   |          
|                                                                                                             |  |     
|Total assets                                                                                                 |  | $    | 4,668,049 |      | $ | 6,524,582
|                                                                                                             |  |      |           |      |   |          
|                                                                                                             |  |     
|LIABILITIES                                                                                                  |  |      |           |      |   |          
|Unrealized loss on open forward currency contracts, net                                                      |  | $    | 0         |      | $ | 747      
|Accounts payable and other                                                                                   |  |      | 98,659    |      |   | 36,688   
|Managing Owner brokerage commissions andother transaction fees payable                                       |  |      | 37,210    |      |   | 47,838   
|Managing Owner incentive fees payable                                                                        |  |      | 0         |      |   | 39,348   
|Advisor profit shares                                                                                        |  |      | 0         |      |   | 197,424  
|Redemptions payable                                                                                          |  |      | 91,171    |      |   | 80,582   
|                                                                                                             |  |      |           |      |   |          
|                                                                                                             |  |     
|Total liabilities                                                                                            |  |      | 227,040   |      |   | 402,627  
|                                                                                                             |  |      |           |      |   |          
|                                                                                                             |  |     
|UNITHOLDERS CAPITAL (Net Asset Value)                                                                       |  |      |           |      |   |          
|Managing Owner  0.0000 and 413.8301 Units outstandingat December 31, 2009 and 2008, respectively            |  |      | 0         |      |   | 64,598   
|Other Unitholders  36,868.1703 and 38,805.1498 Unitsoutstanding at December 31, 2009 and 2008,
respectively |  |      | 4,441,009 |      |   | 6,057,357
|                                                                                                             |  |      |           |      |   |          
|                                                                                                             |  |     
|Total unitholders capital(Net Asset Value)                                                                  |  |      | 4,441,009 |      |   | 6,121,955
|                                                                                                             |  |      |           |      |   |          
|                                                                                                             |  |     
|Total liabilities and unitholders capital                                                                   |  | $    | 4,668,049 |      | $ | 6,524,582
|                                                                                                             |  |      |           |      |   |          

Net Asset Value per Other Unitholders and
Managing Owner Unit



|             |        |      |   |        |  |   |       
|------------ | ------ | ---- | - | ------ |  | - | ------
|December 31,
|2009         |        | 2008 |   | 2007  
|$            | 120.46 |      | $ | 156.10 |  | $ | 120.83
|             |        |      |   |        |  |   |       

See accompanying notes.

-3-



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KENMAR GLOBAL TRUST

CONDENSED SCHEDULES OF INVESTMENTS

December 31, 2009 and 2008







|                                                              |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|------------------------------------------------------------- |  | ----------------------------------------------------- | -- |  | ---------------------------------------- | ------- | - | ----------------------------------------------------- | ----- | -- | ---------------------------------------- | - | ------- | -
|                                                              |  | 2009                                                  |    |  | 2008                                     |        
|                                                              |  | NetUnrealizedGain (Loss)as a % ofUnitholders Capital |    |  | Net        Unrealized        Gain (Loss) |         |   | NetUnrealizedGain (Loss)as a % ofUnitholders Capital |       |    | Net        Unrealized        Gain (Loss) |  
|OPEN FUTURES CONTRACTS                                        |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|OPEN LONG FUTURES CONTRACTS                                   |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|Description                                                   |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|Commodities                                                   |  | 0.38                                                  | %  |  | $                                        | 16,964  |   |                                                       | 0.07  | %  |                                          | $ | 4,203   |  
|Currency                                                      |  | (0.38                                                 | )% |  |                                          | (16,696 | ) |                                                       | 0.50  | %  |                                          |   | 30,403  |  
|Energy                                                        |  | (0.07                                                 | )% |  |                                          | (3,297  | ) |                                                       | 0.00  | %  |                                          |   | 0       |  
|Interest rates                                                |  | (0.86                                                 | )% |  |                                          | (38,042 | ) |                                                       | 1.97  | %  |                                          |   | 120,632 |  
|Metals                                                        |  | 1.57                                                  | %  |  |                                          | 69,632  |   |                                                       | (0.48 | )% |                                          |   | (29,181 | )
|Stock index                                                   |  | 0.84                                                  | %  |  |                                          | 37,382  |   |                                                       | 0.00  | %  |                                          |   | 0       |  
|                                                              |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|Unrealized gain on openlong futures contracts                 |  | 1.48                                                  | %  |  | $                                        | 65,943  |   |                                                       | 2.06  | %  |                                          | $ | 126,057 |  
|                                                              |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|OPEN SHORT FUTURES CONTRACTS                                  |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|Description                                                   |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|Commodities                                                   |  | (0.09                                                 | )% |  | $                                        | (3,894  | ) |                                                       | 0.10  | %  |                                          | $ | 5,878   |  
|Currency                                                      |  | 0.87                                                  | %  |  |                                          | 38,763  |   |                                                       | (0.06 | )% |                                          |   | (3,848  | )
|Energy                                                        |  | 0.00                                                  | %  |  |                                          | 0       |   |                                                       | (0.02 | )% |                                          |   | (1,110  | )
|Interest rates                                                |  | 0.27                                                  | %  |  |                                          | 12,135  |   |                                                       | (0.47 | )% |                                          |   | (28,628 | )
|Metals                                                        |  | (1.02                                                 | )% |  |                                          | (45,602 | ) |                                                       | 1.97  | %  |                                          |   | 120,963 |  
|Stock index                                                   |  | 0.10                                                  | %  |  |                                          | 4,350   |   |                                                       | (0.06 | )% |                                          |   | (3,657  | )
|Other                                                         |  | 0.01                                                  | %  |  |                                          | 530     |   |                                                       | 0.00  | %  |                                          |   | 0       |  
|                                                              |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|Unrealized gain on openshort futures contracts                |  | 0.14                                                  | %  |  | $                                        | 6,282   |   |                                                       | 1.46  | %  |                                          | $ | 89,598  |  
|                                                              |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|Unrealized gain on openfutures contracts, net                 |  | 1.62                                                  | %  |  | $                                        | 72,225  |   |                                                       | 3.52  | %  |                                          | $ | 215,655 |  
|                                                              |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|OPEN FORWARD CURRENCY CONTRACTS                               |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|Description                                                   |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|Long forward currency contracts                               |  | (0.16                                                 | )% |  | $                                        | (7,146  | ) |                                                       | 0.00  | %  |                                          | $ | 0       |  
|Short forward currency contracts                              |  | 0.30                                                  | %  |  |                                          | 13,474  |   |                                                       | (0.01 | )% |                                          |   | (747    | )
|                                                              |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  
|                                                              |  |                                                       |    | 
|Unrealized gain (loss) on open forwardcurrency contracts, net |  | 0.14                                                  | %  |  | $                                        | 6,328   |   |                                                       | (0.01 | )% |                                          | $ | (747    | )
|                                                              |  |                                                       |    |  |                                          |         |   |                                                       |       |    |                                          |   |         |  

See accompanying notes.

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KENMAR GLOBAL TRUST

STATEMENTS OF OPERATIONS

For the Years Ended December 31, 2009, 2008 and 2007







|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|-------------------------------------------------------------------------- |  | ---- | ---------- | - | ---- | - | ---------- | ---- |  | - | --------- | -
|                                                                           |  | 2009 |            |   | 2008 |   |            | 2007 | 
|NET INCOME (LOSS) FROM TRUST OPERATIONSTRADING GAINS (LOSSES)              |  |      |            |   |      |   |            |      |  |   |           |  
|Realized                                                                   |  | $    | (477,753   | ) |      | $ | 2,305,368  |      |  | $ | 1,435,267 |  
|Change in unrealized                                                       |  |      | (136,355   | ) |      |   | (19,809    | )    |  |   | (164,575  | )
|Brokerage commissions                                                      |  |      | (37,756    | ) |      |   | (27,375    | )    |  |   | (43,168   | )
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|Net gain (loss) from trading                                               |  |      | (651,864   | ) |      |   | 2,258,184  |      |  |   | 1,227,524 |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|NET INVESTMENT LOSS                                                        |  |      |            |   |      |   |            |      |  |   |           |  
|INCOME                                                                     |  |      |            |   |      |   |            |      |  |   |           |  
|Interest income                                                            |  |      | 19,345     |   |      |   | 107,398    |      |  |   | 192,282   |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|EXPENSES                                                                   |  |      |            |   |      |   |            |      |  |   |           |  
|Managing Owner brokerage commissions                                       |  |      | 499,763    |   |      |   | 509,815    |      |  |   | 449,909   |  
|Managing Owner incentive fees                                              |  |      | 0          |   |      |   | 39,409     |      |  |   | 0         |  
|Advisor profit shares                                                      |  |      | 0          |   |      |   | 416,492    |      |  |   | 223,383   |  
|Operating expenses                                                         |  |      | 201,716    |   |      |   | 164,650    |      |  |   | 135,644   |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|Total expenses                                                             |  |      | 701,479    |   |      |   | 1,130,366  |      |  |   | 808,936   |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|Net investment loss                                                        |  |      | (682,134   | ) |      |   | (1,022,968 | )    |  |   | (616,654  | )
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|NET INCOME (LOSS) FROM TRUST OPERATIONS                                    |  |      | (1,333,998 | ) |      |   | 1,235,216  |      |  |   | 610,870   |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|NET INCOME (LOSS) ALLOCATED FROM KMP FUTURESFUND I LLC:                    |  |      |            |   |      |   |            |      |  |   |           |  
|REVENUES                                                                   |  |      |            |   |      |   |            |      |  |   |           |  
|Realized                                                                   |  |      | (15,088    | ) |      |   | 313,729    |      |  |   | 208,212   |  
|Change in unrealized                                                       |  |      | (8,259     | ) |      |   | (7,948     | )    |  |   | 59,180    |  
|Interest income                                                            |  |      | 37         |   |      |   | 17,246     |      |  |   | 76,299    |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|Total revenues (losses)                                                    |  |      | (23,310    | ) |      |   | 323,027    |      |  |   | 343,691   |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|EXPENSES                                                                   |  |      |            |   |      |   |            |      |  |   |           |  
|Brokerage commissions and other transaction fees                           |  |      | 279        |   |      |   | 2,103      |      |  |   | 7,803     |  
|Management fees                                                            |  |      | 4,592      |   |      |   | 26,273     |      |  |   | 39,147    |  
|Advisor profit shares                                                      |  |      | 201        |   |      |   | 60,623     |      |  |   | 43,943    |  
|Operating expenses                                                         |  |      | 1,949      |   |      |   | 9,349      |      |  |   | 8,979     |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|Total expenses                                                             |  |      | 7,021      |   |      |   | 98,348     |      |  |   | 99,872    |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|NET INCOME (LOSS) ALLOCATED FROMKMP FUTURES FUND I LLC                     |  |      | (30,331    | ) |      |   | 224,679    |      |  |   | 243,819   |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|NET INCOME (LOSS)                                                          |  | $    | (1,364,329 | ) |      | $ | 1,459,895  |      |  | $ | 854,689   |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|NET INCOME (LOSS) PER WEIGHTED AVERAGEUNITHOLDERS AND MANAGING OWNER UNIT  |  |      |            |   |      |   |            |      |  |   |           |  
|Net income (loss) per weighted averageUnitholders and Managing Owner Unit  |  | $    | (35.70     | ) |      | $ | 34.81      |      |  | $ | 16.98     |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  
|                                                                           |  |      |           
|Weighted average number of Unitholders andManaging Owner Units outstanding |  |      | 38,218     |   |      |   | 41,939     |      |  |   | 50,332    |  
|                                                                           |  |      |            |   |      |   |            |      |  |   |           |  

See accompanying notes.

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KENMAR GLOBAL TRUST

STATEMENTS OF CHANGES IN UNITHOLDERS CAPITAL

For the Years Ended December 31, 2009, 2008 and 2007







|                                               |  |                      |   |  |                      |         |   |                      |   |            |       |  |   |            |  
|---------------------------------------------- |  | -------------------- | - |  | -------------------- | ------- | - | -------------------- | - | ---------- | ----- |  | - | ---------- | -
|                                               |  |                      |   |  | Unitholders Capital |        
|                                               |  | Total Number ofUnits |   |  | Managing      Owner  |         |   | Other    Unitholders |   |            | Total | 
|Unitholders capital atDecember 31, 2006       |  | 56,092.2509          |   |  | $                    | 72,800  |   |                      | $ | 5,729,070  |       |  | $ | 5,801,870  |  
|                                               |  |                      |   | 
|Redemptions                                    |  | (11,710.2297         | ) |  |                      | (13,810 | ) |                      |   | (1,280,287 | )     |  |   | (1,294,097 | )
|                                               |  |                      |   | 
|Net income for the yearended December 31, 2007 |  |                      |   |  |                      | 7,927   |   |                      |   | 846,762    |       |  |   | 854,689    |  
|                                               |  |                      |   |  |                      |         |   |                      |   |            |       |  |   |            |  
|                                               |  |                      |   | 
|Unitholders capital atDecember 31, 2007       |  | 44,382.0212          |   |  |                      | 66,917  |   |                      |   | 5,295,545  |       |  |   | 5,362,462  |  
|                                               |  |                      |   | 
|Redemptions                                    |  | (5,163.0413          | ) |  |                      | (18,660 | ) |                      |   | (681,742   | )     |  |   | (700,402   | )
|                                               |  |                      |   | 
|Net income for the yearended December 31, 2008 |  |                      |   |  |                      | 16,341  |   |                      |   | 1,443,554  |       |  |   | 1,459,895  |  
|                                               |  |                      |   |  |                      |         |   |                      |   |            |       |  |   |            |  
|                                               |  |                      |   | 
|Unitholders capital atDecember 31, 2008       |  | 39,218.9799          |   |  |                      | 64,598  |   |                      |   | 6,057,357  |       |  |   | 6,121,955  |  
|                                               |  |                      |   | 
|Redemptions                                    |  | (2,350.8096          | ) |  |                      | (60,418 | ) |                      |   | (256,199   | )     |  |   | (316,617   | )
|                                               |  |                      |   | 
|Net loss for the yearended December 31, 2009   |  |                      |   |  |                      | (4,180  | ) |                      |   | (1,360,149 | )     |  |   | (1,364,329 | )
|                                               |  |                      |   |  |                      |         |   |                      |   |            |       |  |   |            |  
|                                               |  |                      |   | 
|Unitholders capital atDecember 31, 2009       |  | 36,868.1703          |   |  | $                    | 0       |   |                      | $ | 4,441,009  |       |  | $ | 4,441,009  |  
|                                               |  |                      |   |  |                      |         |   |                      |   |            |       |  |   |            |  

See accompanying notes.

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KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2009







|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 will terminate on December 31, 2026 unless terminated sooner as provided in the Fifth Amended and Restated
Declaration of Trust and Trust Agreement (the Trust Agreement). The Fund is a multi-strategy commodity pool which trades in United States (U.S.) and foreign futures, options, forward currency and related markets. Since
September 30, 2009, the Funds assets have been managed solely by Transtrend B.V. (Transtrend) as a managed account via their Diversified Trend Program.

Effective January 1, 2007, the Fund contributed a portion of its net assets to KMP Futures Fund I LLC (formerly known
as WCM Pool LLC) (the Company) and received a voting membership interest in the Company. The Company was formed to function as an aggregate trading vehicle and engages in the speculative trading of futures, forward and option
contracts. Effective September 30, 2009, the Fund fully redeemed its membership interest from the Company.

Effective May 5, 2009, Preferred Investment Solutions Corp. changed its name to Kenmar Preferred Investments Corp. (Preferred or the Managing Owner). Preferred or Managing Owner refers to either
Preferred Investment Solutions Corp. or Kenmar Preferred Investments Corp., depending on the applicable period discussed. As the Funds Managing Owner, Preferred conducts and manages the business of the Fund. Preferred also had been delegated
administrative authority over the operations of the Company. The financial statements of the Company, including the condensed schedules of investments, are included in Section II of these financial statements and should be read in conjunction with
the Funds financial statements.

Should the Managing Owner make a determination that the Funds
aggregate net assets in relation to its operating expenses make it unreasonable or imprudent to continue the business of the Fund, or, in exercise of its reasonable discretion, if the aggregate Net Asset Value of the fund as of the close of business
on any business day declines below $250,000, the Managing Owner may dissolve the Fund.

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KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31,
2009







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



| | B. | Regulation
| | -- | ----------

As a registrant with the Securities and Exchange Commission (SEC), 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 (CFTC), an agency of the U.S. government which regulates most aspects of the commodity futures industry; rules of the
National Futures Association (NFA), an industry self-regulatory organization; and the requirements of the various commodity exchanges where the Fund and Company execute or executed transactions. Additionally, the Fund and Company
are subject to the requirements of the Futures Commission Merchants and interbank market makers through which the Fund and Company trade or traded.



| | C. | Basis of Accounting
| | -- | -------------------

The financial statements of the Fund are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Such principles require
Preferred to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.

Commodity futures and forward
transactions are reflected in the accompanying statements of financial condition on the trade date. Net unrealized gain or loss on open contracts (the difference between contract trade price and market price) is offset when reflected in the
financial statements since the contracts are executed with the same counter party under a master netting arrangement. The market value of each contract is based upon the closing quotation on the exchange, clearing firm or bank on, or through, which
the contract is traded. Any change in net unrealized gain or loss during the current period is reported in the statement of operations. Realized gains and losses on commodity transactions are recognized in the period in which the contracts are
closed. Brokerage commissions paid directly to brokers are reflected as brokerage commissions in the statements of operations, include exchange and other trading fees, and are charged to expense when incurred.

The weighted average number of Units outstanding was computed for purposes of disclosing net income (loss) per weighted
average Unit. The weighted average number of Units is equal to the number of Units outstanding at year end, adjusted proportionately for Units subscribed and redeemed based on their respective time outstanding during such year.

For the years ended December 31, 2009, 2008, and 2007, the Fund indirectly earned income or loss through its
investment in the Company (See Note 5).

The Fund has elected not to provide a Statement of Cash Flows since
substantially all of the Funds investments are highly liquid and carried at fair value, the Fund has little or no debt and a Statement of Changes in Unitholders Capital is provided.

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KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31,
2009







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



| | C. | Basis of Accounting (Continued)
| | -- | -------------------------------



Consistent with standard business practices in the normal course of business, the Fund has provided general indemnifications
to the Managing Owner, its commodity trading advisors and others when they act, in good faith, in the best interests of the Fund. The Fund is unable to develop an estimate of the maximum potential amount of future payments that could potentially
result from any hypothetical future claim, but expects the risk of having to make any payments under these general business indemnifications to be remote.

The Fund accounts for financial assets and liabilities using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels:
quoted market prices in active markets for identical assets and liabilities (Level 1), inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly (Level 2), and unobservable inputs for the
asset or liability (Level 3).

The Fund considers prices for exchange traded commodity futures and options
contracts to be based on quoted prices in active markets for identical assets (Level 1). The values of forwards, swaps and certain options contracts for which market quotations are not readily available are priced by third party data providers such
as Bloomberg, Reuters, and or Super Derivatives who derive fair values for those assets from models with observable inputs (Level 2). There are no Level 3 investments on December 31, 2009 or 2008.

The following table summarizes the assets and liabilities measured at fair value using the fair value hierarchy:



December 31, 2009

Level 1

Level 2


Level 3


TotalAssets:Unrealized gain on open futures contracts, net

$
72,225

$
0


$
0


$
72,225Unrealized gain on open forward currencycontracts, net

$
0

$
6,328


$
0


$
6,328December 31, 2008

Level 1

Level 2


Level 3


TotalAssets:Unrealized gain on open futures contracts, net

$
215,655

$
0


$
0


$
215,655Investment in KMP Futures Fund I LLC,at fair value

$
0

$
638,493


$
0


$
638,493Transfers in (out)

$
0

$
638,493


$
(638,493
)

$
0Liabilities:Unrealized loss on open forward currencycontracts, net

$
0

$
(747
)

$
0


$
(747
)


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KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31,
2009







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



| | C. | Basis of Accounting (Continued)
| | -- | -------------------------------



Investments classified as Level 2 at December 31, 2008 include the Funds investment in the Company which is
valued monthly at the net asset value as reported by the Company. The Companys net asset value is determined based upon its managements best estimate of the fair value of its underlying net assets, substantially all of which are
investments valued using Level 1 inputs but include certain assets and liabilities where the inputs into the determination of fair value require management judgment or estimation. The Managing Owner determined that certain of the Companys
assets and liabilities which require management judgment or estimation were not material to the Funds financial statements and therefore, the Funds investment in the Company should be classified as Level 2 at December 31, 2008.



| | D. | Recent Accounting Pronouncements
| | -- | --------------------------------

In April 2009, the Financial Accounting Standards Board (FASB) issued accounting guidance clarifying the application of Accounting Standards Codification (ASC or
Codification) Topic 820, Fair Value Measurements and Disclosures. The additional guidance provides for how the fair value of a financial asset or liability is determined when the volume and level of activity for the
asset or liability have significantly decreased and on identifying circumstances that indicate a transaction is not orderly. The guidance was effective for interim and annual periods after June 15, 2009, with early adoption permitted for
periods ending after March 15, 2009, and is to be applied prospectively. The Fund adopted the guidance effective January 1, 2009. As required, the Fund also adopted guidance relating to recognition and presentation of other-than-temporary
impairments, effective January 1, 2009. The adoption of these pronouncements did not have an impact on the Funds financial statements.

In March 2008, the FASB issued accounting guidance which established among other things, the disclosure requirements for derivative instruments and for hedging activities. The
guidance is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The Fund adopted the guidance effective January 1, 2009. The following table summarizes quantitative information
required by the guidance.

The fair value of the Funds derivatives by instrument type, as well as the
location of those instruments on the statement of financial condition as of December 31, 2009, are included in the condensed schedule of investments, all of which are deemed derivatives not designated as hedging instruments under ASC Topic 815,
Derivatives and Hedging.

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KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31,
2009







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



| | D. | Recent Accounting Pronouncements (Continued)
| | -- | --------------------------------------------



The trading revenue of the Funds derivatives by instrument type, as well as the location
of those gains and losses on the statement of operations, for the year ended December 31, 2009 is as follows:



Type of Instrument

Trading Revenue forthe Year EndedDecember 31, 2009Commodities Contracts

$
(122,740
)Currencies Contracts


(32,649
)Energy Contracts


(395,084
)Interest Rate Contracts


(255,116
)Metals Contracts


36,696Stock Indices Contracts


95,555Other Contracts


(6,465
)Forward Currency Contracts


65,695Total

$
(614,108
)Line item in Statement of OperationsRealized

$
(477,753
)Change in unrealized


(136,355
)Total

$
(614,108
)


Effective for the quarter ending June 30, 2009, the Fund adopted ASC Topic 855,
Subsequent Events, which provides guidance to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. The
adoption of ASC Topic 855 did not have a material impact on the Funds financial statements.

-11-



46



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##### Table of Contents

KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31,
2009







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



| | D. | Recent Accounting Pronouncements (Continued)
| | -- | --------------------------------------------



Effective July 1, 2009, the Fund adopted ASC Topic 105, Generally Accepted
Accounting Principles. ASC Topic 105 establishes the FASB Codification as the source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in
conformity with U.S. GAAP. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. The Codification did not change U.S. GAAP but reorganizes the existing
literature into Topics. References for FASB guidance throughout this document have been updated for the Codification.

On September 30, 2009, the FASB issued Accounting Standards Update (ASU) No. 2009-12, Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent) (ASU
2009-12). ASU 2009-12 provides guidance on measuring the fair value of certain alternative investments, and amends ASC Topic 820 to offer investors a practical means for measuring the fair value of investments in certain entities that
calculate net asset value per share and require certain disclosures. ASU 2009-12 is effective for periods ending after December 15, 2009. The adoption of ASU 2009-12 did not have an impact on the Funds financial statements.



| | E. | Cash and Cash Equivalents
| | -- | -------------------------

Cash represents amounts deposited with a bank and clearing brokers, a portion of which is restricted for purposes of meeting margin requirements, which typically range from 0% to 35% of the notional
amounts of the derivatives traded. As of December 31, 2009 and 2008, restricted cash totaled $493,598 and $401,868, respectively. The Fund receives interest on all cash balances held by the bank and clearing brokers at prevailing rates. In
addition, the Fund was allocated its pro-rata share of interest from the Company through September 30, 2009.



| | F. | Income Taxes
| | -- | ------------

The Fund is treated as a partnership for Federal income tax purposes. As such, the Fund is not required to provide for, or pay, any Federal or state income taxes. Income tax attributes that arise from its
operations are passed directly to the individual Unitholders including the Managing Owner. The Fund may be subject to other state and local taxes in jurisdictions in which it operates.

The Fund recognizes tax benefits or expenses of uncertain tax positions in the year such determination is made when the
positions are more likely than not to be sustained assuming examination by tax authorities. The Managing Owner has reviewed the Funds tax positions for all open years (after December 31, 2006) and concluded that no provision
for unrecognized tax benefits or expense is required in these financial statements. The Fund has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as interest or other expense. The 2006 through 2009
tax years generally remain subject to examination by U.S. federal and most state tax authorities.

-12-



47



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##### Table of Contents

KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31,
2009







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



| | G. | Investment in KMP Futures Fund I LLC
| | -- | ------------------------------------

The investment in the Company was reported in the Funds statements of financial condition at the net asset value as reported by the Company, which the Managing Owner considered
an appropriate estimate of fair value. The Fund recorded its proportionate share of the Companys income or loss in the statements of operations. Valuation of futures, forward and option contracts by the Company is discussed in the notes to the
Companys financial statements included in Section II of this report. Through its investment in the Company, the Fund paid its pro-rata share of the 2% annual management fee (accrued and paid monthly) and a 20% incentive fee on New High
Net Trading Profits (accrued monthly and paid quarterly) as defined in the advisory agreement through September 30, 2009.



| | H. | Profit and Loss Allocations, Distributions and Redemptions
| | -- | ----------------------------------------------------------

The Fund allocates profits and losses for both financial and tax-reporting purposes to its Unitholders monthly on a pro rata
basis based on each Unitholders number of Units outstanding during the month. Distributions (other than redemptions of Units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective
capital balances of the Unitholders. The Managing Owner has not made any distributions since inception and does not presently intend to make any distributions in the future.

Redemptions are permitted as of the last day of each month, on at least 10 days prior written notice. Redemptions are at the then current net asset value per Unit. Partial
redemptions are permitted.



| | I. | 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 statements 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 operations currently under the caption realized on the statements of operations.



| | J. | Interest Income
| | -- | ---------------

Interest income is recorded on an accrual basis.



| | K. | Redemptions Payable
| | -- | -------------------

For purposes of both financial reporting and calculation of redemption value, Net Asset Value per unit is calculated by dividing Net Asset Value by the number of outstanding investors interests.

-13-



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##### Table of Contents

KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31,
2009





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



The Managing Owner conducts and manages the business of the Fund.
Effective December 1, 2008, the Trust Agreement no longer requires the Managing Owner to maintain a capital account equal to 1% of the total capital accounts of the Fund. As such, the Managing Owner redeemed all its Units in the Fund in 2009.

The Managing Owner is paid monthly brokerage commissions (Managing Owner Brokerage
Commissions) equal to 1/12 of 10% (10% annually) of the Funds beginning of month Net Asset Value on the first $25 million of Net Asset Value and 1/12 of 9% (9% annually) of the Funds beginning of month Net Asset Value in excess
of $25 million. 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 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, as well as management fees allocated from the Company. Excluded from the Managing Owner Brokerage Commissions are the Transtrend
or Company incentive fee payments.

The Managing Owner is paid an incentive fee equal to 5% of New
Overall Appreciation (which is defined in the Trust Agreement and excludes interest income) as of each fiscal year-end and upon redemption of Units. Incentive fees earned by the Managing Owner during the years ended December 31, 2009,
2008 and 2007 were $0, $39,409, and $0, respectively, of which $0 and $39,348 were payable at December 31, 2009 and 2008, respectively.



|Note 3. | RELATED PARTIES
|------- | ---------------

The Fund reimburses the Managing Owner for services it performs for the Fund, which include, but are not limited to: management, accounting, registrar, transfer and assignment functions, investor communications, printing, and other
administrative services.

The expenses incurred by the Fund for services performed by the Managing Owner for
the Fund, for the years ended December 31, 2009, 2008 and 2007 were:



2009

2008

2007Commissions

$
499,763

$
509,815

$
449,909General and administrative


51,707


36,219


30,220$
551,470

$
546,034

$
480,129


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##### Table of Contents

KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31,
2009







|Note 3. | RELATED PARTIES (CONTINUED)
|------- | ---------------------------



Expenses payable to the Managing Owner and its affiliates (which are
included in accounts payable and other and Managing Owner brokerage commissions and other transaction fees payable on the statements of financial condition) as of December 31, 2009 and 2008 were $42,818 and $47,462, respectively.

On September 24, 2007, the Fund and the Managing Owner entered into a Purchase Agreement (the Purchase
Agreement), effective as of August 10, 2007, whereby the Managing Owner acquired all the Funds rights, title and interest to the Investment Advisory Agreement (Advisory Agreement) dated February 11, 2004,
by and between the Fund and Sentinel Management Group, Inc. (Sentinel), an SEC-registered investment adviser and a CFTC-registered futures commission merchant, and to the Funds right, title and interest to the Funds
deposits in an account (the Account) managed by Sentinel, including the Funds rights to the funds in the Account, including all claims related thereto against Sentinel (the Asset). The purchase price for
the Asset was $1,685,193 (the Purchase Price), which represented the recorded value of the Funds deposit in the Account as reported to the Fund by Sentinel at the close of business on August 10, 2007, the business day
immediately preceding the day on which withdrawals from the Account were suspended by Sentinel. The payment of the Purchase Price by the Managing Owner to the Fund was paid by a secured Demand Promissory Note (the Note) made by
the Managing Owner in favor of the Fund. The interest rate on the Note is the Wall Street Journal Prime Rate (3.25% at December 31, 2009) and resets monthly. Interest is payable monthly no later than the first business day of the subsequent
month. The Note was secured by a Security Agreement whereby the Managing Owner granted the Fund a first priority interest in the Asset to secure payment of the Note.

On June 23, 2008, the Managing Owner sold the Asset to an unrelated third party and applied the proceeds of the sale of the Asset to pay down a portion of the Note. As part of
that transaction, the Fund and the Managing Owner entered into a Release and Setoff Agreement whereby (i) the Fund released its security interest in the Asset and any appreciation and (ii) the Managing Owner agreed that in the event the
Fund demands payment of all amounts outstanding under the Note and the Managing Owner fails to pay such amount, the Fund shall have the right to set off such amount outstanding under the Note against any and all amounts due and owing then and in the
future to the Managing Owner by the Fund under the Funds Trust Agreement, including, without limitation, the Incentive Fee (as defined in the Trust Agreement) and the net portion of any brokerage commissions after payment of related expenses
until all amounts outstanding under the Note are paid in full and all other obligations have been paid or discharged.

Through June 30, 2008, the Managing Owner paid the Fund principal of $1,100,000 on the Note. No additional payments have been received from the Managing Owner through December 31, 2009, leaving $585,193 of note receivable from the
Managing Owner which is reflected on the December 31, 2009 statement of financial condition. Interest receivable from the Managing Owner on the Note as of December 31, 2009 and 2008 was $1,638 and $1,833, respectively.

Prior to February 23, 2009, any portion of the principal amount which was not demanded by the Fund prior to
August 31, 2009, would be due and payable by the Managing Owner, with all accrued and unpaid interest thereon, on August 31, 2009.

-15-



50



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##### Table of Contents

KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31,
2009







|Note 3. | RELATED PARTIES (CONTINUED)
|------- | ---------------------------



On February 23, 2009, the Managing Owner and the Fund agreed to
modify the terms of the Note such that the portion of the principal amount of the Note which has not been demanded by the Fund prior to August 31, 2010 shall be due and payable by the Managing Owner along with all accrued and unpaid interest on
August 31, 2010, unless the Managing Owner and the Fund agree to a further extension of the Note.

No
default has existed or currently exists on the note receivable from the Managing Owner. If a default existed, the note receivable from the Managing Owner in the amount of $585,193 would be offset by $28,193 of brokerage commissions payable to the
Managing Owner as of December 31, 2009.



|Note 4. | COMMODITY TRADING ADVISORS
|------- | --------------------------

The Fund has or had 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). For the years ended December 31, 2009, 2008 and 2007, incentive fees earned by various commodity trading advisors totaled $201, $477,115, and $267,326, respectively, of which $0 and $197,424 was payable at December 31, 2009 and
2008, respectively.



|Note 5. | INVESTMENT IN THE COMPANY
|------- | -------------------------

Effective January 1, 2007, the Fund invested a portion of its assets in the Company. The Fund fully redeemed its assets from the Company as of September 30, 2009. The Funds investment in
the Company represents 0.00% and 3.96% of the net asset value of the Company at December 31, 2009 and 2008, respectively. The investment in the Company was subject to the Organization Agreement of the Company.

Summarized information for the Funds investment in the Company is as follows:



Net Asset ValueDecember 31, 2008

Investments

Loss*


Redemptions


Net Asset ValueDecember 31, 2009KMP Futures Fund I LLC

$
638,493

$
0

$
(30,331
)

$
(608,162
)

$
0Net Asset ValueDecember 31, 2007

Investments

Gain*


Redemptions


Net Asset ValueDecember 31, 2008KMP Futures Fund I LLC

$
1,732,978

$
0

$
224,679


$
(1,319,164
)

$
638,493Net Asset ValueDecember 31, 2006

Investments

Gain*


Redemptions


Net Asset ValueDecember 31, 2007KMP Futures Fund I LLC

$
0

$
2,143,975

$
243,819


$
(654,816
)

$
1,732,978






| | * | Earnings include $(8,259), $(7,948) and $59,180 for the years ended December 31, 2009, 2008 and 2007, respectively, attributable to the change
in unrealized gains and losses.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The Fund had been able to make additional contributions to,
or redemptions from, the Company on a monthly basis.

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##### Table of Contents

KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31,
2009







|Note 6. | SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
|------- | --------------------------------------------



Investments in Units were made by subscription agreement, subject to
acceptance by the Managing Owner. As of February 28, 2006, the Managing Owner suspended additional contributions to the Fund. A Unitholder may request and receive redemption of Units owned, subject to restrictions in the Trust Agreement. The
Fund is not required to make distributions, but may do so at the sole discretion of the Managing Owner. The Managing Owner has not made and does not presently intend to make any distributions.



|Note 7. | DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS
|------- | -------------------------------------------

Prior to the Funds full redemption from the Company on September 30, 2009, the Funds investment in the Company was subject to the market and credit risks of the futures contracts, options
on futures contracts, forward currency contracts and other financial instruments held or sold short by the Company. The Fund bore the risk of loss only to the extent of the market value of its investments and, in certain specific circumstances,
distributions and redemptions received in respect to the Funds investment in the Company.

In addition,
the Fund has cash on deposit with financial institutions and in broker trading accounts. In the event of a financial institutions insolvency, recovery of cash on deposit may be limited to account insurance or other protection afforded such
deposits. 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.

The Fund is also exposed to various types of risks associated with the derivative instruments and related markets in which it directly invests. These risks include, but are not limited to, risk of loss
from fluctuations in the value of derivative instruments held (market risk) and the inability of counterparties to perform under the terms of the Funds investment activities (credit risk).

Market Risk

Trading in futures and forward contracts (including foreign exchange) involves entering into contractual commitments to purchase or sell a particular commodity at a specified date and price. The gross or
face amount of the contracts, which is typically many times that of the Funds net assets being traded, significantly exceeds the Funds future cash requirements since the Fund intends to close out its open positions prior to settlement.
As a result, the Fund is generally subject only to the risk of loss arising from the change in the value of the contracts. As such, the Fund considers the fair value of its derivative instruments to be the net unrealized gain or loss on the
contracts. The market risk associated with the Funds commitments to purchase commodities is limited to the gross or face amount of the contracts held. However, when the Fund enters into a contractual commitment to sell commodities, it must
make delivery of the underlying commodity at the contract price and then repurchase the contracts at prevailing market prices or settle in cash. Since the repurchase price to which a commodity can rise is unlimited, entering into commitments to sell
commodities exposes the Fund to unlimited risk.

Market risk is influenced by a wide variety of factors,
including government programs and policies, political and economic events, the level and volatility of interest rates, foreign currency exchange rates, the diversification effect among the derivative instruments the Fund holds and the liquidity and
inherent volatility of the markets in which the Fund trades.

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##### Table of Contents

KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31,
2009







|Note 7. | DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)
|------- | -------------------------------------------------------



Credit Risk

When entering into futures or forward contracts (including foreign exchange), the Fund is exposed to credit risk that the
counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and most foreign futures exchanges is the clearinghouse associated with the particular exchange. In general, clearinghouses
are backed by their corporate members who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not
backed by the clearing members (i.e., some foreign exchanges), it is normally backed by a consortium of banks or other financial institutions. On the other hand, there is concentration risk on forward transactions, entered into by the Fund as the
Funds interbank market maker, is the sole counterparty. The Fund has entered into a master netting agreement with its interbank market maker and, as a result, when applicable, presents unrealized gains and losses on open forward positions as a
net amount in the statements of financial condition. The amount at risk associated with counterparty non-performance of all of the Funds contracts is the net unrealized gain included in the statements of financial condition; however,
counterparty non-performance on only certain of the Funds contracts may result in greater loss than non-performance on all of the Funds contracts. There can be no assurance that any counterparty, clearing member or clearinghouse will
meet its obligations to the Fund.

The Managing Owner attempts to minimize both credit and market risks by
requiring the Fund and the Company to abide by various trading limitations and policies. The Managing Owner monitors compliance with these trading limitations and policies, which include, but are not limited to, executing and clearing all trades
with creditworthy counterparties; limiting the amount of margin or premium required for any one commodity or all commodities combined; and generally limiting transactions to contracts which are traded in sufficient volume to permit the taking and
liquidating of positions.

The Funds futures commission merchant, in accepting orders for the purchase
or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading and is not allowed to commingle such assets with its
other assets. At December 31, 2009 and 2008, such segregated assets totaled $1,521,992 and $3,796,610, respectively. Part 30.7 of the CFTC regulations also requires the Funds futures commission merchant to secure assets of the Fund
related to foreign futures trading which totaled $99,045 and $234,481 at December 31, 2009 and 2008, respectively. There are no segregation requirements for assets related to forward trading.

As of December 31, 2009, all of the Funds open futures contracts mature within thirty-six months.

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##### Table of Contents

KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31,
2009







|Note 8. | FINANCIAL HIGHLIGHTS
|------- | --------------------



The following information presents per Unit operating performance data
and other supplemental financial data for the years ended December 31, 2009, 2008 and 2007. This information has been derived from information presented in the financial statements.



|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|--------------------------------------------------- |  | ---- | ------ | -- | ---- | - | ------ | ---- |  | - | ------ | --
|                                                    |  | 2009 |        |    | 2008 |   |        | 2007 | 
|Per Unit Performance                                |  |      |        |    |      |   |        |      | 
|(for a Unit outstanding throughout the entire year) |  |      |        |    |      |   |        |      | 
|Net asset value per Unit at beginning of year       |  | $    | 156.10 |    |      | $ | 120.83 |      |  | $ | 103.43 |   
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|                                                    |  |      |       
|Income (loss) from operations:                      |  |      |        |    |      |   |        |      |  |   |        |   
|Gain (loss) from trading(1),(3)                     |  |      | (16.62 | )  |      |   | 62.25  |      |  |   | 30.98  |   
|Net investment loss(1),(3), (5)                     |  |      | (19.02 | )  |      |   | (26.98 | )    |  |   | (13.58 | ) 
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|                                                    |  |      |       
|Total income (loss) from operations                 |  |      | (35.64 | )  |      |   | 35.27  |      |  |   | 17.40  |   
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|                                                    |  |      |       
|Net asset value per Unit at end of year             |  | $    | 120.46 |    |      | $ | 156.10 |      |  | $ | 120.83 |   
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|                                                    |  |      |       
|Total Return                                        |  |      | (22.83 | )% |      |   | 29.19  | %    |  |   | 16.82  | % 
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|                                                    |  |      |       
|Supplemental Data                                   |  |      |        |    |      |   |        |      |  |   |        |   
|                                                    |  |      |       
|Ratios to average net asset value:(3)               |  |      |        |    |      |   |        |      |  |   |        |   
|Expenses prior to incentive fees(2)                 |  |      | 13.95  | %  |      |   | 13.03  | %    |  |   | 12.68  | % 
|Incentive fees(4)                                   |  |      | 0.00   | %  |      |   | 9.10   | %    |  |   | 4.95   | % 
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|                                                    |  |      |       
|Total expenses                                      |  |      | 13.95  | %  |      |   | 22.13  | %    |  |   | 17.63  | % 
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|                                                    |  |      |       
|Net investment loss(5)                              |  |      | (13.59 | )% |      |   | (19.93 | )%   |  |   | (12.66 | )%
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   

Total returns are calculated based on the change in value of a Unit during the year. An
individual Unitholders total returns and ratios may vary from the above total returns and ratios based on the timing of redemptions.





| | (1) | The net investment loss per Unit is calculated by dividing the net investment loss by the weighted average number of Units outstanding during the
year. The gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (2) | Excludes advisor profit shares and Managing Owner incentive fees.
| | --- | -----------------------------------------------------------------

| | (3) | Includes the Funds proportionate share of income and expenses from KMP Futures Fund I LLC for the nine months ended September 30, 2009
and for the years ended December 31, 2008 and 2007.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (4) | Incentive fees include advisor profit shares and Managing Owner incentive fees, if applicable.
| | --- | ----------------------------------------------------------------------------------------------

| | (5) | Represents interest income less total expenses (inclusive of incentive fees).
| | --- | -----------------------------------------------------------------------------



|Note 9. | SUBSEQUENT EVENTS
|------- | -----------------

From January 1, 2010 through March 23, 2010, there were redemptions of $31,237.

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54



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##### Table of Contents





SECTION II







55



---

##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

ANNUAL REPORT

December 31, 2009



56



---

##### Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Members of

KMP Futures Fund I LLC

We have audited the accompanying statements of financial condition, including the condensed schedules of
investments, of KMP Futures Fund I LLC (formerly known as WCM Pool LLC) (the Company) as of December 31, 2009 and 2008, and the related statements of operations and changes in members capital (net asset value) and the
financial highlights for each of the three years in the period ended December 31, 2009. These financial statements and the financial highlights are the responsibility of the Companys management. Our responsibility is to express an opinion
on these financial statements and financial highlights based on our audits.

We conducted our audits in
accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights
are free of material misstatement. The Company is not required to have, nor were we engaged to perform, audits of the Companys internal control over financial reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. Accordingly, we
express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of KMP Futures Fund I LLC (formerly known as WCM Pool
LLC) at December 31, 2009 and 2008, and the results of its operations and changes in its members capital (net asset value) and the financial highlights for each of the three years in the period ended December 31, 2009, in conformity
with accounting principles generally accepted in the United States of America.

Eisner LLP

New York, New York

March 23, 2010



---

##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

STATEMENTS OF
FINANCIAL CONDITION

December 31, 2009 and 2008







|                                                                                                                   |  |      |            |      |   |           
|------------------------------------------------------------------------------------------------------------------ |  | ---- | ---------- | ---- | - | ----------
|                                                                                                                   |  | 2009 |            | 2008
|ASSETS                                                                                                             |  |      |            |      |   |           
|Cash and cash equivalents (See Note 2)                                                                             |  | $    | 23,723,816 |      | $ | 19,431,990
|Interest receivable                                                                                                |  |      | 54         |      |   | 479       
|Commodity options owned, at fair value (premiumspaid $300 and $0 at December 31, 2009and 2008,
respectively)       |  |      | 60         |      |   | 0         
|Net unrealized gain on open futures contracts                                                                      |  |      | 105,410    |      |   | 269,887   
|                                                                                                                   |  |      |            |      |   |           
|                                                                                                                   |  |     
|Total assets                                                                                                       |  | $    | 23,829,340 |      | $ | 19,702,356
|                                                                                                                   |  |      |            |      |   |           
|                                                                                                                   |  |     
|LIABILITIES                                                                                                        |  |      |            |      |   |           
|Commodity options written, at fair value (premiumsreceived $600 and $0 at December 31, 2009and 2008, respectively) |  | $    | 120        |      | $ | 0         
|Accrued expenses payable                                                                                           |  |      | 135,558    |      |   | 38,738    
|Management fees payable                                                                                            |  |      | 39,943     |      |   | 66,550    
|Incentive fees payable                                                                                             |  |      | 0          |      |   | 100,116   
|Redemptions payable (includes $23,047,803 to beconverted to individual membership)                                 |  |      | 23,653,719 |      |   | 3,367,541 
|                                                                                                                   |  |      |            |      |   |           
|                                                                                                                   |  |     
|Total liabilities                                                                                                  |  |      | 23,829,340 |      |   | 3,572,945 
|                                                                                                                   |  |      |            |      |   |           
|MEMBERS CAPITAL (Net Asset Value)                                                                                 |  |      |            |      |   |           
|Member DFT I                                                                                                       |  |      | 0          |      |   | 11,561,900
|Member KGT                                                                                                         |  |      | 0          |      |   | 638,493   
|Member FST                                                                                                         |  |      | 0          |      |   | 3,929,018 
|                                                                                                                   |  |      |            |      |   |           
|                                                                                                                   |  |     
|Total members capital (Net Asset Value)                                                                           |  |      | 0          |      |   | 16,129,411
|                                                                                                                   |  |      |            |      |   |           
|                                                                                                                   |  |     
|Total liabilities and members capital                                                                             |  | $    | 23,829,340 |      | $ | 19,702,356
|                                                                                                                   |  |      |            |      |   |           

See accompanying notes.

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KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

CONDENSED
SCHEDULES OF INVESTMENTS

December 31, 2009 and 2008







|                                                                                                                   |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|------------------------------------------------------------------------------------------------------------------ |  | -------------------------------------------------- | -- |  | ---------------------------- | ------- | - | -------------------------------------------------- | ----- | -- | ------------------------ | - | -------- | -
|                                                                                                                   |  | 2009                                               |    |  | 2008                         |        
|                                                                                                                   |  | NetUnrealizedGain (Loss)as a % ofMembers Capital* |    |  | NetUnrealized    Gain (Loss) |         |   | NetUnrealizedGain (Loss)as a % ofMembers Capital* |       |    | NetUnrealizedGain (Loss) |  
|Futures Contracts                                                                                                  |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|Futures contracts purchased:                                                                                       |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|Commodities                                                                                                        |  | 0.54                                               | %  |  | $                            | 127,366 |   |                                                    | 0.00  | %  |                          | $ | 32       |  
|Currencies                                                                                                         |  | (0.36                                              | )% |  |                              | (85,037 | ) |                                                    | 0.16  | %  |                          |   | 31,725   |  
|Interest rates                                                                                                     |  | 0.01                                               | %  |  |                              | 1,441   |   |                                                    | 1.91  | %  |                          |   | 375,048  |  
|Stock indicies                                                                                                     |  | 0.50                                               | %  |  |                              | 119,001 |   |                                                    | 0.00  | %  |                          |   | 0        |  
|                                                                                                                   |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|                                                                                                                   |  |                                                    |    | 
|Net unrealized gain on futures contracts purchased                                                                 |  | 0.69                                               | %  |  |                              | 162,771 |   |                                                    | 2.07  | %  |                          |   | 406,805  |  
|                                                                                                                   |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|                                                                                                                   |  |                                                    |    | 
|Futures contracts sold:                                                                                            |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|Commodities                                                                                                        |  | (0.23                                              | )% |  |                              | (53,262 | ) |                                                    | (0.22 | )% |                          |   | (43,517  | )
|Currencies                                                                                                         |  | (0.02                                              | )% |  |                              | (4,080  | ) |                                                    | (0.48 | )% |                          |   | (92,971  | )
|Interest rates                                                                                                     |  | 0.00                                               | %  |  |                              | 1,120   |   |                                                    | (0.01 | )% |                          |   | (833     | )
|Stock indices                                                                                                      |  | 0.00                                               | %  |  |                              | (1,139  | ) |                                                    | 0.00  | %  |                          |   | 403      |  
|                                                                                                                   |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|                                                                                                                   |  |                                                    |    | 
|Net unrealized loss on futures contracts sold                                                                      |  | (0.25                                              | )% |  |                              | (57,361 | ) |                                                    | (0.71 | )% |                          |   | (136,918 | )
|                                                                                                                   |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|                                                                                                                   |  |                                                    |    | 
|Net unrealized gain on open futures contracts                                                                      |  | 0.44                                               | %  |  | $                            | 105,410 |   |                                                    | 1.36  | %  |                          | $ | 269,887  |  
|                                                                                                                   |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|                                                                                                                   |  |                                                    |    | 
|                                                                                                                   |  | Fair Valueas a % ofMembers
Capital*               |    |  | FairValue                    |         |   | Fair Valueas a % ofMembers Capital*               |       |    | FairValue                |  
|Purchased Options on Futures Contracts:                                                                            |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|Fair value on options purchased                                                                                    |  | 0.00                                               | %  |  | $                            | 60      |   |                                                    | 0.00  | %  |                          | $ | 0        |  
|                                                                                                                   |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|                                                                                                                   |  |                                                    |    | 
|Commodity options owned, at fair value (premiumspaid $300 and $0 at December 31, 2009and 2008, respectively)       |  | 0.00                                               | %  |  | $                            | 60      |   |                                                    | 0.00  | %  |                          | $ | 0        |  
|                                                                                                                   |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|                                                                                                                   |  |                                                    |    | 
|Written Options on Futures Contracts:                                                                              |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|Fair value on options written                                                                                      |  | 0.00                                               | %  |  | $                            | (120    | ) |                                                    | 0.00  | %  |                          | $ | 0        |  
|                                                                                                                   |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  
|                                                                                                                   |  |                                                    |    | 
|Commodity options written, at fair value (premiumsreceived $600 and $0 at December 31, 2009and 2008,
respectively) |  | 0.00                                               | %  |  | $                            | (120    | ) |                                                    | 0.00  | %  |                          | $ | 0        |  
|                                                                                                                   |  |                                                    |    |  |                              |         |   |                                                    |       |    |                          |   |          |  



|* | Includes redemptions payable at December 31, 2009 and 2008
|- | ----------------------------------------------------------

See accompanying notes.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

STATEMENTS OF
OPERATIONS

For the Years Ended December 31, 2009, 2008 and 2007







|                        |  |      |            |   |      |   |           |      |  |   |          
|----------------------- |  | ---- | ---------- | - | ---- | - | --------- | ---- |  | - | ---------
|                        |  | 2009 |            |   | 2008 |   |           | 2007
|REVENUES                |  |      |            |   |      |   |           |      |  |   |          
|Realized                |  | $    | (1,358,507 | ) |      | $ | 4,820,038 |      |  | $ | 2,899,882
|Change in unrealized    |  |      | (164,237   | ) |      |   | (165,096  | )    |  |   | 434,983  
|Interest income         |  |      | 1,611      |   |      |   | 241,413   |      |  |   | 804,211  
|                        |  |      |            |   |      |   |           |      |  |   |          
|                        |  |      |           
|Total revenues (losses) |  |      | (1,521,133 | ) |      |   | 4,896,355 |      |  |   | 4,139,076
|                        |  |      |            |   |      |   |           |      |  |   |          
|EXPENSES                |  |      |            |   |      |   |           |      |  |   |          
|Brokerage commissions   |  |      | 37,318     |   |      |   | 31,212    |      |  |   | 79,343   
|Management fees         |  |      | 490,573    |   |      |   | 409,728   |      |  |   | 414,865  
|Incentive fees          |  |      | 593        |   |      |   | 830,827   |      |  |   | 562,491  
|Operating expenses      |  |      | 361,860    |   |      |   | 141,244   |      |  |   | 101,748  
|                        |  |      |            |   |      |   |           |      |  |   |          
|                        |  |      |           
|Total expenses          |  |      | 890,344    |   |      |   | 1,413,011 |      |  |   | 1,158,447
|                        |  |      |            |   |      |   |           |      |  |   |          
|                        |  |      |           
|NET INCOME (LOSS)       |  | $    | (2,411,477 | ) |      | $ | 3,483,344 |      |  | $ | 2,980,629
|                        |  |      |            |   |      |   |           |      |  |   |          

See accompanying notes.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

STATEMENTS OF
CHANGES IN MEMBERS CAPITAL (NET ASSET VALUE)

For the Years Ended December 31, 2009, 2008 and 2007







|                                                |  |                  |            |   |             |   |             |           |  |   |            |   |  |                |            |   |                |   |            |       |  |   |             |   |  |   |             |  
|----------------------------------------------- |  | ---------------- | ---------- | - | ----------- | - | ----------- | --------- |  | - | ---------- | - |  | -------------- | ---------- | - | -------------- | - | ---------- | ----- |  | - | ----------- | - |  | - | ----------- | -
|                                                |  | Members Capital |           
|                                                |  | MemberDFF LP     |            |   | MemberDFT I |   |             | MemberKGT |  |   | MemberFST  |   |  | MemberSeries D |            |   | MemberSeries F |   |            | Total | 
|Balances atJanuary 1, 2007                      |  | $                | 0          |   |             | $ | 0           |           |  | $ | 0          |   |  | $              | 0          |   |                | $ | 0          |       |  | $ | 0           |   |  | $ | 0           |  
|                                                |  |                  |            |   |             |   |            
|Additions                                       |  |                  | 3,636,165  |   |             |   | 12,966,087  |           |  |   | 2,143,975  |   |  |                | 5,002,950  |   |                |   | 0          |       |  |   | 0           |   |  |   | 23,749,177  |  
|                                                |  |                  |            |   |             |   |            
|Redemptions                                     |  |                  | (888,949   | ) |             |   | (3,353,004  | )         |  |   | (654,816   | ) |  |                | (1,682,994 | ) |                |   | 0          |       |  |   | 0           |   |  |   | (6,579,763  | )
|                                                |  |                  |            |   |             |   |            
|Net income for the year ended December 31, 2007 |  |                  | 417,962    |   |             |   | 1,442,225   |           |  |   | 243,819    |   |  |                | 876,623    |   |                |   | 0          |       |  |   | 0           |   |  |   | 2,980,629   |  
|                                                |  |                  |            |   |             |   |             |           |  |   |            |   |  |                |            |   |                |   |            |       |  |   |             |   |  |   |             |  
|                                                |  |                  |            |   |             |   |            
|Balances atDecember 31, 2007                    |  |                  | 3,165,178  |   |             |   | 11,055,308  |           |  |   | 1,732,978  |   |  |                | 4,196,579  |   |                |   | 0          |       |  |   | 0           |   |  |   | 20,150,043  |  
|                                                |  |                  |            |   |             |   |            
|Redemptions                                     |  |                  | (3,720,425 | ) |             |   | (1,479,113  | )         |  |   | (1,319,164 | ) |  |                | (985,274   | ) |                |   | 0          |       |  |   | 0           |   |  |   | (7,503,976  | )
|                                                |  |                  |            |   |             |   |            
|Net income for the yearended December 31, 2008  |  |                  | 555,247    |   |             |   | 1,985,705   |           |  |   | 224,679    |   |  |                | 717,713    |   |                |   | 0          |       |  |   | 0           |   |  |   | 3,483,344   |  
|                                                |  |                  |            |   |             |   |             |           |  |   |            |   |  |                |            |   |                |   |            |       |  |   |             |   |  |   |             |  
|                                                |  |                  |            |   |             |   |            
|Balances atDecember 31, 2008                    |  |                  | 0          |   |             |   | 11,561,900  |           |  |   | 638,493    |   |  |                | 3,929,018  |   |                |   | 0          |       |  |   | 0           |   |  |   | 16,129,411  |  
|                                                |  |                  |            |   |             |   |            
|Additions                                       |  |                  | 0          |   |             |   | 0           |           |  |   | 0          |   |  |                | 0          |   |                |   | 4,887,000  |       |  |   | 14,195,000  |   |  |   | 19,082,000  |  
|                                                |  |                  |            |   |             |   |            
|Redemptions                                     |  |                  | 0          |   |             |   | (10,687,773 | )         |  |   | (608,162   | ) |  |                | (3,637,180 | ) |                |   | (4,567,072 | )     |  |   | (13,299,747 | ) |  |   | (32,799,934 | )
|                                                |  |                  |            |   |             |   |            
|Net loss for the yearended December 31, 2009    |  |                  | 0          |   |             |   | (874,127    | )         |  |   | (30,331    | ) |  |                | (291,838   | ) |                |   | (319,928   | )     |  |   | (895,253    | ) |  |   | (2,411,477  | )
|                                                |  |                  |            |   |             |   |             |           |  |   |            |   |  |                |            |   |                |   |            |       |  |   |             |   |  |   |             |  
|                                                |  |                  |            |   |             |   |            
|Balances atDecember 31, 2009                    |  | $                | 0          |   |             | $ | 0           |           |  | $ | 0          |   |  | $              | 0          |   |                | $ | 0          |       |  | $ | 0           |   |  | $ | 0           |  
|                                                |  |                  |            |   |             |   |             |           |  |   |            |   |  |                |            |   |                |   |            |       |  |   |             |   |  |   |             |  

See accompanying notes.

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KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS

December 31, 2009







|Note 1. | ORGANIZATION
|------- | ------------



| | A. | General Description of the Company
| | -- | ----------------------------------

KMP Futures Fund I LLC, formerly known as WCM Pool LLC (the Company) prior to its change in name effective November 2, 2009, is a limited liability company organized under the
laws of Delaware on November 20, 2006 which commenced operations on January 1, 2007. The Company will terminate on December 31, 2056 unless terminated sooner under the provisions of the Organization Agreement. The
Company was formed to engage in the speculative trading of a diversified portfolio of futures contracts, options on futures contracts and forward currency contracts and may, from time to time, engage in cash and spot transactions. The fiscal year
end of the Company is December 31.

Effective May 5, 2009, Preferred Investment Solutions
Corp. changed its name to Kenmar Preferred Investments Corp. (Preferred or Managing Member). Preferred refers to either Preferred Investment Solutions Corp. or Kenmar Preferred Investments Corp., depending on
the applicable period discussed. Preferred is the managing owner of each of the Companys members, is the Managing Member of the Company, and has been delegated administrative authority over the operations of the Company.

Going into December 31, 2009, the Company consisted of four members: Diversified Futures Trust I (Member
DFT I), Futures Strategic Trust (Member FST), World Monitor Trust II Series D (Member Series D) and World Monitor Trust II Series F (Member Series F) (collectively, the
Members). On April 1, 2009, Member Series D and Member Series F received a voting membership interest in the Company. Member DFT I and Member FST have been members of the Company since 2007. Diversified Futures Fund L.P.
(Member DFF LP), also a member of the Company beginning in 2007, redeemed all of its membership interests in the Company and terminated its fund operations as of December 31, 2008. Kenmar Global Trust (Member
KGT) was a member of the Company from 2007 to September 2009. Effective September 30, 2009, Member KGT fully redeemed from the Company.

On November 2, 2009, pursuant to each Members Trust Agreement, the managing owner of the Members determined to dissolve the Members effective close of business on
December 31, 2009. Preferred also converted the Company from an aggregated trading vehicle to a direct investment vehicle and filed with the Securities Exchange Commission (SEC) to register the Company. Investors in the
Members who elected not to redeem their Interest at December 31, 2009 will receive a pro rata distribution of their Interest in the Company on December 31, 2009 and replace it with a direct ownership Interest in the Company
beginning January 1, 2010. Each Member filed with the SEC on January 5, 2010 to de-register its Interests under Section 12(g) of the Securities Exchange Act of 1934. The Members will no longer be subject to the reporting
requirements of the SEC and Commodity Futures Trading Commission (CFTC) upon their dissolution on December 31, 2009.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 1. | ORGANIZATION (CONTINUED)
|------- | ------------------------



| | A. | General Description of the Company (Continued)
| | -- | ----------------------------------------------



Upon effectiveness of its registration statement with the SEC, the Company will become a
reporting company pursuant to the Securities Exchange Act of 1934. Moreover, as a commodity pool, the Company will become subject to the record keeping and reporting requirements of the CFTC and the National Futures Association
(NFA).



| | B. | The Trading Advisor
| | -- | -------------------

The Company operates under an advisory agreement with Winton Capital Management Limited (the Trading Advisor) to make the trading decisions for the Company. The Trading Advisor manages
approximately 100% of the assets of the Company pursuant to its Diversified Program Portfolio.



|Note 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|------- | ------------------------------------------



| | A. | Basis of Accounting
| | -- | -------------------

The financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Such principles require
Preferred to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from these estimates.

Commodity futures and foreign
exchange transactions are reflected in the accompanying statements of financial condition on the trade date. Net unrealized gain or loss on open contracts (the difference between contract trade price and market price) are offset when reflected in
the financial statements since the contracts are executed with the same counter party under a master netting arrangement. The market value of futures (exchange-traded) contracts is based upon the closing quotation on the various futures exchanges on
which the contract is traded. The values which will be used by the Company for open forward and option positions will be provided by its administrator, who obtains market quotes from data vendors and third parties. Any change in net unrealized gain
or loss during the current period is reported in the statement of operations. Realized gains and losses on transactions are recognized in the period in which the contracts are closed. Brokerage commissions include other trading fees and are charged
to expense when incurred.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|------- | ------------------------------------------------------



| | A. | Basis of Accounting (Continued)
| | -- | -------------------------------



The Company has elected not to provide a Statement of Cash Flows since substantially all of the Companys investments
are highly liquid and carried at fair value, the Company has little or no debt and a statement of changes in members capital (net asset value) is provided.

Consistent with standard business practices in the normal course of business, the Company has provided general indemnifications to Preferred, its Trading Advisor and others when they
act, in good faith, in the best interests of the Company. The Company is unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim, but expects the risk of
having to make any payments under these general business indemnifications to be remote.

The Company accounts
for financial assets and liabilities using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels: quoted market prices in active markets for identical assets and liabilities (Level
1), inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly (Level 2), and unobservable inputs for the asset or liability (Level 3).

The Company considers prices for exchange traded commodity futures and options contracts to be based on quoted prices in
active markets for identical assets (Level 1). The values of forwards, swaps and certain options contracts for which market quotations are not readily available are priced by third-party data providers such as Bloomberg, Reuters, and or Super
Derivatives who derive fair values for those assets from models with observable inputs (Level 2). There are no Level 3 investments on December 31, 2009 or 2008.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|------- | ------------------------------------------------------



| | A. | Basis of Accounting (Continued)
| | -- | -------------------------------



The following table summarizes the assets and liabilities measured at fair value using the fair value hierarchy:



December 31, 2009

Level 1

Level 2


Level 3

TotalAssets:Net unrealized gain on open futures contracts

$
105,410

$
0


$
0

$
105,410Commodity options owned, at fair value

$
0

$
60


$
0

$
60Liabilities:Commodity options written, at fair value

$
0

$
(120
)

$
0

$
(120
)December 31, 2008

Level 1

Level 2


Level 3

TotalAssets:Net unrealized gain on open futures contracts

$
269,887

$
0


$
0

$
269,887




| | B. | Recent Accounting Pronouncements
| | -- | --------------------------------

In April 2009, the Financial Accounting Standards Board (FASB) issued accounting guidance clarifying the application of Accounting Standards Codification (ASC or
Codification) Topic 820, Fair Value Measurements and Disclosures. The additional guidance provides for how the fair value of a financial asset or liability is determined when the volume and level of activity for the
asset or liability have significantly decreased and on identifying circumstances that indicate a transaction is not orderly. The guidance was effective for interim and annual periods after June 15, 2009, with early adoption permitted for
periods ending after March 15, 2009, and is to be applied prospectively. The Company adopted the guidance effective January 1, 2009. As required, the Company also adopted guidance relating to recognition and presentation of
other-than-temporary impairments, effective January 1, 2009. The adoption of these pronouncements did not have an impact on the Companys financial statements.

In March 2008, the FASB issued accounting guidance which established among other things, the disclosure requirements for derivative instruments and for hedging activities. The
guidance is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The Company adopted the guidance effective January 1, 2009. The following table summarizes quantitative
information required by the guidance.

The fair value of the Companys derivatives by instrument type,
as well as the location of those instruments on the statement of financial condition as of December 31, 2009 are included in the condensed schedule of investments, all of which are deemed derivatives not designated as hedging instruments under
ASC Topic 815, Derivatives and Hedging.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|------- | ------------------------------------------------------



| | B. | Recent Accounting Pronouncements (Continued)
| | -- | --------------------------------------------



The trading revenue of the Companys derivatives by instrument type, as well as the
location of those gains and losses on the statement of operations, for the year ended December 31, 2009 is as follows:



Type of Instrument

Trading Revenue forthe Year
EndedDecember 31, 2009Commodities contracts

$
(350,083
)Currencies contracts


(253,143
)Interest rate contracts


(409,170
)Stock indices contracts


(517,936
)Purchased options on futures contracts


(6,867
)Written options on futures contracts


14,455Total

$
(1,522,744
)Line item in Statement of OperationsRealized

$
(1,358,507
)Change in unrealized


(164,237
)Total

$
(1,522,744
)


Effective for the quarter ending June 30, 2009, the Company adopted ASC Topic
855, Subsequent Events which provides guidance to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued or are available to be issued.
The adoption of ASC Topic 855 did not have a material impact on the Companys financial statements.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|------- | ------------------------------------------------------



| | B. | Recent Accounting Pronouncements (Continued)
| | -- | --------------------------------------------



Effective July 1, 2009, the Company adopted ASC Topic 105, Generally Accepted
Accounting Principles. ASC Topic 105 establishes the FASB Accounting Standards Codification as the source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial
statements in conformity with U.S. GAAP. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. The Codification did not change U.S. GAAP but reorganizes
the existing literature into Topics. References for FASB guidance throughout this document have been updated for the Codification.

On September 30, 2009, the FASB issued Accounting Standards Update (ASU) No. 2009-12, Fair Value Measurements and Disclosures (Topic 820), Investments in Certain Entities That
Calculate Net Asset Value per Share (or its Equivalent) (ASU 2009-12). ASU 2009-12 provides guidance on measuring the fair value of certain alternative investments, and amends ASC Topic 820 to offer investors a practical means for
measuring the fair value of investments in certain entities that calculate net asset value per share and require certain disclosures. ASU 2009-12 is effective for periods ending after December 15, 2009, and early adoption is permitted. The
adoption of ASU 2009-12 did not have an impact on the Companys financial statements.



| | C. | Cash and Cash Equivalents
| | -- | -------------------------

Cash represents amounts deposited with a bank and clearing broker, a portion of which is restricted for purposes of meeting margin requirements, which typically range from 0% to 35% of the notional
amounts of the derivatives traded. As of December 31, 2009 and 2008, restricted cash totaled $1,628,359 and $670,420, respectively. The Company receives interest at prevailing interest rates on all cash balances held by the clearing broker and
bank.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|------- | ------------------------------------------------------



| | D. | Income Taxes
| | -- | ------------

The Company is treated as a partnership for Federal income tax purposes. As such, the Company is not required to provide for, or pay, any Federal or state income taxes. Income tax attributes that arise
from its operations are passed directly to the Members. The Company may be subject to other state and local taxes in jurisdictions in which it operates.

The Company recognizes tax benefits or expenses of uncertain tax positions in the year such determination is made when the positions are more likely than not to be
sustained assuming examination by tax authorities. The Managing Member has reviewed the Companys tax positions for all open years (after December 31, 2006) and concluded that no provision for unrecognized tax benefits or expense is
required in these financial statements. The Company has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as interest or other expense. The 2006 through 2009 tax years generally remain subject to
examination by U.S. federal and most state tax authorities.



| | E. | Capital Accounts
| | -- | ----------------

The Company accounts for subscriptions, allocations and redemptions on a per member capital account basis.

The Company allocates profits and losses, prior to calculation of the incentive fee, for both financial and tax reporting purposes to its Members monthly on a pro rata basis based on each Members
pro rata capital in the Company during the month. Each Member is then charged with the applicable incentive fee. Distributions (other than redemptions of capital) may be made at the sole discretion of the Members on a pro rata basis in accordance
with the Members respective capital balances. The Company has not and does not presently intend to make any distributions.



| | F. | Foreign Currency Transactions
| | -- | -----------------------------

The Company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 statements of financial condition. Income and expense items denominated in currencies other than U.S. dollars 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 operations currently under the caption realized in the statements of operations.



| | G. | Interest Income
| | -- | ---------------

Interest income is recorded on an accrual basis.



| | H. | Redemptions Payable
| | -- | -------------------

For purposes of both financial reporting and calculation of redemption value, Net Asset Value is calculated per each members capital account balance after allocations of net income (loss) to such
members account.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 3. | FEES (SEE NOTE 10)
|------- | ------------------



| | A. | Operating Expenses
| | -- | ------------------

Operating expenses of the Company are paid for by the Company.



| | B. | Management and Incentive Fees
| | -- | -----------------------------

The Company pays the Trading Advisor a management fee at an annual rate of 2% of the Companys Net Assets determined as of the close of business each month. For purposes of determining the management
fee, any distributions, redemptions or reallocation of assets made as of the last day of the month shall be added back to the assets and there shall be no reduction for (i) the management fees calculated or (ii) any accrued but unpaid
incentive fees due the Trading Advisor.

Additionally, the Company pays the Trading Advisor a quarterly
incentive fee of 20% (the Incentive Fee) of New High Net Trading Profits (as defined in the Advisory Agreement). For the years ended December 31, 2009, 2008 and 2007, the Trading Advisor earned incentive fees of
$593, $830,827 and $562,491, respectively, of which $0 and $100,116 remained payable at December 31, 2009 and 2008, respectively.



| | C. | Commissions
| | -- | -----------

The Company is obligated to pay all floor brokerage expenses, give-up charges and National Futures Association clearing and exchange fees incurred in connection with the Companys commodity trading
activities.



|Note 4. | RELATED PARTIES
|------- | ---------------

The Company reimburses Preferred for services it performs for the Company, which include, but are not limited to: management, accounting, printing, and other administrative services.

The expenses incurred by the Company for services performed by Preferred for the Company for the years ended
December 31, 2009, 2008 and 2007 were:



|                           |  |      |        |      |   |        |  |   |  
|-------------------------- |  | ---- | ------ | ---- | - | ------ |  | - | -
|                           |  | 2009 |        | 2008 |   | 2007  
|General and administrative |  | $    | 71,528 |      | $ | 24,350 |  | $ | 0
|                           |  |      |        |      |   |        |  |   |  

Expenses payable to Preferred and its
affiliates (which are included in accrued expenses payable on the statements of financial condition) as of December 31, 2009 and 2008 were $28,601 and $7,480, respectively.



|Note 5. | INCOME TAXES
|------- | ------------

There have been no differences between the tax basis and book basis of assets, liabilities or members capital since inception of the Company.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 6. | DEPOSITS WITH COMMODITY BROKER, PRIME BROKER AND BANK
|------- | -----------------------------------------------------



The Company deposits funds with a commodity broker subject to CFTC
regulations and various exchange and commodity broker requirements. Margin requirements are satisfied by the deposit of cash with such commodity broker. The Company earns interest income on assets deposited with the commodity broker.

The Company also deposits funds with a prime broker. Margin requirements are satisfied by the deposit of cash with such
prime broker. The Company earns interest income on assets deposited with its prime broker. The Company also earns interest on funds deposited with JP Morgan Chase Bank Nassau branch.



|Note 7. | SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
|------- | --------------------------------------------

Through December 31, 2009, investments in the Company were made subject to the terms of the Organization Agreement.

The Company was not required to make distributions, but could do so at the discretion of the Members. A Member was able to request and receive redemption of capital, subject to the
terms in the Organization Agreement.



|Note 8. | DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS
|------- | -------------------------------------------

The Company has cash on deposit with financial institutions. In the event of a financial institutions insolvency, recovery of cash on deposit may be limited to account insurance or other protection
afforded such deposits.

The Company is exposed to various types of risks associated with the derivative
instruments and related markets in which it invests. These risks include, but are not limited to, risk of loss from fluctuations in the value of derivative instruments held (market risk) and the inability of counterparties to perform under the terms
of the Companys investment activities (credit risk).

Market Risk

Trading in futures and forward contracts (including foreign exchange) involves entering into contractual commitments to
purchase or sell a particular commodity at a specified date and price. The gross or face amount of the contracts, which is typically many times that of the Companys net assets being traded, significantly exceeds the Companys future cash
requirements since the Company intends to close out its open positions prior to settlement. As a result, the Company is generally subject only to the risk of loss arising from the change in the value of the contracts. As such, the Company considers
the fair value of its derivative instruments to be the net unrealized gain or loss on the contracts.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 8. | DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)
|------- | -------------------------------------------------------



Market Risk (Continued)

The market risk associated with the Companys commitments to purchase commodities is limited to the gross or face
amount of the contract held. However, when the Company enters into a contractual commitment to sell commodities, it must make delivery of the underlying commodity at the contract price and then repurchase the contract at prevailing market prices or
settle in cash. Since the repurchase price to which a commodity can rise is unlimited, entering into commitments to sell commodities exposes the Company to unlimited risk. In addition, as both a buyer and seller of options, the Company 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 Company to potentially unlimited liability, and purchased options expose the Company to a
risk of loss limited to the premiums paid.

Market risk is influenced by a wide variety of factors, including
government programs and policies, political and economic events, the level and volatility of interest rates, foreign currency exchange rates, the diversification effect among the derivative instruments the Company holds and the liquidity and
inherent volatility of the markets in which the Company trades.

Credit Risk

When entering into futures, forward and option contracts, the Company is exposed to credit risk that the counterparty to the
contract will not meet its obligations. The counterparty for futures contracts traded on United States and most foreign futures exchanges is the clearinghouse associated with the particular exchange. In general, clearinghouses are backed by its
corporate members who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing
members (i.e., some foreign exchanges), it is normally backed by a consortium of banks or other financial institutions. On the other hand, there is concentration risk on forward transactions entered into by the Company, as the Companys forward
broker is the sole counterparty. The Company has entered into a master netting agreement with its forward broker and, as a result, when applicable, presents unrealized gains and losses on open forward positions as a net amount in the statements of
financial condition. The amount at risk associated with counterparty non-performance of all of the Companys contracts is the net unrealized gain or loss included in the statements of financial condition; however, counterparty non-performance
on only certain of the Companys contracts may result in greater loss than non-performance on all of the Companys contracts. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to
the Company.

Preferred attempts to minimize both credit and market risks by requiring the Company and its
Trading Advisor to abide by various trading limitations and policies. Preferred monitors compliance with these trading limitations and policies, which include, but are not limited to, executing and clearing all trades with creditworthy
counterparties; limiting the amount of margin or premium required for any one commodity or all commodities combined; and generally limiting transactions to contracts which are traded in sufficient volume to permit the taking and liquidating of
positions.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 8. | DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)
|------- | -------------------------------------------------------

Credit Risk (Continued)



Additionally, pursuant to the Advisory Agreement among the Company,
Preferred and the Trading Advisor, the Company shall automatically terminate the Trading Agreement, if the net asset value allocated to the Trading Advisor declines by 40% from the value at the beginning of any year or since the effective date of
the Advisory Agreement. The decline in net asset value is after giving effect for distributions, subscriptions and redemptions.

The Companys futures commission merchant, in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as
belonging to the Company all assets of the Company relating to domestic futures trading and is not allowed to commingle such assets with its other assets. At December 31, 2009 and 2008, such segregated assets totaled $19,213,546 and
$12,595,893, respectively, which are included in cash and cash equivalents on the statements of financial condition. Part 30.7 of the CFTC regulations also requires the Companys futures commission merchant to secure assets of the Company
related to foreign futures trading which totaled $163,718 and $1,274,591 at December 31, 2009 and 2008, respectively. There are no segregation requirements for assets related to forward trading.

As of December 31, 2009, all open futures contracts mature within twenty-four months.

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 9. | FINANCIAL HIGHLIGHTS
|------- | --------------------



The following information presents the financial
highlights of the Company for the years ended December 31, 2009, 2008 and 2007. This information has been derived from information presented in the financial statements.



December 31, 2009


December 31, 2008Member    DFT I(5)


Member    KGT(6)


Member    FST(5)


MemberSeries D(5), (7)


MemberSeries F(5),(7)


Member   DFF LP(5)


Member    DFT I


Member    KGT


Member    FSTTotal return(1), (4)Total return beforeincentive fee

(8.03
)%

(7.78
)%

(8.03
)%

(6.53
)%

(6.53
)%

23.44
%

23.44
%

23.44
%

23.44
%Incentive fee

0.01
%

0.01
%

0.01
%

0.00
%

0.00
%

(4.69
)%

(4.69
)%

(4.69
)%

(4.69
)%Total return afterincentive fee

(8.02
)%

(7.77
)%

(8.02
)%

(6.53
)%

(6.53
)%

18.75
%

18.75
%

18.75
%

18.75
%Ratios to averagenet asset values:Expenses prior toincentive fee(2)

3.61
%

3.27
%

3.60
%

3.80
%

3.79
%

2.92
%

2.91
%

3.06
%

2.92
%Incentive fee(1)

0.00
%

0.07
%

0.01
%

0.00
%

0.00
%

4.15
%

4.09
%

4.92
%

4.18
%Total expenses andincentive fee

3.61
%

3.34
%

3.61
%

3.80
%

3.79
%

7.07
%

7.00
%

7.98
%

7.10
%Net investmentloss(2),(3)

(3.60
)%

(3.26
)%

(3.59
)%

(3.79
)%

(3.79
)%

(1.71
)%

(1.72
)%

(1.66
)%

(1.71
)%


Total returns are calculated based on the change in the value of Members
capital during the year. An individual Members total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions.





| | (1) | Not annualized.
| | --- | ---------------

| | (2) | Annualized.
| | --- | -----------

| | (3) | Represents interest income less total expenses (exclusive of incentive fee).
| | --- | ----------------------------------------------------------------------------

| | (4) | Includes realized and unrealized gains (losses) on securities transactions.
| | --- | ---------------------------------------------------------------------------

| | (5) | Member DFF LPs ratios to average net asset values for the year ended December 31, 2008, and Members DFT I, FST, Series D and Series
Fs ratios to average net asset values for the year ended December 31, 2009 were calculated prior to their liquidating redemptions from the Company.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (6) | Member KGT redeemed all of its membership interest in the Company as of September 30, 2009 and calculated all its ratios to average net asset
values prior to its liquidating redemptions from the Company.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (7) | Member Series D and Member Series F contributed their net assets to the Company effective April 1, 2009.
| | --- | --------------------------------------------------------------------------------------------------------

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 9. | FINANCIAL HIGHLIGHTS (CONTINUED)
|------- | --------------------------------



December 31, 2007MemberDFF LP


MemberDFT I


MemberKGT


MemberFST(5)Total return(1), (4)Total return beforeincentive fee

15.84
%

15.84
%

15.84
%

26.12
%Incentive fee

(2.43
)%

(2.42
)%

(2.51
)%

(4.92
)%Total return afterincentive fee

13.41
%

13.42
%

13.33
%

21.20
%Ratios to averagenet asset values:Expenses prior toincentive fee(2)

2.93
%

2.92
%

2.92
%

2.97
%Incentive fee(1)

2.21
%

2.18
%

2.30
%

4.26
%Total expenses andincentive fee

5.14
%

5.10
%

5.22
%

7.23
%Net investmentincome(2),(3)

1.00
%

1.01
%

1.07
%

1.05
%


Total returns are calculated based on the change in value of Members capital
during the period. An individual Members total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions.





| | (1) | Not annualized.
| | --- | ---------------

| | (2) | Annualized.
| | --- | -----------

| | (3) | Represents interest income less total expenses (exclusive of incentive fee).
| | --- | ----------------------------------------------------------------------------

| | (4) | Includes realized and unrealized gains on securities transactions.
| | --- | ------------------------------------------------------------------

| | (5) | Member FST contributed its net assets to the Company effective April 1, 2007.
| | --- | -----------------------------------------------------------------------------

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##### Table of Contents

KMP FUTURES FUND I LLC

(formerly known as WCM POOL LLC)

NOTES TO FINANCIAL
STATEMENTS (CONTINUED)

December 31, 2009







|Note 10. | SUBSEQUENT EVENTS
|-------- | -----------------



In connection with the change of name and change to a direct investment vehicle (See Note 1A), management and incentive fees
will continue to be calculated by the Company once it converts to a direct investment vehicle. In addition, administrative services fees payable to Preferred and any expense caps, if applicable, that were previously computed by each of the Members
will be calculated by the Company beginning January 1, 2010. The Companys management fees to Preferred (previously administrative services fees) and expense cap will both be calculated on the net assets of the Company at rates of 6.00%
and 1.50% per annum, respectively. Investors will continue to be able to redeem their units on a monthly basis with the proper redemption notification.

From January 1, 2010 through March 23, 2010, the Company had subscriptions received of $23,047,803 and paid redemptions of $513,870.

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##### Table of Contents

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 25thday of March, 2010.



|                                                                                                                                                                                                           |  |                                                           |  |  |  |                      |  | 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------- |  |  |  | -------------------- |  | 
|                                                                                                                                                                                                           |  | KENMAR GLOBAL TRUST                                      
|                                                                                                                                                                                                           | 
|By:                                                                                                                                                                                                        |  | Kenmar Preferred Investments Corp. Managing Owner        
|                                                                                                                                                                                                           |  |                                                           | 
|                                                                                                                                                                                                           |  | By: /s/ David K. Spohr                                    |  |  |  | Date: March 25, 2010
|                                                                                                                                                                                                           |  | David K. Spohr                                            |  |  |  |                     
|                                                                                                                                                                                                           |  | Senior Vice President and Director of Fund Administration
|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 in the capacities indicated on March 25, 2010.
|                                                                                                                                                                                                           |  | KENMAR GLOBAL TRUST                                      
|                                                                                                                                                                                                           | 
|By:                                                                                                                                                                                                        |  | Kenmar Preferred Investments Corp. Managing Owner        
|                                                                                                                                                                                                           |  |                                                           | 
|                                                                                                                                                                                                           |  | By: /s/ Kenneth A. Shewer                                 |  |  |  | Date: March 25, 2010
|                                                                                                                                                                                                           |  | Kenneth A. Shewer                                         |  |  |  |                     
|                                                                                                                                                                                                           |  | Co-Chief Executive Officer                                |  |  |  |                     
|                                                                                                                                                                                                           |  | (Principal Executive Officer)                             |  |  |  |                     
|                                                                                                                                                                                                           |  |                                                           | 
|                                                                                                                                                                                                           |  | By: /s/ David K. Spohr                                    |  |  |  | Date: March 25, 2010
|                                                                                                                                                                                                           |  | David K. Spohr                                            |  |  |  |                     
|                                                                                                                                                                                                           |  | Senior Vice President and Director of Fund Administration
|                                                                                                                                                                                                           |  | (Principal Financial/Accounting Officer)                  |  |  |  |                     



76