UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                 ------------
                                   FORM 10-K
                                 ------------


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

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


                  For the fiscal year ended December 31, 2004

                        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      (I.R.S. Employer Identification No.)
    Incorporation or Organization)


                   c/o Preferred Investment Solutions Corp.
                               51 Weaver Street
                         Building One South, 2nd Floor
                         Greenwich, Connecticut 06831
            -------------------------------------------------------
              (Address of Principal Executive Offices) (Zip Code)

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

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

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

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

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

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

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

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


<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                               Page
                                                                                                               ----
<S>                                                                                                               <C>
PART I

 ITEM 1. BUSINESS.................................................................................................1

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

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

 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF UNITHOLDERS...........................................................6

PART II

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED UNITHOLDER
           MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES......................................................7

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

 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
           AND RESULTS OF OPERATIONS..............................................................................8

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.............................................................10

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
           ACCOUNTING AND FINANCIAL DISCLOSURE...................................................................11

 ITEM 9A. CONTROLS AND PROCEDURES................................................................................12

 ITEM 9B. OTHER INFORMATION......................................................................................12

PART III

 ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.....................................................12

 ITEM 11. EXECUTIVE COMPENSATION.................................................................................15

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
            MANAGEMENT AND RELATED UNITHOLDER MATTERS............................................................16

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.........................................................16

 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.................................................................17

PART IV

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.............................................................17

SIGNATURES

</TABLE>


                                                          i
<PAGE>


                                    PART I

ITEM 1.  BUSINESS

     (a)  General Development of Business:

     Kenmar Global Trust (the "Fund") is a Delaware business trust that
operates as a commodity investment pool. The Fund was formed on July 17, 1996
and commenced trading on May 22, 1997. The Fund maintains its principal office
at 51 Weaver Street, Building One South, 2nd Floor, Greenwich, Connecticut
06831, with a telephone number of (203) 861-1000. The proceeds of the offering
of the Units are used by the Fund to engage in the speculative trading of
futures, forward, options and related contracts through allocating such
proceeds to multiple commodity trading advisors (the "Advisors"). The assets
of the Fund are deposited with commodity brokers and interbank dealers
(collectively, the "Clearing Brokers") in trading accounts established by the
Fund for the Advisors and are used by the Fund as margin to engage in trading.

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

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

     The Fund itself does not have any employees. Rather, Preferred employs 38
persons (as of December 31, 2004) and provides the Fund with the services of
research, client support (marketing) and management information systems and
analysis personnel to conduct its operational activities.

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

     (b)  Financial Information about Industry Segments:

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

     (c)  Narrative Description of Business:


General
-------

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


<PAGE>


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

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


Advisor Summaries
-----------------

     Set forth below is a brief description of the portfolio of core-Advisors
trading for the Fund as of December 31, 2004.

Graham Capital Management, L.P.

     Graham Capital Management, L.P. ("GCM") was organized as a Delaware
limited partnership in May 1994. The general partner of GCM is KGT, Inc., a
Delaware corporation of which Kenneth G. Tropin is the President and sole
shareholder. The limited partner of GCM is KGT Investment Partners, L.P., a
Delaware limited partnership of which KGT, Inc. is also a general partner and
in which Mr. Tropin is the principal investor. KGT, Inc. and KGT Investment
Partnership, L.P. are registered principals of GCM. (KGT, Inc. and KGT
Investment Partners, L.P. are not affiliated with Preferred, the Fund or any
other company affiliated or related to Preferred or the Fund.) GCM became
registered as a commodity pool operator and commodity trading advisor under
the Commodity Exchange Act and a member of the National Futures Association on
July 27, 1994. The registration of GCM with the CFTC and its membership in the
National Futures Association must not be taken as an indication that any such
agency or self-regulatory body has recommended or approved GCM.

     The current program used by GCM on behalf of the Fund is the K4 Program
at 150% Leverage ("150% Leverage"). The Fund may also elect to have GCM
utilize the K4 Program at Standard Leverage ("Standard Leverage") on behalf of
the Fund. The Fund will not invest in both the Standard Leverage program and
the 150% Leverage program simultaneously.

     GCM is an investment manager that actively trades worldwide on a 24-hour
basis in the equity, fixed income, currency and commodity markets utilizing
securities, futures, forwards and other financial instruments. GCM offers
clients various systematic and discretionary global macro trading programs and
a long-short equity program. GCM uses systematic trading programs or models to
produce trading signals on a largely automated basis when applied to market
data. GCM also manages discretionary trading programs for which trades are
determined subjectively on the basis of its traders' assessment of market
conditions rather than through application of an automated system. GCM's
long-short equity program applies a mean reversion strategy to several hundred
large capitalization stocks. The investment objective of each GCM trading
strategy is to provide clients with significant potential for capital
appreciation in both rising and falling markets during expanding and
recessionary economic cycles.

Grinham Managed Funds Pty Ltd.

     Grinham Managed Funds Pty Ltd. ("Grinham") is an Australian commodity
trading advisor licensed as a futures Broker by the Australian Securities
Commission and was registered as a commodity trading advisor and was approved
for membership in the NFA on February 26, 1997. Grinham utilizes an automated,
technical trading system. The basic premise of the system is that markets
incorporate a random and non-random component. The


                                      2
<PAGE>


Grinham system is designed to identify when markets begin to move in a
non-random fashion and to generate orders to profit from non-random price
movements. The registration of Grinham with the CFTC and its membership in the
National Futures Association must not be taken as an indication that any such
agency or self-regulatory body has recommended or approved Grinham.

     Grinham trades the Diversified Managed Accounts Program on behalf of the
Fund.

     Grinham trades 45 markets across 7 countries, incorporating most of the
major stock indices, interest rates, currency and commodities markets. Risk
control is a major fundamental of the system, utilizing diversification to
limit the risk of any single trade to less than 0.1% of the assets under
management although Grinham cannot ensure that the risk or any one trade will
not exceed this amount.

Transtrend B.V.

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

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

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

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


Use of Proceeds
---------------

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

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

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

     Although the percentages set forth below may vary substantially over
time, as of December 31, 2004 the Fund estimates:


                                      3
<PAGE>


     (i) up to approximately 70% of the Net Asset Value of the Fund is placed
with the Clearing Brokers in the form of cash or U.S. Treasury bills to margin
positions of all commodities combined. Such funds will be segregated pursuant
to CFTC rules;

     (ii) approximately 30% of the Net Asset Value of the Fund is maintained
in cash management, bank deposits or U.S. Treasury and U.S. Government
Agencies issues.

     Fund assets maintained in bank deposits are currently maintained with
Brown Brothers Harriman & Co. in New York, New York and Georgetown, Grand
Cayman Island. Sentinel Management Group, Inc., a registered investment
adviser, will be responsible for the cash management activities of the Fund,
including investing in U.S. Treasury and U.S. Government Agencies issues.

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

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


Breakeven Table as of December 31, 2004
---------------------------------------

The "Breakeven Table" below indicates the approximate percentage and dollar
returns required for the redemption value of an initial $5,000 investment in
the Units to equal the amount originally invested twelve months after issuance
(assuming the Units are purchased on and after June 1, 2004 and redeemed on
the 10th through the 12th month-end following sale and, therefore, are subject
to a 0.875% redemption charge).

The "Breakeven Table," as presented, is an approximation only and may be
affected to a certain extent as the size of the Fund exceeds $25 million. The
Fund's capitalization does not directly affect the level of its charges as a
percentage of Net Asset Value, other than (i) administrative expenses (which
are assumed in the "Breakeven Table" to equal the maximum estimated percentage
of the Fund's average beginning of month Net Assets) and (ii) Brokerage
Commissions, as described further in footnote 3. See "Description of Current
Charges" below for an explanation of these charges.


<TABLE>
<CAPTION>
                                                "Breakeven Table"

-------------------------------------------------------------- ------------------------- -----------------------------
                        Expenses (1)                              Percentage Return             Dollar Return
                    Which must Be Offset                               Required                    Required
                       To "Breakeven"                            First Twelve Months           ($5,000 Initial
                                                                    of Investment                Investment)
                                                                                             First Twelve Months
                                                                                                of Investment
-------------------------------------------------------------- ------------------------- -----------------------------
<S>                                                                     <C>                         <C>
Brokerage Commissions (2) (3)                                           10.00%                      $500.00
-------------------------------------------------------------- ------------------------- -----------------------------
Administrative Expenses (4)                                             0.75%                        $37.50
-------------------------------------------------------------- ------------------------- -----------------------------
Advisors' Profit Shares (5)                                             2.00%                       $100.00
-------------------------------------------------------------- ------------------------- -----------------------------
Preferred Incentive Fee (6)                                             0.044%                        $2.20
-------------------------------------------------------------- ------------------------- -----------------------------
Redemption Charge (7)(8)(9)                                             0.883%                       $44.15
-------------------------------------------------------------- ------------------------- -----------------------------
Interest Income (10)                                                   (1.25)%                      $(62.50)
-------------------------------------------------------------- ------------------------- -----------------------------
Return on $5,000 initial investment required for                       12.427%                      $621.35
"breakeven" if Units are redeemed on or before the
12th month-end following sale.
-------------------------------------------------------------- ------------------------- -----------------------------

</TABLE>

                                      4
<PAGE>


Notes to "Breakeven Table"

(1)  The foregoing break-even analysis assumes that the Units have a constant
     month-end Net Asset Value. Calculations are based on $5,000 as the Net
     Asset Value per Unit. See "Description of Current Charges" below for an
     explanation of the expenses included in the "Breakeven Table."
(2)  Paid to Preferred each month. Preferred pays all floor brokerage,
     exchange, clearing and NFA fees, selling compensation, trailing
     commissions and Advisors' Consulting Fees from this amount.
(3)  Effective March 1, 2004, once Net Assets reach $25 million, the annual
     Brokerage Commission rate will be reduced to a blended rate for all Net
     Assets based on 10% of the first $25 million and 9% on any Net Assets
     over that amount. A reduction in the annual Brokerage Commission rate
     will reduce the percentage return required to breakeven.
(4)  Administrative expenses are paid as incurred. For this "Breakeven Table"
     such expenses are at historical amounts.
(5)  Profit Shares are calculated quarterly on the basis of each Advisor's
     individual performance, not the overall performance of the Fund.
     Consequently, it is not possible to determine the amount of Profit
     Shares, if any, that would be payable in a "breakeven" year. Preferred
     believes that 2.00% of average beginning of month Net Assets is a
     reasonable estimate for such Profit Shares, but the actual Profit Shares
     paid in a "breakeven" year could substantially exceed such estimate.
(6)  No Incentive Fee might, in fact, be due. See "Description of Current
     Charges -- Profit Shares and Incentive Fees" below. However, for purposes
     of the "Breakeven Table," the Incentive Fee has been estimated at 5% of
     the 0.883% gain referred to below.
(7)  Redemption charges for purposes of this "breakeven" analysis equal 0.883%
     of the initial $5,000 (0.875% of the $5,044.15 Net Asset Value required
     so that after subtraction of the 0.875% redemption charge, the investor
     would receive net redemption proceeds of $5,000).
(8)  For the purposes of this Breakeven Table, it has been assumed that Units
     have been purchased on or after June 1, 2004 and the redemption charge is
     based on the applicable redemption charge for Units redeemed on the 10th
     through 12th month-end. For Units redeemed on the 1st through 3rd
     month-end the redemption charge would be 3.5%; for Units redeemed on the
     4th through 6th month-end the redemption charge would be 2.625%; and for
     Units redeemed on the 7th through 9th month-end the redemption charge
     would be 1.75%.
(9)  Units purchased from March 1 through and including May 1, 2004 are
     subject to the same redemption fee schedule described in the immediately
     preceding footnote, except that such Units are subject to a 3% redemption
     charge for Units redeemed on the 1st month-end through the 3rd month-end
     after sale. Units purchased prior to March 1, 2004, remain subject to
     redemption charges and may only be redeemed beginning on or after the end
     of the sixth month after sale. Through the end of the twelfth and
     eighteenth full months after their sale, Units purchased prior to March
     1, 2004 will be subject to redemption charges equal to 3% and 2%,
     respectively, of the Net Asset Value per Unit as of the date of
     redemption. For the purposes of the Breakeven Table the applicable
     redemption charge for Units redeemed as of the twelfth month-end would be
     3% and therefore the percentage return required to breakeven would be
     14.65%.
(10) Interest income is estimated based on current rates.

<TABLE>
<CAPTION>

Description Of Current Charges
------------------------------

Recipient                    Nature Of Payment                  Amount Of Payment

<S>                          <C>                                <C>
Preferred                    Brokerage Commissions              Flat-rate monthly commissions of 0.83% of the Fund's
                                                                beginning of month Net Assets (a 10% annual rate).
                                                                Once Net Assets reach $25 million, the annual
                                                                Brokerage Commission rate will be reduced to a blended
                                                                rate for all Net Assets based on 10% of the first $25
                                                                million and 9% on any Net Assets over that amount.
                                                                Such commissions cover all floor brokerage, exchange,
                                                                clearing and NFA fees incurred in the Fund's trading.

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

Advisors                     Profit Shares                      Paid by the Fund on a quarterly basis (although
                                                                accrued against Net Asset Value per Unit monthly).
                                                                Each Advisor's Profit Share is determined based on any
                                                                New Trading Profit (as defined) generated by such
                                                                Advisor. New Trading Profit in respect of each
                                                                Advisor's account is calculated after reduction for
                                                                Brokerage Commissions at an annual rate of 1.5% -
                                                                5.0%, rather than at a 10% annual rate (or, if Net
                                                                Assets exceed $25 million, at the blended rate of 10%


                                                          5
<PAGE>


                                                                for the first $25 million and 9% on any Net Assets
                                                                over that amount), and execution costs actually
                                                                incurred (other than floor brokerage, exchange,
                                                                clearing and NFA fees). New Trading Profit is not
                                                                reduced by any Incentive Fee, administrative expenses
                                                                or organizational and initial offering costs (or
                                                                extraordinary expenses). The Profit Shares are payable
                                                                separately to each Advisor based on its individual
                                                                performance, not overall profits of the Fund. Units
                                                                may be subject to reduction for Profit Shares
                                                                attributable to a particular Advisor even though the
                                                                Net Asset Value per Unit has declined from the
                                                                purchase price of such Units.

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

Third Parties                Operating, Selling and             Paid as incurred; not anticipated to exceed 0.75% of
                             Administrative costs (including    the Fund's average beginning of month Net Assets per year.
                             miscellaneous execution costs)

</TABLE>

Regulation
----------

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

ITEM 2.  PROPERTIES

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

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

ITEM 3.  LEGAL PROCEEDINGS

There are no material proceedings pending to which the Fund or Preferred is a
party or of which any of their properties is the subject.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF UNITHOLDERS

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


                                       6
<PAGE>


                                   PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED
         UNITHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
         SECURITIES

Related Unitholder Matters
--------------------------

     (a)  Market Information:

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

     (b)  Holders:

(1) As of December 31, 2004, there were 802 holders of Units, including
Preferred and the Advisors. As of December 31, 2004, Marc S. Goodman owned
52.8321 Units in his individual retirement account, Kenneth A. Shewer owned
50.2517 Units in his individual retirement account and Preferred owned
2,409.1584 Units.

     (c)  Dividends:

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

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

(1) Not applicable.

Reg. S-K Item 701(a)
--------------------

During the fourth quarter of 2004, 1,993.6880 Units were sold for a total of
$209,815.

ITEM 6.  SELECTED FINANCIAL DATA

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

<TABLE>
<CAPTION>

                                             Year ended        Year ended        Year ended       Year ended        Year ended
                                              12/31/04          12/31/03          12/31/02         12/31/01          12/31/00
                                              --------          --------          --------         --------          --------
<S>                                       <C>              <C>               <C>               <C>                <C>
Operations Data
Realized Gains (Losses)                   $   2,517,436    $   3,085,074     $   4,672,380     $   2,479,061      $   (14,413)
Change in Unrealized                           (802,457)         (25,999)          631,477          (584,140)         960,207
Interest Income                                 380,892          127,729           170,849           517,609        1,129,270
Brokerage Commissions                           264,647          232,081           184,293           239,616          312,560
Managing Owner
  Brokerage Commissions                       2,082,064        2,009,917         1,647,208         1,566,968        1,911,158
Managing Owner Incentive fee                          0                0                 0                 0                0
Advisor Profit Shares                           295,261          507,299           934,498           465,428          198,721
Operating Expenses                              163,402          153,200           139,531            99,383          132,875
Net Income (Loss)                              (709,503)         284,307         2,569,176            41,135         (480,250)


                                                                 7
<PAGE>


Net Income (Loss) Per Unit                        (3.20)            1.47             15.20              0.24            (2.29)
  (Based on Weighted Average
  Number of Units
  Outstanding)
Increase (Decrease) in Net Asset                  (2.98)            0.25             14.29             (0.53)           (2.57)
Value per Unit


                                               12/31/04          12/31/03          12/31/02         12/31/01          12/31/00
                                               --------          --------          --------         --------          --------
Financial Position Data:

Managing Owner's Capital                   $    260,285      $    257,247          $226,137         $196,966          $195,013
Other Unitholders' Capital                   22,380,314        24,274,508        19,168,078       15,928,413        17,537,051
Total Capital                                22,640,599        24,531,755        19,394,215       16,125,379        17,732,064
Net Asset Value Per Unit                         108.04            111.02           $110.77            96.48             97.01

</TABLE>

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

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

Critical Accounting Policies
----------------------------

     The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the date
of the financial statements and the reported amounts of income and expense
during the reporting period. Management believes that the estimates utilized
in preparing the financial statements are reasonable and prudent; however,
actual results could differ from those estimates. The Fund's significant
accounting policies are described in detail in Note 1 of the Financial
Statements.

     The market values of futures (exchange traded) contracts is verified by
the administrator who obtains valuation data from third party data providers
such as Bloomberg and Reuters and compares those prices with the Fund's
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
3 PM 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 unitholders.

Results of Operations
---------------------

     The Fund incurs substantial charges from the payment of Profit Shares to
the Advisors, the Incentive Fees and Brokerage Commissions to Preferred, and
operating, selling, administrative and miscellaneous execution costs.
Brokerage Commissions are payable upon the Net Asset Value of the Fund and are
payable without regard to profitability of the Fund. As a result, it is
possible that the Fund may incur a net loss when trading profits are not
substantial enough to avoid depletion of the Fund's assets from such fees and
expenses. Thus, due to the nature of the Fund's business, the success of the
Fund is dependent upon the ability of the Advisors to generate trading profits
through the speculative trading of futures, forward and option contracts
sufficient to produce capital appreciation after payment of all fees and
expenses.


                                      8
<PAGE>


     The following paragraph presents a summary of the Fund's operations for
the calendar year 2004. It is important to note, however, that (i) the
Advisors trade in various markets at different times and that prior activity
in a particular market does not mean that such markets will be actively traded
by an Advisor or will be profitable in the future and (ii) the Advisors trade
independently of each other using different trading systems and may trade
different markets with various concentrations at various times. Consequently,
the results of operations of the Fund can only be discussed in the context of
the overall trading activities of the Fund, the Advisors' trading activities
on behalf of the Fund as a whole and how the Fund has performed in the past.

     As of December 31, 2004, the Net Asset Value of the Fund was $22,640,599,
a decrease of approximately 7.71% from its Net Asset Value of $24,531,755 at
December 31, 2003. The Fund's subscriptions and redemptions for the year ended
December 31, 2004 totaled $2,935,410 and $3,956,659, respectively. For the
year ended December 31, 2004, the Fund had revenues comprised of $2,517,436 in
realized trading gains, $(802,457) in change in unrealized trading losses and
$380,892 in interest income. Total expenses and Brokerage Commissions for the
year ended December 31, 2004 were $2,805,374. The Net Loss for the year ended
December 31, 2004 was $(709,503). The Net Asset Value per Unit at December 31,
2004 decreased 2.69% from $111.02 at December 31, 2003 to $108.04 at December
31, 2004. The Fund's trading losses during 2004 resulted primarily from losses
in the indices, metals and softs sectors offset by gains in the currencies,
energy, grains and interest rate sectors.

     As of December 31, 2003, the Net Asset Value of the Fund was $24,531,755,
an increase of approximately 26.49% from its Net Asset Value of $19,394,215 at
December 31, 2002. The Fund's subscriptions and redemptions for the year ended
December 31, 2003, totaled $8,278,861 and $3,187,628, respectively. For the
year ended December 31, 2003, the Fund had revenues comprised of $3,085,074 in
realized trading gains, $(25,999) in unrealized trading losses and $127,729 of
interest income. Total expenses and Brokerage Commissions for the year ended
December 31, 2003 were $2,902,497. The Net Income for the year ended December
31, 2003 was $284,307. The Net Asset Value per Unit increased 0.23% from
$110.77 at December 31, 2002, to $111.02 at December 31, 2003. The Fund's
positive performance for the year ended December 31, 2003 resulted primarily
from currencies, global stock indices and metals.

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

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

Liquidity And Capital Resources
-------------------------------

     Units may be redeemed, at a Unitholder's option, as of the close of
business on the last day of any month. Units purchased on and after June 1,
2004 are redeemed at Net Asset Value and are subject to redemption charges as
follows: Units redeemed on the 1st month-end through the 3rd month-end after
sale are subject to a 3.5% redemption charge, Units redeemed on the 4th
month-end through the 6th month-end after sale are subject to a 2.625%
redemption charge, Units redeemed on the 7th month-end through the 9th
month-end after sale are subject to a 1.75% redemption charge and Units
redeemed on the 10th through 12th month-end after sale are subject to a 0.875%
redemption charge. After the end of the 12th month, there will be no charge
for redemptions.

     Units purchased from March 1 through and including May 1, 2004 are
subject to the same redemption fee schedule described in the immediately
preceding paragraph, except that such Units are subject to a 3% redemption
charge for Units redeemed on the 1st month-end through the 3rd month-end after
sale.


                                      9
<PAGE>


     Units purchased prior to March 1, 2004, remain subject to redemption
charges and may only be redeemed beginning on or after the end of the sixth
month after sale. Through the end of the twelfth and eighteenth full months
after their sale, Units purchased prior to March 1, 2004 will be subject to
redemption charges equal to 3% and 2%, respectively, of the Net Asset Value
per Unit as of the date of redemption.

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

     The Fund raises additional capital only through the continuous offering
of its Units. The Fund does not borrow, and sells no securities other than the
Units.

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

     With respect to the Fund's trading, in general, the Fund's Advisors will
endeavor to trade only futures, forwards and options that have sufficient
liquidity to enable them to enter and close out positions without causing
major price movements. Notwithstanding the foregoing, most United States
commodity exchanges limit the amount by which certain commodities may move
during a single day by regulations referred to as "daily price fluctuation
limits" or "daily limits." Pursuant to such regulations, no trades may be
executed on any given day at prices beyond the daily limits. If the price for
a particular contract has increased or decreased by an amount equal to the
"daily limit," positions in such futures contract can neither be taken nor
liquidated unless traders are willing to effect trades at or within the limit.
The price of a futures contract has occasionally moved the daily limit for
several consecutive days, with little or no trading, thereby effectively
preventing a party from liquidating his position. While the occurrence of such
an event may reduce or effectively eliminate the liquidity of a particular
market, it will not limit ultimate losses and may in fact substantially
increase losses because of this inability to liquidate unfavorable positions.
In addition, if there is little or no trading in a particular futures or
forward contract that the Fund is trading, whether such illiquidity is caused
by any of the above reasons or otherwise, the Fund may be unable to execute
trades at favorable prices and/or may be unable or unwilling to liquidate its
position prior to its expiration date, thereby requiring the Fund to make or
take delivery of the underlying interest of the commodity.

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

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

Off-Balance Sheet Arrangements
------------------------------

None.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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


                                      10
<PAGE>


Selected Quarterly Financial Data
---------------------------------

     The following summarized quarterly financial information presents the
results of operations for the three month periods ended March 31, June 30,
September 30 and December 31, 2004 and 2003.

<TABLE>
<CAPTION>

                                               1st Quarter      2nd Quarter        3rd Quarter      4th Quarter
                                                   2004             2004              2004              2004
                                             --------------- -----------------  ----------------  ---------------
          <S>                                   <C>              <C>                <C>              <C>
          Gain (Loss) from trading              $ 1,493,247      $(2,425,994)       $ (357,942)      $ 2,741,021
          Net Investment (Loss)                   (692,863)         (544,649)         (450,228)        (472,095)
          Net Income (Loss)                         800,384       (2,970,643)         (808,170)        2,268,926
          Net Income (Loss) per unit                   3.60           (13.03)            (3.60)            10.70

          Increase (Decrease) in Net Asset
          Value per Unit                               3.46           (13.35)            (3.66)            10.57

          Net Asset Value per Unit at end
          of period                                  114.48            101.13             97.47           108.04




                                               1st Quarter      2nd Quarter        3rd Quarter       4th Quarter
                                                   2003             2003              2003              2003
                                             --------------- -----------------  ----------------  ----------------
          Gain (Loss) from trading              $ 1,171,236         $ 916,963      $(1,028,023)       $ 1,766,818
          Net Investment (Loss)                   (657,529)         (690,854)         (517,055)         (677,249)
          Net Income (Loss)                         513,707           226,109       (1,545,078)         1,089,569
          Net Income (Loss) per unit                   2.92              1.20            (7.82)              5.11

          Increase (Decrease) in Net Asset
          Value per Unit                               2.21              0.92            (7.80)              4.92

          Net Asset Value per Unit at end
          of period                                  112.98            113.90            106.10            111.02

</TABLE>

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

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

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


                                      11
<PAGE>


ITEM 9A. CONTROLS AND PROCEDURES

     Preferred Investment Solutions Corp., the Managing Owner of the Fund,
with the participation of the Managing Owner's principal executive officer and
principal financial officer, has evaluated the effectiveness of the design and
operation of its disclosure controls and procedures with respect to the Fund
as of the end of the period covered by this annual report, and, based on their
evaluation, have concluded that these disclosure controls and procedures are
effective. There were no changes in the Managing Owner's internal controls
over financial reporting that occurred during our most recent fiscal quarter
with respect to the Fund or in other factors applicable to the Fund that have
materially affected, or are reasonably likely to materially affect, the
internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

     None.

                                   PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

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

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

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
and August 1, 1985, respectively. He has been Chairman of the Managing Owner
since February 1984. Mr. Shewer was employed by Pasternak, Baum & Co., Inc.
("Pasternak, Baum"), an international cash commodity firm, from June 1975
until September 1983. Mr. Shewer created and managed Pasternak, Baum's Grain
Logistics and Administration Department and created its Domestic Corn and
Soybean Trading Department. In 1982, Mr. Shewer became co-manager of
Pasternak, Baum's F.O.B. Corn Department. In 1983, Mr. Shewer was made Vice
President and Director of Pasternak, Baum. Mr. Shewer graduated from Syracuse
University with a B.S. degree in 1975.

Mr. Marc S. Goodman (born 1948), has been a principal, associated person and
NFA associate member of the Managing Owner since February 7, 1984, May 1, 1985
and August 1, 1985, respectively. He has been President of the Managing Owner
since February 1984. Mr. Goodman joined Pasternak, Baum in September 1974 and
was Vice President and Director from July 1981 until September 1983. While at
Pasternak, Baum, Mr. Goodman was largely responsible for business development
outside of the United States, for investment of its corporate retirement
funds, and for selecting trading personnel. Mr. Goodman has conducted
extensive business in South America, Europe and the Far East. Mr. Goodman
graduated from the Bernard M. Baruch School of Business of the City University
of New York with a B.B.A. in 1969 and an M.B.A. in 1971 in Finance and
Investments, where he was awarded an Economics and Finance Department
Fellowship from September 1969 through June 1971.

Messrs. Shewer and Goodman left Pasternak, Baum in September 1983 to form
Kenmar Advisory Corp. (now known as Preferred Investment Solutions Corp., the
Managing Owner) and they have occupied their present positions with the
Managing Owner since that time.

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 has been Chief Operating Officer
and Senior Executive Vice President of the Managing Owner since joining the
Managing Owner in July 1986. Ms. Goodman has been involved in the futures
industry since 1974. From 1974 through 1976, she was employed by


                                      12
<PAGE>


Conti-Commodity Services, Inc. and ACLI Commodity Services, Inc., in the areas
of hedging, speculative trading and tax arbitrage. In 1976, Ms. Goodman joined
Loeb Rhoades & Company, Inc. where she was responsible for developing and
managing a managed futures program which, in 1979, became the trading system
for Westchester Commodity Management, an independent commodity trading advisor
of which Ms. Goodman was a founder and principal. From 1983 through mid-1986,
Ms. Goodman was employed as a marketing executive at Commodities Corp. (USA)
of Princeton, New Jersey. Ms. Goodman was a Director of the Managed Futures
Trade Association from 1987 to 1991 and a Director of its successor
organization, the Managed Futures Association, from 1991 to 1995 (now the
Managed Funds Association). Ms. Goodman graduated from Stanford University
with a B.A. degree in 1974. Esther E. Goodman is married to Marc S. Goodman.

Mr. Braxton Glasgow III (born 1953), has been a principal, associated person,
branch manager and NFA associated person of the Managing Owner since June 21,
2001, June 21, 2001, July 13, 2004 and June 8, 2001, respectively. Mr. Glasgow
has been an Executive Vice President of the Managing Owner since joining the
Managing Owner in May 2001. Mr. Glasgow is responsible for business
development. Previously, he served as Executive Vice President, Director of
Client Services and a Principal at Chesapeake Capital Corp., a commodity
trading firm, and as Senior Managing Director at Signet Investment Banking Co.
Mr. Glasgow began his career at PricewaterhouseCoopers, where he specialized
in mergers and acquisitions and private equity, including extensive work in
Europe and the Far East. From 1994 to 1995, he was President of the Jay Group
Ltd. Mr. Glasgow received a B.S. degree in accounting from the University of
North Carolina in 1975 and is a Certified Public Accountant.

Mr. Marc J. Oppenheimer (born 1957), has been a principal of the Managing
Owner since February 16, 2005. He also serves as Executive Vice President of
Kenmar Global Investment Management, Inc. Mr. Oppenheimer served as President
and Chief Executive Officer of Crystallex International Corporation (AMEX:
KRY) from February 1995 to September 2003 and served as its Vice Chairman from
September 2003 to May 2004. He is currently a member of the Crystallex board
of directors. From December 2002 to October 2003, Mr. Oppenheimer served as a
director of IDT and currently serves as a Director for its telecom/VOIP unit
Net2Phone. From 1991 to 1994, he served as Executive Vice President and Chief
Financial Officer of Concord Camera Corp. (NASDAQ: LENS), a multi-national,
publicly traded company. From 1990 to 1991 he served as Director for
International Trade and Merchant Banking at Midlantic National Bank and from
1980 to 1985, Mr. Oppenheimer served as a lending officer in the International
Commodity Financing Division of Chase Manhattan Bank, in the capacity of
Assistant Treasurer and Second Vice President. Mr. Oppenheimer graduated with
a BS with Honors in Management and Industrial Relations from New York
University College of Business and Public Administration and an MBA with
Honors in Finance from New York University's Graduate School of Business
Administration.

Ms. Maureen D. Howley (born 1967), has been a principal of the Managing Owner
since August 11, 2003. She has been a Senior Vice President and Chief
Financial Officer of the Managing Owner since joining the Managing Owner in
July 2003. She is responsible for corporate finance and administration. From
July 2001 until July 2003, Ms. Howley was an Associate at Andor Capital
Management, LLC, an equity hedge fund company. At Andor, she was responsible
for managing the corporate accounting functions. Previously, she was the
Controller at John W. Henry & Company, Inc., a commodity trading advisor
("JWH"), where she held positions of increasing responsibility from September
1996 to July 2001. She began her career at Deloitte & Touche where she
specialized in the financial services industry. She held many positions of
increasing responsibility for seven years, and left as an Audit Senior Manager
in September 1996 to join JWH. Ms. Howley received a B.A. in Accounting from
Muhlenberg College in 1989 and designation as a Certified Public Accountant in
1990.

Mr. Lawrence S. Block (born 1967), has been a Senior Vice President and General
Counsel of the Managing Owner since joining the Managing Owner in March 2005.
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. Prior to joining Lipper &
Company, Mr. Block was a senior associate at the law firm Cadwalader,
Wickersham & Taft in New York from May 1996 through December 1997. Mr. Block
also worked as an associate at the law firm Proskauer Rose Goetz & Mendelsohn
from September 1992 through May 1996. 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


                                      13
<PAGE>


in 1992. Mr. Block's registration as a principal of the Managing Owner has
been effective since March 17, 2005. His registration as an Associated Person
of the Managing Owner is pending with the National Futures Association.

Ms. Joanne D. Rosenthal (born 1965), 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. Ms. Rosenthal has been
Senior Vice President and Director of Research of the Managing Owner since
joining the Managing Owner in October 1999. Prior to joining the Managing
Owner, Ms. Rosenthal spent nine years at The Chase Manhattan Bank, in various
positions of increasing responsibility. From July 1991 through April 1994, she
managed the Trade Execution Desk and from May 1994 through September 1999, she
was a Vice President and Senior Portfolio Manager of Chase Alternative Asset
Management, Inc. Ms. Rosenthal received a Master 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. Richard Horwitz (born 1953), Senior Vice President and Director of Risk
Management and Performance Analytics, joined the Managing Owner in 2002. In
that role, he has been developing proprietary risk transparency/risk
management systems and collaborates on manager due diligence and analytics.
Previously, Mr. Horwitz was a Principal at Capital Market Risk Advisors, Inc.,
a preeminent risk management consulting firm. For the prior eight years, he
was a Senior Research Analyst and Principal at Sanford C. Bernstein & Co.,
Inc. During the previous six years, he was a Senior Associate at Booz Allen &
Hamilton, Inc. where he focused on the financial services industries. Mr.
Horwitz received an undergraduate degree in Electrical Engineering from MIT
and a M.B.A. from the Sloan School of Management at MIT.

Mr. Peter J. Fell (born 1960), has been a Senior Vice President, Director of Due
Diligence since joining the Managing Owner in September 2004. He is
responsible for manager selection and due diligence. Mr. Fell is a member of
the Investment Committee. From 2000 through August 2004, Mr. Fell was a
founding partner and Investment Director of Starview Capital Management. Prior
to co-founding Starview Capital Management, Mr. Fell was Vice President of
Research and Product Development at Merrill Lynch Investment Partners Inc.
(MLIP). He was responsible for the investment evaluation and recommendation
process pertaining to MLIP funds and sat on MLIP's Investment Committee. Prior
to joining MLIP, Mr. Fell had been with Deutsche Bank Financial Products
Corporation for six years starting in 1989, where he was Vice President in the
over-the-counter fixed income derivatives area. From 1985 to 1989, he was
employed by Manufacturers Hanover Trust Company, ultimately holding the
position of Assistant Vice President in the Swaps and Futures Group. Mr. Fell
holds an A.B. cum laude in Music Theory and History and a M.B.A. in Finance
from Columbia University.

Ms. Melissa Cohn (born 1960), Vice President and Senior Research Analyst,
joined the Managing Owner in 1988. Her responsibilities include manager due
diligence, manager analysis, and portfolio/risk management. Ms. Cohn has been
involved in the futures industry for over 20 years. Prior to joining the
Managing Owner, she spent six years in positions of increasing responsibility
in the Commodities Division at Shearson Lehman Hutton Inc. Her experience
includes that of Sales Assistant, Assistant Commodity Trader and Trader
executing orders from numerous CTAs that traded through Shearson. Ms. Cohn
graduated from the University of Wisconsin Madison with a B.S. in Agriculture
in 1982.

Mr. James Dodd (born 1951), has been a principal, associated person and NFA
associate member of the Managing Owner since February 26, 2002, February 26,
2002 and January 2002, respectively. He has been a Managing Director of the
Managing Owner since joining the Managing Owner in January 2002. He is
responsible for structuring and marketing investment products to financial
institutions and to retail investors via the brokerage and financial
consultant channels. Earlier in his career, Mr. Dodd was a senior marketing
officer of the Capital Markets Group of Continental Bank in Chicago; President
of Signet Investment Banking in Richmond, Virginia; and Managing Director of
Financial Institutions Marketing at Chesapeake Capital, a large Richmond-based
CTA. Mr. Dodd received an AB degree from Cornell University in 1974 and a
M.B.A. degree from the University of Chicago in 1983.

Ms. Florence Y. Sofer (born 1966), has been a principal of the Managing Owner
since February 28, 2002. She has been Vice President, Investor
Relations/Communications of the Managing Owner since joining the Managing
Owner in November 2001. From 1997 to 2001, Ms. Sofer was the Vice President,
Marketing, and a Principal of JWH, where she


                                      14
<PAGE>


was responsible for strategic marketing and client communications for the firm
and its subsidiaries. From 1994 to 1997, Ms. Sofer was the Marketing Manager
at Global Asset Management ("GAM") where she was involved in the successful
development and launch of the firm's mutual fund product line. Ms. Sofer
received a B.A. degree from American University in 1988 and a M.B.A. in
Marketing from George Washington University in 1992.

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

     (c) Identification of Certain Significant Employees:
None.

     (d) Family Relationships:
Mrs. Esther Eckerling Goodman is married to Mr. Marc S. Goodman.

     (e) Business Experience:
See Item 10(a) and (b) above.

     (f) Involvement in Certain Legal Proceedings:
None.

     (g) Promoters and Control Persons:
Not applicable.

     (h) Audit Committee Financial Expert

     The Fund itself does not have any employees. Preferred acts as managing
owner of the Fund. The Board of Directors of Preferred has delegated audit
committee responsibilities to the Internal Controls and Disclosure Committee.
Maureen Howley, as Chief Financial Officer of Preferred and as a member of the
Internal Controls and Disclosure Committee, serves as the "audit committee
financial expert" for Preferred. Ms. Howley is not a member of the Board of
Directors and she is not independent of management.

     (i) Code of Ethics

     Preferred has adopted a code of ethics for its principal executive
officer, principal financial officer, principal accounting officer or
controller, and persons performing similar functions. A copy of the code of
ethics may be obtained at no charge by written request to Preferred, 51 Weaver
Street, Building One South, 2nd Floor, Greenwich, Connecticut 06831 or by
calling (203) 861-1000.

ITEM 11. EXECUTIVE COMPENSATION

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


                                      15
<PAGE>


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

Reg. S-K Item 201(d)
--------------------

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

Not applicable.

Reg. S-K Item 403
-----------------

     (a) Security Ownership of Certain Beneficial Owners:

As of December 31, 2004, no person or "group" is known to the registrant to be
the beneficial owner of more than five percent of the Units.

     (b) Security Ownership of Management:

As of December 31, 2004, the following officers of Preferred beneficially
owned the following number of Units:

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

 Marc S. Goodman                                52.8321        Less than 1%
 51 Weaver Street, Building One South
 2nd Floor
 Greenwich, Connecticut 06831
 Kenneth A. Shewer                              50.2517        Less than 1%
 51 Weaver Street, Building One South
 2nd Floor
 Greenwich, Connecticut 06831

As of December 31, 2004, Preferred has purchased and will maintain a 1%
interest in the Fund in its capacity as managing owner.

     (c) Changes in Control:

None.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     (a) Transactions with Management and Others:

See "Item 11. Executive Compensation" and "Item 12. Security Ownership of
Certain Beneficial Owners and Management." Preferred acts as managing owner
and commodity pool operator. Certain administrative services are provided by
Derivatives Portfolio Management L.L.C. The Fund pays its own administrative
expenses.

     (b) Certain Business Relationships:

None.

     (c) Indebtedness of Management:

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


                                      16
<PAGE>


     (d) Transactions with Promoters:

Not Applicable.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

     The following table sets forth information with respect to services
provided to us by Arthur F. Bell, Jr. & Associates, L.L.C., our independent
certified public accountants, for the years ended December 31, 2004 and 2003.

                                                     2004             2003

Audit Fees billed for the year ................  $    47,141      $    43,036
Audit-Related Fees ............................            0                0
Tax Fees ......................................        6,145            5,500
All Other Fees ................................            0                0

         Total                                   $    53,286       $    48,536
                                                 ===========       ===========

     (a) Audit Fees.

     Consists of aggregate fees billed to us by Arthur F. Bell, Jr. &
Associates, L.L.C. for each of the last two fiscal years for professional
services rendered for the audit of our annual financial statements, review of
our interim financial statements, and services that are normally provided in
connection with statutory or regulatory filings or engagements, including
consents and other services related to Securities and Exchange Commission
matters.

     (b) Audit-Related Fees.

     Consists of aggregate fees billed to us by Arthur F. Bell, Jr. &
Associates, L.L.C. for each of the last two fiscal years for assurance and
related services that are reasonably related to the performance of the audit
or review of our financial statements and are not reported under "Audit Fees."

     (c) Tax Fees.

     Consists of aggregate fees billed to us by Arthur F. Bell, Jr. &
Associates, L.L.C. for each of the last two fiscal years for professional
services for tax compliance, tax advice and tax planning. These services
include assistance regarding federal and state tax compliance and tax audit
issues.

     (d) All Other Fees.

     Consists of other fees billed to us by Arthur F. Bell, Jr. & Associates,
L.L.C. for each of the last two fiscal years for products and services other
than the services reported above.

                                   PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

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

<TABLE>
<CAPTION>

     1.
         <S>                                                                                                    <C>
         Independent Auditor's Report...........................................................................F-1
         Statements of Financial Condition as of December 31, 2004 and 2003 (Audited)...........................F-2
         Condensed Schedules of Investments as of December 31, 2004 and 2003 (Audited)..........................F-3
         Statements of Operations For the Years Ended December 31, 2004, 2003 and 2002 (Audited)................F-4
         Statements of Cash Flows For the Years Ended December 31, 2004, 2003 and 2002 (Audited)................F-5


                                      17
<PAGE>


         Statements of Changes in Unitholders' Capital (Net Asset Value) For the Years Ended
             December 31, 2004, 2003 and 2002 (Audited).........................................................F-6
         Notes to Financial Statements (Audited)...........................................................F-7-F-12

</TABLE>

     2. Exhibits.

Exhibit Number                     Description of Document

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

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

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

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

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

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

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

31.01             Certification of Kenneth A. Shewer, Co-Chief Executive
                  Officer, pursuant to Rules 13a-14(a) and 15d-14(a) of the
                  Securities Exchange Act of 1934.

31.02             Certification of Maureen Howley, Senior Vice President and
                  Chief Financial Officer, pursuant to Rules 13a-14(a) and
                  15d-14(a) of the Securities Exchange Act of 1934.

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

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


                                      18
<PAGE>


                                  SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized, on the 31st day of
March, 2005.



                                    KENMAR GLOBAL TRUST

                                    By: Preferred Investment Solutions Corp.,
                                    Managing Owner


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

Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated on the 31st day of March, 2005.



                                    KENMAR GLOBAL TRUST

                                    By: Preferred Investment Solutions Corp.,
                                    Managing Owner


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


                                    By: /s/Maureen Howley
                                        ----------------------------
                                        Maureen Howley
                                        Senior Vice President and Chief
                                        Financial Officer
                                        (Principal Financial and Accounting
                                        Officer for the Fund)


                                      19
<PAGE>


                              KENMAR GLOBAL TRUST

                                 ANNUAL REPORT

                               December 31, 2004


<PAGE>


            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
            -------------------------------------------------------


To the Unitholders
Kenmar Global Trust


We have audited the accompanying statements of financial condition of Kenmar
Global Trust, including the condensed schedules of investments, as of December
31, 2004 and 2003, and the related statements of operations, cash flows and
changes in unitholders' capital (net asset value) for the years ended December
31, 2004, 2003 and 2002. These financial statements are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with 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 are free of material misstatement. The Fund is not
required to have, nor were we engaged to perform, an audit of its 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 Fund's internal control
over financial reporting. Accordingly, we express no such opinion. An audit
also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Kenmar Global Trust as of
December 31, 2004 and 2003, and the results of its operations, cash flows and
changes in its net asset values for the years ended December 31, 2004, 2003
and 2002, in conformity with U.S. generally accepted accounting principles.





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


Hunt Valley, Maryland
March 9, 2005


                                     F-1
<PAGE>


                              KENMAR GLOBAL TRUST
                       STATEMENTS OF FINANCIAL CONDITION
                          December 31, 2004 and 2003
                                ---------------


<TABLE>
<CAPTION>

                                                                                       2004                  2003
                                                                                       ----                  ----
<S>                                                                                 <C>                   <C>
ASSETS
  Equity in broker trading accounts
     Cash                                                                           $16,186,328           $21,617,196
     Unrealized gain on open contracts                                                  409,172             1,082,839
                                                                                    -----------           -----------

           Deposits with brokers                                                     16,595,500            22,700,035

  Cash and cash equivalents                                                           6,613,238             2,334,203
  Unrealized (loss) on open forward currency contracts                                 (159,830)              (31,040)
  Subscriptions receivable                                                                    0                30,000
                                                                                    -----------           -----------

           Total assets                                                             $23,048,908           $25,033,198
                                                                                    ===========           ===========

LIABILITIES
  Accounts payable                                                                  $    35,826           $    50,629
  Commissions and other trading fees on open contracts                                    4,673                 4,673
  Managing Owner brokerage commissions                                                  151,310               181,331
  Advisor profit shares                                                                 123,925               156,471
  Redemptions payable                                                                    91,091               107,914
  Redemption charges payable to Managing Owner                                            1,484                   425
                                                                                    -----------           -----------

           Total liabilities                                                            408,309               501,443
                                                                                    -----------           -----------

UNITHOLDERS' CAPITAL (Net Asset Value)
  Managing Owner - 2,409.1584 and 2,317.0232 units
    outstanding at December 31, 2004 and 2003                                           260,285               257,247
  Other Unitholders - 207,148.9756 and 218,640.2418
    units outstanding at December 31, 2004 and 2003                                  22,380,314            24,274,508
                                                                                    -----------           -----------

           Total unitholders' capital
                (Net Asset Value)                                                    22,640,599            24,531,755
                                                                                    -----------           -----------

                                                                                    $23,048,908           $25,033,198
                                                                                    ===========           ===========

</TABLE>


                            See accompanying notes.


                                     F-2
<PAGE>


                              KENMAR GLOBAL TRUST
                      CONDENSED SCHEDULES OF INVESTMENTS
                          December 31, 2004 and 2003
                                ---------------

<TABLE>
<CAPTION>

                                                               2004                               2003
                                                   -----------------------------       ---------------------------
LONG FUTURES CONTRACTS
----------------------

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

<S>                                               <C>                   <C>            <C>                 <C>
           Agricultural                           $     19,225          0.08 %         $   12,694          0.05 %
           Currency                                     17,393          0.08 %            297,693          1.21 %
           Energy                                            0          0.00 %            (40,699)        (0.16)%
           Interest rate                                 4,224          0.02 %             21,480          0.09 %
           Metals                                      201,425          0.89 %            757,821          3.09 %
           Stock index                                 228,871          1.01 %            336,835          1.37 %
           Other                                             0          0.00 %               (261)         0.00 %
                                                  ------------      ----------         ----------      ----------

           Total long futures contracts           $    471,138          2.08 %         $1,385,563          5.65 %
                                                  ------------      ----------         ----------      ----------


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

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

           Agricultural                           $     30,118          0.13 %      $       7,048          0.03 %
           Currency                                     38,601          0.17 %             19,684          0.08 %
           Energy                                       77,620          0.34 %                (93)         0.00 %
           Interest rate                                11,351          0.05 %              3,069          0.01 %
           Metals                                     (221,495)        (0.97)%           (340,931)        (1.39)%
           Stock index                                   2,498          0.01 %              8,499          0.03 %
           Other                                          (659)         0.00%                   0          0.00 %
                                                  ------------      ----------         ----------      ----------

           Total short futures contracts          $    (61,966)        (0.27)%        $  (302,724)        (1.24)%
                                                  ------------      ----------         ----------      ----------

           Total futures contracts                $    409,172          1.81 %         $1,082,839          4.41 %
                                                  ============      ==========         ==========      ==========


FORWARD CURRENCY CONTRACTS

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

           Long forward currency contracts        $    168,689          0.74 %       $    (18,061)        (0.07)%
           Short forward currency contracts           (328,519)        (1.45)%            (12,979)        (0.05)%
                                                  ------------      ----------         ----------      ----------
           Total forward currency contracts       $   (159,830)        (0.71)%       $    (31,040)        (0.12)%
                                                  ============      ==========         ==========      ==========

</TABLE>


                            See accompanying notes.


                                     F-3
<PAGE>


                              KENMAR GLOBAL TRUST
                           STATEMENTS OF OPERATIONS
             For the Years Ended December 31, 2004, 2003 and 2002
                                ---------------


<TABLE>
<CAPTION>

                                                                     2004                2003               2002
                                                                     ----                ----               ----
<S>                                                               <C>                <C>                 <C>
TRADING GAINS (LOSSES)
    Realized                                                      $ 2,517,436        $ 3,085,074         $ 4,672,380
    Change in unrealized                                             (802,457)           (25,999)            631,477
    Brokerage commissions                                            (264,647)          (232,081)           (184,293)
                                                                  -----------        -----------         -----------

       Gain from trading                                            1,450,332          2,826,994           5,119,564
                                                                  -----------        -----------         -----------

NET INVESTMENT (LOSS)
  Income
    Interest income                                                   380,892            127,729             170,849
                                                                  -----------        -----------         -----------

  Expenses
    Managing Owner brokerage commissions                            2,082,064          2,009,917           1,647,208
    Advisor profit shares                                             295,261            507,299             934,498
    Operating expenses                                                163,402            153,200             139,531
                                                                  -----------        -----------         -----------

       Total expenses                                               2,540,727          2,670,416           2,721,237
                                                                  -----------        -----------         -----------

       Net investment (loss)                                       (2,159,835)        (2,542,687)         (2,550,388)
                                                                  -----------        -----------         -----------

       NET INCOME (LOSS)                                          $  (709,503)       $   284,307         $ 2,569,176
                                                                  ===========        ===========         ===========

NET INCOME (LOSS) PER UNIT
  (based on weighted average number of
  units outstanding during the year)                              $     (3.20)       $      1.47         $     15.20
                                                                  ===========        ===========         ===========

INCREASE (DECREASE) IN NET
  ASSET VALUE PER UNIT                                            $     (2.98)       $      0.25         $     14.29
                                                                  ===========        ===========         ===========

</TABLE>




                            See accompanying notes.


                                     F-4
<PAGE>


                              KENMAR GLOBAL TRUST
                           STATEMENTS OF CASH FLOWS
             For the Years Ended December 31, 2004, 2003 and 2002
                                ---------------


<TABLE>
<CAPTION>
                                                                       2004                2003               2002
                                                                       ----                ----               ----
<S>                                                                <C>                <C>                 <C>
Cash flows from (for) operating activities
  Net income    (loss)                                             $  (709,503)       $   284,307         $ 2,569,176
     Adjustments to reconcile net income (loss)
     to net cash from operating activities:
         Net change in unrealized                                      802,457             25,999            (631,477)
         Increase (decrease) in accounts payable and
            accrued expenses                                           (77,370)           152,289              54,328
                                                                   -----------        -----------         -----------

            Net cash from operating activities                          15,584            462,595           1,992,027
                                                                   -----------        -----------         -----------

Cash flows from (for) financing activities
  Addition of units                                                  2,965,410          8,248,861           3,163,416
  Offering costs paid                                                 (160,404)          (238,000)           (109,630)
  Redemption of units                                               (3,972,423)        (3,168,133)         (2,343,977)
                                                                   -----------        -----------         -----------

            Net cash from (for) financing activities                (1,167,417)         4,842,728             709,809
                                                                   -----------        -----------         -----------

Net increase (decrease) in cash and cash equivalents                (1,151,833)         5,305,323           2,701,836

Cash and cash equivalents
  Beginning of year                                                 23,951,399         18,646,076          15,944,240
                                                                   -----------        -----------         -----------

  End of year                                                      $22,799,566        $23,951,399         $18,646,076
                                                                   ===========        ===========         ===========

End of year cash and cash equivalents consists of:
  Cash in broker trading accounts                                  $16,186,328        $21,617,196         $10,076,868
  Cash and cash equivalents                                          6,613,238          2,334,203           8,569,208
                                                                   -----------        -----------         -----------

            Total end of year cash and cash
               equivalents                                         $22,799,566        $23,951,399         $18,646,076
                                                                   ===========        ===========         ===========

</TABLE>


                            See accompanying notes.


                                     F-5
<PAGE>


                              KENMAR GLOBAL TRUST
        STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)
             For the Years Ended December 31, 2004, 2003 and 2002
                                ---------------


<TABLE>
<CAPTION>

                                                                                   Unitholders' Capital
                                                      Total          --------------------------------------------------
                                                    Number of         Managing             Other
                                                      Units             Owner           Unitholders           Total
                                                      -----             -----           -----------           -----
<S>                                                <C>                  <C>             <C>                 <C>
Balances at
  December 31, 2001                                167,134.9545         $196,966        $15,928,413         $16,125,379
Net income for the year
  ended December 31, 2002                                                 30,486          2,538,690           2,569,176
Additions                                           31,247.2738                0          3,163,416           3,163,416
Redemptions                                        (23,296.6072)               0         (2,354,126)         (2,354,126)
Offering costs                                                            (1,315)          (108,315)           (109,630)
                                                   ------------         --------        -----------         -----------
Balances at
  December 31, 2002                                175,085.6211          226,137         19,168,078          19,394,215
Net income for the year
  ended December 31, 2003                                                  3,749            280,558             284,307
Additions                                           74,176.8974           30,000          8,248,861           8,278,861
Redemptions                                        (28,305.2535)               0         (3,187,628)         (3,187,628)
Offering costs                                                            (2,639)          (235,361)           (238,000)
                                                   ------------         --------        -----------         -----------
Balances at
  December 31, 2003                                220,957.2650          257,247         24,274,508          24,531,755
Net (loss) for the year
  ended December 31, 2004                                                 (5,250)          (704,253)           (709,503)
Additions                                           26,902.1150           10,000          2,925,410           2,935,410
Redemptions                                        (38,301.2460)               0         (3,956,659)         (3,956,659)
Offering costs                                                            (1,712)          (158,692)           (160,404)
                                                   ------------         --------        -----------         -----------
Balances at
  December 31, 2004                                209,558.1340         $260,285        $22,380,314         $22,640,599
                                                   ============         ========        ===========         ===========

</TABLE>


<TABLE>
<CAPTION>

                                                                        Net Asset Value Per Unit
                                                             ------------------------------------------------
                                                                              December 31,
                                                              2004                2003                2002
                                                              ----                ----                ----
                                                             <S>                 <C>                 <C>
                                                             $108.04             $111.02             $110.77
                                                             =======             =======             =======

</TABLE>


                            See accompanying notes.


                                     F-6
<PAGE>


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



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

          A.   General Description of the Fund

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


          B.   Regulation

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


          C.   Method of Reporting

               The Fund's financial statements are presented in accordance
          with accounting principles generally accepted in the United States
          of America, which require the use of certain estimates made by the
          Fund's management. Gains or losses are realized when contracts are
          liquidated. Net unrealized gain or loss on open contracts (the
          difference between contract trade price and market price) is
          reflected in the statement of financial condition in accordance with
          Financial Accounting Standards Board Interpretation No. 39 -
          "Offsetting of Amounts Related to Certain Contracts." The market
          value of futures (exchange traded) contracts is verified by the
          administrator who obtains valuation data from third party providers
          such as Bloomberg and Reuters and compares those prices with the
          Fund's 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 3 PM on the last business day of
          the reporting period. Any change in net unrealized gain or loss is
          reported in the statement of operations. Brokerage commissions paid
          directly to brokers, reflected as "brokerage commissions" in the
          statement of operations, include exchange and other trading fees and
          are charged to expense when contracts are opened.

          D.   Cash and Cash Equivalents

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

          E.   Income Taxes

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

          F.   Offering Costs

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


                                     F-7
<PAGE>


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



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

          G.   Foreign Currency Transactions

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

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

          The Managing Owner of the Fund is Preferred Investment Solutions
          Corp. (previously Kenmar Advisory Corp.), which conducts and manages
          the business of the Fund. The Declaration of Trust and Trust
          Agreement requires the Managing Owner to maintain a capital account
          equal to at least 1% of the total capital accounts of the Fund. The
          Managing Owner has agreed to maintain a net worth of not less than
          $1,000,000. At December 31, 2004, the Managing Owner has a net worth
          in excess of $1,000,000.

          Effective March 1, 2004, 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. During the period May 9, 2003 to February 28,
          2004, the Managing Owner brokerage commissions were equal to 1/12 of
          10% (10% annually) of the Fund's beginning of month Net Asset Value.
          Prior to May 9, 2003, the Managing Owner brokerage commissions were
          equal to 1/12 of 11% (11% annually) of the Fund's beginning of month
          Net Asset Value. The Managing Owner, in turn, pays substantially all
          actual costs of executing the Fund's trades, selling commissions and
          trailing commissions to selling agents, and consulting fees to the
          commodity trading advisors. Managing Owner brokerage commissions are
          reduced by brokerage commissions and other trading fees paid
          directly to brokers by the Fund. For the years ended December 31,
          2004, 2003 and 2002, brokerage commissions equated to an approximate
          round-turn equivalent rate of $58, $62 and $64, respectively. Such
          approximate round-turn equivalent brokerage commission rate will
          vary depending on the frequency of trading by the Fund's commodity
          trading advisors.

          The Managing Owner is paid an incentive fee equal to 5% of New
          Overall Appreciation (which is defined in the Declaration of Trust
          and Trust Agreement and excludes interest income) as of each fiscal
          year-end and upon redemption of Units. No incentive fee was earned
          by the Managing Owner during 2004, 2003 and 2002.

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

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


                                     F-8
<PAGE>


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



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

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

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

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

          The Fund is not required to make distributions, but may do so at the
          sole discretion of the Managing Owner. A Unitholder may request and
          receive redemption of Units owned, subject to restrictions in the
          Declaration of Trust and Trust Agreement.

          Units purchased on or after May 31, 2004 and redeemed prior to the
          end of the twelfth month after such Units are sold are subject to
          the following redemption charges paid to the Managing Owner: 3.5% of
          Net Asset Value redeemed on or after the end of the first and on or
          before the end of the third month after purchase; 2.625% of Net
          Asset Value redeemed from the beginning of the fourth and on or
          before the end of the sixth month after purchase; 1.75% of Net Asset
          Value redeemed from the beginning of the seventh and on or before
          the end of the ninth month after purchase; and 0.875% of Net Asset
          Value redeemed from the beginning of the tenth and on or before the
          end of the twelfth month after purchase.

          Units purchased on or after February 28, 2004 and prior to May 31,
          2004 and redeemed prior to the end of the twelfth month after such
          Units are sold are subject to the following redemption charges paid
          to the Managing Owner: 3% of Net Asset Value redeemed on or after
          the end of the first and on or before the end of the third month
          after purchase; 2.625% of Net Asset Value redeemed from the
          beginning of the fourth and on or before the end of the sixth month
          after purchase; 1.75% of Net Asset Value redeemed from the beginning
          of the seventh and on or before the end of the ninth month after
          purchase; and 0.875% of Net Asset Value redeemed from the beginning
          of the tenth and on or before the end of the twelfth month after
          purchase.

          Units purchased prior to February 28, 2004 may only be redeemed
          beginning on or after the end of the sixth month after sale. Such
          units redeemed on or before the end of the twelfth full calendar
          month and after the end of the twelfth full month but on or before
          the end of the eighteenth full calendar month after the date such
          Units begin to participate in the profits and losses of the Fund are
          subject to early redemption charges of 3% and 2%, respectively, of
          the Net Asset Value redeemed.

          All redemption charges are paid to the Managing Owner. Such
          redemption charges are included in redemptions in the statement of
          changes in unitholders' capital and amounted to $17,240, $1,845 and
          $4,872 during 2004, 2003 and 2002, respectively.

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

          The Fund engages in the speculative trading of U.S. and foreign
          futures contracts, options on U.S. and foreign futures contracts and
          forward currency contracts (collectively, "derivatives"). The Fund
          is exposed to both market risk, the risk arising from changes in the
          market value of the contracts, and credit risk, the risk of failure
          by another party to perform according to the terms of a contract.


                                     F-9
<PAGE>


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



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

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

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

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

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

Note 7.   GUARANTEES
          ----------

          In the normal course of business, the Fund enters into contracts and
          agreements that contain a variety of representations and warranties
          and which provide general indemnifications. The Fund's maximum
          exposure under these arrangements is unknown, as this would involve
          future claims that may be made against the Fund that have not yet
          occurred. The Fund expects the risk of any future obligation under
          these indemnifications to be remote.


                                     F-10
<PAGE>


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



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

          The following information presents per unit operating performance
          data and other supplemental financial data for the years ended
          December 31, 2004, 2003 and 2002. This information has been derived
          from information presented in the financial statements.

<TABLE>
<CAPTION>

                                                                                 2004           2003            2002
                                                                                 ----           ----            ----
           <S>                                                                  <C>            <C>             <C>
           Per Unit Performance
           (for a unit outstanding throughout the entire year)
           Net asset value per unit at beginning of year                        $111.02        $110.77         $ 96.48
                                                                                -------        -------         -------
           Income from operations:
                  Gain from trading (1)                                            7.48          14.61           30.03
                  Net investment (loss) (1)                                       (9.74)        (13.13)         (15.09)
                                                                                -------        -------         -------
                         Total income (loss) from operations                      (2.26)          1.48           14.94
                                                                                -------        -------         -------
           Offering costs (1)                                                     (0.72)         (1.23)          (0.65)
                                                                                -------        -------         -------
           Net asset value per unit at end of year                              $108.04        $111.02         $110.77
                                                                                =======        =======         =======
           Total Return                                                           (2.69)%         0.23 %         14.81 %
                                                                                =======        =======         =======
           Supplemental Data
           Ratios to average net asset value:
                  Expenses prior to advisor profit shares                         (9.56)%        (9.97)%        (10.73)%
                  Advisor profit shares                                           (1.26)%        (2.34)%         (5.61)%
                                                                                -------        -------         -------
                         Total expenses                                          (10.82)%       (12.31)%        (16.34)%
                                                                                =======        =======         =======
                  Net investment (loss) (2)                                       (7.94)%        (9.38)%         (9.71)%
                                                                                =======        =======         =======

</TABLE>

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


          ------------------------
          (1)  The net investment (loss) per unit and offering costs per unit
               are calculated by dividing the net investment (loss) and
               offering costs by the average number of units outstanding
               during the year. The gain 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.


                                     F-11
<PAGE>


<TABLE>
<CAPTION>

                                               EXHIBIT INDEX


        Exhibit Number                      Description of Document                          Page Number

             <S>                 <C>                                                             <C>
             31.01               Certification of Kenneth A. Shewer,  Co-Chief                   E-2
                                 Executive Officer, pursuant to Rules
                                 13a-14(a) and 15d-14(a) of the Securities
                                 Exchange Act of 1934.
             31.02               Certification of Maureen Howley,  Senior Vice                   E-3
                                 President   and  Chief   Financial   Officer,
                                 pursuant to Rules  13a-14(a) and 15d-14(a) of
                                 the Securities Exchange Act of 1934.
             32.01               Certification of Kenneth A. Shewer,  Co-Chief                   E-4
                                 Executive  Officer,  pursuant  to  18  U.S.C.
                                 Section  1350,  as enacted by Section  906 of
                                 The Sarbanes-Oxley Act of 2002
             32.02               Certification of Maureen Howley,  Senior Vice                   E-5
                                 President   and  Chief   Financial   Officer,
                                 pursuant  to  18  U.S.C.   Section  1350,  as
                                 enacted by Section 906 of The  Sarbanes-Oxley
                                 Act of 2002

</TABLE>


                                      E-1