KENMAR GLOBAL TRUST

ANNUAL REPORT

December 31, 2005

NATIONAL FUTURES ASSOCIATION

Chicago, Illinois 60606

Commodity Pool:

KENMAR GLOBAL TRUST

Annual Report Pursuant to Part 4 of Chapter I of

Title 17 of the Code of Federal Regulations

For the year ended December 31, 2005

Commodity Pool Operator:

Preferred
Investment Solutions Corp.

900 King Street, Suite 100

Rye Brook, New York 10573

(914) 307-7000



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KENMAR GLOBAL TRUST



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TABLE OF CONTENTS



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|                                                                                                  |  |      
|------------------------------------------------------------------------------------------------- |  | -----
|                                                                                                  |  | PAGES
|                                                                                                  | 
|Report of Independent Registered Public Accounting Firm Deloitte & Touche LLP                    |  | 1    
|                                                                                                  | 
|Report of Independent Registered Public Accounting Firm Arthur F. Bell, Jr. & Associates, L.L.C. |  | 2    
|                                                                                                  | 
|Financial Statements                                                                              |  |      
|                                                                                                  | 
|Statements of Financial Condition                                                                 |  | 3    
|                                                                                                  | 
|Condensed Schedules of Investments                                                                |  | 4    
|                                                                                                  | 
|Statements of Operations                                                                          |  | 5    
|                                                                                                  | 
|Statements of Changes in Unitholders Capital                                                     |  | 6    
|                                                                                                  | 
|Notes to Financial Statements                                                                     |  | 7 12



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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Unitholders of

Kenmar Global Trust

We have audited the accompanying statement of financial condition, including the condensed schedule of
investments, of Kenmar Global Trust (the Trust) as of December 31, 2005 and the related statements of operations and changes in Unitholders capital for the year then ended. These financial statements are the responsibility of
the Trusts management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements for the years ended December 31, 2004 and 2003, including the condensed schedule of investments
for 2004, were audited by other auditors whose report dated March 9, 2005, expressed unqualified opinions on those statements.

We conducted our audit
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 Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts internal control over financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides 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 the Trust at December 31, 2005, and the results of its operations and changes in its Unitholders capital for the year then ended in conformity with accounting principles
generally accepted in the United States of America.



|                         
|-------------------------
|/s/ Deloitte & Touche LLP

March 29, 2006



---

LOGO

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 the statements of operations and changes in unitholders capital (net asset value) for the years ended December 31, 2004 and 2003. 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 the results of its operations and changes in its net asset values for the years ended December 31, 2004 and 2003,
in conformity with U.S. generally accepted accounting principles.



|                                            
|--------------------------------------------
|/s/ Arthur F. Bell, Jr. & Associates, L.L.C.
|                                            
|Hunt Valley, Maryland                       
|March 9, 2005                               



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KENMAR GLOBAL TRUST

STATEMENTS OF FINANCIAL CONDITION

December 31, 2005 and 2004



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|                                                                                                  |  |      |            |   |      |   |            |  
|------------------------------------------------------------------------------------------------- |  | ---- | ---------- | - | ---- | - | ---------- | -
|                                                                                                  |  | 2005 |            |   | 2004 |  
|ASSETS                                                                                            |  |      |            |   |      |   |            |  
|Equity in broker trading accounts                                                                 |  |      |            |   |      |   |            |  
|Cash                                                                                              |  | $    | 6,240,328  |   |      | $ | 16,186,328 |  
|Unrealized gain (loss) on open contracts (futures)                                                |  |      | (10,809    | ) |      |   | 409,172    |  
|                                                                                                  |  |      |            |   |      |   |            |  
|Deposits with brokers                                                                             |  |      | 6,229,519  |   |      |   | 16,595,500 |  
|                                                                                                  |  |     
|Cash and cash equivalents                                                                         |  |      | 5,589,041  |   |      |   | 6,613,238  |  
|Unrealized gain (loss) on open forward currency contracts                                         |  |      | 159,599    |   |      |   | (159,830   | )
|Interest receivable                                                                               |  |      | 23,752     |   |      |   | 0          |  
|                                                                                                  |  |      |            |   |      |   |            |  
|Total assets                                                                                      |  | $    | 12,001,911 |   |      | $ | 23,048,908 |  
|                                                                                                  |  |      |            |   |      |   |            |  
|LIABILITIES                                                                                       |  |      |            |   |      |   |            |  
|Accounts payable                                                                                  |  | $    | 183,902    |   |      | $ | 35,826     |  
|Commissions and other trading fees on open contracts                                              |  |      | 2,407      |   |      |   | 4,673      |  
|Managing Owner brokerage commissions                                                              |  |      | 90,336     |   |      |   | 151,310    |  
|Advisor profit shares                                                                             |  |      | 0          |   |      |   | 123,925    |  
|Redemptions payable                                                                               |  |      | 536,584    |   |      |   | 91,091     |  
|Redemption charges payable to Managing Owner                                                      |  |      | 0          |   |      |   | 1,484      |  
|                                                                                                  |  |      |            |   |      |   |            |  
|Total liabilities                                                                                 |  |      | 813,229    |   |      |   | 408,309    |  
|                                                                                                  |  |      |            |   |      |   |            |  
|UNITHOLDERS CAPITAL (Net Asset Value)                                                            |  |      |            |   |      |   |            |  
|Managing Owner  1,193.8301 and 2,409.1584 units outstanding at December 31, 2005 and 2004        |  |      | 116,826    |   |      |   | 260,285    |  
|Other Unitholders  113,142.3012 and 207,148.9756 units outstanding at December 31, 2005 and 2004 |  |      | 11,071,856 |   |      |   | 22,380,314 |  
|                                                                                                  |  |      |            |   |      |   |            |  
|                                                                                                  |  |     
|Total unitholders capital(Net Asset Value)                                                       |  |      | 11,188,682 |   |      |   | 22,640,599 |  
|                                                                                                  |  |      |            |   |      |   |            |  
|                                                                                                  |  | $    | 12,001,911 |   |      | $ | 23,048,908 |  
|                                                                                                  |  |      |            |   |      |   |            |  

See accompanying notes.



-3-



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KENMAR GLOBAL TRUST

CONDENSED SCHEDULES OF INVESTMENTS

December 31, 2005 and 2004



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LONG FUTURES CONTRACTS



|                             |  |       |         |   |                     |       |    |       |   |                     |  |      |  
|---------------------------- |  | ----- | ------- | - | ------------------- | ----- | -- | ----- | - | ------------------- |  | ---- | -
|                             |  | 2005  |         |   | 2004                |      
|Description                  |  | Value |         |   | % of NetAsset Value |       |    | Value |   | % of NetAsset Value | 
|Agricultural                 |  | $     | 14,958  |   |                     | 0.13  | %  |       | $ | 19,225              |  | 0.08 | %
|Currency                     |  |       | (18,103 | ) |                     | (0.16 | )% |       |   | 17,393              |  | 0.08 | %
|Energy                       |  |       | 737     |   |                     | 0.01  | %  |       |   |                    |  |     | %
|Interest rate                |  |       | 16,364  |   |                     | 0.15  | %  |       |   | 4,224               |  | 0.02 | %
|Metals                       |  |       | 8,460   |   |                     | 0.08  | %  |       |   | 201,425             |  | 0.89 | %
|Stock index                  |  |       | (12,561 | ) |                     | (0.11 | )% |       |   | 228,871             |  | 1.01 | %
|Other                        |  |       | 375     |   |                     | 0.00  | %  |       |   |                    |  |     | %
|                             |  |       |         |   |                     |       |    |       |   |                     |  |      |  
|Total long futures contracts |  | $     | 10,230  |   |                     | 0.10  | %  |       | $ | 471,138             |  | 2.08 | %
|                             |  |       |         |   |                     |       |    |       |   |                     |  |      |  

SHORT FUTURES CONTRACTS



|                              |  |       |         |   |                     |       |    |       |   |          |                     |  |       |   
|----------------------------- |  | ----- | ------- | - | ------------------- | ----- | -- | ----- | - | -------- | ------------------- |  | ----- | --
|Description                   |  | Value |         |   | % of NetAsset Value |       |    | Value |   |          | % of NetAsset Value | 
|Agricultural                  |  | $     | (21,593 | ) |                     | (0.19 | )% |       | $ | 30,118   |                     |  | 0.13  | % 
|Currency                      |  |       | 979     |   |                     | 0.01  | %  |       |   | 38,601   |                     |  | 0.17  | % 
|Energy                        |  |       | 8,065   |   |                     | 0.07  | %  |       |   | 77,620   |                     |  | 0.34  | % 
|Interest rate                 |  |       | (8,490  | ) |                     | (0.08 | )% |       |   | 11,351   |                     |  | 0.05  | % 
|Metals                        |  |       | 0       |   |                     | 0.00  | %  |       |   | (221,495 | )                   |  | (0.97 | )%
|Stock index                   |  |       | 0       |   |                     | 0.00  | %  |       |   | 2,498    |                     |  | 0.01  | % 
|Other                         |  |       | 0       |   |                     | 0.00  | %  |       |   | (659     | )                   |  | 0.00  | % 
|                              |  |       |         |   |                     |       |    |       |   |          |                     |  |       |   
|Total short futures contracts |  | $     | (21,039 | ) |                     | (0.19 | )% |       | $ | (61,966  | )                   |  | (0.27 | )%
|                              |  |       |         |   |                     |       |    |       |   |          |                     |  |       |   
|Total futures contracts       |  | $     | (10,809 | ) |                     | (0.09 | )% |       | $ | 409,172  |                     |  | 1.81  | % 
|                              |  |       |         |   |                     |       |    |       |   |          |                     |  |       |   

FORWARD CURRENCY CONTRACTS



|                                 |  |       |          |   |                     |       |    |       |   |          |                     |  |       |   
|-------------------------------- |  | ----- | -------- | - | ------------------- | ----- | -- | ----- | - | -------- | ------------------- |  | ----- | --
|Description                      |  | Value |          |   | % of NetAsset Value |       |    | Value |   |          | % of NetAsset Value | 
|Long forward currency contracts  |  | $     | 311,235  |   |                     | 2.78  | %  |       | $ | 168,689  |                     |  | 0.74  | % 
|Short forward currency contracts |  |       | (151,636 | ) |                     | (1.36 | )% |       |   | (328,519 | )                   |  | (1.45 | )%
|                                 |  |       |          |   |                     |       |    |       |   |          |                     |  |       |   
|Total forward currency contracts |  | $     | 159,599  |   |                     | 1.42  | %  |       | $ | (159,830 | )                   |  | (0.71 | )%
|                                 |  |       |          |   |                     |       |    |       |   |          |                     |  |       |   

See accompanying notes.



-4-



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KENMAR GLOBAL TRUST

STATEMENTS OF OPERATIONS

For the Years Ended December 31, 2005, 2004 and 2003



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|                                                                        |  |      |            |   |      |   |            |      |  |   |            |  
|----------------------------------------------------------------------- |  | ---- | ---------- | - | ---- | - | ---------- | ---- |  | - | ---------- | -
|                                                                        |  | 2005 |            |   | 2004 |   |            | 2003 | 
|TRADING GAINS (LOSSES)                                                  |  |      |            |   |      |   |            |      |  |   |            |  
|Realized                                                                |  | $    | (415,817   | ) |      | $ | 2,517,436  |      |  | $ | 3,085,074  |  
|Change in unrealized                                                    |  |      | (100,552   | ) |      |   | (802,457   | )    |  |   | (25,999    | )
|Brokerage commissions                                                   |  |      | (156,815   | ) |      |   | (264,647   | )    |  |   | (232,081   | )
|                                                                        |  |      |            |   |      |   |            |      |  |   |            |  
|Net gain (loss) from trading                                            |  |      | (673,184   | ) |      |   | 1,450,332  |      |  |   | 2,826,994  |  
|                                                                        |  |      |            |   |      |   |            |      |  |   |            |  
|NET INVESTMENT (LOSS)                                                   |  |      |            |   |      |   |            |      |  |   |            |  
|Income                                                                  |  |      |            |   |      |   |            |      |  |   |            |  
|Interest income                                                         |  |      | 567,583    |   |      |   | 380,892    |      |  |   | 127,729    |  
|                                                                        |  |      |            |   |      |   |            |      |  |   |            |  
|Expenses                                                                |  |      |            |   |      |   |            |      |  |   |            |  
|Managing Owner brokerage commissions                                    |  |      | 1,539,835  |   |      |   | 2,082,064  |      |  |   | 2,009,917  |  
|Advisor profit shares                                                   |  |      | 63,699     |   |      |   | 295,261    |      |  |   | 507,299    |  
|Operating expenses                                                      |  |      | 143,529    |   |      |   | 163,402    |      |  |   | 153,200    |  
|                                                                        |  |      |            |   |      |   |            |      |  |   |            |  
|Total expenses                                                          |  |      | 1,747,063  |   |      |   | 2,540,727  |      |  |   | 2,670,416  |  
|                                                                        |  |      |            |   |      |   |            |      |  |   |            |  
|Net investment (loss)                                                   |  |      | (1,179,480 | ) |      |   | (2,159,835 | )    |  |   | (2,542,687 | )
|                                                                        |  |      |            |   |      |   |            |      |  |   |            |  
|NET INCOME (LOSS)                                                       |  | $    | (1,852,664 | ) |      | $ | (709,503   | )    |  | $ | 284,307    |  
|                                                                        |  |      |            |   |      |   |            |      |  |   |            |  
|NET INCOME (LOSS) PER UNIT                                              |  |      |            |   |      |   |            |      |  |   |            |  
|(based on weighted average number of units outstanding during the year) |  | $    | (11.19     | ) |      | $ | (3.20      | )    |  | $ | 1.47       |  
|                                                                        |  |      |            |   |      |   |            |      |  |   |            |  
|INCREASE (DECREASE) IN NET ASSET VALUE PER UNIT                         |  | $    | (10.18     | ) |      | $ | (2.98      | )    |  | $ | 0.25       |  
|                                                                        |  |      |            |   |      |   |            |      |  |   |            |  

See accompanying notes.



-5-



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KENMAR GLOBAL TRUST

STATEMENTS OF CHANGES IN UNITHOLDERS CAPITAL

For the Years Ended December 31, 2005, 2004
and 2003



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|                                               |  |                       |               |  |                      |                  |   |  |       |            |   |  |   |            |  
|---------------------------------------------- |  | --------------------- | ------------- |  | -------------------- | ---------------- | - |  | ----- | ---------- | - |  | - | ---------- | -
|                                               |  | Total Number of Units |               |  | Unitholders Capital |                 
|                                               |  |                       | ManagingOwner |  |                      | OtherUnitholders |   |  | Total |           
|Balances atDecember 31, 2002                   |  | 175,085.6211          |               |  | $                    | 226,137          |   |  | $     | 19,168,078 |   |  | $ | 19,394,215 |  
|Net income for the yearended 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 atDecember 31, 2003                   |  | 220,957.2650          |               |  |                      | 257,247          |   |  |       | 24,274,508 |   |  |   | 24,531,755 |  
|Net (loss) for the yearended 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 atDecember 31, 2004                   |  | 209,558.1340          |               |  |                      | 260,285          |   |  |       | 22,380,314 |   |  |   | 22,640,599 |  
|Net (loss) for the yearended December 31, 2005 |  |                       |               |  |                      | (22,045          | ) |  |       | (1,830,619 | ) |  |   | (1,852,664 | )
|Additions                                      |  | 5,484.3131            |               |  |                      | 0                |   |  |       | 540,800    |   |  |   | 540,800    |  
|Redemptions                                    |  | (100,706.3158         | )             |  |                      | (119,069         | ) |  |       | (9,830,157 | ) |  |   | (9,949,226 | )
|Offering costs                                 |  |                       |               |  |                      | (2,345           | ) |  |       | (188,482   | ) |  |   | (190,827   | )
|                                               |  |                       |               |  |                      |                  |   |  |       |            |   |  |   |            |  
|Balances atDecember 31, 2005                   |  | 114,336.1313          |               |  | $                    | 116,826          |   |  | $     | 11,071,856 |   |  | $ | 11,188,682 |  
|                                               |  |                       |               |  |                      |                  |   |  |       |            |   |  |   |            |  



|                                      |  |      |        |      |   |       
|------------------------------------- |  | ---- | ------ | ---- | - | ------
|Net Asset Value Per Unit December 31,
|2005                                  |  | 2004 |        | 2003
|$97.86                                |  | $    | 108.04 |      | $ | 111.02
|                                      |  |      |        |      |   |       

See accompanying notes.



-6-



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

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

Commodity futures and forward transactions are reflected in the accompanying statements of financial condition on trade date. 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 each contract is based upon the closing quotation on the exchange, clearing firm or bank on, or through, which the contract is traded. Any change in net unrealized gain or loss during
the current period is reported in the statement of operations. Realized gains and losses on commodity transactions are recognized in the period in which the contracts are closed. Brokerage commissions paid directly to brokers, reflected as
brokerage commissions in the statement of operations, include exchange and other trading fees and are charged to expense when contracts are opened.

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

The Fund
has elected not to provide a Statement of Cash Flows as permitted by Statement of Financial Accounting Standards No. 102, Statement of Cash Flows-Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities
Acquired for Resale.



-7-



---

KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



---



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



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

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

Cash represents amounts deposited with clearing brokers, a portion of which are restricted for purposes of meeting margin
requirements, which typically range from 0% to 35% of the notional amounts of the derivatives traded, and receives interest on all cash balances held by the clearing brokers at prevailing rates.



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

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



| | E. | Offering Costs
| | -- | --------------

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



| | F. | 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, 2005, the Managing Owner has a net worth in excess of $1,000,000.



-8-



---

KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



---



|Note 2. | MANAGING OWNER (CONTINUED)
|------- | --------------------------

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 consulting trades, selling commissions and trailing commissions to selling agents, and fees to the commodity trading advisors. Managing Owner brokerage commissions are reduced
by brokerage commissions and other trading fees paid directly to brokers by the Fund. For the years ended December 31, 2005, 2004 and 2003, brokerage commissions equated to an approximate round-turn equivalent rate of $68, $58 and $62, 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 2005, 2004 and 2003.



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

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



|Note 4. | SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
|------- | --------------------------------------------

Investments in Units of Beneficial Interest are made by subscription agreement, subject to acceptance by the Managing Owner. As of February 1, 2006, new subscriptions will not be accepted by the Fund until a new offering document is
filed with the SEC.

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.



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KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



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|Note 4. | SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS (CONTINUED)
|------- | --------------------------------------------------------

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 $8,024, $17,240 and $1,845 during 2005, 2004 and 2003, respectively.



|Note 5. | DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS
|------- | -------------------------------------------

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

Market Risk

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

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



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KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



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|Note 5. | DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)
|------- | -------------------------------------------------------

Credit Risk

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

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

The Funds futures commission merchant, in accepting orders for the purchase or sale of domestic futures contracts, is
required by Commodity Futures Trading Commission (CFTC) regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading and is not allowed to commingle such assets
with its other assets. At December 31, 2005, such segregated assets totaled $9,384,117. Part 30.7 of the CFTC regulations also requires the Funds futures commission merchant to secure assets of the Fund related to foreign futures trading
which totaled $(309,187) at December 31, 2005. There are no segregation requirements for assets related to forward trading.

As of
December 31, 2005, all of the Funds open futures contracts mature within 24 months.



|Note 6. | INDEMNIFICATIONS
|------- | ----------------

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.



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KENMAR GLOBAL TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



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

The following information
presents per unit operating performance data and other supplemental financial data for the years ended December 31, 2005, 2004 and 2003. This information has been derived from information presented in the financial statements.



|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|--------------------------------------------------- |  | ---- | ------ | -- | ---- | - | ------ | ---- |  | - | ------ | --
|                                                    |  | 2005 |        |    | 2004 |   |        | 2003 | 
|Per Unit Performance                                |  |      |        |    |      |   |        |      |  |   |        |   
|(for a unit outstanding throughout the entire year) |  |      |        |    |      |   |        |      |  |   |        |   
|Net asset value per unit at beginning of year       |  | $    | 108.04 |    |      | $ | 111.02 |      |  | $ | 110.77 |   
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|Income from operations:                             |  |      |        |    |      |   |        |      |  |   |        |   
|Gain (loss) from trading(1)                         |  |      | (1.91  | )  |      |   | 7.48   |      |  |   | 14.61  |   
|Net investment (loss)(1)                            |  |      | (7.12  | )  |      |   | (9.74  | )    |  |   | (13.13 | ) 
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|Total income (loss) from operations                 |  |      | (9.03  | )  |      |   | (2.26  | )    |  |   | 1.48   |   
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|Offering costs(1)                                   |  |      | (1.15  | )  |      |   | (0.72  | )    |  |   | (1.23  | ) 
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|Net asset value per unit at end of year             |  | $    | 97.86  |    |      | $ | 108.04 |      |  | $ | 111.02 |   
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|Total Return                                        |  |      | (9.42  | )% |      |   | (2.69  | )%   |  |   | 0.23   | % 
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|Supplemental Data                                   |  |      |        |    |      |   |        |      |  |   |        |   
|Ratios to average net asset value:                  |  |      |        |    |      |   |        |      |  |   |        |   
|Expenses prior to advisor profit shares(2)          |  |      | (10.51 | )% |      |   | (9.56  | )%   |  |   | (9.97  | )%
|Advisor profit shares                               |  |      | (0.40  | )% |      |   | (1.26  | )%   |  |   | (2.34  | )%
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|Total expenses                                      |  |      | (10.91 | )% |      |   | (10.82 | )%   |  |   | (12.31 | )%
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   
|Net investment income (loss)                        |  |      | (7.37  | )% |      |   | (7.94  | )%   |  |   | (9.38  | )%
|                                                    |  |      |        |    |      |   |        |      |  |   |        |   

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 (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit
information.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Excludes advisor profit shares.
|--- | -------------------------------



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