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

                                  ------------

                                    FORM 10-K

                                  ------------


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

                   For the fiscal year ended December 31, 2003

                         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 Kenmar Advisory Corp.
                                Two American Lane
                                  P.O. Box 5150
                          Greenwich, Connecticut 06831
             -------------------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

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

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

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

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

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

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

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 OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                              PAGE
<S>                                                                                                             <C>
PART I                                                                                                              1

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

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

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

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

PART II                                                                                                             6

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

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

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

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

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
          ACCOUNTING AND FINANCIAL DISCLOSURE...................................................................10

ITEM 9A. CONTROLS AND PROCEDURES................................................................................10

PART III                                                                                                           11

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.....................................................11

ITEM 11. EXECUTIVE COMPENSATION.................................................................................13

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
           MANAGEMENT AND RELATED STOCKHOLDER MATTERS...........................................................13

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.........................................................14

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.................................................................14

PART IV                                                                                                            15

 ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM
            8-K.................................................................................................15

SIGNATURES
CERTIFICATIONS

</TABLE>

                                       i
<PAGE>

                                     PART I

ITEM 1.  BUSINESS

     (a) General Development of Business:

     Kenmar Global Trust (the "Fund") is a Delaware business trust that operates
as a  commodity  investment  pool.  The Fund  was  formed  on July 17,  1996 and
commenced  trading on May 22, 1997. The Fund  maintains its principal  office at
Two American Lane, P.O. Box 5150, Greenwich, Connecticut 06831, with a telephone
number of (203) 861-1000.  The proceeds of the offering of the Units are used by
the Fund to engage in the speculative trading of futures,  forward,  options and
related contracts through allocating such proceeds to multiple commodity trading
advisors (the  "Advisors").  The assets of the Fund are deposited with commodity
brokers and interbank dealers (collectively,  the "Clearing Brokers") in trading
accounts  established  by the Fund for the  Advisors and are used by the Fund as
margin to engage in trading.

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

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

     The Fund  itself does not have any  employees.  Rather,  Kenmar  employs 32
persons (as of December  31,  2003) and  provides  the Fund with the services of
research,  client support  (marketing)  and management  information  systems and
analysis personnel to conduct its operational activities.

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

     (b) Financial Information about Industry Segments:

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

     (c) Narrative Description of Business:

GENERAL

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

<PAGE>

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

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

ADVISOR SUMMARIES

     Set forth below is a brief  description  of the portfolio of  core-Advisors
trading for the Fund as of December 31, 2003.

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 Partners, L.P. are not
affiliated with Kenmar,  the Fund or any other company  affiliated or related to
Kenmar 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. is an Australian  commodity  trading advisor
utilizing an  automated,  technical  trading  system.  The basic  premise of the
system is that  markets  incorporate  a random  and  non-random  component.  The
Grinham Managed Funds Pty Ltd. system is designed to identify when markets begin
to move in a non-random fashion and to generate orders to profit from non-random
price movements.

                                       2
<PAGE>

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

     Grinham  Managed  Funds Pty Ltd.  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.

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 in this document.

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

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

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

USE OF PROCEEDS

     The proceeds of the offering of the Units are used by the Fund to engage in
the  speculative  trading of futures,  forward,  options  and  related  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, 2003 the Fund estimates:

     (i) up to  approximately  91% 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;

                                       3
<PAGE>

     (ii)  approximately 9% of the  Net Asset Value of the Fund is maintained in
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.

     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, 2003

The  "Breakeven  Table" below  indicates the  approximate  percentage and dollar
returns required for the redemption value of an initial $5,000 investment in the
Units to equal the amount  originally  invested  twelve  months  after  issuance
(assuming the Units are redeemed on or before the 12th month-end following sale,
and, therefore, are subject to a 3% redemption charge).  Redemptions on the 13th
month-end  through the 18th  month-end  are subject to a 2% charge.  Redemptions
after the 18th month-end are redeemed at Net Asset Value (no charge).

The  "Breakeven  Table,"  as  presented,  is an  approximation  only  and is not
affected by the size of the Fund.  The Fund's  capitalization  does not directly
affect the level of its charges as a percentage  of Net Asset Value,  other than
administrative expenses (which are assumed in the "Breakeven Table" to equal the
maximum  estimated  percentage  of the  Fund's  average  beginning  of month Net
Assets).  See "Description of Current Charges" below for an explanation of these
charges.

                                "BREAKEVEN TABLE"
<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------
                         EXPENSES (1)                             PERCENTAGE RETURN             DOLLAR RETURN
                     WHICH MUST BE OFFSET                              REQUIRED                    REQUIRED
                       TO "BREAK EVEN"                           FIRST TWELVE MONTHS     ($5,000 INITIAL INVESTMENT)
                                                                     OF INVESTMENT            FIRST TWELVE MONTHS
                                                                                                 OF INVESTMENT
--------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>                            <C>
Brokerage Commissions (2)                                                   10.00%                         $500.00
--------------------------------------------------------------------------------------------------------------------
Administrative Expenses (3)                                                  1.00%                          $50.00
--------------------------------------------------------------------------------------------------------------------
Advisors' Profit Shares (4)                                                  2.00%                         $100.00
--------------------------------------------------------------------------------------------------------------------
Kenmar Incentive Fee (5)                                                     0.15%                           $7.50
--------------------------------------------------------------------------------------------------------------------
Redemption Charge (6)                                                        3.10%                         $155.00
--------------------------------------------------------------------------------------------------------------------
Interest Income (7)                                                         (1.25)%                        $(62.50)
--------------------------------------------------------------------------------------------------------------------
RETURN ON $5,000 INITIAL INVESTMENT REQUIRED FOR  "BREAK                    15.00%                         $750.00
EVEN" IF UNITS ARE REDEEMED ON OR BEFORE THE 12TH MONTH-END
FOLLOWING SALE.
--------------------------------------------------------------------------------------------------------------------
RETURN ON $5,000 INITIAL INVESTMENT REQUIRED FOR  "BREAK                    14.00%                         $700.00
EVEN" IF UNITS ARE REDEEMED ON THE 13TH MONTH-END THROUGH THE
18TH MONTH-END FOLLOWING SALE.
--------------------------------------------------------------------------------------------------------------------
RETURN ON $5,000 INITIAL INVESTMENT REQUIRED FOR  "BREAK                    12.00%                         $600.00
EVEN" IF UNITS ARE REDEEMED AFTER THE 18TH MONTH-END
FOLLOWING SALE.
--------------------------------------------------------------------------------------------------------------------

</TABLE>

NOTES TO "BREAKEVEN TABLE"

(1) The  foregoing  break-even  analysis  assumes that the Units have a constant
month-end  Net Asset  Value.  Calculations  are based on $5,000 as the Net Asset
Value per Unit.

(2) Paid to  Kenmar  each  month.  Kenmar  pays all floor  brokerage,  exchange,
clearing and NFA fees, selling compensation,  trailing commissions and Advisors'
Consulting Fees from this amount.

(3)  Administrative  expenses are paid as incurred.  For this "Breakeven  Table"
such expenses are at historical amounts.

(4)  Profit  Shares  are  calculated  quarterly  on the basis of each  Advisor's
individual performance,  not the overall performance of the Fund.  Consequently,
it is not possible to determine the amount of Profit Shares,  if any, that would
be payable in a "breakeven" year. Kenmar believes

                                       4
<PAGE>

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.

(5) No  Incentive  Fee might,  in fact,  be due.  However,  for  purposes of the
"Breakeven  Table," the Incentive Fee has been estimated at 5% of such 3.1% gain
referred to below.

(6) Redemption  charges for purposes of this "breakeven"  analysis equal 3.1% of
the  initial  $5,000 (3% of the $5,155 Net Asset  Value  required  so that after
subtraction  of the  3%  redemption  charge,  the  investor  would  receive  net
redemption proceeds of $5,000).

(7) Interest income is estimated based on current rates.

DESCRIPTION OF CURRENT CHARGES

<TABLE>
<CAPTION>

RECIPIENT           NATURE OF PAYMENT                  AMOUNT OF PAYMENT
<S>                 <C>                                <C>
Kenmar              Brokerage commissions              Flat-rate  monthly   commissions  of  0.833%  of  the
                                                       Fund's  beginning  of month Net  Assets (a 10% annual
                                                       rate).  Such  commissions  cover all floor brokerage,
                                                       exchange,  clearing  and  NFA  fees  incurred  in the
                                                       Fund's trading.

Third Parties       Miscellaneous execution  costs     Paid as incurred;  not anticipated to exceed 0.25% of
                                                       average beginning of month Net Assets per year.

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

Advisors            Profit Shares                      Paid  by the  Fund  on a  quarterly  basis  (although
                                                       accrued  against Net Asset  Value per Unit  monthly).
                                                       Each  Advisor's  Profit Share is determined  based on
                                                       20% of any New Trading Profit (as defined)  generated
                                                       by such  Advisor.  New  Trading  Profit in respect of
                                                       each Advisor's  account is calculated after reduction
                                                       for  brokerage  commissions  at  an  annual  rate  of
                                                       2.5%--5.0%,  rather than  at a 10% annual  rate,  and
                                                       execution  costs actually  incurred (other than floor
                                                       brokerage,  exchange,  clearing  and NFA  fees).  New
                                                       Trading  Profit is not reduced by any Incentive  Fee,
                                                       administrative expenses or organizational and initial
                                                       offering  costs  (or  extraordinary   expenses).  THE
                                                       PROFIT SHARES ARE PAYABLE  SEPARATELY TO EACH ADVISOR
                                                       BASED  ON ITS  INDIVIDUAL  PERFORMANCE,  NOT  OVERALL
                                                       PROFITS  OF  THE  FUND.   UNITS  MAY  BE  SUBJECT  TO
                                                       REDUCTION  FOR  PROFIT  SHARES   ATTRIBUTABLE   TO  A
                                                       PARTICULAR  ADVISOR  EVEN  THOUGH THE NET ASSET VALUE
                                                       PER UNIT HAS DECLINED FROM THE PURCHASE PRICE OF SUCH
                                                       UNITS.

Kenmar              Incentive Fee                      Paid  by the  Fund  as a  whole  on an  annual  basis
                                                       (although  accrued  against  Net Asset Value per Unit
                                                       monthly).  The  Incentive  Fee  equals  5% of any New
                                                       Overall  Appreciation (as defined).  AN INCENTIVE FEE
                                                       MAY BE ALLOCATED  EVEN THOUGH THE NET ASSET VALUE PER
                                                       UNIT HAS  DECLINED  FROM THE  PURCHASE  PRICE OF SUCH
                                                       UNITS.

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

</TABLE>

                                        5
<PAGE>

REGULATION

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

ITEM 2. PROPERTIES

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

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

ITEM 3. LEGAL PROCEEDINGS

There are no pending legal proceedings to which the Fund or Kenmar is a party.

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

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

                                    PART II

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

RELATED STOCKHOLDER MATTERS

     (a) Market Information:

(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, 2003,  there were 816 holders of Units,  including Kenmar
and the Advisors.  As of December 31, 2003,  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 Kenmar owned 2,317.0232 Units.

     (c) Dividends:

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

                                        6
<PAGE>

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

(1) Not applicable.

REG. S-K ITEM 701(F)

During the fourth  quarter of 2003,  15,370.5288  Units were sold for a total of
$1,693,506.

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
                                                12/31/03         12/31/02         12/31/01          12/31/00         12/31/99
                                                --------         --------         --------          --------         --------
<S>                                            <C>             <C>               <C>                <C>             <C>
Operations Data
Realized Gains (Losses)                       $3,085,074       $4,672,380        $2,479,061        $  (14,413)     $   130,990
Change in Unrealized                             (25,999)         631,477          (584,140)          960,207       (1,149,702)
Interest Income                                  127,729          170,849           517,609         1,129,270        1,082,050
Brokerage Commissions                           (232,081)        (184,293)         (239,616)          312,560          274,883
Managing Owner
     Brokerage Commissions                     2,009,917        1,647,208         1,566,968         1,911,158        2,616,529
Managing Owner Incentive fee                           0                0                 0                 0                0
Advisor Profit Shares                            507,299          934,498           465,428           198,721          109,313
Operating Expenses                               153,200          139,531            99,383           132,875          236,610
Net Income (Loss)                                284,307        2,569,176            41,135          (480,250)      (3,173,997)
Net Income (Loss) Per Unit                          1.47            15.20              0.24             (2.29)          (12.65)
     (Based on Weighted Average
     Number of Units
     Outstanding)
Increase (Decrease) in Net Asset Value              0.25            14.29             (0.53)            (2.57)          (13.61)
per Unit

<CAPTION>

                                                12/31/03         12/31/02          12/31/01          12/31/00         12/31/99
                                                --------         --------          --------          --------         --------
<S>                                              <C>             <C>               <C>               <C>              <C>
Financial Position Data:

Managing Owner's Capital                     $   257,247         $226,137          $196,966          $195,013         $280,146
Other Unitholders' Capital                    24,274,508       19,168,078        15,928,413        17,537,051       22,497,207
Total Capital                                 24,531,755       19,394,215        16,125,379        17,732,064       22,777,353
Net Asset Value Per Unit                          111.02          $110.77             96.48             97.01            99.58


</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.

                                       7
<PAGE>

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 Fund records all investments at fair value in its financial statements,
with  changes in fair value  reported as a component  of realized  and change in
unrealized trading gain (loss) in the Statements of Operations.  Generally, fair
values are based on market prices; however, in certain circumstances,  estimates
are  involved  in  determining  fair value in the  absence  of an active  market
closing  price  (e.g.  forward  contracts  which are  traded  in the  inter-bank
market).

RESULTS OF OPERATIONS.

     The Fund incurs  substantial  charges from the payment of Profit  Shares to
the Advisors and the  Incentive  Fee and Brokerage  Commissions  to Kenmar.  The
Brokerage  Commissions  are payable without regard to the  profitability  of the
Fund. Thus, due to the nature of the Fund's business, the success of the Fund is
dependent upon the ability of the Advisors to generate  trading  profits through
the speculative trading of futures,  forward and option contracts  sufficient to
produce capital appreciation after payment of all fees and expenses.

     The following paragraph presents a summary of the Fund's operations for the
calendar  year 2003.  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, 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.

     As of December 31, 2001, the Net Asset Value of the Fund was $16,125,379, a
decrease  of  approximately  9.06% from its Net Asset  Value of  $17,732,064  at
December 31, 2000. The Fund's  subscriptions  and redemptions for the year ended
December 31, 2001 totaled $2,242,654 and $3,766,020,  respectively. For the year
ended  December 31,  2001,  the Fund had revenues  comprised  of  $2,479,061  in
realized trading gains, $(584,140) in change

                                       8
<PAGE>

in unrealized trading losses and $517,609 in interest income. Total expenses and
brokerage commissions for the year ended December 31, 2001 were $2,371,395.  The
Net Income for the year ended December 31, 2001 was $41,135. The Net Asset Value
per Unit at December 31, 2001  decreased  0.55% from $97.01 at December 31, 2000
to $96.48 at December 31, 2001.  The Fund's  trading  gains during 2001 resulted
primarily  from global  interest  rates,  currencies,  global stock  indices and
grains,  but, net of offering costs, the Fund experienced a negative  compounded
rate of return of (0.55)%.

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

LIQUIDITY AND CAPITAL RESOURCES

     Units may be redeemed only as of the close of business on the last day of a
calendar  month and only  beginning on or after the end of the sixth month after
sale.  Through  the end of the twelfth and  eighteenth  full months  after their
sale, Units will be subject to redemption charges,  payable to Kenmar,  equal to
3% and 2%,  respectively,  of the Net  Asset  Value  per  Unit as of the date of
redemption.  Requests for redemption  must be received at least 10 calendar days
before the proposed date of redemption.

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

     The Fund raises additional capital only through the continuous  offering of
its Units.

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

     With respect to the Fund's  trading,  in general,  the Fund's Advisors will
trade only  futures,  forwards  and options  that have  sufficient  liquidity to
enable  them to enter  and close  out  positions  without  causing  major  price
movements. Notwithstanding the foregoing, most United States commodity exchanges
limit the amount by which  certain  commodities  may move during a single day by
regulations  referred to as "daily price fluctuation  limits" or "daily limits."
Pursuant  to such  regulations,  no trades may be  executed  on any given day at
prices beyond the daily limits. The price of a futures contract has occasionally
moved the daily limit for several  consecutive  days, with little or no trading,
thereby effectively preventing a party from liquidating his position.  While the
occurrence of such an event may reduce or effectively eliminate the liquidity of
a  particular  market,  it  will  not  limit  ultimate  losses  and  may in fact
substantially increase losses because of this inability to liquidate unfavorable
positions. In addition, if there is little or no trading in a particular futures
or forward contract that the Fund is trading, whether such illiquidity is caused
by any of the above  reasons  or  otherwise,  the Fund may be unable to  execute
trades at favorable  prices  and/or may be unable or unwilling to liquidate  its
position prior to its  expiration  date,  thereby  requiring the Fund to make or
take delivery of the underlying interest of the commodity.

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

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

                                       9
<PAGE>

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.

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, 2003 and 2002.

<TABLE>
<CAPTION>

                                             1ST QUARTER      2ND QUARTER        3RD QUARTER       4TH QUARTER
                                                 2003             2003              2003              2003
                                            --------------- -----------------  ----------------  ----------------
<S>                                            <C>                 <C>           <C>                 <C>
         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

<CAPTION>

                                             1ST QUARTER      2ND QUARTER        3RD QUARTER      4TH QUARTER
                                                 2002             2002              2002              2002
                                            --------------- -----------------  ----------------  ---------------
<S>                                            <C>               <C>               <C>                <C>
         Gain (Loss) from trading              $  (524,692)      $ 1,684,268       $ 3,607,446        $ 352,542
         Net Investment (Loss)                    (363,768)         (619,320)       (1,083,044)        (484,256)
         Net Income (Loss)                        (888,460)        1,064,948         2,524,402         (131,714)
         Net Income (Loss) per unit                  (5.27)             6.28             15.03            (0.78)

         Increase (Decrease) in Net Asset
         Value per Unit                              (5.32)             6.20             14.84            (1.43)

         Net Asset Value per Unit at end
         of period                                   91.16             97.36            112.20           110.77

</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.

ITEM 9A. CONTROLS AND PROCEDURES

     Kenmar  Advisory   Corp.,   the  Managing  Owner  of  the  Fund,  with  the
participation  of the Managing  Owner's Chief Executive  Officer,  President and
Director,  and Senior Vice President and Chief Financial Officer,  has evaluated
the  effectiveness  of the design and operation of its  disclosure  controls and
procedures with respect to the

                                       10
<PAGE>

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  significant  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.

                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

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

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

MR. KENNETH A. SHEWER (born 1953), Chairman, was employed by Pasternak, Baum and
Co., Inc.  ("Pasternak,  Baum"), an international cash commodity firm, from June
1976 until  September  1983.  Mr. Shewer created and managed  Pasternak,  Baum's
Grain Logistics and Administration  Department and created its Domestic Corn and
Soybean Trading Department.  In 1982, Mr. Shewer became co-manager of Pasternak,
Baum's F.O.B.  Corn Department.  In 1983, Mr. Shewer was made Vice President and
Director of Pasternak,  Baum. Mr. Shewer graduated from Syracuse University with
a B.S. degree in 1975.

MR. MARC S. GOODMAN (born 1948), President,  joined Pasternak, Baum in September
1974 and was a Vice President and Director from July 1981 until  September 1983.
While at  Pasternak,  Baum,  Mr.  Goodman was largely  responsible  for business
development  outside of the  United  States,  for  investment  of its  corporate
retirement funds, and for selecting trading personnel. Mr. Goodman has conducted
extensive  business  in South  America,  Europe  and the Far East.  Mr.  Goodman
graduated  from the Bernard M. Baruch School of Business of the City  University
of New  York  with a  B.B.A.  in 1969  and an  M.B.A.  in 1971  in  Finance  and
Investments, where he was awarded an Economics and Finance Department Fellowship
from September 1969 through June 1971.

Messrs. Shewer and Goodman left Pasternak, Baum in September 1983 to form Kenmar
and they have occupied their present positions with Kenmar since that time.

MS. ESTHER  ECKERLING  GOODMAN (born 1952),  Chief Operating  Officer and Senior
Executive  Vice  President,  joined Kenmar in July 1986 and has been involved in
the futures  industry  since 1974.  From 1974 through 1976,  she was employed by
Conti-Commodity  Services, Inc. and ACLI Commodity Services,  Inc., in the areas
of hedging,  speculative trading and tax arbitrage.  In 1976, Ms. Goodman joined
Loeb Rhoades and Company,  Inc.  where she was  responsible  for  developing and
managing a managed futures program which, in 1979, became the trading system for
Westchester  Commodity  Management,  an independent commodity trading advisor of
which Ms. Goodman was a founder and principal.  From 1983 through mid-1986,  Ms.
Goodman was employed as a marketing  executive  at  Commodities  Corp.  (USA) of
Princeton,  New Jersey.  Ms. Goodman was a Director of the Managed Futures Trade
Association from 1987 to 1991 and a Director of its successor organization,  the
Managed  Futures  Association,   from  1991  to  1995  (now  the  Managed  Funds
Association).  She has written  several  articles and has spoken before  various
professional  groups and  organizations on the subject of managed  futures.  Ms.
Goodman graduated from Stanford University in 1974 with a B.A. degree.

MR. BRAXTON GLASGOW III (born 1953), Executive Vice President,  joined Kenmar in
May 2001. Prior to joining Kenmar,  Mr. Glasgow was the Executive Vice President
of Chesapeake  Capital  Corporation.  From 1994 to 1995, he was President of the
Jay Group  Ltd.  Mr.  Glasgow  received  a B.S.  degree in  accounting  from the
University of North Carolina in 1975.

MS. FLORENCE Y. SOFER (born 1966),  Managing Director,  Investor  Communications
responsible for the development and  implementation of all internal and external
communications programs worldwide, joined Kenmar in 2001.

                                       11
<PAGE>

From 1997 to 2001, Ms. Sofer was the Vice President,  Marketing, and a Principal
of John W. Henry & Company,  where she was responsible  for strategic  marketing
and client communications for the firm and its subsidiaries.  From 1994 to 1997,
Ms. Sofer was the Marketing  Manager for Global Asset  Management  where she was
involved  in the  successful  development  and launch of the firm's  mutual fund
product line. Ms. Sofer received a B.A. degree from American  University in 1988
and an M.B.A. in Marketing from George Washington University in 1992.

MS.  MAUREEN  HOWLEY  (born 1967),  Senior Vice  President  and Chief  Financial
Officer,  joined Kenmar 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,  where  she  had  held  positions  of  increasing  responsibility  from
September  1996 to July 2001. She began her career in September 1989 at Deloitte
& Touche. She held many positions of increasing  responsibility for seven years,
and left as Audit  Senior  Manager in July 1996 to join John W. Henry & Company,
Inc. Ms. Howley received a B.A. in Accounting  from  Muhlenberg  College in 1989
and designation as a Certified Public Accountant in 1990.

MS.  JOANNE D.  ROSENTHAL  (born 1965),  Senior Vice  President  and Director of
Research,  joined Kenmar in October 1999. Prior to joining Kenmar, Ms. Rosenthal
spent 9 years at The Chase  Manhattan  Bank, in various  positions of increasing
responsibility.  From  July 1991  through  April  1994,  she  managed  the Trade
Execution  Desk  and  from  May  1994  through  September  1999,  she was a Vice
President and Senior Portfolio  Manager of Chase  Alternative  Asset Management,
Inc. Ms. Rosenthal received a Masters of Business Administration in Finance from
Cornell University and a Bachelor of Arts in Economics from Concordia University
in Montreal, Canada.

MR. MARK M. ROSSOW  (born  1952),  Senior Vice  President  and General  Counsel,
joined Kenmar in August 2000.  From October 1998 until July 2000, Mr. Rossow was
a  partner  in the law firm of Snow  Becker  Krauss  P.C.  From  May 1994  until
September  1998,  Mr.  Rossow was a partner in the law firm of Amon &  Sabatini.
Prior to that, Mr. Rossow was in-house counsel to the  international  accounting
firm BDO  Seidman.  Mr.  Rossow  has  served on the staff of the  United  States
Securities  and  Exchange  Commission.  Mr.  Rossow  earned a B.A.  degree  from
Syracuse University in 1975 and a J.D. degree from the University of Michigan in
1978. He was admitted to practice law in 1979.

MR. JAMES DODD (born 1951),  Managing  Director,  joined  Kenmar in 2002.  He is
responsible  for  structuring  and  marketing  investment  products to insurance
companies and other financial institutions.  Mr. Dodd has almost twenty years of
experience in investment banking and marketing  structured  investment products,
working at Chesapeake Capital, Hoak, Breedlove,  Wesneski,  Continental Bank and
Boettcher  & Co.  Prior to  joining  Kenmar,  Mr.  Dodd was the Chief  Financial
Officer at VE Group, a company that  specialized in venture capital  investments
from 2000. Prior to that Mr. Dodd was Managing Director,  Financial Institutions
Marketing,  for Chesapeake Capital from 1997. Previously,  Mr. Dodd held various
positions at  distinguished  banks and other  financial  institutions.  Mr. Dodd
received an A.B.  degree from Cornell  University  in 1974 and an M.B.A.  degree
from the University of Chicago in 1983.

Each director of Kenmar serves until the next annual meeting of  stockholders or
until a  successor  is  elected.  Executive  officers  of Kenmar  are  appointed
annually and serve at the discretion of its Board of Directors.  Messrs.  Shewer
and Goodman  hold  directorships  in the  following  entities,  all of which are
affiliates of Kenmar:  Kenmar 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.

                                       12
<PAGE>

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

     (i) Code of Ethics

     Kenmar has adopted a code of ethics for its chief executive officer,  chief
financial officer, accounting managers and persons performing similar functions.
A copy of the code of ethics may be obtained at no charge by written  request to
Kenmar,  Two American Lane, P.O. Box 5150,  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 Kenmar which is responsible for the administration of the business
affairs of the Fund and receives the compensation described in Item 1 hereof.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
         MANAGEMENT AND RELATED STOCKHOLDER 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 and Management:

As of December 31, 2003,  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, 2003, the following officers of Kenmar beneficially owned the
following number of Units:

              NAME OF BENEFICIAL          NUMBER OF UNITS         PERCENTAGE OF
                    OWNER                      OWNED                  CLASS

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

                                       13
<PAGE>

As of December 31, 2003, Kenmar has purchased and will maintain a 1% interest in
the Fund in its capacity as managing owner.

     (c) Changes in Control:

None.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     (a) Transactions with Management and Others:

Kenmar  acts  as  managing   owner  and   commodity   pool   operator.   Certain
administrative  services are provided by Derivatives Portfolio Management L.L.C.
The Fund pays its own administrative expenses.

     (b) Certain Business Relationships:

None.

     (c) Indebtedness of Management:

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

     (d) Transactions with Promoters:

Not Applicable.

ITEM 14. PRINCIPAL ACCOUNTANT 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, 2003 and 2002.


                                               2003                  2002

Audit fees billed for the year ..........    $41,196               $37,113
Audit-related fees ......................          0                     0
Tax fees ................................      5,500                 4,200
All other fees ..........................          0                     0

         Total ..........................    $46,696               $41,313
                                             =======               =======

     (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."

                                       14
<PAGE>

     (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, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

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

  1. Independent Report......................................................F-1
     Statements  of  Financial  Condition  as of
     December  31, 2003 and 2002 (Audited)...................................F-2
     Condensed Schedule of Investments as of December 31, 2003
        (Audited)............................................................F-3
     Statements of Operations For the Years Ended December 31, 2003, 2002
        and 2001 (Audited)...................................................F-4
     Statements of Cash Flows For the Years Ended December 31, 2003, 2002
        and 2001 (Audited)...................................................F-5
     Statements of Changes in Unitholders' Capital (Net Asset Value)
        For the Years Ended December 31, 2003, 2002 and 2001
        (Audited)............................................................F-6
     Notes to Financial Statements (Audited)............................F-7-F-12

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).

23.2                     Consent of Arthur F.  Bell,  Jr. &  Associates,  L.L.C.
                         (Included herein at page F-1.)

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

                                       15
<PAGE>

32.01                    Certification  of Kenneth A.  Shewer,  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.

     (b) Reports on Form 8-K:

The Fund did not file any reports on Form 8-K during the fourth quarter of 2003.

                                       16
<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 30th day of March,
2004.



                         KENMAR GLOBAL TRUST

                         By: Kenmar Advisory Corp., managing owner

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

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report
has been signed below by the following  persons on behalf of the  registrant and
in the capacities indicated on the 30th day of March, 2004.



                         KENMAR GLOBAL TRUST

                         By: Kenmar Advisory Corp., managing owner


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

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

                                       17
<PAGE>

                          INDEPENDENT AUDITOR'S REPORT



To the Unitholders
Kenmar Global Trust

We have audited the  accompanying  statements  of financial  condition of Kenmar
Global Trust as of December 31, 2003 and 2002,  including  the December 31, 2003
condensed  schedule of  investments,  and the related  statements of operations,
cash flows and changes in  unitholders'  capital (net asset value) for the years
ended  December 31, 2003,  2002 and 2001.  These  financial  statements  are the
responsibility  of the Fund's  management.  Our  responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position of Kenmar  Global Trust as of
December 31, 2003 and 2002,  and the results of its  operations,  cash flows and
changes in its net asset values for the years ended December 31, 2003,  2002 and
2001, in conformity with accounting  principles generally accepted in the United
States of America.

/s/ ARTHUR F. BELL, JR. & ASSOCIATES, L.L.C.
Hunt Valley, Maryland
February 16, 2004, except for Note 7
as to which the date is March 9, 2004

                             See accompanying notes.

                                      F-1
<PAGE>

                               KENMAR GLOBAL TRUST
                        STATEMENTS OF FINANCIAL CONDITION
                           December 31, 2003 and 2002
<TABLE>
<CAPTION>

                                                                           2003                       2002
                                                                       ------------                -----------
<S>                                                                    <C>                         <C>
ASSETS
    Equity in broker trading accounts
        Cash                                                           $ 21,617,196                $10,076,868
        Unrealized gain on open contracts                                 1,082,839                  1,074,472
                                                                       ------------                -----------
             Deposits with brokers                                       22,700,035                 11,151,340

    Cash and cash equivalents                                             2,334,203                  8,569,208
    Unrealized gain (loss) on open forward contracts                        (31,040)                     3,326
    Subscriptions receivable                                                 30,000                          0
                                                                       ------------                -----------
             Total assets                                              $ 25,033,198                $19,723,874
                                                                       ============                ===========
LIABILITIES
    Accounts payable                                                   $     50,629                $    37,706
    Commissions and other trading fees on open contracts                      4,673                        800
    Managing Owner brokerage commissions                                    181,331                    142,204
    Advisor profit shares                                                   156,471                     60,105
    Redemptions payable                                                     107,914                     85,655
    Redemption charges payable to Managing Owner                                425                      3,189
                                                                       ------------                -----------
             Total liabilities                                              501,443                    329,659
                                                                       ------------                -----------
UNITHOLDERS' CAPITAL (NET ASSET VALUE)
    Managing Owner - 2,317.0232 and 2,041.4999 units                        257,247                    226,137
       outstanding at December 31, 2003 and 2002
    Other Unitholders - 218,640.2418 and 173,044.1212
       units outstanding at December 31, 2003 and 2002                   24,274,508                 19,168,078
                                                                       ------------                -----------
             Total unitholders' capital

               (Net Asset Value)                                         24,531,755                 19,394,215
                                                                       ------------                -----------
                                                                       $ 25,033,198                $19,723,874
                                                                       ============                ===========

</TABLE>


                             See accompanying notes.

                                      F-2
<PAGE>

                               KENMAR GLOBAL TRUST
                        CONDENSED SCHEDULE OF INVESTMENTS
                                December 31, 2003

                           --------------------------

<TABLE>
<CAPTION>

LONG FUTURES CONTRACTS

                  Description                                           Value                 % of Net Asset Value
                  -------------------------------------------      -------------              --------------------
                  <S>                                              <C>                                 <C>
                  Agricultural                                     $      12,694                       0.05%
                  Currency                                               297,693                       1.21%
                  Energy                                                 (40,699)                     (0.16)%
                  Interest rate                                           21,480                       0.09%
                  Metals                                                 757,821                       3.09%
                  Stock index                                            336,835                       1.37%
                  Other                                                     (261)                      0.00%
                                                                   -------------                ------------
                          TOTAL LONG FUTURES CONTRACTS             $   1,385,563                       5.65%
                                                                   -------------                ------------
<CAPTION>

SHORT FUTURES CONTRACTS

                  Description                                           Value                 % of Net Asset Value
                  -------------------------------------------      -------------              --------------------
                  <S>                                              <C>                                 <C>
                  Agricultural                                     $       7,048                       0.03%
                  Currency                                                19,684                       0.08%
                  Energy                                                     (93)                      0.00
                  Interest rate                                            3,069                       0.01%
                  Metals                                                (340,931)                     (1.39)%
                  Stock index                                              8,499                       0.03%
                                                                   -------------                ------------
                          TOTAL SHORT FUTURES CONTRACTS            $    (302,724)                     (1.24)%
                                                                   -------------                ------------
                          TOTAL FUTURES CONTRACTS                  $   1,082,839                       4.41%
                                                                   =============                ============

<CAPTION>

FORWARD CURRENCY CONTRACTS

                  Description                                           Value                 % of Net Asset Value
                  -------------------------------------------      -------------              --------------------
                  <S>                                              <C>                                 <C>
                  Long forward currency contracts                  $     (18,061)                     (0.07)%
                  Short forward currency contracts                 $     (12,979)                     (0.05)%
                                                                   =============                ============
                  TOTAL FORWARD CURRENCY CONTRACTS                 $     (31,040)                     (0.12)%
                                                                   =============                ============

</TABLE>

                             See accompanying notes.

                                      F-3
<PAGE>

                               KENMAR GLOBAL TRUST
                            STATEMENTS OF OPERATIONS
              For the Years Ended December 31, 2003, 2002 and 2001

<TABLE>
<CAPTION>

                                                                         2003                      2002                    2001
                                                                         ----                      ----                    ----
<S>                                                                   <C>                      <C>                      <C>
TRADING GAINS (LOSSES)
    Gain (loss) from trading
       Realized                                                       $ 3,085,074              $ 4,672,380              $ 2,479,061
       Change in unrealized                                               (25,999)                 631,477                 (584,140)
       Brokerage commissions                                             (232,081)                (184,293)                (239,616)
                                                                      -----------              -----------              -----------
           Gain from trading                                            2,826,994                5,119,564                1,655,305
                                                                      -----------              -----------              -----------
NET INVESTMENT (LOSS)

    Income
       Interest income                                                    127,729                  170,849                  517,609
                                                                      -----------              -----------              -----------
    Expenses
       Managing Owner brokerage commissions                             2,009,917                1,647,208                1,566,968
       Advisor profit shares                                              507,299                  934,498                  465,428
       Operating expenses                                                 153,200                  139,531                   99,383
                                                                      -----------              -----------              -----------
           Total expenses                                               2,670,416                2,721,237                2,131,779
                                                                      -----------              -----------              -----------
           Net investment (loss)                                       (2,542,687)              (2,550,388)              (1,614,170)
                                                                      -----------              -----------              -----------
           NET INCOME                                                 $   284,307              $ 2,569,176              $    41,135
                                                                      ===========              ===========              ===========
NET INCOME PER UNIT
    (based on weighted average number of
    units outstanding during the year)                                $      1.47              $     15.20              $      0.24
                                                                      ===========              ===========              ===========
INCREASE (DECREASE) IN NET ASSET
VALUE PER UNIT                                                        $      0.25              $     14.29              $     (0.53)
                                                                      ===========              ===========              ===========

</TABLE>


                             See accompanying notes.

                                      F-4
<PAGE>

                               KENMAR GLOBAL TRUST
                            STATEMENTS OF CASH FLOWS
              For the Years Ended December 31, 2003, 2002 and 2001

<TABLE>
<CAPTION>

                                                                               2003                 2002                   2001
                                                                               ----                 ----                   ----
<S>                                                                      <C>                    <C>                    <C>
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
    Net income                                                           $    284,307           $  2,569,176           $     41,135
       Adjustments to reconcile net income
       to net cash from operating activities:
          Net change in unrealized                                             25,999               (631,477)               584,140
          Increase (decrease) in accounts payable and
              accrued expenses                                                152,289                 54,328               (100,111)
                                                                         ------------           ------------           -------------
              Net cash from operating activities                              462,595              1,992,027                525,164
                                                                         ------------           ------------           -------------
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
    Addition of units                                                       8,248,861              3,163,416              2,242,654
    Offering costs paid                                                      (238,000)              (109,630)              (124,454)
    Redemption of units                                                    (3,168,133)            (2,343,977)            (4,010,064)
                                                                         ------------           ------------           -------------
          Net cash from (for) financing activities                          4,842,728                709,809             (1,891,864)
                                                                         ------------           ------------           -------------
Net increase (decrease) in cash and cash equivalents                        5,305,323              2,701,836             (1,366,700)

CASH AND CASH EQUIVALENTS
    Beginning of year                                                      18,646,076             15,944,240             17,310,940
                                                                         ------------           ------------           -------------
    End of year                                                          $ 23,951,399           $ 18,646,076           $ 15,944,240
                                                                         ============           ============           =============
END OF YEAR CASH AND CASH EQUIVALENTS CONSISTS OF:
    Cash in broker trading accounts                                      $ 21,617,196           $ 10,076,868           $ 10,297,595
    Cash and cash equivalents                                               2,334,203              8,569,208              5,646,645
                                                                         ------------           ------------           -------------
          Total end of year cash and cash equivalents                    $ 23,951,399           $ 18,646,076           $ 15,944,240
                                                                         ============           ============           =============

</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, 2003, 2002 and 2001


<TABLE>
<CAPTION>
                                                                                    Unitholders' Capital
                                                       Total          --------------------------------------------------
                                                     Number of        Managing            Other
                                                       Units           Owner           Unitholders             Total
                                                    ------------      --------         -----------          -----------
<S>                                                 <C>               <C>              <C>                  <C>
Balances at
    December 31, 2000                               182,793.6866      $195,013         $17,537,051          $17,732,064

Net income for the year
    ended December 31, 2001                                                480              40,655               41,135

Additions                                            23,090.2782         3,000           2,239,654            2,242,654

Redemptions                                         (38,749.0103)            0          (3,766,020)          (3,766,020)

Offering costs                                                          (1,527)           (122,927)            (124,454)
                                                    ------------      --------         -----------          -----------
Balances at December 31, 2001                       167,134.9545       196,966          15,928,413           16,125,379

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                                         175,085.6211       226,137          19,168,078           19,394,215
    December 31, 2002

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
                                                    ============      ========         ===========          ===========

</TABLE>


                                         Net Asset Value Per Unit
                               ----------------------------------------------
                                                 December 31,
                                2003                 2002               2001
                                ----                 ----               ----
                               $111.02              $110.77            $96.48
                               =======              =======            ======


                             See accompanying notes.

                                      F-6
<PAGE>

                               KENMAR GLOBAL TRUST
                          NOTES TO FINANCIAL STATEMENTS

                               -------------------



Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         A.       General Description of the Fund

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

         B.       Regulation

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

           C.     Method of Reporting

                  The Fund's  financial  statements  are presented in accordance
                  with accounting  principles  generally  accepted in the United
                  States of America,  which require the use of certain estimates
                  made by the Fund's  management.  Gains or losses are  realized
                  when contracts are liquidated.  Net unrealized gain or loss on
                  open contracts (the  difference  between  contract trade price
                  and market  price) is reflected in the  statement of financial
                  condition in accordance  with Financial  Accounting  Standards
                  Board  Interpretation  No. 39 - "Offsetting of Amounts Related
                  to Certain  Contracts."  Any change in net unrealized  gain or
                  loss 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.


                             See accompanying notes.

                                      F-7
<PAGE>

                               KENMAR GLOBAL TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               -------------------



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

         F.       Offering Costs

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

         G.       Foreign Currency Transactions

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

Note 2.  MANAGING OWNER

         The Managing Owner of the Fund is Kenmar Advisory Corp., which conducts
         and manages  the  business of the Fund.  The  Declaration  of Trust and
         Trust  Agreement  requires  the  Managing  Owner to  maintain a capital
         account equal to at least 1% of the total capital accounts of the Fund.
         The Managing  Owner has agreed to maintain a net worth of not less than
         $1,000,000. At December 31, 2003, the Managing Owner has a net worth in
         excess of $1,000,000.

         Effective  May 9, 2003,  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.
         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, 2003, 2002 and
         2001,  brokerage  commissions  equated  to  an  approximate  round-turn
         equivalent  rate of $62, $64 and $60,  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 2003, 2002 and 2001.


                             See accompanying notes.

                                      F-8
<PAGE>

                               KENMAR GLOBAL TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               -------------------



Note 3.  COMMODITY TRADING ADVISORS

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

Note 4.  DEPOSITS WITH BROKERS

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

Note 5.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

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

         The Fund is not  required to make  distributions,  but may do so at the
         sole  discretion of the Managing  Owner.  A Unitholder  may request and
         receive redemption of Units owned,  beginning with the end of the sixth
         month  after  such  Units  are sold,  subject  to  restrictions  in the
         Declaration of Trust and Trust  Agreement.  Units redeemed on or before
         the end of the  twelfth  full  calendar  month and after the end of the
         twelfth  full  month but on or before  the end of the  eighteenth  full
         calendar  month after the date such Units begin to  participate  in the
         profits and losses of the Fund are subject to early redemption  charges
         of 3% and  2%,  respectively,  of the Net  Asset  Value  redeemed.  All
         redemption  charges are paid to the  Managing  Owner.  Such  redemption
         charges are  included in  redemptions  in the  statement  of changes in
         unitholders'  capital and amounted to $1,845,  $4,872 and $9,407 during
         2003, 2002 and 2001, respectively.

Note 6.  TRADING ACTIVITIES AND RELATED RISKS

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


                             See accompanying notes.

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

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

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


                             See accompanying notes.

                                      F-10
<PAGE>

                               KENMAR GLOBAL TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               -------------------



Note 7.  SUBSEQUENT EVENTS

         Effective   March  1,  2004,  the  monthly   Managing  Owner  brokerage
         commissions  are  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.

         Units  purchased  after March 1, 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 March 1, 2004 remain subject
         to the previous schedule of redemption charges as described in Note 5.


                             See accompanying notes.

                                      F-11
<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,
         2003, 2002 and 2001. This information has been derived from information
         presented in the financial statements.

<TABLE>
<CAPTION>

                                                                               2003            2002           2001
                                                                               ----            ----           ----
<S>                                                                           <C>             <C>             <C>
         PER UNIT PERFORMANCE
         (FOR A UNIT OUTSTANDING THROUGHOUT THE ENTIRE YEAR)
         Net asset value per unit at beginning of year                        $110.77        $ 96.48         $ 97.01
                                                                              -------        -------         -------
         INCOME FROM OPERATIONS:
                 Gain from trading (1)                                          14.61          30.03            9.75
                 Net investment (loss) (1)                                     (13.13)        (15.09)          (9.54)
                                                                              -------        -------         -------
                        Total income from operations                             1.48          14.94            0.21
                                                                              -------        -------         -------
         Offering costs (1)                                                     (1.23)         (0.65)          (0.74)
                                                                              -------        -------         -------
         Net asset value per unit at end of year                              $111.02        $110.77         $ 96.48
                                                                              =======        =======         =======
         TOTAL RETURN                                                            0.23%         14.81%          (0.55)%
                                                                              =======        =======         =======
         SUPPLEMENTAL DATA

         RATIOS TO AVERAGE NET ASSET VALUE:
                 Expenses prior to advisor profit shares                        (9.97)%       (10.73)%        (10.16)%
                 Advisor profit shares                                          (2.34)%        (5.61)%         (2.84)%
                                                                              -------        -------         -------
                        Total expenses                                         (12.31)%       (16.34)%        (13.00)%
                                                                              =======        =======         =======
                 Net investment (loss) (2)                                      (9.38)%        (9.71)%         (7.00)%
                                                                              =======        =======         =======

</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.


                             See accompanying notes.

                                      F-12
<PAGE>

                                  EXHIBIT INDEX

Exhibit Number               Description of Document                 Page Number
--------------               -----------------------                 -----------

     31.01        Certification  of  Kenneth A.  Shewer,  Chief          E-2
                  Executive  Officer,  pursuant to Rules 13a-14
                  and 15(d)-14 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 and 15(d)-14 of the
                  Securities Exchange Act of 1934.

     32.01        Certification  of  Kenneth A.  Shewer,  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

                                      E-1