UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarter ended: June 30, 2009

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

For the transition period from to

Commission File Number: 333-9898

KENMAR GLOBAL TRUST

(Exact name of registrant as specified in its charter)


Delaware		06-6429854
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

900 King Street, Suite 100, Rye Brook, New York		10573
(Address of principal executive offices)		(Zip Code)

(914) 307-7000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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 whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨

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


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

Indicate by check mark whether Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

KENMAR GLOBAL TRUST

INDEX TO QUARTERLY REPORT ON FORM 10-Q

JUNE 30, 2009


		Page

PART I – FINANCIAL INFORMATION		3

Item 1.	Financial Statements	3

	Kenmar Global Trust:

	Condensed Statements of Financial Condition (Unaudited) as of June 30, 2009 and December 31, 2008	5

	Condensed Schedules of Investments (Unaudited) as of June 30, 2009 and December 31, 2008	6

	Condensed Statements of Operations (Unaudited) for the Three Months and Six Months Ended June 30, 2009 and 2008	7

	Condensed Statements of Changes in Unitholders’ Capital (Unaudited) for the Six Months Ended June 30, 2009 and 2008	8

	Notes to Condensed Financial Statements (Unaudited)	9

	WCM Pool LLC:

	Condensed Statements of Financial Condition (Unaudited) as of June 30, 2009 and December 31, 2008	26

	Condensed Schedules of Investments (Unaudited) as of June 30, 2009 and December 31, 2008	27

	Condensed Statements of Operations (Unaudited) for the Three Months and Six Months Ended June 30, 2009 and 2008	28

	Condensed Statements of Changes in Members’ Capital (Unaudited) for the Six Months Ended June 30, 2009 and 2008	29

	Notes to Condensed Financial Statements (Unaudited)	30

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53

Item 4.	Controls and Procedures	54

PART II – OTHER INFORMATION		54

Item 1.	Legal Proceedings	54

Item 1.A.	Risk Factors	54

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54

Item 3.	Defaults Upon Senior Securities	54

Item 4.	Submission of Matters to a Vote of Security Holders	54

Item 5.	Other Information	55

Item 6.	Exhibits:	55

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

KENMAR GLOBAL TRUST

FINANCIAL STATEMENTS

June 30, 2009

KENMAR GLOBAL TRUST

CONDENSED STATEMENTS OF FINANCIAL CONDITION

June 30, 2009 (Unaudited) and December 31, 2008


	June 30, 2009		December 31, 2008
ASSETS
Equity in broker trading accounts:
Cash (See Note 1)	$	1,794,204	$	3,815,436
Unrealized gain on open futures contracts, net		51,960		215,655

Total equity in broker trading accounts		1,846,164		4,031,091
Cash and cash equivalents		2,941,105		1,189,383
Interest receivable, net		1,506		108
Investment in WCM Pool LLC, at fair value (2.92% and 10.43% of net asset value, respectively)		158,649		638,493
Unrealized gain on open forward currency contracts, net		3,234		0
Note receivable, Managing Owner		585,193		585,193
Redemptions receivable from WCM Pool LLC		0		80,314

Total assets	$	5,535,851	$	6,524,582

LIABILITIES
Unrealized loss on open forward currency contracts, net	$	0	$	747
Accounts payable and other		60,572		36,688
Managing Owner brokerage commissions and other transactions fees payable		42,754		47,838
Managing Owner incentive fees payable		0		39,348
Advisor profit shares		0		197,424
Redemptions payable		0		80,582

Total liabilities		103,326		402,627

UNITHOLDERS’ CAPITAL (Net Asset Value)
Managing Owner – 0.0000 and 413.8301 Units outstanding at June 30, 2009 and December 31, 2008, respectively		0		64,598
Other Unitholders – 38,403.5830 and 38,805.1498 Units outstanding at June 30, 2009 and December 31, 2008, respectively		5,432,525		6,057,357

Total unitholders’ capital (Net Asset Value)		5,432,525		6,121,955

Total liabilities and unitholders’ capital	$	5,535,851	$	6,524,582


Net Asset Value per Other Unitholders and Managing Owner Unit
June 30, 2009		December 31, 2008
$	141.46	$	156.10

See accompanying notes.

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KENMAR GLOBAL TRUST

CONDENSED SCHEDULES OF INVESTMENTS

June 30, 2009 (Unaudited) and December 31, 2008


	June 30, 2009					December 31, 2008
	Net Unrealized Gain (Loss)			Net Unrealized Gain (Loss) as a % of Unitholders’ Capital		Net Unrealized Gain (Loss)			Net Unrealized Gain (Loss) as a % of Unitholders’ Capital
OPEN FUTURES CONTRACTS
OPEN LONG FUTURES CONTRACTS
Description
Commodities	$	(15,458	)	(0.28	)%	$	4,203		0.07	%
Currency		(1,562	)	(0.03	)%		30,403		0.50	%
Energy		(5,538	)	(0.10	)%		0		0.00	%
Interest rates		55,142		1.01	%		120,632		1.97	%
Metals		163,621		3.01	%		(29,181	)	(0.48	)%
Stock index		(1,127	)	(0.02	)%		0		0.00	%

Unrealized gain on open long futures contracts	$	195,078		3.59	%	$	126,057		2.06	%

OPEN SHORT FUTURES CONTRACTS
Description
Commodities	$	70,225		1.29	%	$	5,878		0.10	%
Currency		20,413		0.38	%		(3,848	)	(0.06	)%
Energy		2,210		0.04	%		(1,110	)	(0.02	)%
Interest rates		(40,790	)	(0.75	)%		(28,628	)	(0.47	)%
Metals		(197,441	)	(3.63	)%		120,963		1.97	%
Stock index		2,265		0.04	%		(3,657	)	(0.06	)%

Unrealized gain (loss) on open short futures contracts	$	(143,118	)	(2.63	)%	$	89,598		1.46	%

Unrealized gain on open futures contracts, net	$	51,960		0.96	%	$	215,655		3.52	%

OPEN FORWARD CURRENCY CONTRACTS
Description
Long forward currency contracts	$	(744	)	(0.01	)%	$	0		0.00	%
Short forward currency contracts		3,978		0.07	%		(747	)	(0.01	)%

Unrealized gain (loss) on open forward currency contracts, net	$	3,234		0.06	%	$	(747	)	(0.01	)%

See accompanying notes.

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KENMAR GLOBAL TRUST

CONDENSED STATEMENTS OF OPERATIONS

For the Three Months and Six Months Ended June 30, 2009 and 2008

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
NET INCOME (LOSS) FROM TRUST OPERATIONS
TRADING GAINS (LOSSES)
Realized	$	(16,862	)	$	407,623		$	(5,553	)	$	926,731
Change in unrealized		52,266			214,278			(159,714	)		123,263
Brokerage commissions		(8,768	)		(6,661	)		(15,428	)		(13,705	)

Net gain (loss) from trading		26,636			615,240			(180,695	)		1,036,289

NET INVESTMENT LOSS
INCOME
Interest income		4,863			33,115			10,350			74,074

EXPENSES
Managing Owner brokerage commissions		129,323			129,977			271,075			247,907
Managing Owner incentive fees		0			7,169			0			7,169
Advisor profit shares		0			114,519			0			190,948
Operating expenses		55,009			36,782			98,738			80,514

Total expenses		184,332			288,447			369,813			526,538

Net investment loss		(179,469	)		(255,332	)		(359,463	)		(452,464	)

NET INCOME (LOSS) FROM TRUST OPERATIONS		(152,833	)		359,908			(540,158	)		583,825

NET INCOME (LOSS) ALLOCATED FROM WCM POOL LLC:
REVENUES
Realized		(19,445	)		29,193			(11,933	)		269,744
Change in unrealized		(208	)		65,455			(10,019	)		36,509
Interest income		0			5,222			36			12,862

Total revenues (losses)		(19,653	)		99,870			(21,916	)		319,115

EXPENSES
Brokerage commissions and other transaction fees		109			625			250			1,493
Management fees		1,389			7,662			4,163			16,249
Advisor profit shares		0			16,812			201			56,592
Operating expenses		471			3,032			1,707			6,284

Total expenses		1,969			28,131			6,321			80,618

NET INCOME (LOSS) ALLOCATED FROM WCM POOL LLC		(21,622	)		71,739			(28,237	)		238,497

NET INCOME (LOSS)	$	(174,455	)	$	431,647		$	(568,395	)	$	822,322

NET INCOME (LOSS) PER WEIGHTED AVERAGE UNITHOLDERS AND MANAGING OWNER UNIT
Net income (loss) per weighted average Unitholders and Managing Owner Unit	$	(4.54	)	$	10.04		$	(14.67	)	$	18.94

Weighted average number of Unitholders and Managing Owner Units outstanding		38,435			43,014			38,734			43,413

See accompanying notes.

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KENMAR GLOBAL TRUST

CONDENSED STATEMENTS OF CHANGES IN UNITHOLDERS’ CAPITAL

For the Six Months Ended June 30, 2009 and 2008

(Unaudited)


	Total Number of Units		Unitholders’ Capital
			Managing Owner			Other Unitholders			Total
			Managing Owner			Other Unitholders			Total
Six Months Ended June 30, 2009
Balances at December 31, 2008	39,218.9799		$	64,598		$	6,057,357		$	6,121,955
Redemptions	(815.3969	)		(60,418	)		(60,617	)		(121,035	)
Net loss for the six months ended June 30, 2009				(4,180	)		(564,215	)		(568,395	)

Balances at June 30, 2009	38,403.5830		$	0		$	5,432,525		$	5,432,525


Six Months Ended June 30, 2008
Balances at December 31, 2007	44,382.0212		$	66,917		$	5,295,545		$	5,362,462
Redemptions	(1,796.4469	)		(10,380	)		(222,625	)		(233,005	)
Net income for the six months ended June 30, 2008				9,686			812,636			822,322

Balances at June 30, 2008	42,585.5743		$	66,223		$	5,885,556		$	5,951,779

See accompanying notes.

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KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General Description of the Fund

Kenmar Global Trust (the “Fund”) is a Delaware business trust. The Fund will terminate on December 31, 2026 unless terminated sooner as provided in the Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”). The Fund is a multi-advisor, multi-strategy commodity pool which trades in United States (U.S.) and foreign futures, options, forward currency and related markets. A portion of the Fund’s assets are managed by Transtrend B.V. (“Transtrend”) as a managed account via their Diversified Trend Program.

Effective January 1, 2007, the Fund contributed a portion of its net assets to WCM Pool LLC (the “Company”) and received a Voting Membership Interest in the Company. The Company was formed to function as an aggregate trading vehicle. At June 30, 2009, the sole members of the Company are the Fund, Futures Strategic Trust (“FST”), Diversified Futures Trust I (“DFT”), World Monitor Trust II Series D (“Series D”), and World Monitor Trust II Series F (“Series F”). On April 1, 2009, Series D and Series F received a voting membership interest in the Company. DFT, FST and the Fund have been members of the Company since 2007.

Effective May 5, 2009, Preferred Investment Solutions Corp. changed its name to Kenmar Preferred Investments Corp. (“Preferred” or the “Managing Owner”). Preferred or Managing Owner refers to either Preferred Investment Solutions Corp. or Kenmar Preferred Investments Corp., depending on the applicable period discussed. Preferred is the managing owner of the Fund, FST, DFT, Series D and Series F and has been delegated administrative authority over the operations of the Company. The Company engages in the speculative trading of futures contracts. The financial statements of the Company, including the condensed schedule of investments, are included in Section II of these financial statements and should be read in conjunction with the Fund’s financial statements.

Regulation

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

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KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting

The condensed statement of financial condition, including the condensed schedule of investments, as of June 30, 2009 and the condensed statements of operations and changes in unitholders’ capital for the three months and six months ended June 30, 2009 and 2008, are unaudited. In the opinion of the Managing Owner, such financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of June 30, 2009, and the results of operations for the three months and six months ended June 30, 2009 and 2008. The operating results for these interim periods may not be indicative of the results expected for a full year.

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Fund’s annual report on Form 10-K filed with the SEC for the year ended December 31, 2008.

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

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

Through June 23, 2008, the note receivable was valued at the higher of the original face amount or the value of the underlying collateral.

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

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KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting (Continued)

For the six months ended June 30, 2009 and 2008, the Fund indirectly earned income or loss through its investment in the Company (See Note 5).

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

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

In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 157 (“SFAS 157”), “Fair Value Measurements”. SFAS 157 requires use of a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels: quoted market prices in active markets for identical assets and liabilities (Level 1), inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly (Level 2), and unobservable inputs for the asset or liability (Level 3). SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007.

The Fund adopted SFAS 157 in the first quarter of 2008. The adoption of SFAS 157 had no impact to assets and liabilities required to be carried at fair value (investments) in these financial statements.

The Fund considers prices for exchange traded commodity futures and options contracts to be based on quoted prices in active markets for identical assets (Level 1). The values of forwards, swaps and certain options contracts for which market quotations are not readily available are priced by third party data providers such as Bloomberg, Reuters, and or Super Derivatives who derive fair values for those assets from models with observable inputs (Level 2). There are no Level 3 investments on June 30, 2009 or December 31, 2008.

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KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting (Continued)

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


June 30, 2009	Level 1		Level 2			Level 3			Total
Assets:
Unrealized gain on open futures contracts, net	$	51,960	$	0		$	0		$	51,960
Unrealized gain on open forward currency contracts, net	$	0	$	3,234		$	0		$	3,234
Investment in WCM Pool LLC, at fair value	$	0	$	158,649		$	0		$	158,649

December 31, 2008	Level 1		Level 2			Level 3			Total
Assets:
Unrealized gain on open futures contracts, net	$	215,655	$	0		$	0		$	215,655
Investment in WCM Pool LLC, at fair value	$	0	$	638,493		$	0		$	638,493
Transfers in (out)	$	0	$	638,493		$	(638,493	)	$	0
Liabilities:
Unrealized loss on open forward currency contracts, net	$	0	$	(747	)	$	0		$	(747	)

Investments classified as Level 2 and Level 3 under SFAS 157 include the Fund’s investment in the Company and is valued monthly at the net asset value as reported by the Company. The Company’s net asset value is determined based upon its management’s best estimate of the fair value of its underlying net assets, substantially all of which are investments valued using Level 1 inputs but include certain assets and liabilities where the inputs into the determination of fair value require management judgment or estimation. The Managing Owner determined that certain of the Company’s assets and liabilities which require management judgment or estimation were not material to the Fund’s financial statements and therefore, the Fund’s investment in the Company should be classified as Level 2 at December 31, 2008. A table presenting the changes in the Level 3 fair value category for the six months ended June 30, 2008 is provided in Note 5 of the Fund’s condensed financial statements. Of the $238,497 gain for the six months ended June 30, 2008, reported on Level 3 investments in Note 5, $36,509 represents a change in unrealized gain allocated from the Company on the Fund’s condensed statement of operations.

In October 2008, the FASB issued FASB Staff Position FAS 157-3, “Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active” (“FSP FAS 157-3”). FSP FAS 157-3 clarified the application of SFAS 157. FSP FAS 157-3 demonstrated how the fair value of a financial asset is determined when the market for that financial asset is inactive. FSP FAS 157-3 was effective upon issuance, including prior periods for which financial statements had not been issued. Preferred, as Managing Owner of the Fund, evaluated the impact of adopting FSP FAS 157-3 and its impact on the Fund’s financial statements. The adoption of this standard did not have an impact on the Fund’s financial statements.

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KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting (Continued)

In April 2009, the FASB issued FASB Staff Position FAS 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” (“FSP FAS 157-4”). FSP FAS 157-4 clarified the application of SFAS 157. FSP FAS 157-4 provides additional guidance for how the fair value of a financial asset or liability is determined when the volume and level of activity for the asset or liability have significantly decreased and on identifying circumstances that indicate a transaction is not orderly. FSP FAS 157-4 is effective for interim and annual periods after June 15, 2009, with early adoption permitted for periods ending after March 15, 2009, and is to be applied prospectively. The Fund adopted FSP FAS 157-4 effective January 1, 2009. As required, the Fund also adopted FSP FAS 115-2 and FAS 124-2, “Recognition and Presentation of Other-Than-Temporary Impairments,” effective January 1, 2009. Preferred, as Managing Owner of the Fund, evaluated the impact of adopting FSP FAS 157-4 and FSP FAS 115-2 and FAS 124-2, and their impact on the Fund’s financial statements. The adoption of these standards did not have an impact on the Fund’s financial statements.

In February 2007, the FASB issued SFAS No. 159 (“SFAS 159”), “The Fair Value Option for Financial Assets and Financial Liabilities”, including an amendment of SFAS 115. This statement provides companies with an option to report selected financial assets and liabilities at fair value. This statement is effective for fiscal years beginning after November 15, 2007 with early adoption permitted. Preferred, as Managing Owner of the Fund, evaluated the impact of adopting SFAS 159 and its impact on the Fund’s financial statements.

The Fund adopted SFAS 159 during the first quarter of 2008, and it did not have a material effect on the Fund’s financial statements, as the Fund did not elect the fair value option for any eligible financial assets or liabilities.

In April 2007, the FASB released FASB Staff Position FIN No. 39-1 “Offsetting of Amounts Related to Certain Contracts” (“FSP FIN 39-1”). FSP FIN 39-1 requires that offsetting of assets and liabilities in the balance sheet is improper except where a right of setoff exists. The application of FSP FIN 39-1 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Preferred, as Managing Owner of the Fund, evaluated the impact of adopting FSP FIN 39-1 and its impact on the Fund’s financial statements. The adoption of this standard did not have an impact on the Fund’s financial statements.

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities – an amendment of FASB Statement No. 133” (“SFAS 161”). SFAS 161 establishes, among other things, the disclosure requirements for derivative instruments and for hedging activities. SFAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. Preferred, as Managing Owner of the Fund, evaluated the impact of adopting SFAS 161 and its impact on the Fund’s financial statements. The adoption of this standard did not have an impact on the Fund’s financial statements.

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KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting (Continued)

In May 2009, the FASB issued SFAS No. 165, “Subsequent Events” (“SFAS 165”), which provides guidance to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS 165 also requires entities to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. SFAS 165 is effective for interim and annual periods ending after June 15, 2009. SFAS 165 is effective for the Fund during the quarter ending June 30, 2009. Preferred, as Managing Owner of the Fund, evaluated the impact of adopting SFAS 165 and its impact on the Fund’s financial statements. The adoption of SFAS 165 did not have a material impact on the Fund’s financial statements.

In June 2009, the FASB issued SFAS No. 166, “Accounting for Transfers of Financial Assets – an amendment of FASB Statement No. 140” (“SFAS 166”), which requires additional information regarding transfers of financial assets, including securitization transactions, and where companies have continuing exposure to the risks related to transferred financial assets. SFAS 166 eliminates the concept of a “qualifying special-purpose entity,” changes the requirements for derecognizing financial assets, and requires additional disclosures. SFAS 166 is effective for fiscal years beginning after November 15, 2009. SFAS 166 is effective for the Fund on January 1, 2010. Preferred, as Managing Owner of the Fund, is evaluating the impact of adopting SFAS 166 and its impact on the Fund’s financial statements.

In June 2009, the FASB issued SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)” (“SFAS 167”), which modifies how a company determines when an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated. SFAS 167 clarifies that the determination of whether a company is required to consolidate an entity is based on, among other things, an entity’s purpose and design and a company’s ability to direct the activities of the entity that most significantly impact the entity’s economic performance. SFAS 167 requires an ongoing reassessment of whether a company is the primary beneficiary of a variable interest entity. SFAS 167 also requires additional disclosures about a company’s involvement in variable interest entities and any significant changes in risk exposure due to that involvement. SFAS 167 is effective for fiscal years beginning after November 15, 2009 and is effective for the Fund on January 1, 2010. Preferred, as Managing Owner of the Fund, is evaluating the impact of adopting SFAS 167 and its impact on the Fund’s financial statements.

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KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting (Continued)

All existing accounting standard documents were superseded and all other accounting literature not included in the Codification are considered nonauthoritative. The Codification is effective for interim and annual periods ending after September 15, 2009. The Codification is effective for the Fund during the interim period ending September 30, 2009. Preferred, as Managing Owner of the Fund, is evaluating the impact of adopting SFAS 168 and its impact on the Fund’s financial statements.

Cash and Cash Equivalents

Cash represents amounts deposited with a bank and clearing brokers, a portion of which is restricted for purposes of meeting margin requirements, which typically range from 0% to 35% of the notional amounts of the derivatives traded. As of June 30, 2009 and December 31, 2008, restricted cash totaled $557,165 and $401,868, respectively. The Fund receives interest on all cash balances held by the bank and clearing brokers at prevailing rates. In addition, the Fund is allocated its pro-rata share of interest from the Company.

Income Taxes

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

The Fund has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as interest or other expense. All tax years which are statutorily open are subject to examination by the appropriate taxing authorities.

Investment in WCM Pool LLC

The investment in the Company is reported in the Fund’s condensed statements of financial condition at the net asset value as reported by the Company, which the Managing Owner considers an appropriate estimate of fair value. The Fund records its proportionate share of the Company’s income or loss in the condensed statements of operations. Valuation of futures and forward currency contracts by the Company is discussed in the notes to the Company’s financial statements included in Section II of this report. Through its investment in the Company, the Fund pays its pro-rata share of the 2% annual management fee (accrued and paid monthly) and a 20% incentive fee on “New High Net Trading Profits” (accrued monthly and paid quarterly) as defined in the advisory agreement.

-12-

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Profit and Loss Allocation, Distributions and Redemptions

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

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

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 condensed statements of financial condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in operations currently under the caption realized on the condensed statements of operations.

Interest Income

Interest income is recorded on an accrual basis.

Note 2.

MANAGING OWNER

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

The Managing Owner is paid monthly brokerage commissions (“Managing Owner Brokerage Commissions”) equal to 1/12 of 10% (10% annually) of the Fund’s beginning of month Net Asset Value on the first $25 million of Net Asset Value and 1/12 of 9% (9% annually) of the Fund’s beginning of month Net Asset Value in excess of $25 million. The Managing Owner, in turn, pays substantially all actual costs of executing the Fund’s trades, selling commissions and trailing commissions to selling agents, and fees to the commodity trading advisors. Managing Owner Brokerage Commissions are reduced by brokerage commissions and other trading fees paid directly to brokers by the Fund, as well as management fees allocated from the Company. Excluded from the Managing Owner Broker Commissions are the Transtrend or Company incentive fee payments.

-13-

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2.

MANAGING OWNER (CONTINUED)

The Managing Owner is paid an incentive fee equal to 5% of “New Overall Appreciation” (which is defined in the Trust Agreement and excludes interest income) as of each fiscal year-end and upon redemption of Units. Incentive fees earned by the Managing Owner during the six months ended June 30, 2009 and 2008 were $0 and $7,169, respectively.

Note 3.

RELATED PARTIES

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

The expenses incurred by the Fund for services performed by the Managing Owner for the Fund were:


	Three Months Ended June 30,				Six Months Ended June 30,
	2009		2008		2009		2008
Commissions	$	129,323	$	129,977	$	271,075	$	247,907
General and administrative		12,735		8,523		22,240		18,206

	$	142,058	$	138,500	$	293,315	$	266,113

Expenses payable to the Managing Owner and its affiliates (which are included in accounts payable and other and Managing Owner brokerage commissions and other transaction fees payable on the condensed statements of financial condition) as of June 30, 2009 and December 31, 2008 were $46,438 and $47,462, respectively.

On September 24, 2007, the Fund and the Managing Owner entered into a Purchase Agreement (the “Purchase Agreement”), effective as of August 10, 2007, whereby the Managing Owner acquired all the Fund’s rights, title and interest to the Investment Advisory Agreement (“Advisory Agreement”) dated February 11, 2004, by and between the Fund and Sentinel Management Group, Inc. (“Sentinel”), an SEC-registered investment adviser and a CFTC-registered futures commission merchant, and to the Fund’s right, title and interest to the Fund’s deposits in an account (the “Account”) managed by Sentinel, including the Fund’s rights to the funds in the Account, including all claims related thereto against Sentinel (the “Asset”). The purchase price for the Asset was $1,685,193 (the “Purchase Price”), which represented the recorded value of the Fund’s deposit in the Account as reported to the Fund by Sentinel at the close of business on August 10, 2007, the business day immediately preceding the day on which withdrawals from the Account were suspended by Sentinel. The payment of the Purchase Price by the Managing Owner to the Fund was paid by a secured Demand Promissory Note (the “Note”) made by the Managing Owner in favor of the Fund. The interest rate on the Note is the Wall Street Journal Prime Rate (3.25% at June 30, 2009) and resets monthly. Interest is payable monthly no later than the first business day of the subsequent month. The Note was secured by a Security Agreement whereby the Managing Owner granted the Fund a first priority interest in the Asset to secure payment of the Note.

-14-

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 3.

RELATED PARTIES (CONTINUED)

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

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

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

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

No default has existed or currently exists on the note receivable from the Managing Owner. If a default existed, the note receivable from the Managing Owner in the amount of $585,193 would be offset by $34,363 of brokerage commissions payable to the Managing Owner as of June 30, 2009.

Note 4.

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). For the six months ended June 30, 2009 and 2008, incentive fees earned by various commodity trading advisors totaled $201 and $247,540, respectively, of which $0 was payable at June 30, 2009.

-15-

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 5.

INVESTMENT IN WCM POOL LLC

Effective January 1, 2007, the Fund invested a portion of its assets in the Company. The Fund’s investment in the Company represents approximately 0.58% and 3.96% of the net asset value of the Company at June 30, 2009 and December 31, 2008, respectively. The investment in the Company is subject to the Organization Agreement of the Company.

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


	Net Asset Value December 31, 2008		Loss*			Redemptions			Net Asset Value June 30, 2009
WCM Pool LLC	$	638,493	$	(28,237	)	$	(451,607	)	$	158,649


	Net Asset Value December 31, 2007		Gain*			Redemptions			Net Asset Value June 30, 2008
WCM Pool LLC	$	1,732,978	$	238,497		$	(563,185	)	$	1,408,290

Included in earnings and includes $(10,019) and $36,509, for the six months ended June 30, 2009 and 2008, respectively, attributable to the change in unrealized gains (losses).

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

Note 6.

SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

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

Note 7.

DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS

The Fund’s investment in the Company is subject to the market and credit risks of the futures contracts, options on futures contracts, forward currency contracts and other financial instruments held or sold short by the Company. The Fund bears the risk of loss only to the extent of the market value of its investments and, in certain specific circumstances, distributions and redemptions received in respect to the Fund’s investment in the Company.

In addition, the Fund has cash on deposit with financial institutions and in broker trading accounts. In the event of a financial institution’s insolvency, recovery of cash on deposit may be limited to account insurance or other protection afforded such deposits. The Managing Owner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The Unitholders bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received.

-16-

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 7.

DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)

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

Market Risk

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

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

Credit Risk

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

-17-

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 7.

DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)

Credit Risk (Continued)

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

The Fund’s futures commission merchant, in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading and is not allowed to commingle such assets with its other assets. At June 30, 2009 and December 31, 2008, such segregated assets totaled $1,607,957 and $3,796,610, respectively. Part 30.7 of the CFTC regulations also requires the Fund’s futures commission merchant to secure assets of the Fund related to foreign futures trading which totaled $238,207 and $234,481 at June 30, 2009 and December 31, 2008, respectively. There are no segregation requirements for assets related to forward trading.

As of June 30, 2009, all of the Fund’s open futures contracts mature within thirty-three months.

-18-

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 8.

FINANCIAL HIGHLIGHTS

The following information presents per Unit operating performance data and other supplemental financial data for the three months and six months ended June 30, 2009 and 2008. This information has been derived from information presented in the financial statements.


	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Per Unit Performance
(for a Unit outstanding throughout the entire period)
Net asset value per Unit at beginning of period	$	146.00		$	129.74		$	156.10		$	120.83

Income (loss) from operations:⁽⁵⁾
Gain (loss) from trading⁽¹⁾		0.41			16.64			(4.80	)		31.23
Net investment loss^(1),^{(6), (7)}		(4.95	)		(6.62	)		(9.84	)		(12.30	)

Total income (loss) from operations		(4.54	)		10.02			(14.64	)		18.93

Net asset value per Unit at end of period	$	141.46		$	139.76		$	141.46		$	139.76

Total Return⁽²⁾		(3.11	)%		7.72	%		(9.38	)%		15.67	%

Supplemental Data
Ratios to average net asset value:⁽⁵⁾
Expenses prior to incentive fees^(3),⁽⁶⁾		14.08	%		12.87	%		13.59	%		13.06	%
Incentive fees^(2), ⁽⁶⁾		0.00	%		2.41	%		0.00	%		4.54	%

Total expenses		14.08	%		15.28	%		13.59	%		17.60	%

Net investment loss^(3),⁽⁴⁾		(13.73	)%		(10.20	)%		(13.23	)%		(9.96	)%

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

⁽¹⁾

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

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

⁽⁴⁾

Represents interest income less total expenses (exclusive of incentive fees).

⁽⁵⁾

Includes the Fund’s proportionate share of income and expenses from WCM Pool LLC.

⁽⁶⁾

Incentive fees include advisor profit shares and Managing Owner incentive fees, if applicable.

⁽⁷⁾

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

-19-

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 9.

SUBSEQUENT EVENT

The Managing Owner of the Fund has evaluated events and transactions that occurred between June 30, 2009 and August 11, 2009, which is the date the financial statements were issued, for possible disclosure or recognition in the financial statements. The Managing Owner has determined that there were no such events or transactions that warrant disclosure or recognition in the financial statements.

-20-

SECTION II

WCM POOL LLC

FINANCIAL STATEMENTS

June 30, 2009

WCM POOL LLC

CONDENSED STATEMENTS OF FINANCIAL CONDITION

June 30, 2009 (Unaudited) and December 31, 2008


	June 30, 2009		December 31, 2008
ASSETS
Cash and cash equivalents (See Note 2)	$	28,349,784	$	19,431,990
Interest receivable		0		479
Net unrealized gain on open futures contracts		100,763		269,887

Total assets	$	28,450,547	$	19,702,356

LIABILITIES
Accrued expenses payable	$	61,022	$	38,738
Interest payable		14		0
Management fees payable		48,211		66,550
Incentive fees payable		0		100,116
Redemptions payable		908,915		3,367,541

Total liabilities		1,018,162		3,572,945

MEMBERS’ CAPITAL (Net Asset Value)
Member DFT I		9,436,207		11,561,900
Member KGT		158,649		638,493
Member FST		3,145,766		3,929,018
Member Series D		3,927,779		0
Member Series F		10,763,984		0

Total members’ capital (Net Asset Value)		27,432,385		16,129,411

Total liabilities and members’ capital	$	28,450,547	$	19,702,356

See accompanying notes.

-2-

WCM POOL LLC

CONDENSED SCHEDULES OF INVESTMENTS

June 30, 2009 (Unaudited) and December 31, 2008


	June 30, 2009					December 31, 2008
Futures Contracts	Net Unrealized Gain (Loss) as a % of Members’ Capital		Net Unrealized Gain (Loss)			Net Unrealized Gain (Loss) as a % of Members’ Capital		Net Unrealized Gain (Loss)
Futures contracts purchased:
Commodities	(0.09	)%	$	(25,176	)	0.00	%	$	32
Currencies	0.57	%		155,384		0.20	%		31,725
Interest rates	0.01	%		2,475		2.32	%		375,048
Stock indices	0.01	%		3,127		0.00	%		0

Net unrealized gain on futures contracts purchased	0.50	%		135,810		2.52	%		406,805

Futures contracts sold:
Commodities	0.07	%		19,469		(0.27	)%		(43,517	)
Currencies	0.01	%		2,209		(0.58	)%		(92,971	)
Interest rates	(0.21	)%		(56,482	)	0.00	%		(833	)
Stock indices	0.00	%		(243	)	0.00	%		403

Net unrealized loss on futures contracts sold	(0.13	)%		(35,047	)	(0.85	)%		(136,918	)

Net unrealized gain on open futures contracts	0.37	%	$	100,763		1.67	%	$	269,887

See accompanying notes.

-3-

WCM POOL LLC

CONDENSED STATEMENTS OF OPERATIONS

For the Three Months and Six Months Ended June 30, 2009 and 2008

(Unaudited)


	Three Months Ended June 30,					Six Months Ended June 30,
	2009			2008		2009			2008
REVENUES
Realized	$	(2,214,038	)	$	420,831	$	(2,039,238	)	$	3,552,998
Change in unrealized		134,831			922,093		(169,124	)		415,751
Interest income		103			72,590		1,096			167,146

Total revenues (losses)		(2,079,104	)		1,415,514		(2,207,266	)		4,135,895

EXPENSES
Brokerage commissions		12,330			8,663		16,507			19,678
Management fees		154,014			106,155		233,798			214,786
Incentive fees		0			237,702		593			730,712
Operating expenses		52,913			42,003		88,301			83,134

Total expenses		219,257			394,523		339,199			1,048,310

NET INCOME (LOSS)	$	(2,298,361	)	$	1,020,991	$	(2,546,465	)	$	3,087,585

See accompanying notes.

-4-

WCM POOL LLC

CONDENSED STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL (NET ASSET VALUE)

For the Six Months Ended June 30, 2009 and 2008

(Unaudited)


	Members’ Capital
	Member DFT I			Member KGT			Member FST			Member Series D			Member Series F			Total
Six months ended June 30, 2009
Balances at December 31, 2008	$	11,561,900		$	638,493		$	3,929,018		$	0		$	0		$	16,129,411
Additions		0			0			0			4,887,000			14,195,000			19,082,000
Redemptions		(1,198,094	)		(451,607	)		(475,167	)		(624,093	)		(2,483,600	)		(5,232,561	)
Net loss for the six months ended June 30, 2009		(927,599	)		(28,237	)		(308,085	)		(335,128	)		(947,416	)		(2,546,465	)

Balances at June 30, 2009	$	9,436,207		$	158,649		$	3,145,766		$	3,927,779		$	10,763,984		$	27,432,385


	Members’ Capital
	Member DFF LP			Member DFT I			Member KGT			Member FST			Total
Six months ended June 30, 2008
Balances at December 31, 2007	$	3,165,178		$	11,055,308		$	1,732,978		$	4,196,579		$	20,150,043
Redemptions		(343,711	)		(831,381	)		(563,185	)		(794,542	)		(2,532,819	)
Net income for the six months ended June 30, 2008		490,625			1,728,641			238,497			629,822			3,087,585

Balances at June 30, 2008	$	3,312,092		$	11,952,568		$	1,408,290		$	4,031,859		$	20,704,809

See accompanying notes.

-5-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Note 1.

ORGANIZATION

General Description of the Company

WCM Pool LLC (the “Company”) is a limited liability company organized under the laws of Delaware on November 20, 2006 which commenced operations on January 1, 2007. The Company will terminate on December 31, 2056 unless terminated sooner under the provisions of the Organization Agreement. The Company was formed to engage in the speculative trading of a diversified portfolio of futures contracts, options on futures contracts and forward currency contracts and may, from time to time, engage in cash and spot transactions. The Company currently consists of five members: Diversified Futures Trust I (“Member DFT I”), Futures Strategic Trust (“Member FST”), Kenmar Global Trust (“Member KGT”), World Monitor Trust II Series D (“Member Series D”) and World Monitor Trust II Series F (“Member Series F”) (collectively, the “Members”). Diversified Futures Fund L.P. (“Member DFF LP”) redeemed all of its membership interests in the Company and terminated its fund operations as of December 31, 2008. On April 1, 2009, Member Series D and Member Series F received a voting membership interest in the Company. Member DFT I, Member FST and Member KGT have been members of the Company since 2007. Effective May 5, 2009, Preferred Investment Solutions Corp. changed its name to Kenmar Preferred Investments Corp. (“Preferred”). Preferred refers to either Preferred Investment Solutions Corp. or Kenmar Preferred Investments Corp., depending on the applicable period discussed. Preferred is the Managing Owner of each of the Company’s members and has been delegated administrative authority over the operations of the Company.

The Company is a Member-managed limited liability company that is not registered in any capacity with, or subject directly to regulation by the Commodity Futures Trading Commission (“CFTC”) or the United States Securities and Exchange Commission.

The Trading Advisor

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

Note 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The condensed statement of financial condition, including the condensed schedule of investments, as of June 30, 2009, and the condensed statements of operations and the condensed statements of changes in members’ capital (net asset value) for the three months and six months ended June 30, 2009 and 2008, are unaudited. In the opinion of Preferred, such financial statements reflect all adjustments, (consisting of only normal recurring adjustments), necessary to state fairly the financial position of the Company as of June 30, 2009, and the results of operations for the three months and six months ended June 30, 2009 and 2008. The operating results for these interim periods may not be indicative of the results expected for a full year.

-6-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting (Continued)

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Member’s annual report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2008.

The financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America, which requires Preferred to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

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

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

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

-7-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting (Continued)

The Company adopted SFAS 157 in the first quarter of 2008. The adoption of SFAS 157 had no impact on the investments required to be carried at fair value in these financial statements.

The Company considers prices for exchange traded commodity futures and options contracts to be based on quoted prices in active markets for identical assets (Level 1). The values of forwards, swaps and certain options contracts for which market quotations are not readily available are priced by third party data providers such as Bloomberg, Reuters, and or Super Derivatives who derive fair values for those assets from models with observable inputs (Level 2). There are no Level 3 investments on June 30, 2009 or December 31, 2008.

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


June 30, 2009	Level 1		Level 2		Level 3		Total
Assets:
Net unrealized gain on open futures contracts	$	100,763	$	0	$	0	$	100,763

December 31, 2008	Level 1		Level 2		Level 3		Total
Assets:
Net unrealized gain on open futures contracts	$	269,887	$	0	$	0	$	269,887

In October 2008, the FASB issued FASB Staff Position FAS 157-3, “Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active” (“FSP FAS 157-3”). FSP FAS 157-3 clarified the application of SFAS 157. FSP FAS 157-3 demonstrated how the fair value of a financial asset is determined when the market for that financial asset is inactive. FSP FAS 157-3 was effective upon issuance, including prior periods for which financial statements had not been issued. Preferred evaluated the impact of adopting FSP FAS 157-3 and its impact on the Company’s financial statements. The adoption of this standard did not have an impact on the Company’s financial statements.

-8-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting (Continued)

In April 2009, the FASB issued FASB Staff Position FAS 157-4 “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 clarified the application of SFAS 157. FSP FAS 157-4 provides additional guidance for how the fair value of a financial asset or liability is determined when the volume and level of activity for the asset or liability have significantly decreased and on identifying circumstances that indicate a transaction is not orderly. FSP FAS 157-4 is effective for interim and annual periods after June 15, 2009, with early adoption permitted for periods ending after March 15, 2009, and is to be applied prospectively. The Company adopted FSP FAS 157-4 effective January 1, 2009. As required, the Company also adopted FSP FAS 115-2 and FAS 124-2, “Recognition and Presentation of Other-Than-Temporary Impairments,” effective January 1, 2009. Preferred evaluated the impact of adopting FSP FAS 157-4 and FSP FAS 115-2 and FAS 124-2 and their impact on the Company’s financial statements. The adoption of these standards did not have an impact on the Company’s financial statements.

In February 2007, the FASB issued SFAS No. 159 (“SFAS 159”), “The Fair Value Option for Financial Assets and Financial Liabilities”, including an amendment of SFAS 115. This statement provides companies with an option to report selected financial assets and liabilities at fair value. This statement is effective for fiscal years beginning after November 15, 2007 with early adoption permitted. Preferred evaluated the impact of adopting SFAS 159 and its impact on the Company’s financial statements.

The Company adopted SFAS 159 during the first quarter of 2008, and it did not have a material effect on the Company’s financial statements, as the Company did not elect the fair value option for any eligible financial assets or liabilities.

In April 2007, the FASB released FASB Staff Position FIN No. 39-1 “Offsetting of Amounts Related to Certain Contracts” (“FSP FIN 39-1”). FSP FIN 39-1 requires that offsetting of assets and liabilities in the balance sheet is improper except where a right of setoff exists. The application of FSP FIN 39-1 is required for fiscal years beginning after November 15, 2007 and interim period within those fiscal years. Preferred evaluated the impact of adopting FSP FIN 39-1 and its impact on the Company’s financial statements. The adoption of this standard did not have an impact on the Company’s financial statements.

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities – an amendment of FASB Statement No. 133” (“SFAS 161”). SFAS 161 establishes, among other things, the disclosure requirements for derivative instruments and for hedging activities. SFAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. Preferred evaluated the impact of adopting SFAS 161 and its impact on the Company’s financial statements. The adoption of this standard did not have an impact on the Company’s financial statements.

-9-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting (Continued)

In May 2009, the FASB issued SFAS No. 165, “Subsequent Events” (“SFAS 165”), which provides guidance to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS 165 also requires entities to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. SFAS 165 is effective for interim and annual periods ending after June 15, 2009. SFAS 165 is effective for the Company during the quarter ending June 30, 2009. Preferred evaluated the impact of adopting SFAS 165 and its impact on the Company’s financial statements. The adoption of SFAS 165 did not have a material impact on the Company’s financial statements.

In June 2009, the FASB issued SFAS No. 166, “Accounting for Transfers of Financial Assets – an amendment of FASB Statement No. 140” (“SFAS 166”), which requires additional information regarding transfers of financial assets, including securitization transactions, and where companies have continuing exposure to the risks related to transferred financial assets. SFAS 166 eliminates the concept of a “qualifying special-purpose entity,” changes the requirements for derecognizing financial assets, and requires additional disclosures. SFAS 166 is effective for fiscal years beginning after November 15, 2009. SFAS 166 is effective for the Company on January 1, 2010. Preferred is evaluating the impact of adopting SFAS 166 and its impact on the Company’s financial statements.

In June 2009, the FASB issued SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)” (“SFAS 167”), which modifies how a company determines when an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated. SFAS 167 clarifies that the determination of whether a company is required to consolidate an entity is based on, among other things, an entity’s purpose and design and a company’s ability to direct the activities of the entity that most significantly impact the entity’s economic performance. SFAS 167 requires an ongoing reassessment of whether a company is the primary beneficiary of a variable interest entity. SFAS 167 also requires additional disclosures about a company’s involvement in variable interest entities and any significant changes in risk exposure due to that involvement. SFAS 167 is effective for fiscal years beginning after November 15, 2009 and is effective for the Company on January 1, 2010. Preferred is evaluating the impact of adopting SFAS 167 and its impact on the Company’s financial statements.

In June 2009, the FASB issued SFAS No. 168, “The FASB Accounting Standards Codification™ and the Hierarchy of Generally Accepted Accounting Principles, a replacement of FASB Statement No. 162” (“SFAS 168”), which approved the “FASB Accounting Standards Codification” (“Codification”) as the single source of authoritative nongovernmental U.S. GAAP effective July 1, 2009. The Codification does not change current U.S. GAAP, but is intended to simplify user access to all authoritative U.S. GAAP by providing all the authoritative literature related to a particular topic in one place. All existing accounting standard documents were superseded and all other accounting literature not included in the Codification are considered nonauthoritative. The Codification is effective for interim and annual periods ending after September 15, 2009. The Codification is effective for the Company during the interim period ending September 30, 2009. Preferred is evaluating the impact of adopting SFAS 168 and its impact on the Company’s financial statements.

-10-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Cash and Cash Equivalents

Cash represents amounts deposited with a bank and clearing broker, a portion of which is restricted for purposes of meeting margin requirements, which typically range from 0% to 35% of the notional amounts of the derivatives traded. As of June 30, 2009 and December 31, 2008, restricted cash totaled $1,588,840 and $670,420, respectively. The Company receives interest at prevailing interest rates on all cash balances held by the clearing broker and bank.

Income Taxes

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

The Company has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as interest or other expense. All tax years which are statutorily open are subject to examination by the appropriate taxing authorities.

Capital Accounts

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

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

Foreign Currency Transactions

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

Interest Income

Interest income is recorded on an accrual basis.

-11-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 3.

FEES

Operating Expenses

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

Management and Incentive Fees

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

Additionally, the Company pays the Trading Advisor a quarterly incentive fee of 20% (the “Incentive Fee”) of “New High Net Trading Profits” (as defined in the Advisory Agreement). For the six months ended June 30, 2009 and 2008, the Trading Advisor earned incentive fees of $593 and $730,712, respectively, of which $0 remains payable at June 30, 2009.

Commissions

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

Note 4.

RELATED PARTIES

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

The expenses incurred by the Company for services performed by Preferred for the Company for the three months and six months ended June 30, 2009 and 2008 were:


	Three Months Ended June 30,				Six Months Ended June 30,
	2009		2008		2009		2008
General and administrative	$	8,810	$	5,555	$	17,080	$	10,365

Expenses payable to Preferred and its affiliates (which are included in accrued expenses payable on the condensed statements of financial condition) as of June 30, 2009 and December 31, 2008 were $6,125 and $7,480, respectively.

-12-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 5.

INCOME TAXES

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

Note 6.

DEPOSITS WITH COMMODITY BROKER, PRIME BROKER AND BANK

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

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

Note 7.

SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

Investments in the Company are made subject to the terms of the Organization Agreement.

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

Note 8.

DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS

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

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

Market Risk

-13-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 8.

DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)

The market risk associated with the Company’s commitments to purchase commodities is limited to the gross or face amount of the contract held. However, when the Company enters into a contractual commitment to sell commodities, it must make delivery of the underlying commodity at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which a commodity can rise is unlimited, entering into commitments to sell commodities exposes the Company to unlimited risk.

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

Credit Risk

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

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

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

-14-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 8.

DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)

Credit Risk (Continued)

The Company’s futures commission merchant, in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Company all assets of the Company relating to domestic futures trading and is not allowed to commingle such assets with its other assets. At June 30, 2009 and December 31, 2008, such segregated assets totaled $23,351,272 and $12,595,893, respectively, which are included in cash and cash equivalents on the condensed statements of financial condition. Part 30.7 of the CFTC regulations also requires the Company’s futures commission merchant to secure assets of the Company related to foreign futures trading which totaled $(52,326) and $1,274,591 at June 30, 2009 and December 31, 2008, respectively. There are no segregation requirements for assets related to forward trading.

As of June 30, 2009, all open futures contracts mature within twenty four months.

-15-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 9.

FINANCIAL HIGHLIGHTS

The following information presents the financial highlights of the Company for the three months and six months ended June 30, 2009 and 2008. This information has been derived from information presented in the financial statements.


	Three Months Ended June 30, 2009 (Unaudited)										Six Months Ended June 30, 2009 (Unaudited)
	Member DFT I		Member KGT		Member FST		Member Series D		Member Series F		Member DFT I		Member KGT		Member FST		Member Series D⁽⁵⁾		Member Series F⁽⁵⁾
Total return:^(1),⁽⁴⁾
Total return before incentive fee	(7.06	)%	(7.06	)%	(7.06	)%	(7.06	)%	(7.06	)%	(8.56	)%	(8.56	)%	(8.56	)%	(7.06	)%	(7.06	)%
Incentive fee	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.01	%	0.01	%	0.01	%	0.00	%	0.00	%

Total return after incentive fee	(7.06	)%	(7.06	)%	(7.06	)%	(7.06	)%	(7.06	)%	(8.55	)%	(8.55	)%	(8.55	)%	(7.06	)%	(7.06	)%

Ratios to average net asset values:
Expenses prior to incentive fee⁽²⁾	2.87	%	3.14	%	2.87	%	2.91	%	2.92	%	2.97	%	3.22	%	2.97	%	2.91	%	2.92	%
Incentive fee⁽¹⁾	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.05	%	0.01	%	0.00	%	0.00	%

Total expenses and incentive fee	2.87	%	3.14	%	2.87	%	2.91	%	2.92	%	2.97	%	3.27	%	2.98	%	2.91	%	2.92	%

Net investment loss^(2),⁽³⁾	(2.87	)%	(3.14	)%	(2.87	)%	(2.91	)%	(2.92	)%	(2.95	)%	(3.20	)%	(2.95	)%	(2.91	)%	(2.92	)%

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

⁽¹⁾	Not annualized.

⁽²⁾	Annualized.

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

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

⁽⁵⁾	Member Series D and Member Series F contributed their net assets to the Company effective April 1, 2009.

-16-

WCM POOL LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 9.

FINANCIAL HIGHLIGHTS (CONTINUED)


	Three Months Ended June 30, 2008 (Unaudited)								Six Months Ended June 30, 2008 (Unaudited)
	Member DFF LP⁽⁵⁾		Member DFT I		Member KGT		Member FST		Member DFF LP⁽⁵⁾		Member DFT I		Member KGT		Member FST
Total return:^(1),⁽⁴⁾
Total return before incentive fees	6.21	%	6.21	%	6.21	%	6.21	%	19.89	%	19.88	%	19.88	%	19.89	%
Incentive fees	(1.18	)%	(1.18	)%	(1.18	)%	(1.18	)%	(3.97	)%	(3.96	)%	(3.97	)%	(3.97	)%

Total return after incentive fees	5.03	%	5.03	%	5.03	%	5.03	%	15.92	%	15.92	%	15.91	%	15.92	%

Ratios to average net asset values:
Expenses prior to incentive fees⁽²⁾	3.02	%	3.00	%	3.06	%	3.06	%	3.05	%	3.04	%	3.10	%	3.08	%
Incentive fees⁽¹⁾	1.16	%	1.16	%	1.14	%	1.09	%	3.52	%	3.50	%	3.65	%	3.49	%

Total expenses and incentive fees	4.18	%	4.16	%	4.20	%	4.15	%	6.57	%	6.54	%	6.75	%	6.57	%

Net investment loss^(2),⁽³⁾	(1.62	)%	(1.61	)%	(1.65	)%	(1.65	)%	(1.45	)%	(1.44	)%	(1.44	)%	(1.46	)%

⁽¹⁾	Not annualized.

⁽²⁾	Annualized.

⁽³⁾	Represents interest income less total expenses (exclusive of incentive fees).

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

⁽⁵⁾	Member DFF LP redeemed all of its membership interest in the Company and terminated its fund operations as of December 31, 2008.

-17-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 10.

SUBSEQUENT EVENT

The Managing Owner, has evaluated events and transactions that occurred between June 30, 2009 and August 11, 2009, which is the date the financial statements were issued for possible disclosure or recognition in the financial statements. The Managing Owner has determined that there were no such events or transactions that warrant disclosure or recognition in the financial statements.

-18-

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

This report on Form 10-Q (the “Report”) for the quarter ending June 30, 2009 (“Second Quarter 2009”) includes forward-looking statements that reflect the current expectations of Kenmar Preferred Investments Corp., the managing owner of Kenmar Global Trust (“Registrant”), about the future results, performance, prospects and opportunities of Registrant. The managing owner has tried to identify these forward-looking statements by using words such as “may,” “will,” “expect,” “anticipate,” “believe,” “intend,” “should,” “estimate” or the negative of those terms or similar expressions. These forward-looking statements are based on information currently available to the managing owner and are subject to a number of risks, uncertainties and other factors, both known, such as those described in this Report, and unknown, that could cause Registrant’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, the managing owner undertakes no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.

Introduction

General

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

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

Managing Owner and its Affiliates

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

On September 24, 2007, the Registrant and the Managing Owner entered into a Purchase Agreement (the “Purchase Agreement”), effective as of August 10, 2007, whereby the Managing Owner acquired all the Registrant’s rights, title and interest to the Investment Advisory Agreement (“Advisory Agreement”) dated February 11, 2004, by and between the Registrant and Sentinel Management Group, Inc. (“Sentinel”), an SEC-registered investment adviser and a CFTC-registered futures commission merchant, and to the Registrant’s right, title and interest to the Registrant’s deposits in an account (the “Account”) managed by Sentinel, including the Registrant’s rights to the funds in the Account, including all claims related thereto against Sentinel (the “Asset”). The purchase price for the Asset was $1,685,193 (the “Purchase Price”), which represented the recorded value of the Registrant’s deposit in the Account as reported to the Registrant by Sentinel at the close of business on August 10, 2007, the business day immediately preceding the day on which withdrawals from the Account were suspended by Sentinel. The payment of the Purchase Price by the Managing Owner to the Registrant was paid by a secured Demand Promissory Note (the “Note”) made by the Managing Owner in favor of the Registrant. The interest rate on the Note is the Wall Street Journal Prime Rate (3.25% at June 30, 2009) and resets monthly. Interest is payable monthly no later than the first business day of the subsequent month. The Note was secured by a Security Agreement whereby the Managing Owner granted the Registrant a first priority interest in the Asset to secure payment of the Note.

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

Through June 30, 2009, the Managing Owner paid the Registrant principal of $1,100,000 on the Note, leaving $585,913 of note receivable from the Managing Owner which is reflected on Registrant’s June 30, 2009 condensed statement of financial condition. Interest receivable from the Managing Owner on the Note as of June 30, 2009 was $1,585.

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

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

The Trading Advisor and the Trading Vehicle

As of June 30, 2009, Registrant’s net assets are managed (either directly or indirectly) by Transtrend, B.V. (“Transtrend”) and Winton Capital Management Limited (“Winton”).

Pursuant to an advisory agreement (the “Transtrend Advisory Agreement”) among Registrant, the Managing Owner and Transtrend, a portion of Registrant’s net assets are managed by Transtrend pursuant to its Diversified Trend Program.

Effective January 1, 2007, Registrant became a member of and allocated a portion of its net assets to WCM Pool LLC (the “Trading Vehicle”), a Delaware limited liability company, and received a voting membership interest in the Trading Vehicle and became party to the Trading Vehicle’s Organization Agreement. The Trading Vehicle was formed to function as an aggregate trading vehicle for its members. As of June 30, 2009, Registrant, Diversified Futures Trust I, Futures Strategic Trust, World Monitor Trust II – Series D and World Monitor Trust II – Series F are the sole members of the Trading Vehicle. Effective April 1, 2009, World Monitor Trust II – Series D and World Monitor Trust II – Series F received a voting membership interest in the Trading Vehicle. All other members have had a voting membership interest in the Trading Vehicle since 2007. Preferred is the managing owner of each of these Trading Vehicle members and has been delegated administrative authority over the operations of the Trading Vehicle. The Trading Vehicle engages in the speculative trading of futures and forwards contracts. The financial statements of the Trading Vehicle, including the condensed schedule of investments, are included in Section II of Registrant’s financial statements, and should be read in conjunction with Registrant’s financial statements.

The Trading Vehicle has entered into an advisory agreement (the “Trading Vehicle Advisory Agreement”) with Winton, whereby Winton makes the trading decisions for the Trading Vehicle and, in turn, Registrant, pursuant to Winton’s Diversified Program. The Advisory Agreement may be terminated for various reasons, including at the discretion of the Trading Vehicle. Registrant has allocated 2.92% of its net asset value to the Trading Vehicle as of June 30, 2009. Registrant, through its investment in the Trading Vehicle, accrues and pays a monthly management fee equal to 0.16667% (2% annually) of the assets allocated to the Trading Advisor. Registrant, through its investment in the Trading Vehicle, pays the Trading Advisor an incentive fee of 20% of New High Net Trading Profits (as defined in the Advisory Agreement) generated by the Trading Vehicle. Incentive fees will accrue monthly and be paid quarterly in arrears.

The term “Trading Advisor”, as used herein, refers either to Transtrend or Winton, depending upon the applicable period or context discussed. The term “Trading Advisory Agreement”, as used herein, refers to the Transtrend Advisory Agreement or Trading Vehicle Advisory Agreement, depending upon the applicable period or context discussed.

Competition

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

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

Employees

Registrant has no employees. Management and administrative services for Registrant are performed by the Managing Owner or third parties pursuant to the Trust Agreement, as further discussed in Notes 3 and 4 to Registrant’s financial statements included in its annual report for the year ended December 31, 2008 (“Registrant’s 2008 Annual Report”), which is filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2008.

Critical Accounting Policies

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

The Managing Owner has evaluated Registrant’s financial statements and related disclosures and has determined that the policies discussed below are critical accounting policies because they involve estimates, judgments and assumptions that are particularly complex, subjective or uncertain. For further discussion of Registrant’s significant accounting policies, see Note 1 to Registrant’s financial statements for the year ended December 31, 2008, which is filed as an exhibit to Registrant’s annual report on Form 10-K for the fiscal year ended December 31, 2008.

The valuation of Registrant’s investments that are not traded on a United States (“US”) or internationally recognized futures exchange is a critical accounting policy. The market values of futures (exchange traded) contracts is verified by Registrant’s administrator, which obtains valuation data from third party data providers such as Bloomberg, Reuters and Super Derivatives and compares those prices with Registrant’s clearing broker. The market value of currency swap and forward (non-exchange traded) contracts is extrapolated on a forward basis from the spot prices quoted as of 4 pm on the last business day of the reporting period. All values assigned by the administrator and confirmed by the Managing Owner are final and conclusive as to all of Registrant’s Unitholders. As such, if actual results vary from estimates used, they are not anticipated to have a material impact on the financial statements and related disclosures.

Registrant records all investments at fair value in its financial statements, with changes in fair value reported as a component of Revenues - Unrealized or Trading Gains (Losses) - Change in Unrealized in the Condensed Statements of Operations. Registrant considers prices for exchange traded commodity futures and options contracts to be based on quoted prices in active markets for identical assets (Level 1). The values of forwards, swaps, and certain option contracts for which market quotations are not readily available are priced by third party data providers such as Bloomberg, Reuters and/or Super Derivatives who derive fair values for those assets from observable inputs (Level 2). Level 3 inputs reflect Registrant’s assumptions that it believes market participants would use in pricing the asset or liability. Registrant develops Level 3 inputs based on the best information available in the circumstances, which may include indirect correlation to a market value, combinations of market values or Registrant’s proprietary data. Level 3 inputs generally include information derived through extrapolation or interpolation of observable market data.

observable for the asset or liability, either directly or indirectly (Level 2), and unobservable inputs for the asset or liability (Level 3). SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007.

Registrant adopted SFAS 157 in the first quarter of 2008. The adoption of SFAS 157 had no impact to the items required to be carried at fair value (investments) in Registrant’s financial statements. $51,960 or 24.30% of Registrant’s investments at June 30, 2009 are classified as Level 1, $161,883 or 75.70% are classified as Level 2 and $0 or 0.00% are classified as Level 3 using the fair value hierarchy of SFAS 157. $215,655 or 25.27% of the Registrant’s investments at December 31, 2008 are classified as Level 1, $637,746 or 74.73% are classified as Level 2 and $0 or 0.00% are classified as Level 3 using the fair value hierarchy of SFAS 157. Changes in the Level 3 fair value category for the note receivable, Managing Owner (See Note 1) of the Registrant’s financial statements, included in the Registrant’s 2008 Annual Report, result from a pre-payment of $1,100,000 and a transfer out of Level 3 and investments of $585,193, reducing the balance in investments to zero.

Investments classified as Level 2 and Level 3 under SFAS 157 include the Registrant’s investment in the Trading Vehicle and are valued monthly at the net asset value as reported by the Trading Vehicle. The Trading Vehicle’s net asset value is determined based upon its management’s best estimate of the fair value of its underlying net assets, substantially all of which are investments valued using Level 1 inputs but include certain assets and liabilities where the inputs into the determination of fair value require management judgment or estimation. The Managing Owner determined that certain of the Trading Vehicle’s assets and liabilities which require management judgment or estimation were not material to the Registrant’s financial statements and therefore the Registrant’s investment in the Trading Vehicle should be classified as Level 2 at December 31, 2008. A table presenting the changes in the Level 3 fair value category for the six months ended June 30, 2008 is provided in Note 5 of the Registrant’s financial statements. Of the $238,497 gain for the six months ended June 30, 2008, reported as Level 3 investments in Note 5 of Registrant’s financial statements, $36,509 represents a change in unrealized gain allocated from the Trading Vehicle on the Registrant’s condensed statement of operations.

In October 2008, the FASB issued FASB Staff Position FAS 157-3, “Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active” (“FSP FAS 157-3”). FSP FAS 157-3 clarified the application of SFAS 157. FSP FAS 157-3 demonstrated how the fair value of a financial asset is determined when the market for that financial asset is inactive. FSP FAS 157-3 was effective upon issuance, including prior periods for which financial statements had not been issued. The Managing Owner evaluated the impact of adopting FSP FAS 157-3 and its impact on the Registrant’s financial statements. The adoption of this standard did not have an impact on the Registrant’s financial statements.

In April 2009, the FASB issued FASB Staff Position FAS 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 clarified the application of SFAS 157. FSP FAS 157-4 provides additional guidance for how the fair value of a financial asset or liability is determined when the volume and level of activity for the asset or liability have significantly decreased and on identifying circumstances that indicate a transaction is not orderly. FSP FAS 157-4 is effective for interim and annual periods after June 15, 2009, with early adoption permitted for periods ending after March 15, 2009, and is to be applied prospectively. Registrant adopted FSP FAS 157-4 effective January 1, 2009. As required, the Registrant also adopted FSP FAS 115-2 and FAS 124-2, “Recognition and Presentation of Other-Than-Temporary Impairments,” effective January 1, 2009. Preferred, as Managing Owner of Registrant, evaluated the impact of adopting FSP FAS 157-4 and FSP FAS 115-2 and FAS 124-2, and their impact on Registrant’s financial statements. The adoption of these standards did not have an impact on Registrant’s financial statements.

In April 2007, the FASB released FASB Staff Position FIN No. 39-1 “Offsetting of Amounts Related to Certain Contracts” (“FSP FIN 39-1”). FSP FIN 39-1 requires that offsetting of assets and liabilities in the balance sheet is improper except where a right of setoff exists. The application of FSP FIN 39-1 is required for fiscal years beginning after November 15, 2007 and interim period within those fiscal years. The Managing Owner evaluated the impact of adopting FSP FIN 39-1 and its impact on the Registrant’s financial statements. The adoption of this standard did not have an impact on the Registrant’s financial statements.

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities – an amendment of FASB Statement No. 133” (“SFAS 161”). SFAS 161 establishes, among other things, the disclosure requirements for derivative instruments and for hedging activities. SFAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The Managing Owner evaluated the impact of adopting SFAS 161 and its impact on the Registrant’s financial statements. The adoption of this standard did not have an impact on the Registrant’s financial statements.

In June 2009, the FASB issued SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)” (“SFAS 167”), which modifies how a company determines when an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated. SFAS 167 clarifies that the determination of whether a company is required to consolidate an entity is based on, among other things, an entity’s purpose and design and a company’s ability to direct the activities of the entity that most significantly impact the entity’s economic performance. SFAS 167 requires an ongoing reassessment of whether a company is the primary beneficiary of a variable interest entity. SFAS 167 also requires additional disclosures about a company’s involvement in variable interest entities and any significant changes in risk exposure due to that involvement. SFAS 167 is effective for fiscal years beginning after November 15, 2009 and is effective for the Registrant on January 1, 2010. The Managing Owner is evaluating the impact of adopting SFAS 167 and its impact on the Registrant’s financial statements.

Liquidity and Capital Resources

Registrant commenced operations on May 22, 1997. Contributions were raised through the initial and continuous offering of Other Unitholder Units (“Limited Interests”) and Managing Owner’s Units (“General Interests” and, together with the Limited Interests, “Interests”) of beneficial ownership in Registrant through February 28, 2006. The continuous offering period ended on February 28, 2006.

For Second Quarter 2009, the six months ended June 30, 2009 (“Year-To-Date 2009”), the quarter ending June 30, 2008 (“Second Quarter 2008”), and the period January 1, 2008 to June 30, 2008 (“Year-To-Date 2008”) there were no subscriptions of Limited or General Interests.

Interests in Registrant may be redeemed on a monthly basis. Redemptions of Limited Interests for Second Quarter 2009 and Year-To-Date 2009 were $9,137 and $60,617, respectively. Redemptions of Limited Interests for Second Quarter 2008 and Year-To-Date 2008 were $95,787 and $222,625, respectively.

Redemptions of General Interests for Second Quarter 2009 and Year-To-Date 2009 were $0 and $60,418, respectively. Redemptions of General Interests for Second Quarter 2008 and Year-To-Date 2008 were $0 and $10,380, respectively. Future redemptions will impact the amount of funds available for investment in commodity contracts in subsequent periods.

At June 30, 2009, approximately 100% of Registrant’s net assets were allocated to commodities trading (either directly or through its investment in the Trading Vehicle). A significant portion of Registrant’s net assets invested in the Trading Vehicle was held in cash, which was used as margin for trading in commodities. In as much as the sole business of Registrant is to trade in commodities, Registrant continues to own such liquid assets to be used as margin. The clearing broker and bank credit Registrant (directly or through the Trading Vehicle) with interest income on 100% of its average daily equity maintained in its accounts with the clearing broker and bank during each month at competitive interest rates.

The commodities contracts may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example, commodity exchanges limit fluctuations in certain commodity futures contract prices during a single day by regulations referred to as “daily limits.” During a single day, no trades may be executed at prices beyond the daily limit. Once the price of a futures contract for a particular commodity has increased or decreased by an amount equal to the daily limit, positions in the commodity can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. Commodity futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Such market conditions could prevent the Registrant (directly or through the Trading Vehicle) from promptly liquidating its commodity futures positions.

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

further discussion of the credit and market risks associated with Registrant’s futures and forward contracts, see Note 7 to Registrant’s financial statements for the year ended December 31, 2008, which is filed as an exhibit to Registrant’s annual report on Form 10-K for the fiscal year ended December 31, 2008.

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

Market Overview

Following is a market overview for Second Quarter 2009 and Second Quarter 2008:

Second Quarter 2009

The second quarter of 2009 displayed snippets of evidence that the US economy had bottomed but the problem remained that two key areas, housing and employment, showed only modest indications of a turnaround. US economic metrics were far from optimistic during the quarter as the unemployment rate rose to 9.5%, and many market participants believe it is possible that it will climb above the double-digit mark during the second-half of 2009. Since December 2007, the US lost approximately 6.5 million jobs, of which 1.3 million were lost in the past quarter. As for the stimulus packages, they are making their way into the economy, but at a snail’s pace. The third quarter could see a larger macro impact.

US Treasury yields steepened through most of the quarter. In May, a downward less-than-expected revision of the first quarter GDP encouraged risk taking and the yield curve hinted the economy was in a recovery cycle. The June Federal Open Market Committee meeting indicated that the Fed would maintain an accommodative policy through year end and they expressed little concern on inflation. While the yield curve still indicates the economy is in recovery mode, it does not foreshadow a quick “V” shaped recovery but rather an extended “U” pattern. The Federal Reserve kept rates at 0 to 25 basis points through the quarter. The Bank of England and the Bank of Japan (“BOJ”) kept key rates unchanged through the quarter as well. Japan continued in a recession during the quarter but, as in the US and Eurozone, the worst appears to be over. After being criticized for lowering rates only 25 basis points in April, the European Central Bank (“ECB”) cut rates by another 25 basis points to 1.00% in May. Jean Claude Trichet, ECB president, made it apparent they were likely finished cutting rates for the near future.

The US Dollar Index ended the quarter with a loss of approximately 5%. The US currency survived calls from Russia and the other BRIC nations for a so-called “supranational” currency. An increased appetite for risk weighed on the dollar for much of the quarter, although that appeared to lessen toward the end of June. After being annihilated in the first quarter, the pound managed a solid recovery on indications that UK housing may have bottomed. The euro finished the second quarter up approximately 6% on the dollar. The Japanese yen ended the quarter up overall and the BOJ continued to engage in heavy stimulus activity.

It was a positive overall quarter for global equities, however, US equities lost some ground in June in what appeared to be a correction due to concerns surrounding consumers, housing and employment. Energy and financial stocks led the US rally as the Dow Jones Industrial Average, S&P 500 and NASDAQ all gained approximately 11%, 15% and 20%, respectively, for the quarter. A similar pattern unfolded in Europe with modest losses in June within solid quarterly performance. The STOXX 600, a broad measure of European equities, rose approximately 16% during the quarter. The CAC and the DAX closed the quarter with gains as well. In Asia, the Nikkei jumped over 22% as concerns surrounding North Korea’s nuclear program served as only brief interruptions. The particularly volatile Hang Seng rose approximately 23%, while the Australian All Ordinaries Index and Korea’s Kospi rallied as well. Russian stocks recovered as the quarter progressed in a rally that began at the end March. Improved oil prices were a primary motivator of the turnaround.

Crude followed movements of the equity markets, offsetting ongoing demand destruction, which seems to have been discounted by the market. In addition, the weakening US dollar, “economic optimism” based on Asian and US data, continued disruption of output by rebel groups in Nigeria and Chinese stockpiling fueled crude’s rally as it surged approximately 44% within the Dow Jones-UBS Commodity Index (“DJUBS”) during the quarter. For natural gas, temperatures ran cool in key consuming regions, keeping demand in check. Heating oil ended the quarter with an approximate 28% gain within the DJUBS. Reformulated gasoline had a strong quarter as gasoline at the pump continued to rise but demand still ran down 2.5% from last year. With supplies more than 22% ahead of last year and storage facilities full, natural gas finished the quarter up only 4% within the DJUBS.

Reduced global financial market fears diminished flight-to-safety demand for gold during the second quarter as gold finished relatively flat for the quarter. Silver closed out the period with an approximate 5% gain as jewelry demand was quiet, although there was a slight increase in India’s purchases. China was a periodic buyer. Base metals witnessed overall gains across the board in the quarter, mainly attributable to China’s strategic commodity re-stocking, the weaker US dollar, investment demand and economic optimism. Profits of over 52%, 22%, 18% and 17% for nickel, copper, zinc and aluminum, respectively, within the DJUBS, were showcased through the quarter.

Fear that the H1N1 Influenza (Swine Flu) would somehow be spread overseas from pork products originating in the U.S. led to bans on US pork products, resulting in an approximate 2% loss within the DJUBS during the quarter. For the first half of the quarter, cotton prices reacted bullishly to the uncertain weather conditions and the quarter ended up approximately 15% within the DJUBS. Planting time fears saw grain prices rally in April and May, hitting a nine month high due to the overly wet conditions, which kept farmers from getting their steel in the field. However, once conditions dried out and forecasts for more spring-like weather were predicted, all the upside gains were given back during the month of June as the USDA Planting Acreage Report rattled the agricultural markets. The downside effect on soybeans was not quite as pronounced, however, as this crop can be planted later in the season with much less attributable yield loss. Sugar ended the quarter with profits of over 32% within the DJUBS as prices were driven higher by steady demand patterns out of India, the world’s biggest consumer; changing global weather patterns which threatened production in Brazil, the world’s largest producer; investment interest and a weak US dollar. Coffee finished the quarter up approximately 2% within the DJUBS, attributable to a weak dollar, solid technicals and the relief from a threat of adverse weather.

Second Quarter 2008

While the US may not be in the “official” definition of recession, the tone of the economy was clearly recessionary like in the second quarter 2008, to an even greater degree than in the first quarter. Liquidity problems persisted and concern surrounding the viability of a number of financial institutions pervaded the atmosphere even after the Federal Reserve (“Fed”) bailout of Bear Stearns & Co. Inc in mid March. Inflation jitters appeared to increase throughout the quarter as crude oil surged over $140 per barrel (“pb”) and food costs increased significantly.

The spread between 10-year treasury notes and inflation-indexed securities, which measures the expected rate of inflation, steadily increased to over 2.5% at the end of June from roughly 2.3% in March. On a slightly positive note, the overall condition and liquidity within the credit markets appeared to improve at least marginally. The Federal Open Market Committee (“FMOC”) appeared to end its rate cut cycle at its June meeting. However, at this point the FMOC does not appear ready to initiate imminent rate increases as reflected in the statement from the June meeting, where the Fed displayed a clear concern for inflationary pressures but at the same time warned of a weakening economy and existing threats to global liquidity. Treasury yields moved steadily higher for much of the quarter before falling back slightly during the final half of June.

The employment picture worsened dramatically as the quarter developed, including an approximate 62,000 decline in June non-farm payroll as the unemployment rate rose to 5.5% versus 5.1% from the first quarter. In addition, weekly unemployment claims surged at the end of June. As for housing, it remains in a highly depressed state with no indication of a bottom in 2008. Manufacturing was mostly challenged with regional data from the New York, Chicago and Philly Fed showing weakness throughout the quarter. On the inflation front, both the Consumer Price Index and Producer Price Index rose during the quarter. The core measures of these indices were slightly more controlled but the energy component stoked inflationary fears. The first quarter Gross Domestic Product was revised up to 1.0% from 0.9% and the second quarter appeared to be tracking between 0.5% and 1.2% at the close of the period.

Currencies: The US dollar remained under pressure during much of June but towards the close of the quarter the dollar displayed some modest strength as both the Treasury and the Fed aggressively nudged a strong dollar policy. There were hints of intervention but none has been forthcoming. Overall for the quarter the euro was still up, closing the quarter over $1.58. The British pound rose to $1.99 as both the euro and pound appear to have put in tops. The Bank of Japan seems to be in a steady holding pattern. The People’s Bank of China extended its long running tight monetary policy and the dollar saw further gains to the yuan in June, extending its streak to twelve consecutive quarters of gains to the yuan. The Canadian dollar rose slightly in the second quarter while the Australian dollar was near a twenty-five year high. Meanwhile, the New Zealand dollar was down for the quarter, taking it to a slight year to date loss.

Energies: It was yet another record quarter for the energy sector. Front month crude hit a record high trading level on June 30 over $143 pb and ended the quarter up over 37%. The de-leveraging pressure noted in the first quarter was noticeably absent in the second quarter, while geopolitical concerns surrounding Nigeria, Israel/Iran and Venezuela persisted. However, supply/demand fundamentals held strong and Congress has not yet engaged in any meaningful legislation to curb speculation. China lifted some subsidies on petroleum in an effort to curb consumption. Reformulated gasoline rose despite clear evidence of at least modest demand destruction in the US. Gasoline futures have risen over 30% for the year to date within the Dow Jones AIG Index. Heating oil advanced to end the period and has surged over 50% year to date. Refining margins remain lean, lessening incentive to produce. The price of domestic natural gas surged from the first quarter and has rallied over 70% for the year. The Department of Energy’s natural gas supplies are down from last year and are below the five year average.

Agriculturals: Through the April and May planting period, the corn market traded within a modest range. Excessive precipitation across the central corn and bean belt resulted in planting delays, which in turn allowed prices to rally to a new, all time record high. For the entire second quarter, soybean prices moved higher in opposition to the Chicago Board of Trade Open Interest report. Prices closed the quarter approximately 50% higher while open interest fell. Global soybean demand remains practically insatiable, especially from the Peoples Republic of China. Wheat prices continued to return rocketing gains, a result of rampant corn prices and questionable crop prospects. In addition, the break in the record-setting Australian drought is as responsible as any single event in easing the global concerns of a feed grain shortage. Cotton prices gyrated wildly throughout the second quarter, while moving in a generally lower direction.

Indices: It was a difficult quarter for equities across the globe and the US was certainly no exception as it extended first quarter losses. Many of the same factors that weighed on sentiment in the first quarter were operative again in the second quarter. Financials were particularly weak as credit/liquidity concerns pervaded the atmosphere. Surging petroleum prices were an almost daily drag. The technology sector outperformed most other sectors and airlines and other energy sensitive area were challenged. This resulted in a second quarter loss of over 7% for the Dow Jones Industrial Index, taking the losses to over 14% year to date. The S&P 500 fell approximately 3% during the quarter as is down over 13% for the year. The NASDAQ fell just under 1% during the three months.

European equities had their worst quarterly performance in six years during the first quarter and the second quarter was another debacle. A hawkish European Central Bank (“ECB”) and mostly lackluster economic data from Germany, France, Italy and the UK kept prices on the defensive. In addition, the credit crunch and liquidity concerns were even more apparent during the second quarter with little sign of improvement. The German DAX lost over 2% to end the quarter following a 19% slide from the first quarter. The French CAC fell more than 6% after losing nearly 16% in the first quarter. London’s FTSE continued to struggle in the second quarter and posted an approximate 2% loss following the over 11% loss from the first quarter. Weakness in financials was particularly negative for the UK market. The Bank of England was not nearly as hawkish as the ECB and many market participants are looking for a rate cut later in the year.

Volatility continued to dominate the Asian equity markets during the period. Lackluster economic data within Japan and Asia in general weighed on sentiment and the weakness in US markets also served as a drag. In Hong Kong, the Hang Seng Index fell over 3% and in South Korea the Kospi Index slumped over 6%, with particular weakness in the end of the quarter. The New Zealand All Ordinaries Index experienced losses of almost 12% for quarter.

Metals: Geopolitical factors, concerns surrounding the global financial system, inflation fears and plunging global equities enticed demand for gold and metals in general. Gold saw a mixed picture during April and May but rebounded to gain approximately 4% in June, resulting in a slight overall gain for the quarter. As usual, silver followed suit on its parasitic role and ended the quarter with overall positive performance. Platinum prices increased as well and closed the quarter with a year-to-date gain above 35%.

With growing evidence of global economic malaise, base metals turned in mixed performance for the quarter. Global exchange warehouse inventories remain low for copper but the metal ended with positive quarterly performance. Aluminum finished June with strong performance for the quarter; however, zinc, nickel, lead and tin had overall negative performance for the period.

Softs and Livestock: Sugar advanced during the quarter with better than a 16% overall gain in June. Soaring input costs and years of low prices have led to lower production and some analysts are forecasting even lower production in 2009. The weak dollar was supportive of sugar, as well as other softs, throughout most of the quarter. Cocoa prices roared, closing up over 35%. Poor quality crops in much of West Africa, including the Ivory

Coast, have helped support the rally. In addition, political tensions growing once again in the Ivory Coast, which produces about 40% of the world’s cocoa, are threatening to thwart production. Coffee posted solid gains during the quarter as well.

After lagging badly in the first quarter, live cattle prices joined the commodity train with an approximate 15% surge in the second quarter. Improved demand, shrinking supplies and high corn prices, which curbed herd size, were all attributable to the overall positive performance. Live hog prices capped the quarter with improved prices but are still down over 16% year to date within the Dow Jones AIG Index.

Sector Performance

Due to the nature of Registrant’s trading activities including trading through its investment in the Trading Vehicle, a period-to-period comparison of its trading results is not meaningful. However, a discussion of Registrant’s trading results for the major sectors in which Registrant traded for Second Quarter 2009 and Second Quarter 2008 are presented below.

Second Quarter 2009

Currencies: (+) Registrant experienced a majority of its gains in the Australian and New Zealand dollars, Columbian peso, South African rand and Russian ruble. Losses were incurred in Canadian dollar, Israeli shekel, Japanese yen and euro.

Energies: (-) Registrant experienced gains in unleaded gas. Losses were incurred in Brent crude, gas oil and natural gas.

Grains: (+) Registrant experienced a majority of its gains in corn and soybeans. Losses were incurred in wheat and cotton.

Indices: (+) Registrant experienced gains in the Kospi, Hang Seng, Nasdaq and Taiwan Stock Exchange. Losses were incurred in DJ STOXX, CAC and FTSE.

Interest Rates: (-) Registrant experienced a majority of its gains in the 10-year Australian Bond, Eurodollar and German Bobl. Losses were incurred in the Canadian Bond, Euribor, 2-year German Bond, 3-month short sterling and US Treasury Notes.

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

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

Softs: (+) Registrant experienced gains in dairy, coffee and sugar. Losses were incurred in cocoa and citrus.

Second Quarter 2008

Currencies: (+) Registrant experienced a majority of its gains in the Australian dollar, British pound, Polish zloty, Mexican peso and Turkish lira. The majority of losses were experienced in the Canadian dollar, South African rand and Swiss franc.

Energies: (+) Registrant experienced a majority of its gains in brent crude, crude oil, gas oil, gasoline, heating oil, natural gas and kerosene. There were no overall sector losses for the quarter.

Grains: (+) Registrant experienced gains in corn, soybeans, soybean meal, bean oil, and yellow maize. The losses were attributed to positions in barley, rapeseed, wheat and cotton.

Indices: (+) Registrant experienced a majority of its gains in the Australian All Ordinaries, Dow Jones STOXX 50, Swedish OMX, and the S&P 500. The majority of losses were experienced in the Nikkei, Russell 2000 and Russell 1000 indices.

Interest Rates: (+) Registrant experienced a majority of its gains in Euribor, German Bonds and London Gilts. The losses were attributed to positions in U.S. Treasury Notes, British Sterling, the Eurodollar and Canadian rates.

Meats: (-) Registrant experienced losses in feeder cattle and live hogs. Gains were seen in live cattle.

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

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

Results of Operations

The net asset value (“Net Asset Value”) per Interest as of June 30, 2009 was $141.46, a decrease of 9.38% from the December 31, 2008 Net Asset Value per Interest of $156.10 and a decrease of 3.11% from the March 31, 2009 Net Asset Value per Interest of $146.00. The Net Asset Value per Interest as of June 30, 2008 was $139.76, an increase of 15.67% from the December 31, 2007 Net Asset Value per Interest of $120.83 and an increase of 7.72% from the March 31, 2008 Net Asset Value per Interest of $129.74. Past performance is not necessarily indicative of future results.

Registrant’s trading gains (losses) before commissions and related fees during Second Quarter 2009 and Year-To-Date 2009 were approximately $16,000 and $(187,000), respectively. Registrant’s trading gains before commissions and related fees during Second Quarter 2008 and Year-To-Date 2008 were approximately $717,000 and $1,356,000, respectively.

Registrant’s average net asset level decreased during Second Quarter 2009 in comparison to Second Quarter 2008 primarily due to the effect of redemptions and negative trading performance. Registrant’s average net asset level increased during Year-To-Date 2009 in comparison to Year-To-Date 2008 primarily due to significant positive trading performance during the Fourth Quarter 2008 leading into 2009 offset partially by the effects and timing of redemptions. Registrant’s average net assets increased during Second Quarter 2008 and Year-To-Date 2008 in comparison to Second Quarter 2007 and Year-To-Date 2007 primarily due to positive trading performance offset partially by redemptions.

Interest income is earned on the average daily equity maintained with the clearing broker or bank at competitive interest rates and, therefore, varies monthly according to interest rates, trading performance and redemptions. Interest income during Second Quarter 2009 was approximately $5,000, a decrease of approximately $33,000 as compared to Second Quarter 2008, primarily due to reduced average net asset levels discussed above and declining interest rates. Interest income during Year-To-Date 2009 was approximately $10,000, a decrease of approximately $77,000 as compared to Year-To-Date 2008, primarily due to declining interest rates offset partially by increased average net asset levels discussed above. Interest income during Second Quarter 2008 and Year-To-Date 2008 was approximately $38,000 and $87,000, respectively, a decrease of approximately $24,000 and $47,000, respectively, as compared to Second Quarter 2007 and Year-To-Date 2007, primarily due to declining interest rates and the effects of redemptions discussed above.

Commissions are calculated on Registrant’s Net Asset Value at the beginning of each month and therefore, vary according to monthly trading performance and redemptions. Other transaction fees consist of National Futures Association, exchange and clearing fees as well as floor brokerage costs and give-up charges, which are based on the number of trades the Trading Advisor executes, as well as which exchange, clearing firm or bank on, or through, which the contract is traded. Commissions and other transaction fees during Second Quarter 2009 were approximately $138,000, an increase of approximately $1,000 as compared to Second Quarter 2008, primarily due to the lingering effects of positive trading performance during the Fourth Quarter 2008 leading into 2009 which offset the effects and timing of redemptions. Commissions and other transaction fees during Year-To-Date 2009 were approximately $287,000, an increase of approximately $24,000 as compared to Year-To-Date 2008, primarily due to increased average net assets discussed above. Commissions and other transaction fees during the Second Quarter 2008 and Year-To-Date 2008 were approximately $137,000 and $263,000, respectively, an increase of approximately $16,000 and $11,000, respectively, as compared to Second Quarter 2007 and Year-To-Date 2007, primarily due to increased average net assets discussed above.

Management fees are calculated on the Net Asset Value of the Registrant’s investment in the Trading Vehicle at the end of each month, and therefore, are affected by monthly trading performance and redemptions. Management fees during Second Quarter 2009 were approximately $1,000, a decrease of approximately $7,000 as compared to

Second Quarter 2008, primarily due to the effects and timing of Registrant’s redemptions from the Trading Vehicle, and the Trading Vehicle’s negative trading performance in 2009. Management fees during Year-To-Date 2009 were approximately $4,000, a decrease of approximately $12,000 as compared to Year-To-Date 2008, primarily due to the effects of redemptions discussed above. Management fees during Second Quarter 2008 and Year-To-Date 2008 were approximately $8,000 and $16,000, respectively, a decrease of approximately $2,000 and $4,000, respectively, as compared to Second Quarter 2007 and Year-To-Date 2007, primarily due to the effects of redemptions discussed above.

Pursuant to the Trading Advisory Agreement, Registrant pays quarterly profit shares of 20% of Trading Profit (as defined in each respective Trading Advisory Agreement). Advisor profit shares during Second Quarter 2009 and Year-To-Date 2009 were $0 and $201, respectively. Advisor profit shares during Second Quarter 2008 and Year-To-Date 2008 were approximately $131,000 and $248,000, respectively.

Pursuant to the Declaration of Trust and Trust Agreement, Registrant pays an incentive fee to the Managing Owner equal to 5% of New Overall Appreciation (as defined) as of each fiscal year end and upon redemption of Interests. Managing Owner incentive fees during Second Quarter 2009 and Year-To-Date 2009 were $0 and $0, respectively. Managing Owner incentive fees during Second Quarter 2008 and Year-To-Date 2008 were approximately $7,000 and $7,000, respectively.

Operating expenses include accounting, audit, tax, and legal fees, as well as printing and postage costs related to reports sent to limited owners. Operating expenses during the Second Quarter 2009 and Year-To-Date 2009 were approximately $55,000 and $100,000, respectively. Operating expenses during the Second Quarter 2008 and Year-To-Date 2008 were approximately $40,000 and $87,000, respectively.

Inflation

Inflation has had no material impact on the operations or on the financial condition of Registrant from inception through June 30, 2009.

Off-Balance Sheet Arrangements and Contractual Obligations

As of June 30, 2009, Registrant had not utilized special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers, such as our accountants, undertake in performing services which are in the best interests of Registrant. While Registrant’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on Registrant’s financial position.

Registrant’s contractual obligations are with the Managing Owner and the Trading Vehicle and, as a result of its investment in the Trading Vehicle, with the Trading Advisor and the Trading Vehicle’s commodity broker. Management fees payable by Registrant to the Trading Advisor (through its investment in the Trading Vehicle) and the Managing Owner are calculated as a fixed percentage of the Trading Vehicle and Registrant’s Net Asset Value, respectively. Incentive fees payable by the Registrant to the Trading Advisors (directly and through its investment in the Trading Vehicle) are at a fixed rate, calculated as a percentage of the Registrant’s or Trading Vehicle’s “New High Net Trading Profits”. As such, the Managing Owner cannot anticipate the amounts to be paid for future periods as Net Asset Values and “New High Net Trading Profits” are not known until a future date. Commissions payable to the Trading Vehicle’s commodity broker are based on a cost per executed trade and, as such, the Managing Owner cannot anticipate the amount that will be required under the brokerage agreement, as the level of executed trades are not known until a future date. These agreements are effective for one-year terms, renewable automatically for additional one-year terms unless terminated. Additionally, these agreements may be terminated by either party thereto for various reasons. For a further discussion of Registrant’s contractual obligations, see Notes 2 and 3 to Registrant’s financial statements for the year ended December 31, 2008, which is filed as an exhibit to Registrant’s annual report on Form 10-K for the fiscal year ended December 31, 2008.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

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

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

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

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

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

Changes in Internal Control Over Financial Reporting

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

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

There are no legal proceedings pending by or against Registrant or the Managing Owner, or to which Registrant or Managing Owner was a party during the period covered by this Report.

Item 1.A.

Risk Factors

There have been no changes from risk factors as previously disclosed in Registrant’s Form 10-K for the fiscal year ended December 31, 2008.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.

Defaults Upon Senior Securities

None

Item 4.

Submission of Matters to a Vote of Security Holders

None

Item 5.

Other Information

None

Item 6.

Exhibits:



31.1		Certification pursuant to Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

31.2		Certification pursuant to Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

32.1		Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)

32.2		Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)

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SIGNATURES

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

KENMAR GLOBAL TRUST

By:

Kenmar Preferred Investments Corp.,
its managing owner

By:

/s/ Kenneth A. Shewer

Date: August 11, 2009

Name:

Kenneth A. Shewer

Title:

Co-Chief Executive Officer

(Principal Executive Officer)

By:

/s/ David K. Spohr

Date: August 11, 2009

Name:

David K. Spohr

Title:

Senior Vice President and

Director of Fund Administration

(Principal Financial/Accounting Officer)

KENMAR GLOBAL TRUST 10-Q