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: ~~March~~June 3130, 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-~~08869~~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.)
(State or other jurisdiction ofincorporation 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

~~MARCH~~JUNE 3130, 2009

		Page
PART I – FINANCIAL INFORMATION		3
Item 1.	Financial Statements	43
	Kenmar Global Trust
	Kenmar Global Trust:
	Condensed Statements of Financial Condition as of March 31, 2009 (Unaudited) and December 31, 2008	5
	Condensed Statements of Financial Condition (Unaudited)as of June 30, 2009 and December 31, 2008	5
	Condensed Schedules of Investments as of March 31, 2009 (Unaudited) and December 31, 2008	6
	Condensed Schedules of Investments (Unaudited)as of June 30, 2009 and December 31, 2008	6
	Condensed Statements of Operations (Unaudited) For the Three Months Ended March 31, 2009 and 2008	7
	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 Three Months Ended March 31, 2009 and 2008	8
	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
	WCM Pool LLC:
	Condensed Statements of Financial Condition as of March 31, 2009 (Unaudited) and December 31, 2008	23
	Condensed Statements of Financial Condition (Unaudited)as of June 30, 2009 and December 31, 2008	26
	Condensed Schedules of Investments as of March 31, 2009 (Unaudited) and December 31, 2008	24
	Condensed Schedules of Investments (Unaudited)as of June 30, 2009 and December 31, 2008	27
	Condensed Statements of Operations (Unaudited) For the Three Months Ended March 31, 2009 and 2008	25
	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 Three Months Ended March 31, 2009 and 2008	26
	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)	2730
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3743
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4853
Item 4.	Controls and Procedures	4854
PART II – OTHER INFORMATION		4854
Item 1.	Legal Proceedings	4854
Item 1.A.	Risk Factors	4954
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4954
Item 3.	Defaults Upon Senior Securities	4954
Item 4.	Submission of Matters to a Vote of Security Holders	4954
Item 5.	Other Information	4955
Item 6.	Exhibits:	4955

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

KENMAR GLOBAL TRUST

FINANCIAL STATEMENTS

~~March~~June 3130, 2009

KENMAR GLOBAL TRUST

CONDENSED STATEMENTS OF FINANCIAL CONDITION

~~March~~June 3130, 2009 (Unaudited) and December 31, 2008

	March 31,2009		December 31,2008
	June 30,2009		December 31,2008
ASSETS
Equity in broker trading accounts:
Cash (See Note 1)	$	1,~~820~~794,~~354~~204	$	3,815,436
Unrealized gain on open futures contracts, net		751,~~936~~960		215,655
Total equity in broker trading accounts		1,~~828~~846,~~290~~164		4,031,091
Cash and cash equivalents		2,~~964~~941,~~209~~105		1,189,383
Interest receivable		1,706		108
Interest receivable, net		1,506		108
Investment in WCM Pool LLC, at fair value (6.22% and 10.43% of net asset value, respectively)		349,368		638,493
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		~~60,437~~0		80,314
Total assets	$	5,~~789~~535,~~203~~851	$	6,524,582
LIABILITIES
Unrealized loss on open forward currency contracts, net	$	~~5,008~~0	$	747
Accounts payable and other		5060,~~244~~572		36,688
Managing Owner brokerage commissions and other transactions fees payable		4642,~~287~~754		47,838
Managing Owner incentive fees payable		0		39,348
Advisor profit shares		0		197,424
Redemptions payable		~~71,547~~0		80,582
Total liabilities		~~173~~103,~~086~~326		402,627
UNITHOLDERS’ CAPITAL (Net Asset Value)
Managing Owner – 0.0000 and 413.8301 Units outstanding at March 31, 2009 andDecember 31, 2008, respectively		0		64,598
Managing Owner – 0.0000 and 413.8301 Units outstanding at June 30, 2009 and December 31, 2008, respectively		0		64,598
Other Unitholders – 38,467.4107 and 38,805.1498 Units outstanding at March 31, 2009 and December 31, 2008, respectively		5,616,117		6,057,357
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)		5,616,117		6,121,955
Total unitholders’ capital (Net Asset Value)		5,432,525		6,121,955
Total liabilities and unitholders’ capital	$	5,~~789~~535,~~203~~851	$	6,524,582

Net Asset Value per Other Unitholders and Managing Owner Unit


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

March 31, 2009			December 31,2008
$	146.00		$	156.10

See accompanying notes.

-2-

KENMAR GLOBAL TRUST

CONDENSED SCHEDULES OF INVESTMENTS

~~March~~June 3130, 2009 (Unaudited) and December 31, 2008

	March 31, 2009					December 31, 2008
	June 30, 2009					December 31, 2008
	NetUnrealizedGain (Loss)			NetUnrealizedGain (Loss)as a % ofUnitholders’Capital		NetUnrealizedGain (Loss)			NetUnrealizedGain (Loss)as a % ofUnitholders’Capital
	NetUnrealizedGain(Loss)			NetUnrealizedGain (Loss)as a % ofUnitholders’Capital		NetUnrealizedGain(Loss)			NetUnrealizedGain (Loss)as a % ofUnitholders’Capital
OPEN FUTURES CONTRACTS
OPEN LONG FUTURES CONTRACTS
Description
Commodities	$	(115,~~231~~458	)	(0.0228	)%	$	4,203		0.07	%
Currency		2(1,~~632~~562	)	(0.0503	)%		30,403		0.50	%
Interest rates		37,889		0.67	%		120,632		1.97	%
Energy		(5,538	)	(0.10	)%		0		0.00	%
Metals		32,167		0.57	%		(29,181	)	(0.48	)%
Interest rates		55,142		1.01	%		120,632		1.97	%
Stock index		794		0.01	%		0		0.00	%
Metals		163,621		3.01	%		(29,181	)	(0.48	)%
Unrealized gain on open long futures contracts	$	72,251		1.28	%	$	126,057		2.06	%
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	$	~~(17~~70,~~006~~225	)	(01.3029	)%	$	5,878		0.10	%
Currency		1320,~~775~~413		0.2538	%		(3,848	)	(0.06	)%
Energy		122,~~770~~210		0.2304	%		(1,110	)	(0.02	)%
Interest rate		(16,869	)	(0.30	)%		(28,628	)	(0.47	)%
Interest rates		(40,790	)	(0.75	)%		(28,628	)	(0.47	)%
Metals		(54197,~~463~~441	)	(03.9763	)%		120,963		1.97	%
Stock index		(2,~~522~~265	)	(0.04	)%		(3,657	)	(0.06	)%
Unrealized gain (loss) on open short futures contracts	$	(64143,~~315~~118	)	(12.1363	)%	$	89,598		1.46	%
Unrealized gain on open futures contracts, net	$	751,~~936~~960		0.1596	%	$	215,655		3.52	%
OPEN FORWARD CURRENCY CONTRACTS
Description
Long forward currency contracts	$	(~~3,007~~744	)	(0.0501	)%	$	0		0.00	%
Short forward currency contracts		(23,~~001~~978	)	(0.0407	)%		(747	)	(0.01	)%
Unrealized loss on open forward currency contracts, net	$	(5,008	)	(0.09	)%	$	(747	)	(0.01	)%
Unrealized gain (loss) on open forward currency contracts, net	$	3,234		0.06	%	$	(747	)	(0.01	)%

See accompanying notes.

-3-

KENMAR GLOBAL TRUST

CONDENSED STATEMENTS OF OPERATIONS

For the Three Months ~~Ended~~and ~~March~~Six Months Ended June 3130, 2009 and 2008

(Unaudited)

	Three Months EndedMarch 31
	Three Months EndedJune 30,						Six Months EndedJune 30,
	2009			2008			2009			2008
NET INCOME (LOSS) FROM TRUST OPERATIONS
TRADING GAINS (LOSSES)
Realized	$	11(16,~~309~~862	)	$	~~519~~407,~~108~~623		$	(5,553	)	$	926,731
Change in unrealized		~~(211~~52,~~980~~266	)		~~(91~~214,~~015~~278	)		(159,714	)		123,263
Brokerage commissions		(68,~~660~~768	)		(76,~~044~~661	)		(15,428	)		(13,705	)
Net gain (loss) from trading		~~(207~~26,~~331~~636	)		~~421~~615,~~049~~240			(180,695	)		1,036,289
NET INVESTMENT LOSS
INCOME
Interest income		54,~~487~~863			4033,~~959~~115			10,350			74,074
EXPENSES
Managing Owner brokerage commissions		~~141~~129,~~752~~323			~~117~~129,~~930~~977			271,075			247,907
Advisor profit shares		0			76,429
Managing Owner incentive fees		0			7,169			0			7,169
Operating expenses		43,729			43,732
Advisor profit shares		0			114,519			0			190,948
Total expenses		185,481			238,091
Operating expenses		55,009			36,782			98,738			80,514
Net investment loss		(179,994	)		(197,132	)
Total expenses		184,332			288,447			369,813			526,538
NET INCOME (LOSS) FROM TRUST OPERATIONS		(387,325	)		223,917
Net investment loss		(179,469	)		(255,332	)		(359,463	)		(452,464	)
NET INCOME (LOSS) ALLOCATED FROM WCM POOL LLC:
NET INCOME (LOSS) FROM TRUST OPERATIONS		(152,833	)		359,908			(540,158	)		583,825
REVENUES
NET INCOME (LOSS) ALLOCATED FROM WCM POOL LLC:
Realized		7,512			240,551
REVENUES
Change in unrealized		(9,811	)		(28,946	)
Realized		(19,445	)		29,193			(11,933	)		269,744
Interest income		36			7,640
Change in unrealized		(208	)		65,455			(10,019	)		36,509
Total revenues (losses)		(2,263	)		219,245
Interest income		0			5,222			36			12,862
EXPENSES
Total revenues (losses)		(19,653	)		99,870			(21,916	)		319,115
Brokerage commissions and other transaction fees		141			868
EXPENSES
Advisor profit shares		201			39,780
Brokerage commissions and other transaction fees		109			625			250			1,493
Management fees		21,~~774~~389			87,~~587~~662			4,163			16,249
Operating expenses		1,236			3,252
Advisor profit shares		0			16,812			201			56,592
Total expenses		4,352			52,487
Operating expenses		471			3,032			1,707			6,284
NET INCOME (LOSS) ALLOCATED FROM WCM POOL LLC		(6,615	)		166,758
Total expenses		1,969			28,131			6,321			80,618
NET INCOME (LOSS)	$	(393,940	)	$	390,675
NET INCOME (LOSS) ALLOCATED FROM WCM POOL LLC		(21,622	)		71,739			(28,237	)		238,497
NET INCOME (LOSS) PER WEIGHTED AVERAGE UNITHOLDERS AND MANAGINGOWNER UNIT
NET INCOME (LOSS)	$	(174,455	)	$	431,647		$	(568,395	)	$	822,322
Net income (loss) per weighted average Unitholders and Managing Owner Unit	$	(10.11	)	$	8.92
NET INCOME (LOSS) PER WEIGHTED AVERAGE UNITHOLDERS AND MANAGING OWNER UNIT
Weighted average number of Unitholders and Managing Owner Units outstanding		38,966			43,780
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.

-4-

KENMAR GLOBAL TRUST

CONDENSED STATEMENTS OF CHANGES IN UNITHOLDERS’ CAPITAL

For the ~~Three~~Six Months Ended ~~March~~June 3130, 2009 and 2008

(Unaudited)

	TotalNumber ofUnits		Unitholders’ Capital
			ManagingOwner			OtherUnitholders			Total
Three Months Ended March 31, 2009
Six Months Ended June 30, 2009
Balances at December 31, 2008	39,218.9799		$	64,598		$	6,057,357		$	6,121,955
Redemptions	(~~751~~815.~~5692~~3969	)		(60,418	)		(5160,~~480~~617	)		(~~111~~121,~~898~~035	)
Net loss for the three months ended March 31, 2009				(4,180	)		(389,760	)		(393,940	)
Net loss for the six months ended June 30, 2009				(4,180	)		(564,215	)		(568,395	)
Balances at March 31, 2009	38,467.4107		$	0		$	5,616,117		$	5,616,117
Balances at June 30, 2009	38,403.5830		$	0		$	5,432,525		$	5,432,525
Three Months Ended March 31, 2008
Six Months Ended June 30, 2008
Balances at December 31, 2007	44,382.0212		$	66,917		$	5,295,545		$	5,362,462
Redemptions	(1,~~097~~796.~~5005~~4469	)		(10,380	)		(~~126~~222,~~838~~625	)		(~~137~~233,~~218~~005	)
Net income for the three months ended March 31, 2008				4,940			385,735			390,675
Net income for the six months ended June 30, 2008				9,686			812,636			822,322
Balances at March 31, 2008	43,284.5207		$	61,477		$	5,554,442		$	5,615,919
Balances at June 30, 2008	42,585.5743		$	66,223		$	5,885,556		$	5,951,779

See accompanying notes.

-5-

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 ~~March~~June 3130, 2009, the sole members of the Company are the Fund, Futures Strategic Trust (“FST”), ~~and~~ Diversified Futures Trust I (“DFT”)., ~~Preferred~~World ~~Investment~~Monitor ~~Solutions~~Trust ~~Corp.~~II Series D (“~~Preferred~~Series D”), orand ~~the~~World ~~“Managing Owner”)~~Monitor isTrust ~~the~~II ~~Managing~~Series ~~Owner~~F (“Series ofF”). ~~the~~On ~~Fund~~April 1, ~~FST~~2009, ~~and~~Series ~~DFT~~D and ~~has~~Series ~~been~~F ~~delegated~~received ~~administrative~~a ~~authority~~voting ~~over~~membership ~~the~~interest ~~operations~~in of the Company. ~~The~~DFT, ~~Company~~FST ~~engages~~and in the ~~speculative~~Fund ~~trading~~have ofbeen ~~futures~~members ~~and forwards contracts. The financial statements~~ of the Company, ~~including~~since ~~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~~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 ~~executes~~and Company execute transactions. Additionally, the Fund isand Company are subject to the requirements of the Futures Commission Merchants and interbank market makers through which the Fund ~~trades~~ and Company trade.

C. Basis of Accounting

The condensed statement of financial condition, including the condensed schedule of investments, as of March 31, 2009 and the condensed statements of operations and changes in unitholders’ capital for the three months ended March 31, 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 March 31, 2009, and the results of operations for the three months ended March 31, 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.

-6-

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Basis of Accounting ~~(Continued)~~

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.

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) isare offset when reflected in the ~~condensed~~financial ~~statement~~statements ofsince ~~financial~~the ~~condition~~contracts inare ~~accordance~~executed with ~~Financial~~the ~~Accounting~~same ~~Standards~~counter ~~Board~~party ~~(“FASB”) Interpretation~~under ~~No. 39~~a –master ~~“Offsetting~~netting ~~of Amounts Related to Certain Contracts~~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.

For the three months ended March 31, 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 as permitted by Statement of Financial Accounting Standards (“SFAS”) No. 102, “Statement of Cash Flows-Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities Acquired for Resale.”

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.

-7-

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting (Continued)

InFor ~~July 2006,~~ the ~~FASB issued~~six ~~FASB~~months Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (“FIN 48”), which clarifies the accounting for uncertainty in tax positions. FINended 48 requires that the Fund recognize in its financial statements the impact of a tax position if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The provisions of FIN 48 were effective for fiscal years beginning after DecemberJune 1530, ~~2006,~~2009 ~~with~~and ~~the cumulative effect of the change in accounting principle recorded as an adjustment to opening retained earnings. In connection with the adoption of FIN 48~~2008, the Fund ~~has~~indirectly ~~elected~~earned ~~an accounting~~income ~~policy to classify interest and penalties related to unrecognized tax benefits as interest~~ or ~~other~~loss ~~expense.~~through ~~All~~its ~~tax~~investment ~~years~~in ~~which are statutorily open are subject to examination by~~ the ~~appropriate~~Company ~~taxing~~(See ~~authorities.~~Note ~~Preferred, as Managing Owner of the Fund, evaluated the impact of adopting FIN 48 on the Fund’s financial statements~~5). The adoption of FIN 48 had no material impact on the Fund, as the Fund’s tax positions are based on established tax precedence for the tax treatment of investment partnerships as flow through tax entities.

InThe ~~September~~Fund ~~2006, the FASB issued SFAS No. 157 (“SFAS~~has ~~157”),~~elected ~~“Fair~~not ~~Value~~to ~~Measurements”.~~provide ~~SFAS~~a ~~157~~Statement ~~requires use~~ of aCash ~~fair~~Flows ~~value~~since ~~hierarchy~~substantially ~~that~~all ~~prioritizes~~of the ~~inputs~~Fund’s toinvestments ~~valuation~~are ~~techniques~~highly ~~used~~liquid toand ~~measure~~carried at 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~~Fund orhas ~~liability,~~little ~~either directly~~ or ~~indirectly~~no ~~(Level~~debt ~~2),~~ and ~~unobservable~~a ~~inputs~~Condensed ~~for~~Statement ~~the~~of ~~asset~~Changes orin ~~liability~~Unitholders’ ~~(Level~~Capital ~~3). SFAS 157~~ is ~~effective for financial statements issued for fiscal years beginning after November 15, 2007~~provided.

~~The~~Consistent ~~Fund~~with ~~adopted~~standard ~~SFAS~~business ~~157~~practices in the ~~first~~normal course of business, the Fund has provided general indemnifications to ~~quarter~~the Managing Owner, its commodity trading advisors and others when they act, in good faith, in the best interests of ~~2008~~the Fund. The ~~adoption~~Fund is unable to develop an estimate of ~~SFAS~~the ~~157~~maximum ~~had~~potential noamount ~~impact~~of tofuture payments that could potentially result from any hypothetical future claim, but expects the ~~items~~risk ~~required~~of having to bemake ~~carried~~any atpayments ~~fair~~under ~~value~~these ~~(investments)~~general inbusiness ~~these~~indemnifications ~~financial~~to ~~statements~~be remote.

~~The~~In ~~following~~September ~~table~~2006, ~~summarizes~~ the ~~assets~~Financial ~~and~~Accounting ~~liabilities~~Standards ~~measured~~Board at(“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 157 (“SFAS 157”), “Fair Value Measurements”. SFAS 157 requires use of a fair value ~~using~~hierarchy that prioritizes the inputs to valuation techniques used to measure fair value ~~hierarchy~~into ofthree 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.

March 31, 2009	Level 1		Level 2			Level 3			Total
Assets:
Unrealized gain on open futures contracts, net	$	7,936	$	0		$	0		$	7,936
Investment in WCM Pool LLC, at fair value	$	0	$	349,368		$	0		$	349,368
Liabilities:
Unrealized loss on open forward currency contracts, net	$	0	$	(5,008	)	$	0		$	(5,008	)
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	)

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.

-8-

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting (Continued)

~~Investments classified as Level 2 and Level 3 under SFAS 157 include the Fund’s investment in the Company and are valued monthly at the net asset value as reported by the Company.~~ The ~~Company’s~~following ~~net asset value is determined based upon its management’s best~~table ~~estimate~~summarizes of the ~~fair value of its underlying net~~ assets, ~~substantially all of which are investments valued using Level 1~~ and ~~Level 2 inputs but include certain assets and~~ liabilities ~~where~~measured ~~the~~at ~~inputs into the determination of~~ fair value ~~require management~~using ~~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~~hierarchy: for the three months ended March 31 2008 is provided in Note 5 of the Fund’s financial statements. Of the $166,758 income for the three months ended March 31 2008, reported on Level 3 investments in Note 5, $(28,946) represents a change in unrealized loss allocated from the Company on the Fund’s condensed statements 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 FAS157-3 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.


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	)

InInvestments ~~April~~classified ~~2009,~~as ~~the~~Level ~~FASB~~2 ~~issued~~and ~~FASB~~Level ~~Staff~~3 ~~Position~~under ~~FAS~~SFAS 157~~-4,~~ ~~“Determining~~include ~~Fair~~the ~~Value~~Fund’s ~~When~~investment in the ~~Volume~~Company and ~~Level~~is ofvalued ~~Activity~~monthly ~~for~~at the ~~Asset~~net orasset ~~Liability~~value ~~Have~~as ~~Significantly~~reported ~~Decreased~~by ~~and~~the ~~Identifying~~Company. ~~Transactions~~The ~~That~~Company’s ~~Are~~net ~~Not~~asset ~~Orderly” (“FSP~~value ~~FAS~~is ~~157-4”).~~determined ~~FSP~~based ~~FAS~~upon ~~157-4~~its ~~clarified~~management’s ~~the~~best ~~application~~estimate of ~~SFAS~~the ~~157.~~fair ~~FSP~~value ~~FAS~~of ~~157-4~~its ~~provides~~underlying ~~additional~~net ~~guidance~~assets, ~~for~~substantially ~~how~~all ~~the fair value~~ of which aare ~~financial~~investments ~~asset~~valued orusing ~~liability~~Level is1 ~~determined~~inputs ~~when~~but ~~the~~include ~~volume~~certain assets and ~~level~~liabilities ofwhere ~~activity~~the ~~for~~inputs into the ~~asset~~ ordetermination ~~liability~~of ~~have~~fair ~~significantly~~value ~~decreased~~require ~~and~~management onjudgment ~~identifying~~or ~~circumstances~~estimation. ~~that~~The ~~indicate~~Managing aOwner ~~transaction~~determined isthat ~~not~~certain ~~orderly.~~of ~~FSP~~the Company’s ~~FAS~~assets ~~157-4~~and isliabilities ~~effective~~which ~~for~~require ~~interim~~management ~~and~~judgment ~~annual~~or ~~periods~~estimation ~~after~~were ~~June 15,~~not ~~2009,~~material ~~with~~to ~~early~~the ~~adoption~~Fund’s ~~permitted~~financial ~~for periods~~statements ~~ending~~and ~~after March 15~~therefore, ~~2009,~~the ~~and~~Fund’s isinvestment toin bethe ~~applied~~Company ~~prospectively.~~should ~~The~~be ~~Fund~~classified ~~adopted~~as ~~FSP FAS~~Level ~~157-4~~2 ~~effective January~~at December 131, ~~2009~~2008. AsA ~~required,~~table presenting the ~~Fund~~changes ~~also~~in ~~adopted~~the ~~FSP~~Level ~~FAS~~3 ~~115-2~~fair ~~and~~value ~~FAS~~category ~~124-2,~~for ~~“Recognition~~the ~~and~~six ~~Presentation~~months ~~of Other-Than-Temporary~~ended ~~Impairments~~June 30,” ~~effective~~2008 ~~January 1,~~is ~~2009.~~provided ~~Preferred,~~in ~~as Managing~~Note ~~Owner~~5 of the Fund,’s ~~evaluated~~condensed ~~the~~financial ~~impact~~statements. ofOf ~~adopting~~the ~~FSP FAS 157-4~~$238,497 ~~and~~gain ~~FSP~~for ~~FAS~~the ~~115-2~~six ~~and~~months ended ~~FAS~~June ~~124-2~~30, ~~and~~2008, ~~their~~reported ~~impact~~ on ~~the~~Level ~~Fund’s financial~~3 ~~statements.~~investments ~~The~~in ~~adoption~~Note of5, ~~these~~$36,509 ~~standards~~represents ~~did~~a ~~not~~change ~~have~~in anunrealized ~~impact~~gain allocated from the Company on the Fund’s ~~financial~~condensed ~~statements~~statement of operations.

In ~~February~~October ~~2007~~2008, the FASB issued ~~SFAS~~FASB ~~No. 159~~Staff ~~(“SFAS~~Position ~~159”)~~FAS 157-3, “~~The~~Determining the Fair Value ~~Option~~of ~~for~~a Financial ~~Assets~~Asset ~~and~~When ~~Financial~~the ~~Liabilities~~Market for That Asset Is Not Active”, ~~including~~(“FSP anFAS ~~amendment~~157-3”). FSP FAS 157-3 clarified the application of SFAS ~~115~~157. ~~This~~FSP ~~statement~~FAS ~~provides~~157-3 ~~companies~~demonstrated ~~with~~how anthe ~~option~~fair tovalue ~~report selected~~of a financial ~~assets~~asset ~~and~~is ~~liabilities~~determined atwhen ~~fair~~the ~~value.~~market ~~This~~for ~~statement~~that financial asset is inactive. FSP FAS 157-3 was effective upon issuance, including prior periods for ~~fiscal~~which ~~years~~financial ~~beginning~~statements ~~after~~had ~~November 15~~not been issued. Preferred, ~~2007~~as ~~with~~Managing ~~early~~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.

-9-

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 ~~SFAS~~FSP ~~159~~FAS 157-4 and ~~its~~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.

-10-

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.

-11-

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 ~~March~~June 3130, 2009 and December 31, 2008, restricted cash totaled $~~401~~557,~~685~~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 ~~forwards~~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.

-1012-

1315

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

F. Investment in WCM Pool LLC (Continued)

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.

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 ~~or net worth of at least $1,000,000~~. 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.

-1113-

1416

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. NoIncentive ~~incentive~~ fees ~~were~~ earned by the Managing ~~Owner~~ Owner during the ~~three~~six months ended ~~March~~June 3130, 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:

	First Quarter2009		First Quarter2008
	Three Months EndedJune 30,				Six Months EndedJune 30,
Commissions	$	141,752	$	117,930
	2009		2008		2009		2008
General and administrative		9,505		9,683
Commissions	$	129,323	$	129,977	$	271,075	$	247,907
	$	151,257	$	127,613
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 ~~March~~June 3130, 2009 and December 31, 2008 were $46,~~600,~~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 ~~March~~June 3130, 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.

-1214-

1517

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 ~~(no additional payments have been received through March 31~~, ~~2009),~~ 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 ~~March~~June 3130, 2009 condensed statement of financial condition. Interest receivable from the Managing Owner on the Note as of ~~March~~June 3130, 2009 was $1,~~638~~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 $3734,~~350~~363 of brokerage commissions payable to the Managing Owner as of ~~March~~June 3130, 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 ~~three~~six months ended ~~March~~June 3130, 2009 and 2008, ~~incentive~~ incentive fees earned by various commodity trading advisors totaled $201 and $~~116~~247,~~209~~540, respectively, of which $0 was payable at ~~March~~June 3130, 2009.

~~Note~~-15- ~~5. INVESTMENT IN WCM POOL LLC~~

~~Effective January 1,~~18 2007, the Fund invested a portion of its assets in the Company. The Fund’s investment in the Company represents approximately 2.40% and 3.96% of the net asset value of the Company at March 31, 2009 and December 31, 2008, respectively. The investment in the Company is subject to the Organization Agreement of the Company.

-13-

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 5. INVESTMENT IN WCM POOL LLC ~~(CONTINUED)~~

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 ValueDecember 31, 2008		Loss*			Redemptions			Net Asset ~~ValueMarch~~ValueJune 3130, 2009
WCM Pool LLC	$	638,493	$	(628,~~615~~237	)	$	(~~282~~451,~~510~~607	)	$	~~349~~158,~~368~~649
	Net Asset ValueDecember 31, 2007		~~Income~~Gain*			Redemptions			Net Asset ~~ValueMarch~~ValueJune 3130, 2008
WCM Pool LLC	$	1,732,978	$	~~166~~238,~~758~~497		$	(~~329~~563,~~526~~185	)	$	1,~~570~~408,~~210~~290

* Included in earnings and includes $(910,~~811~~019) and $~~(28~~36,~~946)~~509, for the ~~three~~six months ended ~~March~~June 3130, 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.

~~The~~-16- 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).

~~-14-~~19

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, ~~clearinghouse~~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.

~~The~~-17- 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.

~~-15-~~20

KENMAR GLOBAL TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 7.

DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)

Credit Risk (Continued)

The ~~Fund’s~~Managing ~~futures~~Owner ~~commission~~attempts ~~merchant, in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations~~ to ~~separately~~minimize ~~account~~both ~~for~~credit and ~~segregate~~market asrisks ~~belonging~~by torequiring the Fund ~~all~~and ~~assets of~~ the Company ~~Fund relating~~ to ~~domestic~~abide ~~futures~~by various trading limitations and ispolicies. ~~not~~The ~~allowed~~Managing toOwner ~~commingle~~monitors ~~such~~compliance ~~assets~~ with ~~its~~these ~~other assets.~~trading Atlimitations ~~March 31, 2009~~ and ~~December 31~~policies, ~~2008~~which include, ~~such~~but ~~segregated~~are ~~assets~~not ~~totaled~~limited $1to,~~677,538~~ executing and ~~$3,796,610,~~clearing ~~respectively.~~all ~~Part~~trades ~~30.7~~with ofcreditworthy counterparties; ~~the~~limiting ~~CFTC regulations also requires~~ the ~~Fund’s~~amount ~~futures~~of ~~commission~~margin ~~merchant~~or topremium ~~secure~~required ~~assets~~for ofany ~~the Fund~~one ~~related~~commodity toor ~~foreign~~all ~~futures~~commodities ~~trading~~combined; ~~which totaled $150,751~~ and ~~$234,481~~generally atlimiting ~~March 31,~~transactions ~~2009~~to ~~and~~contracts ~~December 31,~~which ~~2008,~~are ~~respectively.~~traded ~~There~~in ~~are~~sufficient novolume ~~segregation~~to ~~requirements~~permit ~~for~~the ~~assets~~taking ~~related~~and toliquidating ~~forward trading~~of positions.

AsThe Fund’s futures commission merchant, in accepting orders for the purchase or sale of ~~March~~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 3130, 2009 and December 31, ~~all~~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 ~~open~~futures commission merchant to secure assets of the Fund related to foreign futures trading ~~contracts~~which ~~mature~~totaled ~~within~~$238,207 ~~thirty-nine~~and ~~months~~$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-~~16-~~three months.

19-18-

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 ~~March~~June 3130, 2009 and 2008. This information has been derived from information presented in the financial statements.

	Three months endedMarch 31,
	Three Months EndedJune 30,						Six Months EndedJune 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	$	~~156~~146.1000		$	~~120~~129.8374		$	156.10		$	120.83
Income (loss) from operations:(5)
Gain (loss) from trading(1)		(50.2041	)		1416.6064			(4.80	)		31.23
Net investment loss(1),(6),(7)		(4.90	)		(5.69	)
Net investment loss(1), (6), (7)		(4.95	)		(6.62	)		(9.84	)		(12.30	)
Total income (loss) from operations		(104.1054	)		810.9102			(14.64	)		18.93
Net asset value per Unit at end of period	$	~~146~~141.0046		$	~~129~~139.7476		$	141.46		$	139.76
Total Return(2)		(63.4711	)%		7.3772	%		(9.38	)%		15.67	%
Supplemental Data
Ratios to average net asset value:(5)
Expenses prior to incentive fees(3)		13.21	%		13.25	%
Expenses prior to incentive fees (3), (6)		14.08	%		12.87	%		13.59	%		13.06	%
Incentive fees(2),(6)		0.00	%		2.12	%
Incentive fees(2), (6)		0.00	%		2.41	%		0.00	%		4.54	%
Total expenses		1314.2108	%		15.3728	%		13.59	%		17.60	%
Net investment loss(3),(4)		(12.84	)%		(9.70	)%
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).

-1719-

2022

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

2124

WCM POOL LLC

FINANCIAL STATEMENTS

~~March~~June 3130, 2009

2225

WCM POOL LLC

CONDENSED STATEMENTS OF FINANCIAL CONDITION

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

	March 31,2009		December 31,2008
	June 30,2009		December 31,2008
ASSETS
Cash and cash equivalents (See Note 2)	$	1528,~~341~~349,~~471~~784	$	19,431,990
Interest receivable		300		479
Net unrealized gain on open futures contracts		0100,763		269,887
Total assets	$	1528,~~341~~450,~~501~~547	$	19,702,356
LIABILITIES
Net unrealized loss on open futures contracts	$	34,068	$	0
Accrued expenses payable	$	61,022	$	38,738
Accrued expenses payable		42,558		38,738
Interest payable		14		0
Management fees payable		2548,~~768~~211		66,550
Incentive fees payable		~~593~~0		100,116
Redemptions payable		~~708~~908,~~760~~915		3,367,541
Total liabilities		~~811~~1,~~747~~018,162		3,572,945
MEMBERS’ CAPITAL (Net Asset Value)
Member DFT I		109,~~601~~436,~~350~~207		11,561,900
Member KGT		~~349~~158,~~368~~649		638,493
Member FST		3,~~579~~145,~~036~~766		3,929,018
Total members’ capital (Net Asset Value)		14,529,754		16,129,411
Member Series D		3,927,779		0
Total liabilities and members’ capital	$	15,341,501	$	19,702,356
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-

2326

WCM POOL LLC

CONDENSED SCHEDULES OF INVESTMENTS

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

	March 31, 2009					December 31, 2008
	June 30, 2009					December 31, 2008
Futures Contracts	~~Net~~NetUnrealizedGain ~~UnrealizedGain~~ (Loss)as a % ofMembers’ Capital		NetUnrealizedGain (Loss)			~~Net~~NetUnrealizedGain ~~UnrealizedGain~~ (Loss)as a % ofMembers’ Capital		NetUnrealizedGain (Loss)
Futures contracts purchased:
Commodities	(0.0009	)%	$	~~724~~(25,176	)	0.00	%	$	32
Currencies	(0.0457	)%		(5155,~~198~~384	)	0.20	%		31,725
Interest rates	0.7901	%		~~112~~2,~~867~~475		2.32	%		375,048
Net unrealized gain on futures contracts purchased	0.75	%		108,393		2.52	%		406,805
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	(0.1907	)%		~~(28~~19,~~125~~469	)	(0.27	)%		(43,517	)
Currencies	(0.7301	)%		~~(105~~2,~~621~~209	)	(0.58	)%		(92,971	)
Interest rates	(0.0021	)%		(~~531~~56,482	)	0.00	%		(833	)
Stock indices	(0.0600	)%		(~~8,184~~243	)	0.00	%		403
Net unrealized loss on futures contracts sold	(0.9813	)%		(~~142~~35,~~461~~047	)	(0.85	)%		(136,918	)
Net unrealized gain (loss) on open futures contracts	(0.23	)%	$	(34,068	)	1.67	%	$	269,887
Net unrealized gain on open futures contracts	0.37	%	$	100,763		1.67	%	$	269,887

See accompanying notes.

-3-

2427

WCM POOL LLC

CONDENSED STATEMENTS OF OPERATIONS

For the Three Months ~~Ended~~and ~~March~~Six Months Ended June 3130, 2009 and 2008

(Unaudited)

	Three Months EndedMarch 31,
	Three Months EndedJune 30,						Six Months EndedJune 30,
	2009			2008			2009			2008
REVENUES
Realized	$	~~174~~(2,~~800~~214,038	)	$	3420,~~132,167~~831		$	(2,039,238	)	$	3,552,998
Change in unrealized		~~(303~~134,~~955~~831	)		~~(506~~922,~~342~~093	)		(169,124	)		415,751
Interest income		~~993~~103			9472,~~556~~590			1,096			167,146
Total revenues (losses)		(~~128~~2,~~162~~079,104	)		21,~~720~~415,~~381~~514			(2,207,266	)		4,135,895
EXPENSES
Brokerage commissions		412,~~177~~330			118,~~015~~663			16,507			19,678
Management fees		79154,~~784~~014			~~108~~106,~~631~~155			233,798			214,786
Incentive fees		~~593~~0			~~493~~237,~~010~~702			593			730,712
Operating expenses		3552,~~388~~913			4142,~~131~~003			88,301			83,134
Total expenses		~~119~~219,~~942~~257			~~653~~394,~~787~~523			339,199			1,048,310
NET INCOME (LOSS)	$	(~~248~~2,~~104~~298,361	)	$	21,~~066~~020,~~594~~991		$	(2,546,465	)	$	3,087,585

See accompanying notes.

-4-

2528

WCM POOL LLC

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

For the ~~Three~~Six Months Ended ~~March~~June 3130, 2009 and 2008

(Unaudited)

	Members’ Capital			~~Members’ Capital~~
	MemberDFT I			~~MemberDFT I~~MemberKGT			~~MemberKGT~~MemberFST			~~MemberFST~~MemberSeries D			~~Total~~MemberSeries F			Total
Three months ended March 31, 2009
Six months ended June 30, 2009
Members’ capital at December 31, 2008				$	11,561,900		$	638,493		$	3,929,018		$	16,129,411
Balances at December 31, 2008	$	11,561,900		$	638,493		$	3,929,018		$	0		$	0		$	16,129,411
Redemptions					(778,184	)		(282,510	)		(290,859	)		(1,351,553	)
Additions		0			0			0			4,887,000			14,195,000			19,082,000
Net loss for the three months ended March 31, 2009					(182,366	)		(6,615	)		(59,123	)		(248,104	)
Redemptions		(1,198,094	)		(451,607	)		(475,167	)		(624,093	)		(2,483,600	)		(5,232,561	)
Members’ capital at March 31, 2009				$	10,601,350		$	349,368		$	3,579,036		$	14,529,754
Net loss for the six months ended June 30, 2009		(927,599	)		(28,237	)		(308,085	)		(335,128	)		(947,416	)		(2,546,465	)
	Members’ Capital
Balances at June 30, 2009	$	9,436,207		$	158,649		$	3,145,766		$	3,927,779		$	10,763,984		$	27,432,385
	MemberDFF LP			MemberDFT I			MemberKGT			MemberFST			Total
Three months ended March 31, 2008
Members’ capital at December 31, 2007	$	3,165,178		$	11,055,308		$	1,732,978		$	4,196,579		$	20,150,043
Redemptions		(156,170	)		(383,643	)		(329,526	)		(143,081	)		(1,012,420	)
Net income for the three months ended March 31, 2008		326,739			1,142,071			166,758			431,026			2,066,594
Members’ capital at March 31, 2008	$	3,335,747		$	11,813,736		$	1,570,210		$	4,484,524		$	21,204,217


	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-

2629

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 ~~and~~which commenced operations on January 1, 2007. The Company will terminate on December 31, 2056 unless terminated ~~sooner~~ 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. ~~Preferred Investment Solutions Corp. (“Preferred”) has been delegated administrative authority over the operations of the Company.~~ The Company currently consists of ~~three~~five members: Diversified Futures Trust I (“Member DFT I”), Futures Strategic Trust (“Member FST”), ~~and~~ Kenmar Global Trust (“Member KGT”), World Monitor Trust II Series D (~~collectively,~~“Member ~~the~~Series D”) and World Monitor Trust II Series F (“~~Members~~Member Series F”), (~~See~~collectively, ~~Note~~the 10“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 ~~DFFLP~~FST and Member KGT ~~contributed~~have ~~their~~been ~~net~~members ~~assets~~of to the Company ~~effective~~since as2007. ofEffective ~~January~~May 15, ~~2007~~2009, ~~while~~Preferred ~~Member~~Investment ~~FST~~Solutions ~~invested~~Corp. inchanged ~~the~~its ~~Company~~name onto ~~April 1~~Kenmar Preferred Investments Corp. (“Preferred”). Preferred refers to either Preferred Investment Solutions Corp. or Kenmar Preferred Investments Corp., ~~2007~~depending on the applicable period discussed. Preferred is ~~also~~ the ~~managing~~Managing ~~owner~~Owner of each of the ~~Members.~~Company’s members ~~Upon~~and ~~making~~has ~~the~~been ~~initial~~delegated ~~capital~~administrative ~~contribution,~~authority ~~each~~over ~~Member~~the ~~received~~operations ~~Voting Membership~~of ~~Interests~~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 ~~entered~~operates ~~into~~under an ~~advisory~~ 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~~ 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 ~~March~~June 3130, 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 ~~March~~June 3130, 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 ~~March~~June 3130, 2009, and the results of operations for the three months and six months ended ~~March~~June 3130, 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 Member’s annual report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2008.

-6-

2730

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) isare offset when reflected in the ~~condensed~~ financial statements insince ~~accordance~~the ~~with~~contracts ~~Financial~~are ~~Accounting~~executed ~~Standards~~with ~~Board~~the ~~(“FASB”) Interpretation~~same ~~No. 39~~counter –party ~~“Offsetting~~under ofa ~~Amounts~~master ~~Related~~netting ~~to Certain Contracts~~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 ~~statements~~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 assince ~~permitted~~substantially byall ~~Statement~~ of ~~Financial~~the Company’s ~~Accounting~~investments ~~Standards (“SFAS”)~~are ~~No. 102,~~highly ~~“Statement~~liquid ofand ~~Cash~~carried ~~Flows~~at –fair ~~Exemption~~value, ofthe ~~Certain~~Company ~~Enterprises~~has little or no debt and ~~Classification~~a statement of ~~Cash~~changes ~~Flows~~in ~~from~~members’ ~~Certain~~capital ~~Securities~~(net ~~Acquired~~asset ~~for~~value) ~~Resale~~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.

In July 2006, the FASB issued FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (“FIN 48”), which clarifies the accounting for uncertainty in tax positions. FIN 48 requires that the Company recognize in its financial statements the impact of a tax position if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The provisions of FIN 48 were effective for fiscal years beginning after December 15, 2006, with the cumulative effect of the change in accounting principle recorded as an adjustment to opening retained earnings. In connection with the adoption of FIN 48, 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. Preferred evaluated the impact of adopting FIN 48 on the Company’s condensed financial statements. The adoption of FIN 48 had no material impact on the Company, as the Company’s tax positions are based on established tax precedence for the tax treatment of investment partnerships as flow through tax entities.

-7-

2831

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Accounting (Continued)

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 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 ~~option~~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 ~~March~~June 3130, 2009 or December 31, 2008 ~~using the fair value hierarchy of SFAS 157~~.

The following table summarizes the assets and liabilities measured at fair value using the fair value hierarchy ~~of SFAS 157~~:

March 31, 2009	Level 1				Level 2			Level 3			Total
June 30, 2009	Level 1			Level 2			Level 3			Total
Liabilities:
Assets:
Net unrealized loss on open futures contracts	$	(34,068	)		$	0		$	0		$	(34,068	)
Net unrealized gain on open futures contracts	$	100,763		$	0		$	0		$	100,763
December 31, 2008	Level 1			Level 2	~~Level 2~~		Level 3	~~Level 3~~		Total	~~Total~~
Assets:
Net unrealized gain on open futures contracts	$	269,887		$	$0	0	$	$0	0	$	$269,887	~~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-

2932

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.

B. 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 March 31, 2009 and December 31, 2008, restricted cash totaled $679,667 and $670,420, respectively. The Company receives interest at prevailing interest rates on all cash balances held by the clearing broker and bank.

-9-

3033

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.

~~-10-~~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.

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 3. FEES (CONTINUED)

B. Management and Incentive Fees (Continued)

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 three months ended March 31, 2009 and 2008, the Trading Advisor earned incentive fees of $593 and $493,010, respectively, of which $593 remains payable at March 31, 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 ~~March~~June 3130, 2009 and 2008 were:

	Three Months EndedMarch 31,
	Three Months EndedJune 30,				Six Months EndedJune 30,
	2009		2008		2009		2008
General and administrative	$	8,~~270~~810	$	45,~~810~~555	$	17,080	$	10,365

Expenses payable to Preferred and its affiliates (which are included in accrued expenses payable on on the condensed statements of financial condition) as of ~~March~~June 3130, 2009 and December 31, 2008 were $6,~~000~~125 and $7,480, respectively.

~~Note~~-12- ~~5. INCOME TAXES~~

~~There~~36 ~~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.

-11-

WCM POOL LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 65. ~~DEPOSITS~~INCOME ~~WITH COMMODITY BROKER, PRIME BROKER AND BANK (CONTINUED)~~TAXES

~~Margin~~There ~~requirements~~have ~~are~~been ~~satisfied~~no bydifferences between the ~~deposit~~tax ofbasis ~~cash~~and ~~with~~book ~~such~~basis ~~prime~~of ~~broker.~~assets, ~~The~~liabilities ~~Company~~or ~~earns~~members’ ~~interest~~capital ~~income~~since oninception ~~assets~~of ~~deposited~~the ~~with its prime broker~~Company.

Note 6.

DEPOSITS WITH COMMODITY BROKER, PRIME BROKER AND BANK

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.

Of the Company’s $708,760 of redemptions payable at March 31, 2009, $9,558 represents redemptions payable to Member DFFLP, which redeemed all of its membership interests in the Company and terminated its fund operations as of December 31, 2008. The $9,558 of redemptions was subsequently paid to Member DFFLP in April 2009.

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

~~The~~-13- 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~~37 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.

-12-

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.

~~The~~-14- 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 March 31, 2009 and December 31, 2008, such segregated assets totaled $9,559,192 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 $75,213 and $1,274,591 at March 31, 2009 and December 31, 2008, respectively. There are no segregation requirements for assets related to forward trading.

As38 ~~of March 31, 2009, all open futures contracts mature within eighteen months.~~

-13-

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 ~~March~~June 3130, 2009 and 2008. This information has been derived from information presented in the financial statements.

	Three Months EndedMarch 31, 2009(Unaudited)						Three Months EndedMarch 31, 2008(Unaudited)
	Three Months EndedJune 30, 2009(Unaudited)										Six Months EndedJune 30, 2009(Unaudited)
	MemberDFT I		MemberKGT		MemberFST		~~MemberDFF~~MemberSeries ~~LP(5)~~D		~~MemberDFT~~MemberSeries IF		~~MemberKGT~~MemberDFT I		~~MemberFST~~MemberKGT		MemberFST		MemberSeries D(5)		MemberSeries F(5)
Total return:(1),(4)
Total return: (1), (4)
Total return beforeincentive fee	(1.61	)%	(1.61	)%	(1.61	)%	12.88	%	12.87	%	12.87	%	12.87	%
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	0.0100	%	0.0100	%	0.0100	%	(20.5200	)%	(20.5100	)%	(20.5101	)%	(20.5101	)%	0.01	%	0.00	%	0.00	%
Total return afterincentive fee	(1.60	)%	(1.60	)%	(1.60	)%	10.36	%	10.36	%	10.36	%	10.36	%
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 toincentive fee(2)	3.06	%	3.31	%	3.05	%	3.08	%	3.07	%	3.12	%	3.06	%
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	%	0.0400	%	0.0100	%	20.3600	%	20.3500	%	20.4500	%	20.3405	%	0.01	%	0.00	%	0.00	%
Total expenses andincentive fee	3.06	%	3.35	%	3.06	%	5.44	%	5.42	%	5.57	%	5.40	%
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 investmentloss(2),(3)	(3.03	)%	(3.28	)%	(3.03	)%	(1.27	)%	(1.27	)%	(1.25	)%	(1.26	)%
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 ~~DFFLP~~Series ~~redeemed~~D ~~all~~and ofMember ~~its~~Series ~~membership~~F ~~interest~~contributed intheir ~~the~~net ~~Company~~assets ~~and~~to ~~terminated~~the ~~its~~Company ~~fund~~effective ~~operations~~April ~~as of December 31~~1, ~~2008~~2009.

-1416-

3540

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

~~Effective~~The ~~April~~Managing Owner, has evaluated events and transactions that occurred between June 130, 2009 and August 11, ~~World~~ ~~Monitor~~2009, ~~Trust~~which IIis ~~Series~~the Ddate ~~and~~the Ffinancial ~~will~~statements ~~contribute~~were ~~their~~issued ~~net~~for ~~assets~~possible todisclosure or recognition in the ~~Company~~financial ~~and~~statements. ~~receive~~The ~~Voting~~Managing ~~Membership~~Owner ~~Interests~~has asdetermined ~~new~~that there ~~Members~~were ofno such events or transactions that warrant disclosure or recognition in the ~~Company~~financial statements.

-1518-

3642

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 ~~March~~June 3130, 2009 (“~~First~~Second Quarter 2009”) includes forward-looking statements that reflect the current expectations of ~~Preferred~~ ~~Investment~~Kenmar ~~Solutions Corp. (“~~Preferred” orInvestments ~~the “Managing Owner”)~~Corp., the managing owner of Kenmar Global Trust (“Registrant”), about the future results, performance, prospects and opportunities of Registrant. The managing ~~Managing~~owner ~~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~~managing ~~Owner~~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 ~~Managing~~owner ~~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 ~~was formed to engage in the speculative trading of commodity futures and forward contracts. 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~~May 15, ~~2008~~2009, inPreferred ~~accordance~~Investment ~~with~~Solutions ~~the~~Corp. ~~Trust~~changed ~~Agreement,~~its ~~the~~name ~~Managing~~to ~~Owner~~Kenmar Preferred isInvestments noCorp. ~~longer~~(“Preferred” ~~required~~or tothe ~~maintain~~“Managing aOwner”). ~~capital~~Preferred ~~account~~or ~~equal~~Managing toOwner 1%refers ofto ~~the~~either ~~total capital~~Preferred ~~accounts~~Investment ofSolutions ~~the~~Corp. ~~Registrant~~ or aKenmar ~~net~~Preferred ~~worth~~Investments ~~of at least $1,000,000~~Corp. ~~As such~~, ~~the~~depending ~~Managing~~on ~~Owner redeemed its entire interest in~~ the ~~Registrant~~applicable period ~~in 2009~~discussed.

OnEffective ~~September~~December 241, ~~2007~~2008, ~~the~~in ~~Registrant~~accordance ~~and~~with the ~~Managing~~Trust ~~Owner entered into a Purchase~~ Agreement ~~(the “Purchase Agreement”)~~, ~~effective as of August 10, 2007, whereby~~ the Managing Owner ~~acquired~~is ~~all~~no ~~the Registrant’s~~longer ~~rights,~~required ~~title and interest~~ to ~~the~~maintain 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~~ capital account ~~(the~~equal ~~“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~~total ~~deposit~~capital inaccounts ~~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~~As ~~rate on the Note is the Wall Street Journal Prime Rate (3.25% at March 31~~such, ~~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~~redeemed ~~the~~its ~~Registrant~~entire ~~a first priority~~ interest in the ~~Asset~~Registrant toin ~~secure payment of the Note~~2009.

On ~~June~~September 2324, ~~2008~~2007, the Registrant and the Managing Owner ~~sold~~entered into a Purchase Agreement (the ~~Asset~~“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 ~~unrelated~~SEC-registered ~~third~~investment ~~party~~adviser and ~~applied~~a CFTC-registered futures commission merchant, and to the ~~proceeds~~Registrant’s ofright, title and interest to the ~~sale~~Registrant’s ofdeposits in an account (the ~~Asset~~“Account”) managed by Sentinel, including the Registrant’s rights to ~~pay~~the ~~down~~funds ain ~~portion~~the ofAccount, including all claims related thereto against Sentinel (the ~~Note~~“Asset”). AsThe ~~part~~purchase ofprice ~~that~~for ~~transaction~~the Asset was $1,685,193 (the “Purchase Price”), which represented the recorded value of the Registrant’s ~~and~~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 ~~entered~~to ~~into~~the Registrant was paid by a ~~Release~~secured ~~and~~Demand ~~Setoff Agreement~~Promissory ~~whereby~~Note (ithe “Note”) made by the ~~Registrant~~Managing ~~released~~Owner ~~its~~in ~~security~~favor of the Registrant. The interest inrate on the ~~Asset~~Note ~~and~~is ~~any~~the ~~appreciation~~Wall ~~and~~Street Journal Prime Rate (~~ii)~~3.25% at June 30, 2009) and resets monthly. Interest is payable monthly no later than the ~~Managing~~first ~~Owner~~business ~~agreed~~day ~~that~~of inthe subsequent month. The Note was secured by a Security Agreement whereby the ~~event~~Managing Owner granted the Registrant ~~demands~~a first priority interest in the Asset to secure payment of the Note.

3743

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 ~~March~~June 3130, 2009, the Managing Owner paid the Registrant principal of $1,100,000 on the Note, leaving $585,~~193~~913 of note receivable from the Managing Owner ~~which~~ which is reflected on ~~the~~ Registrant’s ~~March~~June 3130, 2009 condensed statement of financial condition. Interest receivable from the Managing Owner on the Note as of ~~March~~June 3130, 2009 was $1,~~638~~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 ~~March~~June 3130, 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 ~~March~~June 3130, 2009, Registrant, Diversified Futures Trust I, ~~and~~ 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 ~~into~~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 6 2.2292% of its net asset value to the Trading Vehicle as of ~~March~~June 3130, 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 ofto ~~the~~ 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 ~~10K~~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~~Super ~~derivatives~~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 PMpm 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.

AsRegistrant ~~such~~records all investments at fair value in its financial statements, ifwith changes ~~actual~~in ~~results~~fair ~~vary~~value ~~from~~reported ~~estimates~~as ~~used~~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, ~~they~~swaps, and certain option contracts for which market quotations are not ~~anticipated~~readily toavailable ~~have~~are apriced ~~material~~by ~~impact~~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 ~~financial~~best ~~statements~~information ~~and~~available ~~related~~in ~~disclosures~~the circumstances, which may include indirect correlation to a market value, combinations of market values or Registrant’s proprietary data. Level 3 inputs generally include information derived through extrapolation or interpolation of observable market data.

~~Registrant~~In ~~records~~September ~~all investments at fair value in its financial statements~~2006, ~~with~~the ~~changes~~Financial inAccounting Standards ~~fair~~Board ~~value~~(“FASB”) ~~reported~~issued asStatement ~~a component~~ of ~~Revenues~~Financial –Accounting ~~Unrealized~~Standards or(“SFAS”) ~~Trading~~No. 157 ~~Gains~~ (~~Losses~~“SFAS 157”), –“Fair ~~Change~~Value inMeasurements”. ~~Unrealized~~SFAS ~~in the~~157 ~~Condensed~~requires ~~Statements~~use of ~~Operations.~~a ~~Registrant~~fair ~~considers~~value hierarchy ~~prices~~that ~~for~~prioritizes ~~exchange~~the ~~traded~~inputs ~~commodity~~to ~~futures~~valuation ~~and~~techniques ~~options~~used ~~contracts~~ to bemeasure ~~based~~fair onvalue into three levels: quoted market prices in active markets for identical assets ~~(Level 1). The values of forwards, swaps,~~ and ~~certain option~~liabilities 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 21)., ~~Level 3~~ inputs ~~reflect~~other ~~Registrant’s~~than ~~assumptions~~quoted ~~that it believes~~ market ~~participants~~prices ~~would~~that ~~use in pricing the asset or liability. Registrant develops Level 3 inputs based on the best information available in the circumstances, which may include~~are 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.

In45 July 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (“FIN 48”), which clarifies the accounting for uncertainty in tax positions. FIN 48 requires that Registrant recognize in its financial statements the impact of a tax position if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The provisions of FIN 48 were effective for fiscal years beginning after December 15, 2006, with the cumulative effect of the change in accounting principle recorded as an adjustment to opening retained earnings. In connection with the adoption of FIN 48, Registrant 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~~observable ~~are~~for ~~subject~~the toasset ~~examination~~or byliability, ~~the~~either ~~appropriate~~directly ~~taxing~~or ~~authorities.~~indirectly ~~The~~(Level ~~Managing~~2), ~~Owner~~and ~~evaluated~~unobservable ~~the~~inputs ~~impact~~for ofthe ~~adopting~~asset ~~FIN~~or 48liability on(Level ~~Registrant’s financial statements~~3). ~~The~~SFAS ~~adoption~~157 ofis effective ~~FIN~~for 48financial ~~had~~statements noissued ~~material impact on Registrant, as Registrant’s tax positions are based on established tax precedence~~ for ~~the~~fiscal ~~tax~~years ~~treatment~~beginning ofafter ~~investment~~November 15, ~~partnerships as flow through tax entities~~2007.

InRegistrant ~~September~~adopted ~~2006,~~SFAS ~~the~~157 ~~FASB~~in ~~issued~~the ~~SFAS~~first Noquarter of 2008. ~~157~~ (“The adoption of SFAS 157~~”),~~ ~~“Fair~~had ~~Value~~no ~~Measurements”.~~impact ~~SFAS~~to ~~157~~the ~~requires~~items ~~use~~required ofto abe carried at fair value ~~hierarchy~~ ~~that~~(investments) ~~prioritizes~~in ~~the~~Registrant’s ~~inputs~~financial tostatements. ~~valuation~~$51,960 ~~techniques~~or ~~used~~24.30% toof ~~measure~~Registrant’s ~~fair~~investments ~~value~~at ~~into~~June 30, ~~three~~2009 ~~levels:~~are ~~quoted~~classified ~~market~~as ~~prices~~Level 1, in$161,883 ~~active~~or ~~markets~~75.70% ~~for~~are ~~identical~~classified ~~assets~~as Level 2 and ~~liabilities~~$0 (or 0.00% are classified as Level ~~1),~~3 ~~inputs~~using ~~other~~the ~~than~~fair ~~quoted~~value ~~market~~hierarchy ~~prices~~of ~~that~~SFAS ~~are observable~~157. ~~for~~$215,655 or 25.27% of the ~~asset~~Registrant’s orinvestments ~~liability~~at December 31, ~~either~~2008 ~~directly~~are orclassified ~~indirectly~~as (Level 2)1, $637,746 ~~and~~or ~~unobservable~~74.73% ~~inputs~~are ~~for~~classified ~~the~~as ~~asset~~Level 2 and $0 or ~~liability~~0.00% (are classified as Level 3). using the fair value hierarchy of SFAS 157. isChanges ~~effective~~in the Level 3 fair value category for the note receivable, Managing Owner (See Note 1) of the Registrant’s financial statements, ~~issued~~included ~~for~~in ~~fiscal~~the ~~years~~Registrant’s ~~beginning~~2008 ~~after~~Annual ~~November 15~~Report, ~~2007~~ 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.

~~Registrant~~Investments ~~adopted~~classified as Level 2 and Level 3 under SFAS 157 ininclude the ~~first~~Registrant’s ~~quarter~~investment ofin ~~2008.~~the ~~The~~Trading ~~adoption~~Vehicle ofand ~~SFAS~~are ~~157~~valued ~~had~~monthly noat ~~impact to~~ the ~~items~~net ~~required~~asset value toas bereported ~~carried~~by atthe ~~fair~~Trading ~~value (investments)~~Vehicle. inThe ~~Registrant~~Trading Vehicle’s ~~financial~~net ~~statements.~~asset ~~$7,936~~value oris ~~2.25%~~determined ofbased ~~the~~upon ~~Registrant~~its management’s ~~investments~~best atestimate ~~March 31,~~of ~~2009~~the ~~are~~fair ~~classified~~value asof ~~Level~~its 1,underlying ~~$344~~net assets,~~360~~ orsubstantially ~~97.75%~~all of which are ~~classified~~investments asvalued using Level 21 ~~and~~inputs $0but orinclude ~~0.00%~~certain ~~are~~assets ~~classified~~and asliabilities ~~Level~~where ~~3 using~~the inputs into the determination of fair value ~~hierarchy~~require ofmanagement ~~SFAS~~judgment ~~157~~or estimation. ~~$215,655~~The orManaging ~~25.27%~~Owner determined that certain of the ~~Registrant~~Trading Vehicle’s ~~investments~~assets atand liabilities ~~December 31,~~which ~~2008~~require ~~are~~management ~~classified~~judgment asor ~~Level~~estimation 1,were ~~$637,746~~not ormaterial ~~74.73%~~to ~~are~~the ~~classified~~Registrant’s asfinancial ~~Level~~statements 2 and $0therefore orthe ~~0.00%~~Registrant’s ~~are~~investment in the Trading Vehicle should be classified as Level 32 ~~using~~at ~~the~~December 31, ~~fair~~2008. ~~value~~A ~~hierarchy~~table ofpresenting ~~SFAS~~the ~~157.~~changes ~~Changes~~ in the Level 3 fair value category for the ~~note~~six ~~receivable~~months ended June 30, ~~Managing~~2008 ~~Owner~~is ~~(see~~provided in Note 1)5 of the Registrant’s financial statements. Of the $238,497 ~~included~~gain infor the ~~Registrant’s~~six ~~2008~~months ~~Annual~~ended ~~Report~~June 30, 2008, ~~result~~reported ~~from~~as ~~a pre-payment~~Level 3 investments in Note 5 of Registrant’s financial statements, $136,~~100,000~~509 ~~and~~represents a ~~transfer~~change ~~out~~in ofunrealized ~~Level~~gain 3allocated ~~and~~from ~~investments~~the ofTrading ~~$585,193,~~Vehicle ~~reducing~~on the ~~balance~~Registrant’s incondensed ~~investments~~statement toof ~~zero~~operations.

Investments classified as Level 2 and Level 3 under SFAS 157 represent 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 Level 3 fair value category for the period January 1, 2008 to March 31, 2008 is provided in Note 5 of the Registrant’s financial statements. Of the $166,758 income for the period January 1, 2008 to March 31, 2008 reported on Level 3 investments in Note 5, of Registrant’s financial statements, $(28,946) represents a change in unrealized loss 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 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. The Managing Owner evaluated the impact of adopting SFAS 159 and its impact on the Registrant’s financial statements. The Registrant adopted SFAS 159 during the first quarter of 2008, and it did not have a material effect on the Registrant’s financial statements, as the Registrant 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. 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.

~~Limited Interests in Registrant may be redeemed on a monthly basis.~~ For ~~First~~ Second Quarter 2009, ~~redemptions~~the ofsix ~~Limited~~months ~~Interests~~ended ~~and General Interests were $51~~June 30,~~480~~ ~~and~~2009 ~~$60,418,~~(“Year-To-Date ~~respectively. For~~ 2009”), the quarter ending ~~March~~June 3130, 2008 (“~~First~~Second Quarter 2008”), ~~redemptions of Limited Interests~~ and ~~General~~the ~~Interests were~~period ~~$126~~January 1,~~838~~ ~~and~~2008 ~~$10~~to June 30,~~380,~~ ~~respectively.~~2008 ~~Future~~(“Year-To-Date ~~redemptions~~2008”) ~~will~~there ~~impact~~were ~~the~~no ~~amount~~subscriptions of ~~funds~~Limited ~~available~~or ~~for~~General ~~investment in commodity contracts in subsequent periods~~Interests.

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

AtRedemptions ~~March 31, 2009,~~of ~~approximately~~General ~~100%~~Interests offor ~~Registrant’s~~Second ~~net~~Quarter ~~assets~~2009 ~~were~~and ~~allocated~~Year-To-Date to2009 ~~commodities~~were ~~trading~~$0 ~~(either~~and ~~directly~~$60,418, ~~or through its investment in the Trading Vehicle)~~respectively. ARedemptions ~~significant portion~~ of ~~Registrant’s~~General ~~net~~Interests ~~assets invested in the Trading Vehicle was held in cash, which was used as margin~~ for ~~trading~~Second inQuarter ~~commodities.~~2008 Inand asYear-To-Date ~~much~~2008 aswere ~~the~~$0 ~~sole~~and ~~business of Registrant is to trade in commodities~~$10,380, ~~Registrant continues to own such liquid assets to be used as margin~~respectively. ~~The~~Future ~~clearing~~redemptions ~~broker~~will ~~and~~impact ~~bank credit~~the ~~Registrant~~amount ~~(directly or through the Trading Vehicle) with interest income on 100%~~ of ~~its~~funds ~~average~~available ~~daily~~for ~~equity~~investment ~~maintained~~ in ~~its~~commodity ~~accounts~~contracts ~~with~~in ~~the~~subsequent ~~clearing broker and bank during each month at competitive interest rates~~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

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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 ~~10K~~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 ~~First~~Second Quarter 2009 and ~~First~~Second Quarter 2008:

~~First~~Second Quarter 2009

~~Many~~The second quarter of ~~the~~2009 ~~same~~displayed ~~economic~~snippets ~~problems~~of evidence that ~~faced~~ the US economy inhad bottomed but the ~~last~~problem ~~months~~remained ofthat ~~2008~~two ~~were~~key ~~still~~areas, ~~apparent~~housing inand ~~the~~employment, ~~first~~showed ~~three~~only ~~months~~modest indications of ~~2009~~a asturnaround. ~~President~~US ~~Obama~~economic ~~was~~metrics ~~inaugurated.~~were ~~However,~~far asfrom optimistic during the quarter ~~progressed, there~~as ~~was~~the atunemployment ~~least~~rate arose ~~glimmer~~to ~~of hope~~9.5%, ~~particularly~~and inmany ~~March.~~market participants ~~The~~believe ~~“fear~~it ~~factor”~~is ~~was~~possible ~~still~~that ~~very~~it ~~much~~will inclimb ~~place,~~above ~~but~~the todouble-digit amark ~~somewhat~~during ~~lesser degree than at~~ the ~~start~~second-half of ~~the year~~2009. ~~The~~Since ~~major~~December ~~feature~~2007, of the ~~first~~US ~~quarter~~lost ~~was~~approximately a6.5 million ~~series~~jobs, of ~~massive liquidity~~which ~~additions~~1.3 million ~~from~~were ~~the~~lost ~~Federal~~in ~~Reserve (~~the ~~“Fed”)~~past ~~as they spent, lent or guaranteed $12~~quarter.8 ~~trillion.~~As ~~Also,~~ for the ~~Fed~~stimulus ~~announced~~packages, they ~~would~~are ~~buy~~making ~~significant~~their ~~quantities~~way ofinto ~~Treasury~~the ~~paper going forward~~economy, ~~resulting~~but inat ~~the~~a ~~worst~~snail’s ~~quarter for~~pace. USThe ~~Treasuries~~third ~~since~~quarter ~~1996,~~could assee ~~the~~a ~~Merrill~~larger ~~Lynch~~macro ~~Master Index plunged~~impact.

US Treasury ~~economic~~yields ~~data~~steepened ~~during~~through ~~the~~most ~~first~~of the quarter. ~~can~~In ~~only~~May, bea ~~described~~downward asless-than-expected ~~bleak,~~revision ~~as neither~~of ~~housing~~the ~~nor~~first ~~employment~~quarter ~~showed~~GDP ~~signs~~encouraged ofrisk ~~imminent~~taking ~~improvement.~~and ~~The~~the ~~Unemployment~~yield ~~Rate~~curve ~~rose~~hinted tothe ~~over~~economy 8was in a recovery cycle.1% atThe ~~the~~June ~~end~~Federal ofOpen ~~the~~Market Committee ~~quarter~~meeting ~~and~~indicated ~~payroll~~that ~~fell~~the byFed would maintain an ~~additional~~accommodative ~~650,000~~policy inthrough ~~March~~year asend ~~the~~and ~~economy~~they ~~lost~~expressed ~~over~~little ~~5 million~~concern ~~jobs~~on ~~since~~inflation. While the ~~US recession~~yield ~~began.~~curve ~~Housing~~still ~~Starts~~indicates ~~showed~~the ~~improvement~~economy is in ~~February~~recovery mode, ~~rising~~it ~~over~~does ~~20%~~not ~~after~~foreshadow ita ~~dropped~~quick “V” ~~nearly~~shaped ~~40%~~recovery inbut ~~the~~rather ~~three~~an ~~preceding~~extended ~~months~~“U” pattern. ~~Industrial~~The ~~production~~Federal ~~recorded~~Reserve ~~consecutive~~kept ~~months~~rates ofat ~~decline~~0 to 25 basis points through the ~~first~~ quarter. The ~~latest~~Bank ~~fourth quarter~~of ~~Gross~~England ~~Domestic~~and ~~Product~~the Bank of Japan (“~~GDP~~BOJ”) ~~revision~~kept ~~came~~key inrates atunchanged through -6the quarter as well.3% Japan continued in a recession during the quarter but, ~~which~~as isin the US and Eurozone, the worst inappears ~~nearly~~to ~~three~~be ~~decades~~over. ~~The~~After ~~consumer~~being ~~held~~criticized ~~retrenched~~for aslowering ~~Retail~~rates ~~Sales~~only ~~fell~~25 ~~1.1%~~basis points in ~~March~~April, ~~were~~the ~~off~~European ~~1.2%~~Central ~~for~~Bank (“ECB”) ~~the~~cut ~~quarter~~rates ~~and~~by ~~down~~another 925 basis points to 1.400% in May. Jean Claude Trichet, ECB president, made it apparent they were likely finished cutting rates for the ~~past twelve~~near ~~months~~future.

~~Europe~~The ~~and~~US ~~Asia~~Dollar ~~experienced~~Index aended ~~quarter similar to~~ the ~~US,~~quarter with ~~the~~a ~~exception~~loss of ~~China.~~approximately ~~China’s GDP projections, however, were downgraded by almost 2~~5%. AsThe ~~in the~~ US, ~~foreign~~currency ~~central~~survived ~~banks~~calls ~~engaged~~from inRussia ~~massive liquidity additions~~ and ~~bank bailout initiatives. The UK was particularly aggressive as~~ the ~~Bank~~other ofBRIC ~~England~~nations ~~cut~~for ~~its key lending rate to~~ a ~~record low 0.5% and announced~~so-called an“supranational” ~~unprecedented plan to buy 75 billion pounds of commercial paper~~currency. ~~The~~An ~~European~~increased ~~Central~~appetite ~~Bank~~for ~~cut~~risk ~~rates~~weighed ~~consistently~~on ~~throughout~~ the ~~quarter~~dollar ~~but~~for atmuch aof ~~less~~the ~~aggressive pace~~quarter, ~~despite~~although ~~anemic~~that ~~economic~~appeared ~~conditions.~~to ~~Concerns~~lessen ~~surrounding~~toward the ~~health~~end of ~~the Eastern European banking sector lingered as the quarter concluded~~June. ~~Japan’s~~After ~~recession~~being ~~worsened~~annihilated ~~materially~~in ~~during~~ the first quarter, ~~even as~~ the ~~Bank~~pound ofmanaged ~~Japan~~a ~~engaged~~solid recovery inon ~~three~~indications ~~liquidity-adding~~that ~~measures.~~UK ~~Japan~~housing ~~appears~~may tohave bebottomed. ~~behind~~The ~~both~~euro finished the ~~US,~~second ~~UK and~~quarter ~~Western~~up ~~Europe~~approximately in6% ~~its~~on ~~economic~~the ~~recovery mode~~dollar. ~~Australia~~The ~~and~~Japanese ~~New~~yen ~~Zealand~~ended ~~suffered as~~ the ~~leading~~quarter ~~economic~~up ~~index~~overall ~~for~~and ~~Australia~~the ~~hit~~BOJ acontinued ~~26-year~~to ~~low~~engage in ~~February~~heavy stimulus activity.

~~Currencies:~~It ~~The~~was ~~Dollar~~a ~~Index~~positive ~~ended~~overall ~~March~~quarter ~~down~~for ~~overall.~~global ~~However~~equities, ~~the~~however, ~~dollar~~US ~~continued~~equities aslost ~~the~~some ~~currency~~ground ofin ~~choice~~June onin what appeared to be a ~~flight-~~correction due to~~-safety~~ ~~basis~~concerns surrounding consumers, ~~despite~~housing ~~noises~~and ~~from~~employment. ~~China~~Energy and ~~Russia~~financial ~~regarding~~stocks aled ~~proposed~~the ~~new~~US ~~global~~rally ~~currency.~~as ~~The~~the ~~Obama administration~~Dow ~~quickly~~Jones ~~emphasized~~Industrial aAverage, ~~continued~~S&P ~~policy~~500 ~~for~~and aNASDAQ ~~strong~~all ~~dollar.~~gained ~~During~~approximately ~~the~~11%, ~~quarter~~15% and 20%, respectively, for the ~~euro~~quarter. ~~gained~~A ~~ground~~similar topattern ~~the~~unfolded ~~pound,~~in Europe ~~while~~with ~~the~~modest USlosses ~~dollar~~in ~~advanced~~June ~~versus~~within ~~both~~solid quarterly performance. AtThe ~~one~~STOXX ~~point~~600, ~~sterling~~a ~~was~~broad ~~under~~measure ~~$1.38~~of ~~before~~European ~~ending~~equities, rose approximately 16% during the quarter. ~~at approximately~~The ~~$1.44,~~CAC asand the UKDAX ~~economy~~closed ~~holds~~the aquarter ~~basket~~with ~~case,~~gains ~~led~~as bywell. ~~plunging~~In ~~house~~Asia, ~~prices.~~the ~~The~~Nikkei jumped ~~yen~~over ~~periodically~~22% ~~attracted~~as ~~flight-to-safety~~concerns ~~demand~~surrounding ~~but~~North ~~that~~Korea’s ~~steadily~~nuclear ~~lessened~~program served as ~~the~~only ~~quarter~~brief ~~developed~~interruptions. ~~Japanese~~The ~~GDP~~particularly ~~continued~~volatile toHang ~~retract~~Seng ~~and~~rose ~~there~~approximately ~~were few~~23%, ~~apparent~~while ~~inflationary~~the ~~pressures,~~Australian ~~while~~All ~~technical~~Ordinaries ~~indicators~~Index ~~pointed~~and toKorea’s ~~modest~~Kospi ~~additional~~rallied ~~weakness~~as well. ~~for~~Russian ~~the~~stocks ~~yen~~recovered ~~vs.~~as the ~~dollar~~quarter ~~and~~progressed ~~euro.~~in ~~The~~a ~~Australian~~rally ~~and~~that ~~New~~began ~~Zealand~~at ~~dollars~~the ~~scored~~end ~~gains~~March. toImproved ~~both~~oil ~~the~~prices ~~yen~~were ~~and~~a ~~dollar~~primary tomotivator ~~cap~~of the ~~quarter~~turnaround.

~~Energies:~~ Crude ~~ended~~followed movements of the ~~quarter~~equity atmarkets, ~~almost~~offsetting ~~$50~~ongoing ~~per~~demand ~~barrel~~destruction, anwhich ~~11%~~seems ~~overall~~to ~~gain,~~have asbeen discounted by the market. ~~appeared~~In toaddition, ~~run~~the ~~into~~weakening ~~resistance~~US atdollar, ~~that~~“economic ~~level.~~optimism” Atbased ~~one~~on ~~point~~Asian ~~in early~~and ~~February~~US data, continued ~~crude~~disruption ~~was~~of ~~down~~output ~~over~~by ~~23%~~rebel ~~year-to-date~~groups ~~before~~in ~~rallying~~Nigeria ~~12%~~and inChinese ~~the~~stockpiling ~~final~~fueled ~~week~~crude’s ofrally ~~the~~as ~~month.~~it ~~Crude~~surged ~~closed~~approximately ~~March~~44% ~~with~~within athe ~~double~~Dow Jones-~~digit~~UBS ~~gain,~~Commodity ~~clearly~~Index ~~aided~~(“DJUBS”) byduring the ~~global equity rally~~quarter. ~~Demand~~For ~~destruction~~natural isgas, temperatures ~~still~~ran ~~apparent~~cool ~~with~~in ~~the~~key ~~latest~~consuming ~~data showing~~regions, ~~declines~~keeping demand in ~~consumption~~check. ~~OPEC’s~~Heating ~~member~~oil ~~compliance~~ended ~~appeared~~the toquarter ~~hold,~~with ~~although~~an ~~there~~approximate ~~were~~28% ~~rumblings~~gain ofwithin ~~possible~~the ~~erosion~~DJUBS. Reformulated gasoline ~~prices~~had ~~edged~~a upstrong inquarter ~~March~~ as gasoline at the pump ~~rose.~~continued ~~Natural~~to ~~gas~~rise ~~inventories~~but ~~remained well~~demand ~~above~~still ran down 2.5-% from last year. ~~averages,~~With ~~which~~supplies ~~drove~~more ~~prices~~than ~~lower~~22% toahead ~~close~~of last year and storage facilities full, natural gas finished the quarter up only 4% within the DJUBS.

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~~Indices:~~Reduced ~~March~~global ~~proved~~financial tomarket befears ~~the~~diminished ~~best~~flight-to-safety ~~month~~demand for USgold ~~equities~~during ~~since 2002. However,~~ the ~~overall~~second ~~quarterly~~quarter ~~result~~as ~~was~~gold ~~not~~finished ~~pretty~~relatively asflat for the ~~Dow Jones fell an overall approximate 13~~quarter.~~3%.~~ ~~Only~~Silver ~~three~~closed ofout ~~thirty components ended~~ the period with ~~higher~~an ~~prices;~~approximate ~~IBM, Home Depot and Intel. The NASDAQ lost over 3~~5% ~~for~~gain ~~the~~as ~~quarter~~jewelry ~~and~~demand ~~the~~was ~~broad~~quiet, ~~based~~although ~~S&P~~there ~~500~~was ~~fell over 11%. After being~~ a ~~severe~~slight ~~drag~~increase onin ~~the~~India’s ~~market~~purchases. ~~for~~China ~~months,~~was ~~financial and banking issues led~~ a ~~late~~periodic ~~first quarter rally~~buyer. ~~Asian~~Base ~~and~~metals ~~European~~witnessed ~~equities~~overall gains ~~experienced~~across anthe ~~overall~~board ~~positive~~in ~~March~~the ~~but~~quarter, asmainly inattributable ~~the~~to ~~US,~~China’s ~~lost~~strategic ~~ground~~commodity ~~for~~re-stocking, the ~~quarter.~~weaker ~~The~~US ~~key European markets~~dollar, ~~FTSE,~~investment ~~DAX~~demand and ~~CAC~~economic ~~ended~~optimism. ~~the~~Profits ~~quarter~~of ~~down~~over ~~overall~~52%, 1022%, 1718% and 1517%, ~~respectively.~~for ~~The leading Asian equity indices~~nickel, ~~the Nikkei and Hang Seng~~copper, ~~ended~~zinc ~~the quarter down 14%~~ and 6%aluminum, respectively., ~~Korea’s~~within ~~Kospi ended~~ the ~~period~~DJUBS, ~~with an overall 5% gain as buyers~~ were ~~encouraged~~showcased bythrough ~~liquidity measures to aid~~ the ~~Korean economy. Australia and New Zealand both scored gains in March, however they suffered quarterly losses. Russia broke a six month losing streak with an approximate 27% surge to cap the~~ quarter.

~~Agriculturals:~~Fear ~~Compared~~that to the ~~year-end~~H1N1 ~~rally~~Influenza ~~seen~~(Swine Flu) would somehow be spread overseas from pork products originating in ~~December~~the ~~2008~~U.S. led to bans on US pork products, resulting in an approximate 2% loss within the DJUBS during the quarter. For the first ~~quarter~~half of ~~2009~~the quarter, cotton prices reacted bullishly to the ~~agricultural~~uncertain weather conditions and the ~~markets~~quarter ~~saw~~ended ~~both~~up ~~price~~approximately ~~and~~15% ~~participation~~within ~~decline~~the DJUBS. ~~The~~Planting ~~drop~~time fears saw grain prices rally in ~~Open~~April ~~Interest~~and ~~was~~May, hitting a nine month high due to the ~~most~~overly ~~notable~~wet conditions, ~~especially~~which ~~given~~kept ~~its~~farmers ~~relative~~from ~~levels,~~getting astheir ~~compared~~steel toin ~~historical~~the ~~pricing~~field. InHowever, 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 ~~four~~USDA ~~major~~Planting Acreage Report rattled the agricultural markets,. ~~corn,~~The downside effect on soybeans, ~~wheat~~was not ~~and~~quite ~~cotton~~as pronounced, ~~the~~however, ~~Open Interest~~as ~~fell~~this tocrop can be planted later in the ~~lowest~~season ~~levels~~with ~~seen~~much ~~since~~less ~~2005~~attributable yield loss. ~~Prices~~Sugar ended the quarter with profits of over 32% within the DJUBS as prices were driven higher by steady demand patterns out of India, ~~however~~the world’s biggest consumer; changing global weather patterns which threatened production in Brazil, ~~remained~~the ~~well~~world’s ~~above~~largest ~~both~~producer; ~~comparative~~investment interest and ~~historical~~a ~~norms~~weak ~~and~~US ~~only~~dollar. Coffee finished the ~~cotton~~quarter ~~market~~up ~~showed~~approximately a2% ~~resemblance~~within the DJUBS, attributable to ~~its~~a ~~historic~~weak ~~norm~~dollar, ~~during~~solid technicals and the ~~quarter~~relief from a threat of adverse weather.

~~Metals:~~Second ~~Copper~~Quarter ~~rebounded~~2008 ~~in January despite a huge rise in inventories. Aluminum did not fare as well, losing over 10% following evidence of increased Chinese~~ exports. Zinc and nickel experienced losses within the DJ AIG Index as both saw huge increases. Gold continued upwards through February as a steady pattern of flight-to-safety demand continued to emanate from plunging global equity values and the severe global banking crisis. Silver followed gold’s pattern and realized a positive overall February. Platinum and palladium posted gains for February as well. As for base metals, increased Chinese demand drove prices higher for copper and zinc. However, sluggish global steel demand persists for nickel with few indications of imminent improvement. Following four consecutive monthly gains, gold fell slightly in March. The metal was hurt toward month-end by a firmer US dollar as well as reduced flight-to-quality demand. A rally in global equities and benign global inflation data also contributed to lower performance. Physical demand outside of jewelry remained strong, with the notable exception of India where imports were flat in March. Silver traded in a volatile pattern and ended March with overall losses. Copper staged a limited rally in March and posted overall gains, attributable to China’s inventory stockpiling. Aluminum, zinc and lead posted gains in March as nickel prices fell modestly.

~~Softs~~While ~~and~~the ~~Livestock:~~US Inmay ~~January,~~not be ~~coffee~~in ~~rose over 8% within~~ the DJ“official” ~~AIG~~definition ~~Index~~of recession, ~~despite~~the ~~some~~tone ~~end-~~of~~-month~~ ~~producer selling.~~the ~~Crop~~economy ~~concerns~~was ~~surrounding~~clearly ~~Colombia~~recessionary ~~and~~like ~~Central~~in ~~America were among~~ the ~~supportive~~second quarter ~~factors.~~2008, ~~Coffee~~to ~~and~~an ~~cocoa~~even ~~prices~~greater ~~both~~degree ~~edged~~than up in ~~March.~~the Infirst ~~January, sugar turned in solid performance, gaining over 6~~quarter.5% ~~within~~Liquidity ~~the~~problems DJpersisted ~~AIG Index~~ and ~~extended its~~concern ~~rally~~surrounding ~~into~~the ~~February.~~viability ~~Cattle~~of ~~prices~~a ~~fell~~number ~~seven~~of ~~consecutive~~financial ~~months~~institutions ~~within~~pervaded the DJatmosphere even ~~AIG~~after ~~Index~~the onFederal ~~poor~~Reserve (“Fed”) USbailout ~~demand~~of ~~and~~Bear ~~weak~~Stearns & ~~exports~~Co. ~~but~~Inc ~~rose finally~~ in mid March. ~~Live~~Inflation ~~hogs~~jitters ~~rose~~appeared ~~over~~to 3%increase inthroughout ~~January~~the onquarter ~~rumors~~as ofcrude ~~increased~~oil ~~Russian~~surged ~~purchases~~over ~~but~~$140 ~~fell~~per ~~again~~barrel ~~in February~~(“pb”) and ~~March~~food ~~due~~costs toincreased ~~high corn prices and weak demand~~significantly.

~~First~~The ~~Quarter~~spread ~~2008~~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.

~~General~~The ~~market~~employment ~~consensus~~picture isworsened ~~that~~dramatically as the USquarter isdeveloped, inincluding aan ~~recession.~~approximate ~~The~~62,000 ~~question~~decline ~~remains~~in ~~how~~June ~~long~~non-farm ~~and~~payroll ~~deep~~as itthe ~~will~~unemployment ~~be.~~rate ~~Persistent~~rose to ~~liquidity~~5.5% ~~problems,~~versus ~~spreading~~5.1% ~~credit market~~from ~~contagion~~the ~~and~~first ~~the~~quarter. ~~worst~~In ~~stock~~addition, ~~market~~weekly ~~response~~unemployment toclaims ~~Federal~~surged ~~Reserve~~at ~~(“Fed”)~~the ~~easing~~end inof ~~the~~June. ~~postwar~~As ~~era~~for ~~reveal~~housing, ~~the~~it ~~unusually~~remains ~~intractable~~in ~~nature~~a ofhighly ~~the~~depressed ~~problems~~state with ~~which~~no ~~the~~indication ~~Fed~~of isa ~~presently~~bottom ~~grappling~~in ~~with~~2008. ~~Perhaps~~Manufacturing ~~more telling~~was mostly ischallenged with ~~the~~regional ~~inability~~data offrom the New York, Chicago and Philly Fed toshowing ~~arrest~~weakness throughout the ~~spread~~quarter. ofOn ~~liquidity~~the ~~problems~~inflation ~~across~~front, both the ~~credit~~Consumer ~~market~~Price ~~landscape~~Index and ~~recurring~~Producer ~~spikes~~Price inIndex ~~the~~rose ~~Ted-spread,~~during the ~~difference~~quarter. ~~between~~The ~~the~~core ~~T-bill~~measures ~~and~~of ~~LIBOR,~~these indices ~~and~~were ~~its~~slightly ~~extraordinarily~~more ~~high~~controlled ~~level,~~but ~~even~~the ~~after~~energy ~~steep~~component ~~rate cuts~~stoked ~~and~~inflationary ~~unprecedented~~fears. ~~actions~~The ~~through~~first ~~the~~quarter ~~discount~~Gross ~~window.~~Domestic ~~Credit~~Product iswas ~~the~~revised ~~lifeblood~~up ofto ~~capitalist~~1.0% ~~economies~~from 0.9% and athe ~~dysfunctional~~second ~~financial~~quarter ~~system~~appeared ~~appears~~ to be ~~threatening~~tracking ~~the~~between US0.5% and 1.2% at the ~~global~~close ~~economies~~of the period.

Currencies: The US ~~Treasuries~~dollar ~~finished~~remained under pressure during much of June but towards the ~~first~~close of the quarter ~~lower~~the ~~than~~dollar displayed ~~year~~some ~~end~~modest ~~2007.~~strength ~~The~~as ~~10-year~~both ~~yield~~the ~~benchmark~~Treasury ~~fell~~and ~~approximately~~the toFed ~~3.41%~~aggressively ~~from~~nudged ~~4.00%.~~a ~~The~~strong ~~2-year~~dollar ~~yield~~policy. ~~was~~There ~~virtually unchanged~~were inhints ~~February~~of intervention but ~~declined~~none inhas ~~March~~been toforthcoming. ~~near~~Overall ~~1.60%.~~for ~~The~~the ~~30-year~~quarter ~~note~~the ~~fell~~euro inwas ~~March~~still asup, ~~well~~closing the quarter over $1.58. The ~~Fed~~British ~~lowered~~pound ~~rates~~rose to 2$1.~~25%~~99 ~~through~~as ~~three~~both ~~separate~~the ~~easing~~euro ~~sessions~~and ~~during~~pound ~~the~~appear ~~quarter,~~to ~~which~~have isput ain ~~2% decline~~tops. OnThe ~~March 11,~~Bank ~~the~~of ~~Fed~~Japan ~~announced~~seems to be in a ~~plan~~ tosteady ~~lend~~holding uppattern. toThe ~~$200~~People’s ~~billion~~Bank of ~~Treasury~~China ~~securities~~extended inits ~~exchange~~long ~~for~~running ~~debt,~~tight ~~including~~monetary ~~private~~policy ~~mortgage~~and ~~backed~~the ~~securities~~dollar saw ~~that~~further ~~have~~gains ~~been~~to the yuan in aJune, ~~severe~~extending ~~slump~~its asstreak ~~homeowners~~to ~~default~~twelve onconsecutive ~~payments~~quarters of gains to the yuan. The ~~biggest~~Canadian ~~event~~dollar ofrose slightly in the second quarter ~~was~~while the ~~March 14 “rescue”~~Australian ofdollar ~~Bear~~was ~~Stearns &~~near ~~Co.~~a ~~Inc.~~twenty-five ~~through~~year ~~the~~high. ~~sponsorship~~Meanwhile, of the ~~Fed~~New Zealand ~~and~~dollar JPwas ~~Morgan~~down ~~Chase &~~for ~~Co. after~~ the ~~investment~~quarter, ~~house~~taking ~~giant~~it ~~admitted~~to ~~its~~a ~~liquidity~~slight ~~had~~year ~~significantly~~to ~~declined~~date loss.

4349

USEnergies: ~~first~~It was yet another record quarter ~~economic~~for ~~data~~the ~~displayed~~energy ~~little~~sector. ~~indication~~Front ofmonth crude hit a ~~speedy~~record ~~housing~~high ~~recovery.~~trading level ~~Housing~~on ~~starts~~June 30 ~~fell,~~over ~~building permits~~$143 ~~dropped~~pb toand aended 16the quarter up over 37%. The de-~~year~~leveraging ~~low~~pressure noted in the first quarter was noticeably absent in the second quarter, ~~confidence~~while ~~among~~geopolitical ~~home~~concerns ~~builders~~surrounding ~~plummeted~~Nigeria, Israel/Iran and ~~mortgage~~Venezuela persisted. ~~delinquencies~~However, ~~hit~~supply/demand ~~their~~fundamentals ~~highest~~held ~~levels~~strong ~~since~~and ~~the~~Congress ~~Regan~~has ~~era.~~not ~~The~~yet ~~outlook~~engaged ~~for~~in ~~employment~~any ~~worsened~~meaningful aslegislation ~~the~~to ~~unemployment~~curb ~~rate~~speculation. ~~rose~~China lifted some subsidies on petroleum in an effort to 5curb consumption.1% ~~from~~Reformulated 4gasoline rose despite clear evidence of at least modest demand destruction in the US.8 Gasoline futures have risen over 30%, ~~which~~for isthe year to date within the ~~highest~~ ~~level~~Dow ~~since~~Jones ~~September~~AIG ~~2005~~Index. InHeating ~~March,~~oil ~~nonfarm~~advanced ~~payrolls~~to ~~plunged~~end ~~and~~the ~~January~~period and ~~February~~has ~~estimates~~surged ~~were~~over ~~significantly~~50% ~~revised~~year ~~downward,~~to ~~which~~date. ~~made~~Refining margins ~~the~~remain ~~data~~lean, ~~even~~lessening ~~harder~~incentive to ~~swallow~~produce. AsThe ~~far~~price asof ~~inflation~~domestic isnatural ~~concerned,~~gas surged from the ~~Fed~~first ~~continues~~quarter toand ~~express its~~has ~~usual~~rallied over ~~caution~~70% ~~but~~for the ~~economic~~year. ~~slump~~The ~~seems~~Department toof beEnergy’s ~~taking~~natural ~~precedence~~gas supplies are down from last year and are below the five year average.

~~Outside~~Agriculturals: ~~the~~Through ~~US, European Central Bank (“ECB”) rates remained unchanged throughout~~ the ~~first~~April ~~quarter~~ and ~~ECB~~May ~~president,~~planting ~~Jean Claude Trichet~~period, ~~continued his hawkish stance giving no indication~~ the ~~ECB~~corn ~~would~~market ~~detour~~traded ~~from~~within ~~its~~a ~~tight~~modest ~~monetary policy~~range. ~~Inflation~~Excessive precipitation inacross the ~~Eurozone~~central ~~ran~~corn ~~a bit high~~ and ~~closed~~bean ~~the~~belt ~~quarter~~resulted ~~at 3.50%.~~in ~~However~~planting delays, ~~consumer~~which ~~and~~in ~~business~~turn ~~confidence~~allowed ~~was~~prices ~~stable.~~to ~~The~~rally ~~Bank of England (“BOE”) seemed~~ to bea innew, anall ~~easing~~time ~~mode~~record ~~during~~high. ~~the~~For ~~first three months of~~ the ~~year~~entire assecond UKquarter, ~~economic~~soybean ~~data,~~prices ~~housing~~moved higher in ~~particular,~~opposition ~~were~~to on the ~~weak~~Chicago ~~side.~~Board of ~~Also,~~Trade UKOpen ~~GDP~~Interest ~~was only 0~~report.6% ~~for~~Prices closed the ~~fourth~~ quarter ~~2007~~approximately ~~and~~50% ~~the~~higher ~~first~~while ~~quarter~~open ~~data~~interest ~~does~~fell. ~~not~~Global ~~appear~~soybean todemand ~~have~~remains ~~improved.~~practically ~~The~~insatiable, ~~People’s~~especially ~~Bank~~from of the Peoples Republic of China. ~~maintained~~Wheat aprices ~~tight~~continued ~~monetary policy in an effort~~ to ~~curb~~return ~~inflation and comments from~~rocketing ~~the~~gains, ~~Bank~~a ~~indicate~~result ~~they~~of ~~might~~rampant ~~press~~corn ~~tighter~~prices inand ~~the~~questionable ~~coming~~crop ~~months as the inflation threat thickens~~prospects. In addition, ~~eyes are on~~ the ~~Tibet~~break ~~crisis~~in ~~and its impact on~~ the ~~upcoming~~record-setting ~~summer~~Australian ~~Olympic~~drought ~~Games.~~is ~~The~~as ~~Bank~~responsible ofas ~~Canada~~any ~~lowered~~single ~~its~~event ~~benchmark~~in ~~rate~~easing bythe ~~50 basis~~global ~~points~~concerns onof ~~March 4~~a ~~and~~feed ~~Canadian~~grain ~~GDP growth is minimal~~shortage. ~~The~~Cotton ~~Bank~~prices gyrated ofwildly ~~Japan remained on hold~~ throughout the second quarter., ~~The~~while ~~Tankan~~moving ~~report~~in ~~indicated~~a ~~decreased~~generally ~~confidence~~lower ~~as the manufacturing sector and the quarterly index fell~~direction.

~~Currencies~~Indices: ~~The~~It USwas ~~Dollar~~a ~~remained~~difficult ~~under~~quarter ~~pressure~~ for ~~most~~equities ofacross the ~~March,~~globe ~~extending~~and the ~~patterns~~US ofwas ~~January~~certainly ~~and~~no ~~February~~exception as it extended first quarter losses. ~~During~~Many of the same factors that weighed on sentiment in the first quarter, were operative again in the USsecond ~~Dollar~~quarter. ~~Index~~Financials were particularly weak as ~~realized~~credit/liquidity concerns pervaded the ~~weakest~~atmosphere. ~~monthly~~Surging ~~close~~petroleum ~~since~~prices ~~its~~were ~~1973~~an ~~inception~~almost daily drag. ~~Trading~~The ~~patterns~~technology insector ~~March~~outperformed most ~~were~~other ~~somewhat~~sectors ~~more~~and ~~two-sided~~airlines ~~than~~and ~~the~~other ~~straight~~energy ~~down~~sensitive ~~tone~~area ofwere ~~January~~challenged. ~~and~~This ~~February~~resulted ~~but~~in a second quarter loss of over 7% for the ~~dollar~~Dow ~~was~~Jones ~~consistently~~Industrial ~~unable~~Index, taking the losses to ~~maintain~~over ~~consolidation~~14% ~~rallies~~year to date. The ~~dollar~~ ~~continues~~S&P to500 ~~suffer~~fell ~~from~~approximately ~~diversification~~3% ~~efforts~~during bythe ~~foreign~~quarter ~~central~~as ~~banks~~is ~~such~~down asover ~~China,~~13% ~~Russia~~for ~~and~~the ~~some~~year. ~~petro~~The ~~nations~~NASDAQ fell just under 1% during the three months.

~~The~~European ~~euro~~equities ~~continued~~had ~~its steep~~their ~~strengthening~~worst onquarterly ~~the~~performance ~~greenback~~in ~~through~~six years during the first ~~three~~quarter ~~months~~and ofthe ~~2008.~~second ~~The~~quarter ~~euro~~was ~~traded~~another ~~over~~debacle. anA hawkish ~~historical~~European ~~high-point~~Central ~~prior~~Bank to(“ECB”) ~~ending~~and ~~the~~mostly ~~quarter.~~lackluster ~~The~~economic ~~British~~data ~~pound~~from ~~concluded~~Germany, ~~March~~France, ~~little~~Italy ~~changed~~and ~~from~~the ~~February~~UK ~~and~~kept ~~January~~prices ~~and~~on ~~ended~~ the ~~period slightly~~defensive. ~~lower~~In ~~than~~addition, ~~year-end~~the ~~2007.~~credit UKcrunch ~~housing~~and ~~prices~~liquidity ~~declined~~concerns ~~for~~were ~~five~~even ~~consecutive~~more ~~months~~apparent asduring the second ~~subprime/credit~~quarter ~~concerns~~with ~~still~~little ~~hounded~~sign ~~the~~of ~~British landscape~~improvement. ~~After~~The ~~closing~~German ~~out~~DAX ~~February~~lost atover a2% ~~three-year~~to ~~low,~~end the ~~dollar~~quarter ~~lost~~following ~~additional~~a ~~ground~~19% toslide from the ~~yen~~ infirst ~~March~~quarter. The ~~Japanese~~French ~~economy~~CAC ~~appears~~fell tomore bethan in6% ~~better~~after ~~shape~~losing ~~than~~nearly ~~the~~16% USin as the ~~yen~~first ~~continued~~quarter. ~~its~~London’s ~~2007~~FTSE ~~rally~~continued to ~~through~~struggle toin ~~2008.~~the ~~The~~second ~~Chinese~~quarter ~~yuan~~and ~~extended~~posted ~~its~~an ~~gradual~~approximate ~~advance~~2% onloss following the USover ~~dollar~~11% ~~during~~loss from the first quarter. OnWeakness ain ~~positive~~financials ~~note~~was particularly negative for the ~~greenback,~~ ~~the~~UK ~~dollar~~market. ~~strengthened~~The onBank ~~the~~of ~~Canadian~~England ~~dollar,~~was ~~Korean~~not ~~won~~nearly as hawkish as the ECB and ~~South~~many ~~African~~market ~~rand~~participants are looking for a rate cut later in the year.

~~Energies:~~Volatility ~~Record~~continued ~~highs~~to ~~were~~dominate ~~set during~~ the ~~quarter~~Asian ~~as New~~equity ~~York~~markets ~~Mercantile~~during ~~Exchange~~the ~~crude futures traded over $110 in mid-March~~period. Lackluster ~~Under~~economic ~~March’s~~data ~~commodity~~within ~~deleveraging~~Japan ~~pressure, oil dropped~~ and ~~closed~~Asia ~~the~~in ~~quarter~~general ~~with~~weighed aon ~~year-to-date~~sentiment ~~gain~~and ~~over 6% within~~ the ~~Dow~~weakness ~~Jones AIG Index (“DJAIG”). A mid-March pipeline sabotage attempt~~ in ~~Iraq~~US ~~proved~~markets toalso beserved as a ~~limited disruption~~drag. ~~Global~~In ~~demand,~~Hong ~~led primarily by China and India~~Kong, ~~remains~~ the ~~number~~Hang ~~one~~Seng ~~bullish~~Index ~~factor~~fell ~~for~~over ~~energy~~3% ~~prices. Heating oil~~ and ~~natural~~in ~~gas performed~~South ~~handsomely~~Korea in the ~~first~~Kospi ~~quarter,~~Index ~~ending~~slumped ~~with gains of~~ over 126% ~~and 32%~~, ~~respectively.~~with ~~Reformulated~~particular weakness ~~gasoline~~in ~~declined~~the ~~almost~~end 3%of ~~during~~ the ~~three~~quarter. ~~months~~The asNew ~~refining~~Zealand ~~margins~~All ~~have~~Ordinaries ~~been~~Index experienced ~~lean~~losses ~~and,~~of ~~thus,~~almost ~~production~~12% ~~has~~for ~~lagged~~quarter.

~~Agriculturals~~Metals: ~~Prior to the deleveraging commodity drawdown in late March, a weakening US dollar and supply side deficits drove agricultural prices to~~Geopolitical ~~historical levels during the quarter. Corn began each month with prices on the upswing~~factors, ~~which~~concerns ~~was~~surrounding ~~followed at some point during~~ the ~~month~~global ~~with~~financial ~~a temporary~~system, ~~profit~~inflation ~~taking~~fears and ~~sell-off.~~plunging ~~The~~global ~~fundamental~~equities ~~reasons~~enticed ~~behind~~demand ~~corn’s~~for ~~rally~~gold ~~is the ethanol story, the growing potential of an eventual global food shortage~~ and ~~capital~~metals ~~flows~~in ~~pouring into this “non-traditional” asset class~~general. ~~Wheat~~Gold ~~started~~saw ~~the~~a ~~year~~mixed ~~off~~picture ~~rather~~during ~~stable~~April ~~trading~~and inMay ~~the~~but $9rebounded to ~~$10~~gain ~~per~~approximately ~~bushel~~4% ~~(“pb”)~~in ~~range.~~June, Asresulting ~~global~~in ~~fears of~~ a ~~wheat~~slight ~~shortage~~overall ~~hit~~gain for the ~~markets~~quarter. inAs ~~February~~usual, silver ~~prices~~followed ~~launched~~suit toon aits ~~record~~parasitic ~~$25~~role pband ~~but~~ended ~~fell back to around $12 pb by~~ the ~~end~~quarter ofwith ~~March,~~overall ~~which capped off a~~ positive ~~quarter~~performance. ~~Soybean~~Platinum prices ~~encountered~~increased ~~a similar trading pattern with a 28% increase by the end of February~~ as ~~increasing~~well ~~improvements in the quality of life in emerging nations drove the bean consumption pattern. As the March deleveraging took shape~~ and ~~rattled~~closed the ~~markets,~~quarter ~~bean~~with ~~prices~~a ~~dropped~~year-to-date ~~30%, ending the quarter~~gain ~~with~~above ~~an overall loss~~35%.

~~Indices:~~With Itgrowing ~~was~~evidence aof ~~rocky quarter for the~~ global ~~equity~~economic ~~markets.~~malaise, ~~Cash~~base ~~flowed~~metals ~~heavily~~turned ~~from~~in ~~stocks~~mixed toperformance ~~alternative~~for ~~assets in~~ the ~~wake~~ ofquarter. ~~financial~~Global ~~liquidity~~exchange ~~concerns~~warehouse inventories ~~and~~remain alow ~~weakening~~for ~~economic~~copper ~~landscape.~~but USthe ~~stocks~~metal ended ~~the quarter~~ with ~~their~~positive ~~worst~~quarterly performance. inAluminum ~~six~~finished ~~years.~~June ~~After~~with astrong ~~rally~~performance ~~during~~for the ~~last~~quarter; ~~week~~however, ofzinc, ~~the period~~nickel, ~~the~~lead ~~Dow~~and ~~Jones~~tin ~~Industrial~~had ~~Index~~overall negative performance for the period.

44Softs 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

~~finished~~Coast, ~~down~~have ~~approximately~~helped ~~7.6%~~support ~~for~~ the ~~quarter,~~rally. ~~with~~In ~~financial~~addition, ~~stocks~~political ~~among~~tensions ~~the~~growing ~~worst~~once ~~performers.~~again ~~The~~in ~~NASDAQ~~the ~~and~~Ivory ~~S&P~~Coast, ~~500~~which ~~dove~~produces ~~14%~~about ~~and 9.4~~40% ~~for~~of the world’s ~~quarter~~cocoa, ~~respectively.~~are ~~The~~threatening USto ~~indices~~thwart ~~were~~production. ~~presented~~Coffee ~~with~~posted ~~challenges~~solid ~~related~~gains toduring the USquarter ~~financial~~as ~~mess along with the prolonged housing malaise~~well.

~~Equities~~After inlagging ~~Europe~~badly ~~experienced their worst quarter~~ in ~~six years as well. Similar to~~ the USfirst quarter, alive ~~shift to alternative~~cattle ~~assets~~prices ~~and~~joined the ~~surrounding~~commodity ~~credit~~train ~~and~~with ~~liquidity~~an ~~disaster~~approximate ~~drove~~15% surge in the ~~negative~~second ~~performance~~quarter. InImproved ~~contrast~~demand, ~~Europe~~shrinking ~~could~~supplies ~~count~~and onhigh ~~the~~corn ~~strength~~prices, inwhich ~~the~~curbed ~~euro~~herd ~~and~~size, ~~sterling~~were asall ~~compared~~attributable to the ~~weak dollar. The broad based Dow Jones STOXX 600® index was down~~ overall ~~for~~positive ~~the quarter~~performance. ~~Financials,~~Live ~~telecoms~~hog ~~and~~prices capped ~~tech represented~~ the ~~weakest~~quarter ~~sectors.~~with ~~The~~improved ~~German~~prices ~~DAX~~but ~~closed~~are ~~the~~still ~~quarter~~ down ~~nearly 19%. The French CAC 40 ended the quarter with losses~~ over 16%. ~~London’s~~year ~~FTSE~~to ~~had~~date within the ~~benefit~~Dow ofJones aAIG ~~more accommodative BOE but still lost more than 11~~Index.5% ~~during the quarter.~~

Once again, Asia was a hotbed of volatility as the major indices incurred double-digit declines. Akin to the US and Europe, financial and credit issues were key negative factors. Japan was impacted by negative economic data and, unlike the US, Japan concluded the period on a defensive note. The Nikkei lost 2.3% in the final session, finishing down over 18% for the quarter. In Hong Kong, the Hang Seng Index exhibited extreme volatility and ended the quarter with an almost 19% loss. In Australia, the All Ordinaries Index benefited from high commodity prices but not from the Reserve Bank’s very tight monetary policy and ended the quarter down roughly 15.7%.

Metals: March was a bumpy month for gold. The metal reached an all-time high of approximately $1,034 on March 17. Also, commodities as an asset group experienced deleveraging, the result being a slide in gold prices. The quarter closed at over $921, resulting in a loss of approximately 6% for March, lowering the quarterly gain to plus 8.5%. Silver followed its parasitic role and followed gold through a very volatile trading pattern and finished with strong quarterly performance over 15%. The slowing demand for jewelry had less of an impact on silver than on gold. Platinum had a positive month but prices were rocky as Asian demand for jewelry cooled and power and labor problems in South Africa remained a concern. Palladium followed suit and had a positive quarter.

Prices increased across the board for base metals during the first quarter despite being affected by the deleveraging process in March. Copper gained a hefty 25.7% as demand outside the US remained strong. Power problems in South Africa and China lent support to aluminum. Increasing stainless steel production and demand resulted in an approximate 9.4% gain for nickel within the DJAIG. Mounting battery related demand and a narrowing production deficit resulted in a profitable quarter for lead. Tin and zinc witnessed profitable quarters as well.

Softs and Livestock: During the quarter, sugar prices exhibited extreme volatility, falling over 20% in March after a stellar February, bringing their quarterly gain to over 4% within the DJAIG. Higher production forecasts and inventory levels and the commodity pull-back were factors that promoted the 20% drop in March. Coffee lost over 8% within the DJAIG for the quarter and was the index’s worst performance component for March. Cocoa hit a 28-year high during the period and finished the quarter with positive overall performance. Citrus prices fell about 24% on indications of increased production as inventories topped two-year levels.

Live cattle extended its 2007 slide into the first quarter as performance finished down over 13.4%. Some blame the economic slump and oversupply for bad performance. After plummeting a hefty 11.6% in March, live hogs hold the dubious honor of being the weakest component within the DJAIG during the first quarter, closing down over 18.5%. On a positive note, demand in Asia remained strong.

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 ~~First~~Second Quarter 2009 and ~~First~~ Second Quarter 2008 are presented below.

~~First~~Second Quarter 2009

Currencies: (-+) Registrant experienced a majority of its gains in ~~New~~the ~~Zealand~~Australian ~~dollar~~ and ~~Danish~~New ~~krone.~~Zealand ~~The~~dollars, ~~majority~~Columbian ofpeso, ~~losses~~South ~~were~~African ~~experienced~~rand inand ~~the~~Russian ~~euro,~~ruble. USLosses ~~and~~were incurred in Canadian ~~dollars~~dollar, ~~Swiss~~Israeli ~~franc~~shekel, Japanese yen~~, British~~ ~~pound~~ and ~~Columbian peso~~euro.

45Energies: (-) 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.

~~Energies~~Meats: (+-) Registrant experienced alosses ~~majority of its gains~~ in ~~crude~~feeder ~~oil,~~cattle ~~gas oil~~ and ~~natural~~live ~~gas~~hogs. ~~Losses~~ Gains were ~~incurred~~seen in ~~reformulated~~live ~~gasoline~~cattle.

~~Grains~~Metals: (-+) Registrant experienced ~~losses~~gains in ~~bean oil~~lead, ~~corn~~zinc, ~~cotton~~nickel and platinum. Losses were experienced in gold, ~~wheat~~silver, ~~soybeans~~copper and ~~rape seed~~aluminum.

~~Indices~~Softs: (-+) Registrant experienced ~~a majority of its~~ gains in ~~the All Ordinaries Index~~coffee, ~~DAX~~cocoa, rubber and ~~the S&P MIB 30 Index~~milk. Losses were ~~realized~~experienced in ~~the~~ ~~FTSE~~palm oil, ~~Hang Seng~~lumber, ~~Nasdax~~orange ~~100~~juice and ~~the OMX Stockholm Index~~ sugar.

Interest Rates: (-) Registrant experienced a majority of its gains in German Bund, Euribor Liffe and LIBOR. The majority of losses were experienced in Eurodollar, German Bobl, Japanese Notes and US Treasury Notes.

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

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

Softs: (-) Registrant experienced gains in cocoa, lumber and milk. Losses were realized in coffee, citrus, sugar and rubber.

First Quarter 2008

Currencies: (+) Registrant experienced a majority of its gains in the Polish zloty, Mexican peso, Japanese yen and Swiss franc. The majority of losses were experienced in the British pound, the euro versus the Australian dollar cross and the euro versus the Japanese yen cross.

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

Grains: (+) Registrant experienced losses in barley, rapeseed, soybean meal and soybeans. The majority of its gains were experienced in bean oil, canola oil, corn, cotton, wheat, soy oil and yellow maize.

Indices: (+) Registrant experienced a majority of its gains in the Australian All Ordinaries, FTSE 100, Goldman Sachs Commodity, Nikkei and Russell 1000 indices. The majority of losses were experienced in the DAX, Russell 2000, Taiwan SIMEX and Dow Jones STOXX 50 indices.

Interest Rates: (+) Registrant experienced a majority of its losses in British Gilts, Euroswiss and 3-year and 10 year Australian Bonds. The majority of gains were experienced in Eurodollars, U.S. Treasury Notes, German Bobl and Japanese Government Bonds.

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

Metals: (+) Registrant’s losses were experienced in copper, aluminum, lead and nickel. Gains were made in gold, silver, platinum and zinc.

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

Results of Operations

The net asset value (“Net Asset Value”) per Interest as of ~~March~~June 3130, 2009 was $~~146~~141.0046, a decrease of 69.4738% 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 ~~March~~June 3130, 2008 was $~~129~~139.7476, an increase of 715.3767% 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 ~~First~~Second Quarter 2009 and ~~First~~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 $~~(203~~717,000) and $~~640~~1,356,000, respectively.

Registrant’s average net asset level ~~increased~~decreased ~~for~~during ~~First~~Second Quarter 2009 ~~compared~~in comparison to ~~First~~Second Quarter 2008 primarily due to the effect of ~~favorable~~redemptions and negative trading performance. ~~leading~~Registrant’s ~~into~~ average net asset level increased during Year-To-Date 2009 ~~which~~in ~~more~~comparison ~~than~~to Year-To-Date 2008 primarily due to significant positive trading performance during the Fourth Quarter 2008 leading into 2009 offset partially by the ~~effect~~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.

46Interest 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 ~~average~~redemptions ~~net~~from ~~asset~~the ~~level~~Trading ~~remained~~Vehicle, ~~relatively~~and ~~unchanged~~the ~~during~~Trading ~~First~~Vehicle’s negative ~~Quarter~~trading ~~2008~~performance in ~~comparison~~2009. toManagement ~~First~~fees ~~Quarter~~during ~~2007~~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 ~~positive~~fees ~~trading~~during ~~performance~~Second ~~substantially~~Quarter ~~offsetting~~2008 ~~the~~and ~~effect~~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.

~~Interest~~Pursuant ~~income~~to ~~is earned on~~ the ~~average~~Trading ~~daily~~Advisory ~~equity~~Agreement, ~~maintained~~Registrant ~~with~~pays ~~the clearing~~quarterly ~~broker~~profit orshares ~~bank~~of at20% ~~competitive~~of ~~interest~~Trading ~~rates~~Profit ~~and,~~(as defined ~~therefore,~~in ~~varies~~each ~~monthly~~respective ~~according~~Trading toAdvisory ~~interest rates, trading performance and redemptions~~Agreement). ~~Interest~~Advisor ~~income~~profit shares during ~~First~~Second Quarter 2009 ~~was~~and ~~approximately~~Year-To-Date ~~$6,000,~~2009 awere ~~decrease~~$0 ofand ~~approximately~~ $43201,~~000,~~ asrespectively. ~~compared~~Advisor toprofit ~~First~~shares during Second Quarter 2008 ~~primarily~~and ~~due~~Year-To-Date ~~to declining interest rates which more than offset the increase in average net assets discussed above. Interest income during First Quarter~~ 2008 ~~was~~were approximately $49131,000, aand ~~decrease of approximately~~ $23248,000, ~~as compared to First Quarter 2007 primarily due to declining interest rates~~respectively.

~~Commissions~~Pursuant ~~are~~to ~~calculated on Registrant’s Net Asset Value at~~ the ~~beginning~~Declaration of ~~each~~Trust ~~month~~ and ~~therefore,~~Trust ~~vary according to monthly trading performance and redemptions. Other transaction fees consist of National Futures Association~~Agreement, ~~exchange~~Registrant ~~and~~pays ~~clearing~~an ~~fees~~incentive asfee ~~well~~to asthe ~~floor~~Managing ~~brokerage costs and~~Owner ~~give-up~~equal ~~charges,~~to ~~which~~5% ~~are based on the number~~ of ~~trades~~New ~~the~~Overall ~~Trading~~Appreciation ~~Advisor executes,~~ (as ~~well~~defined) as ~~which~~of ~~exchange,~~each ~~clearing~~fiscal ~~firm~~year orend ~~bank~~and ~~on,~~upon orredemption ~~through,~~of ~~which the contract is traded~~Interests. ~~Commissions~~Managing ~~and~~Owner ~~other~~incentive ~~transaction~~ fees during ~~First~~Second Quarter 2009 ~~were~~ ~~approximately~~and ~~$149,000,~~Year-To-Date an2009 ~~increase~~were of$0 ~~approximately~~and $230,~~000,~~ ~~as compared to First Quarter 2008 primarily due to an increase in average net assets as discussed above~~respectively. ~~Commissions~~Managing ~~and~~Owner ~~other transaction~~ incentive fees during ~~First~~Second Quarter 2008 and Year-To-Date 2008 were approximately $~~126~~7,000, aand ~~decrease of approximately~~ $57,000, ~~as compared to First Quarter 2007 primarily due to redemptions offset in part by positive trading performance as discussed above~~respectively.

~~Management~~Operating ~~fees~~expenses ~~are~~include ~~calculated~~accounting, onaudit, tax, ~~the~~and ~~Net~~legal ~~Asset~~fees, ~~Value~~as ofwell ~~Registrant’s~~as ~~investment~~printing ~~in the Trading Vehicle at the end of each month,~~ and ~~therefore,~~postage ~~are~~costs ~~affected~~related ~~by monthly~~to ~~trading~~reports ~~performance~~sent ~~and~~to ~~redemptions~~limited owners. ~~Management~~Operating ~~fees~~expenses ~~allocated~~during ~~from~~ the ~~Trading~~Second ~~Vehicle~~Quarter ~~during~~2009 ~~First~~and ~~Quarter~~Year-To-Date 2009 were approximately $355,000, aand ~~decrease of approximately~~ $6100,000, asrespectively. ~~compared~~Operating ~~to First Quarter 2008 primarily due to the effect of~~expenses ~~redemptions~~during ~~from~~ the ~~Trading~~Second ~~Vehicle.~~Quarter ~~Management~~2008 ~~fees~~and ~~allocated~~Year-To-Date ~~from the Trading Vehicle during First Quarter~~ 2008 were approximately $940,000, aand ~~decrease of approximately~~ $187,000, ~~as compared to First Quarter 2007 due to redemptions offset in part by positive trading performance as discussed above~~respectively.

Pursuant to the Trading Advisory Agreements, Registrant pays quarterly profit shares of 20% of Trading Profit (as defined in each respective Trading Advisory Agreement). Advisor profit shares of approximately $200 were earned in First Quarter 2009. Advisor profit shares of approximately $116,000 were earned in First Quarter 2008.

Pursuant to the 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 First Quarter 2009 and First Quarter 2008 were $0.

Operating expenses include accounting, audit, tax, and legal fees, as well as printing and postage costs related to reports sent to limited owners. Operating expenses during the First Quarter 2009 and First Quarter 2008 were approximately $45,000 and $47,000, respectively.

Inflation

Inflation has had no material impact on the operations or on the financial condition of Registrant from inception through ~~March~~June 3130, 2009.

Off-Balance Sheet Arrangements and Contractual Obligations

As of ~~March~~ June 3130, 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.

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 ~~the~~Second ~~first~~Quarter ~~quarter of~~ 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)



31.1		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)

~~31.2~~[REMAINDER ~~Certification~~OF ~~pursuant~~PAGE toLEFT ~~Exchange~~BLANK ~~Act~~INTENTIONALLY] ~~Rules 13a-14 and 15d-14 (filed herewith)~~

~~32.1~~55 ~~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)

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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 ~~Investment~~Investments ~~Solutions~~ Corp., its managing owner

~~Date: May 15, 2009~~

By:

/s/ Kenneth A. Shewer

Date: August 11, 2009

Name:

Kenneth A. Shewer

Title:

Co-Chief Executive Officer (Principal Executive Officer)

(Principal Executive Officer)

By:

/s/ David K. Spohr

Date: August 11, 2009

By:

/s/ David K. Spohr

Date: May 15, 2009

Name:

David K. Spohr

Title:

Senior Vice President and Director of Fund Administration (Principal Financial/Accounting Officer)

(Principal Financial/Accounting Officer)

5056

Table of Contents

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Table of Contents

Table of Contents

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Filing Compare · KENMAR GLOBAL TRUST