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: September 30, 2009

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

For the transition period from to

Commission File Number: 0-17592

WORLD MONITOR TRUST II – SERIES F

(Exact name of registrant as specified in its charter)

Delaware

13-4058320

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)


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

(914) 307-7000

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

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

WORLD MONITOR TRUST II – SERIES F

INDEX TO QUARTERLY REPORT ON FORM 10-Q

SEPTEMBER 30, 2009


		Page

PART I – FINANCIAL INFORMATION		4

Item 1.	Financial Statements	5

	World Monitor Trust II - Series F:

	Condensed Statements of Financial Condition as of September 30, 2009 (Unaudited) and December 31, 2008	6
	Condensed Statements of Operations (Unaudited) for the Three Months Ended September 30, 2009 and the period June 28, 2008 to September 26, 2008 and the Nine Months Ended September 30, 2009 and the period January 1, 2008 to September 26, 2008	7
	Condensed Statements of Changes in Trust Capital (Unaudited) for the Nine Months Ended September 30, 2009 and the Period January 1, 2008 to September 26, 2008	8
	Notes to Condensed Financial Statements (Unaudited)	9

	KMP Futures Fund I LLC (formerly known as WCM Pool LLC):

	Condensed Statements of Financial Condition as of September 30, 2009 (Unaudited) and December 31, 2008	22
	Condensed Schedules of Investments as of September 30, 2009 (Unaudited) and December 31, 2008	23
	Condensed Statements of Operations (Unaudited) for the Three Months Ended September 30, 2009 and 2008 and for the Nine Months Ended September 30, 2009 and 2008	24
	Condensed Statements of Changes in Members’ Capital (Unaudited) for the Nine Months Ended September 30, 2009 and 2008	25
	Notes to Condensed Financial Statements (Unaudited)	26

	WMT Campbell Pool L.L.C.:

	Condensed Statements of Financial Condition as of March 31, 2009 (date of termination) and December 31, 2008	41
	Condensed Schedules of Investments as of March 31, 2009 (date of termination) and December 31, 2008	42
	Condensed Statements of Operations for the Three Months Ended March 31, 2009 (date of termination) and for the Period January 1, 2008 to March 28, 2008 (Unaudited)	43
	Condensed Statements of Changes in Members’ Capital for the Three Months Ended March 31, 2009 (date of termination) and for the Period January 1, 2008 to March 28, 2008 (Unaudited)	44
	Notes to Condensed Financial Statements (Unaudited)	45

	WMT Campbell Pool L.L.C.:

	Condensed Statements of Financial Condition as of September 26, 2008 (Unaudited) and December 31, 2007	57
	Condensed Schedules of Investments as of September 26, 2008 (Unaudited) and December 31, 2007	58
	Condensed Statements of Operations (Unaudited) for the Periods June 28, 2008 to September 26, 2008 and June 30, 2007 to September 28, 2007 and January 1, 2008 to September 26, 2008 and January 1, 2007 to September 28, 2007	59
	Condensed Statements of Changes in Members’ Capital (Unaudited) for the Periods January 1, 2008 to September 26, 2008 and January 1, 2007 to September 28, 2007	60
	Notes to Condensed Financial Statements (Unaudited)	61

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	70

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	80

Item 4.	Controls and Procedures	80


PART II – OTHER INFORMATION		81

Item 1.	Legal Proceedings	81

Item 1.A.	Risk Factors	81

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	81

Item 3.	Defaults Upon Senior Securities	81

Item 4.	Submission of Matters to a Vote of Security Holders	81

Item 5.	Other Information	81

Item 6.	Exhibits:	81

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;

FINANCIAL STATEMENTS TO FOLLOW]

WORLD MONITOR TRUST II – SERIES F

FINANCIAL STATEMENTS

September 30, 2009

WORLD MONITOR TRUST II – SERIES F

CONDENSED STATEMENTS OF FINANCIAL CONDITION

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


	September 30, 2009		December 31, 2008
ASSETS
Cash and cash equivalents	$	4,731	$	130,643
Investment in WMT Campbell Pool L.L.C., at fair value (0.00% and 99.85% of net asset value, respectively)		0		15,923,053
Investment in KMP Futures Fund I LLC, at fair value (100.22% and 0.00% of net asset value, respectively)		9,578,642		0
Redemptions receivable from WMT Campbell Pool L.L.C.		0		42,038
Redemptions receivable from KMP Futures Fund I LLC		313,512		0
Receivable from Managing Owner		50,067		6,797


Total assets	$	9,946,952	$	16,102,531


LIABILITIES
Accrued expenses payable	$	64,443	$	44,413
Administrative services and other transaction fees payable		12,001		87,473
Redemptions payable		313,259		23,641


Total liabilities		389,703		155,527


TRUST CAPITAL (Net Asset Value)
Limited Interests (84,864.354 and 119,916.242 Interests outstanding) at September 30, 2009 and December 31, 2008, respectively		9,557,249		15,780,535
Managing Owner Interests (0 and 1,265 Interests outstanding) at September 30, 2009 and December 31, 2008, respectively		0		166,469


Total trust capital (Net Asset Value)		9,557,249		15,947,004


Total liabilities and trust capital	$	9,946,952	$	16,102,531

Net Asset Value per Limited and Managing Owner Interest


September 30, 2009		December 31, 2008
$112.62		$131.60

See accompanying notes.

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WORLD MONITOR TRUST II – SERIES F

CONDENSED STATEMENTS OF OPERATIONS

For the Three Months Ended September 30, 2009 and the Period June 28, 2008 to September 26, 2008 and

For the Nine Months Ended September 30, 2009 and the Period January 1, 2008 to September 26, 2008

(Unaudited)


	For the Three Months Ended September 30, 2009			For the Period June 28, 2008 to September 26, 2008			For the Nine Months Ended September 30, 2009			For the Period January 1, 2008 to September 26, 2008
NET LOSS FROM TRUST OPERATIONS:
REVENUES
Interest income	$	2		$	196		$	32		$	395


Total revenues		2			196			32			395


EXPENSES
Administrative services and other transaction fees		154,577			275,915			565,904			830,212
General and administrative		26,756			47,947			147,626			142,716


Total expenses		181,333			323,862			713,530			972,928

General and administrative expenses refunded to (borne by) Managing Owner and its affiliates		(9,171	)		42,192			(50,067	)		0


Net expenses		172,162			366,054			663,463			972,928


NET LOSS FROM TRUST OPERATIONS		(172,160	)		(365,858	)		(663,431	)		(972,533	)


NET INCOME (LOSS) ALLOCATED FROM WMT CAMPBELL POOL L.L.C.:
REVENUES
Realized		0			710,013			(213,120	)		1,100,267
Change in unrealized		0			(1,269,449	)		(230,381	)		(294,310	)
Interest income		0			70,463			0			216,748


Total revenues (losses)		0			(488,973	)		(443,501	)		1,022,705

EXPENSES
Brokerage commissions and other transaction fees		0			8,784			6,997			24,640
Interest expense		0			0			78			0
Management fees		0			91,702			74,963			276,099
General and administrative		0			34,645			50,222			102,322


Total expenses		0			135,131			132,260			403,061


NET INCOME (LOSS) ALLOCATED FROM WMT CAMPBELL POOL L.L.C.		0			(624,104	)		(575,761	)		619,644


NET INCOME (LOSS) ALLOCATED FROM KMP FUTURES FUND I LLC:
REVENUES
Realized		(119,493	)		0			(1,018,709	)		0
Change in unrealized		278,196			0			319,434			0
Interest income		96			0			136			0


Total revenues (losses)		158,799			0			(699,139	)		0


EXPENSES
Brokerage commissions and other transaction fees		3,765			0			8,789			0
Management fees		51,653			0			114,575			0
General and administrative		33,514			0			55,046			0


Total expenses		88,932			0			178,410			0


NET INCOME (LOSS) ALLOCATED FROM KMP FUTURES FUND I LLC		69,867			0			(877,549	)		0

NET LOSS	$	(102,293	)	$	(989,962	)	$	(2,116,741	)	$	(352,889	)


NET LOSS PER WEIGHTED AVERAGE LIMITED AND MANAGING OWNER INTEREST
Net loss per weighted average Limited and Managing Owner Interest	$	(1.14	)	$	(7.50	)	$	(19.32	)	$	(2.59	)


Weighted average number of Limited and Managing Owner Interests outstanding		89,562			131,946			109,575			136,416

See accompanying notes.

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WORLD MONITOR TRUST II – SERIES F

CONDENSED STATEMENTS OF CHANGES IN TRUST CAPITAL

For the Nine Months Ended September 30, 2009 and

For the Period January 1, 2008 to September 26, 2008

(Unaudited)


	Interests		Limited Interests			Managing Owner Interests			Total

For the nine months ended September 30, 2009

Trust capital at December 31, 2008	121,181.242		$	15,780,535		$	166,469		$	15,947,004

Redemptions	(36,316.888	)		(4,115,742	)		(157,272	)		(4,273,014	)

Net loss for the nine months ended September 30, 2009				(2,107,544	)		(9,197	)		(2,116,741	)


Trust capital at September 30, 2009	84,864.354		$	9,557,249		$	0		$	9,557,249


For the period January 1, 2008 to September 26, 2008

Trust capital at December 31, 2007	145,028.270		$	19,673,857		$	201,455		$	19,875,312

Redemptions	(15,950.704	)		(2,150,040	)		(21,587	)		(2,171,627	)

Net loss for the period January 1, 2008 to September 26, 2008				(349,516	)		(3,373	)		(352,889	)


Trust capital at September 26, 2008	129,077.566		$	17,174,301		$	176,495		$	17,350,796

See accompanying notes.

-4-

WORLD MONITOR TRUST II – SERIES F

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Note 1. ORGANIZATION

World Monitor Trust II (the “Trust”) is a business trust organized under the laws of Delaware on April 22, 1999. The Trust consists of three separate and distinct series (“Series”): Series D, E and F. Series D, E and F commenced trading operations on March 13, 2000, April 6, 2000 and March 1, 2000, respectively, and each Series will continue to exist until terminated pursuant to the provisions of Article XIII of the Sixth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”). The assets of each Series are segregated from those of the other Series, separately valued and independently managed and separate financial statements are prepared for each Series. Each Series was formed to engage in the speculative trading of a diversified portfolio of futures, forward and options contracts and may, from time to time, engage in cash and spot transactions. The trustee of the Trust is Wilmington Trust Company.

Interests owned in one series of the Trust (Series D, E or F) were exchangeable, without any charge, for Interests of one or more other Series on a weekly basis as long as Limited Interests in those Series were being offered to the public. Series E and Series F are no longer offered to the public as those series substantially achieved their subscription maximums during June 2003 and July 2003, respectively. In addition, since July 2003, the offering of interests in Series D has been suspended. Accordingly, at this time, Interests may not be exchanged.

Effective May 5, 2009, Preferred Investment Solutions Corp., the managing owner of each Series, which conducts and manages the business of each Series, 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. Effective December 1, 2008, in accordance with the Fourth Amended and Restated Declaration of Trust and Trust Agreement, the Managing Owner is no longer required to maintain at least a 1% interest in the capital, profits and losses of each Series. As such, the Managing Owner redeemed its entire interest in each Series in 2009.

In 2009, the Managing Owner of Series D, E and F determined that effective March 1, 2009, Interests in Series D, E and F can only be redeemed as of the last business day of each month. Through February 27, 2009, redemptions were permitted on a weekly basis. As a result, through 2008, interim period financial statements of Series D, E and F were as of the last valuation day in the last week of the period. Beginning in 2009, interim period financial statements of Series D, E and F are as of the last day of a calendar quarter.

Future redemptions will impact the amount of funds available for investments in commodity contracts in subsequent periods.

In the event that the estimated net asset value per Interest of a Series at the end of any business day, after adjustments for distributions and redemptions declines by 50% or more since the commencement of trading activities or the first day of a fiscal year, the Series will automatically terminate. Should the Managing Owner make a determination that Series F’s aggregate net assets in relation to its operating expenses make it unreasonable or imprudent to continue the business of Series F, or, in the exercise of its reasonable discretion, if the aggregate Net Asset Value of Series F as of the close of business on any business day declines below $10 million, the Managing Owner may dissolve Series F.

Effective December 6, 2004, World Monitor Trust II Series F (“Series F”) contributed its net assets to WMT Campbell Pool L.L.C. (the “Company”) and received a voting membership interest in the Company. The Company was formed to function as an aggregate trading vehicle. The investment in the

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WORLD MONITOR TRUST II – SERIES F

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 1. ORGANIZATION (CONTINUED)

Company is represented on Series F’s condensed statements of financial condition at the net asset value as reported by the Company. The sole members of the Company were Series F and World Monitor Trust II Series D (“Series D”). Effective March 31, 2009, Preferred terminated Campbell & Company, Inc. (the “Company’s Trading Advisor” or “Campbell”), as the Company’s Trading Advisor, withdrew Series F as a member of the Company and liquidated the Company. Preferred re-allocated the assets of Series F to KMP Futures Fund I LLC (formerly known as WCM Pool LLC) (the “Trading Vehicle”) effective April 1, 2009. Winton Capital Management Limited (“Winton”) is the trading advisor of the Trading Vehicle. At September 30, 2009, the sole members of the Trading Vehicle are Series F, Series D, Diversified Futures Trust I (“DFT I”), and Futures Strategic Trust (“FST”) (See Note 8). On April 1, 2009, Series D and Series F received a voting membership interest in the Trading Vehicle. DFT I and FST have been members of the Trading Vehicle since 2007. Kenmar Global Trust (“KGT”) was a member of the Trading Vehicle from 2007 to September 2009. Effective September 30, 2009, KGT fully redeemed its membership interest from the Trading Vehicle. Preferred had been delegated administrative authority over the operations of the Trading Vehicle. The Trading Vehicle engages in the speculative trading of futures, forward and option contracts. The financial statements of the Trading Vehicle and the Company, including the condensed schedules of investments, are included in Section II, III and IV respectively, of these financial statements and should be read in conjunction with Series F’s financial statements.

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Accounting

The condensed statement of financial condition, as of September 30, 2009, the condensed statements of operations for the three months ended September 30, 2009 (“Third Quarter 2009”), the period June 28, 2008 to September 26, 2008 (“Third Quarter 2008”), the nine months ended September 30, 2009 (“Year-To-Date 2009”) and the period January 1, 2008 to September 26, 2008 (“Year-To-Date 2008”), and the condensed statements of changes in trust capital for the Year-To-Date 2009 and Year-To-Date 2008, are unaudited. In the opinion of Preferred, the financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to state fairly the financial position of Series F as of September 30, 2009 and the results of its operations for the Second Quarter 2009, Second Quarter 2008, Year-To-Date 2009 and Year-To-Date 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 (“U.S. GAAP”) have been omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in Series F’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2008.

The financial statements of Series F are prepared in accordance with U.S. GAAP, which requires the Managing Owner to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

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WORLD MONITOR TRUST II – SERIES F

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued)

Series F has elected not to provide a Statement of Cash Flows since substantially all of the Company’s and Trading Vehicle’s investments are highly liquid and carried at fair value, the Company and Trading Vehicle have little or no debt and a Statement of Changes in Trust Capital is provided.

The Series F accounts for financial assets and liabilities using 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).

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


September 30, 2009	Level 1		Level 2		Level 3			Total
Assets:
Investment in KMP Futures Fund I LLC, at fair value	$	0	$	9,578,642	$	0		$	9,578,642

December 31, 2008	Level 1		Level 2		Level 3			Total
Assets:
Investment in WMT Campbell Pool L.L.C., at fair value	$	0	$	15,923,053	$	0		$	15,923,053

Transfers in (out)	$	0	$	15,923,053	$	(15,923,053	)	$	0

Through March 31, 2009, Series F invested its assets in the Company. Preferred re-allocated the assets of Series F to the Trading Vehicle effective April 1, 2009. Investments classified as Level 2 and Level 3 represent Series F’s investment in the Company and Trading Vehicle. Through February 27, 2009, the investment in the Company was valued weekly at the net asset value as reported by the Company. Subsequent to February 27, 2009, the investment in the Company and the Trading Vehicle was valued monthly at the net asset value as reported by the Company and the Trading Vehicle. The Company’s and Trading Vehicle’s net asset value are 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 and Level 2 inputs but include certain assets and liabilities where the inputs into the determination of fair value require management judgment or estimation. The Managing Owner determined that certain of the Company’s and Trading Vehicle’s assets and liabilities which require management judgment or estimation were not material to Series F’s financial statements and therefore, Series F’s investment in the Company and subsequently the Trading Vehicle should be classified as Level 2 beginning December 31, 2008.

-7-

WORLD MONITOR TRUST II – SERIES F

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued)

A table presenting the changes in the Level 3 fair value category for Year-To-Date 2008 is provided in Note 5 of these condensed financial statements. Of the $619,644 gain for Year-To-Date 2008, reported on the Level 3 investments in Note 5, ($294,310) represents a change in unrealized loss allocated from the Company on Series F’s condensed statement of operations.

In April 2009, the Financial Accounting Standards Board (“FASB”) issued accounting guidance clarifying the application of Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures.” The additional guidance provides for how the fair value of a financial asset is determined when the market for that financial asset is inactive. The guidance was 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. Series F adopted the guidance effective January 1, 2009. As required, Series F also adopted guidance relating to recognition and presentation of other-than-temporary impairments, effective January 1, 2009. The adoption of these pronouncements did not have an impact on Series F’s financial statements.

In March 2008, the FASB issued accounting guidance which established among other things, the disclosure requirements for derivative instruments and for hedging activities. The guidance is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. Series F’s adoption of the guidance effective January 1, 2009 did not have a material impact on Series F’s financial statements.

Effective for the quarter ending June 30, 2009, Series F adopted ASC Topic 855, “Subsequent Events” 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. ASC Topic 855 also requires entities to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. The adoption of ASC Topic 855 did not have a material impact on the Series F’s financial statements.

In June 2009, the FASB issued Statement of Financial Accounting Standards (“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 Series F on January 1, 2010. Preferred, as Managing Owner of Series F, is evaluating the impact of adopting SFAS 166 and its impact on Series F’s financial statements.

-8-

WORLD MONITOR TRUST II – SERIES F

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued)

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 Series F on January 1, 2010. Preferred, as Managing Owner of Series F, is evaluating the impact of adopting SFAS 167 and its impact on Series F’s financial statements.

Effective July 1, 2009, Series F adopted ASC Topic 105, “Generally Accepted Accounting Principles.” ASC Topic 105 establishes the FASB Accounting Standards Codification as the source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with U.S. GAAP. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. The Codification did not change U.S. GAAP but reorganizes the existing literature into Topics. References for FASB guidance throughout this document have been updated for the Codification.

On September 30, 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-12, Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent) (“ASU 2009-12”). ASU 2009-12 provides guidance on measuring the fair value of certain alternative investments, and amends ASC Topic 820 to offer investors a practical means for measuring the fair value of investments in certain entities that calculate net asset value per share and require certain disclosures. ASU 2009-12 is effective for periods ending after December 15, 2009, and early adoption is permitted. Preferred, as Managing Owner of Series F, is evaluating the impact this guidance will have on Series F’s financial statements.

B. 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. Series F receives interest on all cash balances held by the bank and clearing brokers at prevailing rates.

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WORLD MONITOR TRUST II – SERIES F

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Income Taxes

Series F is treated as a partnership for Federal income tax purposes. As such, Series F 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 interest holders including the Managing Owner. Series F may be subject to other state and local taxes in jurisdictions in which it operates.

Series F 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.

D. Profit and Loss Allocations and Distributions

Through February 27, 2009, Series F allocated profits and losses for both financial and tax reporting purposes to its Interest holders weekly on a pro rata basis based on each owner’s Interests outstanding during the week. Subsequent to February 27, 2009, Series F allocates profits and losses for both financial and tax reporting purposes to its Interest holders monthly on a pro rata basis based on each owner’s interests outstanding during the month. Distributions (other than redemptions of Interests) 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 Interest holders. The Managing Owner has not and does not presently intend to make any distributions.

E. Interest Income

Interest income is recorded on an accrual basis.

F. Foreign Currency Transactions

Series F’s functional currency is the U.S. dollar; however, it transacted business in currencies other than the U.S. dollar through its investment in the Company and Trading Vehicle. 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 statement 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 on the condensed statements of operations.

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WORLD MONITOR TRUST II – SERIES F

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 3. FEES (SEE NOTE 8)

A. Organizational and General and Administrative Costs

Under the Company and the Trading Vehicle Organization Agreements, Preferred may allocate administrative costs of the Company and the Trading Vehicle to Series F. Other administrative costs include, but are not limited to, those costs discussed in Note 4 below.

Routine legal, audit, postage, and other routine third party administrative costs are paid directly by Series F. To the extent that general and administrative costs incurred by Series F exceed 1.5% of Series F’s net asset value during the year (with a maximum of 0.5% attributable to other than legal and audit expenses) such amounts will be borne by the Managing Owner and its affiliates.

B. Management and Incentive Fees

Series F was allocated its proportionate share of the Company’s management fees on a pro rata basis based on Series F’s pro rata capital in the Company. Through February 27, 2009, the management fee was accrued weekly and paid monthly. Subsequent to February 27, 2009, the management fee was accrued and paid monthly. Series F paid the Company’s Trading Advisor, a quarterly incentive fee of 22% of “New High Net Trading Profits” (as defined in the Advisory Agreement). Through February 27, 2009, the incentive fee was accrued weekly and paid quarterly. Subsequent to February 27, 2009, the incentive fee was accrued monthly and paid quarterly. Beginning April 1, 2009, Series F is allocated its proportionate share of the Trading Vehicle’s 2.0% monthly management fee and other revenues and expenses on a pro-rata basis based on Series F’s pro-rata capital in the Trading Vehicle. In addition, commencing April 1, 2009, Series F, through its investment in the Trading Vehicle, pays Winton an incentive fee of 20% of “New High Net Trading Profits” (as defined in the Advisory Agreement). The incentive fee is accrued monthly and paid quarterly. No incentive fees were earned by the Company’s Trading Advisor or Winton for the periods Third Quarter 2009, Third Quarter 2008, Year-To-Date 2009 and Year-To-Date 2008.

C. Administrative Services and Transaction Fees

Series F has been allocated its proportionate share of the Company’s and subsequently the Trading Vehicle’s transaction based fees on a pro rata basis based on Series F’s pro rata capital in the Company and the Trading Vehicle. Series F pays an administrative services fixed fee equal to 6% of its net asset value directly to the Managing Owner. Through February 27, 2009, the fee was determined weekly and the sum of such weekly amounts was paid monthly. Subsequent to February 27, 2009, the fee is determined and paid monthly.

Note 4. RELATED PARTIES

Series F reimburses the Managing Owner or its affiliates for services they perform for Series F which include, but are not limited to: brokerage services; accounting and financial management; registrar, transfer and assignment functions; investor communications, printing and other administrative services. However, to the extent that general and administrative expenses exceed 1.5% of Series F’s net asset value during the year (with a maximum of 0.5% attributable to other than legal and audit expenses) such amounts are borne by the Managing Owner and its affiliates. General and administrative expenses of approximately $9,000 and $50,000, respectively, exceeded such limitation during the Third Quarter 2009 and Year-To-Date 2009, respectively. General and administrative expenses did not exceed such limitations during the Third Quarter 2008 or Year-To-Date 2008. Additionally, approximately $42,000 of previously borne

-11-

WORLD MONITOR TRUST II – SERIES F

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 4. RELATED PARTIES

expenses by Preferred was refunded to the Managing Owner for the Third Quarter 2008. Because general and administrative expenses exceeded such limitations in Third Quarter 2009 and Year-To-Date 2009, a portion of the expenses related to services provided by the Managing Owner for Series F during the Third Quarter 2009 and Year-To-Date 2009 were borne by the Managing Owner and its affiliates.

The expenses incurred by Series F for services performed by the Managing Owner and its affiliates for Series F were:


	Third Quarter					Year-To-Date
	2009			2008		2009			2008

Administrative services	$	154,577		$	275,915	$	565,904		$	830,212
General and administrative		18,052			13,330		49,885			37,800


		172,629			289,245		615,789			868,012
General and administrative expenses refunded to (borne by) the Managing Owner and its affiliates		(9,171	)		42,192		(50,067	)		0


	$	163,458		$	331,437	$	565,722		$	868,012

Expenses payable to the Managing Owner and its affiliates (which are included in accrued expenses payable and administrative services and other transaction fees payable on the condensed statements of financial condition) as of September 30, 2009 and December 31, 2008 were $28,372 and $103,203, respectively.

Note 5. INVESTMENTS IN THE COMPANY AND TRADING VEHICLE (SEE NOTE 8)

Through March 31, 2009, Series F invested its assets in the Company. Series F’s investment in the Company represented approximately 74.52% of the net asset value of the Company at December 31, 2008. The investment in the Company was subject to the Organization Agreement of the Company. The Company entered into an advisory agreement with Campbell to make the trading decisions for the Company. The Company’s Trading Advisor managed approximately 100% of the assets of the Company pursuant to its Financial, Metal & Energy Large Portfolio.

Effective April 1, 2009, Preferred re-allocated the assets of Series F to the Trading Vehicle. Series F’s investment in the Trading Vehicle represents approximately 38.29% of the net asset value of the Trading Vehicle at September 30, 2009. The investment in the Trading Vehicle is subject to the Organization Agreement of the Trading Vehicle. The Trading Vehicle entered into an advisory agreement with Winton, whereby Winton makes the trading decisions for the Trading Vehicle and, in turn, Series F, pursuant to Winton’s Diversified Program.

Series F recorded its proportionate share of each item of income and expense from the investments in the Company and Trading Vehicle in the condensed statements of operations.

-12-

WORLD MONITOR TRUST II – SERIES F

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 5. INVESTMENTS IN THE COMPANY AND TRADING VEHICLE (SEE NOTE 8) (CONTINUED)

Summarized information for Series F’s investments in the Company and the Trading Vehicle is as follows:


	Net Asset Value December 31, 2008		Investments		Loss*			Redemptions			Net Asset Value September 30, 2009

KMP Futures Fund I LLC	$	0	$	14,195,000	$	(877,549	)	$	(3,738,809	)	$	9,578,642

WMT Campbell Pool L.L.C.	$	15,923,053	$	0	$	(575,761	)	$	(15,347,292	)	$	0


	Net Asset Value December 31, 2007		Investments		Gain*			Redemptions			Net Asset Value September 26, 2008

WMT Campbell Pool L.L.C.	$	19,846,527	$	0	$	619,644		$	(3,118,821	)	$	17,347,350

Included in earnings and includes ($230,381) and ($294,310) for the periods Year-To-Date 2009 and Year-To-Date 2008, respectively, attributable to the change in unrealized losses allocated from the Company and includes $319,434 for the period Year-To-Date 2009, attributable to the change in unrealized gains allocated from the Trading Vehicle.

Note 6. DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS

Series F’s investments in the Company and the Trading Vehicle are 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 and the Trading Vehicle. Series F 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.

Series F 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 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 Interest holders 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.

Series F’s futures commission merchant, in accepting orders for the purchase or sale of domestic futures contracts, is required by Commodity Futures Trading Commission (“CFTC”) regulations to separately account for and segregate as belonging to Series F all assets of Series F relating to domestic futures trading and is not allowed to commingle such assets with its other assets. At September 30, 2009 and December 31, 2008, such segregated assets totaled $0 and $0, respectively. Part 30.7 of the CFTC regulations also requires Series F’s futures commission merchant to secure assets of Series F related to foreign futures trading which totaled $0 and $0 at September 30, 2009 and December 31, 2008, respectively. There are no segregation requirements for assets related to forward trading.

-13-

WORLD MONITOR TRUST II – SERIES F

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 7. FINANCIAL HIGHLIGHTS

The following information presents per Interest operating performance data and other supplemental financial data for the Third Quarter 2009, Third Quarter 2008, Year-To-Date 2009 and Year-To-Date 2008. This information has been derived from information presented in the financial statements.


	Third Quarter						Year-To-Date
	2009 (Unaudited)			2008 (Unaudited)			2009 (Unaudited)			2008 (Unaudited)
Per Interest Performance (for an Interest outstanding throughout the entire period)

Net asset value per Interest at beginning of period	$	113.57		$	141.95		$	131.60		$	137.04


Net realized gain (loss) and change in net unrealized gain (loss) on commodity transactions^{(1), (3)}		1.97			(4.27	)		(10.09	)		5.88
Interest income^{(1), (3)}		0.00			0.54			0.00			1.59
Interest expense^{(1), (3)}		0.00			0.00			0.00			0.00
Other expenses^{(1), (3)}		(2.92	)		(3.80	)		(8.89	)		(10.09	)


Net decrease for the period		(0.95	)		(7.53	)		(18.98	)		(2.62	)


Net asset value per Interest at end of period	$	112.62		$	134.42		$	112.62		$	134.42


Total Return⁽⁴⁾
Total return before incentive fees		(0.84	)%		(5.30	)%		(14.42	)%		(1.91	)%
Incentive fees		0.00	%		0.00	%		0.00	%		0.00	%


Total return after incentive fees		(0.84	)%		(5.30	)%		(14.42	)%		(1.91	)%


Supplemental Data

Ratios to average net asset value:⁽³⁾
Net investment loss before incentive fees^{(2), (5)}		(10.41	)%		(9.33	)%		(9.45	)%		(8.26	)%
Incentive fees⁽⁴⁾		0.00	%		0.00	%		0.00	%		0.00	%


Net investment loss after incentive fees		(10.41	)%		(9.33	)%		(9.45	)%		(8.26	)%


Interest income⁽⁵⁾		0.00	%		1.53	%		0.00	%		1.55	%


Incentive fees⁽⁴⁾		0.00	%		0.00	%		0.00	%		0.00	%
Interest expense⁽⁵⁾		0.00	%		0.00	%		0.00	%		0.00	%
Other expenses⁽⁵⁾		10.41	%		10.86	%		9.45	%		9.81	%


Total expenses		10.41	%		10.86	%		9.45	%		9.81	%

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

⁽¹⁾

Interest income per Interest, interest expense per Interest and other expenses per Interest are calculated by dividing interest income, interest expense and other expenses by the weighted average number of Interests outstanding during the period. Net realized gain (loss) and change in net unrealized gain (loss) on commodity transactions is a balancing amount necessary to reconcile the change in net asset value per Interest with the other per Interest information.

⁽²⁾	Represents interest income less total expenses (exclusive of incentive fees).

⁽³⁾	Includes Series F’s proportionate share of income and expenses of WMT Campbell Pool L.L.C. through March 31, 2009 and KMP Futures Fund I LLC (formerly known as WCM Pool LLC) since April 1, 2009.

⁽⁴⁾	Not annualized.

⁽⁵⁾	Annualized.

-14-

WORLD MONITOR TRUST II – SERIES F

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 8. SUBSEQUENT EVENTS

The Managing Owner has evaluated events and transactions that occurred between September 30, 2009 and November 12, 2009, 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 except as noted below.

On November 2, 2009, pursuant to Section 13.1(h) of the Trust Agreement, the Board of Directors of Preferred, in its capacity as managing owner of Series F, determined to dissolve Series F effective close of business on December 31, 2009. Investors in Series F will receive a pro rata distribution of their interest in the Trading Vehicle on December 31, 2009 and replace it with a direct ownership interest in the Trading Vehicle on January 1, 2010. Series F intends to file a Form 15 with the SEC on or about December 31, 2009 de-registering the units of Series F registered under Section 12(g) of the Securities Exchange Act of 1934.

Management and incentive fees will continue to be calculated by the Trading Vehicle once it converts to a direct investment vehicle. In addition, administrative services fees payable to Preferred and any expense caps, if applicable, that were previously computed by each of the members will be calculated by the Trading Vehicle beginning January 1, 2010. The Trading Vehicle’s administrative services fees and expense cap will both be calculated on the net assets of the Trading Vehicle at rates of 6.00% and 1.50% per annum, respectively. Investors will continue to be able to redeem their units on a monthly basis with the proper redemption notification.

-15-

SECTION II

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

FINANCIAL STATEMENTS

September 30, 2009

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

CONDENSED STATEMENTS OF FINANCIAL CONDITION

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


	September 30, 2009		December 31, 2008
ASSETS
Cash and cash equivalents (See Note 2)	$	25,048,859	$	19,431,990
Interest receivable		28		479
Commodity options owned, at fair value (premiums paid $150 and $0 at September 30, 2009 and December 31, 2008, respectively)		85		0
Net unrealized gain on open futures contracts		818,813		269,887


Total assets	$	25,867,785	$	19,702,356


LIABILITIES
Commodity options written, at fair value (premiums received $325 and $0 at September 30, 2009 and December 31, 2008, respectively)	$	210	$	0
Accrued expenses payable		99,385		38,738
Management fees payable		43,460		66,550
Incentive fees payable		0		100,116
Redemptions payable		705,795		3,367,541


Total liabilities		848,850		3,572,945


MEMBERS’ CAPITAL (Net Asset Value)
Member DFT I		9,068,696		11,561,900
Member KGT		0		638,493
Member FST		2,903,866		3,929,018
Member Series D		3,467,731		0
Member Series F		9,578,642		0


Total members’ capital (Net Asset Value)		25,018,935		16,129,411


Total liabilities and members’ capital	$	25,867,785	$	19,702,356

See accompanying notes.

-2-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

CONDENSED SCHEDULES OF INVESTMENTS

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


	September 30, 2009					December 31, 2008
Futures Contracts	Net Unrealized Gain (Loss) as a % of Members’ Capital		Net Unrealized Gain (Loss)			Net Unrealized Gain (Loss) as a % of Members’ Capital		Net Unrealized Gain (Loss)

Futures contracts purchased:
Commodities	0.38	%	$	96,813		0.00	%	$	32
Currencies	1.26	%		314,994		0.20	%		31,725
Interest rates	1.64	%		410,560		2.32	%		375,048
Stock indicies	0.06	%		14,256		0.00	%		0


Net unrealized gain on futures contracts purchased	3.34	%		836,623		2.52	%		406,805


Futures contracts sold:
Commodities	(0.09	)%		(23,409	)	(0.27	)%		(43,517	)
Currencies	0.00	%		677		(0.58	)%		(92,971	)
Interest rates	0.01	%		1,869		0.00	%		(833	)
Stock indices	0.01	%		3,053		0.00	%		403


Net unrealized loss on futures contracts sold	(0.07	)%		(17,810	)	(0.85	)%		(136,918	)


Net unrealized gain on open futures contracts	3.27	%	$	818,813		1.67	%	$	269,887


Purchased Options on Futures Contracts:	Fair Value as a % of Members’ Capital		Fair Value			Fair Value as a % of Members’ Capital		Fair Value

Fair value on options purchased	0.00	%	$	85		0.00	%	$	0


Commodity options owned, at fair value (premiums paid $150 and $0 at September 30, 2009 and December 31, 2008, respectively)	0.00	%	$	85		0.00	%	$	0


Written Options on Futures Contracts:

Fair value on options written	0.00	%		(210	)	0.00	%		0


Commodity options written, at fair value (premiums received $325 and $0 at September 30, 2009 and December 31, 2008, respectively)	0.00	%	$	(210	)	0.00	%	$	0

See accompanying notes.

-3-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

CONDENSED STATEMENTS OF OPERATIONS

For the Three Months and Nine Months Ended September 30, 2009 and 2008

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2009			2008			2009			2008
REVENUES
Realized	$	(298,788	)	$	(648,743	)	$	(2,338,026	)	$	2,904,255
Change in unrealized		718,100			(829,889	)		548,976			(414,138	)
Interest income		247			74,715			1,343			241,861


Total revenues (losses)		419,559			(1,403,917	)		(1,787,707	)		2,731,978


EXPENSES
Brokerage commissions		9,690			7,649			26,197			27,327
Management fees		132,821			96,729			366,619			311,515
Incentive fees		0			0			593			730,712
Operating expenses		86,303			22,287			174,604			105,421


Total expenses		228,814			126,665			568,013			1,174,975


NET INCOME (LOSS)	$	190,745		$	(1,530,582	)	$	(2,355,720	)	$	1,557,003

See accompanying notes.

-4-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

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

For the Nine Months Ended September 30, 2009 and 2008

(Unaudited)


	Members’ Capital
	Member DFT I			Member KGT			Member FST			Member Series D			Member Series F			Total
Nine months ended September 30, 2009
Balances at December 31, 2008	$	11,561,900		$	638,493		$	3,929,018		$	0		$	0		$	16,129,411
Additions		0			0			0			4,887,000			14,195,000			19,082,000
Redemptions		(1,642,785	)		(608,162	)		(739,578	)		(1,107,422	)		(3,738,809	)		(7,836,756	)
Net loss for the nine months ended September 30, 2009		(850,419	)		(30,331	)		(285,574	)		(311,847	)		(877,549	)		(2,355,720	)

Balances at September 30, 2009	$	9,068,696		$	0		$	2,903,866		$	3,467,731		$	9,578,642		$	25,018,935


	Members’ Capital
	Member DFF LP			Member DFT I			Member KGT			Member FST			Total
Nine months ended September 30, 2008
Balances at December 31, 2007	$	3,165,178		$	11,055,308		$	1,732,978		$	4,196,579		$	20,150,043
Redemptions		(478,931	)		(1,126,568	)		(980,755	)		(875,398	)		(3,461,652	)
Net income for the nine months ended September 30, 2008		245,436			842,424			138,250			330,893			1,557,003

Balances at September 30, 2008	$	2,931,683		$	10,771,164		$	890,473		$	3,652,074		$	18,245,394

See accompanying notes.

-5-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Note 1. ORGANIZATION

A. General Description of the Company

KMP Futures Fund I LLC, formerly known as WCM Pool LLC (the “Company”), is a limited liability company organized under the laws of Delaware on November 20, 2006 which commenced operations on January 1, 2007. The Company will terminate on December 31, 2056 unless terminated sooner under the provisions of the Organization Agreement. The Company was formed to engage in the speculative trading of a diversified portfolio of futures contracts, options on futures contracts and forward currency contracts and may, from time to time, engage in cash and spot transactions. The Company currently consists of four members: Diversified Futures Trust I (“Member DFT I”), Futures Strategic Trust (“Member FST”), World Monitor Trust II Series D (“Member Series D”) and World Monitor Trust II Series F (“Member Series F”) (collectively, the “Members”). On April 1, 2009, Member Series D and Member Series F received a voting membership interest in the Company. Member DFT I and Member FST have been members of the Company since 2007. Diversified Futures Fund L.P. (“Member DFF LP”), also a member of the Company beginning in 2007, redeemed all of its membership interests in the Company and terminated its fund operations as of December 31, 2008. Kenmar Global Trust (“Member KGT”) was a member of the Company from 2007 to September 2009. Effective September 30, 2009, Member KGT fully redeemed from the Company.

Effective May 5, 2009, Preferred Investment Solutions Corp. changed its name to Kenmar Preferred Investments Corp. (“Preferred”). Preferred refers to either Preferred Investment Solutions Corp. or Kenmar Preferred Investments Corp., depending on the applicable period discussed. Preferred is the Managing Owner of each of the Company’s members and has been delegated administrative authority over the operations of the Company. The Company shall be dissolved by either an election by Preferred, in its sole discretion, to terminate the Company, or an election by all Members holding eighty percent (80%) of the outstanding interest (excluding interests held by Preferred and its affiliates) to dissolve 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 (“SEC”).

Effective October 22, 2009, the Company changed its name to KMP Futures Fund I LLC. Preferred will convert the Company from an aggregate trading vehicle to a direct investment vehicle and dissolve each Member effective close of business on December 31, 2009. Investors’ units in the Members will be redeemed on December 31, 2009 and replaced with a direct ownership interest in the Company on January 1, 2010. Upon effectiveness of its registration statement, the Company will become a reporting company pursuant to the Securities Exchange Act of 1934. Moreover, as a commodity pool, the Company will become subject to the record keeping and reporting requirements of the CFTC and the National Futures Association (“NFA”). The Members will no longer be subject to the reporting requirements of the SEC and CFTC upon their dissolution on December 31, 2009.

B. The Trading Advisor

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

-6-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Accounting

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

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the 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 (“US GAAP”), which requires Preferred to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

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

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

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

-7-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued)

The Company accounts for financial assets and liabilities using 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).

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

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


September 30, 2009	Level 1		Level 2			Level 3		Total

Assets:

Net unrealized gain on open futures contracts	$	818,813	$	0		$	0	$	818,813
Commodity options owned, at fair value	$	0	$	85		$	0	$	85
Liabilities:
Commodity options written, at fair value	$	0	$	(210	)	$	0	$	(210	)

December 31, 2008	Level 1		Level 2			Level 3		Total

Assets:
Net unrealized gain on open futures contracts	$	269,887	$	0		$	0	$	269,887

In April 2009, the Financial Accounting Standards Board (“FASB”) issued accounting guidance clarifying the application of Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures.” The additional guidance provides 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. The guidance was 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 the guidance effective January 1, 2009. As required, the Company also adopted guidance relating to recognition and presentation of other-than-temporary impairments, effective January 1, 2009. The adoption of these pronouncements did not have an impact on the Company’s financial statements.

In March 2008, the FASB issued accounting guidance which established among other things, the disclosure requirements for derivative instruments and for hedging activities. The guidance is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The Company adopted the guidance effective January 1, 2009. The following table summarizes quantitative information required by the guidance.

-8-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued)

The fair value of the Company’s derivatives by instrument type, as well as the location of those instruments on the condensed statement of financial condition as of September 30, 2009 are included in the condensed schedule of investments, all of which are deemed derivatives not designated as hedging instruments under ASC Topic 815, “Derivatives and Hedging.”

The trading revenue of the Company’s derivatives by instrument type, as well as the location of those gains and losses on the condensed statements of operations, for the three and nine months ended September 30, 2009 is as follows:


Type of Instrument	Trading Revenue for the Three Months Ended September 30, 2009			Trading Revenue for the Nine Months Ended September 30, 2009
Commodities Contracts	$	(33,666	)	$	(475,133	)
Currencies Contracts		392,923			(179,824	)
Interest Rate Contracts		474,744			(365,675	)
Stock Indices Contracts		(416,824	)		(771,190	)
Purchased Options on Futures Contracts		(2,058	)		(2,558	)
Written Options on Futures Contracts		4,193			5,330

Total	$	419,312		$	(1,789,050	)


Line item in Condensed Statements of Operations
Realized	$	(298,788	)	$	(2,338,026	)
Change in unrealized		718,100			548,976

Total	$	419,312		$	(1,789,050	)

Effective for the quarter ending June 30, 2009, the Company adopted ASC Topic 855, “Subsequent Events” 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. ASC Topic 855 also requires entities to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. The adoption of ASC Topic 855 did not have a material impact on the Company’s financial statements.

In June 2009, the FASB issued Statement of Financial Accounting Standards (“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 the Company on January 1, 2010. Preferred is evaluating the impact of adopting SFAS 166 and its impact on the Company’s financial statements.

-9-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued)

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 the Company on January 1, 2010. Preferred is evaluating the impact of adopting SFAS 167 and its impact on the Company’s financial statements.

Effective July 1, 2009, the Company adopted ASC Topic 105, “Generally Accepted Accounting Principles.” ASC Topic 105 establishes the FASB Accounting Standards Codification as the source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with US GAAP. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative US GAAP for SEC registrants. The Codification did not change US GAAP but reorganizes the existing literature into Topics. References for FASB guidance throughout this document have been updated for the Codification.

On September 30, 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-12, Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent) (“ASU 2009-12”). ASU 2009-12 provides guidance on measuring the fair value of certain alternative investments, and amends ASC Topic 820 to offer investors a practical means for measuring the fair value of investments in certain entities that calculate net asset value per share and require certain disclosures. ASU 2009-12 is effective for periods ending after December 15, 2009, and early adoption is permitted. Preferred is evaluating the impact this guidance will have 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 September 30, 2009 and December 31, 2008, restricted cash totaled $1,997,013 and $670,420, respectively. The Company receives interest at prevailing interest rates on all cash balances held by the clearing broker and bank.

-10-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. 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.

D. 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.

E. 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.

F. Interest Income

Interest income is recorded on an accrual basis.

Note 3. FEES (SEE NOTE 10)

A. Operating Expenses

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

-11-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 3. FEES (SEE NOTE 10) (CONTINUED)

B. Management and Incentive Fees

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

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

C. 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 nine months ended September 30, 2009 and 2008 were:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2009		2008		2009		2008

General and administrative	$	25,847	$	6,505	$	42,927	$	16,870

Expenses payable to Preferred and its affiliates (which are included in accrued expenses payable on the condensed statements of financial condition) as of September 30, 2009 and December 31, 2008 were $25,847 and $7,480, respectively.

Note 5. INCOME TAXES

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

Note 6. DEPOSITS WITH COMMODITY BROKER, PRIME BROKER AND BANK

-12-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 6. DEPOSITS WITH COMMODITY BROKER, PRIME BROKER AND BANK (CONTINUED)

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

Note 7. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

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

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

Note 8. DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS

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

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

Market Risk

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. In addition, as both a buyer and seller of options, the Company pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Company to potentially unlimited liability, and purchased options expose the Company to a risk of loss limited to the premiums paid.

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.

-13-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 8. DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)

Credit Risk

When entering into futures, forward and option 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.

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 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 September 30, 2009 and December 31, 2008, such segregated assets totaled $20,628,944 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 $200,999 and $1,274,591 at September 30, 2009 and December 31, 2008, respectively. There are no segregation requirements for assets related to forward trading.

As of September 30, 2009, all open futures contracts mature within twenty-seven months.

-14-

KMP FUTURES FUND I LLC (formerly known as 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 nine months ended September 30, 2009 and 2008. This information has been derived from information presented in the financial statements.


	Three Months Ended September 30, 2009 (Unaudited)										Nine Months Ended September 30, 2009 (Unaudited)
	Member DFT I		Member KGT⁽⁶⁾		Member FST		Member Series D		Member Series F		Member DFT I		Member KGT⁽⁶⁾		Member FST		Member Series D(5)		Member Series F⁽⁵⁾
Total return:^(1),⁽⁴⁾
Total return before incentive fee	0.85	%	0.85	%	0.85	%	0.85	%	0.85	%	(7.78	)%	(7.78	)%	(7.78	)%	(6.27	)%	(6.27	)%
Incentive fee	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.01	%	0.01	%	0.01	%	0.00	%	0.00	%

Total return after incentive fee	0.85	%	0.85	%	0.85	%	0.85	%	0.85	%	(7.77	)%	(7.77	)%	(7.77	)%	(6.27	)%	(6.27	)%

Ratios to average net asset values:
Expenses prior to incentive fee⁽²⁾	3.51	%	4.10	%	3.53	%	3.53	%	3.54	%	3.12	%	3.27	%	3.13	%	3.18	%	3.18	%
Incentive fee⁽¹⁾	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.07	%	0.01	%	0.00	%	0.00	%

Total expenses and incentive fee	3.51	%	4.10	%	3.53	%	3.53	%	3.54	%	3.12	%	3.34	%	3.14	%	3.18	%	3.18	%

Net investment loss^(2),⁽³⁾	(3.51	)%	(4.09	)%	(3.52	)%	(3.52	)%	(3.54	)%	(3.11	)%	(3.26	)%	(3.12	)%	(3.18	)%	(3.18	)%

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

⁽¹⁾	Not annualized.

⁽²⁾	Annualized.

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

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

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

⁽⁶⁾	Member KGT redeemed all of its membership interest in the Company as of September 30, 2009.

-15-

KMP FUTURES FUND I LLC (formerly known as WCM POOL LLC)

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 9. FINANCIAL HIGHLIGHTS (CONTINUED)


	Three Months Ended September 30, 2008 (Unaudited)								Nine Months Ended September 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	(7.43	)%	(7.43	)%	(7.43	)%	(7.43	)%	10.98	%	10.98	%	10.98	%	10.98	%
Incentive fees	0.00	%	0.00	%	0.00	%	0.00	%	(3.67	)%	(3.67	)%	(3.68	)%	(3.67	)%

Total return after incentive fees	(7.43	)%	(7.43	)%	(7.43	)%	(7.43	)%	7.31	%	7.31	%	7.30	%	7.31	%

Ratios to average net asset values:
Expenses prior to incentive fees⁽²⁾	2.64	%	2.63	%	2.81	%	2.63	%	2.93	%	2.92	%	3.06	%	2.95	%
Incentive fees⁽¹⁾	0.00	%	0.00	%	0.00	%	0.00	%	3.62	%	3.57	%	4.10	%	3.63	%

Total expenses and incentive fees	2.64	%	2.63	%	2.81	%	2.63	%	6.55	%	6.49	%	7.16	%	6.58	%

Net investment loss^(2),⁽³⁾	(1.08	)%	(1.08	)%	(1.19	)%	(1.08	)%	(1.34	)%	(1.33	)%	(1.39	)%	(1.35	)%

⁽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.

-16-

Note 10. SUBSEQUENT EVENT

Preferred has evaluated events and transactions that occurred between September 30, 2009 and November 12, 2009, for possible disclosure or recognition in the financial statements. Preferred has determined that there were no such events or transactions that warrant disclosure or recognition in the financial statements except as noted below.

In connection with the change of name and change to a direct investment vehicle (See Note 1A), management and incentive fees will continue to be calculated by the Company once it converts to a direct investment vehicle. In addition, administrative services fees payable to Preferred and any expense caps, if applicable, that were previously computed by each of the Members will be calculated by the Company beginning January 1, 2010. The Company’s administrative services fees and expense cap will both be calculated on the net assets of the Company at rates of 6.00% and 1.50% per annum, respectively. Investors will continue to be able to redeem their units on a monthly basis with the proper redemption notification.

-17-

SECTION III

WMT CAMPBELL POOL L.L.C.

FINANCIAL STATEMENTS

March 31, 2009

(date of termination)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have audited the accompanying statements of financial condition, including the condensed schedules of investments, of WMT Campbell Pool L.L.C. (the “Company”) as of March 31, 2009 (date of termination) and December 31, 2008, and the related statements of operations and changes in members’ capital and financial highlights for the three months ended March 31, 2009 (date of termination). These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of WMT Campbell Pool L.L.C. as of March 31, 2009 (date of termination) and December 31, 2008, and the results of its operations and changes in its members’ capital for the three months ended March 31, 2009 (date of termination), in conformity with accounting principles generally accepted in the United States of America.

Eisner LLP

New York, New York

May 14, 2009

WMT CAMPBELL POOL L.L.C.

STATEMENTS OF FINANCIAL CONDITION

March 31, 2009 (date of termination) and December 31, 2008


	March 31, 2009		December 31, 2008
ASSETS
Equity in broker trading accounts:
Cash and cash equivalents (See Note 2)	$	19,885,061	$	21,427,989
Interest receivable		0		669
Net unrealized gain on open contracts		0		106,860
Commodity options owned, at fair value (premiums paid $0 and $8,213 at March 31, 2009 and December 31, 2008, respectively)		0		4,691


Total assets	$	19,885,061	$	21,540,209


LIABILITIES
Accrued expenses payable	$	65,512	$	42,575
Commodity options written, at fair value (premiums received $0 and $29,526 at March 31, 2009 and December 31, 2008, respectively)		0		24,902
Commissions and other transaction fees payable		840		0
Net unrealized loss on open contracts		201,122		0
Management fees payable		34,464		39,067
Interest payable		135		0
Redemptions payable		19,582,988		64,976


Total liabilities		19,885,061		171,520


MEMBERS’ CAPITAL (Net Asset Value)
Member D		0		5,445,636
Member F		0		15,923,053


Total members’ capital (Net Asset Value)		0		21,368,689


Total liabilities and members’ capital	$	19,885,061	$	21,540,209

See accompanying notes.

-2-

WMT CAMPBELL POOL L.L.C.

CONDENSED SCHEDULES OF INVESTMENTS

March 31, 2009 (date of termination) and December 31, 2008


	March 31, 2009					December 31, 2008
Futures Contracts	Fair Value as a % of Members’ Capital		Fair Value			Fair Value as a % of Members’ Capital		Fair Value

Futures contracts purchased:
Commodities	(0.01	)%	$	(1,004	)	(0.01	)%	$	(2,304	)
Interest rates	0.00	%		0		0.35	%		75,049
Stock indices	0.00	%		0		0.04	%		8,766


Net unrealized gain (loss) on futures contracts purchased	(0.01	)%		(1,004	)	0.38	%		81,511


Futures contracts sold:
Commodities	(0.20	)%		(39,724	)	(0.10	)%		(20,498	)
Interest rates	0.00	%		0		(0.08	)%		(17,942	)
Stock indices	0.00	%		0		(0.13	)%		(28,194	)


Net unrealized loss on futures contracts sold	(0.20	)%		(39,724	)	(0.31	)%		(66,634	)


Net unrealized gain (loss) on futures contracts	(0.21	)%	$	(40,728	)	0.07	%	$	14,877


Forward Contracts

Forward contracts purchased:
Net unrealized gain (loss) on forward contracts purchased	1.85	%	$	362,751		(0.55	)%	$	(116,795	)


Forward contracts sold:
Net unrealized gain (loss) on forward contracts sold	(2.67	)%		(523,145	)	0.98	%		208,778


Net unrealized gain (loss) on forward contracts	(0.82	)%	$	(160,394	)	0.43	%	$	91,983


Net unrealized gain (loss) on open contracts			$	(201,122	)			$	106,860


Purchased Options on Forward Contracts

Fair value on options purchased	0.00	%	$	0		0.02	%	$	4,691


Commodity options owned, at fair value (premiums paid $0 and $8,213 at March 31, 2009 and December 31, 2008, respectively)	0.00	%	$	0		0.02	%	$	4,691


Written Options on Forward Contracts

Fair value on options written	0.00	%	$	0		(0.11	)%	$	(24,902	)


Commodity options written, at fair value (premiums received $0 and $29,526 at March 31, 2009 and December 31, 2008, respectively)	0.00	%	$	0		(0.11	)%	$	(24,902	)

See accompanying notes.

-3-

WMT CAMPBELL POOL L.L.C.

STATEMENTS OF OPERATIONS

For the Three Months Ended March 31, 2009 (date of termination) and

For the Period January 1, 2008 to March 28, 2008 (Unaudited)


	For the Three Months Ended March 31, 2009			For the Period January 1, 2008 to March 28, 2008 (Unaudited)
REVENUES
Realized	$	(285,785	)	$	244,605
Change in unrealized		(309,084	)		124,677
Interest income		0			143,505


Total revenues		(594,869	)		512,787


EXPENSES
Commissions		9,378			11,519
Interest expense		105			0
Management fees		100,487			125,595
General and administrative		67,412			49,543


Total expenses		177,277			186,657


NET INCOME (LOSS)	$	(772,146	)	$	326,130

See accompanying notes.

-4-

WMT CAMPBELL POOL L.L.C.

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

For the Three Months Ended March 31, 2009 (date of termination) and

For the Period January 1, 2008 to March 28, 2008 (Unaudited)


	Members’ Capital
	Member D			Member F			Total
For the Three Months Ended March 31, 2009 (date of termination)

Member’s capital at December 31, 2008	$	5,445,636		$	15,923,053		$	21,368,689

Redemptions		(289,442	)		(724,113	)		(1,013,555	)

Net loss for the three months ended March 31, 2009 (date of termination)		(196,385	)		(575,761	)		(772,146	)


Members’ capital before liquidating redemptions		4,959,809			14,623,179			19,582,988

Liquidating redemptions at March 31, 2009 (date of termination)		(4,959,809	)		(14,623,179	)		(19,582,988	)


Members’ capital at March 31, 2009 (date of termination)	$	0		$	0		$	0


For the period January 1, 2008 to March 28, 2008 (Unaudited)

Members’ capital at December 31, 2007	$	7,240,815		$	19,846,527		$	27,087,342

Redemptions		(729,950	)		(1,164,990	)		(1,894,940	)

Net income for the period January 1, 2008 to March 28, 2008		88,287			237,843			326,130


Members’ capital at March 28, 2008	$	6,599,152		$	18,919,380		$	25,518,532

See accompanying notes.

-5-

WMT CAMPBELL POOL L.L.C.

NOTES TO FINANCIAL STATEMENTS

Note 1. ORGANIZATION

A. General Description of the Company

WMT Campbell Pool L.L.C. (the “Company”) was a limited liability company organized under the laws of Delaware on November 3, 2004, which commenced trading operations on December 6, 2004. Preferred Investment Solutions Corp. (“Preferred”) had been delegated administrative authority over the operations of the Company. On March 2, 2009, Preferred decided to terminate the Company as of March 31, 2009. The Company was formed to engage in the speculative trading of a diversified portfolio of futures contracts, options on futures contracts and forward currency contracts and may, from time to time, engage in cash and spot transactions. The members of the Company at the time of its termination were: World Monitor Trust II – Series D (“Member D”) and World Monitor Trust II – Series F (“Member F”) (collectively, the “Members”). The Members Capital was distributed in April 2009. Preferred is also the “Managing Owner” of each of the Members. Upon making the initial capital contribution, each Member received Voting Membership Interests.

In 2009, the Managing Owner of the Members, determined that, effective March 1, 2009, investors’ interests in the Members can only be redeemed as of the last business day of each month. Through February 27, 2009, investors were able to redeem their interests on a weekly basis. As a result, through 2008, interim period financial statements of the Company and its Members were as of the last valuation day in the last week of the period. Beginning in 2009, interim period financial statements of the Company and its Members are as of the last day of a calendar quarter.

The Company was a Member-managed limited liability company that was 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.

B. The Trading Advisor

The Company entered into an advisory agreement with Campbell & Company, Inc. (the “Trading Advisor”) to make the trading decisions for the Company. The Trading Advisor managed approximately 100% of the assets of the Company pursuant to its Financial, Metal & Energy Large Portfolio.

Effective March 31, 2009, Preferred decided to terminate the Agreement with the Trading Advisor and liquidate the Company. As a result, the Members redeemed their capital in the Company as of March 31, 2009 (See Note 10).

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Accounting

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

-6-

WMT CAMPBELL POOL L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued)

Commodity futures and foreign exchange transactions are reflected in the accompanying statement of financial condition on the trade date. Net unrealized gain or loss on open contracts (the difference between contract trade price and market price) is reflected in the financial statements in accordance with Financial Accounting Standards Board (“FASB”) Interpretation No. 39 – “Offsetting of Amounts Related to Certain Contracts.” 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 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 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 Company had provided general indemnifications to its Trading Advisor and others when they act, in good faith, in the best interests of the Company. The Company was unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim, but expected the risk of having to make any payments under these general business indemnifications to be remote.

In July 2006, the FASB issued FASB Interpretation (“FIN”) 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 financial statements. The adoption of FIN 48 had no material impact on the Company, as the Company’s tax position is based on established tax precedence for the tax treatment of investment partnerships as flow-through tax entities.

-7-

WMT CAMPBELL POOL L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued)

In September 2006, the FASB issued 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 to investments required to be carried at fair value in these financial statements. The Company considered prices for exchange traded commodity futures and options contracts to be based on quoted prices in active markets for identical assets (Level 1). The values of forwards, swaps, and certain option contracts for which market quotations are not readily available are priced by third party data providers such as Bloomberg, Reuters, and or Super Derivatives who derive fair values for those assets from observable inputs (Level 2). Level 3 inputs reflected the Company’s assumptions that it believed market participants would use in pricing the asset or liability. The Company developed Level 3 inputs based on the best information available in the circumstances, which may include indirect correlation to a market value, combinations of market values or the Company’s proprietary data. Level 3 inputs generally included information derived through extrapolation or interpolation of observable market data.

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


March 31, 2009 (date of termination)	Level 1			Level 2			Level 3			Total

Liabilities:
Net unrealized loss on futures contracts	$	(40,728	)	$	0		$	0		$	(40,728	)
Net unrealized loss on forward contracts	$	0		$	(160,394	)	$	0		$	(160,394	)

December 31, 2008	Level 1			Level 2			Level 3			Total

Assets:
Commodity options owned, at fair value	$	0		$	4,691		$	0		$	4,691
Transfers in (out)	$	0		$	4,691		$	(4,691	)	$	0
Net unrealized gain on futures contracts	$	14,877		$	0		$	0		$	14,877
Net unrealized gain on forward contracts	$	0		$	91,983		$	0		$	91,983

Liabilities:
Commodity options written, at fair value	$	0		$	(24,902	)	$	0		$	(24,902	)
Transfers (in) out	$	0		$	(24,902	)	$	24,902		$	0

Preferred determined that option valuation inputs which require judgment or estimation were not material to the Company’s financial statements and therefore, commodity options owned and written, at fair value should be classified as Level 2 at December 31, 2008.

-8-

WMT CAMPBELL POOL L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued)

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 on the Company’s financial statements. The adoption of this standard did not have an impact on the Company’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. The Company adopted FSP FAS 157-4 effective January 1, 2009. As required, the Company also adopted FSP FAS 115-2 and FSP 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, FSP FAS 115-2 and FSP FAS 124-2 and its 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 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 periods 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.

-9-

WMT CAMPBELL POOL L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued)

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 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 includes 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 31, 2009 (date of termination) and December 31, 2008, restricted cash totaled $2,040,623 and $2,745,238 respectively. The Company received interest on all cash balances held by the bank and clearing brokers at prevailing interest rates.

C. Income Taxes

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

D. Capital Accounts

The Company accounted for subscriptions, allocations and redemptions on a per member capital account basis. Through February 27, 2009, the Company allocated profits and losses, prior to calculation of the incentive fee, for both financial and tax reporting purposes to its Members weekly on a pro-rata basis based on each Members’ pro-rata capital in the Company during the week. Subsequent to February 27, 2009, the Company allocated profits and losses for both financial and tax reporting purposes to its Members monthly on a pro-rata basis based on each Members’ capital outstanding during the month. Each Member was then charged with the applicable incentive fee. Distributions (other than redemptions of capital) were made at the sole discretion of the Members on a pro-rata basis in accordance with the Members’ respective capital balances. No distributions were made since inception through the termination of the Company.

In April 2009, redemptions of $19,582,988 were paid to the Members.

-10-

WMT CAMPBELL POOL L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

E. Foreign Currency Transactions

The Company’s functional currency is the U.S. dollar; however, it transacted business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar were translated into U.S. dollars at the rates in effect at the date of the statements of financial condition. Income and expense items denominated in currencies other than U.S. dollars were 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 statements of operations.

F. Interest Income

Interest income is recorded on an accrual basis.

Note 3. FEES

A. Organizational, General and Administrative Costs

Under the Company’s Organization Agreement, Preferred allocated administrative costs of the Company to the Members. Administrative costs included legal, audit, postage and other routine third party administrative costs.

B. Management and Incentive Fees

Through February 27, 2009, the Company paid 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 Friday. The sum of the amounts determined each Friday were paid monthly. For purposes of determining the management fee, any distributions, redemptions or reallocation of assets made as of the last Friday of each week were added back to the assets and there were no reductions for the weekly management fees calculated. Subsequent to February 27, 2009, the management fees was accrued and paid monthly. Additionally, the Members of the Company accrued weekly through February 27, 2009 and monthly subsequent to February 27, 2009 a quarterly incentive fee to the Trading Advisor of 22% (the “Incentive Fee”) of “New High Net Trading Profits” (as defined in the Advisory Agreement).

C. Commissions

The Company was 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.

-11-

WMT CAMPBELL POOL L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Note 4. RELATED PARTIES

The Company reimbursed Preferred for services it performs for the Company, which included, but were not limited to: management, accounting, printing, and other administrative services.

The expenses incurred by the Company for services performed by Preferred for the Company were:

Expenses payable to Preferred and its affiliates as of March 31, 2009 (date of termination) and December 31, 2008 were $9,250, and $10,080, respectively which are included in accrued expenses payable on the statements of financial condition.

Note 5. INCOME TAX REPORTING

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

Note 6. EQUITY IN BROKER TRADING ACCOUNTS

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

Note 7. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

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

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

Note 8. DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS

The Company was exposed to various types of risks associated with the derivative instruments and related markets in which it invested. These risks included, but were 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

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.

-12-

WMT CAMPBELL POOL L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Note 8. DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)

Market Risk (Continued)

The gross or face amount of the contracts, which was typically many times that of the Company’s net assets being traded, significantly exceeded the Company’s future cash requirements since the Company intended to close out its open positions prior to settlement. As a result, the Company was generally subject only to the risk of loss arising from the change in the value of the contracts. As such, the Company considered the “fair value” of its derivative instruments to be the net unrealized gain or loss on the contracts. The market risk associated with the Company’s commitments to purchase commodities was limited to the gross or face amount of the contract held. However, when the Company entered into a contractual commitment to sell commodities, it had to 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 exposed 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 held and the liquidity and inherent volatility of the markets in which the Company traded.

Credit Risk

When entering into futures or forward contracts, the Company was exposed to credit risk that the counterparty to the contract would 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, a clearinghouse 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 was concentration risk on forward transactions entered into by the Company, as the Company’s forward broker was the sole counterparty.

The Company 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 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 (loss) included in the 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 could be no assurance that any counterparty, clearing member or clearinghouse would meet its obligations to the Company.

Preferred attempted to minimize both credit and market risks by requiring the Company and its Trading Advisor to abide by various trading limitations and policies. Preferred monitored compliance with these trading limitations and policies, which included, but were 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 were traded in sufficient volume to permit the taking and liquidating of positions.

-13-

WMT CAMPBELL POOL L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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 March 31, 2009 (date of termination) and December 31, 2008, such segregated assets totaled $(3,883,434) and $14,109,597 respectively. 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 $(40,730) and $(10,876) at March 31, 2009 (date of termination) and December 31, 2008, respectively. There are no segregation requirements for assets related to forward trading.

As of March 31, 2009 (date of termination), all open futures contracts mature within three months.

-14-

WMT CAMPBELL POOL L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Note 9. FINANCIAL HIGHLIGHTS

The following information presents the financial highlights of the Company for the three months ended March 31, 2009 (date of termination) and for the period January 1, 2008 to March 28, 2008. This information has been derived from information presented in the financial statements.


	First Quarter 2009				First Quarter 2008 (Unaudited)
	Member D		Member F		Member D		Member F
Total return⁽¹⁾	(3.78	)%	(3.78	)%	1.31	%	1.31	%

Total expenses^(2),⁽⁴⁾	(3.43	)%	(3.43	)%	(2.87	)%	(2.86	)%

Net investment (loss)^(2),(3),⁽⁴⁾	(3.43	)%	(3.43	)%	(0.65	)%	(0.67	)%

Total returns and ratios to average net asset value are calculated for Members’ capital taken as a whole. An individual Member’s total returns and ratios may vary from the above returns and ratios based on the timing of redemptions.

⁽¹⁾	Not annualized and includes realized and unrealized gains (losses) on securities transactions.

⁽²⁾	Annualized.

⁽³⁾	Net investment (loss) represents interest income less total expenses.

⁽⁴⁾	Average net asset value calculated using net assets prior to liquidating redemptions at March 31, 2009 (date of termination).

Note 10. SUBSEQUENT EVENTS

Preferred re-allocated the assets of the Members to WCM Pool LLC (the “Trading Vehicle”) effective April 1, 2009. Winton Capital Management Limited (“Winton”) is the trading advisor of the Trading Vehicle. The Trading Vehicle engages in the speculative trading of futures and forward contracts.

Note 11. CONSIDERATION OF SUBSEQUENT EVENTS (UNAUDITED)

Preferred has evaluated events and transactions that occurred between March 31, 2009 (date of termination) and May 14, 2009, which is the date the financial statements were issued and through November 12, 2009 for possible disclosure or recognition in the financial statements. Preferred has determined that there were no such events or transactions that warrant disclosure or recognition in the financial statements except as disclosed.

-15-

SECTION IV

WMT CAMPBELL POOL L.L.C.

FINANCIAL STATEMENTS

September 26, 2008

WMT CAMPBELL POOL L.L.C.

CONDENSED STATEMENTS OF FINANCIAL CONDITION

September 26, 2008 (Unaudited) and December 31, 2007


	September 26, 2008		December 31, 2007
ASSETS
Cash and cash equivalents	$	24,348,644	$	27,487,484
Interest receivable		21,251		53,769
Commodity options owned, at fair value (premiums paid $6,002 and $52,945 at September 26, 2008 and December 31, 2007, respectively)		2,607		37,015


Total assets	$	24,372,502	$	27,578,268


LIABILITIES
Accrued expenses	$	70,070	$	27,446
Commodity options written, at fair value (premiums received $3,846 and $29,814 at September 26, 2008 and December 31, 2007, respectively)		1,249		14,169
Net unrealized loss on open contracts		738,204		349,629
Management fees payable		37,142		46,708
Redemptions payable		269,699		52,974


Total liabilities		1,116,364		490,926


MEMBERS’ CAPITAL (Net Asset Value)
Member D		5,908,788		7,240,815
Member F		17,347,350		19,846,527


Total members’ capital (Net Asset Value)		23,256,138		27,087,342


Total liabilities and members’ capital	$	24,372,502	$	27,578,268

See accompanying notes.

-2-

WMT CAMPBELL POOL L.L.C.

CONDENSED SCHEDULES OF INVESTMENTS

September 26, 2008 (Unaudited) and December 31, 2007


Futures Contracts	September 26, 2008					December 31, 2007
Futures Contracts	Fair Value as a % of Members’ Capital		Fair Value			Fair Value as a % of Members’ Capital		Fair Value

Futures contracts purchased:
Commodities	0.14	%	$	33,330		0.29	%	$	78,350
Interest rates	(0.34	)%		(80,336	)	0.27	%		73,667
Stock indices	0.01	%		2,041		0.32	%		86,318


Net unrealized gain (loss) on futures contracts purchased	(0.19	)%		(44,965	)	0.88	%		238,335


Futures contracts sold:
Commodities	(0.04	)%		(9,371	)	(0.17	)%		(46,998	)
Interest rates	(0.58	)%		(135,760	)	(0.10	)%		(26,004	)
Stock indices	0.00	%		751		0.01	%		1,652


Net unrealized loss on futures contracts sold	(0.62	)%		(144,380	)	(0.26	)%		(71,350	)


Net unrealized gain (loss) on futures contracts	(0.81	)%	$	(189,345	)	0.62	%	$	166,985


Forward Contracts

Forward contracts purchased:
Net unrealized loss on forward contracts purchased	(0.86	)%	$	(199,262	)	(2.42	)%	$	(654,992	)


Forward contracts sold:
Net unrealized gain (loss) on forward contracts sold	(1.50	)%		(349,597	)	0.51	%		138,378


Net unrealized loss on forward contracts	(2.36	)%	$	(548,859	)	(1.91	)%	$	(516,614	)


Net unrealized loss on open contracts			$	(738,204	)			$	(349,629	)


Purchased Options on Forward Contracts

Fair value on options purchased	0.01	%	$	2,607		0.13	%	$	37,015


Commodity options owned, at fair value (premiums paid $6,002 and $52,945 at September 26, 2008 and December 31, 2007, respectively)	0.01	%	$	2,607		0.13	%	$	37,015


Written Options on Forward Contracts

Fair value on options written	0.00	%	$	(1,249	)	(0.05	)%	$	(14,169	)


Commodity options written, at fair value (premiums received $3,846 and $29,814 at September 26, 2008 and December 31, 2007, respectively)	0.00	%	$	(1,249	)	(0.05	)%	$	(14,169	)

See accompanying notes.

-3-

WMT CAMPBELL POOL L.L.C.

CONDENSED STATEMENTS OF OPERATIONS

For the Periods June 28, 2008 to September 26, 2008 and June 30, 2007 to September 28, 2007 and

For the Periods January 1, 2008 to September 26, 2008 and January 1, 2007 to September 28, 2007

(Unaudited)


	For the Period June 28, 2008 to September 26, 2008			For the Period June 30, 2007 to September 28, 2007			For the Period January 1, 2008 to September 26, 2008			For the Period January 1, 2007 to September 28, 2007

REVENUES
Realized	$	955,134		$	(4,196,628	)	$	1,482,535		$	(952,686	)
Change in unrealized		(1,708,815	)		(1,000,570	)		(389,088	)		(1,770,822	)
Interest income		94,749			349,488			293,553			1,286,243


Total revenues		(658,932	)		(4,847,710	)		1,387,000			(1,437,265	)


EXPENSES
Commissions		11,813			20,330			33,299			74,789
Management fees		123,318			164,392			373,119			574,695
General and administrative		46,591			7,381			138,352			16,193


Total expenses		181,722			192,103			544,770			665,677


NET INCOME (LOSS)	$	(840,654	)	$	(5,039,813	)	$	842,230		$	(2,102,942	)

See accompanying notes.

-4-

WMT CAMPBELL POOL L.L.C.

CONDENSED STATEMENTS OF CHANGES IN

MEMBERS’ CAPITAL (NET ASSET VALUE)

For the Period January 1, 2008 to September 26, 2008 and

For the Period January 1, 2007 to September 28, 2007

(Unaudited)


	Members’ Capital
	Member D			Member F			Total
For the period January 1, 2008 to September 26, 2008

Balances at December 31, 2007	$	7,240,815		$	19,846,527		$	27,087,342

Redemptions		(1,554,613	)		(3,118,821	)		(4,673,434	)

Net income for the period January 1, 2008 to September 26, 2008		222,586			619,644			842,230


Balances at September 26, 2008	$	5,908,788		$	17,347,350		$	23,256,138


For the period January 1, 2007 to September 28, 2007

Balances at December 31, 2006	$	13,237,677		$	30,437,482		$	43,675,159

Redemptions		(4,375,255	)		(6,686,631	)		(11,061,886	)

Net loss for the period January 1, 2007 to September 28, 2007		(541,889	)		(1,561,053	)		(2,102,942	)


Balances at September 28, 2007	$	8,320,533		$	22,189,798		$	30,510,331

See accompanying notes.

-5-

WMT CAMPBELL POOL L.L.C.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Note 1. ORGANIZATION

A. General Description of the Company

WMT Campbell Pool L.L.C. (the “Company”) is a limited liability company organized under the laws of Delaware on November 3, 2004 and commenced trading operations on December 6, 2004. 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” or the “Managing Member”) is the Managing Member of the Company. The Company currently consists of two members: World Monitor Trust – Series D (“Member D”) and World Monitor Trust II – Series F (“Member F”) (collectively, the “Members”). Preferred is also the Managing Owner of each of the Members. Upon making the initial capital contribution, each Member received Voting Membership Interests.

Redemptions are permitted on a weekly basis. Therefore, the financial statements for interim period are as of the last valuation day in the last week of the period.

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.

B. The Trading Advisor

The Company entered into an advisory agreement with Campbell & Company, Inc. (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 Financial, Metal & Energy Large Portfolio.

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Accounting

The statement of financial condition, including the condensed schedule of investments, as of September 26, 2008, the statements of operations for the periods June 28, 2008 to September 26, 2008 (“Third Quarter 2008”), June 30, 2007 to September 28, 2007 (“Third Quarter 2007”), January 1, 2008 to September 26, 2008 (“Year-To-Date 2008”) and January 1, 2007 to September 28, 2007 (“Year-To-Date 2007”), and the statements of changes in trust capital for Year-To-Date 2008 and Year-To-Date 2007, are unaudited. In the opinion of Preferred, the financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of September 26, 2008 and the results of its operations for the Third Quarter 2008, Third Quarter 2007, Year-To-Date 2008 and Year-To-Date 2007. The operating results for these interim periods may not be indicative of the results expected for a full year.

-6-

WMT CAMPBELL POOL L.L.C.

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. 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 Member’s annual report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2007.

The financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of 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.

The Company 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.”

-7-

WMT CAMPBELL POOL L.L.C.

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued)

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 expense. Preferred as Managing Member of the Company, evaluated the impact of adopting FIN 48 on the Company’s financial statements. The adoption of FIN 48 had no material impact on the Company, as the Company’s tax position is based on established tax precedence for the tax treatment of investment partnerships as flow through tax entities.

The Company adopted SFAS 157 in the first quarter of 2008. The adoption of SFAS 157 had no impact to investments required to be carried at fair value in these financial statements. Of its fair value at September 26, 2008, $(189,345) or 25.70% of the investments are classified as Level 1, $(548,859) or 74.49% as Level 2 and $1,358 or (0.19)% as Level 3. Of its fair value at December 31, 2007, $166,985 or (51.10)% of the investments are classified as Level 1, $(516,614) or 158.09% as Level 2 and $22,846 or (6.99)% as Level 3. 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 contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2). Level 3 inputs reflect the Company ‘s assumptions that it believes market participants would use in pricing the asset or liability. The Company develops Level 3 inputs based on the best information available in the circumstances, which may include indirect correlation to a market value, combinations of market values or the Company’s proprietary data. Level 3 inputs generally include information derived through extrapolation or interpolation of observable market data.

-8-

WMT CAMPBELL POOL L.L.C.

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued)

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


September 26, 2008	Level 1			Level 2			Level 3			Total

Assets:
Commodity options owned, at fair value	$	0		$	0		$	2,607		$	2,607

Liabilities:
Net unrealized loss on open futures contracts	$	(189,345	)	$	0		$	0		$	(189,345	)
Net unrealized loss on open forward contracts	$	0		$	(548,859	)	$	0		$	(548,859	)
Commodity options written, at fair value	$	0		$	0		$	(1,249	)	$	(1,249	)

December 31, 2007	Level 1			Level 2			Level 3			Total

Assets:
Net unrealized gain on open futures contracts	$	166,985		$	0		$	0		$	166,985
Commodity options owned, at fair value	$	0		$	0		$	37,015		$	37,015

Liabilities:
Net unrealized loss on open forward contracts	$	0		$	(516,614	)	$	0		$	(516,614	)
Commodity options written, at fair value	$	0		$	0		$	(14,169	)	$	(14,169	)

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 157-3”). FSP 157-3 clarified the application of SFAS 157. FSP 157-3 demonstrated how the fair value of a financial asset is determined when the market for that financial asset is inactive. FSP 157-3 was effective upon issuance, including prior periods for which financial statements had not been issued. The implementation of this standard did not have an impact on the Company’s condensed financial statements.

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. The Company receives interest on all cash balances held by the clearing brokers and bank at prevailing interest rates.

-9-

WMT CAMPBELL POOL L.L.C.

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

B. Income Taxes

C. 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 weekly on a pro rata basis based on each Member’s pro rata capital in the Company during the week.

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.

D. 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 statement 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.

E. Interest Income

Interest income is recorded on an accrual basis.

Note 3. FEES

A. Organizational, General and Administrative Costs

Under the WMT Campbell Pool L.L.C. Organization Agreement, Preferred allocates administrative costs of the Company to the Members. Administrative costs include legal, audit, postage and other routine third party administrative costs.

B. 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 Friday. The sum of the amounts determined each Friday will be paid monthly. For purposes of determining the management fee, any distributions, redemptions or reallocation of assets made as of the last Friday of each week shall be added back to the assets and there shall be no reduction for the weekly management fees calculated. Additionally, the Members of the Company accrue weekly to the Trading Advisor and pay quarterly an incentive fee of 22% (the “Incentive Fee”) of “New High Net Trading Profits” (as defined in the Advisory Agreement).

-10-

WMT CAMPBELL POOL L.L.C.

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 4. RELATED PARTIES

The Company reimburses the Managing Member 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 the Managing Member for the Company were:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2008		2007		2008		2007
General and administrative	$	8,680	$	0	$	27,770	$	0

	$	8,680	$	0	$	27,770	$	0

Expenses payable to the Managing Member and its affiliates as of September 30, 2008 and December 31, 2007 were $8,680, and $0, respectively which are included in accrued expenses on the condensed statement of financial condition.

Note 5. INCOME TAXES

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

Note 6. DEPOSITS WITH COMMODITY BROKER, PRIME BROKER AND BANK

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

Note 7. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

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

Note 8. DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS

-11-

WMT CAMPBELL POOL L.L.C.

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 8. DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)

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 Company’s net assets being traded, significantly exceeds the Company’s future cash requirements since the Company intends to close out its open positions prior to settlement. As a result, the Company is generally subject only to the risk of loss arising from the change in the value of the contracts. As such, the Company 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 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.

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, a clearinghouse is 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.

-12-

WMT CAMPBELL POOL L.L.C.

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 8. DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)

Credit Risk (Continued)

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 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 included in the 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 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 September 26, 2008 and December 31, 2007, such segregated assets totaled $15,949,426 and $18,975,900, respectively, which are included in cash and cash equivalents. 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 $(7,855) and $(15,058) at September 26, 2008 and December 31, 2007, respectively. There are no segregation requirements for assets related to forward trading.

As of September 26, 2008, all open futures contracts mature within nine months.

-13-

WMT CAMPBELL POOL L.L.C.

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Note 9. FINANCIAL HIGHLIGHTS

The following information presents the financial highlights of the Company for the Third Quarter 2008, Third Quarter 2007, Year-To-Date 2008 and Year-To-Date 2007. This information has been derived from information presented in the financial statements.


	Third Quarter 2008				Year-To-Date 2008
	Member D		Member F		Member D		Member F
Total return⁽¹⁾	(3.41	)%	(3.41	)%	3.34	%	3.34	%

Total expenses⁽²⁾	(2.94	)%	(2.94	)%	(2.88	)%	(2.88	)%

Net investment loss^(2),⁽³⁾	(1.41	)%	(1.41	)%	(1.32	)%	(1.33	)%


	Third Quarter 2007				Year-To-Date 2007
	Member D		Member F		Member D		Member F
Total return⁽¹⁾	(13.65	)%	(13.65	)%	(6.88	)%	(6.88	)%

Total expenses⁽²⁾	(2.32	)%	(2.32	)%	(2.30	)%	(2.30	)%

Net investment income^(2),⁽³⁾	1.90	%	1.90	%	2.15	%	2.14	%

⁽¹⁾	Not annualized and includes realized and unrealized gains (losses) on securities transactions.

⁽²⁾	Annualized.

⁽³⁾	Net investment income (loss) represents interest income less total expenses.

-14-

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

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

Introduction

General

World Monitor Trust II (the “Trust”) is a business trust organized under the laws of Delaware on April 22, 1999. The Trust consists of three separate and distinct series (“Series”): Series D, Series E and Series F. Series D, E and F commenced trading operations on March 13, 2000, April 6, 2000 and March 1, 2000, respectively, and each Series will continue to exist until terminated pursuant to the provisions of Article XIII of the Sixth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”). The assets of each Series are segregated from those of the other Series, separately valued and independently managed. Each Series was formed to engage in the speculative trading of a diversified portfolio of futures, forward and option contracts, and may, from time to time, engage in cash and forward transactions. The trustee of the Trust is Wilmington Trust Company. Registrant’s fiscal year for book and tax purposes ends on December 31.

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

Managing Owner and its Affiliates

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. As the Managing Owner of each of the Series, Preferred conducts and manages the business of each of the Series, including the Registrant.

Preferred has been the managing owner of Registrant since October 1, 2004.

Effective December 1, 2008, in accordance with the Fourth Amended and Restated Declaration of Trust and Trust Agreement, the Managing Owner is no longer required to maintain at least a 1% interest in Registrant. As such, the Managing Owner redeemed its entire Interest in each Series in 2009.

The Trading Advisor and the Trading Vehicle

Effective December 6, 2004, the Registrant contributed substantially all of its net assets to WMT Campbell Pool, L.L.C. (“Campbell Pool”), a Delaware limited liability company, and received a voting membership interest in Campbell Pool. Campbell Pool was formed to function as an aggregate trading vehicle for its members. Registrant and Series D were the sole members of Campbell Pool. The Managing Owner is the managing owner of Registrant and Series D and had been delegated administrative authority over the operations of Campbell Pool. Campbell Pool engaged in the speculative trading of futures, forward and option contracts.

Campbell Pool had its own independent commodity trading advisor that made Campbell Pool’s trading decisions. Campbell Pool entered into an advisory agreement (the “Advisory Agreement”) with Campbell & Company, Inc. (the “Trading Advisor” or “Campbell”) to make the trading decisions for Campbell Pool and, in turn, Registrant. Campbell traded 100% of the assets of Campbell Pool pursuant to Campbell’s Financial, Metal & Energy Large Portfolio. Campbell Pool had allocated 100% of the proceeds from the initial and continuous offering of Registrant to the Trading Advisor. Through February 27, 2009, Registrant, through its investment in Campbell Pool, accrued weekly and paid monthly a management fee equal to a weekly rate of approximately 0.038% (2% annually) of the assets allocated to the Trading Advisor. Subsequent to February 27, 2009, Registrant, through its investment in Campbell Pool, accrued and paid monthly a management fee equal to 1/12th of 2% (2% annually) of the assets allocated to the Trading Advisor. The Registrant also paid the Trading Advisor an incentive fee of 22% of “New High Net Trading Profits” (as defined in the Advisory Agreement) generated by Campbell Pool. Through February 27, 2009, incentive fees were accrued weekly and paid quarterly in arrears. Subsequent to February 27, 2009, incentive fees were accrued monthly and paid quarterly in arrears.

Effective March 31, 2009, Preferred terminated Campbell as the Registrant’s Trading Advisor, withdrew the Registrant as a member of Campbell Pool and terminated Campbell Pool. Effective April 1, 2009, the Registrant’s assets were re-allocated to KMP Futures Fund I LLC (formerly known as WCM Pool LLC) (“WCM Pool”). Winton Capital Management Limited, a company registered in England and Wales (“Winton”), is the trading advisor of WCM Pool and trades pursuant to Winton’s Diversified Program. At September 30, 2009, the sole members of WCM Pool are the Registrant, Futures Strategic Trust (“FST”), Diversified Futures Trust I (“DFT I”) and World Monitor Trust II—Series D (“Series D”). Effective April 1, 2009, Series D and the Registrant received a voting membership interest in WCM Pool. All other members as of September 30, 2009 have had a voting membership interest in WCM Pool since 2007. Kenmar Global Trust (“KGT”) maintained a voting membership interest in WCM Pool from 2007 to Third Quarter 2009. Effective September 30, 2009, KGT fully redeemed its membership interest from WCM Pool. Preferred is the Managing Owner of each of WCM Pool’s members and has been delegated administrative authority over the operations of WCM Pool.

WCM Pool has entered into an advisory agreement (the “WCM Pool Advisory Agreement”) with Winton, whereby Winton will make the trading decisions for the WCM Pool and, in turn, Registrant, pursuant to Winton’s Diversified Program. The Advisory Agreement may be terminated for various reasons, including at the discretion of WCM Pool. Registrant has allocated 100% of the proceeds from the initial and continuous offering of Registrant to the Trading Advisor. Registrant, through its investment in WCM Pool, pays a monthly management fee equal to 0.16667% (2% annually) of the assets allocated to Winton. Registrant, through its investment in WCM Pool, pays Winton an incentive fee of 20% of “New High Net Trading Profits” (as defined in the Advisory Agreement) generated by the WCM Pool. Incentive fees will accrue monthly and be paid quarterly in arrears.

WCM Pool engages in the speculative trading of futures, forward and option contracts. The financial statements of WCM Pool and Campbell Pool, including the condensed schedules of investments, are included in Section II, Section III and Section IV of Registrant’s financial statements.

All references herein to Registrant’s relationship with the “Trading Advisor” and the “Trading Vehicle” shall, unless the context states otherwise, refer to Registrant’s relationship with Campbell and Campbell Pool through March 31, 2009 and to the Registrant’s relationship with Winton and WCM Pool subsequent to March 31, 2009.

Competition

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

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

Employees

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

Critical Accounting Policies

Preparation of the financial statements and related disclosures in compliance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 2 to Registrant’s financial statements for the year ended December 31, 2008, which is filed as an exhibit to Registrant’s annual report on Form 10-K for the fiscal year ended December 31, 2008.

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

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

Of the Registrant’s investment at September 30, 2009, $0 or 0.00% are classified as Level 1 or Level 3 and $9,578,642 or 100.00% are classified as Level 2 using the fair value hierarchy. Of the Registrant’s investment at December 31, 2008, $0 or 0.00% are classified as Level 1 or Level 3 and $15,923,053 or 100.00% are classified as Level 2 using the fair value hierarchy.

Investments classified as Level 2 and Level 3 represent the Registrant’s investment in the Trading Vehicle. Through February 27, 2009, the investment in Campbell Pool was valued weekly at the net asset value as reported by Campbell Pool. Subsequent to February 27, 2009, the investments in Campbell Pool and beginning April 1, 2009, WCM Pool, were valued monthly, at the net asset value as reported by Campbell Pool and WCM Pool, respectively. Campbell Pool’s and WCM Pool’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 and Level 2 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 assets and liabilities which require management judgment or estimation were not material and therefore, Registrant’s investment in the Trading Vehicle should be classified as Level 2 beginning December 31, 2008. A table presenting the changes in the Level 3 fair value category for the period January 1, 2008 to September 26, 2008 is provided in Note 5 of the Registrant’s financial statements. Of the $619,644

gain for the period January 1, 2008 to September 26, 2008, reported on Level 3 investments in Note 5, $(294,310) represents a change in unrealized loss allocated from Campbell Pool on the Registrant’s condensed statement of operations.

In April 2009, the Financial Accounting Standards Board (“FASB”) issued accounting guidance clarifying the application of Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures.” The additional guidance provides for how the fair value of a financial asset is determined when the market for that financial asset is inactive. The guidance was 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 Registrant adopted the guidance effective January 1, 2009. As required, the Registrant also adopted guidance relating to recognition and presentation of other-than-temporary impairments, effective January 1, 2009. The adoption of these pronouncements did not have an impact on the Registrant’s financial statements.

In March 2008, the FASB issued accounting guidance which established among other things, the disclosure requirements for derivative instruments and for hedging activities. The guidance is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The Registrant’s adoption of the guidance effective January 1, 2009 did not have a material impact on the Registrant’s financial statements.

Effective for the quarter ending June 30, 2009, the Registrant adopted ASC Topic 855, “Subsequent Events” 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. ASC Topic 855 also requires entities to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. The adoption of ASC Topic 855 did not have a material impact on the Registrant’s financial statements.

In June 2009, the FASB issued Statement of Financial Accounting Standards (“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.

Effective July 1, 2009, the Registrant adopted ASC Topic 105, “Generally Accepted Accounting Principles.” ASC Topic 105 establishes the FASB Accounting Standards Codification as the source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with U.S. GAAP. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. The Codification did not change U.S. GAAP but reorganizes the existing literature into Topics. References for FASB guidance throughout this document have been updated for the Codification.

On September 30, 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-12, Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent) (“ASU 2009-12”). ASU 2009-12 provides guidance on measuring the fair value of certain alternative investments, and amends ASC Topic 820 to offer investors a practical means for measuring the fair value of investments in certain entities that calculate net asset value per share and require certain disclosures. ASU 2009-12 is effective for periods ending after December 15, 2009, and early adoption is permitted. The Managing Owner is evaluating the impact of adopting ASU 2009-12 and its impact on the Registrant’s financial statements.

Liquidity and Capital Resources

Registrant commenced operations on March 1, 2000. Additional contributions were raised through the continuous offering of limited interests (“Limited Interests”) and general interests (“General Interests” and, together with the Limited Interests, “Interests”) of beneficial ownership in Registrant. Registrant’s Interests were offered until it substantially achieved its subscription maximum of $50,000,000 Limited Interests in July 2003.

For Third Quarter 2009, the nine months ended September 30, 2009 (“Year-To-Date 2009”), the period June 28, 2008 to September 26, 2008 (“Third Quarter 2008”) and the period January 1, 2008 to September 26, 2008 (“Year-To-Date 2008”) there were no subscriptions of Limited or General Interests.

Effective March 1, 2009, Interests in the Registrant can only be redeemed as of the last business day of each month. Through February 27, 2009, Investors were able to redeem their Interests on a weekly basis. Redemptions of Limited Interests for Third Quarter 2009 and Year-To-Date 2009 were $1,075,743 and $4,115,742, respectively. Redemptions of Limited Interests for Third Quarter 2008 and Year-To-Date 2008 were $733,605 and $2,150,040, respectively.

Redemptions of General Interests for Third Quarter 2009 and Year-To-Date 2009 were $0 and $157,272 respectively. Redemptions of General Interests for Third Quarter 2008 and Year-To-Date 2008 were $6,049 and $21,587, respectively.

Future redemptions will impact the amount of funds available for investment in commodity contracts in subsequent periods.

Limited Interests may no longer be exchanged for Limited Interests in Series D or World Monitor Trust II – Series E (“Series E”), nor may Limited Interests in Series D or Series E be exchanged for Limited Interests in Registrant.

At September 30, 2009, 100.22% of Registrant’s net assets were allocated to commodities trading through its investment in the Trading Vehicle. A significant portion of Registrant’s net assets invested in the Trading Vehicle is held in cash, which is used as margin for trading in commodities. In as much as the sole business of Registrant is to trade in commodities through its investment in the Trading Vehicle, Registrant owned (through its investment in the Trading Vehicle) such liquid assets to be used as margin. The clearing broker and bank credit the Trading Vehicle (and, in turn, Registrant, as a member of 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 Trading Vehicle (and, in turn, Registrant) from promptly liquidating its commodity futures positions.

Since Registrant’s business is to trade futures, forward and option contracts (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 of 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, forward and option contracts, see Note 7 to Registrant’s financial statements for the year ended December 31, 2008, which is filed as an exhibit to Registrant’s annual report on Form 10-K for the fiscal year ended December 31, 2008.

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

Market Overview

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

Third Quarter 2009

The National Bureau of Economic Research is likely mark the third quarter of 2009 as the beginning of the recovery in the US economy. Gross Domestic Product data for the quarter will not be published until later in October, but based on other data released to date, it is clear that economic growth picked up nicely in the quarter. The stimulus packages made their full impact during the quarter and the cash-for-clunkers program gave a further boost to the economy. More importantly, the US housing market, which had been at the epicenter of the current downturn, showed tentative signs of building on the modest gains of the previous quarter, aided by the $8,000 first time homebuyer credit. The latest Case-Shiller Housing Index indicated that home prices and existing and new home sales both recorded decent gains during the quarter. However, the labor market remained in the doldrums. While the pace of job losses slowed, they continued at levels that almost matched the peak of the previous recession and the unemployment rate marched relentlessly up to 9.8%. The current downturn now ranks as the worst among all postwar recessions in terms of percentage job losses.

Despite the indications of economic recovery and the growing risk appetite, US Treasury yields rallied during the quarter on the back of weak and falling inflation figures, robust demand at auctions, and the Federal Reserve’s (the “Fed”) quantitative easing program. The 10-year yield fell to end the quarter at 3.31%. The Fed kept rates unchanged through the quarter. However, at its September meeting, the Federal Open Market Committee, while reiterating its support for near zero rate policy, offered a slightly hawkish nuance, reflecting the growing discomfort among the “hawks” at the Fed. The European Central Bank, the Bank of England and the Bank of Japan kept key rates unchanged through the quarter as well. As in the US, market participants feel that the worst appears to be over across the globe.

The US dollar experienced another losing quarter, with the Dollar Index declining approximately 4%. The increased appetite for risk and the growing global discomfort with the massive monetary and fiscal policy stimuli weighed on the dollar. The British pound was the only major currency to lose ground to the US dollar during the quarter, again reflecting the global unease with massive fiscal stimulus and quantitative easing. The euro finished the third quarter up approximately 4% on the dollar. More surprising was the near 7% gain in the Japanese yen, in a quarter in which risk assets surged and Japan’s economy remained weak in comparison to its developed market peers.

Coming on the heels of what was already the best quarter in over 10 years for the S&P 500, it was remarkable that the third quarter gain was as strong as the second quarter gain. In fact, the second and third quarter 2009 combined percentage change in the S&P 500 was the largest two quarter upswing since 1975 and the second largest in the entire postwar era. Financials led the way, but the rally was broad based. The gains in the other US indices were equally impressive, with the NASDAQ recording its largest two-quarter rise since the peak of the Dotcom Bubble in 2000. The Dow Jones Industrial Average, S&P 500 and NASDAQ rose approximately 15%, 15% and 16%, respectively, for the quarter. The third quarter was even better for Europe, where the gains exceeded those in the previous quarter. The STOXX 600, a broad measure of European equities, rose approximately 18% during the quarter. The CAC, FTSE 100, and DAX closed the quarter with near 20% gains. Asian markets rose as well, but the performance was more mixed. While the Korean Kospi jumped 20% and the Hang Seng registered a solid 14% gain, the Nikkei only managed a modest 2% rise. The Australian All Ordinaries Index posted a 20% increase.

Crude oil had a basically flat quarter, ending the period up approximately 1%. Rising economic optimism and dollar weakness were offset by reports of plentiful crude inventory and continued soft demand. Natural gas surged approximately 26%, but the bottom line masks the drama during the quarter. Natural gas suffered an 18% decline in August and fell to a seven-year low in early September. However, it recovered sharply in September on the back of stronger economic data, lower-than-expected inventory reports, expectations of lower winter temperatures, and short covering. Heating oil ended the quarter with an approximate 5% gain. Reformulated gasoline had a weak quarter, declining approximately 9%, as demand recovery remained elusive.

As the economic recovery gained ground in the third quarter, incipient fears of soaring inflation down the road spurred the demand for gold even as flight-to-safety demand dwindled during the third quarter. The yellow metal posted an approximate 9% gain in the third quarter. Also, reserve diversification by China and others may well be supporting gold. Silver surged up approximately 22% with the twin engines of investment demand and industrial

demand firing. Base metals witnessed overall gains across the board in the quarter as global industrial production, especially auto production, turned up smartly. Copper and zinc finished up the quarter with both realizing overall gains greater than 20%.

Pork bellies, which had suffered a collapse in the second quarter following the ban on US pork products emanating from H1N1 Influenza (Swine Flu) fears, recovered sharply in the third quarter, registering an approximate 50% increase as some countries lifted the ban. Cotton prices continued their upward march during the quarter, rising approximately 15%. Wheat and soybeans fell sharply as initial fears of bad weather did not pan out and the USDA planting reports indicated solid harvests. Soybeans, wheat and corn posted losses of 24%, 10%, and 1%, respectively. Sugar continued its parabolic rise in the third quarter, skyrocketing approximately 43% following a 32% surge in the second quarter. The worst drought in more than two decades in India, the world’s largest consumer of sugar and the biggest swing factor in global markets, propelled sugar to its highest level since 1981. Hopes of stronger consumer spending fueled by the global economic recovery lifted cocoa prices by over 25% in the quarter. Coffee also registered a solid quarter, gaining approximately 7%.

Third Quarter 2008

Clearly, the financial crisis gripping the nation is resonating throughout all corners of the economy and the effects will be felt for some time to come. Consumers have already cut back spending dramatically but more retrenchment can be expected in response to worsening job and income prospects as well as the growing wealth destruction that has taken place in recent months. There is no longer any doubt that the economy is mired in a recession; the only question is how deep and long it will be. Economists are crossing their fingers that the downturn will be no worse than the last two mild recessions in 1990-91 and 2001. However, many believe that conditions will be at least as bad as they were during the worst post-war recessions, which occurred in 1980-81 and 1973-74. The credit crisis got worse with each passing day, despite huge Federal Reserve liquidity additions, a $700 billion bailout package and numerous other measures. The “broker dealer,” as once known, basically ceased to exist as Goldman Sachs, Merrill Lynch, Morgan Stanley and others changed structure to essentially become “banks”. The economic data flow in the US can only be described as feeble and promises to get even weaker. In the US, housing, employment and manufacturing data were all anemic throughout the third quarter of 2008 with many indications of worse to come.

A strengthening US dollar throughout the quarter added to demand for US Treasuries as well as flight-to-safety support. After seeing their largest monthly yield declines since February in the month of August, Treasury yields saw further erosion in September. The benchmark 10-Year Note saw its yield fall approximately 20 basis points during the quarter and the 2-Year yield dipped by roughly 70 basis points as the yield curve experienced a severe steepening. Central banks kept rates unchanged throughout the third quarter but in early October they collaboratively cut key rates in response to the global credit crisis. During the quarter, the Federal Reserve, Bank of England, European Central Bank and others injected huge amounts of liquidity into the markets.

Currencies: The Dollar Index, which measures the US unit against a basket of other currencies, ended the quarter up overall and up 3.7% for the year. Among the majors, the euro and pound were particularly weak in September as the UK and the Eurozone experienced severe economic problems to go along with a burgeoning credit crisis. The British pound slipped to a 2-year low against the US dollar as the UK suffered recessionary-like conditions, including a 12.4% year-to-date drop in housing prices. The euro scored an all-time high in July, but from the peak it was all downhill as the euro slumped badly in August and September to close out the quarter near $1.41. The yen suffered far less fallout from the global credit crisis. It showed particular strength against both the euro and pound while gaining modestly to the dollar. The Australian dollar was pressured versus the yen as carry trades were unwound. The New Zealand dollar experienced a similar fate.

Energies: Crude posted steep losses in September down more than 13% within the Dow Jones AIG Index and over 31% for the quarter. Crude was pummeled by intense selling, the ongoing feature throughout the period. In addition, a firming US dollar, a significant slowing in global demand and above-quota OPEC output weighed on sentiment, which more than offset the geopolitical events surrounding Iran, Nigeria, Russia, Venezuela and the Middle East. Combined gasoline, heating oil and jet fuel demand is down more than 7% compared to last September. Natural gas followed suit and ended the quarter much lower.

Agriculturals: With steady declines in both price and open interest during the month of September, as well as all of the third quarter, the agricultural futures markets were prime examples of the widespread deleveraging seen across all markets. The deterioration in values came despite occasional weather concerns, which typically are the impetus

for late summer rallies. For the quarter, corn, soybeans, wheat and cotton saw high-to-low declines in value from 37% to 30%. Corn and wheat lost roughly $3.00 per bushel each and soybeans lost over $6.00. Cotton also dropped significantly. The longer-term implications of the recent price plunge will be played out first in farmers’ springtime planting decisions. In addition to the normal, net profit calculations, banking considerations will play a major role in next season’s production potential. Understandably, the ongoing tight credit markets will cause bankers to shy away from lending money to farmers wishing to grow high-input-cost crops, regardless of profit potential.

Indices: Global equities suffered from a total lack of confidence as related to the credit crisis, which got worse instead of better throughout the quarter, despite herculean efforts from central banks and various government agencies. US stocks were hit with massive fund liquidations, partially due to margin needs but also due to large redemption levels that picked up speed with each passing session. After managing very modest gains in August, despite a sharp month-end slide, all the major US indices were lower in September. The Dow Jones Industrial Average, S&P 500 and NASDAQ fell over 4%, 9% and 9% respectively for the quarter. Financial stocks, including banks, brokers and insurance companies were particularly weak, as were retail issues and energy stocks. The markets failed to react to the much-debated and delayed $700 billion Treasury “rescue” plan. US stocks were clearly hurt by the credit crisis in Europe.

Europe saw similar performance as their financial crisis was equally, if not more, dire than that in the US. The UK in particular has seen rigorous credit issues as the DJ Stoxx 600 lost approximately 12% during the third quarter due to staggering financial sector events. The German DAX, the French CAC and London’s FTSE all ended the quarter with losses. The Russian stock market was particularly weak, forcing trading halts on numerous occasions.

Asia posted the weakest equity performance of the three major regions during the quarter and it has subsequently experienced massive liquidation from international funds despite the fact that Japan and the region in general have less exposure to the global credit crisis. The Nikkei lost nearly 2,000 points and Korea’s Kospi fell over 14% throughout the period. Hong Kong was extremely weak and Shanghai extended a yearlong slide. Australian equities could not ward off the credit crisis and ended the quarter lower.

Metals: After a brief run in mid-July and a sell-off through the second week in of September, late quarter gains were not enough to offset losses as gold finished down over 5% for the period. Silver was down a hefty 29% for the third quarter. Base metals were sold heavily across the markets in September, to an even greater degree than in July and August, and all metals within the GSCI Commodity Index finished down for the quarter. Increasing exchange warehouse inventories as well as slowing global demand patterns weighted on metals. A firmer US dollar did not help the cause, neither did the general outflow of capital from commodities.

Softs and Livestock: Individual soft commodity fundamentals were similarly overwhelmed by capital outflows and fund liquidation pressures in September. Cocoa had managed gains in August but this was not the case in September. Sugar extended its August losses into September. Supplies hold ample and Brazilian sugar exports have accelerated. Coffee lost nearly 17% for the quarter.

Live hogs fell almost 4.5% and cattle 4.9%. Hogs were again hurt by increased slaughter levels and sluggish demand. Both markets saw slaughter increases related to higher feed costs and, like many agricultural commodities, were pressured by financing difficulties for farmers.

Sector Performance

Due to the nature of Registrant’s trading activities 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 Third Quarter 2009 and Third Quarter 2008 is presented below.

Third Quarter 2009

Currencies: (+) Registrant experienced a majority of its gains in the Australian and New Zealand dollars and euro. The majority of losses were seen in the British pound, Canadian dollar and Japanese yen.

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

Grains: (+) Registrant experienced gains in wheat, corn and cotton. Losses were incurred in soybeans.

Indices: (-) Registrant experienced gains is the Taiwanese Index, Nasdaq and Hang Seng. Losses were incurred in the DAX, DJ STOXX, London FTSE, CAC and the S&P 500.

Interest Rates: (+) Registrant experienced a majority of its gains in the Euribor Liffe, German Bund and Bobl, Eurodollar, Japanese Government Bonds, 3-month short sterling and US Treasuries. Losses were incurred in Australian Bonds and Bank Bills.

Meats: (+) Registrant experienced gains in live hogs and live and feeder cattle.

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

Softs: (-) Registrant experienced gains in coffee. Losses were incurred in cocoa and sugar.

Third Quarter 2008

Currencies: (-) Registrant experienced the majority of its gains in the British pound, euro and Swiss franc. The largest losses were incurred in the Australian dollar, Japanese yen and Singapore dollar.

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

Indices: (+) Registrant experienced the majority of its overall gains in the Nikkei, Dow Jones Stoxx 50, NASDAX 100 and the Taiwanese SIMEX. Losses were experienced in the CAC 40 and the Hang Seng.

Interest Rates: (-) Registrant experienced a majority of its gains in US Treasury Notes, Australian bonds and Canadian bonds. Losses were seen in the Euribor, German bonds and the German Bund.

Metals: (+) Registrant experienced gains in copper and zinc. Losses were incurred in gold.

Results of Operations

The net asset value (“Net Asset Value”) per Interest as of September 30, 2009 was $112.62, a decrease of 14.42% from the December 31, 2008 Net Asset Value per Interest of $131.60 and a decrease of 0.84% from the June 30, 2009 Net Asset Value per Interest of $113.57. The Net Asset Value per Interest as of September 26, 2008 was $134.42, a decrease of 1.91% from the December 31, 2007 Net Asset Value per Interest of $137.04 and a decrease of 5.30% from the June 27, 2008 Net Asset Value per Interest of $141.95. Past performance is not necessarily indicative of future results.

Registrant’s trading gains (losses) before commissions and related fees during Third Quarter 2009 and Year-To-Date 2009 were approximately $159,000 and $(1,143,000), respectively. Registrant’s trading gains (losses) before commissions and related fees during Third Quarter 2008 and Year-To-Date 2008 were approximately $(559,000) and $806,000, respectively.

Registrant’s average net asset level decreased during Third Quarter 2009 and Year-To-Date 2009 in comparison to Third Quarter 2008 and Year-To-Date 2008 primarily due to the effect of redemptions and negative trading performance. Registrant’s average net asset level decreased during Third Quarter 2008 and Year-To-Date 2008 in comparison to Third Quarter 2007 and Year-To-Date 2007 primarily due to the effect of redemptions and negative trading performance.

Interest income is earned on the average daily equity maintained with the clearing broker and bank at competitive interest rates and, therefore, varies according to interest rates, trading performance and redemptions. Interest income during Third Quarter 2009 and Year-To-Date 2009 were approximately $0 and $0, respectively, a decrease of approximately $71,000 and $217,000, respectively, as compared to Third Quarter 2008 and Year-To-Date 2008, primarily due to reduced average net asset levels discussed above and declining interest rates. Interest income during Third Quarter 2008 and Year-To-Date 2008 was approximately $71,000 and $217,000, respectively, a

decrease of approximately $184,000 and $698,000, respectively, as compared to Third Quarter 2007 and Year-To-Date 2007, primarily due to reduced average net asset levels discussed above and declining interest rates.

Through February 27, 2009, administrative services and other transaction fees were calculated on Registrant’s Net Asset Value at the end of each week, and therefore, varied according to weekly trading performance and redemptions. Subsequent to February 27, 2009, administrative services and other transaction fees are calculated on Registrant’s Net Asset Value at the end 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. Administrative services and other transaction fees during Third Quarter 2009 and Year-To-Date 2009 were approximately $158,000 and $582,000, respectively, a decrease of approximately $127,000 and $273,000, respectively, as compared to Third Quarter 2008 and Year-To-Date 2008, primarily due to reduced average net asset levels discussed above. Administrative services and other transaction fees during the Third Quarter 2008 and Year-To-Date 2008 were approximately $285,000 and $855,000, respectively, a decrease of approximately $87,000 and $417,000, respectively, as compared to Third Quarter 2007 and Year-To-Date 2007, primarily due to reduced average net asset levels discussed above.

Through February 27, 2009, management fees were calculated on the Net Asset Value of Registrant’s investment in Campbell Pool at the end of each week, and therefore, were affected by weekly trading performance and redemptions. Subsequent to February 27, 2009, management fees are calculated on the Net Asset Value of 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 Third Quarter 2009 and Year-To-Date 2009 were approximately $52,000 and $190,000, respectively, a decrease of approximately $40,000 and $86,000, respectively, as compared to Third Quarter 2008 and Year-To-Date 2008, primarily due to reduced average net asset levels discussed above. Management fees during Third Quarter 2008 and Year-To-Date 2008 were approximately $92,000 and $276,000, respectively, a decrease of approximately $27,000 and $130,000, respectively, as compared to Third Quarter 2007 and Year-To-Date 2007, primarily due to reduced average net asset levels discussed above.

Through February 27, 2009, incentive fees were based on the “New High Net Trading Profits” (as defined in the Advisory Agreement) generated by the Trading Advisor, accrued weekly and were ultimately determined as of the close of business on the last Friday of each calendar quarter. Subsequent to February 27, 2009, incentives fees are based on the “New High Net Trading Profits” generated by the Trading Advisor, are accrued monthly and are ultimately determined as of the last day of each calendar quarter. No incentive fees were earned during Third Quarter 2009, Third Quarter 2008, Year-To-Date 2009, or Year-To-Date 2008.

General and administrative expenses during Third Quarter 2009 and Year-To-Date 2009 were approximately $60,000 and $253,000, respectively. General and administrative expenses during Third Quarter 2008 and Year-To-Date 2008 were approximately $83,000 and $245,000, respectively. These expenses include accounting, audit, tax, and legal fees, as well as printing and postage costs related to reports sent to limited owners and are before reimbursement of costs incurred by the Managing Owner on behalf of Registrant. To the extent that general and administrative expenses exceed 1.5% of Registrant’s Average Net Asset Value during the year (with a maximum of 0.50% attributable to other than legal and audit expenses), such amounts are borne by the Managing Owner and its affiliates. General and administrative expenses that exceeded such limitations were approximately $9,000 and $50,000 during the Third Quarter 2009 and Year-To-Date 2009, respectively. General and administrative expenses did not exceed such limitations during Third Quarter 2008 or Year-To-Date 2008. Additionally, approximately $42,000 of previously borne expenses by Preferred were refunded to the Managing Owner for Third Quarter 2008.

Inflation

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

Off-Balance Sheet Arrangements and Contractual Obligations

As of September 30, 2009, Registrant had not utilized special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions

related to certain risks service providers, such as our accountants, undertake in performing services which are in the best interests of Registrant. While Registrant’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on Registrant’s financial position.

Registrant’s contractual obligations are with the Managing Owner and Trading Vehicle and, as a result of its investment in Trading Vehicle, with the Trading Advisor and Trading Vehicle’s commodity broker. Management fees payable by Registrant to the Trading Advisor through its investment in Trading Vehicle and administrative services and other transaction fees payable to the Managing Owner are calculated as a fixed percentage of Trading Vehicle’s and Registrant’s Net Asset Value, respectively. Incentive fees payable by Registrant to the Trading Advisor are at a fixed rate, calculated as a percentage of Registrant’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 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 1 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 are 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 Third Quarter 2009 that have materially affected, or are reasonably likely to materially affect, Registrant’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

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

Item 1.A.

Risk Factors

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

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.

Defaults Upon Senior Securities

None

Item 4.

Submission of Matters to a Vote of Security Holders

None

Item 5.

Other Information

On November 2, 2009, pursuant to Section 13.1(h) of the Trust Agreement, the Board of Directors of Preferred, in its capacity as managing owner of Registrant, determined to dissolve Registrant effective as of the close of business on December 31, 2009. Investors in Registrant will receive a pro rata distribution of their interest in KMP Futures Fund I LLC (formerly known as WCM Pool LLC). Registrant intends to file a Form 15 with the Securities and Exchange Commission (the “Commission”) on or about December 31, 2009 de-registering the units of Registrant registered under Section 12(g) of the Securities Exchange Act of 1934.

Item 6.

Exhibits:


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

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

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

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

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SIGNATURES

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


WORLD MONITOR TRUST II – SERIES F

By:	Kenmar Preferred Investments Corp.,
	its managing owner

By:	/S/ KENNETH A. SHEWER	Date: November 13, 2009
Name:	Kenneth A. Shewer
Title:	Co-Chief Executive Officer (Principal Executive Officer)

By:	/S/ DAVID K. SPOHR	Date: November 13, 2009
Name:	David K. Spohr
Title:	Senior Vice President and Director of Fund Administration (Principal Financial/Accounting Officer)

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller Reporting Company

WORLD MONITOR TRUST II SERIES F 10-Q