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Kenmar Global Trust · POS AM · On 4/26/04

Filed On 4/26/04 5:20pm ET · SEC File 333-09898 · Accession Number 930413-4-2075

  As Of               Filer                 Filing     As/For/On Docs:Pgs              Issuer               Agent

 4/26/04  Kenmar Global Trust               POS AM                 3:193                                    Command Financi..Corp/FA

Post-Effective Amendment
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: POS AM      Post-Effective Amendment                             191  1,025K 
 2: EX-23.01    Consent of Experts or Counsel                          1      4K 
 3: EX-23.05    Consent of Experts or Counsel                          1      6K

POS AM · Post-Effective Amendment
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (RTF, XML, et al.) Additional Advantages of Managed Futures Investments Additional Information Advisors, The (a) Term; Resignation Background and Principals (b) Allocation of Profit and Loss for Federal Income Tax Purposes Brokerage Commissions Capital Resources Certain Aspects of the Fund Charges Charges Paid by Kenmar Charges Paid By the Fund Clearing Brokers and Futures Broker, The Clearing Brokers, the Futures Broker and Executing Brokers, The Commodity Exchanges Commodity Futures Trading Commission Conflicts of Interest Consulting Fees Core and Potential Core Advisors Core and Potential Core Advisor Summaries Cross Reference Sheet Declaration of Trust and Trust Agreement Diversification Exhibit A Exhibit B Exhibit C Exhibits and Financial Statement Schedules Expenses Experts Extraordinary Expenses Federal Income Tax Consequences Fiduciary and Regulatory Duties Fiduciary Obligations of Kenmar Fimat Fimat UK Fimat USA Fourth Amended and Restated Declaration of Trust and Trust Agreement Fund and Its Objectives, The Fund and the Trustee, The Futures and Forward Contracts Futures and Forward Markets, The Futures Trading Methods in General General (g) Reliance by the Trustee and the Managing Owner; Advice of Counsel HB & Co Hedgers and Speculators Indemnification of Directors and Officers Independent Auditor's Report Index of Defined Terms Index to Financial Statements Ineligible Purchasers Investment Factors Investment of Kenmar in the Fund Investment Philosophy Investment Programs IRS Audits of the Fund and Its Unitholders Kenmar Kenmar Advisory Corp Kenmar Advisory Corp. Notes to Statement of Financial Condition (Unaudited) Kenmar Global Trust Largest peak-to-valley drawdown Legal Matters Limited Deductibility for Certain Expenses Limited Deductibility of Fund Losses and Deductions Liquidity Management of Fund Affairs; Voting by Unitholders Management of Traders Management's Discussion and Analysis of Financial Condition and Results of Operations Managing Owner Margins Net Net Assets Net Asset Value Per Unit Net Worth Notes To Comparative Performance And Correlation Charts Objectives Offering, The Ongoing Operating, Selling and Administrative Costs Operational Overview; Advisor Selections Other Expenses of Issuance and Distribution Overview Partnership Tax Status of the Fund Part Two Past Performance Information Performance of Commodity Pools Operated by Kenmar Performance of Kenmar Global Trust Performance Summary Plan of Distribution Possible Repayment of Distributions Received by Unitholders; Indemnification of the Fund by Unitholders Principal Office; Location of Records Privacy Policy of Kenmar Profit Shares and Incentive Fees Proprietary Trading/Other Clients Purchases By Employee Benefit Plans Pyramiding Recent Financial Information and Annual Reports Recent Sales of Unregistered Securities Recognition of the Fund in Certain States Redemption Charges Redemptions and Distributions Reports to Unitholders Results of Operations Risk Factors Risks You Face, The Selected Financial Data Selling Agents Selling Agents' Compensation Speculative Position and Daily Price Fluctuation Limits Sponsor State and Other Taxes Statement of Additional Information Subscribers' Representations and Warranties Subscription Procedure Subscription Requirements Suitability Summary Supplemental Performance Information of the Fund Syndication Expenses Table of Contents Taxation of Unitholders on Profits or Losses of the Fund Tax on Capital Gains and Losses; Interest Income The Advisors The Clearing Brokers and Futures Broker The Clearing Brokers, the Futures Broker and Executing Brokers The Fund and Its Objectives The Fund and the Trustee The Futures and Forward Markets The Offering The Risks You Face The Trustee Transfers of Units Restricted Trend-following Trustee, The UBS Securities LLC Undertakings Unrelated Business Taxable Income Use of Proceeds Value of Diversifying Into Managed Futures Year-End Mark-to-Market of Open Section 1256 Contract Positions 10. Audits and Reports to Unitholders (10) Limited Ability to Liquidate Your Investment 11. Assignability of Units (11) Possible Illiquid Markets 12. Redemptions (12) the Fund Does Not Acquire Any Asset With Intrinsic Value (13) Non-Correlated, Not Negatively Correlated, Performance Objective 13. Offering of Units 14. Additional Offerings (14) Broad Indices May Perform Quite Differently From Individual Investments (15) Distortion in Profit Share and Incentive Fee Calculations 15. Special Power of Attorney (16) Advisors Trading Independently of Each Other May Reduce Risk Control Potential 16. Withdrawal of a Unitholder 17. Standard of Liability; Indemnification (17) Trading on Commodity Exchanges Outside the United States Is Not Subject to U.S. Regulation 18. Amendments; Meetings (18) Conflicts of Interest 19. Governing Law (19) Unitholders Taxed Currently (1) Investors Must Not Rely on the Past Performance of Either Kenmar or the Fund in Deciding Whether to Buy Units 20. Miscellaneous 21. Benefit Plan Investors (21) Taxation of Interest Income Irrespective of Trading Losses 22. Certain Definitions (22) Possibility of A Tax Audit of Both the Fund and Unitholders (23) Failure of Brokerage Firms; Default by Clearing Broker 23. No Legal Title to Trust Estate 24. Legal Title (24) Regulatory Matters May Alter the Nature of an Investment in the Fund 25. Creditors (25) Fund Trading Is Not Transparent to Investors (26) Lack of Independent Experts Representing Investors (27) Forwards, Swaps, Hybrids and Other Derivatives Are Not Subject to Cftc Regulation (28) Possibility of Termination of the Fund Before Expiration of Its Stated Term (2) Possible Total Loss of An Investment in the Fund 2. The Trustee 3. Principal Office (3) Speculative and Volatile Markets; Highly Leveraged Trading 4. Business (4) Fees and Commissions Are Charged Regardless of Profitability and Are Subject to Change (5) Importance of Market Conditions to Profitability (6) Discretionary Trading Strategies May Incur Substantial Losses 6. Net Worth of Managing Owner 7. Capital Contributions; Units (7) Decisions Based Upon Fundamental Analysis May Not Result in Profitable Trading 8. Allocation of Profits and Losses (8) Increase in Assets Under Management May Affect Trading Decisions 9. Management of the Trust (9) No Assurance of Advisors' Continued Services
1	1st Page
"	Kenmar Global Trust
2	Cross Reference Sheet
3	The Offering
"	Kenmar Advisory Corp
4	Commodity Futures Trading Commission
7	Table of Contents
9	Part Two
11	Summary
"	Overview
"	Risk Factors
12	The Fund and Its Objectives
"	The Advisors
15	Suitability
16	The Risks You Face
"	(1) Investors Must Not Rely on the Past Performance of Either Kenmar or the Fund in Deciding Whether to Buy Units
"	(2) Possible Total Loss of An Investment in the Fund
"	(3) Speculative and Volatile Markets; Highly Leveraged Trading
"	(4) Fees and Commissions Are Charged Regardless of Profitability and Are Subject to Change
"	(5) Importance of Market Conditions to Profitability
17	(6) Discretionary Trading Strategies May Incur Substantial Losses
"	(7) Decisions Based Upon Fundamental Analysis May Not Result in Profitable Trading
"	(8) Increase in Assets Under Management May Affect Trading Decisions
"	(9) No Assurance of Advisors' Continued Services
"	(10) Limited Ability to Liquidate Your Investment
18	(11) Possible Illiquid Markets
"	(12) the Fund Does Not Acquire Any Asset With Intrinsic Value
"	(13) Non-Correlated, Not Negatively Correlated, Performance Objective
"	(14) Broad Indices May Perform Quite Differently From Individual Investments
19	(15) Distortion in Profit Share and Incentive Fee Calculations
"	(16) Advisors Trading Independently of Each Other May Reduce Risk Control Potential
"	(17) Trading on Commodity Exchanges Outside the United States Is Not Subject to U.S. Regulation
"	(18) Conflicts of Interest
"	(19) Unitholders Taxed Currently
20	(21) Taxation of Interest Income Irrespective of Trading Losses
"	(22) Possibility of A Tax Audit of Both the Fund and Unitholders
"	(23) Failure of Brokerage Firms; Default by Clearing Broker
"	(24) Regulatory Matters May Alter the Nature of an Investment in the Fund
21	(25) Fund Trading Is Not Transparent to Investors
"	(26) Lack of Independent Experts Representing Investors
"	(27) Forwards, Swaps, Hybrids and Other Derivatives Are Not Subject to Cftc Regulation
"	(28) Possibility of Termination of the Fund Before Expiration of Its Stated Term
"	Objectives
22	Investment Philosophy
23	Diversification
26	Core and Potential Core Advisor Summaries
30	HB & Co
33	Background and Principals
34	Management of Traders
35	Fiduciary Obligations of Kenmar
"	Fiduciary and Regulatory Duties
36	Investment of Kenmar in the Fund
"	Use of Proceeds
37	Charges
"	Charges Paid By the Fund
38	Brokerage Commissions
"	Profit Shares and Incentive Fees
40	Ongoing Operating, Selling and Administrative Costs
"	Extraordinary Expenses
"	Redemption Charges
"	Charges Paid by Kenmar
41	Consulting Fees
"	The Clearing Brokers and Futures Broker
"	UBS Securities LLC
"	Fimat
"	Fimat UK
42	Fimat USA
"	Conflicts of Interest
"	General
"	Kenmar
43	The Clearing Brokers, the Futures Broker and Executing Brokers
"	Selling Agents
44	Proprietary Trading/Other Clients
"	Redemptions and Distributions
45	The Fund and the Trustee
"	Principal Office; Location of Records
"	Certain Aspects of the Fund
46	The Trustee
"	Management of Fund Affairs; Voting by Unitholders
47	Recognition of the Fund in Certain States
"	Possible Repayment of Distributions Received by Unitholders; Indemnification of the Fund by Unitholders
"	Transfers of Units Restricted
"	Reports to Unitholders
48	Federal Income Tax Consequences
"	Partnership Tax Status of the Fund
"	Taxation of Unitholders on Profits or Losses of the Fund
"	Limited Deductibility of Fund Losses and Deductions
"	Limited Deductibility for Certain Expenses
49	Year-End Mark-to-Market of Open Section 1256 Contract Positions
"	Tax on Capital Gains and Losses; Interest Income
"	Syndication Expenses
50	Unrelated Business Taxable Income
"	IRS Audits of the Fund and Its Unitholders
"	State and Other Taxes
"	Purchases By Employee Benefit Plans
51	Ineligible Purchasers
52	Plan of Distribution
"	Subscription Procedure
"	Subscribers' Representations and Warranties
53	Selling Agents' Compensation
"	Legal Matters
"	Experts
54	Additional Information
"	Recent Financial Information and Annual Reports
"	Privacy Policy of Kenmar
55	Performance of Kenmar Global Trust
56	Selected Financial Data
58	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Operational Overview; Advisor Selections
59	Liquidity
60	Results of Operations
61	Performance Summary
"	Capital Resources
62	Performance of Commodity Pools Operated by Kenmar
66	Index of Defined Terms
67	Index to Financial Statements
68	Independent Auditor's Report
71	Expenses
73	Net Asset Value Per Unit
83	Net
90	Kenmar Advisory Corp. Notes to Statement of Financial Condition (Unaudited)
91	Statement of Additional Information
93	Supplemental Performance Information of the Fund
94	The Futures and Forward Markets
"	Futures and Forward Contracts
"	Hedgers and Speculators
"	Commodity Exchanges
"	Speculative Position and Daily Price Fluctuation Limits
95	Margins
96	Investment Factors
97	Value of Diversifying Into Managed Futures
101	Notes To Comparative Performance And Correlation Charts
"	Additional Advantages of Managed Futures Investments
102	Futures Trading Methods in General
103	Trend-following
108	Core and Potential Core Advisors
111	Investment Programs
124	Past Performance Information
143	Largest peak-to-valley drawdown
149	Exhibit A
"	Fourth Amended and Restated Declaration of Trust and Trust Agreement
"	Declaration of Trust and Trust Agreement
153	2. The Trustee
"	(a) Term; Resignation
155	(g) Reliance by the Trustee and the Managing Owner; Advice of Counsel
156	3. Principal Office
"	4. Business
157	6. Net Worth of Managing Owner
"	7. Capital Contributions; Units
158	8. Allocation of Profits and Losses
"	(b) Allocation of Profit and Loss for Federal Income Tax Purposes
161	9. Management of the Trust
162	10. Audits and Reports to Unitholders
163	11. Assignability of Units
"	12. Redemptions
165	13. Offering of Units
"	14. Additional Offerings
"	15. Special Power of Attorney
166	16. Withdrawal of a Unitholder
"	17. Standard of Liability; Indemnification
167	18. Amendments; Meetings
168	19. Governing Law
169	20. Miscellaneous
"	21. Benefit Plan Investors
"	22. Certain Definitions
170	Net Assets
"	Net Worth
171	Pyramiding
"	Sponsor
"	23. No Legal Title to Trust Estate
"	24. Legal Title
"	25. Creditors
178	Exhibit B
"	Subscription Requirements
180	Exhibit C
185	Item 13. Other Expenses of Issuance and Distribution
"	Item 14. Indemnification of Directors and Officers
"	Item 15. Recent Sales of Unregistered Securities
186	Item 16. Exhibits and Financial Statement Schedules
187	Item 17. Undertakings
189	Managing Owner

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Sponsored Ads...

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 26, 2004

REGISTRATION NO. 333-9898
================================================================================

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------

POST-EFFECTIVE AMENDMENT NO. 6 TO

FORM S-1

REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933

KENMAR GLOBAL TRUST
(Exact name of registrant as specified in its charter)

DELAWARE 6799 06-642854
(State of Organization) (Primary Standard Industrial (I.R.S. Employer
Classification Number) Identification Number)

C/O KENMAR ADVISORY CORP.
TWO AMERICAN LANE
P.O. BOX 5150
GREENWICH, CONNECTICUT 06831
203/861-1000

(Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)

MARK M. ROSSOW
C/O KENMAR ADVISORY CORP.
TWO AMERICAN LANE
P.O. BOX 5150
GREENWICH, CONNECTICUT 06831
203/861-1000

(Name, address, including zip code, and telephone number,
including area code, of agent for service)

COPIES TO:

DAVID R. SAWYIER MICHAEL J. SCHMIDTBERGER
SIDLEY AUSTIN BROWN & WOOD LLP SIDLEY AUSTIN BROWN & WOOD LLP
BANK ONE PLAZA 787 SEVENTH AVENUE
CHICAGO, ILLINOIS 60603 NEW YORK, NY 10019

APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:
AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE OF THIS REGISTRATION STATEMENT.

If any of the securities being registered on this Form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933 (the "Securities Act"), check the following box. |X|

If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective
registration statement for the same offering. |_|

If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. |_|

If this Form is a post-effective amendment filed pursuant to Rule 462(d)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. |_|

If delivery of the Prospectus is expected to be made pursuant to Rule 434,
please check the following box. |_|

THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE
OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT
SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION
STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF
THE SECURITIES ACT OF 1933 OR UNTIL THIS REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(A),
MAY DETERMINE.

PURSUANT TO THE PROVISIONS OF RULE 429 PROMULGATED UNDER THE SECURITIES
ACT, THE FORM OF PROSPECTUS SET FORTH HEREIN ALSO RELATES TO REGISTRANT'S
REGISTRATION STATEMENT ON FORM S-1 (REG. NO. 333-8869 DECLARED EFFECTIVE ON
DECEMBER 17, 1996.)

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KENMAR GLOBAL TRUST

CROSS REFERENCE SHEET

· Enlarge/Download Table

ITEM NO.
PROSPECTUS HEADING

1. Forepart of the Registration Statement and Outside Front
Cover Page of Prospectus................................. Cover Page

2. Inside Front and Outside Back Cover Pages to
Prospectus............................................... Inside Cover Page; Table of Contents

3. Summary Information, The Risks You Face and Ratio of
Earnings to Fixed Charges................................ Summary; The Fund and its Objectives; The Risks You Face

4. Use of Proceeds............................................ Use of Proceeds

5. Determination of Offering Price............................ Inside Cover Page; Plan of Distribution

6. Dilution................................................... Not Applicable

7. Selling Security Holders................................... Not Applicable

8. Plan of Distribution....................................... Inside Cover Page; Plan of Distribution

9. Description of Securities to be Registered................. Cover Page; The Fund and Its Objectives;
Redemptions; The Fund and the Trustee

10. Interests of Named Experts and Counsel..................... Legal Matters; Experts

11. Information with Respect to the Registrant................. Summary; The Risks You Face; The Fund and Its Objectives;
Charges; Kenmar Advisory Corp.; Conflicts of Interest; The
Fund and the Trustee; Investment Factors; Index to
Financial Statements
12. Disclosure of Commission Position on Indemnification for
Securities Act Liabilities............................... Not Applicable

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PART ONE - DISCLOSURE DOCUMENT
KENMAR GLOBAL TRUST

UNITS OF BENEFICIAL INTEREST

THE OFFERING

Kenmar Global Trust (the "Fund") trades speculatively in U.S. and international
futures and forward contracts, which are instruments designed to hedge or
speculate in various interest rates, commodities, currencies, stock indices and
other financial instruments.

Kenmar Advisory Corp. manages the Fund's trading by allocating its assets among
multiple commodity trading advisors using different trading strategies. The
Fund's objective is to achieve significant profits while controlling performance
volatility and the risk of loss.

Units of beneficial interest are issued as of the beginning of each month. Units
may be redeemed as of the last day of each month, beginning with the first
month-end following their sale. Effective June 1, 2004, Units redeemed on the
1st month-end through the 3rd month-end after sale are subject to a 3.5%
redemption charge, Units redeemed on the 4th month-end through the 6th month-end
after sale are subject to a 2.625% redemption charge, Units redeemed on the 7th
month-end through the 9th month-end after sale are subject to a 1.75% redemption
charge and Units redeemed on the 10th month-end through the 12th month-end after
sale are subject to a 0.875% redemption charge. After the end of the 12th month,
there will be no charge for redemption.

Units purchased from March 1 through and including May 1, 2004 are subject to
the same redemption fee schedule described in the immediately preceding
paragraph, except that such Units are subject to a 3% redemption charge for
Units redeemed on the 1st month-end through the 3rd month-end after sale.

The Selling Agents will use their best efforts to sell the Units offered.

THE RISKS

THESE ARE SPECULATIVE SECURITIES. BEFORE YOU DECIDE WHETHER TO INVEST, READ THIS
ENTIRE PROSPECTUS CAREFULLY AND CONSIDER "THE RISKS YOU FACE" BEGINNING ON PAGE
10.

o THE FUND IS SPECULATIVE AND LEVERAGED. THE FUND TYPICALLY COMMITS
BETWEEN 10% AND 20% OF ITS ASSETS AS MARGIN FOR ITS TRADING.

o PERFORMANCE CAN BE VOLATILE. THE NET ASSET VALUE PER UNIT HAS
FLUCTUATED IN A SINGLE MONTH AS MUCH AS 13.2%.

o YOU COULD LOSE ALL OR SUBSTANTIALLY ALL OF YOUR INVESTMENT IN THE
FUND.

o CERTAIN GENERAL TYPES OF MARKET CONDITIONS -- IN PARTICULAR, TRENDLESS
PERIODS WITHOUT MAJOR PRICE MOVEMENTS -- SIGNIFICANTLY REDUCE THE
POTENTIAL FOR CERTAIN ADVISORS TO TRADE SUCCESSFULLY.

o NO SECONDARY MARKET EXISTS FOR THE UNITS AND REDEMPTIONS ARE LIMITED
AND MAY RESULT IN REDEMPTION CHARGES.

o SUBSTANTIAL EXPENSES MUST BE OFFSET BY TRADING PROFITS AND INTEREST
INCOME. THE FUND MUST GENERATE TRADING PROFITS OF 11.65% PER ANNUM,
BEFORE ANY APPLICABLE REDEMPTION CHARGE, TO BREAK EVEN.

o A SUBSTANTIAL PORTION OF THE TRADES EXECUTED FOR THE FUND TAKES PLACE
ON FOREIGN EXCHANGES. NO U.S. REGULATORY AUTHORITY OR EXCHANGE HAS THE
POWER TO COMPEL THE ENFORCEMENT OF THE RULES OF A FOREIGN BOARD OF
TRADE OR ANY APPLICABLE FOREIGN LAWS.

MINIMUM INVESTMENT

REGULAR ACCOUNTS: IRAS, OTHER TAX-EXEMPT ACCOUNTS,
AND EXISTING INVESTORS:
$5,000 $2,000

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

Investors are required to make representations and warranties in connection with
their investments. Each investor is encouraged to discuss this investment with
his/her individual financial and tax advisers.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.

THIS PROSPECTUS IS IN TWO PARTS: A DISCLOSURE DOCUMENT AND A STATEMENT OF
ADDITIONAL INFORMATION. THESE PARTS ARE BOUND TOGETHER, AND BOTH CONTAIN
IMPORTANT INFORMATION.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF
PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED UPON THE ADEQUACY OR
ACCURACY OF THIS PROSPECTUS.

KENMAR ADVISORY CORP.
MANAGING OWNER

MAY [__], 2004
(NOT FOR USE AFTER FEBRUARY [__], 2005)

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COMMODITY FUTURES TRADING COMMISSION
RISK DISCLOSURE STATEMENT

YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS
YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT
FUTURES AND OPTIONS TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS.
SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND
CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS
ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE
POOL.

FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR
MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS
THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID
DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A
COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGE 31 AND A
STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS, TO RECOVER
THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE7.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS
NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL. THEREFORE,
BEFORE YOU DECIDE TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY
STUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK
FACTORS OF THIS INVESTMENT, AT PAGES 10 THROUGH 15.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN
FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED
STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE
SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE
POOL AND ITS PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE
UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR
MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY
BE EFFECTED.

REGULATORY NOTICES

THIS PROSPECTUS MUST BE ACCOMPANIED BY: (1) THE PROSPECTUS SUPPLEMENT, IF
ANY, CONTAINING CERTAIN INFORMATION REGARDING THE CURRENT ADVISORS; AND (2)
SUMMARY FINANCIAL INFORMATION FOR THE FUND CURRENT WITHIN 60 CALENDAR DAYS.

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

NO DEALER, SALESMAN OR ANY OTHER PERSON HAS BEEN AUTHORIZED TO GIVE ANY
INFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS PROSPECTUS, AND,
IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATION MUST NOT BE RELIED
UPON AS HAVING BEEN AUTHORIZED BY THE FUND, KENMAR, THE SELLING AGENTS, THE
ADVISORS OR ANY OTHER PERSON.

THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY THE SECURITIES OFFERED HEREBY TO ANY PERSON OR BY ANYONE IN ANY
JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION MAY NOT LAWFULLY BE MADE.

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

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NOTES TO COVER PAGE (CONT'D)

THE BOOKS AND RECORDS OF THE FUND WILL BE MAINTAINED AT ITS PRINCIPAL
OFFICE, TWO AMERICAN LANE, GREENWICH, CONNECTICUT 06831; TELEPHONE NUMBER (203)
861-1000. UNITHOLDERS WILL HAVE THE RIGHT, DURING NORMAL BUSINESS HOURS, TO HAVE
ACCESS TO AND COPY (UPON PAYMENT OF REASONABLE REPRODUCTION COSTS) SUCH BOOKS
AND RECORDS IN PERSON OR BY THEIR AUTHORIZED ATTORNEY OR AGENT. EACH MONTH,
KENMAR WILL DISTRIBUTE REPORTS TO ALL UNITHOLDERS SETTING FORTH SUCH INFORMATION
RELATING TO THE FUND AS THE COMMODITY FUTURES TRADING COMMISSION (THE "CFTC")
AND THE NATIONAL FUTURES ASSOCIATION (THE "NFA") MAY REQUIRE TO BE GIVEN TO THE
PARTICIPANTS IN COMMODITY POOLS SUCH AS THE FUND AND ANY SUCH OTHER INFORMATION
AS KENMAR MAY DEEM APPROPRIATE. THERE WILL SIMILARLY BE DISTRIBUTED TO
UNITHOLDERS, NOT MORE THAN 90 DAYS AFTER THE CLOSE OF EACH OF THE FUND'S FISCAL
YEARS, AUDITED CERTIFIED FINANCIAL STATEMENTS AND (IN NO EVENT LATER THAN MARCH
15 OF THE IMMEDIATELY FOLLOWING YEAR) THE TAX INFORMATION RELATING TO THE FUND
NECESSARY FOR THE PREPARATION OF UNITHOLDERS' ANNUAL FEDERAL INCOME TAX RETURNS.

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

THE DIVISION OF INVESTMENT MANAGEMENT OF THE SECURITIES AND EXCHANGE
COMMISSION REQUIRES THAT THE FOLLOWING STATEMENT BE PROMINENTLY SET FORTH
HEREIN: "KENMAR GLOBAL TRUST IS NOT A MUTUAL FUND OR ANY OTHER TYPE OF
INVESTMENT COMPANY WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED, AND IS NOT SUBJECT TO REGULATION THEREUNDER."

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

iii

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KENMAR GLOBAL TRUST

TABLE OF CONTENTS

PROSPECTUS SECTION PAGE

PART ONE
--------
DISCLOSURE DOCUMENT

SUMMARY .................................................................... 5
Overview ................................................................ 5
Risk Factors ............................................................ 5
The Fund and Its Objectives ............................................. 6
"Breakeven Table" ....................................................... 7
Suitability ............................................................. 9

THE RISKS YOU FACE ......................................................... 10
(1) INVESTORS MUST NOT RELY ON THE PAST PERFORMANCE OF EITHER KENMAR
OR THE FUND IN DECIDING WHETHER TO BUY UNITS ...................... 10
(2) POSSIBLE TOTAL LOSS OF AN INVESTMENT IN THE FUND .................. 10
(3) SPECULATIVE AND VOLATILE MARKETS; HIGHLY LEVERAGED TRADING ........ 10
(4) FEES AND COMMISSIONS ARE CHARGED REGARDLESS OF PROFITABILITY
AND ARE SUBJECT TO CHANGE ......................................... 10
(5) IMPORTANCE OF MARKET CONDITIONS TO PROFITABILITY .................. 10
(6) DISCRETIONARY TRADING STRATEGIES MAY INCUR SUBSTANTIAL LOSSES ..... 11
(7) DECISIONS BASED UPON FUNDAMENTAL ANALYSIS MAY NOT RESULT IN
PROFITABLE TRADING ................................................ 11
(8) INCREASE IN ASSETS UNDER MANAGEMENT MAY AFFECT TRADING DECISIONS .. 11
(9) NO ASSURANCE OF ADVISORS' CONTINUED SERVICES ...................... 11
(10) LIMITED ABILITY TO LIQUIDATE YOUR INVESTMENT ...................... 11
(11) POSSIBLE ILLIQUID MARKETS ......................................... 12
(12) THE FUND DOES NOT ACQUIRE ANY ASSET WITH INTRINSIC VALUE .......... 12
(13) NON-CORRELATED, NOT NEGATIVELY CORRELATED, PERFORMANCE OBJECTIVE .. 12
(14) BROAD INDICES MAY PERFORM QUITE DIFFERENTLY FROM
INDIVIDUAL INVESTMENTS ............................................ 12
(15) DISTORTION IN PROFIT SHARE AND INCENTIVE FEE CALCULATIONS ......... 13
(16) ADVISORS TRADING INDEPENDENTLY OF EACH OTHER MAY REDUCE
RISK CONTROL POTENTIAL ............................................ 13
(17) TRADING ON COMMODITY EXCHANGES OUTSIDE THE UNITED STATES
IS NOT SUBJECT TO U.S. REGULATION ................................. 13
(18) CONFLICTS OF INTEREST ............................................. 13
(19) UNITHOLDERS TAXED CURRENTLY ....................................... 13
(20) LIMITATION ON DEDUCTIBILITY OF "INVESTMENT ADVISORY FEES" ......... 14
(21) TAXATION OF INTEREST INCOME IRRESPECTIVE OF TRADING LOSSES ........ 14
(22) POSSIBILITY OF A TAX AUDIT OF BOTH THE FUND AND UNITHOLDERS ....... 14
(23) FAILURE OF BROKERAGE FIRMS; DEFAULT BY CLEARING BROKER ............ 14
(24) REGULATORY MATTERS MAY ALTER THE NATURE OF AN INVESTMENT
IN THE FUND ....................................................... 14
(25) FUND TRADING IS NOT TRANSPARENT TO INVESTORS ...................... 15
(26) LACK OF INDEPENDENT EXPERTS REPRESENTING INVESTORS ................ 15
(27) FORWARDS, SWAPS, HYBRIDS AND OTHER DERIVATIVES ARE NOT SUBJECT
TO CFTC REGULATION ................................................ 15
(28) POSSIBILITY OF TERMINATION OF THE FUND BEFORE EXPIRATION
OF ITS STATED TERM ................................................ 15

THE FUND AND ITS OBJECTIVES ................................................ 15
Objectives .............................................................. 15
Investment Philosophy ................................................... 16
Diversification ......................................................... 17
The Advisors ............................................................ 19
Core and Potential Core Advisor Summaries ............................... 20

KENMAR ADVISORY CORP ....................................................... 27
Background and Principals ............................................... 27
Management of Traders ................................................... 28
Fiduciary Obligations of Kenmar ......................................... 29
Fiduciary and Regulatory Duties ......................................... 29
Investment of Kenmar in the Fund ........................................ 30

USE OF PROCEEDS ............................................................ 30

CHARGES .................................................................... 32
Charges Paid By the Fund ................................................ 32
BROKERAGE COMMISSIONS ................................................ 33
"BID-ASK" SPREADS .................................................... 33
PROFIT SHARES AND INCENTIVE FEES ..................................... 33
ONGOING OPERATING, SELLING AND ADMINISTRATIVE COSTS .................. 35

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EXTRAORDINARY EXPENSES ............................................... 35
REDEMPTION CHARGES ................................................... 35
Charges Paid by Kenmar .................................................. 35
SELLING COMMISSIONS; "TRAILING COMMISSIONS" .......................... 35
CONSULTING FEES ...................................................... 36

THE CLEARING BROKERS AND FUTURES BROKER .................................... 36
UBS Securities LLC ...................................................... 36
FIMAT ................................................................... 36
Fimat UK ................................................................ 36
Fimat USA ............................................................... 37

CONFLICTS OF INTEREST ...................................................... 37
General ................................................................. 37
Kenmar .................................................................. 38
The Advisors ............................................................ 38
The Clearing Brokers, the Futures Broker and Executing Brokers .......... 39
Selling Agents .......................................................... 39
Proprietary Trading/Other Clients ....................................... 39

REDEMPTIONS AND DISTRIBUTIONS .............................................. 39

THE FUND AND THE TRUSTEE ................................................... 41
Principal Office; Location of Records ................................... 41
Certain Aspects of the Fund ............................................. 41
The Trustee ............................................................. 41
Management of Fund Affairs; Voting by Unitholders ....................... 42
Recognition of the Fund in Certain States ............................... 42
Possible Repayment of Distributions Received by Unitholders;
Indemnification of the Fund by Unitholders ........................... 42
Transfers of Units Restricted ........................................... 43
Reports to Unitholders .................................................. 43
General ................................................................. 42

FEDERAL INCOME TAX CONSEQUENCES ............................................ 43
Partnership Tax Status of the Fund ...................................... 44
Taxation of Unitholders on Profits or Losses of the Fund ................ 44
Limited Deductibility of Fund Losses and Deductions ..................... 44
Limited Deductibility for Certain Expenses .............................. 44
Year-End Mark-to-Market of Open Section 1256 Contract Positions ......... 45
Tax on Capital Gains and Losses; Interest Income ........................ 45
Syndication Expenses .................................................... 45
Unrelated Business Taxable Income ....................................... 45
IRS Audits of the Fund and Its Unitholders .............................. 45
State and Other Taxes ................................................... 45

PURCHASES BY EMPLOYEE BENEFIT PLANS ........................................ 45
General ................................................................. 46
"Plan Assets" ........................................................... 46
Ineligible Purchasers ................................................... 47

PLAN OF DISTRIBUTION ....................................................... 47
Subscription Procedure .................................................. 47
Subscribers' Representations and Warranties ............................. 48
Selling Agents' Compensation ............................................ 48

LEGAL MATTERS .............................................................. 49

EXPERTS .................................................................... 49

ADDITIONAL INFORMATION ..................................................... 49

RECENT FINANCIAL INFORMATION AND ANNUAL REPORTS ............................ 49

PERFORMANCE OF KENMAR GLOBAL TRUST ......................................... 51

SELECTED FINANCIAL DATA .................................................... 52

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS ............................................... 54
Operational Overview; Advisor Selections ................................ 54
Liquidity ............................................................... 55
Results of Operations ................................................... 56
GENERAL ................................................................. 56
Performance Summary ..................................................... 57
Capital Resources ....................................................... 57

PERFORMANCE OF COMMODITY POOLS OPERATED BY KENMAR .......................... 58

INDEX OF DEFINED TERMS ..................................................... 62

INDEX TO FINANCIAL STATEMENTS .............................................. 62

KENMAR GLOBAL TRUST INDEPENDENT AUDITOR'S REPORT ........................ 64
KENMAR GLOBAL TRUST STATEMENTS OF FINANCIAL CONDITION AS OF
DECEMBER 31, 2003 AND 2002 (AUDITED) ................................ 65
KENMAR GLOBAL TRUST CONDENSED SCHEDULE
OF INVESTMENTS AS OF DECEMBER 31, 2003 (AUDITED) .................... 66

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KENMAR GLOBAL TRUST STATEMENTS OF OPERATIONS FOR THE YEARS ENDED
DECEMBER 31, 2003, 2002 AND 2001 (AUDITED) .......................... 67
KENMAR GLOBAL TRUST STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED
DECEMBER 31, 2003, 2002 AND 2001 (AUDITED) .......................... 68
KENMAR GLOBAL TRUST STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL
(NET ASSET VALUE) FOR THE YEARS ENDED DECEMBER 31, 2003, 2002
AND 2001 (AUDITED) .................................................. 69
KENMAR GLOBAL TRUST NOTES TO FINANCIAL STATEMENTS (AUDITED) ............. 70
KENMAR ADVISORY CORP. INDEPENDENT AUDITOR'S REPORT ...................... 76
KENMAR ADVISORY CORP. STATEMENT OF FINANCIAL CONDITION
AS OF SEPTEMBER 30, 2003 (AUDITED) .................................. 77
KENMAR ADVISORY CORP. NOTES TO STATEMENT OF
FINANCIAL CONDITION (AUDITED) ....................................... 78
KENMAR ADVISORY CORP. STATEMENT OF FINANCIAL CONDITION AS OF
DECEMBER 31, 2003 (UNAUDITED) ....................................... 85
KENMAR ADVISORY CORP. NOTES TO STATEMENT OF FINANCIAL
CONDITION (UNAUDITED) ............................................... 86

PART TWO
STATEMENT OF ADDITIONAL INFORMATION

SUPPLEMENTAL PERFORMANCE INFORMATION OF THE FUND ........................... 89
THE FUTURES AND FORWARD MARKETS ............................................ 90
FUTURES AND FORWARD CONTRACTS ........................................... 90
HEDGERS AND SPECULATORS ................................................. 90
COMMODITY EXCHANGES ..................................................... 90
SPECULATIVE POSITION AND DAILY PRICE
FLUCTUATION LIMITS .................................................. 90
MARGINS ................................................................. 91

INVESTMENT FACTORS ......................................................... 92

THE ADVISORS ............................................................... 98

EXHIBIT A--FOURTH AMENDED AND RESTATED
DECLARATION OF TRUST AND TRUST AGREEMENT .............................. TA-1
ANNEX--REQUEST FOR REDEMPTION

EXHIBIT B--SUBSCRIPTION REQUIREMENTS ..................................... SR-1

EXHIBIT C--SUBSCRIPTION INSTRUCTIONS,
SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY .......................... SA-1

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SUMMARY

THE NATURE OF AN INVESTMENT IN THE FUND IS COMPLEX
AND MUST BE CAREFULLY REVIEWED BY ANY PERSON
CONSIDERING PURCHASING UNITS. THE FOLLOWING
SUMMARY IS QUALIFIED IN ITS ENTIRETY BY THE
INFORMATION SET FORTH ELSEWHERE IN
THIS PROSPECTUS.

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

OVERVIEW

o EXPERIENCED MANAGING OWNER AND ADVISORS. SEE "THE FUND AND ITS OBJECTIVES--
THE ADVISORS" AT PAGE 15 AND "KENMAR ADVISORY CORP." AT PAGE 27.

o ACCESS TO A WIDE RANGE OF DOMESTIC AND INTERNATIONAL MARKETS. SEE "THE FUND
AND ITS OBJECTIVES -- DIVERSIFICATION" AT PAGE 17.

o DIVERSIFICATION AMONG TRADING STRATEGIES. SEE "THE FUND AND ITS OBJECTIVES
-- INVESTMENT PHILOSOPHY" AT PAGE 16.

o INVESTING IN A MANAGED FUTURES FUND CAN BE AN EFFECTIVE WAY TO GLOBALLY
DIVERSIFY A PORTFOLIO. SEE "PART TWO -- STATEMENT OF ADDITIONAL INFORMATION
-- INVESTMENT FACTORS -- VALUE OF DIVERSIFYING INTO MANAGED FUTURES" AT PAGE
90.

o OFFERING THE ADVANTAGES OF (I) LIMITED LIABILITY WHILE PARTICIPATING IN
HIGHLY LEVERAGED TRADING, (II) MONTHLY REDEMPTION RIGHTS (HOWEVER,
REDEMPTION RIGHTS START AT THE END OF THE SIXTH MONTH AFTER PURCHASE FOR
UNITS PURCHASED PRIOR TO MARCH 1, 2004), AND (III) ADMINISTRATIVE
CONVENIENCE IN A FUND IMPLEMENTING COMPLEX TRADING STRATEGIES IN DOMESTIC
AND INTERNATIONAL MARKETS. SEE "PART TWO -- STATEMENT OF ADDITIONAL
INFORMATION -- INVESTMENT FACTORS -- ADDITIONAL ADVANTAGES OF MANAGED
FUTURES INVESTMENTS" AT PAGE 94 AND "REDEMPTIONS AND DISTRIBUTIONS" AT PAGE
38.

RISK FACTORS

AN INVESTMENT IN THE FUND IS SPECULATIVE
AND INVOLVES A HIGH DEGREE OF RISK.

o PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS; ALL OR
SUBSTANTIALLY ALL OF AN INVESTMENT COULD BE LOST. SEE "COMMODITY FUTURES
TRADING COMMISSION--RISK DISCLOSURE STATEMENT" AT PAGE II AND "THE RISKS YOU
FACE -- (1) INVESTORS MUST NOT RELY ON THE PAST PERFORMANCE OF EITHER KENMAR
OR THE FUND IN DECIDING WHETHER TO BUY UNITS" AND "THE RISKS YOU FACE -- (2)
POSSIBLE TOTAL LOSS OF AN INVESTMENT IN THE FUND" AT PAGE 10.

o THE FUND'S TRADING IS HIGHLY LEVERAGED AND TAKES PLACE IN VERY VOLATILE
MARKETS. SEE "THE FUND AND ITS OBJECTIVES" AT PAGE 15 AND "THE RISKS YOU
FACE -- (3) SPECULATIVE AND VOLATILE MARKETS; HIGHLY LEVERAGED TRADING" AT
PAGE 10.

o THE FUND IS SUBJECT TO SUBSTANTIAL CHARGES AND WILL BE SUCCESSFUL ONLY IF
SIGNIFICANT PROFITS ARE ACHIEVED. THE FUND MUST GENERATE TRADING PROFITS OF
11.65% PER ANNUM, BEFORE ANY APPLICABLE REDEMPTION CHARGE, TO BREAKEVEN. AN
INVESTOR WHO REDEEMS IN THE FIRST YEAR WILL BE ASSESSED A REDEMPTION PENALTY
AND, THUS, OVERALL TRADING PROFITS OF APPROXIMATELY 12.427% OF THE FUND'S
AVERAGE BEGINNING OF MONTH NET ASSETS MUST BE EARNED DURING THE FIRST YEAR
OF TRADING IN ORDER TO BREAKEVEN. (THIS ASSUMES THAT THE UNITS WHICH ARE
PURCHASED ON AND AFTER JUNE 1, 2004 AND ARE REDEEMED ON THE 10TH THROUGH THE
12TH MONTH-END FOLLOWING SALE AND, THEREFORE, ARE SUBJECT TO A 0.875%
REDEMPTION CHARGE. REDEMPTIONS ON THE 1ST THROUGH 3RD MONTH-END ARE SUBJECT
TO A 3.5% REDEMPTION CHARGE, REDEMPTIONS ON THE 4TH THROUGH 6TH MONTH-END
ARE SUBJECT TO A 2.625% REDEMPTION CHARGE AND REDEMPTIONS ON THE 7TH THROUGH
9TH MONTH-END ARE SUBJECT TO A 1.75% REDEMPTION CHARGE.) SEE "-- BREAKEVEN
TABLE," AT PAGE 8, "CHARGES" AT PAGE 31 AND "THE RISKS YOU FACE-- (4) FEES
AND COMMISSIONS ARE CHARGED REGARDLESS OF PROFITABILITY AND ARE SUBJECT TO
CHANGE" AT PAGE 10.

UNITS PURCHASED FROM MARCH 1 THROUGH AND INCLUDING MAY 1, 2004 ARE SUBJECT
TO THE SAME REDEMPTION FEE SCHEDULE DESCRIBED IN THE IMMEDIATELY PRECEDING
PARAGRAPH, EXCEPT THAT SUCH UNITS ARE SUBJECT TO A 3% REDEMPTION CHARGE FOR
UNITS REDEEMED ON THE 1ST MONTH-END THROUGH THE 3RD MONTH-END AFTER SALE.

UNITS PURCHASED PRIOR TO MARCH 1, 2004 REMAIN SUBJECT TO THE PREVIOUS
SCHEDULE OF REDEMPTION CHARGES AND MAY ONLY BE REDEEMED BEGINNING ON OR
AFTER THE END OF THE SIXTH MONTH AFTER SALE. THROUGH THE END OF THE

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TWELFTH AND EIGHTEENTH FULL MONTHS AFTER THEIR SALE, UNITS PURCHASED PRIOR
TO MARCH 1, 2004 WILL BE SUBJECT TO REDEMPTION CHARGES EQUAL TO 3% AND 2%,
RESPECTIVELY, OF THE NET ASSET VALUE PER UNIT AS OF THE DATE OF REDEMPTION.

o CERTAIN GENERAL TYPES OF MARKET CONDITIONS -- IN PARTICULAR, TRENDLESS
PERIODS WITHOUT MAJOR PRICE MOVEMENTS -- SIGNIFICANTLY REDUCE THE POTENTIAL
FOR CERTAIN ADVISORS TO TRADE SUCCESSFULLY. SEE "THE RISKS YOU FACE -- (5)
IMPORTANCE OF MARKET CONDITIONS TO PROFITABILITY" AT PAGE 10.

THE FUND AND ITS OBJECTIVES

The Fund is a multi-advisor, multi-strategy managed futures investment
portfolio. The Fund trades under the management of multiple Advisors selected
from time to time by Kenmar.

Kenmar has substantial experience in managing multi-advisor portfolios,
implementing both quantitative and qualitative methods of individual advisor
selection and asset allocation, as well as overall portfolio design. The
Advisors trade entirely independently of each other, implementing proprietary
strategies in the markets of their choice. The Fund has access to global
futures, forward and options trading with the ability rapidly to deploy and
redeploy its capital across different sectors of the global economy.

In addition to selecting and allocating and reallocating Fund assets
among Advisors, Kenmar monitors and adjusts the overall leverage at which the
Fund trades. The Fund's commitment to the Advisors may exceed 100% of total Fund
equity should Kenmar decide to strategically allocate notional equity to the
Advisors. There are periods in the markets during which it is unlikely that any
Advisor or group of Advisors will achieve profitability. By having the ability
to deleverage the Fund's market commitment to below its actual equity during
such periods, Kenmar could help preserve capital while awaiting more favorable
market cycles.

Under the Fund's Fourth Amended and Restated Declaration of Trust,
Wilmington Trust Company, the Fund's Trustee, has delegated to Kenmar the
exclusive management and control of all aspects of the business of the Fund. The
Trustee will have no duty or liability to supervise or monitor the performance
of Kenmar, nor will the Trustee have any liability for the acts or omissions of
Kenmar.

THERE CAN BE NO ASSURANCE THAT THE FUND WILL ACHIEVE ITS RATE OF RETURN
OR DIVERSIFICATION OBJECTIVE OR AVOID SUBSTANTIAL LOSSES.

KENMAR ADVISORY CORP.

Kenmar, a Connecticut corporation originally formed in 1983 as a New
York corporation, and its affiliates have been sponsoring and managing single-
and multi-advisor funds for over a decade. As of February 29, 2004, Kenmar and
its affiliates were acting as trading manager for commodity pools and accounts
with total capital (excluding "notional" funds) of approximately $1.2 billion,
of which approximately $26 million was invested in commodity pools operated by
Kenmar.

The principal office of the Fund is c/o Kenmar Advisory Corp., Two
American Lane, Greenwich, Connecticut 06831. The telephone number of the Fund
and Kenmar is (203) 861-1000.

SEE "PERFORMANCE OF KENMAR GLOBAL TRUST" FOR PAST
PERFORMANCE OF THE FUND ON PAGE 49.

SEE "PERFORMANCE OF COMMODITY POOLS OPERATED BY KENMAR" FOR THE
PERFORMANCE OF OTHER COMMODITY POOLS MANAGED BY KENMAR.

THE ADVISORS

The Advisors are all well-established in the managed futures industry
and have, in the past, demonstrated the ability to make substantial profits in a
wide range of different market conditions. These Advisors, collectively,
represent a range of technical, systematic, fundamental and discretionary
methodologies, with extensive experience trading both proprietary and client
capital. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THE
FACT THAT AN ADVISOR HAS TRADED SUCCESSFULLY IN THE PAST DOES NOT MEAN THAT SUCH
ADVISOR WILL DO SO IN THE FUTURE.

As of February 29, 2004, the core Advisors were collectively managing
approximately $6.9 billion (excluding notional funds, except with respect to
Graham Capital Management, L.P.) in managed futures accounts in which their
clients (and in certain cases the core Advisors themselves) had invested
approximately $2.6 billion in the trading programs being used for the Fund. See
"The Fund and its Objectives -- Investment Philosophy" at page 15.

TAX STATUS OF THE FUND

In the opinion of counsel, the Fund is properly classified as a
partnership for federal income tax purposes. Unitholders will pay tax each year
on

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SUMMARY (CONT'D)

their allocable share of the Fund's taxable income, if any, whether or not they
receive any distributions from the Fund or redeem any Units. Substantially all
of the Fund's trading gains and losses will be treated as capital gains or
losses for tax purposes; interest income received by the Fund will be treated as
ordinary income. See "Federal Income Tax Consequences" at page 42.

"BREAKEVEN TABLE"

The "Breakeven Table" on the following page indicates the approximate
percentage and dollar returns required for the redemption value of an initial
$5,000 investment in the Units to equal the amount originally invested twelve
months after issuance (assuming the Units are purchased on and after June 1,
2004 and redeemed on the 10th through the 12th month-end following sale and,
therefore, are subject to a 0.875% redemption charge). Units purchased on and
after June 1, 2004 and redeemed between the 1st through 3rd month-end are
subject to a 3.5% redemption charge, redemptions on the 4th through 6th
month-end are subject to a 2.625% redemption charge and redemptions on the 7th
through 9th month-end are subject to a 1.75% redemption charge. Redemptions
after the 12th month-end are at Net Asset Value (no charge).

Units purchased from March 1 through and including May 1, 2004 are
subject to the same redemption fee schedule described in the immediately
preceding paragraph, except that such Units are subject to a 3% redemption
charge for Units redeemed on the 1st month-end through the 3rd month-end after
sale.

THE "BREAKEVEN TABLE," AS PRESENTED, IS AN APPROXIMATION ONLY AND MAY BE
AFFECTED TO A CERTAIN EXTENT AS THE SIZE OF THE FUND EXCEEDS $25 MILLION. THE
FUND'S CAPITALIZATION DOES NOT DIRECTLY AFFECT THE LEVEL OF ITS CHARGES AS A
PERCENTAGE OF NET ASSET VALUE, OTHER THAN (I) ADMINISTRATIVE EXPENSES (WHICH ARE
ASSUMED IN THE "BREAKEVEN TABLE" TO EQUAL THE MAXIMUM ESTIMATED PERCENTAGE OF
THE FUND'S AVERAGE BEGINNING OF MONTH NET ASSETS) AND (II) BROKERAGE
COMMISSIONS, AS DESCRIBED FURTHER IN FOOTNOTE 3.

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SUMMARY (CONT'D)
----------------

"BREAKEVEN TABLE"

· Enlarge/Download Table

-------------------------------------------------------------- ------------------------- -----------------------------
EXPENSES (1) PERCENTAGE RETURN DOLLAR RETURN
WHICH MUST BE OFFSET REQUIRED REQUIRED
TO "BREAKEVEN" FIRST TWELVE MONTHS ($5,000 INITIAL INVESTMENT)
OF INVESTMENT FIRST TWELVE MONTHS
OF INVESTMENT
-------------------------------------------------------------- ------------------------- -----------------------------

Brokerage Commissions (2) (3) 10.00% $500.00
-------------------------------------------------------------- ------------------------- -----------------------------
Administrative Expenses (4) 0.75% $37.50
-------------------------------------------------------------- ------------------------- -----------------------------
Advisors' Profit Shares (5) 2.00% $100.00
-------------------------------------------------------------- ------------------------- -----------------------------
Kenmar Incentive Fee (6) 0.044% $2.20
-------------------------------------------------------------- ------------------------- -----------------------------
Redemption Charge (7)(8)(9) 0.883% $44.15
-------------------------------------------------------------- ------------------------- -----------------------------
Interest Income (10) (1.25)% $(62.50)
============================================================== ========================= =============================
RETURN ON $5,000 INITIAL INVESTMENT REQUIRED FOR 12.427% $621.35
"BREAKEVEN" IF UNITS ARE REDEEMED ON OR BEFORE THE 12TH
MONTH-END FOLLOWING SALE.
============================================================== ========================= =============================

NOTES TO "BREAKEVEN TABLE"

(1) The foregoing break-even analysis assumes that the Units have a constant
month-end Net Asset Value. Calculations are based on $5,000 as the Net
Asset Value per Unit. See "Charges" at page 31 of the Prospectus for an
explanation of the expenses included in the "Breakeven Table."

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

(3) Effective March 1, 2004, once Net Assets reach $25 million, the annual
Brokerage Commission rate will be reduced to a blended rate for all Net
Assets based on 10% of the first $25 million and 9% on any Net Assets
over that amount. A reduction in the annual Brokerage Commission rate
will reduce the percentage return required to breakeven.

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

(5) Profit Shares are calculated quarterly on the basis of each Advisor's
individual performance, not the overall performance of the Fund.
Consequently, it is not possible to determine the amount of Profit
Shares, if any, that would be payable in a "breakeven" year. Kenmar
believes that 2.00% of average beginning of month Net Assets is a
reasonable estimate for such Profit Shares, but the actual Profit Shares
paid in a "breakeven" year could substantially exceed such estimate.

(6) No Incentive Fee might, in fact, be due. See "Charges -- Profit Shares
and Incentive Fees" at page 32. However, for purposes of the "Breakeven
Table," the Incentive Fee has been estimated at 5% of the 0.883% gain
referred to below.

(7) Redemption charges for purposes of this "breakeven" analysis equal 0.883%
of the initial $5,000 (0.875% of the $5,044.15 Net Asset Value required
so that after subtraction of the 0.875% redemption charge, the investor
would receive net redemption proceeds of $5,000).

(8) For the purposes of this Breakeven Table, it has been assumed that Units
have been purchased on or after June 1, 2004 and the redemption charge is
based on the applicable redemption charge for Units redeemed on the 10th
through 12th month-end. FOR UNITS REDEEMED ON THE 1ST THROUGH 3RD
MONTH-END THE REDEMPTION CHARGE WOULD BE 3.5%; FOR UNITS REDEEMED ON THE
4TH THROUGH 6TH MONTH-END THE REDEMPTION CHARGE WOULD BE 2.625%; AND FOR
UNITS REDEEMED ON THE 7TH THROUGH 9TH MONTH-END THE REDEMPTION CHARGE
WOULD BE 1.75%.

(9) Units purchased from March 1 through and including May 1, 2004 are
subject to the same redemption fee schedule described in the immediately
preceding footnote, except that such Units are subject to a 3% redemption
charge for Units redeemed on the 1st month-end through the 3rd month-end
after sale. Units purchased prior to March 1, 2004, remain subject to
redemption charges and may only be redeemed beginning on or after the end
of the sixth month after sale. Through the end of the twelfth and
eighteenth full months after their sale, Units purchased prior to March
1, 2004 will be subject to redemption charges equal to 3% and 2%,
respectively, of the Net Asset Value per Unit as of the date of
redemption. For the purposes of the Breakeven Table the applicable
redemption charge for Units redeemed as of the twelfth month-end would be
3% and therefore the percentage return required to breakeven would be
14.65%.

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

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SUMMARY (CONT'D)
----------------

SUITABILITY

THE FUND TRADES AT A HIGH DEGREE OF LEVERAGE IN HIGHLY VOLATILE MARKETS.
AN INVESTMENT IN THE UNITS IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK.
THERE CAN BE NO ASSURANCE THAT THE FUND WILL ACHIEVE ITS OBJECTIVES.

NO SUBSCRIBER MAY INVEST MORE THAN 10% OF HIS OR HER NET WORTH (IN ALL
CASES EXCLUSIVE OF HOME, FURNISHINGS AND AUTOMOBILES) IN THE FUND. SUBSCRIBERS
MUST BE PREPARED TO LOSE ALL OR SUBSTANTIALLY ALL OF THEIR INVESTMENT.

SEE EXHIBIT B OF THIS PROSPECTUS FOR A LISTING OF THE SPECIFIC
SUITABILITY REQUIREMENTS APPLICABLE TO AN INVESTMENT IN THE UNITS.

THE UNITS ARE SPECULATIVE AND
INVOLVE A HIGH DEGREE OF RISK.

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THE RISKS YOU FACE

(1) INVESTORS MUST NOT RELY ON THE PAST PERFORMANCE OF EITHER KENMAR OR THE
FUND IN DECIDING WHETHER TO BUY UNITS

The future performance of the Fund is not predictable, and no assurance
can be given that the Fund will perform successfully in the future.

Prospective investors should note that Kenmar replaced most of the
Advisors as of December 2, 1999 and has altered its allocation strategy to
include a core group of Advisors as well as a non-core group of Advisors. Kenmar
anticipates actively reallocating Fund assets among the non-core Advisors.

Past performance is not necessarily indicative of future results.

(2) POSSIBLE TOTAL LOSS OF AN INVESTMENT IN THE FUND

Futures and forward contracts have a high degree of price variability
and are subject to occasional rapid and substantial changes. Consequently, you
could lose all or substantially all of your investment in the Fund.

(3) SPECULATIVE AND VOLATILE MARKETS; HIGHLY LEVERAGED TRADING

The markets in which the Fund trades are speculative, highly leveraged
and involve a high degree of risk. Each Advisor's trading considered
individually involves a significant risk of incurring large losses, and there
can be no assurance that the Fund as a whole will not incur such losses.

Futures and forward prices are volatile. Volatility increases risk,
particularly when trading with leverage. Trading on a highly leveraged basis, as
does the Fund, even in stable markets involves risk; doing so in volatile
markets necessarily involves a substantial risk of sudden, significant losses.
MARKET VOLATILITY AND LEVERAGE MEAN THAT THE FUND COULD INCUR SUBSTANTIAL
LOSSES, POTENTIALLY IMPAIRING ITS EQUITY BASE AND ABILITY TO ACHIEVE ITS
LONG-TERM PROFIT OBJECTIVES EVEN IF FAVORABLE MARKET CONDITIONS SUBSEQUENTLY
DEVELOP.

In addition to the leveraged trading described above, Kenmar may further
increase the Fund's leverage by allocating notional equity to the Advisors,
which would then permit the Advisors to trade the Fund's account as if more
equity were committed to such accounts than is, in fact, the case.

(4) FEES AND COMMISSIONS ARE CHARGED REGARDLESS OF PROFITABILITY AND ARE
SUBJECT TO CHANGE

The Fund is subject to substantial charges payable irrespective of
profitability in addition to performance fees which are payable based on the
Fund's profitability. Included in these charges are brokerage fees and operating
expenses. On the Fund's forward trading, "bid-ask" spreads are incorporated into
the pricing of the Fund's forward contracts by its counterparties in addition to
the brokerage fees paid by the Fund. It is not possible to quantify the
"bid-ask" spreads paid by the Fund because the Fund cannot determine the profit
its counterparty is making on the forward trades into which it enters.
Consequently, the Fund's expenses could, over time, result in significant losses
to your investment.

(5) IMPORTANCE OF MARKET CONDITIONS TO PROFITABILITY

The trading systems used by certain Advisors for the Fund are technical,
trend-following methods. The profitability of trading under these systems
depends on, among other things, the occurrence of significant price trends which
are sustained movements, up or down, in futures and forward prices. Such trends
may not develop; there have been periods in the past without price trends.

The likelihood of the Units being profitable could be materially
diminished during periods when events external to the markets themselves have an
important impact on prices. During such periods, Advisors' historic price
analysis could establish positions on the wrong side of the price movements
caused by such events.

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(6) DISCRETIONARY TRADING STRATEGIES MAY INCUR SUBSTANTIAL LOSSES

Traders that implement discretionary trading strategies may be more
prone to subjective judgments having potentially adverse effects on their
performance than systematic traders, which emphasize eliminating the effects of
"emotionalism" on their trading. See "The Advisors -- Futures Trading Methods in
General" at page 95 for a description of this trading method. Reliance on
trading judgment may, over time, produce less consistent trading results than
implementing a systematic approach. Discretionary traders, like trend-following
traders, are unlikely to be profitable unless major price movements occur.
Discretionary traders are highly unpredictable, and can incur substantial losses
even in apparently favorable markets.

(7) DECISIONS BASED UPON FUNDAMENTAL ANALYSIS MAY NOT RESULT IN PROFITABLE
TRADING

Traders that utilize fundamental trading strategies attempt to examine
factors external to the trading market that affect the supply and demand for a
particular futures and forward contracts in order to predict future prices. See
"The Advisors -- Futures Trading Methods in General" at page 95 for a
description of this trading method. Such analysis may not result in profitable
trading because the analyst may not have knowledge of all factors affecting
supply and demand, prices may often be affected by unrelated factors, and purely
fundamental analysis may not enable the trader to determine quickly that
previous trading decisions were incorrect. In addition, because of the breadth
of fundamental data that exists, a fundamental trader may not be able to follow
developments in all such data, but instead may specialize in analyzing a narrow
set of data, requiring trading in fewer markets. Consequently, a fundamental
trader may have less flexibility in adverse markets to trade other futures and
forward markets than traders that do not limit the number of markets traded as a
result of a specialized focus.

(8) INCREASE IN ASSETS UNDER MANAGEMENT MAY AFFECT TRADING DECISIONS

Many of the Advisors' current equity under management is at or near its
all-time high. No Advisor has agreed to limit the amount of additional equity
which it may manage, and each is actively engaged in seeking major new accounts.
The more equity an Advisor manages, the more difficult it may be for that
Advisor to trade profitably because of the difficulty of trading larger
positions without adversely affecting prices and performance. Accordingly, such
increases in equity under management may require one or more of the Advisors to
modify trading decisions for the Fund which could have a detrimental effect on
your investment.

(9) NO ASSURANCE OF ADVISORS' CONTINUED SERVICES

There is no assurance that any Advisor will be willing or able to
continue to provide advisory services to the Fund for any length of time. There
is severe competition for the services of qualified Advisors, and the Fund may
not be able to retain satisfactory replacement or additional Advisors on
acceptable terms. For example, Kenmar has been required to replace an Advisor
that resigned from trading the Fund's account under the terms of its Advisory
Agreement. In addition, Kenmar must allocate Advisor availability among its
different funds, including the Fund, and may, accordingly, allocate to the Fund
less (and perhaps none) of an Advisor's available capacity than Kenmar might
otherwise consider to be in the best interests of the Fund. The timing of
Kenmar's Advisor selections and the amount of assets allocated to an Advisor may
also be affected from time to time by the procedural requirements of maintaining
an ongoing offering of the Units. See "Conflicts of Interest" at page 36. Kenmar
may not be able to obtain the services of the Advisor group that Kenmar would
otherwise consider to be most advantageous for the Fund.

(10) LIMITED ABILITY TO LIQUIDATE YOUR INVESTMENT

There is no secondary market for the Units. While the Units have
redemption rights, there are restrictions, and possible fees assessed. For
example, Units may be redeemed only as of the close of business on the last day
of a calendar month. With respect to Units purchased on and after June 1, 2004,
through the end of the twelfth month after their sale, Units will be subject to
redemption charges, payable to Kenmar, equal to 3.5% on redemptions on the 1st
through 3rd month-end, 2.625% on redemptions on the 4th through 6th month-end,
1.75% on redemptions on the 7th through 9th month-end and 0.875% on redemptions
on the 10th through 12th month-end. Redemptions after the 12th month-end are at
Net Asset Value (no charge). Requests for redemption must be received at least
ten (10) calendar days before the proposed date of redemption.

Units purchased from March 1 through and including May 1, 2004 are
subject to the same redemption fee

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schedule described in the immediately preceding paragraph, except that such
Units are subject to a 3% redemption charge for Units redeemed on the 1st
month-end through the 3rd month-end after sale.

Transfers of Units are subject to limitations, such as thirty (30) days'
advance notice of any intent to transfer. Also, Kenmar may deny a request to
transfer if it determines that the transfer may result in adverse legal or tax
consequences for the Fund.

(11) POSSIBLE ILLIQUID MARKETS

Futures and forward positions cannot always be liquidated at the desired
price. It is difficult to execute a trade at a specific price when there is a
relatively small volume of buy and sell orders in a market. A market disruption,
such as when foreign governments may take or be subject to political actions
which disrupt the markets in their currency or major exports, can also make it
difficult to liquidate a position.

Unexpected market illiquidity has caused major losses in recent years in
such sectors as emerging markets and mortgage-backed securities. There can be no
assurance that market illiquidity will not cause losses for the Fund. The large
size of the positions which the Advisors acquire for the Fund increases the risk
of illiquidity by both making its positions more difficult to liquidate and
increasing the losses incurred while trying to do so.

(12) THE FUND DOES NOT ACQUIRE ANY ASSET WITH INTRINSIC VALUE

Futures trading is risk transfer economic activity. For every gain there
is an equal and offsetting loss rather than an opportunity to participate over
time in general economic growth. Unlike most alternative investments, an
investment in the Fund does not involve acquiring any asset with intrinsic
value. Overall stock and bond prices could rise significantly and the economy as
a whole prosper while the Fund trades unprofitably.

(13) NON-CORRELATED, NOT NEGATIVELY CORRELATED, PERFORMANCE OBJECTIVE

Historically, managed futures have been generally non-correlated to the
performance of other asset classes such as stocks and bonds. Non-correlation
means that there is no statistically valid relationship between the past
performance of futures and forward contracts on the one hand and stocks or bonds
on the other hand. Non-correlation should not be confused with negative
correlation, where the performance would be exactly opposite between two asset
classes. Because of this non-correlation, the Fund cannot be expected to be
automatically profitable during unfavorable periods for the stock market, or
VICE-VERSA. The futures and forward markets are fundamentally different from the
securities markets in that for every gain in futures and forward trading, there
is an equal and offsetting loss. If the Fund does not perform in a manner
non-correlated with the general financial markets or does not perform
successfully, you will obtain no diversification benefits by investing in the
Units and the Fund may have no gains to offset your losses from other
investments.

(14) BROAD INDICES MAY PERFORM QUITE DIFFERENTLY FROM INDIVIDUAL INVESTMENTS

In the discussion under "Investment Factors," the concepts of overall
portfolio diversification and non-correlation of asset classes are discussed and
illustrated by the use of a generally accepted index that represents each asset
category. Stocks are represented by the S&P 500 Index and MSCI EAFE Index, bonds
by the Lehman Long-Term Government Bond Index, and futures funds by the CISDM
Fund/Pool Qualified Universe Index. Because each index is a dollar-weighted
average of the returns of multiple underlying investments, the overall index
return may be quite different from the return of any individual investment. For
example, the "CISDM Fund/Pool Qualified Universe Index" is a dollar-weighted
index which includes performance of current as well as retired public futures
funds, private pools and offshore funds. Accordingly, such index reflects the
volatility and risk of loss characteristics of a very broadly diversified
universe of advisors and not of a single fund or advisor. Therefore, the Fund's
performance will be different than that of the CISDM Fund/Pool Qualified
Universe Index.

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(15) DISTORTION IN PROFIT SHARE AND INCENTIVE FEE CALCULATIONS

The Advisors' Profit Shares and Kenmar's Incentive Fee are calculated on
the basis of New Trading Profit (as defined) and New Overall Appreciation (as
defined), determined respectively on the basis of the performance of each
Advisor's Fund account and of the Fund as a whole. Because Units are purchased
at different times, but Profit Shares and Incentive Fees are assessed equally to
all Units, disparities between a particular Unitholder's investment experience
in the Fund and the Profit Shares and Incentive Fees to which such Unitholder's
Units will be subject will develop as a result of the Profit Shares and
Incentive Fees being paid by the Fund's account managed by each Advisor and by
the Fund, respectively. See "Charges" at page 31. Certain investors' Units could
be subject to Profit Shares and Incentive Fees despite having declined in Net
Asset Value from their purchase price. The Fund's allocations of Profit Shares
and Incentive Fees are subject to distortions as a result of the timing of
subscriptions and redemptions. See "Charges - Profit Shares and Incentive Fees"
at page 31.

(16) ADVISORS TRADING INDEPENDENTLY OF EACH OTHER MAY REDUCE RISK CONTROL
POTENTIAL

The Advisors trade entirely independently of each other. Consequently,
the Advisors may implement their strategies for their Fund accounts in ways that
could significantly reduce the risk control potential that Kenmar had analyzed
to be an important feature of a particular Advisor combination. Two Advisors
may, from time to time, take opposite positions for the Fund, eliminating any
possibility of the Fund profiting from these positions considered as a whole.
There are substantial opportunity costs to Kenmar's multi-advisor strategy.
Furthermore, the Fund's multi-advisor structure will not necessarily control the
risk of speculative futures trading. Multi-advisor funds have in the past lost
5% or more of their equity in a single day.

(17) TRADING ON COMMODITY EXCHANGES OUTSIDE THE UNITED STATES IS NOT SUBJECT
TO U.S. REGULATION

The Advisors may engage in a significant amount of trading on commodity
exchanges outside the United States on behalf of the Fund. Trading on such
exchanges is not regulated by any United States governmental agency and may
involve certain risks not applicable to trading on United States exchanges. In
trading contracts denominated in currencies other than U.S. dollars, the Fund
will be subject to the risk of adverse exchange-rate movements between the
dollar and the functional currencies of such contracts. See the last paragraph
of the "Commodity Futures Trading Commission -- Risk Disclosure Statement" on
page ii of this Prospectus. INVESTORS COULD INCUR SUBSTANTIAL LOSSES FROM THE
FUND'S TRADING ON FOREIGN EXCHANGES TO WHICH THEY WOULD NOT HAVE BEEN SUBJECT
HAD THE ADVISORS LIMITED THEIR TRADING TO U.S. MARKETS.

(18) CONFLICTS OF INTEREST

Kenmar has a conflict of interest because it acts as the managing owner
for the Fund.

The fact that Kenmar will receive an annual Incentive Fee equal to
5% of any New Overall Appreciation (as defined herein) may lead Kenmar to select
Advisors that trade in a more "risky" or speculative manner than those that
Kenmar might otherwise choose. Kenmar receives 5% as an Incentive Fee, of any
New Overall Appreciation of the Fund, but not 5% of its losses.

Selling Agents will be entitled to ongoing compensation as a result of
their clients remaining in the Fund, so a conflict exists between the Selling
Agents' interest in maximizing compensation and in advising their clients to
make investment decisions in such clients' best interests.

Other conflicts are also present in the operation of the Fund. See
"Conflicts of Interest."

(19) UNITHOLDERS TAXED CURRENTLY

Unitholders are subject to tax each year on their allocable share of the
Fund's income or gains (if any), despite the fact that Kenmar does not intend to
make any distributions to Unitholders. Consequently, Unitholders will be
required either to redeem Units or to make use of other sources of funds to
discharge their tax liabilities in respect of any profits earned by the Fund.
See "Federal Income Tax Consequences" at page 42.

In comparing the Fund's profit objectives with the performance of more
familiar securities in which one might invest, prospective investors must
recognize that if they purchased equity or debt, there probably would be no tax
due on the appreciation in the value of such holdings until disposition. In the
case of the Fund, on the other hand, a significant portion of any appreciation
in the Net Asset Value per Unit must be paid in taxes by the Unitholders every
year, resulting in a substantial cumulative reduction in their net after-tax
returns. Because Unitholders will be taxed currently on their allocable share of
the Fund's income or gains, the Fund may

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trade successfully but investors nevertheless would have recognized
significantly greater gains on an after-tax basis had they invested in
conventional stocks with comparable performance.

THE PERFORMANCE INFORMATION INCLUDED IN THIS PROSPECTUS IS PRESENTED
EXCLUSIVELY ON A PRE-TAX BASIS.

(20) LIMITATION ON DEDUCTIBILITY OF "INVESTMENT ADVISORY FEES"

Non-corporate Unitholders may be required to treat the amount of any
Profit Shares, Incentive Fees and other expenses of the Fund as "investment
advisory fees" which may be subject to substantial restrictions on deductibility
for federal income tax purposes. In the absence of further regulatory or
statutory clarification, Kenmar is not classifying these expenses as "investment
advisory fees," but this is a position to which the Internal Revenue Service
(the "IRS") may object. IF A SUBSTANTIAL PORTION OF THE FUND'S FEES AND OTHER
EXPENSES WERE CHARACTERIZED AS "INVESTMENT ADVISORY FEES," AN INVESTMENT IN THE
FUND MIGHT NO LONGER BE ECONOMICALLY VIABLE.

(21) TAXATION OF INTEREST INCOME IRRESPECTIVE OF TRADING LOSSES

The Net Asset Value per Unit reflects the trading profits and losses as
well as the interest income earned and expenses incurred by the Fund. However,
losses on the Fund's trading will be almost exclusively capital losses, and
capital losses are deductible against ordinary income only to the extent of
$3,000 per year in the case of non-corporate taxpayers. Consequently, if a
non-corporate Unitholder had, for example, an allocable trading (I.E., capital)
loss of $10,000 in a given fiscal year and allocable interest (i.e., ordinary)
income (after reduction for expenses) of $5,000, the Unitholder would have
incurred a net loss in the Net Asset Value of his or her Units equal to $5,000
but would recognize taxable income of $2,000. THE LIMITED DEDUCTIBILITY OF
CAPITAL LOSSES FOR NON-CORPORATE UNITHOLDERS COULD RESULT IN SUCH UNITHOLDERS
HAVING A TAX LIABILITY IN RESPECT OF THEIR INVESTMENT IN THE FUND DESPITE
INCURRING A FINANCIAL LOSS ON THEIR UNITS.

[Remainder of page left blank intentionally.]

(22) POSSIBILITY OF A TAX AUDIT OF BOTH THE FUND AND UNITHOLDERS

There can be no assurance that the Fund's tax returns will not be
audited by the IRS. If such an audit results in an adjustment, Unitholders could
themselves be audited as well as being required to pay additional taxes,
interest and possibly penalties.

PROSPECTIVE INVESTORS ARE STRONGLY URGED TO CONSULT THEIR OWN TAX
ADVISERS AND COUNSEL WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN
INVESTMENT IN THE FUND; SUCH TAX CONSEQUENCES MAY DIFFER IN RESPECT OF DIFFERENT
INVESTORS. SEE "FEDERAL INCOME TAX CONSEQUENCES" AT PAGE 42.

(23) FAILURE OF BROKERAGE FIRMS; DEFAULT BY CLEARING BROKER

The Commodity Exchange Act requires a clearing broker to segregate all
funds received from customers from such broker's proprietary assets. If the
Clearing Brokers fail to do so, the assets of the Fund might not be fully
protected in the event of their bankruptcy. Furthermore, in the event of a
Clearing Broker's bankruptcy, the Fund could be limited to recovering only a PRO
RATA share of all available funds segregated on behalf of the Clearing Broker's
combined customer accounts, even though certain property specifically traceable
to the Fund (for example, Treasury bills deposited by the Fund with the Clearing
Broker as margin) was held by the Clearing Broker. The Clearing Brokers have
been the subject of certain regulatory and private causes of action. The
material actions are described under "The Clearing Broker and Futures Broker."

Furthermore, dealers in forward contracts are not regulated by the
Commodity Exchange Act and are not obligated to segregate customer assets. As a
result, you do not have such basic protections with respect to the Fund's
trading in forward contracts.

(24) REGULATORY MATTERS MAY ALTER THE NATURE OF AN INVESTMENT IN THE FUND

Due to the publicly-offered character of the Fund, Kenmar will be more
restricted in its ability to allocate assets to certain prospective Advisors
than it would be in the context of a private fund. Other than the Fund, Kenmar
has operated only privately-offered pools and has generally allocated and
reallocated the assets of such pools aggressively. IT IS NOT

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ANTICIPATED THAT KENMAR WILL MAKE FREQUENT ADJUSTMENTS TO THE GROUP OF ADVISORS
FOR THE FUND.

Considerable regulatory attention has been focused on non-traditional
investment pools, in particular commodity pools such as the Fund, publicly
distributed in the United States. There has been significant international
governmental concern expressed regarding, for example, (i) the disruptive
effects of speculative trading on the central banks' attempts to influence
exchange rates and (ii) the need to regulate the derivatives markets in general.
THERE IS A POSSIBILITY OF FUTURE REGULATORY CHANGES ALTERING, PERHAPS TO A
MATERIAL EXTENT, THE NATURE OF AN INVESTMENT IN THE FUND.

The futures markets are subject to comprehensive statutes, regulations,
and margin requirements. In addition, the CFTC and the exchanges are authorized
to take extraordinary actions in the event of a market emergency, including, for
example, the retroactive implementation of speculative position limits or higher
margin requirements, the establishment of daily price limits and the suspension
of trading. The regulation of futures and forward transactions in the United
States is a rapidly changing area of law and is subject to modification by
government and judicial action. The effect of any future regulatory change on
the Fund is impossible to predict, but could be substantial and adverse.

(25) FUND TRADING IS NOT TRANSPARENT TO INVESTORS

The Advisors make the Fund's trading decisions. While Kenmar receives
daily trade confirmations from the clearing broker and foreign exchange dealers,
the Fund's trading results are reported to the Unitholders monthly. Accordingly,
an investment in the Fund does not offer the Unitholders the same transparency,
I.E., an ability to review all investment positions daily, that a personal
trading account offers.

(26) LACK OF INDEPENDENT EXPERTS REPRESENTING INVESTORS

Kenmar has consulted with counsel, accountants and other experts
regarding the formation and operation of this Fund. No counsel has been
appointed to represent the Unitholders in connection with the offering of the
Units. Accordingly, each prospective investor should consult his own legal, tax
and financial advisers regarding the desirability of an investment in the Fund.

(27) FORWARDS, SWAPS, HYBRIDS AND OTHER DERIVATIVES ARE NOT SUBJECT TO CFTC
REGULATION

The Fund trades foreign exchange contracts in the interbank market. In
the future, the Fund may also trade swap agreements, hybrid instruments and
other off-exchange contracts. Swap agreements involve trading income streams
such as fixed rate or floating rate interest. Hybrids are instruments which
combine features of a security with those of a futures contract. The dealer
market for off-exchange instruments is becoming more liquid. There is no
exchange or clearing house for these contracts and they are not regulated by the
CFTC. The Fund will not receive the protections which are provided by the CFTC's
regulatory scheme.

(28) POSSIBILITY OF TERMINATION OF THE FUND BEFORE EXPIRATION OF ITS STATED
TERM

As managing owner, Kenmar may withdraw from the Fund upon 120 days'
notice, which would cause the Fund to terminate unless a substitute managing
owner were obtained. Other events, such as a long-term substantial loss suffered
by the Fund, could also cause the Fund to terminate before the expiration of its
stated term. This could cause you to liquidate your investments and upset the
overall maturity and timing of your investment portfolio. If the registrations
with the CFTC or memberships in the National Futures Association of Kenmar or
the Clearing Broker were revoked or suspended, such entity would no longer be
able to provide services to the Fund.

THE FUND AND ITS OBJECTIVES

OBJECTIVES

o SIGNIFICANT PROFITS OVER TIME

o CONTROLLED PERFORMANCE VOLATILITY

o CONTROLLED RISK OF LOSS

o A MEANS OF DIVERSIFYING A TRADITIONAL PORTFOLIO OUT OF ITS TYPICAL "ALL
LONG" EQUITY AND DEBT BIAS AND DEPENDENCE ON A SINGLE NATION'S ECONOMY BY
ACCESSING GLOBAL FINANCIAL AND NON-FINANCIAL FUTURES MARKETS.

The Fund's potential for aggressive capital growth arises from the
profit possibilities offered by the global futures, forward and options markets
and

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the skills of the professional trading organizations selected to manage the
assets of the Fund. The fact that the Fund can profit from both rising and
falling markets adds an element of profit potential that long-only strategies
cannot access. In addition to its profit potential, the Fund could also help
reduce the overall volatility, or risk, of a portfolio. By investing in markets
that operate independently from United States stock and bond markets, the Fund
may provide positive returns even when United States stock and bond markets are
experiencing flat to negative performance.

The Fund is structured to substantially eliminate the administrative
burden that would otherwise be involved in Unitholders engaging directly in
futures transactions. Unitholders, among other things, will receive directly
from Kenmar monthly unaudited financial reports and annual audited financial
statements (setting forth, in addition to certain other information, the Net
Asset Value per Unit, the Fund's trading profits or losses and the Fund's
expenses for the period) as well as all tax information relating to the Fund
necessary for Unitholders to complete their federal income tax returns. The
approximate Net Asset Value per Unit will be available from Kenmar upon request.

INVESTMENT PHILOSOPHY

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

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

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

Kenmar's ability to manage successfully the risks of futures and related
investments is dependent upon a willingness to act decisively and a management
style that identifies shifting market trends. Therefore, when Kenmar's
perception of market conditions and/or individual Advisor performance suggests
that an alternative trading style or methodology might be better suited to
Kenmar's perception of the current market environment, Kenmar may alter the
portfolio of Advisors or the allocation of assets among the Advisors without
prior notice to, or the approval of, the Unitholders. See "The Risks You Face --
(24) Regulatory Matters May Alter the Nature of an Investment in the Fund" at
page 15.

The Fund's assets are allocated to a core group of Advisors (currently
comprising Graham Capital Management, L.P., Grinham Managed Funds Pty Ltd. and
Transtrend B.V.), and a non-core group, including Hyman Beck & Company, Inc.
("HB & Co."). Kenmar currently expects to allocate assets to HB & Co. on or
about May 1, 2004 and expects to eventually allocate at least 10% of the Fund's
assets to HB & Co., at which point, HB & Co. would then be considered to be a
core advisor of the Fund. The percentage of Fund assets allocated to each core
advisor may change over time as a result of differing performance results or due
to allocation and reallocation decisions by Kenmar. It is not anticipated,
however, that adjustments to the core group of Advisors will be frequent. In
addition, Kenmar will attempt to enhance the performance of the Fund by
dynamically allocating and reallocating Fund assets among the non-core Advisors.
Such allocation decisions will be based on a variety of considerations which may
include, but are not limited to, focus on a particular market or sector;
cyclical performance analysis; or strategy diversification. For example, changes
in the trading environment may require a greater emphasis on shorter-term
trend-following strategies over longer term, or on fundamental strategies over
technical. Each non-core Advisor is allocated less than 10% of the Fund's
assets. This methodology is intended to augment the ongoing portfolio
performance and risk management of the Fund.

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As noted above, Kenmar may, from time to time, withdraw Fund's assets
allocated to non-core Advisors in part or entirely. Kenmar may also allocate
Fund assets to replacement or additional non-core Advisors.

PROSPECTIVE INVESTORS MUST RECOGNIZE THAT ADVISOR SELECTIONS AND
ALLOCATIONS REQUIRE THE EXERCISE OF JUDGMENT AND DISCRETION AND ARE NOT
DETERMINED IN ANY PRECISE OR SYSTEMATIC MANNER. THERE CAN BE NO ASSURANCE THAT
KENMAR'S SELECTION AND MONITORING OF A LIMITED GROUP OF ADVISORS FOR THE FUND
WILL, IN THE FUTURE, PRODUCE MORE SUCCESSFUL RESULTS (IN TERMS OF EITHER RISK
CONTROL OR PROFITABILITY) THAN WOULD THE SELECTION OF A SINGLE ADVISOR, A FIXED
COMBINATION OF ADVISORS OR A SMALLER OR LARGER GROUP OF ADVISORS.

DIVERSIFICATION

Trader Diversification

The Fund utilizes a number of Advisors who are allocated varying amounts
of capital. These allocations will vary continually. Multiple Advisors provide
multiple timing parameters and different sector focuses. This produces a
portfolio that is quite different from that of a single-trader fund. See "The
Risks You Face -- (16) Advisors Trading Independently of Each Other May Reduce
Risk Control Potential" at page 13.

Market Diversification

As global markets and investing become more complex, professionally
managed futures may increasingly continue to be included in traditional
portfolios of stocks and bonds managed by advisors seeking improved balance and
diversification. The globalization of the world's economy has the potential to
offer significant investment opportunities, as major political and economic
events continue to have an influence, in some cases a dramatic influence, on the
world's markets, creating risk but also providing the potential for profitable
trading opportunities. By allocating a portion of the risk segment of their
portfolios to selected advisors specializing in futures, forward and options
trading, investors have the potential, if their futures investment is
successful, to enhance their prospects for improved performance as well as to
reduce the volatility of their portfolios over time and the dependence of such
portfolios on any single nation's economy.

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Through Kenmar's Advisor selections, the Fund will have the flexibility
to access world markets, including but not limited to:

CURRENCIES
--------------------------------------------------------------------------------
Australian Dollar Indian Rupee Polish Zloty
British Pound Japanese Yen Singapore Dollar
Canadian Dollar Malaysian Ringgit Swedish Krona
Danish Krone Mexican Peso Swiss Franc
Euro Currency New Zealand Dollar S. African Rand
Hungarian Forint Norwegian Krone Thai Bhat

FINANCIAL INSTRUMENTS
--------------------------------------------------------------------------------
Australian All Ordinaries LIBOR - 1 mo.
Australian Bank Bills Major Market Stock Index (U.S.)
Australian Treasury Bonds MEFF&S Stock Index (Spain)
CAC 40 Stock Index (France) MIB-30 (Italy)
Canadian Bankers Acceptance MSCI Taiwan Stock Index
Canadian Government Bonds Nasdaq 100 (U.S.)
DAX Stock Index (Germany) Nikkei Stock Average (Japan)
Dow Jones Industrial Average (U.S.) OMX Stokholm Stock Index
ECU Notional Bonds Russell 2000 (U.S.)
Euribor S&P 500 Stock Index (U.S.)
Eurodollars Singapore MSCI
Euroswiss Spanish Notional Bonds
Eurotop 100 Index (Europe) Swedish Government Bond
Euroyen Swiss Bonds
Financial Times 100 Stock Index (U.K.) Swiss Market Index
German Boble Tokyo Stock Price Index (Japan)
German Bunds U.K. Gilts
Hang Seng Index U.K. Short Sterling
IBEX Plus 35 Index (Spain) U.S. Treasury Bonds
Japanese Bonds U.S. Treasury Notes
Value Line Stock Index (U.S.)

METALS
--------------------------------------------------------------------------------
Aluminum Lead Platinum Tin
Copper Nickel Silver Zinc
Gold Palladium

ENERGY PRODUCTS
--------------------------------------------------------------------------------
Crude Oil Kerosene Natural Gas Propane
Electricity London Brent No. 2 Heating Oil Unleaded Gasoline
Gas Oil

AGRICULTURAL PRODUCTS
--------------------------------------------------------------------------------
Canola Feeder Cattle Orange Juice Soybean Oil
Cocoa Flaxseed Pork Bellies Sugar
Coffee Live Cattle Rapeseed Wheat
Corn Live Hogs Soybeans Lumber
Cotton Oats Soymeal

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THE FUND WILL TRADE IN MANY, BUT NOT ALL, OF THE FOREGOING MARKETS AS
WELL AS ADDITIONAL MARKETS. THERE CAN BE NO ASSURANCE AS TO WHICH MARKETS THE
FUND WILL, IN FACT, TRADE OVER TIME OR AT ANY GIVEN TIME. THE ADVISORS DO NOT
EACH TRADE IN ALL OF THE FOREGOING MARKETS. THE FUND'S PORTFOLIO EXPOSURE MAY,
FROM TIME TO TIME, BE CONCENTRATED IN A LIMITED NUMBER OF MARKETS.

The chart below represents an average allocation of the Fund's assets
over the course of the year ending 2003. The percentage exposure to markets will
vary substantially over time as Advisors assess the various sectors.

KENMAR GLOBAL TRUST AVERAGE MARKET SECTOR PARTICIPATION
FOR THE YEAR 2003

[The table below represents a pie chart in the printed report.]

Tropicals 1.14%
Meats 0.39%
Currencies 19.76%
North American Rates 8.80%
European Rates 7.72%
Pacific Rim Rates 4.01%
US Stock Indices 18.06%
European Stock Indices 9.72%
Pacific Rim Stock Indices 14.14%
Energies 6.22%
Metals 5.53%
Grains 4.52%

THE ADVISORS

All direct investment decisions for the Fund will be made by commodity
trading advisors selected and monitored by Kenmar. See "The Risks You Face--
(24) Regulatory Matters May Alter the Nature of an Investment in the Fund" at
page 15. Each current Advisor is, and it is anticipated that any subsequent
Advisor, if any, will be, registered with and regulated by the CFTC. THE
REGISTRATION OF THE ADVISORS WITH THE CFTC AND THEIR MEMBERSHIP IN THE NFA MUST
NOT BE CONSTRUED TO MEAN THAT ANY REGULATORY BODY HAS RECOMMENDED OR APPROVED
THE ADVISORS OR THE FUND.

Subject to the restrictions inherent in or imposed on publicly-offered
managed futures funds, Kenmar anticipates varying Advisors from time to time
and, with them, the Fund's market emphasis as Kenmar believes performance and
market conditions indicate that such a change could be advantageous for the
Fund. However, Kenmar also believes that it is necessary to maintain an account
with an Advisor for some length of time (at least unless aberrational trading
patterns or apparent deviations from announced strategy or risk control policies
develop) to give such Advisor a reasonable opportunity to achieve its
objectives. The following are the core Advisors and current asset allocations
for the Fund.

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APPROXIMATE ASSETS
CURENT % ALLOCATION IN PROGRAMS
CORE ADVISOR AND GENERAL MANAGED FOR FUND
NON-CORE ADVISOR* STRATEGY TYPE FEBRUARY 29, 2004**
------------------------------- ---------------------- ------------------
Graham Capital Management, L.P. Longer-Term Technical, $1.472 billion***
(33%) Trend Following
Grinham Managed Funds Pty. Ltd. Shorter-Term Technical, $534.7 million
(33%) Trend Following
Hyman Beck & Co.**** Short-Term Technical, $3.6 million or
(0%) Momentum Trading or $2.04 million
Short-Term Technical,
Momentum Trading/Long-
Term Technical Trend
Following
Transtrend B.V. Longer-Term Technical, $575.0 million
(34%) Trend Following

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

* The Advisors and asset allocations for the Fund in effect as of
February 29, 2004 are more specifically described under "Management's Discussion
and Analysis of Financial Condition and Results of Operations." The allocations
set forth above are approximate, and will be affected by (i) the profit and loss
generated by each Advisor in relation to the performance of the other Advisors
for the Fund, and (ii) any subsequent reallocation decision by Kenmar. The
initial allocations to the Advisors at the commencement of the Fund's trading
operations, allocations and reallocations of subsequent subscription amounts are
described under "Management's Discussion and Analysis of Financial Condition and
Results of Operations."

** Excluding "notional" funds, except Graham Capital Management, L.P.,
which includes "notional" funds. "Notional" funds represent the difference
between the level at which a trader is instructed to trade an account and the
capital actually committed to the account. "Notional" funds do not represent
assets under management, but they do indicate the level of equity which a trader
has been instructed to consider itself to be managing in determining the
magnitude of positions taken.

***Reflects notional assets under management of the the K4 Program at
150% Leverage ("150% Leverage"). Graham Capital Management, L.P. trades either
the 150% Leverage program or K4 Program at Standard Leverage ("Standard
Leverage") on behalf of the Fund. The Fund may not invest in both the 150%
Leverage program and the Standard Leverage program simultaneously.

****Although Hyman Beck & Co. ("HB & Co.") is not a core advisor as of
the date of this document and will not become an Advisor until May 1, 2004,
Kenmar currently expects to allocate assets to HB & Co. on or about May 1, 2004
and expects to eventually allocate at least 10% of the Fund's assets to HB &
Co., at which point, HB & Co. would then be considered to be a core advisor of
the Fund. HB & Co. may trade on behalf of the Fund either the FastTrac Portfolio
or the Macro Strategies Portfolio, which has $3.6 million and $2.04 million
under management, respectively, as of February 29, 2004.

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

CORE AND POTENTIAL CORE ADVISOR SUMMARIES

MORE COMPLETE DESCRIPTIONS AND PERFORMANCE SUMMARIES FOR THE CORE
ADVISORS DESCRIBED IN THIS SECTION OF THE PROSPECTUS ARE INCLUDED UNDER "PART
TWO -- STATEMENT OF ADDITIONAL INFORMATION -- THE ADVISORS," AT PAGE 95. READ
THAT SECTION OF THE PROSPECTUS CAREFULLY BEFORE DECIDING WHETHER TO INVEST IN
THE FUND. SEE "THE RISKS YOU FACE -- (1) INVESTORS MUST NOT RELY ON THE PAST
PERFORMANCE OF EITHER KENMAR OR THE FUND IN DECIDING WHETHER TO BUY UNITS" AND
"-- (2) POSSIBLE TOTAL LOSS OF AN INVESTMENT IN THE FUND" AT PAGE 10.

GRAHAM CAPITAL MANAGEMENT, L.P.

OVERVIEW

Graham Capital Management, L.P. ("GCM") was organized as a Delaware
limited partnership in May 1994. The general partner of GCM is KGT, Inc., a
Delaware corporation of which Kenneth G. Tropin is the President and sole
shareholder. The limited partner of GCM is KGT Investment Partners, L.P., a
Delaware limited partnership of which KGT, Inc. is also a general partner and in
which Mr. Tropin is the principal investor. (KGT, Inc. and KGT Investment
Partners, L.P. are not affiliated with Kenmar, the Fund or any other company
affiliated or related to Kenmar or the Fund.) GCM became registered as a
commodity pool operator and commodity trading advisor under the Commodity
Exchange Act and a member of the National Futures Association on July 27, 1994.
THE REGISTRATION OF GCM WITH THE CFTC AND ITS MEMBERSHIP IN THE NATIONAL FUTURES
ASSOCIATION MUST NOT BE TAKEN AS AN INDICATION THAT ANY SUCH AGENCY OR
SELF-REGULATORY BODY HAS RECOMMENDED OR APPROVED GCM.

The current program used by GCM on behalf of the Fund is the K4 Program
at 150% Leverage ("150% Leverage"). The Fund may also elect to have GCM utilize
the K4 Program at Standard Leverage ("Standard Leverage") on behalf

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of the Fund. The Fund will not invest in both the Standard Leverage program and
the 150% Leverage program simultaneously.

GCM is an investment manager that actively trades worldwide on a 24-hour
basis in the equity, fixed income, currency and commodity markets utilizing
securities, futures, forwards and other financial instruments. GCM offers
clients various systematic and discretionary global macro trading programs and a
long-short equity program. GCM uses systematic trading programs or models to
produce trading signals on a largely automated basis when applied to market
data. GCM also manages discretionary trading programs for which trades are
determined subjectively on the basis of its traders' assessment of market
conditions rather than through application of an automated system. GCM's
long-short equity program applies a mean reversion strategy to several hundred
large capitalization stocks. The investment objective of each GCM trading
strategy is to provide clients with significant potential for capital
appreciation in both rising and falling markets during expanding and
recessionary economic cycles.

MANAGEMENT

KENNETH G. TROPIN is the Chairman, the founder and a Principal of GCM.
Mr. Tropin has developed the majority of the firm's core trading programs and he
is additionally responsible for the overall management of the organization,
including the investment of its proprietary trading capital. Prior to founding
GCM in 1994, Mr. Tropin served as President, Chief Executive Officer, and a
Director of John W. Henry & Company, Inc., during which the assets under
management grew from approximately $200 million to approximately $1.2 billion.
Previously, Mr. Tropin was Senior Vice President at Dean Witter Reynolds, where
he served as Director of Managed Futures and as President of Demeter Management
Corporation and Dean Witter Futures and Currency Management Inc. Mr. Tropin has
also served as Chairman of the Managed Funds Association and its predecessor
organization, which he was instrumental in founding during the 1980's.

PAUL SEDLACK is the Chief Executive Officer, the General Counsel and a
Principal of GCM. Mr. Sedlack began his career at the law firm of Coudert
Brothers in New York in 1986 and was resident in Coudert's Singapore office from
1988 to 1989. Prior to joining GCM in June 1998, Mr. Sedlack was a Partner at
the law firm of McDermott, Will & Emery in New York, focusing on securities and
commodities laws pertaining to the investment management and related industries.
Mr. Sedlack received a J.D. from Cornell Law School in 1986 and an M.B.A. in
Finance in 1983 and B.S. in Engineering in 1982 from State University of New
York at Buffalo.

MICHAEL S. RULLE JR. is the President and a Principal of GCM. As
President of GCM, Mr. Rulle is responsible for the management of GCM in its
day-to-day course of business. Prior to joining GCM in February 2002, Mr. Rulle
was President of Hamilton Partners Limited, a private investment company that
deployed its capital in a variety of internally managed equity and fixed income
alternative investment strategies on behalf of its sole shareholder, Stockton
Reinsurance Limited, a Bermuda based insurance company. From 1994 to 1999, Mr.
Rulle was Chairman and CEO of CIBC World Markets Corp., the US broker-dealer
formerly known as CIBC Oppenheimer Corp. Mr. Rulle served as a member of its
Management Committee, Executive Board and Credit Committee and was Co-Chair of
its Risk Committee. Business responsibilities included Global Financial
Products, Asset Management, Structured Credit and Loan Portfolio Management.
Prior to joining CIBC World Markets Corp., Mr. Rulle was a Managing Director of
Lehman Brothers and a member of its Executive Committee and held positions of
increasing responsibility since 1979. At Lehman, Mr. Rulle founded and headed
the firm's Derivative Division, which grew to a $600 million enterprise by 1994.
Mr. Rulle received his M.B.A. from Columbia University in 1979, where he
graduated first in his class, and he received his bachelor's degree from Hobart
College in 1972 with a concentration in political science.

ROBERT E. MURRAY is the Chief Operating Officer and a Principal at GCM
and is responsible for the management and oversight of client services,
systematic trading, and technology efforts. Prior to joining GCM, from 1984
until June, 2003, Mr. Murray held positions of increasing responsibility at
various Morgan Stanley entities (and predecessors), including Managing Director
of the Strategic Products Group, Chairman of Demeter Management Corporation (a
commodity pool operator that grew to $2.3 billion in assets under management
during Mr. Murray's tenure) and Chairman of Morgan Stanley Futures & Currency
Management Inc. (a commodity trading advisor). Mr. Murray is currently a member
of the Board of Directors of the National Futures Association and serves on its
Membership and Finance Committees. Mr. Murray has served as Vice Chairman and a
Director of the Board of the Managed Funds Association. Mr. Murray received a
Bachelor's Degree in Finance from Geneseo State University in 1983.

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THOMAS P. SCHNEIDER is an Executive Vice President, the Chief Trader and
a Principal of GCM. He is responsible for managing GCM's systematic futures
trading operations, including order execution, formulating policies and
procedures, and developing and maintaining relationships with independent
executing brokers and futures commission merchants ("FCMs"). Mr. Schneider has
also been an NFA arbitrator since 1989 and has served on the MFA's Trading and
Markets Committee. Mr. Schneider graduated from the University of Notre Dame in
1983 with a B.B.A. in Finance and received his Executive M.B.A. from the
University of Texas at Austin in 1994. From June 1985 through September 1993,
Mr. Schneider held positions of increasing responsibility at ELM Financial,
Inc., a commodity trading advisor in Dallas, Texas, where he was ultimately
Chief Trader, Vice President and Principal responsible for 24-hour trading
execution, compliance and accounting. In January 1994, Mr. Schneider began
working as Chief Trader for Chang Crowell Management Corporation, a commodity
trading advisor in Norwalk, Connecticut, where he was responsible for
streamlining operations for more efficient order execution, and for maintaining
and developing relationships with over 15 FCMs on a global basis.

ROBERT G. GRIFFITH is an Executive Vice President, the Director of
Research, the Chief Technology Officer and a Principal of GCM and is responsible
for the management of all research activities and technology resources of GCM,
including portfolio management, asset allocation and trading system development.
Mr. Griffith is in charge of the day-to-day administration of GCM's trading
systems and the management of GCM's database of price information on more than
100 markets. Prior to joining GCM, Mr. Griffith's company, Veridical Methods,
Inc., provided computer programming and consulting services to such firms as GE
Capital, Lehman Brothers and Morgan Guaranty Trust. He received his B.B.A. in
Management Information systems from the University of Iowa in 1979.

FRED J. LEVIN is the Chief Economist, a Senior Discretionary Trader and
a Principal of GCM specializing in fixed income markets with particular emphasis
on short-term interest rates. Prior to joining GCM in March 1999, Mr. Levin was
employed as director of research at Aubrey G. Lanston & Co. Inc. from 1998. From
1991 to 1998, Mr. Levin was the chief economist and a trader at Eastbridge
Capital. From 1988 to 1991, Mr. Levin was the chief economist and a trader at
Transworld Oil. From 1982 to 1988, Mr. Levin was the chief economist, North
American Investment Bank at Citibank. From 1970 to 1982, Mr. Levin headed the
domestic research department and helped manage the open market desk at the
Federal Reserve Bank of New York. Mr. Levin received an M.A. in economics from
the University of Chicago in 1968 and a B.S. from the University of
Pennsylvania, Wharton School in 1964.

SAVVAS SAVVINIDIS, C.P.A., is the Chief Financial Officer and a
Principal of GCM. Before he joined GCM in June 2003, he was Chief Operating
Officer of Agnos Group, L.L.C. from January 2001-February 2003 and had
previously served as Director of Operations, from October 1994 to June 2000, of
Moore Capital Management, Inc., and from July 1993 to September 1994, of
Argonaut Capital Management, Inc. From May 1988 to June 1993, he worked at
Lehman Brothers and from July 1986 to April 1988, at the North American
Investment Bank of Citibank. Upon graduating from St. John's University with a
B.S. in Accounting, Mr. Savvinidis started his career with Grant Thornton in
1984, where he received his CPA designation in 1986. He is a member of the New
York Society of C.P.A.'s.

ROBERT C. HILL is a discretionary trader of GCM specializing in the
energy commodity markets, and a Principal of GCM. Prior to joining GCM in April
2003, Mr. Hill worked as a consultant at Gerson Lehrman Group. From November
1999 to October 2002, he was employed as Director of Trading at Duke Energy.
From March 1997 to October 1999, Mr. Hill was an energy trader at Louis Dreyfus
Energy Corp. and from May 1994 to March 1997, he worked for Enterprise Products
Company as a distribution coordinator for energy products. Mr. Hill received an
MBA in 1997 from the University of St. Thomas in Houston, TX and a B.A. in 1992
from Stephen F. Austin State University.

JASON C. SHAPIRO is a discretionary trader and a Principal of GCM. From
January 2002 to October 2003, when he joined GCM, Mr. Shapiro was President of
Applied Systematic Trading, where he developed its trading program. Mr. Shapiro
worked as a portfolio manager for Chelsey Capital from July 2001 to December
2001 and as a proprietary trader for The Gelber Group from September 2000 to
April 2001. He served both as a portfolio manager for HCM Capital Management,
Inc. and as a principal in Kilgore Capital from the period May 1997 to January
2000. From July 1996 to April 1997, he was engaged in the development of trading
programs. He completed the coursework for a Masters of Finance at the London
Business School over the 1995-1996 academic year. He worked at the Development
Bank of Singapore in Hong Kong (from March 1994 to August 1995), Overseas

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Chinese Banking Corporation (from October 1992 to February 1994) and the Hong
Kong and Shanghai Banking Corporation (from February 1991 to August 1992) in
sales and trading positions. Mr. Shapiro received a B.S. in Finance with honors
from The University of South Florida in 1989.

STEVEN T. AIBEL is a discretionary trader and a Principal of GCM,
specializing in global macro markets with a primary focus on foreign exchange.
Prior to joining GCM in July 2003, Mr. Aibel worked as a proprietary trader at
J.P. Morgan Chase from April 2002 to March 2003 trading foreign exchange. He
began his career at Goldman Sachs and Co. in the precious metals area in 1988
until 1993, moving over to the foreign exchange area of Goldman Sachs and Co.
until November 1994. Following work in the foreign exchange area of Lehman
Bothers from then until June 1995, Mr. Aibel worked at Credit Suisse First
Boston as a Deutsche Mark market maker from July 1995 until July 1997 and a
proprietary foreign exchange trader from July 1997 until April 2000. Mr. Aibel
received an MBA in 1988 with a double major in Finance and International
Business and a B.A. in 1987 in Finance, all from George Washington University.

XIN-YUN ZHANG is a discretionary trader and a Principal of GCM,
specializing in fixed income. Prior to joining GCM in September, 2003, Mr. Zhang
worked at Tudor Investment Corp. from January 2000 to August 2003, where his
trading focused on US and Japanese government bonds. From October 1995 to
January 2000, he was a fixed- income trader for Greenwich Capital. He worked in
fixed-income research for Long-Term Capital Management from October 1993 to
October 1995. He received a B.S. from Beijing University in 1983 and a Ph.D. in
theoretical physics from University of California, San Diego in 1989, and was a
post-doctoral research fellow at Rutgers University from 1989-1993.

BRIAN ALDERSHOF, Ph.D., CFA is the Risk Manager, a Vice President and a
quantitative research analyst of GCM with significant expertise in mathematics
and statistics. Prior to joining GCM, Dr. Aldershof was a professor of
mathematics at Lafayette College in Easton, PA. Dr. Aldershof's research
interests center on non-linear stochastic systems, especially genetic
algorithms. Dr. Aldershof received his M.S. (1990) and Ph.D. (1991) in
Statistics from the University of North Carolina at Chapel Hill where he was a
Pogue Fellow. His research in graduate school concerned estimating functionals
of probability density functions. During this time, he was a consultant for the
RAND Corporation, the Center for Naval Analyses, and the Environmental
Protection Agency. Dr. Aldershof received his A.B. (1985) from Middlebury
College where he completed a double major in Mathematics and Psychology. He is a
CFA charterholder and a member of the Association for Investment Management and
Research.

SEE "PART TWO -- STATEMENT OF ADDITIONAL INFORMATION -- THE CORE AND
POTENTIAL CORE ADVISORS," PAGES 101 THROUGH 113 FOR INFORMATION RELATING TO
GRAHAM CAPITAL MANAGEMENT, L.P.

GRINHAM MANAGED FUNDS PTY LTD.

OVERVIEW

Grinham Managed Funds Pty Ltd. is an Australian commodity trading
advisor utilizing an automated, technical trading system. The basic premise of
the system is that markets incorporate a random and non-random component. The
Grinham Managed Funds Pty Ltd. system is designed to identify when markets begin
to move in a non-random fashion and to generate orders to profit from non-random
price movements.

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

Grinham Managed Funds Pty Ltd. trades 45 markets across 7 countries,
incorporating most of the major stock indices, interest rates, currency and
commodities markets. Risk control is a major fundamental of the system,
utilizing diversification to limit the risk of any single trade to less than
0.1% of the assets under management.

MANAGEMENT

RICHARD GRINHAM B.Sc. (Hons.) is a Director and associated person of
Grinham. In 1989, Richard was an options dealer at Schroders, Sydney in the
over-the-counter currency market and in the Bank Bill pit on the floor of the
Sydney Futures Exchange (SFE). In 1990 he returned to university and received a
first class honors degree in science majoring in Pure Mathematics. The topic
area of his thesis was Fractals and Chaos Theory, the study of which led to a
greater understanding of the dynamics of markets. Futures markets are an example
of a fractal. Both fractals and non-linear dynamics (intuitively, systems which
have feedback) influenced the development of the systems used at Grinham. The
feedback phenomena studied at university are now a significant part of the
company's strategy. In the partnership from 1990 to 1993 and since 1993 at
Grinham, Richard Grinham

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has been Director of Research and Trading and is responsible for the ongoing
development of the trading systems.

ANGUS GRINHAM (B.Ec.) is a Director and associated person of Grinham.
He completed an Economics degree with majors in Finance and Econometrics in 1992
and has since completed his MBA. During his undergraduate study, Angus commenced
his own research into trading techniques and began trading a proprietary account
on the SFE. Upon completion of his degree, Angus was employed as a futures
broker on the international futures desk of Tricom Futures Management, an
Australian introducing broker. From 1992 to 1996 (while at Tricom) Angus worked
part-time at Grinham in the design of software to facilitate the execution and
clearing of the trading systems. Angus joined Grinham on a full time basis in
1996. Angus is currently the Director of Trading and Information Technology and
is responsible for trading, technology and the implementation of new trading
systems.

SEE "PART TWO -- STATEMENT OF ADDITIONAL INFORMATION -- CORE AND
POTENTIAL CORE ADVISORS," PAGES 114 THROUGH 119 FOR INFORMATION RELATING TO
GRINHAM MANAGED FUNDS PTY LTD.

HYMAN BECK & COMPANY, INC.

OVERVIEW

Hyman Beck & Company, Inc. ("HB & Co."). was incorporated under the laws
of the State of Delaware in February 1991 and is wholly-owned by Mr. Alexander
Hyman and Mr. Carl J. Beck.

Although HB & Co. is not a core advisor as of the date of this document
and will not become an Advisor until May 1, 2004, Kenmar currently expects to
allocate assets to HB & Co. on or about May 1, 2004 and expects to eventually
allocate at least 10% of the Fund's assets to HB & Co., at which point, HB & Co.
would then be considered to be a core advisor of the Fund.

Kenmar expects HB & Co. to trade either the FastTrac Portfolio program
("FastTrac") or the Macro Strategies Portfolio ("Macro Strategies") on behalf of
the Fund. FastTrac is a quantitative trading strategy named heuristically for
its relative short duration of trades. Macro Strategies is an investment program
which incorporates a short term divergence trading component to a "macro"
trading style program.

HB & Co. is engaged in the business of providing trading advisory
services to customers with respect to futures contracts, forward contracts,
options on futures contracts and physical commodities, exchange of futures for
physical ("EFP") transactions, and other futures-related interests
(collectively, "futures interest contracts") on United States and foreign
exchanges and markets. HB & Co. trades futures interest contracts including, but
not limited to, contracts in agricultural items, energy products, financial
instruments and indices, foreign currencies, and metals. HB & Co. manages
accounts for trading in futures interest contracts on a discretionary basis; its
trading methodologies are speculative in nature.

HB & Co. relies primarily on technical analysis. The trading
methodologies employed by HB & Co. are based on programs analyzing a large
number of interrelated mathematical and statistical formulas and techniques
which are quantitative and proprietary in nature.

MANAGEMENT

ALEXANDER HYMAN is the President and a principal of HB & Co. Mr. Hyman
is also a fifty percent shareholder of HB & Co. Mr. Hyman, along with Mr. Beck,
is directly responsible for all trading and money management decisions made by
HB & Co. From 1983 through February 1991, Mr. Hyman was employed by Dean Witter
Reynolds, Inc., a registered futures commission merchant, where, at the time of
his departure, he was First Vice President and Associate Director of the Managed
Futures Division and a Director and principal of Dean Witter Futures & Currency
Management Inc., a registered commodity trading advisor. Mr. Hyman was also a
Director of Demeter Management Corporation, the sponsor of all of Dean Witter's
public futures funds. While at Dean Witter, Mr. Hyman also was responsible for
the development of managed futures products. Mr. Hyman was graduated from
Hofstra University in May 1983 with a B.B.A. degree in International Business
and Economics.

CARL J. BECK is Vice President, Secretary, Treasurer, and a principal of
HB & Co. Mr. Beck is also a fifty percent shareholder of HB & Co. Mr. Beck,
along with Mr. Hyman, is directly responsible for all trading and money
management decisions made by HB & Co. From 1985 through February 1991, Mr. Beck
was employed by Dean Witter Reynolds, Inc., a registered futures commission
merchant, where, at the time of his departure, he held the position of Vice
President and Senior Portfolio Manager. Mr. Beck was also a Vice President and
principal of Dean Witter Futures & Currency Management Inc., a registered
commodity trading advisor, where he was responsible for day to day management
and trading activities. Prior to joining Dean Witter, Mr. Beck was employed by
J. Aron & Co., a commodity trading firm. From April 1994

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through February 2001, Mr. Beck was appointed to and served on the Board of
Managers of the Coffee, Sugar and Cocoa Exchange, Inc., and, most recently, on
the Board of Directors of the New York Cotton Exchange and New York Board of
Trade. Mr. Beck was graduated magna cum laude from Fordham University in May
1983 with a B.A. degree in Economics and earned an M.B.A. degree in Finance from
New York University in May 1989.

NORMAN HYMAN is a principal and director of trading at HB & Co. Mr.
Hyman is responsible for all daily trading room personnel and activities
including executions, reporting, and documentation. After attending Oakland
Community College, Mr. Hyman was employed by Procurement Services, Inc., from
January 1991 to January 1993 where at the time of his departure, he held the
position of chief export manager responsible for purchasing, consolidating and
exporting products worldwide. Mr. Hyman joined HB & Co. in January 1993 as a
junior trader.

SOCRATES IOANNIDIS is the director of quantitative research at HB & Co.
Dr. Ioannidis is responsible along with Messrs. Hyman and Beck for research
activities and product development. Dr. Ioannidis holds a B.S. in Chemical
Engineering from Aristotle University of Thessaloniki, Greece, a Ph.D. in
Chemical Engineering from New Jersey Institute of Technology, and a M.S. in
Mathematical Finance from New York University's Courant Institute of
Mathematical Sciences. Prior to joining HB & Co., Dr. Ioannidis worked as a
research engineer for OLI Systems, Inc. a leader in research and software
development for thermodynamic applications. Dr. Ioannidis has several
publications in refereed journals in the area of chemical thermodynamics. Dr.
Ioannidis joined HB & Co. in May 2000.

JAMES F. LUBIN is a principal of HB & Co. Mr. Lubin is responsible for
product development, strategic planning, investment strategy and business
development. Prior to joining HB & Co. in July 2003, Mr. Lubin was a Senior Vice
President within the Fixed Income Division of Lehman Brothers from 1999, where
he was responsible for establishing the foreign exchange business with
Alternative Investment Managers. From 1980 to 1999, Mr. Lubin held positions of
increasing responsibility with Merrill Lynch. During his tenure with Merrill
Lynch, Mr. Lubin was employed in the Futures, Foreign Exchange and Alternative
Investment divisions. At the time of his departure, Mr. Lubin was managing the
Foreign Exchange business with Alternative Investment Managers and was a member
of the Investment Committee of MLFIP, the sponsor of Merrill Lynch's Alternative
Investment funds. The Investment Committee was responsible for the selection of
the Alternative Investment Managers retained by the entity. Mr. Lubin was
graduated from Adelphi University in May 1979 with a B.A. degree in Economics
and earned an M.B.A. degree in Finance from Adelphi University in May 1983.

SEE "PART TWO -- STATEMENT OF ADDITIONAL INFORMATION -- THE CORE AND
POTENTIAL CORE ADVISORS," PAGES 120 THROUGH 125 FOR INFORMATION RELATING TO
HYMAN BECK & COMPANY, INC.

TRANSTREND B.V.

OVERVIEW

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

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

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

MANAGEMENT

GERARD VAN VLIET, born in 1948, graduated in March 1972 with a Masters
in Business Economics from Erasmus University Rotterdam. He has worked for
various firms in the cash commodity trade since 1973 and has been a council
member of the Alternative Investment Management Association ("AIMA") and of
various other international trade associations, both in Europe and in the United
States. In 1982 he joined the Nidera Group, a multi-national trading concern
involved in various agribusiness industries and with a presence in many
countries. For Nidera Rotterdam he successfully established a new trading
division in vegetable oils. In 1987 he became Nidera Rotterdam's CEO,
supervising a

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variety of trading divisions and projects, one of which was Transtrend. In
January 1992, after five years of general management, Mr. Van Vliet decided to
dedicate himself full-time to the development of Transtrend, at that time a
subsidiary of the Nidera Group. In October 1993, Transtrend's management
initiated a buy-out of the company from Nidera Group. In June 2002, Robeco
Nederland B.V. became a co-shareholder in Transtrend. Gerard van Vliet will
remain Transtrend's CEO and (indirect) majority shareholder until Robeco
Nederland B.V acquires Transtrend's entire share capital in January 2007.

JOHANNES "JOEP" P.A. VAN DEN BROEK, born in 1969, graduated in August
1995 with a Masters Degree in Business Economics from Erasmus University
Rotterdam. He joined Transtrend as a trader in December of 1995. In October
1997, he was appointed Assistant Director (for trading) thereby becoming a
member of Transtrend's management team. Effective as of 1 January, 1999, he has
become a Managing Director of Transtrend.

HAROLD M. DE BOER, born in 1966, graduated in 1990 with a Masters Degree
in Applied Mathematics from Universiteit Twente in The Netherlands. In December
1989 he worked in conjunction with Transtrend for his thesis entitled
"Cointegration in (tangible) Commodity Futures." In April of 1990, he joined
Transtrend as a Research Analyst. In 1992 he became responsible for Transtrend's
research department, and as of October 1997, he became a member of Transtrend's
management team with the title of Assistant Director. Effective August 1, 1999,
he was appointed a Director of Transtrend. Mr. de Boer's primary responsibility
remains focused on research and product development.

All directors of Transtrend have an academic degree and ample experience
in dealing with derivative markets.

51% of the voting interest in Transtrend is owned by Diversified
Investments B.V., a Dutch limited liability company formed on December 29, 1993
which currently serves as a holding company of Transtrend and as one of its
Directors. Diversified Investments B.V. is controlled by Mr. Gerard van Vliet.
49% of the voting interest in Transtrend is owned by Robeco Nederland B.V.,
which is a 100% subsidiary of Robeco Group N.V., which in turn is 100% owned by
Cooperative Centrale Raiffeissen-Boerenleenbank B.A. (Rabobank Nederland).

SEE "PART TWO -- STATEMENT OF ADDITIONAL INFORMATION -- THE CORE AND
POTENTIAL CORE ADVISORS," PAGES 126 THROUGH 141 FOR INFORMATION RELATING TO
TRANSTREND B.V.

THE ADVISORY AGREEMENTS

Graham Capital Management, L.P. serves as an Advisor to the Fund
pursuant to an Advisory Agreement which will be in effect until April 30, 2004,
and the parties thereto expect to have the Advisory Agreement renew
automatically for another one year term. Grinham Managed Funds Pty. Ltd. and
Transtrend B.V. serve as Advisors to the Fund pursuant to Advisory Agreements
which have been renewed through November 30, 2004. Hyman Beck & Company, Inc.
will serve as an Advisor to the Fund effective May 1, 2004 pursuant to an
Advisory Agreement which will be in effect until April 30, 2005.

Each Advisory Agreement provides that the Fund will indemnify the
Advisor and its affiliates, as well as their respective officers, shareholders,
directors, employees, partners and controlling persons for conduct taken as an
Advisor or in connection with the Advisory Agreement, provided that such conduct
does not, among other things, constitute a breach of the Advisory Agreement or
of any fiduciary obligation to the Fund and was done in good faith and in a
manner reasonably believed to be in, or not opposed to, the best interests of
the Fund. Each Advisory Agreement further provides that this indemnity provision
will not increase the liability of any Unitholder to the Fund beyond the amount
of such Unitholder's capital and profits, if any, in the Fund (exclusive of
previously received distributions or other returns of capital, including
redemptions).

Under the exculpatory provisions of the Advisory Agreements, none of the
Advisors, their affiliates nor their respective officers, directors, employees,
partners, controlling persons or shareholders will be liable to the Fund or to
any of the Unitholders in connection with their management of assets of the Fund
except by reason of acts or omissions in contravention of the Advisory
Agreement, or due to their misconduct or negligence, or by reason of not having
acted in good faith and in the reasonable belief that such actions or omissions
were in, or not opposed to, the best interests of the Fund.

When it considers doing so to be in the best interests of the Fund,
Kenmar will generally attempt to negotiate advisory agreements with comparable
terms for all of the Advisors chosen for the Fund. Kenmar retains the right to
terminate any Advisory Agreement at will and upon short notice to the Advisors.
Kenmar also retains the right to withdraw

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funds from any Advisor's trading account at any time, including immediately.

The Fund's current Advisors have not purchased Units, although they may
do so in the future.

KENMAR ADVISORY CORP.

BACKGROUND AND PRINCIPALS

Kenmar Advisory Corp. is the managing owner and commodity pool operator
of the Fund ("Kenmar") and is a wholly-owned subsidiary of Kenmar Holdings Inc.
("KHI"), which is also a principal of Kenmar. Kenneth A. Shewer is Kenmar's
Chairman and Marc S. Goodman is its President. Messrs. Shewer and Goodman are
Kenmar's sole directors. All of Kenmar's stock is owned, indirectly and equally,
via KHI, by Messrs. Shewer and Goodman. Kenmar has been registered with the CFTC
as a commodity pool operator since February 7, 1984 and is a member in good
standing of the NFA in such capacity. Its principal place of business is Two
American Lane, P.O. Box 5150, Greenwich, CT 06831, telephone number (203)
861-1000. Kenmar and its affiliates focus on the design and management of
leading-edge investment programs in the managed futures sector. THE REGISTRATION
OF KENMAR WITH THE CFTC AND ITS MEMBERSHIP IN THE NFA MUST NOT BE TAKEN AS AN
INDICATION THAT EITHER THE CFTC OR THE NFA HAS RECOMMENDED OR APPROVED EITHER
KENMAR OR THE FUND.

No administrative, civil, or criminal action has ever been brought
against Kenmar, any of its principals or the Fund.

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

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

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

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

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

Ms. Florence Y. Sofer (born 1966), Managing Director, Investor
Communications responsible for the development and implementation of all
internal and external communications programs

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

Ms. Maureen Howley (born 1967), Senior Vice President and Chief
Financial Officer, joined Kenmar in July 2003. She is responsible for corporate
finance and administration. From July 2001 until July 2003, Ms. Howley was an
Associate at Andor Capital Management, LLC, an equity hedge fund company. At
Andor, she was responsible for managing the corporate accounting functions.
Previously, she was the Controller at John W. Henry & Company, Inc., a commodity
trading advisor, where she had held positions of increasing responsibility from
September 1996 to July 2001. She began her career in September 1989 at Deloitte
& Touche. She held many positions of increasing responsibility for seven years,
and left as Audit Senior Manager in July 1996 to join John W. Henry & Company,
Inc. Ms. Howley received a B.A. in Accounting from Muhlenberg College in 1989
and designation as a Certified Public Accountant in 1990.

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

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

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

MANAGEMENT OF TRADERS

Kenmar's hallmark is its emphasis on vigilant management of its
portfolios of traders. Kenmar analyzes trading performance on a daily basis for
each trader it retains. This detailed analysis identifies sources of profits and
losses for each trader each day, enabling management to make highly informed
decisions regarding the performance of each such trader (including the Fund's
Advisors).

Based on Kenmar's perception of market conditions, Advisor performance
and other factors, Kenmar will reallocate assets among Advisors in an effort to
place such assets optimally. Kenmar also will add Advisors when situations
warrant, and remove or replace Advisors if profitability, risk assumptions or
other significant factors indicate that replacement is advisable. See "The Fund
and Its Objectives -- Investment Philosophy" at page 15 and "The Risks You Face
-- (24) Regulatory Matters May Alter the Nature oF an Investment in the Fund" at
page 15.

Naturally, these activities require a strong emphasis on trading and
market research. Kenmar operates and updates continuously a database that tracks
over 600 different trading programs offered by traders around the globe. Added
to these quantitative data are qualitative assessments based on detailed trader
interviews and analysis of trades, trading performance and trading strategies.

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FIDUCIARY OBLIGATIONS OF KENMAR

NATURE OF FIDUCIARY OBLIGATIONS; CONFLICTS OF INTEREST

As managing owner of the Fund, Kenmar is effectively subject to the same
restrictions imposed on "fiduciaries" under both statutory and common law.
Kenmar has a fiduciary responsibility to the Unitholders to exercise good faith,
fairness and loyalty in all dealings affecting the Fund, consistent with the
terms of the Fund's Declaration of Trust, its Amended and Restated Declaration
of Trust and Trust Agreement dated as of December 17, 1996, Second Amended and
Restated Declaration of Trust dated as of May 1, 2003, Third Amended and
Restated Declaration of Trust dated as of March 1, 2004 and Fourth Amended and
Restated Declaration of Trust dated as of May 1, 2004 (the "Declaration of
Trust"). The Fund is referred to as the "Trust" in the Declaration of Trust
which is attached hereto as Exhibit A. The general fiduciary duties which would
otherwise be imposed on Kenmar (which would make the operation of the Fund as
described herein impracticable due to the strict prohibition imposed by such
duties on, for example, conflicts of interest on behalf of a fiduciary in its
dealings with its beneficiaries), are defined and limited in scope by the
disclosure of the business terms of the Fund, as set forth herein and in the
Declaration of Trust (to which terms all Unitholders, by subscribing to the
Units, are deemed to consent).

The Fund, as a publicly-offered "commodity pool," is subject to the
Statement of Policy of the North American Securities Administrators Association,
Inc. relating to the registration, for public offering, of commodity pool
interests (the "NASAA Guidelines"). The NASAA Guidelines explicitly prohibit a
managing owner of a commodity pool from "contracting away the fiduciary
obligation owed to investors under the common law." Consequently, once the terms
of a given commodity pool, such as the Fund, are established, the managing owner
is effectively precluded from changing such terms in a manner that
disproportionately benefits the managing owner, as any such change could
constitute self-dealing under common law fiduciary standards, and it is
virtually impossible to obtain the consent of existing investors to such
self-dealing (whereas, given adequate disclosure, new investors subscribing to a
pool should be deemed to evidence their consent to the business terms thereof by
the act of subscribing).

The Declaration of Trust provides that Kenmar and its affiliates shall
have no liability to the Fund or to any Unitholder for any loss suffered by the
Fund arising out of any action or inaction of Kenmar or its affiliates or their
directors, officers, shareholders, partners, members or employees (the "Kenmar
Related Parties") if the Kenmar Related Parties, in good faith, determined that
such course of conduct was in the best interests of the Fund, and such course of
conduct did not constitute negligence or misconduct by the Kenmar Related
Parties. The Fund has agreed to indemnify the Kenmar Related Parties against
claims, losses or liabilities based on their conduct relating to the Fund,
provided that the conduct resulting in the claims, losses or liabilities for
which indemnity is sought did not constitute negligence or misconduct and was
done in good faith and in a manner reasonably believed to be in the best
interests of the Fund. The NASAA Guidelines prescribe the maximum permissible
extent to which the Fund can indemnify the Kenmar Related Parties and prohibit
the Fund from purchasing insurance to cover indemnification which the Fund
itself could not undertake directly.

FIDUCIARY AND REGULATORY DUTIES

An investor should be aware that Kenmar has a fiduciary responsibility
to the Unitholders to exercise good faith and fairness in all dealings affecting
the Fund.

Under Delaware law, a beneficial owner of a business trust (such as a
Unitholder of the Fund) may, under certain circumstances, institute legal action
on behalf of himself and all other similarly situated beneficial owners (a
"class action") to recover damages from a managing owner of such business trust
for violations of fiduciary duties, or on behalf of a business trust (a
"derivative action") to recover damages from a third party where a managing
owner has failed or refused to institute proceedings to recover such damages. In
addition, beneficial owners may have the right, subject to applicable procedural
and jurisdictional requirements, to bring class actions in federal court to
enforce their rights under the federal securities laws and the rules and
regulations promulgated thereunder by the Securities and Exchange Commission
("SEC"). Beneficial owners who have suffered losses in connection with the
purchase or sale of their beneficial interests may be able to recover such
losses from a managing owner where the losses result from a violation by the
managing owner of the anti-fraud provisions of the federal securities laws.

Under certain circumstances, Unitholders also have the right to
institute a reparations proceeding before the CFTC against Kenmar (a registered
commodity pool operator), the Clearing

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Brokers (registered futures commission merchants) and the Advisors (registered
commodity trading advisors), as well as those of their respective employees who
are required to be registered under the Commodity Exchange Act, as amended, and
the rules and regulations promulgated thereunder. Private rights of action are
conferred by the Commodity Exchange Act, as amended. Investors in commodities
and in commodity pools may, therefore, invoke the protections provided by such
legislation.

There are substantial and inherent conflicts of interest in the
structure of the Fund which are, on their face, inconsistent with Kenmar's
fiduciary duties. One of the purposes underlying the disclosures set forth in
this Prospectus is to disclose to all prospective Unitholders these conflicts of
interest so that Kenmar may have the opportunity to obtain investors' informed
consent to such conflicts. Prospective investors who are not willing to consent
to the various conflicts of interest described under "Conflicts of Interest" and
elsewhere are ineligible to invest in the Fund. Kenmar presently intends to
raise such disclosures and consent as a defense in any proceeding brought
seeking relief based on the existence of such conflicts of interest. See
"Conflicts of Interest" at page 36.

The foregoing summary describing in general terms the remedies available
to Unitholders under federal and state law is based on statutes, rules and
decisions as of the date of this Prospectus. This is a rapidly developing and
changing area of the law. Therefore, Unitholders who believe that they may have
a legal cause of action against any of the foregoing parties should consult
their own counsel as to their evaluation of the status of the applicable law at
such time.

INVESTMENT OF KENMAR IN THE FUND

Kenmar has purchased and will maintain a 1% interest in the Fund in its
capacity as managing owner. As of February 29, 2004, Marc S. Goodman, the
President of Kenmar, had a 0.024% interest (52.83 Units) in the Fund through an
individual retirement account, and Kenneth A. Shewer, the Chairman of Kenmar,
had a 0.022% interest (50.25 Units) in the Fund through an individual retirement
account.

USE OF PROCEEDS

The proceeds of the offering of the Units are used by the Fund to engage
in the speculative trading on futures, forward, options and related markets
through allocating such proceeds to the Advisors.

To the extent the Fund trades in futures contracts on U.S. exchanges,
the assets deposited by the Fund with its Clearing Brokers as margin must be
segregated pursuant to the regulations of the CFTC. Such segregated funds may be
invested only in a limited range of instruments -- principally U.S. government
obligations.

To the extent that the Fund trades in futures, forward, options and
related contracts on markets other than regulated U.S. futures exchanges, funds
deposited to margin positions held on such exchanges are invested in bank
deposits or in instruments of a credit standing generally comparable to those
authorized by the CFTC for investment of "customer segregated funds," although
applicable CFTC rules prohibit funds employed in trading on foreign exchanges
from being deposited in "customer segregated fund accounts."

Although the percentages set forth below may vary substantially over
time, as of December 31, 2003 the Fund estimates:

(i) up to approximately 70% of the Net Asset Value of the Fund is
placed with the Clearing Brokers in the form of cash or U.S. Treasury bills to
margin positions of all commodities combined. Such funds will be segregated
pursuant to CFTC rules;

(ii) approximately 30% of the Net Asset Value of the Fund is
maintained in bank deposits or U.S. Treasury and U.S. Government Agencies
issues.

Fund assets maintained in bank deposits are currently maintained with
Brown Brothers Harriman & Co. in New York, New York and Georgetown, Grand Cayman
Island. Sentinel Management Group, Inc., 650 Dundee Road, Suite 640, Northbrook,
IL 60062, a registered investment adviser, will be responsible for the cash
management activities of the Fund, including investing in U.S. Treasury and U.S.
Government Agencies issues.

In addition, assets of the Fund not required to margin positions may be
maintained in United States bank accounts opened in the name of the Fund and may
be held in U.S. Treasury bills (or other securities approved by the CFTC for
investment of customer funds).

The Fund receives all of the interest income earned on its assets.

[Remainder of page left blank intentionally.]

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CHARGES

CHARGES PAID BY THE FUND

· Enlarge/Download Table

RECIPIENT NATURE OF PAYMENT AMOUNT OF PAYMENT
--------- ----------------- -----------------

Kenmar Brokerage commissions Flat-rate monthly commissions of 0.83% of the
Fund's beginning of month Net Assets (a 10% annual
rate). Once Net Assets reach $25 million, the
annual Brokerage Commission rate will be reduced to
a blended rate for all Net Assets based on 10% of
the first $25 million and 9% on any Net Assets over
that amount. Such commissions cover all floor
brokerage, exchange, clearing and NFA fees incurred
in the Fund's trading.

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

Advisors Profit Shares Paid by the Fund on a quarterly basis (although
accrued against Net Asset Value per Unit
monthly). Each Advisor's Profit Share is
determined based on any New Trading Profit (as
defined) generated by such Advisor. New Trading
Profit in respect of each Advisor's account is
calculated after reduction for brokerage
commissions at an annual rate of 1.5% - 5.0%,
rather than at a 10% annual rate (or, if Net
Assets exceed $25 million, at the blended rate of
10% for the first $25 million and 9% on any Net
Assets over that amount), and execution costs
actually incurred (other than floor brokerage,
exchange, clearing and NFA fees). New Trading
Profit is not reduced by any Incentive Fee,
administrative expenses or organizational and
initial offering costs (or extraordinary
expenses). THE PROFIT SHARES ARE PAYABLE
SEPARATELY TO EACH ADVISOR BASED ON ITS INDIVIDUAL
PERFORMANCE, NOT OVERALL PROFITS OF THE FUND.
UNITS MAY BE SUBJECT TO REDUCTION FOR PROFIT
SHARES ATTRIBUTABLE TO A PARTICULAR ADVISOR EVEN
THOUGH THE NET ASSET VALUE PER UNIT HAS DECLINED
FROM THE PURCHASE PRICE OF SUCH UNITS.

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

Third Parties Operating, Selling and Paid as incurred; not anticipated to exceed 0.75%
Administrative costs of the Fund's average beginning of month Net
Assets per year.

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BROKERAGE COMMISSIONS

Commodity brokerage commissions for futures trades are typically paid
on the completion or liquidation of a trade and are referred to as "round-turn
commissions," which cover both the purchase (or sale) of a commodity futures
contract and the subsequent offsetting sale (or purchase). However, the Fund
does not pay commodity brokerage commissions to Kenmar on a per-trade basis but
rather at the flat monthly rate of 0.83% of the Fund's beginning of month Net
Assets (a 10.00% annual rate). Once Net Assets reach $25 million the annual
Brokerage Commission rate will be reduced to a blended rate for all Net Assets
based on 10% of the first $25 million and 9% on any Net Assets over that amount.

Kenmar receives such brokerage commissions, irrespective of the number
of trades executed on the Fund's behalf, and pays floor brokerage, exchange,
clearing and NFA fees with respect to executing the Fund's trades. NFA
transaction fees are assessed on the Fund's futures trading on U.S. exchanges.
Such NFA fees currently equal $0.06 per round-turn trade of a futures contract
and $0.03 for each trade of a commodity option (a $0.03 fee is charged upon the
purchase and upon the exercise of an option; if an option is exercised, an
additional $0.06 fee is payable upon the liquidation of the futures position
acquired upon such exercise; no fee is assessed upon the expiration of an
option.)

State securities administrators require Kenmar to represent that the
brokerage commissions paid by the Fund will not be increased during the period
in which early redemption charges are in effect. Due to the ongoing offering of
the Units, this representation entails that Kenmar will likely never be able to
raise brokerage commissions unless Kenmar waives such early redemption charges.

As of December 31, 2003, the Fund's 10% per annum flat-rate brokerage
commissions (such 10% includes execution, advisory fees, trails and fees to
Kenmar) equated to round-turn commissions of $62. The round-turn equivalent of
the Fund's flat-rate commissions will vary with the frequency with which the
Advisors place orders for the Fund's account managed by each of them. Kenmar
reports, in the annual reports distributed by Kenmar to Unitholders, the
approximate round-turn equivalent rate paid by the Fund on its trading during
the previous year.

"BID-ASK" SPREADS

Some of the Fund's currency trades are executed in the forward markets,
in which participants include a spread between the prices at which they are
prepared to buy and sell a particular currency. The fact that the Fund pays such
"spreads" does not result in a reduction in the flat-rate brokerage commissions
paid by the Fund (however, forward trades were not included in the number of
round-turns executed by the Fund in determining the approximate round-turn
equivalent of the Fund's flat-rate commissions).

PROFIT SHARES AND INCENTIVE FEES

CALCULATION OF NEW TRADING PROFIT AND NEW OVERALL APPRECIATION

Each Advisor will receive Profit Share equal to 20% of the New Trading
Profit generated by such Advisor.

New Trading Profit is calculated with respect to each Advisor's Trust
account and New Overall Appreciation is calculated with respect to the Fund as a
whole on the basis of the cumulative performance of such account or the Fund,
respectively, and not on a Unit-by-Unit basis. For example, if the Fund loses
$500,000 in its first month of trading and gains $750,000 in the next, accrued
New Overall Appreciation would equal $250,000 as of the end of such second month
-- irrespective of whether the Net Asset Value per Unit were greater or less
than the initial $100 at such time. (If a substantial number of Units were
either redeemed or issued as of the end of the first month, the cumulative gain
through the end of the second month would not be directly reflected in the Net
Asset Value per Unit.)

Both New Trading Profit and New Overall Appreciation are calculated on
a high water mark basis, as described below. Each Advisor will be allocated from
the Fund its Profit Share equal to the percentage described above of any
cumulative New Trading Profit generated by such Advisor, as of the calendar
quarter-end of determination, in excess of: (i) the highest level of cumulative
Trading Profit as of any previous calendar quarter-end generated by such
Advisor, or (ii) $0, if higher (the "high water mark"). "Trading Profit" (i)
includes gross realized gains and losses on closed positions and the change in
unrealized gains and losses on open positions from the preceding period, (ii)
does not include interest income, (iii) is reduced by annual brokerage

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commissions of 1.5% - 5.0%, not 10% (or, if Net Assets exceed $25 million, at
the blended rate of 10% for the first $25 million and 9% on any Net Assets over
that amount), of average beginning of month Net Assets, plus execution costs
other than floor brokerage, exchange, clearing and NFA fees, and (iv) is not
reduced by Incentive Fees, administrative expenses, organizational and initial
offering cost reimbursements or extraordinary costs (such as taxes or litigation
costs). "Overall Appreciation" is calculated, not on a per-Unit basis, but on
the basis of the overall trading profits and losses of the Fund, net of all fees
and expenses (including Profit Shares) paid or accrued other than the Incentive
Fee itself and after subtraction of all interest income received by the Fund.
"New Trading Profit" is the excess, if any, as of any quarter-end by which
cumulative Trading Profit exceeds the highest level of cumulative Trading Profit
as of any previous quarter-end and adjusted as provided below. "New Overall
Appreciation" is the excess, if any, as of any December 31 by which cumulative
Overall Appreciation exceeds the highest level of cumulative Overall
Appreciation as of any previous December 31 and adjusted as provided below.

In the event that losses have been incurred since the currently
effective "high water mark" was reached and assets are withdrawn from an
Advisor's account or from the Fund as a whole (other than to pay expenses), the
shortfall (the "Loss Carryforward") between such "high water mark" and the level
of cumulative Trading Profits or Overall Appreciation at the time of such
withdrawal shall be proportionately reduced (and the "high water mark" lowered
accordingly) for purposes of calculating subsequent Profit Shares or Incentive
Fees. Loss Carryforward reductions, in respect of a particular Advisor's
account, can result from Kenmar reallocating capital away from an Advisor, as
well as from a redemption of Units. Loss Carryforward reductions will not be
restored as a result of subsequent additions of capital offsetting the
withdrawals which resulted in such reductions.

If Kenmar withdraws assets from an Advisor's account at a time when
there is accrued New Trading Profit in respect of Advisor's account, the Profit
Share attributable to the amount of capital withdrawn (net of the proceeds of
any additional Units issued as of the date of such withdrawal) will be paid out
to such Advisor. If there are net redemptions of Units at a time when there is
accrued New Overall Appreciation in respect of the Fund as a whole, the
Incentive Fee attributable to the amount of capital withdrawn (net of the
proceeds of any additional Units issued as of the date of such withdrawal) will
be paid out to Kenmar.

For example, assume that the Fund began trading June 1, 2002 and as of
December 31, 2002 had recognized cumulative Overall Appreciation of $200,000. An
Incentive Fee of 5% of $200,000 or $10,000 would be paid to Kenmar. If through
June 30, 2003, the Fund had incurred a loss of $100,000 for 2003, at which point
25% of the Units were redeemed (and assuming that no additional Units were
issued as of such date of withdrawal), prior to such redemption there would have
existed a Loss Carryforward, for Incentive Fee calculation purposes, of $100,000
which would be reduced to $75,000 upon redemption of 25% of the Units. If during
the second six months of 2003, Overall Appreciation of $100,000 were recognized,
New Overall Appreciation as of December 31, 2003 would equal $25,000, and an
Incentive Fee of $1,250 would be paid.

Profit Shares do not reduce Trading Profit and Incentive Fees do not
reduce Overall Appreciation. Consequently, the Advisors and Kenmar need not
"earn back" their respective Profit Shares and Incentive Fees before generating
New Trading Profits or New Overall Appreciation, as applicable, potentially
subject to additional Profit Shares and Incentive Fees. (Overall Appreciation is
calculated after reduction for all Profit Shares, but not for Incentive Fees,
paid or accrued.)

Interest income is not included in either Trading Profits or Overall
Appreciation.

ALLOCATIONS OF PROFIT SHARES AND INCENTIVE FEE AMONG UNITHOLDERS

Because Profit Shares and Incentive Fees are calculated on the basis of
the Trading Profit, if any, attributable to an Advisor's account and the Fund as
a whole, respectively, these costs are subject to equal allocation among
investors even though such persons may have purchased their Units at different
times. Such costs, therefore, are not reflective of each investor's individual
investment experience, but of the performance of the Fund as a whole. For
example, assume that 100,000 Units were initially purchased as of June 1, 2002
and through December 31, 2002 the Fund incurred a $1,000,000 loss. If 100,000
more Units were purchased as of January 1, 2003 (at a Net Asset Value of $90 per
Unit), and the Fund earns $1,000,000 during 2003, as of December 31, 2003 no
Incentive Fee would be due, even though the second tranche of Units had
increased in Net Asset Value from $90 to $95. Moreover, were $1,500,000 to have
been earned, the Units initially

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purchased would be subject to paying their allocable share of the Incentive Fee
of $25,000 (5% of $500,000) which would be due as of December 31, 2003, despite
the Net Asset Value of such Units being below their $100 purchase price.

Profit Shares and Incentive Fee accruals are also subject to
distortions similar to those described above when reversed due to subsequent
losses prior to the date that these costs are finally determined. When Units are
purchased at a Net Asset Value per Unit reduced by accrued Profit Shares and/or
Incentive Fees, such Units effectively receive "full credit" for the amount of
such accruals through the reduction in their purchase price. Consequently, if
the accrual is subsequently reversed, the benefit of the reversal should be
allocated entirely to the Units outstanding when such Profit Share or Incentive
Fees accrued, rather than being evenly divided between such Units and the
newly-purchased Units. However, such reversals are allocated equally among all
outstanding Units in the interests of maintaining a uniform Net Asset Value per
Unit.

THE DISTORTIONS DESCRIBED ABOVE ARE THE PRODUCT OF CALCULATING AND
ALLOCATING INCENTIVE COMPENSATION IN OPEN-END FUNDS AMONG PERSONS INVESTING AT
DIFFERENT TIMES WHILE STILL MAINTAINING A UNIFORM NET ASSET VALUE PER SHARE OR
UNIT. THIS METHOD IS THE MOST COMMON METHOD USED IN RETAIL MANAGED FUTURES FUNDS
IN WHICH THE LARGE NUMBER OF INVESTORS MAKES IT IMPRACTICABLE TO INDIVIDUALLY
TRACK CAPITAL ACCOUNTS FOR EACH INVESTOR, BUT CAN RESULT IN ALLOCATIONS OF
PROFIT SHARES AND INCENTIVE FEES THAT ARE NOT REFLECTIVE OF PARTICULAR
INVESTORS' INDIVIDUAL INVESTMENT EXPERIENCE.

ONGOING OPERATING, SELLING AND
ADMINISTRATIVE COSTS

The Fund is responsible for actual payments to third parties, estimated
at no more than 0.75% of the Fund's average beginning of month Net Assets per
year.

EXTRAORDINARY EXPENSES

The Fund is responsible for any extraordinary charges (such as taxes)
incidental to its trading. In Kenmar's experience such charges have been
negligible.

REDEMPTION CHARGES

With respect to Units purchased on and after June 1, 2004, Units
redeemed on or prior to the end of the twelfth month after such Units are issued
are subject to the following redemption charges: 3.5% for Units redeemed on or
after the end of the first and on or before the end of the third month after
purchase, 2.625% for Units redeemed from the beginning of the fourth and on or
before the end of the sixth month after purchase, 1.75% for Units redeemed from
the beginning of the seventh and on or before the end of the ninth month after
purchase, and 0.875% for Units redeemed from the beginning of the tenth and on
or before the end of the twelfth month of the Net Asset Value per Unit at which
they are redeemed. Such charges are paid to Kenmar.

Units purchased from March 1 through and including May 1, 2004 are
subject to the same redemption fee schedule described in the immediately
preceding paragraph, except that such Units are subject to a 3% redemption
charge for Units redeemed on the 1st month-end through the 3rd month-end after
sale.

Units purchased prior to March 1, 2004, remain subject to redemption
charges and may only be redeemed beginning on or after the end of the sixth
month after sale. Through the end of the twelfth and eighteenth full months
after their sale, Units purchased prior to March 1, 2004 will be subject to
redemption charges equal to 3% and 2%, respectively, of the Net Asset Value per
Unit as of the date of redemption. Investors acquiring Units on the same day as
or within seventy-five (75) days after redeeming investments in Kenmar-sponsored
investment vehicles will be deemed to have held such Units for the duration of
their participation in such Kenmar-sponsored investment vehicles for purposes of
calculating the required six-month holding period following purchases of such
Units. Any such investor will not be subject to a Kenmar Global Trust redemption
charge but will remain subject to the redemption charge, if any, of the
Kenmar-sponsored investment vehicle from which he redeemed.

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

Kenmar sends each Unitholder a monthly statement that includes a
description of performance during the prior month and sets forth, among other
things, the brokerage commissions, Incentive Fee and Profit Share accruals
during such month and on a year-to-date basis.

CHARGES PAID BY KENMAR

THE FOLLOWING COSTS RELATING TO THE SALE OF THE UNITS AND THE OPERATION
OF THE FUND ARE PAID BY KENMAR.

SELLING COMMISSIONS; "TRAILING COMMISSIONS"

Kenmar pays, from its own funds, the 3.5% selling commissions due in
respect of the Units.

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Furthermore, Kenmar pays significant "trailing commissions" to eligible Selling
Agents who sell Units which remain outstanding for more than twelve months
(immediately to the extent investors have acquired Units on the same day as or
within seventy-five (75) days after redeeming investments in Kenmar-sponsored
investment vehicles). Such "trailing commissions" will be payable quarterly and
will be accrued monthly at 0.2917 of 1% (a 3.5% annual rate) of the beginning of
month Net Asset Value of such Units for as long as they remain outstanding.
Selling Agents will pass on to their registered representatives a portion of the
foregoing selling compensation and "trailing commissions," after deduction of
"due diligence" and administrative expenses incurred in connection with this
offering, in accordance with such Selling Agents' standard compensation
arrangements. See "Plan of Distribution -- Selling Agents' Compensation" at page
46.

CONSULTING FEES

Each Advisor receives a Consulting Fee, monthly in arrears, payable by
Kenmar not the Fund, equal to 0.167% of the beginning of month Net Assets of the
Fund allocated to such Advisor's management (a 2% annual rate).

THE CLEARING BROKERS AND FUTURES BROKER

The Fund's clearing brokers will be comprised of UBS Securities LLC
("UBS Securities"), Fimat International Banque SA (UK Branch) ("Fimat UK") (for
non U.S. products) and Fimat USA, Inc. ("Fimat USA") (for U.S. products)
(together, "Fimat") ("UBS Securities" and "Fimat," collectively, "Clearing
Brokers"). Fimat became a Clearing Broker effective April, 2003. UBS Securities
also acts as one of the Fund's futures brokers (the "Futures Broker"). None of
UBS Securities or Fimat has been involved in the organization of the Fund and do
not take any part in the Fund's ongoing management. None of UBS Securities or
Fimat is affiliated with Kenmar, nor is Fimat or the Futures Broker responsible
for the activities of Kenmar.

UBS SECURITIES LLC

UBS Securities LLC ("UBS Securities") principal business address is 677
Washington Blvd, Stamford, CT 06901. UBS Securities is a futures clearing broker
for the Fund. UBS Securities is registered in the U.S. with the National
Association of Securities Dealers, Inc. ("NASD") as a Broker Dealer and with the
Commodity Futures Trading Commission ("CFTC") as a Futures Commission Merchant.
UBS Securities is a member of various U.S. futures securities exchanges.

UBS Securities was involved in the 2003 Global Research Analyst
Settlement. This settlement is part of the global settlement that UBS Securities
and nine other firms have reached with the SEC, NASD, NYSE and various state
regulators. As part of the settlement, UBS Securities has agreed to pay
$80,000,000 divided among retrospective relief, for procurement of independent
research and for investor education. UBS Securities has also undertaken to adopt
enhanced policies and procedures reasonably designed to address potential
conflicts of interest arising from research practices.

UBS Securities will act only as a clearing broker for the Fund and as
such will be paid commissions for executing and clearing trades on behalf of the
Fund. UBS Securities has not passed upon the adequacy or accuracy of this
prospectus. UBS Securities neither will act in any supervisory capacity with
respect to Kenmar nor participate in the management of Kenmar or the Fund.

FIMAT

Fimat UK

Fimat International Banque SA (UK Branch), a wholly owned subsidiary of
Societe Generale ("Fimat UK") has been appointed by the Fund to provide dealing
facilities in respect of all investments and clearing services. For this
purpose, the Fund and Fimat UK (acting for itself and other affiliates of the
Fimat Group) have entered into a full services agreement and support documents
("Customer Agreement").

Fimat UK's parent company has a "Specified Credit Rating" as set out
under the listing rules of the Irish Stock Exchange. Fimat UK has in excess of
$200 million of financial resources. Fimat UK is registered with the Financial
Services Authority ("FSA") in the United Kingdom which regulates and oversees
the financial services industry. The Fund has been classified by Fimat UK as an
"intermediate customer" for the purposes of the FSA rules.

Any cash which Fimat UK holds or receives on the Fund's behalf which is
not due and payable to Fimat UK will be subject to the client money protections
conferred by the FSA's client money rules. Fimat UK will hold the assets of the
Fund (save margin deposits) in segregated accounts such that those assets will
be unavailable to Fimat UK or its creditors in the event of its insolvency.

Margin deposits will not be segregated and may become available. In the
event that cash,

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investments and other assets are held by Fimat UK as collateral, any such
collateral may be used by Fimat UK for its own account or for that of any other
customer, in which event the Fund will have a right against Fimat UK for the
return of assets equivalent to the collateral so used. To the extent so used,
any such collateral will not be segregated from other assets belonging to Fimat
UK and may be available to creditors of Fimat UK in the event of its insolvency,
in relation to which the Fund will rank as an unsecured creditor of Fimat UK and
may not be able to recover such assets in full.

Fimat UK will not be liable for any loss to the Fund resulting from any
act or omission in relation to the services provided to the Fund unless such
loss results directly from negligence, fraud or wilful default of Fimat UK. The
Fund has agreed to indemnify Fimat UK against any loss, claim, damage or expense
incurred or suffered by them arising out of the Customer Agreement.

Fimat UK is a service provider to the Fund and is not responsible for
the preparation of this document or the activities of the Fund and therefore
accepts no responsibility for any information contained in this document other
than the above description.

Fimat UK does not participate in the investment decision of the Fund
and has no obligation to provide on-going advice in relation to the management
of the Company's investments. Accordingly, the Fund shall bear all risks in
trading investments or holding cash denominated in any particular currencies.

Fimat USA

Fimat USA, Inc. ("Fimat USA") is a wholly owned subsidiary of Fimat
International Banque SA, which itself is a wholly owned subsidiary of Societe
Generale. As of December 2002, the Fimat Group (comprising of Fimat
International Banque, SA and all its worldwide branches and subsidiaries, as
well as Fimat Derivatives Canada Inc., and the divisions of SG Securities North
Pacific S.G. and SG Securities (London) Ltd., Seoul Branch doing business as
"Fimat" in Japan and Korea, respectively) was present on more than 35
derivatives exchanges worldwide. Fimat USA is a futures commission merchant and
broker dealer registered with the Commodity Futures Trading Commission and the
Securities and Exchange Commission, and is a member of the National Futures
Association and National Association of Securities Dealers, Inc. Fimat USA is
also a clearing member of all principal commodity futures exchanges located in
the United States as well as a member of the Chicago Board Options Exchange,
International Securities Exchange, Philadelphia Stock Exchange, Options Clearing
Corporation, and Government Securities Clearing Corporation.

Fimat USA is headquartered at 630 Fifth Avenue, Suite 500, New York, NY
10011 and has principal branch offices in Chicago, IL; Kansas City, Missouri;
and Houston, Texas.

Except as described below, Fimat USA or any of its principals have not
been the subject of any material administrative, civil, or criminal action
within the past five years, nor is any such action pending. In 2002, the Chicago
Board of Trade (the "CBT") charged Fimat with various violations of its rules
related to Fimat's execution of certain combination trades during 2001 involving
at least one CBT transaction. Without admitting or denying the CBT's
allegations, Fimat settled this matter by payment of a $500,000 fine and
undertaking to make restitution to affected customers.

Neither Fimat USA, nor any affiliate, officer, director or employee
thereof have passed on the merits of this prospectus or offering, or give any
guarantee as to the performance or any other aspect of the Fund.

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

Additional or replacement clearing brokers or futures brokers may be
appointed in respect of the Fund's account in the future.

CONFLICTS OF INTEREST

GENERAL

KENMAR HAS NOT ESTABLISHED ANY FORMAL PROCEDURE TO RESOLVE CONFLICTS OF
INTEREST. CONSEQUENTLY, INVESTORS WILL BE DEPENDENT ON THE GOOD FAITH OF THE
RESPECTIVE PARTIES SUBJECT TO SUCH CONFLICTS TO RESOLVE THEM EQUITABLY. ALTHOUGH
KENMAR ATTEMPTS TO MONITOR THESE CONFLICTS, IT IS EXTREMELY DIFFICULT, IF NOT
IMPOSSIBLE, FOR KENMAR TO ENSURE THAT THESE CONFLICTS DO NOT, IN FACT, RESULT IN
ADVERSE CONSEQUENCES TO THE FUND.

PROSPECTIVE INVESTORS SHOULD BE AWARE THAT KENMAR PRESENTLY INTENDS TO
ASSERT THAT UNITHOLDERS HAVE, BY SUBSCRIBING TO THE FUND, CONSENTED TO THE
FOLLOWING CONFLICTS OF INTEREST IN THE EVENT OF ANY PROCEEDING ALLEGING THAT
SUCH CONFLICTS VIOLATED ANY DUTY OWED BY KENMAR TO INVESTORS.

KENMAR

OTHER MANAGED FUTURES PRODUCTS SPONSORED BY KENMAR AND ITS AFFILIATES

Kenmar sponsors and operates a number of commodity pools, and
affiliates of Kenmar operate, manage and/or sponsor a number of other commodity
pools and alternative investment products. Kenmar and its principals and
affiliates have substantial investments in certain of such products. Kenmar may
have a conflict of interest in selecting Advisors for the Fund and for other
accounts sponsored by Kenmar or its affiliates, particularly in cases where an
Advisor is willing to manage only a limited number of additional accounts or
where Kenmar or a principal or an affiliate has financial incentives to favor
another product over the Fund. Kenmar also has a conflict of interest in
allocating its own resources among different clients.

Kenmar has a conflict of interest in allocating assets among the
Advisors in that Kenmar will receive more net benefit from the brokerage
commissions paid by the Fund the less frequently an Advisor trades in the
futures markets (Kenmar being required to pay substantially all of the Fund's
futures trading costs from the flat-rate brokerage commissions received by
Kenmar from the Fund). Kenmar retains any excess fees generated if the actual
brokerage commissions paid by the Fund are less than the flat rate paid to
Kenmar and Kenmar is responsible to the Clearing Brokers for any deficit if the
actual commissions incurred are greater than the flat rate paid to Kenmar.
Kenmar also has a conflict of interest in selecting Advisors due to different
advisory fee structures being more likely than others to result in a greater net
benefit being received by Kenmar from the Fund, and certain Advisors, which it
might otherwise be in the best interests of the Fund to retain, being willing to
accept only certain fee arrangements.

Kenmar has a conflict of interest in "deleveraging" the Fund's market
commitment; I.E., Kenmar has an incentive to "deleverage" the Fund's market
commitment as its brokerage commissions will be calculated on the basis of the
Fund's equity and not on the amount of any reduced commitment.

KENMAR'S INCENTIVE TO SELECT MORE SPECULATIVE ADVISORS

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Because of Kenmar's potential receipt of the Incentive Fee, Kenmar may
have an incentive to select Advisors that trade in a more "risky" or speculative
manner than Kenmar would otherwise consider to be desirable. Kenmar's Incentive
Fee is based on annual New Overall Appreciation (if any) and could comprise a
significant component of Kenmar's net overall return from the Fund. Accordingly,
Kenmar has a potential incentive to select Advisors that trade in a more
speculative manner because high risk trading strategies have the potential to
lead to high returns. The Incentive Fee permits Kenmar to share in any New
Overall Appreciation but without having to participate in the same manner in any
losses of the Fund.

ONGOING OFFERING OF THE UNITS

Certain material changes in the Advisor group used for the Fund could
result in regulatory delay. Kenmar may have a conflict of interest from time to
time between Kenmar's interest in not delaying the continuous offering of the
Units and in selecting those Advisors that Kenmar believes to be most
advantageous for the Fund.

THE ADVISORS

OTHER CLIENTS AND BUSINESS ACTIVITIES OF THE ADVISORS

The Advisors and their principals each devote their business time to
ventures in addition to managing the Fund's accounts.

The Advisors may have a conflict of interest in rendering advice to the
Fund because of other accounts managed or traded by them or their affiliates,
including accounts owned by their principals, which may be traded differently
from the Fund's account. The Advisors may have financial incentives to favor
certain accounts over the Fund.

BROKERS AND DEALERS SELECTED BY ADVISORS

Certain of the Advisors have required, as a condition of their
participation in the Fund, that their Fund accounts trade through specific
executing brokers with which such Advisors have ongoing business dealings. Such
Advisors may have a conflict of interest between insisting on the use of such
brokers and using the brokers most advantageous for the Fund.

Certain of the Advisors may execute a number of the trades for their
Fund accounts through affiliated floor brokers or foreign exchange dealers,
which will be compensated for their trading services.

THE CLEARING BROKERS, THE FUTURES BROKER AND EXECUTING BROKERS

Any clearing broker, including the Clearing Brokers, any futures
broker, including the Futures Broker, and any executing broker selected by an
Advisor may act from time to time as a commodity broker for other accounts with
which it is affiliated or in which it or one of its affiliates has a financial
interest. The compensation received by the Clearing Brokers, the Futures Broker
and executing brokers from such accounts may be more or less than the
compensation received for brokerage and forward trading services provided to the
Fund. In addition, various accounts traded through the Clearing Brokers, the
Futures Broker and executing brokers (and over which their personnel may have
discretionary trading authority) may take positions in the futures markets
opposite to those of the Fund or may compete with the Fund for the same
positions. The Clearing Brokers, the Futures Broker and executing brokers may
have a conflict of interest in their execution of trades for the Fund and for
other customers. Kenmar will, however, not retain any clearing broker or futures
broker for the Fund which Kenmar has reason to believe would knowingly or
deliberately favor any other customer over the Fund with respect to the
execution of commodity trades.

THE CLEARING BROKERS, THE FUTURES BROKER AND EXECUTING BROKERS WILL
BENEFIT FROM EXECUTING ORDERS FOR OTHER CLIENTS, WHEREAS THE FUND MAY BE HARMED
TO THE EXTENT THAT THE CLEARING BROKERS, THE FUTURES BROKER AND EXECUTING
BROKERS HAVE FEWER RESOURCES TO ALLOCATE TO THE FUND'S ACCOUNT DUE TO THE
EXISTENCE OF SUCH OTHER CLIENTS.

Certain officers or employees of the Clearing Brokers, the Futures
Broker and executing brokers may be members of United States commodities
exchanges and/or serve on the governing bodies and standing committees of such
exchanges, their clearinghouses and/or various other industry organizations. In
such capacities, these officers or employees may have a fiduciary duty to the
exchanges, their clearinghouses and/or such various other industry organizations
which could compel such employees to act in the best interests of these
entities, perhaps to the detriment of the Fund.

SELLING AGENTS

The Selling Agents to be selected for the Fund will receive substantial
initial, and may also receive substantial ongoing, "trailing commissions" in
respect of Units sold by them. The individual registered representatives of the
Selling Agents will

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themselves receive a significant portion of the compensation paid to the Selling
Agents. Consequently, they will have a conflict of interest both in recommending
the purchase of Units by their clients and in counseling clients as to whether
to redeem.

PROPRIETARY TRADING/OTHER CLIENTS

Kenmar, the Advisors, the Clearing Broker, the Futures Broker and their
respective principals and affiliates may trade in the commodity markets for
their own accounts and for the accounts of their clients, and in doing so may
take positions opposite to those held by the Fund or may compete with the Fund
for positions in the marketplace. Such trading may create conflicts of interest
on behalf of one or more such persons in respect of their obligations to the
Fund. Records of proprietary trading and trading on behalf of other clients will
not be available for inspection by Unitholders.

Because Kenmar, the Advisors, the Clearing Broker, the Futures Broker
and their respective principals and affiliates may trade for their own accounts
at the same time that they are managing the Fund's account, prospective
investors should be aware that -- as a result of a neutral allocation system,
testing a new trading system, trading their proprietary accounts more
aggressively or other activities not constituting a breach of fiduciary duty --
such persons may from time to time take positions in their proprietary accounts
which are opposite, or ahead of, the positions taken for the Fund.

REDEMPTIONS AND DISTRIBUTIONS

THE FUND IS INTENDED AS A MEDIUM- TO LONG-TERM "BUY AND HOLD"
INVESTMENT. THE FUND'S OBJECTIVE IS TO ACHIEVE SIGNIFICANT PROFITS OVER TIME
WHILE CONTROLLING THE RISK OF LOSS. HOWEVER, THERE CAN BE NO ASSURANCE THAT THE
FUND WILL MEET ITS OBJECTIVES, AND UNITHOLDERS MAY EXACERBATE THEIR LOSSES BY
"BUYING AND HOLDING" AN INVESTMENT IN THE UNITS IN THE EVENT THAT THE FUND
SUSTAINS A PROLONGED PERIOD OF LOSSES.

A Unitholder may cause the Fund to redeem any or all of his Units as of
the close of business on the last business day of any calendar month --
beginning with the end of the first month following his purchase of such Units
(except that, Units purchased prior to March 1, 2004 may not be redeemed until
the end the of sixth month after purchase) -- at Net Asset Value, provided that
the Request for Redemption (included on page TA-23) is received by Kenmar Global
Trust, c/o Kenmar Advisory Corp., Managing Owner, Two American Lane, P.O. Box
5150, Greenwich, CT 06831, at least ten (10) calendar days prior to the end of
such month. Only whole Units may be redeemed except upon redemption of an
investor's entire holding in the Fund. (The Managing Owner may consent to the
fractional redemption of Units.) Redemptions may be requested for a minimum of
the lesser of $1,000 or ten (10) Units; provided that, for investors redeeming
less than all their Units, such investors' remaining Units must have an
aggregate Net Asset Value of at least $500. Fractional Units may be redeemed
only upon the redemption of an investor's entire interest in the Fund, unless
the Managing Owner consents to the fractional redemption of Units. The Net
Assets of the Fund are its assets less its liabilities determined in accordance
with generally accepted accounting principles. Net Asset Value per Unit is equal
to the Net Assets of the Fund divided by the number of Units outstanding as of
the date of determination.

A Unit that is purchased on and after June 1, 2004 and that is redeemed
on or after the end of the first month after such Unit is sold and on or before
the 3rd month-end following sale will be assessed a redemption charge of 3.5% of
the Net Asset Value per Unit as of the date of redemption; a Unit that is
redeemed on the 4th month-end through the 6th month-end after sale will be
assessed a redemption charge of 2.625% of the Net Asset Value per Unit as of the
date of redemption; a Unit that is redeemed on the 7th month-end through the 9th
month-end after sale will be assessed a redemption charge of 1.75% of the Net
Asset Value per Unit as of the date of redemption; a Unit that is redeemed on
the 10th month-end through the 12th month-end after sale will be assessed a
redemption charge of 0.875% of the Net Asset Value per Unit as of the date of
redemption. Such charge is subtracted from the redemption price of the Unit and
paid to Kenmar. For example, Units subscribed for during February 2004 and
purchased as of March 1, 2004 will be redeemable as of March 31, 2004 and are
subject to a redemption charge through March 31, 2005.

Units purchased from March 1 through and including May 1, 2004 are
subject to the same redemption fee schedule described in the immediately
preceding paragraph, except that such Units are subject to a 3% redemption
charge for Units redeemed on the 1st month-end through the 3rd month-end after
sale.

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subject to redemption charges equal to 3% and 2%, respectively, of the Net Asset
Value per Unit as of the date of redemption. For example, Units subscribed for
during December 2003 and purchased as of January 1, 2004 will be redeemable as
of June 30, 2004 and are subject to a redemption charge through June 30, 2005.

Investors acquiring Units on the same day as or within seventy-five
(75) days after redeeming investments in Kenmar-sponsored investment vehicles
will be deemed to have held such Units for the duration of their participation
in such Kenmar-sponsored investment vehicles for purposes of calculating the
required six-month holding period following purchases of such Units. Such
investor will not be subject to a Kenmar Global Trust redemption charge but will
remain subject to the redemption charge, if any, of the Kenmar-sponsored
investment vehicle from which he redeemed.

In the event that an investor acquires Units at more than one time, his
or her Units are treated on a "first-in, first-out" basis for purposes of
determining whether such Units are redeemable as well as whether redemption
charges apply.

To redeem Units, Unitholders may contact their respective Selling
Agents (in writing if required by such Selling Agent). Selling Agents must
notify the Fund in writing in order to effectuate redemptions of the Units.
However, a Unitholder who no longer has a Selling Agent account must request
redemption in writing (signature guaranteed unless waived by Kenmar) by
corresponding with Kenmar.

Kenmar may declare additional redemption dates, including Special
Redemption Dates which involve a suspension of trading, upon notice to the
Unitholders. See Section 12 of the Declaration of Trust attached hereto as
Exhibit A for a description of Special Redemption Dates.

Redemption proceeds generally will be paid out within fifteen (15)
business days of redemption. However, in special circumstances, including, but
not limited to, default or delay in payments due to the Fund from banks or other
persons, the Fund may in turn delay payment to persons requesting redemption of
Units of the proportionate part of the redemption value of their Units equal to
the proportionate part of the Net Assets of the Fund represented by the sums
that are the subject of such default or delay. No such delays have been imposed
to date by any Kenmar-sponsored fund.

The Net Asset Value per Unit as of the date of redemption may differ
substantially from the Net Asset Value per Unit as of the date by which
irrevocable notice of redemption must be submitted.

Kenmar has not made, and has no intention of making, any distribution
from the Fund's profits or capital to Unitholders.

UNITHOLDERS NEED NOT REDEEM ALL THEIR UNITS IN ORDER TO REDEEM SOME OF
THEIR UNITS.

THE FUND AND THE TRUSTEE

THE FOLLOWING SUMMARY DESCRIBES IN BRIEF CERTAIN ASPECTS OF THE
OPERATION OF THE FUND, AND THE TRUSTEE'S AND KENMAR'S RESPECTIVE
RESPONSIBILITIES CONCERNING THE FUND. PROSPECTIVE INVESTORS SHOULD CAREFULLY
REVIEW THE DECLARATION OF TRUST ATTACHED HERETO AS EXHIBIT A AND CONSULT WITH
THEIR OWN ADVISERS CONCERNING THE IMPLICATIONS TO SUCH PROSPECTIVE SUBSCRIBERS
OF INVESTING IN A DELAWARE BUSINESS TRUST. THE SECTION REFERENCES BELOW ARE TO
SECTIONS IN THE DECLARATION OF TRUST.

PRINCIPAL OFFICE; LOCATION OF RECORDS

The Fund is organized under the Delaware Business Trust Act. The Fund
is administered by Kenmar, whose office is located Two American Lane, Greenwich,
Connecticut 06831 (telephone: (203) 861-1000). The records of the Fund,
including a list of the Unitholders and their addresses, are located at the
foregoing address, and available for inspection and copying (upon payment of
reasonable reproduction costs) by Unitholders or their representatives for any
purposes reasonably related to a Unitholder's interest as a beneficial owner of
the Fund during regular business hours as provided in the Declaration of Trust.
(Section 10). Kenmar will maintain and preserve the books and records of the
Fund for a period of not less than six years.

CERTAIN ASPECTS OF THE FUND

THE FUND IS THE FUNCTIONAL EQUIVALENT OF A LIMITED PARTNERSHIP;
PROSPECTIVE INVESTORS SHOULD NOT ANTICIPATE ANY LEGAL OR PRACTICAL PROTECTIONS
UNDER THE DELAWARE BUSINESS TRUST ACT GREATER THAN THOSE AVAILABLE TO LIMITED
PARTNERS OF A LIMITED PARTNERSHIP.

No special custody arrangements are applicable to the Fund that would
not be applicable to a limited partnership, and the existence of a trustee
should not be taken as an indication of any additional level of management or
supervision over the Fund. To the greatest extent permissible under Delaware
law, the Trustee acts in an entirely passive role, delegating all authority over
the operation of the

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Fund to Kenmar. Kenmar is the functional equivalent of a sole general partner in
a limited partnership. (Sections 5(a), 9 and 18).

Although units of beneficial interest in a trust need not carry any
voting rights, the Declaration of Trust gives Unitholders voting rights
comparable to those typically extended to limited partners in publicly-offered
futures funds. (Section 18).

THE TRUSTEE

Wilmington Trust Company, a Delaware banking corporation, is the sole
Trustee of the Fund. The Trustee's principal offices are located at Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001. The
Trustee is unaffiliated with Kenmar or the Selling Agents. The Trustee's duties
and liabilities with respect to the offering of the Units and the administration
of the Fund are limited to its express obligations under the Declaration of
Trust. See "Exhibit A -- Fourth Amended and Restated Declaration of Trust."

The rights and duties of the Trustee, Kenmar and the Unitholders are
governed by the provisions of the Delaware Business Trust Act and by the
Declaration of Trust. See "Exhibit A -- Fourth Amended and Restated Declaration
of Trust."

The Trustee serves as the Fund's sole trustee in the State of Delaware.
The Trustee will accept service of legal process on the Fund in the State of
Delaware and will make certain filings under the Delaware Business Trust Act.
The Trustee does not owe any other duties to the Fund, Kenmar or the
Unitholders. The Trustee is permitted to resign upon at least sixty (60) days'
notice to the Fund, provided, that any such resignation will not be effective
until a successor Trustee is appointed by Kenmar. The Declaration of Trust
provides that the Trustee is compensated by the Fund, and is indemnified by the
Fund against any expenses it incurs relating to or arising out of the formation,
operation or termination of the Fund or the performance of its duties pursuant
to the Declaration of Trust, except to the extent that such expenses result from
the gross negligence or willful misconduct of the Trustee. Kenmar has the
discretion to replace the Trustee.

Only Kenmar has signed the Registration Statement of which this
Prospectus is a part, and only the assets of the Fund and Kenmar are subject to
issuer liability under the federal securities laws for the information contained
in this Prospectus and under federal and state laws with respect to the issuance
and sale of the Units. Under such laws, neither the Trustee, either in its
capacity as Trustee or in its individual capacity, nor any director, officer or
controlling person of the Trustee is, or has any liability as, the issuer or a
director, officer or controlling person of the issuer of the Units. The
Trustee's liability in connection with the issuance and sale of the Units is
limited solely to the express obligations of the Trustee set forth in the
Declaration of Trust.

Under the Declaration of Trust, the Trustee has delegated to Kenmar the
exclusive management and control of all aspects of the business of the Fund. The
Trustee will have no duty or liability to supervise or monitor the performance
of Kenmar, nor will the Trustee have any liability for the acts or omissions of
Kenmar. In addition, Kenmar has been designated as the "tax matters partner" of
the Fund for purposes of the Internal Revenue Code of 1986, as amended (the
"Code"). The Unitholders have no voice in the operations of the Fund, other than
certain limited voting rights as set forth in the Declaration of Trust. In the
course of its management, Kenmar may, in its sole and absolute discretion,
appoint an affiliate or affiliates of Kenmar as additional managing owners
(except where Kenmar has been notified by the Unitholders that it is to be
replaced as the managing owner) and retain such persons, including affiliates of
Kenmar, as it deems necessary for the efficient operation of the Fund. (Section
2).

Because the Trustee has delegated substantially all of its authority
over the operation of the Fund to Kenmar, the Trustee itself is not registered
in any capacity with the CFTC.

MANAGEMENT OF FUND AFFAIRS; VOTING BY UNITHOLDERS

The Unitholders take no part in the management or control, and have no
voice in the operations of the Fund or its business. (Section 9). Unitholders
may, however, remove and replace Kenmar as the managing owner of the Fund, and
may amend the Declaration of Trust, except in certain limited respects, by the
affirmative vote of a majority of the outstanding Units then owned by
Unitholders (as opposed to by Kenmar and its affiliates). The owners of a
majority of the outstanding Units then owned by Unitholders may also compel
dissolution of the Fund. (Section 18(b)). The owners of 10% of the outstanding
Units then owned by Unitholders have the right to bring a matter before a vote
of the Unitholders. (Section 18(c)). Kenmar has no power under the Declaration
of Trust to restrict any of the Unitholders' voting rights. (Section 18(c)). Any
Units purchased by Kenmar or its affiliates, as well

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as Kenmar's general liability interest in the Fund, are non-voting. (Section 7).

Kenmar has the right unilaterally to amend the Declaration of Trust
provided that any such amendment is for the benefit of and not adverse to the
Unitholders or the Trustee and also in certain unusual circumstances -- for
example, if doing so is necessary to effect the intent of the Fund's tax
allocations or to comply with certain regulatory requirements. (Section 18(a)).

In the event that Kenmar or the Unitholders vote to amend the
Declaration of Trust in any material respect, the amendment will not become
effective prior to all Unitholders having an opportunity to redeem their Units.
(Section 18(c)).

RECOGNITION OF THE FUND IN CERTAIN STATES

A number of states do not have "business trust" statutes such as that
under which the Fund has been formed in the State of Delaware. It is possible,
although unlikely, that a court in such a state could hold that, due to the
absence of any statutory provision to the contrary in such jurisdiction, the
Unitholders, although entitled under Delaware law to the same limitation on
personal liability as stockholders in a private corporation for profit organized
under the laws of the State of Delaware, are not so entitled in such state. To
protect Unitholders against any loss of limited liability, the Declaration of
Trust provides that no written obligation may be undertaken by the Fund unless
such obligation is explicitly limited so as not to be enforceable against any
Unitholder personally. Furthermore, the Fund itself indemnifies all Unitholders
against any liability that such Unitholders might incur in addition to that of a
beneficial owner. Kenmar is itself generally liable for all obligations of the
Fund and would use its assets to satisfy any such liability before such
liability would be enforced against any Unitholder individually.

POSSIBLE REPAYMENT OF DISTRIBUTIONS RECEIVED BY UNITHOLDERS; INDEMNIFICATION OF
THE FUND BY UNITHOLDERS

The Units are limited liability investments; investors may not lose
more than the amount that they invest plus any profits recognized on their
investment. (Section 8(e)). However, Unitholders could be required, as a matter
of bankruptcy law, to return to the Fund's estate any distribution they received
at a time when the Fund was in fact insolvent or in violation of the Declaration
of Trust. In addition, although Kenmar is not aware of this provision ever
having been invoked in the case of any public futures fund, Unitholders agree in
the Declaration of Trust that they will indemnify the Fund for any harm suffered
by it as a result of (i) Unitholders' actions unrelated to the business of the
Fund, (ii) transfers of their Units in violation of the Declaration of Trust, or
(iii) taxes imposed on the Fund by the states or municipalities in which such
investors reside (Sections 8(d) and 17(c)).

The foregoing repayment of distributions and indemnity provisions
(other than the provision for Unitholders indemnifying the Fund for taxes
imposed upon it by the state or municipality in which particular Unitholders
reside, which is included only as a formality due to the fact that many states
do not have business trust statutes so that the tax status of the Fund in such
states might, theoretically, be challenged -- although Kenmar is unaware of any
instance in which this has actually occurred) are commonplace in
publicly-offered commodity pools as well as other trusts and limited
partnerships.

TRANSFERS OF UNITS RESTRICTED

A Unitholder may, subject to compliance with applicable federal and
state securities laws, assign his Units upon notice to the Fund and Kenmar. No
assignment will be effective in respect of the Fund or Kenmar until the first
day of the month succeeding the month in which such notice is received. No
assignee may become a substituted Unitholder except with the consent of Kenmar
and upon execution and delivery of an instrument of transfer in form and
substance satisfactory to Kenmar. No Units may be transferred where, after the
transfer, either the transferee or the transferor would hold less than the
minimum number of Units equivalent to an initial minimum purchase, except for
transfers by gift, inheritance, intrafamily transfers, family dissolutions, and
transfers to affiliates (Section 11).

There are, and will be, no certificates for the Units. Any transfers of
Units will be reflected on the books and records of the Fund. Transferors and
transferees of Units will each receive notification from Kenmar to the effect
that such transfers have been duly reflected as notified to Kenmar. (Section
11).

REPORTS TO UNITHOLDERS

Each month Kenmar reports such information as the CFTC may require to
be given to the participants in "commodity pools" such as the Fund, and any such
other information as Kenmar may deem appropriate. There are similarly
distributed to

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Unitholders, not later than March 30 of each year, certified financial
statements and, not later than March 15 of each year, the tax information
related to the Fund necessary for the preparation of their annual federal income
tax returns. (Section 10).

Kenmar will notify Unitholders of any change in the fees paid by the
Fund or of any material changes in the basic investment policies or structure of
the Fund. Any such notification shall include a description of Unitholders'
voting rights. (Section 10).

GENERAL

In compliance with the Statement of Policy of the North American
Securities Administrators Association, Inc. relating to the registration of
commodity pool programs under state securities or "Blue Sky" laws, the
Declaration of Trust provides that: (i) the executing and clearing commissions
paid by the Fund shall be reasonable (Section 9), and Kenmar shall include in
the annual reports containing the Fund's certified financial statements
distributed to Unitholders each year the approximate round-turn equivalent rate
paid on the Fund's trades during the preceding year, as well as the actual
amounts paid by Kenmar for the Fund's execution and clearing costs (Section 10);
(ii) no rebates or give-ups, among other things, may be received from the Fund
by any of the Selling Agents in respect of sales of the Units, and such
restriction may not be circumvented by any reciprocal business arrangements
among any Selling Agents or any of their respective affiliates and the Fund
(Section 9); (iii) no trading advisor of the Fund (including Kenmar) may
participate directly or indirectly in any per-trade commodity brokerage
commissions generated by the Fund (Section 9); (iv) any agreement between the
Fund and Kenmar or any affiliates of Kenmar must be terminable by the Fund upon
no more than sixty (60) days' written notice (Section 9); (v) the Fund may make
no loans, and the funds of the Fund will not be commingled with the funds of any
other person (deposit of Fund assets with a commodity broker, clearinghouse or
currency dealer does not constitute commingling for these purposes) (Section 9);
and (vi) the Fund will not employ the trading technique commonly known as
"pyramiding."

FEDERAL INCOME TAX CONSEQUENCES

THE FOLLOWING CONSTITUTES THE OPINION OF SIDLEY AUSTIN BROWN & WOOD LLP
AND SUMMARIZES THE MATERIAL FEDERAL INCOME TAX CONSEQUENCES TO UNITED STATES
TAXPAYERS WHO ARE INDIVIDUALS.

PARTNERSHIP TAX STATUS OF THE FUND

The Fund is a partnership for federal income tax purposes and, based on
the type of income expected to be earned by the Fund, it will not be taxed as a
"publicly-traded partnership."

TAXATION OF UNITHOLDERS ON PROFITS OR LOSSES OF THE FUND

Each Unitholder must pay tax on his share of the Fund's income and
gains, if any, even if the Fund does not make any cash distributions. Such share
must be included each year in a Unitholder's taxable income whether or not such
Unitholder has redeemed Units. In addition, a Unitholder may be subject to
payment of taxes on the Fund's interest income even though the Net Asset Value
per Unit has decreased due to trading losses. See "-- Tax on Capital Gains and
Losses; Interest Income," on the following page.

The Fund provides each Unitholder with an annual schedule of his share
of tax items. The Fund generally allocates these items of gain and loss equally
to each Unit. However, when a Unitholder redeems Units, the Fund shall allocate
capital gains or losses to the Unitholder so as to reduce or eliminate any
difference between the redemption proceeds and the tax basis of such Units. A
Unitholder's adjusted tax basis in a Unit equals the amount originally paid for
the Unit, increased by income or gains allocated to the Unit and decreased (but
not below zero) by distributions, deductions or losses allocated to the Unit.

LIMITED DEDUCTIBILITY OF FUND LOSSES AND DEDUCTIONS

A Unitholder may not deduct Fund losses or deductions in excess of his
tax basis in his Units as of year-end. Generally, a Unitholder's tax basis in
his Units is the amount paid for such Units reduced (but not below zero) by his
share of any Fund distributions, losses and deductions and increased by his
share of the Fund's income and gains. However, a Unitholder subject to "at-risk"
limitations (generally non-corporate taxpayers and closely-held corporations)
can only deduct losses to the extent he is "at-risk." The "at-risk" amount is
similar to tax basis, except that it does not include any amount borrowed on a
non-recourse basis or from someone with an interest in the Fund.

LIMITED DEDUCTIBILITY FOR CERTAIN EXPENSES

The Managing Owner does not consider the brokerage fees and the Profit
Shares, the Incentive

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Fee, as well as other ordinary expenses of the Fund, investment advisory
expenses or other expenses of producing income. Accordingly, for tax reporting
purposes, the Managing Owner currently treats the ordinary expenses of the Fund
as ordinary business expenses not subject to the limitations which apply to
investment advisory expenses described below. However, the IRS might contend
otherwise and to the extent the IRS recharacterizes these expenses a Unitholder
would have the amount of the ordinary expenses allocated to him accordingly.

Individual taxpayers are subject to material limitations on their
ability to deduct investment advisory fees, unreimbursed expenses of an
employee, and certain other expenses of producing income not resulting from the
conduct of a trade or business. For individuals who itemize deductions, the
expenses of producing income, including "investment advisory fees," are
aggregated with unreimbursed employee business expenses, certain other expenses
of producing income and deductions (collectively, the "Aggregate Investment
Expenses"), and such Aggregate Investment Expenses are deductible only to the
extent such amount exceeds 2% of the individual's adjusted gross income. In
addition, Aggregate Investment Expenses in excess of the 2% threshold, when
combined with certain other itemized deductions, are subject to a reduction
generally equal to 3% of the individual's adjusted gross income in excess of a
certain threshold amount. Moreover, such Aggregate Investment Expenses are
miscellaneous itemized deductions, which are not deductible by an individual in
calculating his alternative minimum tax liability.

If the Profit Shares, the Incentive Fee and other expenses of the Fund
were determined to constitute "investment advisory fees," an individual
Unitholder's PRO RATA share of the amounts so characterized would be included in
Aggregate Investment Expenses potentially subject to the deduction limitations
described above. In addition, each individual Unitholder's share of income from
the Fund would be increased (solely for tax purposes) by such Unitholder's pro
rata share of the amounts so characterized. Any such characterization by the IRS
could require Unitholders to file amended tax returns and pay additional taxes,
plus interest. It is unlikely that tax penalties would be imposed on account of
such an IRS characterization.

YEAR-END MARK-TO-MARKET OF OPEN SECTION 1256 CONTRACT POSITIONS

Section 1256 Contracts are futures, options on futures and stock index
options traded on U.S. exchanges and certain foreign currency contracts. Section
1256 Contracts that remain open at the end of a tax year are treated for tax
purposes as if such positions had been sold at year-end and any gain or loss is
recognized. The gain or loss on Section 1256 Contracts is characterized as 40%
short-term capital gain or loss and 60% long-term capital gain or loss
regardless of how long any given position has been held. Non-Section 1256
Contracts include, among other things, certain foreign currency transactions and
non-U.S. exchange traded futures. Gain or loss on any non-Section 1256 Contracts
is recognized when sold by the Fund and are primarily short-term gain or loss.

TAX ON CAPITAL GAINS AND LOSSES; INTEREST INCOME

As described under "-- Year-End Mark-to-Market of Open Section 1256
Contract Positions," the Fund's trading, not including its cash management which
generates primarily ordinary income, generates 60% long-term capital gains or
losses and 40% short-term capital gains or losses from its Section 1256
Contracts and primarily short-term capital gain or loss from any non-Section
1256 Contracts. Individuals pay tax on long-term capital gains at a maximum rate
of 15%. Short-term capital gains are subject to tax at the same rates as
ordinary income.

Individual taxpayers may deduct capital losses only to the extent of
their capital gains plus $3,000. Accordingly, the Fund could incur significant
losses but a Unitholder could be required to pay taxes on his share of the
Fund's interest income.

If an individual taxpayer incurs a net capital loss for a year, he may
elect to carry back (up to three years) the portion of such loss which consists
of a net loss on Section 1256 Contracts. A taxpayer may deduct such losses only
against net capital gain for a carryback year to the extent that such gain
includes gains on Section 1256 Contracts. To the extent that a taxpayer could
not use such losses to offset gains on Section 1256 Contracts in a carryback
year, the taxpayer may carry forward such losses indefinitely as losses on
Section 1256 Contracts.

SYNDICATION EXPENSES

Neither the Fund nor any Unitholder will be entitled to any deduction
for the Fund's syndication expenses, including the one-time upfront
organizational charge paid to the Managing Owner and any amount paid by the
Managing Owner to any additional Selling Agents, nor can such expenses be
amortized by the Fund or any Unitholder. Such expenses may be included in
capital losses upon redemption.

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UNRELATED BUSINESS TAXABLE INCOME

Tax-exempt Unitholders will not be required to pay tax on their share
of income or gains of the Fund, provided that such Unitholders do not purchase
Units with borrowed funds.

IRS AUDITS OF THE FUND AND ITS UNITHOLDERS

The IRS is required to audit Fund-related items at the Fund level
rather than the Unitholder level. The Managing Owner is the Fund's "tax matters
partner" with general authority to determine the Fund's responses to a tax
audit. If an audit of the Fund results in an adjustment, all Unitholders may be
required to pay additional taxes, interest and penalties.

STATE AND OTHER TAXES

In addition to the federal income tax consequences described above, the
Fund and its Unitholders may be subject to various state and other taxes.

TAX ELECTIONS

The General Partner has the discretion to make any election available
to the Fund under the Code. Such elections may affect the timing and/or
character of gains and losses generated by the Fund.

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

PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISERS BEFORE
DECIDING WHETHER TO INVEST.

PURCHASES BY EMPLOYEE
BENEFIT PLANS

ALTHOUGH THERE CAN BE NO ASSURANCE THAT AN INVESTMENT IN THE FUND, OR
ANY OTHER MANAGED FUTURES PRODUCT, WILL ACHIEVE THE INVESTMENT OBJECTIVES OF AN
EMPLOYEE BENEFIT PLAN IN MAKING SUCH INVESTMENT, FUTURES INVESTMENTS HAVE
CERTAIN FEATURES WHICH MAY BE OF INTEREST TO SUCH A PLAN. FOR EXAMPLE, THE
FUTURES MARKETS ARE ONE OF THE FEW INVESTMENT FIELDS IN WHICH EMPLOYEE BENEFIT
PLANS CAN PARTICIPATE IN LEVERAGED STRATEGIES WITHOUT BEING REQUIRED TO PAY TAX
ON "UNRELATED BUSINESS TAXABLE INCOME." SEE "FEDERAL INCOME TAX CONSEQUENCES --
`UNRELATED BUSINESS TAXABLE INCOME'" AT PAGE 44. IN ADDITION, BECAUSE THEY ARE
NOT TAXPAYING ENTITIES, EMPLOYEE BENEFIT PLANS ARE NOT SUBJECT TO PAYING ANNUAL
TAX ON PROFITS (IF ANY) OF THE FUND.

AS A MATTER OF POLICY, KENMAR WILL ATTEMPT TO LIMIT SUBSCRIPTIONS TO
THE FUND FROM ANY EMPLOYEE BENEFIT PLAN TO NO MORE THAN 10% OF THE VALUE OF THE
READILY MARKETABLE ASSETS OF SUCH PLAN (IRRESPECTIVE OF THE NET WORTH OF THE
BENEFICIARY OR BENEFICIARIES OF SUCH PLAN).

GENERAL

The following section sets forth certain consequences under the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the
Code, which a fiduciary of an "employee benefit plan" as defined in and subject
to ERISA or of a "plan" as defined in and subject to Section 4975 of the Code
who has investment discretion should consider before deciding to invest the
plan's assets in the Fund (such "employee benefit plans" and "plans" being
referred to herein as "Plans," and such fiduciaries with investment discretion
being referred to herein as "Plan Fiduciaries"). The following summary is not
intended to be complete, but only to address certain questions under ERISA and
the Code which are likely to be raised by the Plan Fiduciary's own counsel.

In general, the terms "employee benefit plan" as defined in ERISA and
"plan" as defined in Section 4975 of the Code together refer to any plan or
account of various types which provide retirement benefits or welfare benefits
to an individual or to an employer's employees and their beneficiaries. Such
plans and accounts include, but are not limited to, corporate pension and profit
sharing plans, "simplified employee pension plans," KEOGH plans for
self-employed individuals (including partners), individual retirement accounts
described in Section 408 of the Code and medical plans.

Each Plan Fiduciary must give appropriate consideration to the facts
and circumstances that are relevant to an investment in the Fund, including the
role that an investment in the Fund would play in the Plan's overall investment
portfolio. Each Plan Fiduciary, before deciding to invest in the Fund, must be
satisfied that such investment is prudent for the Plan, that the investments of
the Plan, including the investment in the Fund, are diversified so as to
minimize the risk of large losses and that an investment in the Fund complies
with the Plan and related trust.

EACH PLAN FIDUCIARY CONSIDERING ACQUIRING UNITS MUST CONSULT WITH ITS
OWN LEGAL AND TAX ADVISERS BEFORE DOING SO. AN INVESTMENT IN THE FUND IS
SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. THE FUND IS NOT INTENDED AS A
COMPLETE INVESTMENT PROGRAM.

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"PLAN ASSETS"

A regulation issued under ERISA (the "ERISA Regulation") contains rules
for determining when an investment by a Plan in an equity interest of an entity
will result in the underlying assets of such entity being considered to
constitute assets of the Plan for purposes of ERISA and Section 4975 of the Code
(I.E., "plan assets"). Those rules provide that assets of an entity will not be
considered assets of a Plan which purchases an equity interest in the entity if
certain exceptions apply, including an exception applicable if the equity
interest purchased is a "publicly-offered security" (the "Publicly-Offered
Security Exception").

The Publicly-Offered Security Exception applies if the equity interest
is a security that is (1) "freely transferable," (2) part of a class of
securities that is "widely held" and (3) either (a) part of a class of
securities registered under Section 12(b) or 12(g) of the Securities Exchange
Act of 1934, or (b) sold to the Plan as part of a public offering pursuant to an
effective registration statement under the Securities Act of 1933 and the class
of which such security is a part is registered under the Securities Exchange Act
of 1934 within 120 days (or such later time as may be allowed by the SEC) after
the end of the fiscal year of the issuer in which the offering of such security
occurred. The ERISA Regulation states that the determination of whether a
security is "freely transferable" is to be made based on all relevant facts and
circumstances. The ERISA Regulation specifies that, in the case of a security
that is part of an offering in which the minimum investment is $10,000 or less,
the following requirements, alone or in combination, ordinarily will not affect
a finding that the security is freely transferable: (i) a requirement that no
transfer or assignment of the security or rights in respect thereof be made that
would violate any federal or state law; (ii) a requirement that no transfer or
assignment be made without advance written notice given to the entity that
issued the security; and (iii) any restriction on substitution of an assignee as
"a limited partner of a partnership, including a general partner consent
requirement, provided that the economic benefits of ownership of the assignor
may be transferred or assigned without regard to such restriction or consent"
(other than compliance with any of the foregoing restrictions). Under the ERISA
Regulation, a class of securities is "widely held" only if it is of a class of
securities owned by 100 or more investors independent of the issuer and of each
other. A class of securities will not fail to be widely held solely because
subsequent to the initial offering the number of independent investors falls
below 100 as a result of events beyond the issuer's control.

Kenmar expects that the Publicly Offered Security Exception will apply
with respect to the Units. First, the Units are being sold only as part of a
public offering pursuant to an effective registration statement under the
Securities Act of 1933, and the Units were registered under the Securities
Exchange Act of 1934 within 120 days (or such later time as allowed by the SEC)
after the end of the fiscal year of the Fund in which the offering of Units
occurred.

Second, it appears that the Units are freely transferable because the
minimum investment is not more than $5,000 and Unitholders may assign their
economic interests in the Fund by giving written notice to Kenmar, provided such
assignment would not violate any federal or state securities laws and would not
adversely affect the tax status of the Fund. As described in the second
preceding paragraph, the ERISA Regulation provides that if a security is part of
an offering in which the minimum investment is $10,000 or less, a restriction on
substitution of a limited partner of a partnership, including a general partner
consent requirement, will not prevent a finding that the security is freely
transferable, provided that the economic benefits of ownership can be
transferred without such consent. Although this provision, read literally,
applies only to partnerships, Kenmar believes that because the determination as
to whether a security is freely transferable is based on the facts and
circumstances, the fact that the Units, which are issued by a trust rather than
a partnership, have an identical restriction should not affect a finding that
the Units are freely transferable.

Third, the Units are owned by more than 100 investors who are
independent of the Fund and of each other.

INELIGIBLE PURCHASERS

Units may not be purchased with the assets of a Plan if Kenmar, any of
the Advisors, the Selling Agents, any Clearing Broker, any of the brokers
through which any Advisor requires the Fund to trade, the Fund or any of their
respective affiliates, any of their respective employees or any employees of
their respective affiliates: (a) has investment discretion with respect to the
investment of such Plan assets; (b) has authority or responsibility to give or
regularly gives investment advice with respect to such Plan assets, for a fee,
and pursuant to an agreement or understanding that such advice will serve as a
primary basis for investment decisions with respect to such Plan assets and that
such advice will be based on the particular investment needs of

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the Plan; or (c) is an employer maintaining or contributing to such Plan. A
party that is described in clause (a) or (b) of the preceding sentence is a
fiduciary under ERISA and the Code with respect to the Plan, and any such
purchase might result in a "prohibited transaction" under ERISA and the Code.

Except as otherwise set forth, the foregoing statements regarding the
consequences under ERISA and the Code of an investment in the Fund are based on
the provisions of the Code and ERISA as currently in effect, and the existing
administrative and judicial interpretations thereunder. No assurance can be
given that administrative, judicial or legislative changes will not occur that
will not make the foregoing statements incorrect or incomplete.

ACCEPTANCE OF SUBSCRIPTIONS ON BEHALF OF PLANS IS IN NO RESPECT A
REPRESENTATION BY THE FUND, KENMAR, ANY ADVISOR, ANY CLEARING BROKERS, THE
SELLING AGENTS OR ANY OTHER PARTY THAT THIS INVESTMENT MEETS SOME OR ALL OF THE
RELEVANT LEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY ANY PARTICULAR PLAN
OR THAT THIS INVESTMENT IS APPROPRIATE FOR ANY PARTICULAR PLAN. THE PERSON WITH
INVESTMENT DISCRETION SHOULD CONSULT WITH HIS OR HER ATTORNEY AND FINANCIAL
ADVISERS AS TO THE PROPRIETY OF AN INVESTMENT IN THE UNITS IN LIGHT OF THE
CIRCUMSTANCES OF THE PARTICULAR PLAN AND CURRENT TAX LAW.

PLAN OF DISTRIBUTION

SUBSCRIPTION PROCEDURE

Units are continuously being offered to the public -- on a
"best-efforts" basis -- at their month-end Net Asset Value per Unit. The minimum
investment is $5,000 except for (i) trustees or custodians of eligible employee
benefit plans and individual retirement accounts and (ii) existing Unitholders
subscribing for additional Units, where the minimum investment is $2,000.

To purchase Units, an investor must complete, execute and deliver a
copy of the Subscription Agreement and Power of Attorney Signature Pages.
EXISTING INVESTORS IN THE FUND MUST EXECUTE NEW SUBSCRIPTION AGREEMENT AND POWER
OF ATTORNEY SIGNATURE PAGES AND VERIFY THEIR CONTINUED SUITABILITY TO MAKE
ADDITIONAL INVESTMENTS AND MUST HAVE RECEIVED A CURRENT PROSPECTUS FOR THE FUND.
Subscription payments may be made either by check or by authorizing a Selling
Agent to debit a subscriber's customer securities account for the amount of his
or her subscription. When a subscriber authorizes such a debit (which
authorization is given in the Subscription Agreement and Power of Attorney), the
subscriber is required to have the amount of his or her subscription payment on
deposit in his or her account as of the settlement date specified by the
relevant Selling Agent -- generally, the fifth business day after the date of
purchase (the first day of the month immediately following the month during
which a subscription is accepted) if the Subscription Agreement and Power of
Attorney is executed and delivered at least five (5) business days prior to the
end of such month.

The Units are sold when, as and if subscriptions therefor are accepted
by Kenmar, subject to the satisfaction of certain conditions set forth in the
Selling Agreement and to the approval by counsel of certain legal matters.

Kenmar must accept or reject subscriptions within five (5) business
days of receipt. All investors will have the right to revoke their subscriptions
and receive a refund of their invested funds for a period of five (5) business
days following receipt of this Prospectus. Rejected or revoked subscriptions
will be returned without interest.

Subscribers whose subscriptions are accepted will be notified of when
their customer securities accounts will be debited in the amount of their
subscriptions or their subscription checks cashed. Subscribers whose
subscriptions are rejected will be notified of when their subscriptions will be
(promptly) returned to them.

There is no minimum number of Units which must be sold as of the
beginning of a given month for any Units to be sold at such time.

SUBSCRIBERS' REPRESENTATIONS AND WARRANTIES

By executing a Subscription Agreement and Power of Attorney Signature
Page, each subscriber is representing and warranting, among other things, that:
(i) the subscriber is of legal age to execute and deliver such Subscription
Agreement and Power of Attorney and has full power and authority to do so; (ii)
the subscriber has read and understands Exhibit B to this Prospectus
("Subscription Requirements") and meets or exceeds the applicable suitability
criteria of net worth and annual income set forth therein; and (iii) the
subscriber has received a copy of this Prospectus. These representations and
warranties

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might be used by Kenmar or others against a subscriber in the event that the
subscriber were to take a position inconsistent therewith.

While the foregoing representations and warranties are binding on
subscribers, Kenmar believes that to a large extent such representations and
warranties would be implied from the fact that an investor has subscribed for
Units. ANY SUBSCRIBER WHO IS NOT PREPARED TO GIVE SUCH REPRESENTATIONS AND
WARRANTIES, AND TO BE BOUND BY THEM, SHOULD NOT INVEST IN THE UNITS.

SELLING AGENTS' COMPENSATION

Selling agents (the "Selling Agents") will receive from Kenmar an
upfront selling commission equal to 3.5% of the purchase price per Unit at the
time that such Unit is sold, and their representatives who sell Units shall
receive a portion of such 3.5% commission. The applicable selling commission for
Units purchased prior to March 1, 2004 is 5%. No selling commissions will be
paid from the proceeds of subscriptions. Notwithstanding the foregoing, no
Selling Agent shall receive upfront selling commissions to the extent investors
have acquired Units on the same day as or within seventy-five (75) days after
redeeming investments in Kenmar-sponsored limited partnerships. Beginning with
the thirteenth month (immediately to the extent investors have acquired Units on
the same day as or within seventy-five (75) days after redeeming investments in
Kenmar-sponsored investment vehicles) after the subscription proceeds of a
particular Unit are invested in the Fund (I.E., the first day of the month
immediately following the month during which the subscription for such Unit is
accepted), the Selling Agent who sold such Unit will begin to receive ongoing
"trailing commissions" (payable quarterly) to be accrued monthly at 0.2917 of 1%
(a 3.5% annual rate) of the beginning of month Net Asset Value of such Unit --
PROVIDED, that CFTC-qualified registered representatives of the Selling Agent
have satisfied applicable proficiency requirements and agree to perform certain
ongoing services with respect to such Units. Such ongoing "trailing
commissions," once begun, will continue for as long as such Unit remains
outstanding. If there is no CFTC-qualified registered representative to perform
ongoing services, then the Selling Agent will be paid installment selling
commissions that may not exceed a lifetime total of 3.5% of the initial
subscription price of the Units in question (9.5% to the extent investors have
acquired Units on the same day as or within seventy-five (75) days after
redeeming investments in Kenmar-sponsored investment vehicles). Selling Agents
will pay a portion of such commissions to their eligible representatives after
deduction of "due diligence" and administrative expenses incurred in connection
with this offering, in accordance with such Selling Agents' standard
compensation arrangements. No Selling Agent will receive upfront selling
commissions, trailing commissions or ongoing selling commissions which exceed
the amounts set forth above.

Kenmar, not the Fund, pays all upfront selling compensation and
"trailing" commissions. Selling Agents will pass on to their registered
representatives a portion of the foregoing upfront selling compensation and
"trailing commissions," after deduction of "due diligence" and administrative
expenses incurred in connection with this offering, in accordance with such
Selling Agents' standard compensation arrangements.

In the Selling Agreement, each Advisor and Kenmar have agreed to
indemnify the Selling Agents against certain liabilities that the Selling Agents
may incur in connection with the offering and sale of the Units, including
liabilities under the Securities Act of 1933 and the Commodity Exchange Act.

LEGAL MATTERS

Sidley Austin Brown & Wood LLP has advised Kenmar in connection with
the Units being offered hereby. Sidley Austin Brown & Wood LLP also advises
Kenmar with respect to its responsibilities as managing owner of, and with
respect to matters relating to, the Fund. Sidley Austin Brown & Wood LLP has
prepared the section "Federal Income Tax Consequences" and "Purchases By
Employee Benefit Plans" with respect to ERISA. Sidley Austin Brown & Wood LLP
has not represented, nor will it represent, either the Fund or the Unitholders
in matters relating to the Fund.

EXPERTS

Arthur F. Bell, Jr. & Associates, L.L.C. have been selected as the
Fund's independent auditors. The statements of financial condition of the Fund
as of December 31, 2003 and 2002, including the December 31, 2003 condensed
schedule of investments, and the related statements of operations, cash flows
and changes in Unitholders' capital (net asset value) for the years ended
December 31, 2003, 2002 and 2001 and the statement of financial condition of
Kenmar Advisory Corp. as of September 30, 2003 included in this Prospectus have
been audited by Arthur F. Bell, Jr. & Associates, L.L.C., independent auditors,
as stated in their reports appearing herein, and have been so included in
reliance upon such reports given upon the

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authority of that firm as experts in auditing and accounting.

ADDITIONAL INFORMATION

This Prospectus constitutes part of the Registration Statement filed by
the Fund with the SEC in Washington, D.C. This Prospectus does not contain all
of the information set forth in such Registration Statement, certain portions of
which have been omitted pursuant to the rules and regulations of the SEC,
including, without limitation, certain exhibits thereto (for example, the forms
of the Selling Agreement, the Advisory Agreements, and the Customer Agreements).
The descriptions contained herein of agreements included as exhibits to the
Registration Statement are necessarily summaries; the exhibits themselves may be
inspected without charge at the public reference facilities maintained by the
SEC in Washington, D.C., and copies of all or part thereof may be obtained from
the Commission upon payment of the prescribed fees. The SEC maintains a Website
that contains reports, proxy and information statements and other information
regarding registrants that file electronically with the SEC. The address of such
site is http://www.sec.gov.

RECENT FINANCIAL INFORMATION AND
ANNUAL REPORTS

Pursuant to applicable CFTC regulations, prospective subscribers must
receive recent financial information (current within 60 calendar days) relating
to the Fund, as well as its most recent Annual Report (due by March 30 of each
year, in respect of the prior year), together with this Prospectus, unless the
material that would otherwise be included in such Report or information has been
otherwise included herein.

Kenmar collects non-public information about you from the following
sources: (i) information received from you on applications or other forms; and
(ii) information about your transactions with Kenmar and others. Kenmar does not
disclose any non-public personal information about you to anyone, other than as
set forth below, as permitted by applicable law and regulation. Kenmar may
disclose non-public personal information about you to the funds in which you
invest. Kenmar may disclose non-public personal information about you to
non-affiliated companies that work with Kenmar to service your account(s), or to
provide services or process transactions that you have requested. Kenmar may
disclose non-public personal information about you to parties representing you,
such as your investment representative, your accountant, your tax advisor, or to
other third parties at your direction/consent. If you decide to close your
account(s) or become an inactive customer, Kenmar will adhere to the privacy
policies and practices as described in this notice. Kenmar restricts access to
your personal and account information to those employees who need to know that
information to provide products and services to you. Kenmar maintains
appropriate physical, electronic and procedural safeguards to guard your
non-public personal information.

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PERFORMANCE OF KENMAR GLOBAL TRUST

The performance of the Fund is dependent upon the performance of its
Advisors. The Advisors' results are affected by general market conditions as
well as numerous other factors. Because the Advisors' strategies are proprietary
and confidential, it is difficult to provide any meaningful description of the
Fund's operations since January, 1999 other than simply by presenting its
performance record. CFTC rules require the Fund to present performance records
for the last five full calendar years and year-to-date. The Fund commenced
operations in May 1997; please refer to Part Two of this Prospectus for Fund
performance since inception. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF
FUTURE RESULTS. The performance information set forth below is current as of
February 29, 2004.

SUMMARY PERFORMANCE INFORMATION

TYPE OF FUND: multi-advisor; publicly-offered
INCEPTION OF TRADING: May 1997
AGGREGATE SUBSCRIPTIONS: $53,209,960
CURRENT CAPITALIZATION: $25,901,523
CURRENT NET ASSET VALUE PER UNIT: $115.52
LARGEST MONTHLY DRAWDOWN during 5 year period and year-to-date: (8.96)% (10/99)
LARGEST PEAK-TO-VALLEY DRAWDOWN during 5 year period and
year-to-date: (24.66)% (10/98-2/02)

MONTHLY/ANNUAL PERFORMANCE INFORMATION

· Enlarge/Download Table

=================================================================================================================================
MONTH 2004 (%) 2003 (%) 2002 (%) 2001(%) 2000(%) 1999(%)
---------------------------------------------------------------------------------------------------------------------------------

January 0.03 2.47 (4.05) (1.38) 0.56 (4.46)
---------------------------------------------------------------------------------------------------------------------------------
February 4.02 3.94 (3.67) (0.26) (0.16) 4.59
---------------------------------------------------------------------------------------------------------------------------------
March (4.23) 2.22 2.94 (3.01) (8.46)
---------------------------------------------------------------------------------------------------------------------------------
April (0.36) (1.70) (2.41) (1.12) 5.24
---------------------------------------------------------------------------------------------------------------------------------
May 5.43 1.21 (0.18) 3.43 (7.53)
---------------------------------------------------------------------------------------------------------------------------------
June (4.03) 7.35 (0.24) (1.73) 3.95
---------------------------------------------------------------------------------------------------------------------------------
July (3.02) 6.95 0.81 (1.65) (3.34)
---------------------------------------------------------------------------------------------------------------------------------
August 0.19 3.55 (0.20) (2.45) 1.68
---------------------------------------------------------------------------------------------------------------------------------
September (4.13) 4.05 3.60 (2.67) 2.98
---------------------------------------------------------------------------------------------------------------------------------
October 3.35 (4.69) 3.13 (2.00) (8.96)
---------------------------------------------------------------------------------------------------------------------------------
November 0.02 (2.17) (5.44) 4.17 4.15
---------------------------------------------------------------------------------------------------------------------------------
December 1.23 5.88 (0.56) 4.41 (0.93)
---------------------------------------------------------------------------------------------------------------------------------
Compound Rate of 4.05 0.23 14.81 (0.54) (2.58) (12.03)
Return (2 mos.)
=================================================================================================================================

PLEASE REFER TO THE NOTES TO PERFORMANCE INFORMATION.

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NOTES TO PERFORMANCE INFORMATION

In reviewing the foregoing description of the Fund's performance,
prospective investors should understand that such performance is "net" of all
fees and charges and includes interest income. The Fund's fees and charges are
more fully described under "Charges" on page 31 of the Prospectus.

In addition, the following terms used in describing the Fund's
performance are defined as follows:

"Drawdown" means losses experienced by the Fund over a specified
period.

"Largest peak-to-valley drawdown" means the greatest percentage decline
from any month-end Net Asset Value per Unit, due to overall loss sustained by
the Fund during any period, which occurs without such month-end Net Asset Value
per Unit being equaled or exceeded as of a subsequent month-end. In dollar
terms, for example, if the Net Asset Value per Unit declined by $1 in each of
January and February, increased by $1 in March and declined again by $2 in
April, a "peak-to-valley drawdown" analysis conducted as of the end of April
would consider that "drawdown" to be still continuing and to be $3 in amount,
whereas if the Net Asset Value of a Unit had increased by $2 in March, the
January-February drawdown would have ended as of the end of February at the $2
level.

"Compound Rate of Return" is calculated by multiplying on a compound
basis each of the monthly rates of return set forth in the chart above and not
by adding or averaging such monthly rates of return. For example, the compound
rate of return of (0.55)% for the year 2001 in the Fund's performance record was
calculated by multiplying 100 by the quantity
[[(1-.0138)(1-.0026)(1+.0294)(1-.0241)(1-.0018)(1-.0024)(1+.0081)(1-.0020)
(1+.0360)(1+.0313)(1-.0544)(1-.0056)] minus 1]. For periods of less than one
year, the results are year-to-date.

SELECTED FINANCIAL DATA

The following Selected Financial Data is derived from the audited
financial statements of the Fund as of December 31, 2003, 2002, 2001, 2000 and
1999. The Fund commenced trading operations on May 22, 1997. See "Index to
Financial Statements" at page 61.

· Enlarge/Download Table

Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, 2003 December 31, 2002 December 31, 2001 December 31, 2000 December 31, 1999
(audited) (audited) (audited) (audited) (audited)

Total Assets $25,033,198 $19,723,874 $ 16,390,561 $ 18,341,401 $ 26,826,991

Total Unitholders' Capital 24,531,755 19,394,215 16,125,379 17,732,064 22,777,353

Gains (Losses) from Trading 2,826,994 5,119,564 1,655,305 633,234 (1,293,595)

Interest Income 127,729 170,849 517,609 1,129,270 1,082,050

Total Expenses 2,670,416 2,721,237 2,131,779 2,242,754 2,962,452

Net Income (Loss) 284,307 2,569,176 41,135 (480,250) (3,173,997)

Net Income (Loss) Per 1.47 15.20 0.24 (2.29) (12.65)
Unit (Based on weighted
average number of units
outstanding)

Increase (Decrease) in 0.25 14.29 (0.53) (2.57) (13.61)
Net Asset Value Per Unit

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SELECTED QUARTERLY FINANCIAL DATA

The following summarized quarterly financial information presents the
results of operations for the three month periods ended March 31, June 30,
September 30 and December 31, 2003 and 2002.

· Enlarge/Download Table

1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER
2003 2003 2003 2003
------------- ------------- ------------- ------------

Gain (Loss) from trading $1,171,236 $916,963 $(1,028,023) $1,766,818
Net Investment (Loss) (657,529) (690,854) (517,055) (677,249)
Net Income (Loss) 513,707 226,109 (1,545,078) 1,089,569
Net Income (Loss) per Unit 2.92 1.20 (7.82) 5.11
Increase (Decrease) in Net Asset
Value per Unit 2.21 0.92 (7.80) 4.92
Net Asset Value per Unit at end
of period 112.98 113.90 106.10 111.02

· Enlarge/Download Table

1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER
2002 2002 2002 2002
------------- ------------- ------------- ------------

Gain (Loss) from trading $(524,692) $1,684,268 $3,607,446 $352,542
Net Investment (Loss) (363,768) (619,320) (1,083,044) (484,256)
Net Income (Loss) (888,460) 1,064,948 2,524,402 (131,714)
Net Income (Loss) per Unit (5.27) 6.28 15.03 (0.78)
Increase (Decrease) in Net Asset
Value per Unit (5.32) 6.20 14.84 (1.43)
Net Asset Value per Unit at end
of period 91.16 97.36 112.20 110.77

There were no extraordinary, unusual or infrequently occurring items
recognized in any quarter reported above, and the Fund has not disposed of any
segments of its business. There have been no year-end adjustments that are
material to the results of any fiscal quarter reported above.

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MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OPERATIONAL OVERVIEW; ADVISOR SELECTIONS

The Fund's results of operations depend on Kenmar's ability to select
Advisors and the Advisors' ability to trade profitably. See "The Fund and Its
Objectives -- Investment Philosophy" at page 14. Because of the speculative
nature of its trading, the Fund's past performance is not necessarily indicative
of its future results.

The Advisors and asset allocations for the Fund in effect as of
February 29, 2004 are set forth below. These allocations are approximate, and
will be affected by (i) the profit and loss generated by each Advisor in
relation to the performance of the other Advisors for the Fund and (ii) any
subsequent reallocation decision by Kenmar.

· Enlarge/Download Table

ADVISOR 1/1/99 1/1/00 1/1/01 1/1/02 1/1/03 2/29/04

Altis Partners Limited 0% 0% 0% 0% 0% 0%
Beacon Management Corporation 0% 4% 5% 5% 0% 0%
Bridgewater Associates Inc. 0% 33% 28% 0% 0% 0%
C-View International Limited 0% 0% 6% 25% 0% 0%
Chesapeake Capital Corporation 0% 0% 0% 0% 0% 0%
Coromandel Investment Management Ltd. 0% 0% 0% 0% 0% 0%
Dreiss Research Corporation 19% 0% 0% 0% 0% 0%
Graham Capital Management, L.P. 0% 0% 0% 0% 32% 33%
Grinham Managed Funds Pty Ltd. 0% 25% 24% 24% 36% 33%
Hirst Investment Management Inc. 23% 0% 0% 0% 0% 0%
Hyman Beck & Company, Inc. 25% 0% 0% 0% 0% 0%
Sunrise Capital Partners, LLC 21% 17% 18% 0% 0% 0%
Transtrend B.V. 0% 21% 19% 25% 32% 34%
Willowbridge Associates Inc. 12% 0% 0% 0% 0% 0%
Winton Capital Management Limited 0% 0% 0% 21% 0% 0%
Witter & Lester, Inc. 0% 0% 0% 0% 0% 0%
Total 100% 100% 100% 100% 100% 100%
==== ==== ==== ==== ==== ====

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Two of the Fund's initial Advisors, Chesapeake Capital Corporation and
Witter & Lester, were replaced as of June 30, 1998. Hyman Beck & Company, Inc.
and Willowbridge Associates, Inc., were replaced as of December 2, 1999. Hirst
Investment Management Inc. was replaced as of December 21, 1999. Bridgewater
Associates Inc. was replaced and Sunrise Capital Partners, LLC ceased to be a
core advisor as of April 30, 2001. C-View International Limited and Winton
Capital Management Limited became core advisors on May 1, 2001 and each ceased
to be a core advisor as of April 30, 2002. As of May 1, 2002, Graham Capital
Management, L.P. became a core advisor. As of May 1, 2004, Hyman Beck & Company,
Inc. ("HB & Co.") serves as a non-core advisor, but, Kenmar expects to
eventually allocate sufficient assets of the Fund so that HB & Co. will become a
core advisor. Each replacement resulted from a reallocation decision by Kenmar
(other than with respect to Chesapeake Capital Corporation, which resigned under
the terms of its Advisory Agreement). As of February 2004, approximately 100% of
the Fund's equity has been allocated to the Advisors. However, as described
herein, Kenmar has the discretion to allocate less or more than 100% of the
Fund's total equity. The allocation of less than 100% of Fund equity to the
Advisors represents a deleveraging of the Fund's trading, which may have the
effect of preserving equity during unfavorable market cycles (but which also
reduces the upside potential of the Fund during favorable conditions). Kenmar
receives brokerage commissions based on the total Fund equity, not allocated
equity. See "Conflicts of Interest--Kenmar" at page 36. Any decision to
terminate or reallocate assets among Trading Advisors is based on a combination
of numerous factors, as described under "The Fund and Its Objectives -- The
Advisors" at page 19. Kenmar's Advisor selection procedures are described under
"Kenmar Advisory Corp. -- Management of Traders" at page 28. The Core Advisors'
trading methods are described under "The Fund and Its Objectives -- Core and
Potential Core Advisor Summaries" at page 20.

Kenmar has no timetable or schedule for making Advisor changes or
reallocations, and generally makes a medium- to long-term commitment to all
Advisors selected. Kenmar is not required to allocate the proceeds resulting
from subscriptions as any month-end during the continuing offering (over any
amounts redeemed as of such date) on a PRO RATA basis; rather, such allocations
will be based on the factors described under "The Fund and Its Objectives -- The
Advisors." Kenmar will notify investors monthly as to month-end allocations.

LIQUIDITY

The Fund's investments in the futures, forwards, options and related
markets may, from time to time, be illiquid. See "The Risks You Face -- (11)
Possible Illiquid Markets" at page 10. Most United States exchanges limit
fluctuations in certain futures interest prices during a single day by
regulations referred to as "daily price fluctuations limits" or "daily limits."
Pursuant to such regulations, during a single trading day no trades may be
executed at prices beyond the daily limit in such futures interests. If the
price for a particular contract has increased or decreased by an amount equal to
the "daily limit," positions in such futures contract can neither be taken nor
liquidated unless traders are willing to effect trades at or within the limit.
Futures contract prices have occasionally moved the daily limit for several
consecutive days with little or no trading. While the occurrence of such an
event may reduce or effectively eliminate the liquidity of a particular market,
it will not limit ultimate losses and may in fact substantially increase losses
because of this inability to liquidate unfavorable positions. In addition, if
there is little or no trading in a particular futures or forward contract that
the Fund is trading, whether such illiquidity is caused by any of the above
reasons or otherwise, the Fund may be unable to execute trades at favorable
prices and/or may be unable or unwilling to liquidate its position prior to its
expiration date, thereby requiring the Fund to make or take delivery of the
underlying commodity. In addition, certain Advisors trade on futures markets
outside the United States on behalf of the Fund. Certain foreign exchanges may
be substantially more prone to periods of illiquidity than United States
exchanges. Further, certain Advisors trade forward contracts which are not
traded on exchanges; rather banks and dealers act as principals in these
markets. The CFTC does not regulate trading on non-U.S. futures markets or in
forward contracts. Illiquid market conditions could result in restrictions on
redemptions.

With respect to the Fund's trading, in general, the Fund's Advisors
will endeavor to trade only futures, forwards and options that have sufficient
liquidity to enable them to enter and close out positions without causing major
price movements. Furthermore, since commencement of

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trading by the Fund, there has never been a time when illiquidity has affected a
material portion of any Fund assets. See "Redemptions and Distributions" at page
38.

Units may be redeemed, at a Unitholder's option, as of the close of
business on the last day of any month. Units purchased on and after June 1, 2004
and are redeemed at Net Asset Value are subject to redemption charges as
follows: Units redeemed on the 1st month-end through the 3rd month-end after
sale are subject to a 3.5% redemption charge, Units redeemed on the 4th
month-end through the 6th month-end after sale are subject to a 2.625%
redemption charge, Units redeemed on the 7th month-end through the 9th month-end
after sale are subject to a 1.75% redemption charge and Units redeemed on the
10th through 12th month-end after sale are subject to a 0.875% redemption
charge. After the end of the 12th month, there will be no charge for
redemptions.

Units purchased from March 1 through and including May 1, 2004 are
subject to the same redemption fee schedule described in the immediately
preceding paragraph, except that such Units are subject to a 3% redemption
charge for Units redeemed on the 1st month-end through the 3rd month-end after
sale.

RESULTS OF OPERATIONS

GENERAL

Kenmar believes that multi-advisor futures funds should be regarded as
medium- to long-term (I.E., three to five year) investments, but it is difficult
to identify trends in the Fund's operations and virtually impossible to make any
predictions regarding future results.

Kenmar has not made, and has no intention of making, any distributions
of the Fund's profits or capital to Unitholders.

The Fund incurs substantial charges from the payment of Consulting Fees
and Profit Shares to the Advisors, Incentive Fees to Kenmar, brokerage
commissions and miscellaneous execution costs and administrative expenses.
Brokerage commissions and Consulting Fees are payable based upon the Net Asset
Value of the Fund and are payable without regard to the profitability of the
Fund. As a result, it is possible that the Fund may incur a net loss when
trading profits are not substantial enough to avoid depletion of the Fund's
assets from such fees and expenses. Thus, due to the nature of the Fund's
business, the success of the Fund is dependent upon the ability of the Advisors
to generate trading profits through the speculative trading of futures, forwards
and options sufficient to produce capital appreciation after payment of all fees
and expenses.

It is important to note, however, that (i) the Advisors trade in
various markets at different times and that prior activity in a particular
market does not mean that such markets will be actively traded by an Advisor or
will be profitable in the future and (ii) the Advisors trade independently of
each other using different trading systems and may trade different markets with
various concentrations at various times. Consequently, the results of operations
of the Fund can only be discussed in the context of the overall trading
activities of the Fund, the Advisors' trading activities on behalf of the Fund
as a whole and how the Fund has performed in the past.

The Fund commenced trading operations on May 22, 1997. Set forth below
are the results of operations of the Fund for the years ended December 31, 2003,
2002 and 2001.

As of December 31, 2003, the Net Asset Value of the Fund was
$24,531,755, an increase of approximately 26.49% from its Net Asset Value of
$19,394,215 at December 31, 2002. The Fund's subscriptions and redemptions for
the year ended December 31, 2003, totaled $8,278,861 and $3,187,628,
respectively. For the year ended December 31, 2003, the Fund had revenues
comprised of $3,085,074 in realized trading gains, $(25,999) in unrealized
trading losses and $127,729 of interest income. Total expenses and brokerage
commissions for the year ended December 31, 2003 were $2,902,497. The Net Income
for the year ended December 31, 2003 was $284,307. The Net Asset Value per Unit
increased 0.23% from $110.77 at December 31, 2002, to $111.02 at December 31,
2003. The Fund's positive performance for the year ended December 31, 2003
resulted primarily from currencies, global stock indices and metals.

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As of December 31, 2002, the Net Asset Value of the Fund was
$19,394,215, an increase of approximately 20.27% from its Net Asset Value of
$16,125,379 at December 31, 2001. The Fund's subscriptions and redemptions for
the year ended December 31, 2002, totaled $3,163,416 and $2,354,126,
respectively. For the year ended December 31, 2002, the Fund had revenues
comprised of $4,672,380 in realized trading gains, $631,477 in unrealized
trading gains and $170,849 of interest income. Total expenses and brokerage
commissions for the year ended December 31, 2002 were $2,905,530. The Net Income
for the year ended December 31, 2002 was $2,569,176. The Net Asset Value per
Unit increased 14.81% from $96.48 at December 31, 2001, to $110.77 at December
31, 2002. The Fund's positive performance for the year ended December 31, 2002
resulted primarily from global interest rates, currencies and global stock
indices.

As of December 31, 2001, the Net Asset Value of the Fund was
$16,125,379, a decrease of approximately 9.06% from its Net Asset Value of
$17,732,064 at December 31, 2000. The Fund's subscriptions and redemptions for
the year ended December 31, 2001 totaled $2,242,654 and $3,766,020,
respectively. For the year ended December 31, 2001, the Fund had revenues
comprised of $2,479,061 in realized trading gains, $(584,140) in change in
unrealized trading losses and $517,609 in interest income. Total expenses and
brokerage commissions for the year ended December 31, 2001 were $2,371,395. The
Net Income for the year ended December 31, 2001 was $41,135. The Net Asset Value
per Unit at December 31, 2001 decreased 0.55% from $97.01 at December 31, 2000
to $96.48 at December 31, 2001. The Fund's trading gains during 2001 resulted
primarily from global interest rates, currencies, global stock indices and
grains, but, net of offering costs, the Fund experienced a negative compounded
rate of return of (0.55)%.

PERFORMANCE SUMMARY

The most directly relevant information relating to the results of
operations of a managed futures fund, such as the Fund, is the actual
performance record. During the period January 1, 1999 through December 31, 2003,
the Fund's Net Asset Value per Unit increased from $110.15 to $111.02, and the
Compound Rate of Return for 2003 was approximately 0.23%, as set forth on page
49.

CAPITAL RESOURCES

The Fund does not have, nor does it expect to have, any capital assets.
Redemptions and sales of the Units in the future will affect the amount of funds
available for trading futures, forwards and options in subsequent periods.

There are three primary factors that affect the Fund's capital
resources: (i) the trading profit or loss generated by the Advisors (plus
interest income); (ii) the capital invested or redeemed by Unitholders; and
(iii) the capital invested or redeemed by the Fund's managing owner, Kenmar.
Kenmar has maintained, and has agreed to maintain, at all times a one percent
(1%) interest in the Fund. All capital contributions by Kenmar necessary to
maintain such capital account balance are evidenced by units of beneficial
interest, each of which have an initial value equal to the Net Asset Value per
Unit (as defined below) at the time of such contribution. Kenmar, in its sole
discretion, may withdraw any excess above its required capital contribution
without notice to the Unitholders. Kenmar, in its sole discretion, may also
contribute any greater amount to the Fund, for which it shall receive, at its
option, additional Units at their then-current Net Asset Value (as defined
below).

"Net Assets" and "Net Asset Value" of the Fund are defined as total
assets of the Fund less total liabilities as determined in accordance with
generally accepted accounting principles as described in the Fund's Declaration
of Trust Agreement. The term "Net Asset Value Per Unit" is defined in the
Declaration of Trust to mean the Net Assets of the Fund divided by the number of
Units outstanding as of the date of determination.

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

The Fund raises additional capital only through the continuous offering
of its Units. The Fund does not borrow, and sells no securities other than the
Units. Kenmar Securities, Inc. acts as a Selling Agent in respect of the Fund's
Units.

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The discussion above contains certain forward-looking statements (as
such term is defined in the rules promulgated under the Securities Exchange Act
of 1934) that are based on the beliefs of Kenmar, as well as assumptions made
by, and information currently available to, Kenmar. A number of important
factors may cause the Fund's actual results, performance or achievements for
2004 and beyond to differ materially from the results, performance or
achievements expressed in, or implied by, such forward-looking statements. These
factors include, without limitation, the factors described above.

PERFORMANCE OF COMMODITY POOLS OPERATED BY KENMAR

GENERAL

THE PERFORMANCE INFORMATION INCLUDED HEREIN IS PRESENTED IN ACCORDANCE
WITH CFTC REGULATIONS. THE FUND DIFFERS MATERIALLY IN CERTAIN RESPECTS FROM EACH
OF THE POOLS WHOSE PERFORMANCE IS INCLUDED HEREIN. The following sets forth
summary performance information for all pools operated by Kenmar (other than the
Fund) since January 1, 1999. Kenmar has offered these pools exclusively on a
private basis to financially sophisticated investors -- either on a private
placement basis in the United States or offshore exclusively to non-U.S.
persons. Other than the Fund, Kenmar has not, to date, sponsored a
publicly-offered commodity pool.

The pools, the performance of which is summarized herein, are
materially different in certain respects from the Fund, and the past performance
summaries of such pools are generally not representative of how the Fund might
perform in the future. These pools also have material differences from one
another in terms of number of advisors, leverage, fee structure and trading
programs. The performance records of these pools may give some general
indication of Kenmar's capabilities in advisor selection by indicating the past
performance of the Kenmar-sponsored pools.

All summary performance information is current as of February 29, 2004
(except in the case of pools dissolved prior to such date). Performance
information is set forth, in accordance with CFTC Regulations, since January 1,
1999 or, if later, the inception of the pool in question.

INVESTORS SHOULD NOTE THAT AFFILIATES OF KENMAR PERFORM ASSET
ALLOCATION FUNCTIONS ON BEHALF OF MANAGED ACCOUNTS AND OTHER COMMODITY POOLS
SIMILAR TO THOSE PERFORMED BY KENMAR. PURSUANT TO CFTC REGULATIONS, THE
PERFORMANCE OF ACCOUNTS AND OTHER POOLS OPERATED, MANAGED AND/OR SPONSORED BY
AFFILIATES OF KENMAR HAS NOT BEEN INCLUDED HEREIN.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS, AND
MATERIAL DIFFERENCES EXIST BETWEEN THE POOLS WHOSE PERFORMANCE IS SUMMARIZED
HEREIN AND THE FUND.

INVESTORS SHOULD NOTE THAT INTEREST INCOME MAY CONSTITUTE A SIGNIFICANT
PORTION OF A COMMODITY POOL'S INCOME AND, IN CERTAIN INSTANCES, MAY GENERATE
PROFITS WHERE THERE HAVE BEEN REALIZED AND UNREALIZED LOSSES FROM COMMODITY
TRADING.

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

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ASSETS UNDER MANAGEMENT

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Kenmar - Total assets under management as of February 29, 2004 $26 million
Kenmar -Total assets under multi-advisor management as of February 29, 2004 $26 million
Kenmar and affiliates - Total assets under management as of February 29, 2004 $1.2 billion*
(excluding notional funds)
Kenmar and affiliates - Total assets under management as of February 29, 2004 $1.4 billion**
(including notional funds)

* Approximately 92% of this amount represents assets for which Kenmar and its
affiliates has management responsibility; Kenmar has only oversight
responsibility over the remainder of these assets.

** Approximately 93% of this amount represents assets for which Kenmar has
management responsibility; Kenmar has only oversight responsibility over the
remainder of these assets.

MULTI-ADVISOR POOLS

These are all of the multi-advisor pools (other than the Fund and pools
for the research and development of traders) operated by Kenmar since January 1,
1999. Kenmar has actively allocated and reallocated trading assets among a
changing group of advisors selected by it. As will the Fund, these multi-advisor
pools depend on Kenmar for their asset allocations (and, possibly, leverage
adjustments) and strategy selections, and combine unrelated and independent
advisors.

SINGLE-ADVISOR POOLS

These are all of the pools (other than pools for the research and
development of traders) operated by Kenmar since January 1, 1999 that were, or
are, advised by a single advisor (as opposed to a portfolio of commodity trading
advisors). Investors should note that single-advisor pools do not demonstrate
Kenmar's ability to manage a portfolio of commodity trading advisors.

POOLS FOR THE RESEARCH AND DEVELOPMENT OF ADVISORS

These are all of the pools operated by Kenmar since January 1, 1999
that were established as a way of testing, in a limited liability vehicle, one
or more commodity trading advisors relatively untested in the management of
customer assets.

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· Enlarge/Download Table

----------------------------------------------------------------------------------------------------------------------------
% WORST % WORST
TYPE CURRENT MONTHLY PEAK-TO-VALLEY
OF START CLOSE AGGREGATE CURRENT NAV PER DRAW-DOWN & DRAW-DOWN
POOL DATE DATE SUBSCRIPT. TOTAL NAV UNIT MONTH & PERIOD
----------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------
MULTI-ADVISOR POOLS
----------------------------------------------------------------------------------------------------------------------------

Kenmar Performance
Partners L.P. ** 08/85 3/02 265,038,978 0 0 (22.66) (74.94)
----------------------------------------------------------------------------------------------------------------------------
6/00 10/98-1/02
----------------------------------------------------------------------------------------------------------------------------
Kenmar Capital Partners (20.38)
Ltd. * 07/95 12/99 3,587,775 0 0 (9.48)
----------------------------------------------------------------------------------------------------------------------------
10/99 10/98-10/99
----------------------------------------------------------------------------------------------------------------------------
SINGLE ADVISOR POOLS
----------------------------------------------------------------------------------------------------------------------------
The Fulcrum Fund LP "A" (1) single 09/96 12/00 11,341,364 0 0 (21.24) (53.05)
----------------------------------------------------------------------------------------------------------------------------
6/00 7/99-11/00
----------------------------------------------------------------------------------------------------------------------------
The Fulcrum Fund LP(2) single 04/97 12/03 62,688,110 0 0 (21.22) (68.16)
----------------------------------------------------------------------------------------------------------------------------
6/00 7/99-9/03
----------------------------------------------------------------------------------------------------------------------------
Dennis Friends & Family (48.46)
L.P. single 05/97 10/00 3,386,355 0 0 (22.17)
----------------------------------------------------------------------------------------------------------------------------
7/99-9/00
6/00
----------------------------------------------------------------------------------------------------------------------------
Hirst Investment Fund L.P. single 10/97 10/02 4,347,088 0 0 (10.43) (24.41)
----------------------------------------------------------------------------------------------------------------------------
3/99 1/99-10/01
----------------------------------------------------------------------------------------------------------------------------
Hirst Investment 2X Fund LP single 3/99 3/00 4,127,659 0 0 (18.89) (33.82)
----------------------------------------------------------------------------------------------------------------------------
10/99 3/99-3/00
----------------------------------------------------------------------------------------------------------------------------
POOLS FOR RESEARCH AND
DEVELOPMENT OF TRADERS
----------------------------------------------------------------------------------------------------------------------------
N/A (See
Kenmar Venture Partners Footnote (48.75)
L.P.(3) * 03/87 12/02 2,625,000 0 3.) (29.70)
----------------------------------------------------------------------------------------------------------------------------
10/89 11/90-4/92
----------------------------------------------------------------------------------------------------------------------------
Oberdon Partners L.L.C. single 4/97 4/99 1,607,000 0 0 (20.65) (30.16)
----------------------------------------------------------------------------------------------------------------------------
5/98 5/98-10/98
----------------------------------------------------------------------------------------------------------------------------

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

PERCENTAGE RATE OF RETURN (COMPUTED ON A
COMPOUNDED MONTHLY BASIS)
---------------------------------------------------------------------------------
1999 2000 2001 2002 2003
---------------------------------------------------------------------------------
MULTI-ADVISOR POOLS
---------------------------------------------------------------------------------

Kenmar Performance
Partners L.P. (31.04) (35.01) (24.58) (11.31) --
---------------------------------------------------------------------------------
(3 mos.)
---------------------------------------------------------------------------------
Kenmar Capital Partners
Ltd. (15.01) -- -- -- --
---------------------------------------------------------------------------------

---------------------------------------------------------------------------------
SINGLE ADVISOR POOLS
---------------------------------------------------------------------------------
The Fulcrum Fund LP "A" (1) (12.01) (25.49) -- -- --
---------------------------------------------------------------------------------

---------------------------------------------------------------------------------
The Fulcrum Fund LP(2) (12.87) (25.35) (23.35) 5.72 (15.99)
---------------------------------------------------------------------------------

---------------------------------------------------------------------------------
Dennis Friends & Family
L.P. (7.74) (30.42) -- -- --
---------------------------------------------------------------------------------
(10 mos.)
---------------------------------------------------------------------------------
Hirst Investment Fund L.P. (20.07) 2.31 (7.56) -- --
---------------------------------------------------------------------------------
(10 mos.)
---------------------------------------------------------------------------------
Hirst Investment 2X Fund LP (27.58) (8.62) -- -- --
---------------------------------------------------------------------------------
(10 mos.) (3 mos.)
---------------------------------------------------------------------------------
POOLS FOR RESEARCH AND
DEVELOPMENT OF TRADERS
---------------------------------------------------------------------------------

Kenmar Venture Partners
L.P.(3) (14.43) 5.62 (4.68) 2.39 --
---------------------------------------------------------------------------------

---------------------------------------------------------------------------------
Oberdon Partners L.L.C. 4.16 -- -- -- --
---------------------------------------------------------------------------------
(4 mos.)
---------------------------------------------------------------------------------

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

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

(1) Formerly The Dennis Fund LP "A" and renamed the Fulcrum Fund LP "A" as of
November 1, 2000. As of December 31, 2000, all "A" Shares were redeemed and
an equivalent number of shares were issued by The Fulcrum Fund L.P.

(2) Formerly The Dennis Fund LP "B" and renamed The Fulcrum Fund LP as of
November 1, 2000. The Fulcrum Fund LP was sold to Beacon Management
Corporation effective December 31, 2003 and, therefore, Kenmar no longer
serves as general partner.

(3) Kenmar Venture Partners L.P. ceased being a Unit-based fund as of October
1, 2001. After October 1, 2001 Kenmar Venture Partners L.P. utilized a
value based valuation of each limited partner's ownership interest. Kenmar
Venture Partners L.P. was closed on December 31, 2002.

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FOOTNOTES TO PERFORMANCE INFORMATION

1. Name of Pool.

2. Type of Pool:

"Single" means that the assets are managed by one commodity trading
advisor.

* Although multiple commodity trading advisors were used at certain
times during the history of the pool, the pool may not have been a
"multi-advisor pool" as defined by the CFTC due to the fact that one of
those commodity trading advisors may have been allocated in excess of
twenty-five percent of the pool's funds available for trading.

** Commenced trading as a single-advisor pool and assets were
subsequently allocated to multiple trading advisors. The pool is not a
"multi-advisor-pool" as defined by the CFTC for the reason discussed
above.

3. Start Date.

4. "Close Date" is the date the pool liquidated its assets and ceased to
do business.

5. "Aggregate Subscript." is the aggregate of all amounts ever contributed
to the pool, including investors who subsequently redeemed their
investments.

6. "Current Total NAV" is the Net Asset Value of the pool as of February
29, 2004.

7. "Current NAV Per Unit" is the Current Net Asset Value of the pool
divided by the total number of units (shares) outstanding as of
February 29, 2004. Current NAV per Unit is based on the value of a
hypothetical $1,000 unit ($1,050 for Kenmar Venture Partners L.P. prior
to October 1, 2001) of investment over time.

In the case of liquidated pools, the NAV per unit on the date of
liquidation of the pool is set forth.

8. "% Worst Monthly Drawdown" is the largest single month loss sustained
since inception of trading. "Drawdown" as used in this section of the
Prospectus means losses experienced by the relevant pool over the
specified period and is calculated on a rate of return basis, i.e.,
dividing net performance by beginning equity. "Drawdown" is measured on
the basis of monthly returns only, and does not reflect intra-month
figures.

9. "Month" is the month of the % Worst Monthly Drawdown.

10. "% Worst Peak-to-Valley Drawdown" is the largest percentage decline in
the Net Asset Value per Unit over the history of the pool. This need
not be a continuous decline, but can be a series of positive and
negative returns where the negative returns are larger than the
positive returns. "% Worst Peak-to-Valley Drawdown" represents the
greatest percentage decline from any month-end Net Asset Value per Unit
that occurs without such month-end Net Asset Value per Unit being
equaled or exceeded as of a subsequent month-end. For example, if the
Net Asset Value per Unit of a particular pool declined by $1 in each of
January and February, increased by $1 in March and declined again by $2
in April, a "peak-to-valley drawdown" analysis conducted as of the end
of April would consider that "drawdown" to be still continuing and to
be $3 in amount, whereas if the Net Asset Value per Unit had increased
by $2 in March, the January-February drawdown would have ended as of
the end of February at the $2 level.

11. "Period" is the period of the "% Worst Peak-to-Valley Drawdown."

12. "year-to-date" is the rate of return of the pool as of February 29,
2004.

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INDEX OF DEFINED TERMS

A NUMBER OF DEFINED TERMS ARE USED IN THIS PROSPECTUS. THE RESPECTIVE
DEFINITIONS OR DESCRIPTIONS OF SUCH TERMS MAY BE FOUND ON THE FOLLOWING
PAGES OF THIS PROSPECTUS.

PAGE(S)
-------

Aggregate Investment Expenses................................................44
CFTC........................................................................iii
Clearing Brokers.............................................................36
Code.........................................................................42
Declaration of Trust.........................................................29
employee benefit plan........................................................46
ERISA........................................................................46
Fimat........................................................................36
Fund..........................................................................i
Futures Broker...............................................................36
high water mark..............................................................33
IRS..........................................................................14
Kenmar.......................................................................27
Kenmar Related Parties.......................................................29
Loss Carryforward............................................................34
NASAA Guidelines.............................................................29
Net Asset Value..............................................................57
Net Asset Value Per Unit.....................................................57
Net Assets...................................................................57
New Overall Appreciation.....................................................34
New Trading Profit...........................................................34
NFA.........................................................................iii
Overall Appreciation.........................................................34
Plan Fiduciaries.............................................................46
Plans........................................................................46
Publicly-Offered Security Exception..........................................46
SEC..........................................................................30
Selling Agents...............................................................48
Subscription Requirements....................................................46
Trading Profit...............................................................33
UBS Securities...............................................................36
Unit..........................................................................1

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INDEX TO FINANCIAL STATEMENTS

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PAGE

KENMAR GLOBAL TRUST

Independent Auditor's Report...........................................................................64
Statements of Financial Condition as of December 31, 2003 and 2002 (Audited)........................65
Condensed Schedule of Investments as of December 31, 2003 (Audited).................................66
Statements of Operations For the Years Ended December 31, 2003, 2002, and 2001 (Audited)............67
Statements of Cash Flows For the Years Ended December 31, 2003, 2002, and 2001 (Audited)............68
Statements of Changes in Unitholders' Capital (Net Asset Value) For the Years Ended
December 31, 2003, 2002, and 2001 (Audited)....................................................69
Notes to Financial Statements (Audited).............................................................70

KENMAR ADVISORY CORP.

Independent Auditor's Report...........................................................................76
Statement of Financial Condition as of September 30, 2003 (Audited).................................77
Notes to Statement of Financial Condition (Audited).................................................78
Statement of Financial Condition as of December 31, 2003 (Unaudited)................................85
Notes to Statement of Financial Condition (Unaudited)...............................................86

Schedules are omitted for the reason that they are not
required or are not applicable or that equivalent information
has been included in the financial statements or notes
thereto.

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INDEPENDENT AUDITOR'S REPORT

To the Unitholders
Kenmar Global Trust

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

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

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

/s/ ARTHUR F. BELL, JR. & ASSOCIATES, L.L.C.

Hunt Valley, Maryland
February 16, 2004, except for Note 7
as to which the date is March 9, 2004

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KENMAR GLOBAL TRUST
STATEMENTS OF FINANCIAL CONDITION
December 31, 2003 and 2002
--------------------------

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2003 2002
---- ----

ASSETS
Equity in broker trading accounts
Cash $ 21,617,196 $10,076,868
Unrealized gain on open contracts 1,082,839 1,074,472
------------ -----------

Deposits with brokers 22,700,035 11,151,340

Cash and cash equivalents 2,334,203 8,569,208
Unrealized gain (loss) on open forward contracts (31,040) 3,326
Subscriptions receivable 30,000 0
------------ -----------

Total assets $ 25,033,198 $19,723,874
============ ===========

LIABILITIES
Accounts payable $ 50,629 $ 37,706
Commissions and other trading fees on open contracts 4,673 800
Managing Owner brokerage commissions 181,331 142,204
Advisor profit shares 156,471 60,105
Redemptions payable 107,914 85,655
Redemption charges payable to Managing Owner 425 3,189
------------ -----------
Total liabilities 501,443 329,659
------------ -----------

UNITHOLDERS' CAPITAL (NET ASSET VALUE)
Managing Owner - 2,317.0232 and 2,041.4999 units
outstanding at December 31, 2003 and 2002 257,247 226,137
Other Unitholders - 218,640.2418 and 173,044.1212
units outstanding at December 31, 2003 and 2002 24,274,508 19,168,078
------------ -----------

Total unitholders' capital
(Net Asset Value) 24,531,755 19,394,215
------------ -----------

$ 25,033,198 $19,723,874
============ ===========

See accompanying notes.

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KENMAR GLOBAL TRUST
CONDENSED SCHEDULE OF INVESTMENTS

December 31, 2003
--------------------------

LONG FUTURES CONTRACTS

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Description Value % of Net Asset Value
-------------------------------- ----------------- --------------------

Agricultural $ 12,694 0.05%
Currency 297,693 1.21%
Energy (40,699) (0.16)%
Interest rate 21,480 0.09%
Metals 757,821 3.09%
Stock index 336,835 1.37%
Other (261) 0.00%
------------- -------------

TOTAL LONG FUTURES CONTRACTS $ 1,385,563 5.65%
------------- -------------

SHORT FUTURES CONTRACTS

· Download Table

Description Value % of Net Asset Value
-------------------------------- ----------------- --------------------

Agricultural $ 7,048 0.03%
Currency 19,684 0.08%
Energy (93) 0.00
Interest rate 3,069 0.01%
Metals (340,931) (1.39)%
Stock index 8,499 0.03%
------------- -------------

TOTAL SHORT FUTURES CONTRACTS $ (302,724) (1.24)%
------------- -------------

TOTAL FUTURES CONTRACTS $ 1,082,839 4.41%
============= =============

FORWARD CURRENCY CONTRACTS

· Download Table

Description Value % of Net Asset Value
-------------------------------- ----------------- --------------------

Long forward currency contracts $ (18,061) (0.07)%
Short forward currency contracts $ (12,979) (0.05)%
------------- -------------

TOTAL FORWARD CURRENCY CONTRACTS $ (31,040) (0.12)%
============= =============

See accompanying notes.

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

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2003 2002 2001
---- ---- ----

TRADING GAINS (LOSSES)
Gain (loss) from trading
Realized $ 3,085,074 $ 4,672,380 $ 2,479,061
Change in unrealized (25,999) 631,477 (584,140)
Brokerage commissions (232,081) (184,293) (239,616)
----------- ----------- -----------

Gain from trading 2,826,994 5,119,564 1,655,305
----------- ----------- -----------

NET INVESTMENT (LOSS)
Income
Interest income 127,729 170,849 517,609
----------- ----------- -----------

Expenses
Managing Owner brokerage commissions 2,009,917 1,647,208 1,566,968
Advisor profit shares 507,299 934,498 465,428
Operating expenses 153,200 139,531 99,383
----------- ----------- -----------

Total expenses 2,670,416 2,721,237 2,131,779
----------- ----------- -----------

Net investment (loss) (2,542,687) (2,550,388) (1,614,170)
----------- ----------- -----------

NET INCOME $ 284,307 $ 2,569,176 $ 41,135
=========== =========== ===========

NET INCOME PER UNIT
(based on weighted average number of
units outstanding during the year) $ 1.47 $ 15.20 $ 0.24
=========== =========== ===========

INCREASE (DECREASE) IN NET ASSET
VALUE PER UNIT $ 0.25 $ 14.29 $ (0.53)
=========== =========== ===========

See accompanying notes.

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

· Enlarge/Download Table

2003 2002 2001
---- ---- ----

CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
Net income $ 284,307 $ 2,569,176 $ 41,135
Adjustments to reconcile net income
to net cash from operating activities:
Net change in unrealized 25,999 (631,477) 584,140
Increase (decrease) in accounts payable and
accrued expenses 152,289 54,328 (100,111)
------------ ------------ ------------

Net cash from operating activities 462,595 1,992,027 525,164
------------ ------------ ------------

CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Addition of units 8,248,861 3,163,416 2,242,654
Offering costs paid (238,000) (109,630) (124,454)
Redemption of units (3,168,133) (2,343,977) (4,010,064)
------------ ------------ ------------

Net cash from (for) financing activities 4,842,728 709,809 (1,891,864)
------------ ------------ ------------

Net increase (decrease) in cash and cash equivalents 5,305,323 2,701,836 (1,366,700)

CASH AND CASH EQUIVALENTS
Beginning of year 18,646,076 15,944,240 17,310,940
------------ ------------ ------------

End of year $ 23,951,399 $ 18,646,076 $ 15,944,240
============ ============ ============

END OF YEAR CASH AND CASH EQUIVALENTS CONSISTS OF:
Cash in broker trading accounts $ 21,617,196 $ 10,076,868 $ 10,297,595
Cash and cash equivalents 2,334,203 8,569,208 5,646,645
------------ ------------ ------------

Total end of year cash and cash
equivalents $ 23,951,399 $ 18,646,076 $ 15,944,240
============ ============ ============

See accompanying notes.

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KENMAR GLOBAL TRUST
STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)
For the Years Ended December 31, 2003, 2002 and 2001
--------------------------

· Enlarge/Download Table

Unitholders' Capital
Total -----------------------------------------------------
Number of Managing Other
Units Owner Unitholders Total
------------ ----------- ------------ ------------

--------------------------------
Balances at
December 31, 2000 182,793.6866 $ 195,013 $ 17,537,051 $ 17,732,064
Net income for the year
ended December 31, 2001 480 40,655 41,135
Additions 23,090.2782 3,000 2,239,654 2,242,654
Redemptions (38,749.0103) 0 (3,766,020) (3,766,020)
Offering costs (1,527) (122,927) (124,454)
------------ ----------- ------------ ------------
Balances at
December 31, 2001 167,134.9545 196,966 15,928,413 16,125,379

Net income for the year
ended December 31, 2002 30,486 2,538,690 2,569,176
Additions 31,247.2738 0 3,163,416 3,163,416
Redemptions (23,296.6072) 0 (2,354,126) (2,354,126)
Offering costs (1,315) (108,315) (109,630)
------------ ----------- ------------ ------------
Balances at
December 31, 2002 175,085.6211 226,137 19,168,078 19,394,215

Net income for the year
ended December 31, 2003 3,749 280,558 284,307
Additions 74,176.8974 30,000 8,248,861 8,278,861
Redemptions (28,305.2535) 0 (3,187,628) (3,187,628)
Offering costs (2,639) (235,361) (238,000)
------------ ----------- ------------ ------------
Balances at
December 31, 2003 220,957.2650 $ 257,247 $ 24,274,508 $ 24,531,755
============ =========== ============ ============

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

See accompanying notes.

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KENMAR GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS
----------------------

Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

C. Method of Reporting

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

D. Cash and Cash Equivalents

Cash and cash equivalents includes cash and short-term time deposits
held at financial institutions.

E. Income Taxes

The Fund prepares calendar year U.S. and applicable state information
tax returns and reports to the Unitholders their allocable shares of
the Fund's income, expenses and trading gains or losses.

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KENMAR GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
----------------------

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

F. Offering Costs

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

G. Foreign Currency Transactions

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

Note 2. MANAGING OWNER

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

Effective May 9, 2003, the Managing Owner is paid monthly brokerage
commissions ("Managing Owner brokerage commissions") equal to 1/12 of
10% (10% annually) of the Fund's beginning of month Net Asset Value.
Prior to May 9, 2003, the Managing Owner brokerage commissions were
equal to 1/12 of 11% (11% annually) of the Fund's beginning of month
Net Asset Value. The Managing Owner, in turn, pays substantially all
actual costs of executing the Fund's trades, selling commissions and
trailing commissions to selling agents, and consulting fees to the
commodity trading advisors. Managing Owner brokerage commissions are
reduced by brokerage commissions and other trading fees paid directly
to brokers by the Fund. For the years ended December 31, 2003, 2002
and 2001, brokerage commissions equated to an approximate round-turn
equivalent rate of $62, $64 and $60, respectively. Such approximate
round-turn equivalent brokerage commission rate will vary depending
on the frequency of trading by the Fund's commodity trading advisors.

The Managing Owner is paid an incentive fee equal to 5% of New
Overall Appreciation (which is defined in the Declaration of Trust
and Trust Agreement and excludes interest income) as of each fiscal
year-end and upon redemption of Units. No incentive fee was earned by
the Managing Owner during 2003, 2002 and 2001.

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KENMAR GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
----------------------

Note 3. COMMODITY TRADING ADVISORS

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

Note 4. DEPOSITS WITH BROKERS

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

Note 5. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

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

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

Note 6. TRADING ACTIVITIES AND RELATED RISKS

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

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KENMAR GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
----------------------

Note 6. TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)

Purchases and sales of futures and options on futures contracts
require margin deposits with the brokers. Additional deposits may be
necessary for any loss of contract value. The Commodity Exchange Act
requires a broker to segregate all customer transactions and assets
from such broker's proprietary activities. A customer's cash and
other property (for example, U.S. Treasury bills) deposited with a
broker are considered commingled with all other customer funds
subject to the broker's segregation requirements. In the event of a
broker's insolvency, recovery may be limited to a pro rata share of
segregated funds available. It is possible that the recovered amount
could be less than total cash and other property deposited.

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

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

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

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KENMAR GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
----------------------

Note 7. SUBSEQUENT EVENTS

Effective March 1, 2004, the monthly Managing Owner brokerage
commissions are equal to 1/12 of 10% (10% annually) of the Fund's
beginning of month Net Asset Value on the first $25 million of Net
Asset Value and 1/12 of 9% (9% annually) of the Fund's beginning of
month Net Asset Value in excess of $25 million.

Units purchased after March 1, 2004 and redeemed prior to the end of
the twelfth month after such Units are sold are subject to the
following redemption charges paid to the Managing Owner: 3% of Net
Asset Value redeemed on or after the end of the first and on or
before the end of the third month after purchase; 2.625% of Net Asset
Value redeemed from the beginning of the fourth and on or before the
end of the sixth month after purchase; 1.75% of Net Asset Value
redeemed from the beginning of the seventh and on or before the end
of the ninth month after purchase; and 0.875% of Net Asset Value
redeemed from the beginning of the tenth and on or before the end of
the twelfth month after purchase. Units purchased prior to March 1,
2004 remain subject to the previous schedule of redemption charges as
described in Note 5.

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KENMAR GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
----------------------

Note 8. FINANCIAL HIGHLIGHTS

The following information presents per unit operating performance
data and other supplemental financial data for the years ended
December 31, 2003, 2002 and 2001. This information has been derived
from information presented in the financial statements.

· Enlarge/Download Table

2003 2002 2001
---- ---- ----

PER UNIT PERFORMANCE
(FOR A UNIT OUTSTANDING THROUGHOUT THE ENTIRE YEAR)
Net asset value per unit at beginning of year $110.77 $ 96.48 $ 97.01
-------- -------- --------
INCOME FROM OPERATIONS:
Gain from trading (1) 14.61 30.03 9.75
Net investment (loss) (1) (13.13) (15.09) (9.54)
-------- -------- --------
Total income from operations 1.48 14.94 0.21
-------- -------- --------
Offering costs (1) (1.23) (0.65) (0.74)
-------- -------- --------
Net asset value per unit at end of year $111.02 $110.77 $ 96.48
======= ======= ========
TOTAL RETURN 0.23% 14.81% (0.55)%
======= ======= ========
SUPPLEMENTAL DATA
RATIOS TO AVERAGE NET ASSET VALUE:
Expenses prior to advisor profit shares (9.97)% (10.73)% (10.16)%
Advisor profit shares (2.34)% (5.61)% (2.84)%
-------- -------- --------
Total expenses (12.31)% (16.34)% (13.00)%
======= ======= ========
Net investment (loss) (2) (9.38)% (9.71)% (7.00)%
======= ======= ========

TOTAL RETURNS ARE CALCULATED BASED ON THE CHANGE IN VALUE OF A UNIT
DURING THE YEAR. AN INDIVIDUAL UNITHOLDER'S TOTAL RETURNS AND RATIOS
MAY VARY FROM THE ABOVE TOTAL RETURNS AND RATIOS BASED ON THE TIMING
OF ADDITIONS AND REDEMPTIONS.

(1) The net investment (loss) per unit and offering costs per unit
are calculated by dividing the net investment (loss) and
offering costs by the average number of units outstanding
during the year. The gain from trading is a balancing amount
necessary to reconcile the change in net asset value per unit
with the other per unit information.
(2) Excludes advisor profit shares.

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INDEPENDENT AUDITOR'S REPORT

To the Board of Directors and Stockholder
Kenmar Advisory Corp.

We have audited the accompanying statement of financial condition of Kenmar
Advisory Corp. as of September 30, 2003. This financial statement is the
responsibility of the Company's management. Our responsibility is to express an
opinion on this financial statement based on our audit.

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

In our opinion, the statement of financial condition referred to above presents
fairly, in all material respects, the financial position of Kenmar Advisory
Corp. as of September 30, 2003, in conformity with accounting principles
generally accepted in the United States of America.

As discussed in the notes to the statement of financial condition, Kenmar
Advisory Corp. is a wholly-owned subsidiary and a member of a group of
affiliated companies and, as described in the statement of financial condition
and notes thereto, has extensive transactions and relationships with members of
the group.

/s/ ARTHUR F. BELL, JR. & ASSOCIATES, L.L.C.

Hunt Valley, Maryland
January 14, 2004

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KENMAR ADVISORY CORP.
STATEMENT OF FINANCIAL CONDITION

September 30, 2003

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

ASSETS
Cash and cash equivalents $ 70,748
Fees and other receivables 254,694
Due from affiliates, net 3,333,835
Investments in affiliated commodity pools 351,175
Property and equipment, net 185,069
Other assets 5,851
----------

Total assets $4,201,372
==========

LIABILITIES
Commissions and fees payable $ 304,379
Accrued expenses 376,349
Notes payable 195,240
Obligations under capital leases 120,635
----------

Total liabilities 996,603
----------

STOCKHOLDER'S EQUITY Common stock, $1 par value:
Authorized - 1,000 shares; issued
and outstanding - 218 shares 218
Additional paid-in capital 3,363,976
Retained earnings (deficit) (159,425)
-----------

Total stockholder's equity 3,204,769
----------

Total liabilities and stockholder's equity $4,201,372
==========

THE INVESTOR WILL NOT RECEIVE ANY INTEREST IN THE COMPANY

See accompanying notes.

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KENMAR ADVISORY CORP.
NOTES TO STATEMENT OF FINANCIAL CONDITION

September 30, 2003

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

Note 1. GENERAL DESCRIPTION OF THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES

A. General

Kenmar Advisory Corp. (the Company), a commodity pool operator
registered with the Commodity Futures Trading Commission,
organizes and operates commodity pools that engage primarily
in the speculative trading of futures, forwards and option
contracts and receives substantially all of its revenue from
the management thereof.

The Company is a wholly-owned subsidiary of Kenmar Holdings
Inc. (the Parent), which, in turn, is owned jointly by Kenmar
Investment Associates (KIA) and Kenmar Investment Partners
(KIP). Two of the Company's officers are each directly and
indirectly the sole and equal owners of KIA and KIP

Kenmar Global Trust · POS AM · On 4/26/04

Filed On 4/26/04 5:20pm ET · SEC File 333-09898 · Accession Number 930413-4-2075

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