================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
FORM 10-Q
------------------
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended: March 31, 2000
Commission File Number: 333-9898
KENMAR GLOBAL TRUST
------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 06-6429854
------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
Two American Lane,
P.O. Box 5150,
Greenwich, Connecticut 06831
---------------------------------------------------
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (203) 861-1000
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter periods that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
================================================================================
<PAGE>
KENMAR GLOBAL TRUST
QUARTER ENDED MARCH 31, 2000
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Statements of Financial Condition as of March 31, 2000 (unaudited)
and December 31, 1999 (audited) ................................... 1
Statements of Operations for the Three Months Ended March 31, 2000
and 1999 (unaudited) .............................................. 2
Statements of Cash Flows for the Three Months Ended March 31, 2000
and 1999 (unaudited) .............................................. 3
Statements of Changes in Unitholders' Capital (Net Asset Value) for
the Three Months Ended March 31, 2000 and 1999 (unaudited) ........ 4
Notes to Financial Statements (unaudited) ......................... 5-8
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations ......................................... 9-10
PART II - OTHER INFORMATION
Item 2. Changes in Securities ............................................. 10
Item 6. Exhibits and Reports on Form 8-K .................................. 11
SIGNATURES .......................................................................... 11
</TABLE>
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
KENMAR GLOBAL TRUST
STATEMENTS OF FINANCIAL CONDITION
March 31, 2000 (Unaudited) and December 31, 1999 (Audited)
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
----------- -----------
<S> <C> <C>
ASSETS
Equity in broker trading accounts
Cash ........................................................ $11,020,945 $ 3,275,658
Unrealized gain on open contracts ........................... 150,212 70,254
----------- -----------
Deposits with brokers ................................ 11,171,157 3,345,912
Cash and cash equivalents ...................................... 11,187,071 23,481,079
----------- -----------
Total assets ......................................... $22,358,228 $26,826,991
=========== ===========
LIABILITIES
Accounts payable ............................................... $ 26,955 $ 40,000
Commissions and other trading fees on open contracts ........... 24,412 5,394
Managing Owner brokerage commissions ........................... 150,170 196,233
Advisor profit shares .......................................... 47,032 13,388
Redemptions payable ............................................ 520,767 3,724,738
Redemption charges payable to Managing Owner ................... 4,123 69,885
----------- -----------
Total liabilities .................................... 773,459 4,049,638
----------- -----------
UNITHOLDERS' CAPITAL (NET ASSET VALUE)
Managing Owner - 2,813.3231 units outstanding
at March 31, 2000 and December 31, 1999 ..................... 272,828 280,146
Other Unitholders - 219,762.2981 and 225,924.9857 units
outstanding at March 31, 2000 and December 31, 1999 ......... 21,311,941 22,497,207
----------- -----------
Total Unitholders' capital
(Net Asset Value) ................................. 21,584,769 22,777,353
----------- -----------
$22,358,228 $26,826,991
=========== ===========
</TABLE>
See accompanying notes.
1
<PAGE>
KENMAR GLOBAL TRUST
STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2000 and 1999
(Unaudited)
Three Months
Ended
March 31,
--------------------------
2000 1999
----------- -----------
INCOME
Trading gains (losses)
Realized ........................ $ (177,595) $ (449,037)
Change in unrealized ............ 79,958 (1,179,366)
----------- -----------
(Loss) from trading ...... (97,637) (1,628,403)
Interest income .................... 298,195 234,700
----------- -----------
Total income (loss) ...... 200,558 (1,393,703)
----------- -----------
EXPENSES
Brokerage commissions .............. 108,518 79,211
Managing Owner brokerage commissions 517,830 624,465
Advisor profit shares .............. 47,032 36,442
Operating expenses ................. 45,638 71,961
----------- -----------
Total expenses ........... 719,018 812,079
----------- -----------
NET (LOSS) ............... $ (518,460) $(2,205,782)
=========== ===========
NET (LOSS) PER UNIT
(based on weighted average number of
units outstanding during the period) $ (2.27) $ (9.61)
=========== ===========
(DECREASE) IN NET ASSET
VALUE PER UNIT ..................... $ (2.60) $ (9.66)
=========== ===========
See accompanying notes.
2
<PAGE>
KENMAR GLOBAL TRUST
STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2000 and 1999
(Unaudited)
<TABLE>
<CAPTION>
Three Months
Ended
March 31,
----------------------------
2000 1999
------------ ------------
<S> <C> <C>
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
Net (loss) ............................................ $ (518,460) $ (2,205,782)
Adjustments to reconcile net (loss) to net
cash (for) operating activities:
Net change in unrealized ........................ (79,958) 1,179,366
(Decrease) in accounts payable
and accrued expenses ......................... (6,446) (79,805)
------------ ------------
Net cash (for) operating activities ......... (604,864) $ (1,106,221)
------------ ------------
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Addition of units ..................................... 1,169,500 2,625,258
Decrease in subscription deposits ..................... 0 (27,720)
Offering costs paid ................................... (66,280) (88,023)
Redemption of units ................................... (5,047,077) (410,015)
------------ ------------
Net cash from (for) financing activities .... (3,943,857) 2,099,500
------------ ------------
Net increase (decrease) in cash and cash equivalents ...... (4,548,721) 993,279
CASH AND CASH EQUIVALENTS
Beginning of period ................................... 26,756,737 24,871,201
------------ ------------
End of period ......................................... $ 22,208,016 $ 25,864,480
============ ============
END OF PERIOD CASH AND CASH EQUIVALENTS CONSISTS OF:
Cash in broker trading accounts ....................... $ 11,020,945 $ 13,347,606
Cash and cash equivalents ............................. 11,187,071 12,516,874
------------ ------------
Total end of period cash and cash equivalents $ 22,208,016 $ 25,864,480
============ ============
</TABLE>
See accompanying notes.
3
<PAGE>
KENMAR GLOBAL TRUST
STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)
For the Three Months Ended March 31, 2000 and 1999
(Unaudited)
<TABLE>
<CAPTION>
Unitholders' Capital
Total --------------------------------------------
Number of Managing Other
Units Owner Unitholders Total
----------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Three Months Ended March 31, 2000
Balances at
December 31, 1999 ........... 228,738.308 $ 280,146 $ 22,497,207 $ 22,777,353
Net (loss) for the three months
ended March 31, 2000 ........ (6,503) (511,957) (518,460)
Additions ....................... 11,767.531 0 1,169,500 1,169,500
Redemptions ..................... (17,930.219) 0 (1,777,344) (1,777,344)
Offering costs .................. (815) (65,465) (66,280)
----------- ------------ ------------ ------------
Balances at
March 31, 2000 .............. 222,575.621 $ 272,828 $ 21,311,941 $ 21,584,769
=========== ============ ============ ============
Three Months Ended March 31, 1999
Balances at
December 31, 1998 ........... 224,076.597 $ 263,850 $ 25,099,248 $ 25,363,098
Net (loss) for the three months
ended March 31, 1999 ........ (23,000) (2,182,782) (2,205,782)
Additions ....................... 24,803.494 23,000 2,637,538 2,660,538
Redemptions ..................... (4,940.410) 0 (519,671) (519,671)
Offering costs .................. (449) (42,599) (43,048)
----------- ------------ ------------ ------------
Balances at
March 31, 1999 .............. 243,939.682 $ 263,401 $ 24,991,734 $ 25,255,135
=========== ============ ============ ============
</TABLE>
Net Asset Value Per Unit
---------------------------------------------------
March 31, December 31, March 31, December 31,
2000 1999 1999 1998
$ 96.98 $ 99.58 $ 103.53 $ 113.19
========= ============ ========= ============
See accompanying notes.
4
<PAGE>
KENMAR GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
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. The Fund was formed on July 17,
1996 and commenced trading on May 22, 1997.
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 (FCMs) and interbank market makers
(collectively, "brokers") through which the Fund trades.
C. Method of Reporting
The Fund's financial statements are presented in accordance with
generally accepted accounting principles, 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
purchase 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 from the preceding period is reported in the statement of
operations. Brokerage commissions paid directly to brokers
include 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 state information tax
returns and reports to the Unitholders their allocable shares of
the Fund's income, expenses and trading gains or losses.
F. Offering Costs
Offering costs are borne by the Fund and are charged directly to
unitholders' capital as incurred.
5
<PAGE>
KENMAR GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(Unaudited)
Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)
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 1% of the total capital accounts of the Fund.
The Managing Owner is paid monthly brokerage commissions 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 Advisors.
The amount paid to the Managing Owner is reduced by brokerage
commissions and other trading fees paid directly by the Fund.
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 the three months ended March 31, 2000 and 1999.
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 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.
6
<PAGE>
KENMAR GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(Unaudited)
Note 5. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS (CONTINUED)
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 $6,914 and $2,054 during the
three months ended March 31, 2000 and 1999, 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"). These derivatives
include both financial and non-financial contracts held as part of a
diversified trading strategy. 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.
Purchases and sales of futures and options on futures contracts
require margin deposits with the FCMs. Additional deposits may be
necessary for any loss of contract value. The Commodity Exchange Act
requires an FCM to segregate all customer transactions and assets from
such FCM's proprietary activities. A customer's cash and other
property (for example, U.S. Treasury bills) deposited with an FCM are
considered commingled with all other customer funds subject to the
FCM's segregation requirements. In the event of an FCM'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 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. 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.
Note 7. INTERIM FINANCIAL STATEMENTS
The statement of financial condition as of March 31, 2000, and the
statements of operations, cash flows and changes in unitholders'
capital (net asset value) for the three months ended March 31, 2000
and 1999, are unaudited. In the opinion of management, such financial
statements reflect all adjustments, which were of a normal and
recurring nature, necessary for a fair presentation of financial
position as of March 31, 2000, and the results of operations for the
three months ended March 31, 2000 and 1999, and cash flows for the
three months ended March 31, 2000 and 1999.
7
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The proceeds of the offering of the units of beneficial interest (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 multiple commodity trading advisors (the "Advisors").
The assets of the Fund are deposited with commodity brokers and
interbank dealers (collectively, the "Clearing Brokers") in trading
accounts established by the Fund for the Advisors and are used by the
Fund as margin to engage in trading. Such assets are held in either a
non-interest bearing bank account or in securities approved by the
CFTC for investment of customer funds.
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
(including interest income); (ii) the capital invested or redeemed by
the Unitholders of the Fund (the "Unitholders"); and (iii) the capital
invested or redeemed by the Fund's managing owner, Kenmar Advisory
Corp. ("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, each of which has 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, also may 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 Asset Value" is 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 Amended and Restated
Declaration of Trust and Trust Agreement dated as of December 17, 1996
(the "Declaration of Trust Agreement"). The term "Net Asset Value Per
Unit" is defined in the Declaration of Trust Agreement to mean the Net
Assets of the Fund divided by the number of Units outstanding as of
the date of determination.
RESULTS OF OPERATIONS. The Fund incurs substantial charges from the
payment of profit shares to the Advisors, incentive fees and brokerage
commissions to Kenmar, miscellaneous execution costs, operating,
selling and administrative expenses. Brokerage commissions 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 that (i) the Advisors trade in various markets
at different times and that prior activity in a particular market does
not mean that such markets will be actively traded by an Advisor or
will be profitable in the future and (ii) the Advisors trade
independently of each other using different trading systems and may
trade different markets with various concentrations at various times.
Consequently, the results of operations of the Fund can only be
discussed in the context of the overall trading activities of the
Fund, the Advisors' trading activities on behalf of the Fund as a
whole and how the Fund has performed in the past.
As of March 31, 2000, the Net Asset Value of the Fund was $21,584,769,
a decrease of approximately 5.24% from its Net Asset Value of
$22,777,353 at December 31, 1999. The Fund's subscriptions and
redemptions for the quarter ended March 31, 2000, totaled $1,169,500
and $1,777,344, respectively. For the quarter ended March 31, 2000,
the Fund had revenue comprised of $(177,595) in realized trading
losses, $79,958 in change in unrealized trading gains and $298,195 in
interest income compared to revenue comprised of $(449,037) in
realized trading lossess, $(1,179,366) in change in unrealized trading
losses and $234,700 in interest income for the same period in 1999.
Total income for the first quarter of 2000 increased by $1,594,261
from the same period for 1999, while total expenses decreased by
$93,061 between these periods. The Net Asset Value per Unit at March
31, 2000 decreased 2.61% from $99.58 at December 31, 1999, to $96.98
at March 31, 2000. The Fund's negative performance for the quarter
ended March 31, 2000, resulted primarily from [------------].
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. AS A
RESULT, ANY RECENT INCREASES IN REALIZED OR UNREALIZED TRADING GAINS
MAY HAVE NO BEARING ON ANY RESULTS THAT MAY BE OBTAINED IN THE FUTURE.
8
<PAGE>
LIQUIDITY. Units may be redeemed at Net Asset Value, at a Unitholder's
option, as of the close of business on the last day of each month,
beginning with the 6th month-end following their sale. Units redeemed
on the 6th month-end through the 12th month-end after sale are subject
to a 3% redemption charge. Units redeemed on the 13th month-end
through the 18th month-end after sale are subject to a 2% redemption
charge. After the end of the 18th month, there is no charge for
redemption. Requests for redemption must be received at least ten days
prior to the proposed date of redemption.
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. Notwithstanding the foregoing,
most United States commodity exchanges limit the amount by which
certain commodities may move during a single day by regulations
referred to as "daily price fluctuation limits" or "daily limits".
Pursuant to such regulations, no trades may be executed on any given
day at prices beyond the daily limits. The price of a futures contract
has occasionally moved the daily limit for several consecutive days,
with little or no trading, thereby effectively preventing a party from
liquidating its position. While the occurrence of such an event may
reduce or effectively eliminate the liquidity of a particular market,
it will not limit ultimate losses and may in fact substantially
increase losses because of this inability to liquidate unfavorable
positions. In addition, if there is little or no trading in a
particular futures or forward contract that the Fund is trading,
whether such illiquidity is caused by any of the above reasons or
otherwise, the Fund may be unable to execute trades at favorable
prices and/or may be unable or unwilling to liquidate its position
prior to its expiration date, thereby requiring the Fund to make or
take delivery of the underlying interest of the commodity.
In 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 Commodity Futures Trading Commission does not
regulate trading on non-U.S. futures markets or in forward contracts.
SAFE HARBOR STATEMENT. 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 the Fund, as well as assumptions made by, and
information currently available to, the Fund. A number of important
factors should cause the Fund's actual results, performance or
achievements for 1999 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.
PART II - OTHER INFORMATION
ITEM 2. CHANGES IN SECURITIES
During the first quarter of 2000, __________ Units were sold for a
total of $__________.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
A. EXHIBITS. Financial Data Schedule.
B. REPORTS ON FORM 8-K. None.
9
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on the ____ day of May, 2000.
KENMAR GLOBAL TRUST
By: Kenmar Advisory Corp., managing owner
By:
-------------------------
Kenneth A. Shewer
Chairman
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report
has been signed below by the following persons on behalf of the registrant and
in the capacities indicated on the ____ day of May, 2000.
KENMAR GLOBAL TRUST
By: Kenmar Advisory Corp., managing owner
By:
-------------------------
Kenneth A. Shewer
Chairman and Director
(Principal Executive Officer)
By:
-------------------------
Marc S. Goodman
President and Director
By:
-------------------------
Thomas J. DiVuolo
Senior Vice President
(Principal Financial and Accounting
Officer for the Fund)
10
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 11,187,071
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 22,358,228
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 22,358,228
<CURRENT-LIABILITIES> 773,459
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 22,358,228
<SALES> 0
<TOTAL-REVENUES> 200,558
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 719,018
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (518,460)
<INCOME-TAX> 0
<INCOME-CONTINUING> (518,460)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (518,460)
<EPS-BASIC> (2.27)
<EPS-DILUTED> (2.27)
</TABLE>
