merex105.htm






AMENDMENT TO THE ADVISORY AGREEMENT


 


This AMENDMENT dated as of March 1, 2012 to the ADVISORY AGREEMENT made as of the 30th day of April, 2007, among CERES MANAGED FUTURES LLC (formerly Demeter Management Corporation), a Delaware limited liability company (the “Trading Manager”), MORGAN STANLEY SMITH BARNEY KAISER I, LLC (formerly Morgan Stanley Managed Futures Kaiser I, LLC), a Delaware limited liability company (the “Trading Company”) and KAISER TRADING GROUP PTY. LTD., a private company organized under the laws of Australia (the “Trading Advisor”).


 


W I T N E S S E T H:


 


WHEREAS, the Trading Manager, the Trading Company and the Trading Advisor wish to amend the Advisory Agreement dated as of April 30, 2007 to reflect certain changes in the futures interests traded by the Trading Advisor.


 


NOW, therefore, the parties agree as follows:


 


1. The first sentence of Section 5(a)(i) shall be deleted and replaced by the following:


 


The Trading Company shall pay the Trading Advisor a monthly management fee equal to 1/12 of 1.5% (a 1.5% annual rate) of the Net Assets (as defined in Section 5(c) hereof) as of the first day of each month (the “Management Fee”).


 


2. Exhibit C to the Agreement shall be deleted and replaced by the following:


 







EXHIBIT C


FUTURES INTERESTS TRADED








	
  

	
Market Exchange












Bonds



	
  

	
Treasury Notes (5 Year) CBOT








	
  

	
Treasury Notes (10 Year) CBOT








	
  

	
BOBL EUREX








	
  

	
Bunds EUREX








	
  

	
Long Gilt LIFFE








	
  

	
Treasury Bonds (30 Year) CBOT








	
  

	
Japanese Govt Bonds (10 Year) TSE














  





  











  







	
  

	
Energies








	
  

	
Crude Oil NYMEX & ACCESS








	
  

	
Natural Gas NYMEX








	
  

	
Heating OilNYMEX













	
  

	
Foreign Exchange (Cash)








	
  

	
USD/AUD N/A - OTC








	
  

	
USD/GBP N/A - OTC








	
  

	
EUR/USD N/A - OTC








	
  

	
USD/CAD N/A - OTC








	
  

	
USD/JPY N/A - OTC








	
  

	
USD/CHF N/A – OTC








	
  

	
NZD/USDN/A – OTC








	
  

	
USD/MXNN/A – OTC








	
  

	
USD/ZARN/A - OTC













	
  

	
Share Indexes








	
  

	
Hang Seng HKFE








	
  

	
FTSE 100 LIFFE








	
  

	
Dax EUREX








	
  

	
CAC 40 Index EURONEXT








	
  

	
Nikkei 225 Index (Osaka) OSE








	
  

	
E-Mini Nasdaq CME








	
  

	
DJ Euro 50 Index EUREX








	
  

	
E-Mini S&P CME








	
  

	
Mini Dow Jones (Day) CBOT








	
  

	
Amsterdam Index AEXEOE













	
  

	
Soft & Agricultural Commodities








	
  

	
Wheat CBOT & ACCESS








	
  

	
Corn CBOT & ACCESS








	
  

	
Soybeans CBOT








	
  

	
CoffeeICE-NYBOT








	
  

	
CottonICE-NYBOT








	
  

	
Soybean MealCBOT








	
  

	
Soybean OilCBOT








	
  

	
SugarICE-NYBOT








	
  

	
Lean HogsCME








	
  

	
Live CattleCME













	
  

	
Metals








	
  

	
GoldCOMEX








	
  

	
CopperCOMEX












 


3. In all other respects the Advisory Agreement remains unchanged and of full force and effect.


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IN WITNESS WHEREOF, this Amendment has been executed for and on behalf of the undersigned as of the day and year first above written.


 


CERES MANAGED FUTURES LLC












By                                                                        


Walter Davis


President







MORGAN STANLEY SMITH BARNEY KAISER I, LLC 







By:  Ceres Managed Futures LLC


(Trading Manager)












By                                                                        


Walter Davis


President












KAISER TRADING GROUP PTY. LTD.












By                                                                           


Karl O’Shaughnessy


Director


 


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