Advisory Agreement letters


 Exhibit 10.13 
  

					
	

	  	 Two American Lane
 P.O. Box 5150
 Greenwich, Connecticut
 06831-8150
  
 Joseph J. Allessie
 Senior Vice President
 General Counsel
	  	 Tel 203.861.1031
 Fax 203.552.1501


  
 September 14, 2004 
 Graham Capital Management, LP 
 Attn: General Counsel/Secretary 
 Rock Ledge Financial Center 
 40 Highland Avenue 
 Rowayton, CT 06853 
  
 Re: Advisory Agreements for World Monitor Trust II– Series E, Pru-Securities Strategic Trust, Diversified Futures Trust I 
  
 Please be advised that it is anticipated that as of October 1, 2004, all the issued and
outstanding shares of capital stock of Prudential Securities Futures Management Inc. (the “Prudential Managing Owners”) of the above stated Trusts are owned by Preferred Investment Solutions Corp. f/k/a Kenmar Advisory Corp. (the
“Kenmar Managing Owner”). Therefore, with respect to the various advisory agreements currently in effect by and between the Trusts, the Prudential Managing Owner and you, please be notified that the Kenmar Managing Owner has assumed the
liabilities and obligations of the Prudential Managing Owner thereunder and will continue to satisfy and perform all liabilities and obligations thereunder. 
  
 The Kenmar Managing Owner will continue to operate per the existing advisory agreements. If this is acceptable, please sign both copies of this Letter Agreement and
return one copy. 
  

			
	 PREFERRED INVESTMENT SOLUTIONS CORP.

		
	 By:
	 	 /s/ Joseph J. Allessie


	 Name:
	 	 Joseph J. Allessie

	 Title:
	 	 Senior Vice President, General Counsel

	
	 ACCEPTED AND AGREED TO:

	
	 GRAHAM CAPITAL MANAGEMENT, LP.

		
	 By:
	 	 /s/ Paul Sedlack


	 Name:
	 	 Paul Sedlack

	 Title:
	 	 








					
	 	  	Two American Lane	  	Tel 203.861.1031
	 


	  	P.O. Box 5150	  	Fax 203.552.1501
	  	Greenwich, Connecticut	  	 
	  	06831-8150	  	 
	  	  
 Joseph J. Allessie
	  	 
	 	  	Senior Vice President	  	 
	 	  	General Counsel	  	 

  
 September 14, 2004 
  
 Bridgewater Associates. Inc. 
 Attn: General Counsel/Secretary 
 One Glendinning Place 
 Westport, CT 06880 
  
 Re: Advisory Agreements
for Pru-Securities Strategic Trust, World Monitor Trust II – Series D, PB International Futures Fund C 
  
 Please be advised that it is anticipated that as of October 1, 2004, all the issued and outstanding shares of capital stock of Prudential Securities Futures Management
Inc. (the “Prudential Managing Owners”) of the above stated Trusts/Fund are owned by Preferred Investment Solutions Corp. f/k/a Kenmar Advisory Corp. (the “Kenmar Managing Owner”). Therefore, with respect to the various advisory
agreements currently in effect by and between the Trusts/Fund, the Prudential Managing Owner and you, please be notified that the Kenmar Managing Owner has assumed the liabilities and obligations of the Prudential Managing Owner thereunder and will
continue to satisfy and perform all liabilities and obligations thereunder. 
  
 The Kenmar Managing Owner will continue to operate per the existing advisory agreements. If this is acceptable, please sign both copies of this Letter Agreement and return one copy. 
  

			
	PREFERRED INVESTMENT SOLUTIONS CORP.
		
	 By:
	 	 /s/ Joseph J. Allessie


	 Name:
	 	Joseph J. Allessie
	 Title:
	 	Senior Vice President, General Counsel
	
	 ACCEPTED AND AGREED TO:

	
	 BRIDGEWATER ASSOCIATES, INC

		
	 By:
	 	 /s/ Peter R. La Tronica


	 Name:
	 	Peter R. La Tronica
	 Title:
	 	Bridgewater Associates
	 	 	Vice President