polaris1018.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 Oil

	
NYMEX














  





  











  







	
  

	
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/USD

	
N/A – OTC








	
USD/MXN

	
N/A – OTC








	
USD/ZAR

	
N/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 AEX

	
EOE













	
  

	
Soft & Agricultural Commodities








	
Wheat

	
CBOT & ACCESS








	
Corn

	
CBOT & ACCESS








	
Soybeans

	
CBOT








	
Coffee

	
ICE-NYBOT








	
Cotton

	
ICE-NYBOT








	
Soybean Meal

	
CBOT








	
Soybean Oil

	
CBOT








	
Sugar

	
ICE-NYBOT








	
Lean Hogs

	
CME








	
Live Cattle

	
CME













	
  

	
Metals








	
Gold

	
COMEX








	
Copper

	
COMEX












 


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 /s/ Walter Davis                                                                           


Walter Davis


President







MORGAN STANLEY SMITH BARNEY KAISER I, LLC 







By:  Ceres Managed Futures LLC


(Trading Manager)












By   /s/ Walter Davis                                                                           


Walter Davis


President












KAISER TRADING GROUP PTY. LTD.












By   /s/ Karl O’Shaughnessy                                                                                     


Karl O’Shaughnessy


Director


 


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