polarisex101.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                                                                        


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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