efc9-0666_ex41.htm


    Exhibit
4.1

     

    
      APM
– ECKHARDT FUTURES FUND, L.P.

       

      EXHIBIT
A

       

      Agreement
of Limited Partnership

       

      


       

      This
Agreement of Limited Partnership (Agreement) is made in Evergreen, Colorado, and
is effective as of March 2009, by and between Altegris Portfolio Management,
Inc. 1202 Bergen Parkway, Suite 212, Evergreen, Colorado, 80439 (the General
Partner), and each other party who shall execute this Agreement, as amended,
whether in counterpart, by separate instrument or otherwise (including through
Power of Attorney), as limited partners (collectively Limited Partners) (the
General Partner and Limited Partners are sometimes collectively referred to as
Partners).

       

      The
parties desire to form a limited partnership for the purpose of conducting the
business described below.  The parties agree:

       

      1.           Formation
and Name.

       

      The
parties form a limited partnership under the Delaware Uniform Limited
Partnership Act, as amended and in effect on the date of this Agreement (the
Act).  The name of the limited partnership is APM - Eckhardt Futures
Fund, L.P. (the Partnership).  The General Partner shall execute and
file a Certificate of Limited Partnership in accordance with the provisions of
the Act and execute, file, record and publish (as appropriate) those amendments,
assumed name certificates and other documents as are or become necessary or
advisable in connection with the operation of the Partnership, as it
determines.  Each Limited Partner undertakes to furnish to the General
Partner, if the General Partner so requests, a power of attorney which may be
filed in those jurisdictions as the General Partner may deem appropriate with
the Certificate of Limited Partnership and any amendments and any additional
information as is required from the General Partner to complete any documents,
including Certificates of Limited Partnership, this Agreement, amendments
thereto and assumed name certificates, and to execute and cooperate in the
filing, recording and publishing of those documents at the request of the
General Partner. The General Partner shall not be
required to deliver a Certificate of Limited Partnership to each Limited
Partner.

       

      2.           Principal
Office.

       

      The
address of the principal office of the Partnership shall be c/o Altegris
Portfolio Management, Inc., 1202 Bergen Parkway, Suite 212, Evergreen, Colorado,
80439 or such other place as the General Partner may designate from time to
time.  The General Partner shall act as the Partnership’s agent for
service of process.

       

      3.           Business.

       

      The
Partnership’s business and purpose is to trade, buy, sell or otherwise acquire,
hold or dispose of commodities, spot and forward foreign exchange, futures,
options, forwards, swaps, exchange of futures for physical transactions and
exchange of physical for futures transactions (EFPs) and other derivative
instruments traded on markets and exchanges worldwide, both regulated and
over-the-counter and any options thereon, securities, debt obligations,
repurchase agreements and physical commodities including but not limited to
currencies (Commodity Interests).  The 

      
         

         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 1

                      


              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

      

       

       

      Partnership
may also engage in hedge, arbitrage and cash trading of Commodity Interests and
it may purchase, borrow or lend securities.  The objective of the
Partnership’s business is appreciation of its assets.

       

      4.           Term,
Dissolution and Fiscal Year.

       

      (a)           Term.  The term of the
Partnership shall commence on the day on which the Certificate of Limited
Partnership is filed in the Office of the Secretary of State of Delaware,
pursuant to the provisions of the Act and shall end upon the first to occur of
the following:

       

      (i)           receipt
by a General Partner of an election to dissolve the Partnership at a specified
time by Limited Partners owning more than 50% of the Interests then outstanding,
notice of which is sent by registered mail to the General Partner not less than
ninety (90) days prior to the effective date of such dissolution;

       

      (ii)          withdrawal
(including withdrawal after suspension of trading), admitted or court decreed
insolvency or dissolution of the General Partner unless at such time there is at
least one remaining General Partner of the Partnership;

       

      (iii)         termination
of the Partnership pursuant to Paragraphs 10 or 17; or

       

      (iv)         any
event which shall make it unlawful for the existence of the Partnership to be
continued or requiring termination of the Partnership.

       

      If the
Partnership is dissolved as the result of subsection (a)(iii) above, the
Partnership may be re-constituted by the Limited Partners pursuant to the


      provisions
of Paragraph 17 of this Agreement.

       

      (b)           Dissolution.  Upon the
occurrence of an event causing the dissolution of the Partnership, the
Partnership shall be dissolved and terminated.  Termination, payment
of creditors and indemnitees and distribution of the Partnership’s assets shall
be effected as soon as practicable in accordance with the Act and this
Agreement, and the General Partner and each Limited Partner (and any assignee)
shall share in the assets of the Partnership pro rata in accordance with its or
his respective Interests in the Partnership, less any amount owing by any
Partner (or assignee) to the Partnership.

       

      (c)           Fiscal
Year. The
Partnership’s tax year shall be the calendar year unless changed by the General
Partner with the consent of the Internal Revenue Service.

       

      5.           Net
Worth of General Partner.

       

      The
General Partner agrees that at all times so long as it remains General Partner
of the Partnership, it will maintain a net worth, if any, at an amount which
does not affect the classification of the Partnership as a partnership for tax
purposes and not as an association taxable as a corporation. For purposes of
this Paragraph 5, Net Worth shall include, at face value, any notes or stock
subscriptions received including ones from affiliates or shareholder(s) of the
General Partner.

       

      6.           Capital
Contributions and Interests of Limited Partnership Interest.

       

      The
General Partner may purchase General Partnership Interests or Limited
Partnership Interests (Interests) and may redeem any such General Partnership
Interest as of any month end on the same terms as any Limited
Partner.

      
         

         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 2

                      


              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

      

       

      Interests
in the Partnership shall be Limited Partnership Interests (Interests or,
individually, an Interest).  An Interest shall represent a percentage
of the Partnership’s Net Assets.  No certificates will be
issued.  The General Partner and the initial Limited Partner have each
contributed $1,000 in cash to the capital of the Partnership in order to form
the Partnership.  Upon
the admission of additional Limited Partners, the initial Limited Partner may
withdraw from the Partnership as the initial Limited Partner. The
Partnership may, in accordance with its latest Offering Memorandum (Memorandum),
issue and sell Interests to other persons (including the General Partner and its
affiliates).  As set forth in Paragraph 12 of this Agreement,
following termination of the initial offering of the Interests, additional
Interests may be sold.

       

      If the
Partnership does not obtain during the initial period of the offering of the
Interests (Initial Offering Period) subscriptions for at least $5 million, this
Agreement may terminate, and the initial contribution of the General Partner and
the initial Limited Partner will be returned to them.  The Partnership
shall not commence trading operations unless and until the General Partner has
accepted subscriptions (which may include Interests subscribed for by the
General Partner or any affiliate of the General Partner, any Selling Agent,
Advisor or affiliate) for at least $5 million, not including the Interest
initially purchased by the initial Limited Partner.  The General
Partner may terminate the offering of Interests at any time.  The
aggregate of all capital contributions shall be available to the Partnership to
carry on its business and no interest shall be paid by the Partnership to
subscribers on any funds after their contribution to the
Partnership.

       

      All
Interests are subscribed for upon receipt of a check, draft or wire transfer of
the subscriber and are issued subject to the collection of the funds represented
by the check, draft or wire transfer.  If a check or draft of a
subscriber for Interests representing payment for Interests is returned unpaid,
the Partnership shall cancel the Interests issued to that subscriber represented
by the returned check or draft and the General Partner shall file an amendment
to the Partnership’s Certificate of Limited Partnership reflecting the
cancellation in any jurisdiction where the filing may be
necessary.  Any losses or profits sustained by the Partnership in
connection with the Partnership’s commodity trading allocable to any canceled
Interests shall be deemed an increase or decrease in Net Asset Value and
allocated among the remaining Partners as described in Paragraph
7.  Each subscriber agrees to reimburse the Partnership for any
expense or losses incurred in connection with any cancellation of Interests
issued to him.

       

      7.           Allocation
of Profits and Losses.

       

      (a)           Capital
Accounts.  A Partner’s Capital Account shall consist of
the  following:

       

      (i)           an
amount equal to its original Capital Contribution;

       

      (ii)          the
additions, if any, to such account by reason of Capital Contributions;
and

       

      (iii)         the
adjustments, if any, to such account in accordance with the provisions of
Section 7(e), Section 7(f), and any other provision hereunder requiring such
adjustment.

       

      (b)           Certain
Adjustments to Capital Accounts.  The amount
of

       

      (i)           withdrawals,
if any, made by a Partner, and

       

      (ii)          any
distributions made to Partners shall be deducted from such Partner’s Capital
Account as of the date of such withdrawal.

      
         

         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 3

                      


              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

      

       

      (c)           Maintenance and
Modification of Capital Accounts.  The provisions of the
Agreement relating to the maintenance of Capital Accounts are intended to comply
with Internal Revenue Code (the Code) Regulation 1.704-1(b), and shall be
interpreted and applied in a manner consistent with such
Regulation.  If the General Partner determines that it is prudent to
modify the manner in which the Capital Accounts, or any debits or credits
thereto (including, without limitation, debits or credits relating to
liabilities which are secured by contributed or distributed property or which
are assumed by the Partnership, the General Partner or the Limited Partners) are
computed in order to comply with such Regulations, the General Partner may make
such modification without regard to Section 16 of this Agreement, provided that
it is not likely to have a material effect on the amounts distributable to any
Partner.  The General Partner also shall make any adjustments that are
necessary or appropriate to maintain equality between the Capital Accounts of
the Partners and the amount of Partnership capital reflected on the
Partnership’s balance sheet, as computed for book purposes, in accordance with
Regulations sections 1.704-1(b)(2)(iv) (f) and (q), and make any appropriate
modifications in the event this Agreement is deemed not to comply with
Regulations section 1.704-1(b).

       

      (d)           Transferees.  Generally,
a transferee (including an Assignee) of an Interest shall succeed to a pro rata
portion of the Capital Account of the transferor; provided, however, that, if
the transfer causes a termination of the Partnership under Section 708(b)(1)(B)
of the Code, the Partnership’s properties shall be deemed solely for federal
income tax purposes, to have been distributed in liquidation of the Partnership
to the holders of Partnership Interests (including such transferee) and
recontributed by such persons in reconstitution of the
Partnership.  In such event, the carrying values of the Partnership
properties shall be adjusted immediately prior to such deemed
distribution.  The Capital Accounts of such reconstituted Partnership
shall be maintained in accordance with the principles of this
Agreement.

       

      
        (e)           Allocation of Net Profits and Net
Losses.

         

      

      (i)           With
respect to each Limited Partner, there shall be deducted from the Capital
Account of such Limited Partner the Management Fee and the Continuing
Compensation, applicable to their Capital Account for such month.  The
terms Management Fee and Continuing Compensation shall have the meanings
ascribed to them in the Partnership’s Memorandum, as from time to time
amended.

      


      (ii)          Any
remaining net profits or net losses during any month shall be allocated as of
the end of such month to the Capital Accounts of all the Partners in the
proportion which each Partner’s Capital Account as of the beginning of such
month bore to the sum of the Capital Accounts of all the Partners as of the
beginning of such month.

       

      (iii)         With
respect to each Limited Partner who has been allocated Trading Profits to its
Capital Account for a month, there shall be deducted from the Capital Account of
such Limited Partner the Incentive Fee payable to the Partnership’s
advisor.  The terms Trading Profits and Incentive Fee shall have the
meanings ascribed to them in the Partnership’s Memorandum, as from time to time
amended.

       

       (f)           Allocation of
Profit and Loss for Federal Income Tax Purposes.  As of the end of
each fiscal year, the Partnership’s income and expense and capital gain or loss
from trading shall be allocated among the Partners pursuant to the following
subparagraphs for federal income tax 

      
         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 4

                      


              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

         

      

      purposes.
Allocations shall be pro rata from short-term capital gain or loss and long-term
capital gain or loss and operating income or loss realized and recognized by the
Partnership.

       

      (i)            Items
of ordinary income, such as interest, and expense, such as fees, brokerage
commissions and administrative expenses, shall be allocated pro rata among the
Partners based on their respective capital accounts as of the end of each month
in which the items of ordinary income and expense accrue.

       

      (ii)          Capital
gain or loss from the Partnership’s trading activities shall be allocated as
follows:

       

      There
shall be established a tax basis account with respect to each outstanding
Interest.  The initial balance of each tax basis account shall be the
amount paid to the Partnership for each Partner’s Interest.  As of the
end of each fiscal year:

       

      (A)           Each
tax basis account shall be increased by the amount of income allocated to the
Partner or his assignee pursuant to subparagraph (f)(i) above and subparagraph
(iv) below.

       

      (B)           
Each tax basis account shall be decreased by the amount of expense or loss
allocated to the Partner or his assignee pursuant to subparagraph (f)(i) above
and subparagraph (vi) below and by the amount of any distribution received by
the Partner or his assignee with respect to the Interest, other than on
redemption of Interests.

       

      (C)           
When an Interest is redeemed, the tax basis account attributable to such
Interest or redeemed portion of such Interest shall be eliminated.

       

      (iii)         Capital
gain shall be allocated first to each Partner who has redeemed an Interest
during the fiscal year up to any excess of the amount received upon redemption
of the Interest over the tax basis account maintained for the redeemed
Interest.

       

      (iv)         Capital
gain remaining after the allocation in subparagraph (f)(iii) shall be allocated
among all Partners whose capital accounts are in excess of their tax basis
accounts after the adjustments in subparagraph (f)(iii) in the ratio that each
such Partner’s excess bears to all such Partners’ excesses.  If the
gain to be so allocated is greater than the excess of all such Partners’ capital
accounts over all such tax basis accounts, the excess shall be allocated among
all Partners in the ratio that each Partner’s capital account bears to all
Partners’ capital accounts.

       

      (v)          Capital
loss shall be allocated first to each Partner who has redeemed an Interest
during a fiscal year up to any excess of the tax basis account maintained for
the redeemed Interest over the amount received upon redemption of the
Interest.

       

      (vi)         Capital
loss remaining after the allocation in subparagraph (7)(v) shall be allocated
among all Partners whose tax basis accounts are in excess of their capital
accounts after the adjustments in subparagraph (7)(v) in the ratio that each
such Partner’s excess bears to all such Partners’ excesses.  If the
loss to be so allocated is greater than the excess of all tax basis accounts
over all Partners’ capital accounts, the excess loss shall be allocated among
all Partners in the ratio that each Partner’s capital account bears to all
Partners’ capital account.

       

      (vii)        Any
gain or loss required to be taken into account in accordance with Section 1256
of the Code shall be considered a realized capital gain or loss for purposes of
this Section 7(f).  Certain foreign currency gain or loss attributable
to transactions specified in Section 988 of the Code, as amended, shall be
treated as ordinary income or loss for the purposes of this Section
7(f).

      
         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 5

                      


              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

         

      

      (viii)       The
tax allocations prescribed by this Section 7(f) shall be made to each holder of
an Interest, whether or not the holder is a substituted Limited
Partner.

       

      (ix)          The
allocation of profit and loss for federal income tax purposes set forth in this
Agreement is intended to allocate taxable profit and loss among Partners
generally in the ratio and to the extent that profit and loss are allocated to
such Partners so as to eliminate, to the extent possible, any disparity between
a Partner’s capital account and his tax basis account, consistent with
principles set forth in Section 704 of the Code.

      


      (g)           Expenses.  The Partnership
shall bear all of its liabilities, costs and expenses including the costs
associated with the distribution of the Partnership.

       

      (h)           Limited Liability
of Limited Partners.  Each Interest,
when purchased in accordance with this Agreement, shall be fully paid and
non-assessable.  Any provisions of this Agreement to the contrary
notwithstanding, no Limited Partner shall be liable for Partnership obligations
in excess of the capital contributed by him plus his share of profits remaining
in the Partnership, if any, and any other amounts as he or she may be liable for
pursuant to the Act.

       

      (i)           Return of Limited
Partners’ Capital Contributions.  Except to the
extent that a Limited Partner shall have the right to withdraw capital in
accordance with the terms of this Agreement, no Limited Partner shall have any
right to demand the return of his capital contribution or any profits added
thereto, except upon dissolution and termination of the
Partnership.  In no event shall a Limited Partner be entitled to
demand or receive property other than cash.

       

      (j)           Determination and
Calculation of Liabilities.  The liabilities
of the Partnership shall be deemed to include: (i) all of its bills and
accounts payable; (ii) all of its accrued or payable expenses;
(iii) the current market value of all of its short sale obligations after
accounting for or reflecting any hedge or other offsetting positions; and
(iv) all of its other liabilities, present or future, including
Reserves.  For purposes of determining the Partnership’s liabilities
at a particular time, the General Partner may estimate expenses that are
incurred on a regular or recurring basis over yearly or other periods and treat
the amount of any such estimate as accruing in equal portions over any such
period.  The General Partner may establish such reserves for the
Partnership for contingent, unknown or unfixed debts, liabilities or obligations
of the Partnership as the General Partner may reasonably determine to be
advisable, whether or not in accordance with generally accepted accounting
principles (“Reserves”).  Any such Reserve, if and when reversed,
shall be allocated among the Capital Accounts of those Persons who were Partners
at the time such Reserve was established unless the General Partner determines
that it would be more equitable to allocate such reversal among the Capital
Accounts of the Partners who are Partners at the time of such
reversal.

      
         

        8.           Management
of the Partnership.

         

      

      The
General Partner, to the exclusion of all Limited Partners, shall conduct the
business of the Partnership.  No Limited Partner shall be entitled to
any salary, draw or other compensation from the Partnership on account of his
investment in the Partnership.  The General Partner shall have sole
discretion in determining what distributions of profits and income, if any,
shall be made to the Partners (subject to the allocation provisions of this
Agreement), shall execute various documents on behalf of the Partnership and the
Partners pursuant to powers of attorney and supervise the liquidation of the
Partnership if any event causing termination of the Partnership
occurs.  In order to 

      
         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 6

                      


              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

         

      

      facilitate
the foregoing, each Limited Partner shall execute a power of attorney as
described in Paragraph 13.

       

      The
General Partner may cause the Partnership to buy, sell, hold or otherwise
acquire or dispose Commodity Interests and, securities, debt obligations and
other assets.  In addition, the General Partner on behalf of the
Partnership may retain a trading manager (including affiliates of
the  General Partner) to select trading advisors or the General
Partner may select and retain trading advisors to make any or all trading
decisions regarding the Partnership and may delegate complete trading discretion
to the manager and/or trading advisors.  The General Partner may
engage, and compensate on behalf of the Partnership from funds of the
Partnership, persons, firms or corporations, including the General Partner and
any affiliated person or entity, as in its sole judgment they shall deem
advisable for the conduct and operation of the business of the Partnership. The
General Partner is specifically authorized to enter into the Commodity Brokerage
Agreement, the Advisory Contract and any selling agreement described in the
Memorandum and each Limited Partner consents to the terms of those agreements
(including, in particular, the fees set forth in those agreements).

       

      The
General Partner may subdivide or combine the Interests in its discretion,
provided that no subdivision or combination shall affect the aggregate Net Asset
Value of any Partner’s Interest in the Partnership.  The Partnership
may issue multiple classes or series of Interests or, at the sole discretion of
the General Partner, declare any Limited Partner a “Special Limited
Partner.”  The assets belonging to a particular series or class shall
belong to that series or class for all purposes, and to no other series or
class, subject only to the rights of creditors of that series class. In
addition, any assets, income, earnings, profits, or payments and proceeds with
respect thereto, which are not readily identifiable as belonging to any
particular series or class shall be allocated by the General Partner between and
among one or more of the series or class for all purposes and such assets,
income, earnings, profits, or funds, or payments and proceeds with respect
thereto, shall be assets belonging to that series or class. The fees charged to
Special Limited Partners may be different than those charged to Limited
Partners.

       

      The
objective of the Partnership is to achieve appreciation of its
assets.  No assurance is given that the Partnership’s objective will
be met.  In the future, the Partnership may retain one or more
additional or replacement trading managers or trading advisors which may trade
other Commodity Interests and use different trading strategies or
systems.  If a new advisor is selected, the Partnership will notify
all Limited Partners.  The Partnership’s ability to make a profit will
depend largely on the success of its advisor or advisors in anticipating market
trends and buying or selling accordingly.

       

      If the
General Partner shall, in its sole discretion, determine that any trading
instruction issued by an advisor to the Partnership violates established the
Partnership’s objectives, the General Partner may cause those trades to be
reversed.

       

      No person
dealing with the General Partner shall be required to determine its authority to
make any undertaking on behalf of the Partnership, nor to determine any fact or
circumstance bearing upon the existence of their authority.

      
         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 7

                      


              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

        
          
             

            9.           Audits
and Reports to Limited Partners.

          

        

      

       

      The
Partnership books shall be audited annually by an independent certified public
accountant. The Partnership will use its best efforts to send:

       

      (a)           within
ninety (90) days after the close of each fiscal year, certified financial
statements (including a balance sheet and statement of income) of the
Partnership for the fiscal year then ended;

       

      (b)           tax
information as is necessary for a Limited Partner to complete his federal income
tax return; and

       

      (c)           any
other annual and monthly information as the Commodity Futures Trading Commission
(CFTC) may by regulation require.

       

       The
General Partner is authorized to expend Partnership funds to provide the
foregoing information and to notify the Limited Partners of other information,
as the General Partner may deem appropriate.  Limited Partners or
their authorized representatives may inspect the Partnership books and records
during normal business hours upon reasonable written notice to the General
Partner.

       

      
        
          
            10.           Assignability
of Interests; Redemption of Interests.

          

        

      

       

      (a)           Assignments.  Each Limited Partner
expressly agrees that he will not assign, transfer or dispose of, by gift or
otherwise, any of his Interest or any part of all of his right, title and
interest in the capital or profits of the Partnership without the written
consent of the General Partner.  No transfer of Interests may be made
without the written consent of the General Partner.  No assignment or
transfer will be permitted unless the General Partner is satisfied
that:

       

      (i)           the
assignment or transfer would not violate the Securities Act of 1933 or the laws
of any state;

       

      (ii)          notwithstanding
such assignment or transfer, the Partnership shall continue to be classified as
a partnership and not a corporation or association under the Code;
and

       

      (iii)         such
transfer shall not cause the Partnership to become a publicly traded partnership
under the Code.

       

       The
General Partner may require an opinion of counsel from the assignor or
transferor confirming (i), (ii) and (iii) above.  All costs related to
such transfer (including attorney’s fees) shall be borne by the
assignor/transferor.  If an assignment, transfer or disposition occurs
by reason of the death of a Limited Partner or assignee, written notice may be
given by the duly authorized representative of the estate of the Limited Partner
or assignee and shall be supported by proof of legal authority as may reasonably
be requested by the General Partner.  Any request for assignment or
transfer shall be in writing to the General Partner.  The written
notice required by this paragraph shall specify the name and address of the
assignee and the date of assignment, shall include a statement by the assignee
that he agrees to give the above described written notice to the General Partner
upon any subsequent assignment and to be bound by the terms of this Agreement
and authorizes the General Partner, should they consent to the admission of the
assignee as a substituted Limited Partner, to sign such assignee’s name to this
Agreement and to an amendment to the Partnership’s Certificate of Limited
Partnership (should such an amendment be advisable) as such assignee’s
attorney-in-fact.  The General Partner may, in its sole discretion,
waive receipt of the above described notice or waive any defect
therein.  No assignee, except upon consent of the General


      
         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 8

                      


              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

      

       

       

      Partner
(which consent may be withheld at its sole and absolute discretion), may become
a substituted Limited Partner nor will the estate or any beneficiary of a
deceased Limited Partner or assignee have any right to withdraw any capital or
profits from the Partnership except by redemption of Interests.  A
substituted Limited Partner shall have all the rights and powers and shall be
subject to all the restrictions and liabilities of his assignor; provided,
however, that a substituted Limited Partner shall not be subject to those
liabilities of which he was ignorant at the time he became a substituted Limited
Partner and which could not be ascertained from the Certificate of Limited
Partnership or this Agreement.  Each Limited Partner agrees that with
the consent of the General Partner any assignee may become a substituted Limited
Partner without the further act or consent of any Limited
Partner.  Each Limited Partner agrees that he or she has no right to
consent to and will not consent to any person or entity becoming a substituted
Limited Partner, except as set forth in the preceding sentence.  If
the General Partner withholds consent, an assignee shall not become a
substituted Limited Partner and shall not have any of the rights of a Limited
Partner, except that the assignee shall be entitled to receive that share of
capital or profits and shall have the right of redemption to which his assignor
would otherwise have been entitled.  An assigning Limited Partner
shall remain liable to the Partnership as provided in the Act, regardless of
whether his assignee becomes a substituted Limited Partner.

       

      (b)          
Redemptions.  Limited
Partners may require the Partnership to redeem some or all of their Interest at
their Net Asset Value per Interest as of the end of any month on fifteen (15)
days’ prior written notice to the General Partner.  The General
Partner may declare additional redemption dates upon notice to the Limited
Partners.  Redemptions will be paid only if:

       

      (i)          
all
liabilities, contingent or otherwise, of the Partnership (except any liability
to Partners on account of their capital contributions) have been paid or there
remains property of the Partnership sufficient to pay them, and

       

      (ii)         
the
General Partner has received a timely Request for Redemption, as defined
below.

       

      The
General Partner may, but need not, permit redemption of partial
Interests.  Upon redemption, a Partner (or any assignee of whom the
General Partner has received notice as described below) shall receive from the
Partnership for each Interest redeemed, an amount equal to the Net Asset Value
of the Interest less any amount owing by such Partner (and assignees, if any) to
the Partnership pursuant to Paragraph 16(b) hereof.  If redemption is
requested by an assignee, all amounts owed under Paragraph 16(b) by the Partner
to whom such Interest was sold by the Partnership, as well as all amounts owed
by all other assignees who owned such Interest prior to the current assignee
shall be deducted from the amount paid to such assignee upon redemption of his
Interest.  As described above, an assignee shall not be entitled to
redemption until the General Partner has received written notice of the
assignment, transfer or disposition under which the assignee claims an interest
in the Interests to be redeemed and shall have no claim against the Partnership
or the General Partner with respect to distributions or amounts paid on
redemption of Interests prior to the receipt by the General Partner of the
notice.

       

       As
used in this Agreement, a Request for Redemption shall mean a letter, in the
form specified by the General Partner, sent by a Limited Partner (or any
assignee of whom the General Partner have received a written notice as described
above) and received by the General Partner at least fifteen (15) days, or such
lesser period as shall be acceptable to the General Partner, in advance of the
requested effective date of redemption.  A form of Request for
Redemption is included in the 

      
        
           

           

           

          
            
              
                
                  	 	 
	
                           

                          APM
      - Eckhardt Futures Fund, L.P.

                        	
                           

                          Exhibit
      A - 9

                        


                

              

            

          

           

           

           

          
            
              
              

            

            
              
              

              
              

            

            
              
              

            

          

           

        

         

      

       

      Memorandum.  Additional
forms of Request for Redemption may be obtained by written request to the
General Partner.

       

      The
Partnership or the General Partner may call and redeem Interests owned by any or
all Limited Partners at their Net Asset Value on the date of the
call.  Notwithstanding anything herein to the contrary, the General
Partner, on behalf of the Partnership, may take any and all action including,
but not limited to, refusing to admit persons as Limited Partners or refusing to
accept additional capital contributions, and requiring the redemption of the
Interest of any Limited Partner, as may be necessary or desirable to assure that
at all times less than twenty-five percent (25%) of the total value of each
class of equity interests in the Partnership is held by benefit plan
investors.

       

      Payment
generally will be made within thirty (30) business days after the effective date
of redemption, except that under special circumstances, including but not
limited to inability to liquidate commodity positions as of a date of
redemption, including a special redemption date, or default or delay in payments
due the Partnership from commodity brokers, banks, commodity pools or other
persons, the Partnership may in turn delay payment to Partners requesting
redemption of Interests of the proportionate part of the Net Asset Value of the
Interests equal to that proportionate part of the Partnership’s Net Asset Value
represented by the sums which are the subject of such default or
delay.

       

      11.           Offering
of Interests of Limited Partnership Interest.

       

      The
General Partner, on behalf of the Partnership, shall (a) use its best efforts to
qualify or exempt Interests for sale under the securities laws of the States of
the U. S. or other jurisdictions as the General Partner shall deem advisable and
(b) take action with respect to the matters described above as the General
Partner shall deem advisable or necessary.

       

      The
General Partner is authorized to take the actions and make arrangements for the
sale of the Interests as it deems appropriate, subject to the provisions of
Paragraph 12.

       

      12.           Admission
of Additional Partners.

       

      After the
initial offering of Interests has been terminated by the General Partner, the
General Partner may, in its discretion, make additional offerings of the
Interests.  Pursuant to Paragraph 10, the General Partner may consent
to and admit any assignee of Interests as substituted Limited
Partners.

       

      Additional
or substitute general partners may be admitted to the Partnership pursuant to
Paragraph 17.  Upon the admission of any substitute or additional
general partner or general partners, this Agreement shall be amended (and each
Limited Partner consents to such amendment) so that the provisions of this
Agreement shall apply to such general partner or general partners in the same
manner as now applicable to the General Partner, to the extent
practicable.

       

      
        13.           Special
Power of Attorney.

         

      

      Each
Limited Partner by executing this Agreement does irrevocably constitute and
appoint the General Partner with power of substitution, as his true and lawful
attorney-in-fact, in his name, place and stead to:

      
        
          
             

             

             

            
              
                
                  
                    	 	 
	
                             

                            APM
      - Eckhardt Futures Fund, L.P.

                          	
                             

                            Exhibit
      A - 10

                          


                  

                

              

            

             

             

             

            
              
                
                

              

              
                
                

                
                

              

              
                
                

              

            

             

          

           

        

      

       

      (a)           execute,
acknowledge, swear to (and deliver as may be appropriate) on his behalf and file
and record in the appropriate public offices and publish (as may be
appropriate):

       

      (i)           this
Agreement, including any amendments adopted as provided herein,

       

      (ii)          certificates
of limited partnership in various jurisdictions, and amendments thereto, and
certificates of assumed name or doing business under a fictitious name with
respect to the Partnership,

       

      (iii)         all
conveyances and other instruments which the General Partner deems appropriate to
qualify or continue the Partnership in the jurisdictions in which the
Partnership may conduct business which may be required to be filed by the
Partnership or the Partners under the laws of any jurisdiction to reflect the
dissolution or termination of the Partnership or to reorganize or refile the
Partnership in a different jurisdiction, provided that the reorganization or
refiling does not result in a material change in the rights of the
partners;

       

      (b)         
admit
additional Limited Partners and, to the extent that it is
necessary  under the laws of any jurisdiction, to file amended
certificates or agreements of limited partnership or other instruments to
reflect such admission, to execute, file and deliver such certificates,
agreements and instruments;

       

      (c)          
file,
prosecute, defend, settle or compromise litigation, claims or arbitrations on
behalf of the Partnership;  and

       

      (d)          enter
into agreements with third parties (including affiliates of the General Partner)
to carry out the Partnership’s business.

       

      The Power
of Attorney granted herein shall be irrevocable and deemed to be a power coupled
with an Interest and shall survive the incapacity or death of a Limited
Partner.  Each Limited Partner agrees to be bound by any
representation made by the General Partner and by any successor thereto, acting
in good faith pursuant to such Power of Attorney, and each Limited Partner
hereby waives any and all defenses which may be available to contest, negate or
disaffirm the action of the General Partner and any successor thereto, taken in
good faith under such Power of Attorney.  In addition to this Power of
Attorney, each Limited Partner agrees to execute a special Power of Attorney on
a document separate from this Agreement.  The form of Power of
Attorney to be executed is included in the Subscription Agreement attached to
the Memorandum.  In the event of any conflict between this Agreement
and any instruments filed by such attorney pursuant to the Power of Attorney
granted in this Paragraph 13, this Agreement shall control.

       

      14.           Withdrawal
of a Partner.

       

      The Partnership shall be dissolved and
terminate upon the withdrawal, dissolution, admitted or court decreed insolvency
or the removal of the General Partner (unless a substitute general partner has
been appointed or the Partnership is continued pursuant to the terms of
Paragraph 17).  In addition, the General Partner may withdraw from the
Partnership at any time on written notice in person, by first class mail,
postage prepaid or express mail, to each Limited Partner (without breach of this
Agreement) and the withdrawal will be effective on the date set forth in the
Notice or if no date is given on the 90th day following the date on which the
notice is given or mailed.  The death, incompetency, withdrawal,
insolvency or dissolution of a Limited Partner shall not terminate or dissolve
the Partnership, and a Limited Partner, his estate, custodian or personal
representative shall have no right to withdraw or value the Limited Partner’s
Interest in the Partnership except as 

       

      
        
          
            
               

               

               

              
                
                  
                    
                      	 	 
	
                               

                              APM
      - Eckhardt Futures Fund, L.P.

                            	
                               

                              Exhibit
      A - 11

                            


                    

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                  

                

                
                  
                  

                

              

               

            

            
              provided
in Paragraph 10.  Each Limited Partner (and any assignee of a Limited
Partner’s Interest) waives on behalf of himself and his estate, and directs the
legal representatives of his estate and any person interested therein to waive,
the furnishing of any inventory, accounting or appraisal of the assets of the
Partnership and any right to an audit or examination of the books of the
Partnership other than as provided for in this
Agreement.

            

          

        

      

       

      15.           No
Personal Liability for Return of Capital.

       

      The
General Partner shall not be liable for the return or repayment of all or any
portion of the capital or profits of any Partner (or assignee), it being
expressly agreed that any return of capital or profits made pursuant to this
Agreement shall be made solely from the assets (which shall not include any
right of contribution from the General Partner) of the Partnership.

       

      16.           Indemnification.

       

      (a)           By the
Partnership.  The General Partner, and any Affiliate of the
General Partner engaged in the performance of services on behalf of the
Partnership, shall be indemnified for any liability or loss suffered by the
General Partner or such Affiliate and shall have no liability to the Partnership
or to any Limited Partner for any liability or loss suffered by the Partnership
which arises out of any action or inaction of the General Partner or such
Affiliate if (i) the General Partner has determined, in good faith, that such
course of conduct was in the best interests of the Partnership and (ii) such
liability or loss was not the result of negligence or misconduct by the General
Partner or any such Affiliate.

      


      Notwithstanding
the foregoing, the General Partner, and any Affiliate engaged in the performance
of services on behalf of the Partnership, shall not be indemnified by the
Partnership for any liability imposed by judgment, and costs associated
therewith, including attorney’s fees, arising from or out of a violation of
state or federal securities laws or rules.  The General Partner and
such Affiliates shall be indemnified for settlements and related expenses of
lawsuits alleging securities law violations, and for expenses incurred in
successfully defending such lawsuits, provided that a court either (i) approves
the settlement and finds that indemnification of the settlement and related
costs should be made, or (ii) approves indemnification of litigation costs if a
successful defense is made.

       

      Any
amounts payable to the General Partner or its Affiliates pursuant to the
foregoing are recoverable only out of the assets of the Partnership and not from
the Limited Partners.  The Partnership shall not incur the cost of
that portion of liability insurance which insures the General Partner and its
Affiliates for any liability as to which the General Partner and its Affiliates
are prohibited from being indemnified.

       

      The
Partnership may advance to the General Partner and its Affiliates legal expenses
and other costs incurred as a result of legal action initiated against it or its
Affiliates is permissible if the following conditions are
satisfied:  (i) the legal action relates to the performance of duties
or services by the General Partner or its Affiliates on behalf of the
Partnership; (ii) the General Partner or its Affiliates undertake to repay the
advanced funds to the Partnership in cases in which they would not be entitled
to indemnification.

       

      For the
purpose of this Section 16, the term “Affiliate(s)” shall mean any persons
performing services on behalf of the Partnership who:  (i) directly or
indirectly controls, is controlled by, or is under common control with the
General Partner; or (ii) owns or controls 10% or more of the 

      
        
          
            
               

               

              
                
                  
                    
                      	 	 
	
                               

                              APM
      - Eckhardt Futures Fund, L.P.

                            	
                               

                              Exhibit
      A - 12

                            


                    

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                  

                

                
                  
                  

                

              

               

            

            outstanding voting securities of the General Partner; or (iii) an
officer or director of the General Partner; or (iv) is a company for which the
General Partner is an officer, director, partner or trustee.

          

        

         

      

      (b)           By the
Partners.  If the
Partnership is made a party to any claim, dispute or litigation or otherwise
incurs any loss or expense as a result of or in connection with any Partner’s
(or assignee’s) actions unrelated to the Partnership’s business, the Partner (or
assignees, cumulatively) shall indemnify and reimburse the Partnership for all
loss and expense incurred, including reasonable attorney’s fees.  In
addition, if the Partnership is obligated to pay any amount to a governmental
agency (or otherwise makes a payment) because of a Partner’ status or otherwise
specifically attributable to a Partner (including, without limitation, federal
withholding taxes with respect to foreign partners, state personal property
taxes, state unincorporated business taxes, etc.), then such Partner shall
indemnify the Partnership in full for the entire amount paid (including without
limitation, any interest, penalties and expenses associated with such
payments).  The amount to be indemnified shall be charged against the
Capital Account of such Partner, and, at the option of the General Partner,
either:

       

      (i)           promptly
upon notification of an obligation to indemnify the Partnership, such Partner
shall make a cash payment to the Partnership equal to the full amount to be
indemnified (and the amount paid shall be added to the Partner’s Capital
Account), or

       

      (ii)          the
Partnership shall reduce subsequent distributions which would otherwise be made
to the Partners, until the Partnership has recovered the amount to be
indemnified, or

       

      (iii)         the
Partnership shall redeem sufficient Interests held by such Partner and retain
the proceeds for its benefit up to the amount needed for the Partnership to
recover the amount to be indemnified.

       

      17.           Amendments;
Meetings.

       

      (a)          
Amendments with
Consent of the General Partner.  If at any time
during the term of the Partnership the General Partner shall deem it necessary
or desirable to amend this Agreement, it may proceed to do so, provided that the
amendment shall be effective only if embodied in an instrument signed by the
General Partner and by Limited Partners owning more than 50% of the Interests
then owned by the Limited Partners and if made in accordance with and to the
extent permissible under the Act.  Such approvals may be obtained by
the General Partner by means of written notice to the Limited Partners requiring
them to respond in the negative by a specified time, or to be deemed to have
approved of the proposed amendment.  Any supplemental or amendatory
agreement shall be adhered to and have the same effect from and after its
effective date as if the same had originally been embodied in and formed a part
of this Agreement, provided, however, that no supplemental or amendatory
agreement shall, without the consent of all Limited Partners, change or alter
this Paragraph 16, extend the term of the Partnership, reduce the capital
account of any Partner or modify the percentage of profits, losses or
distributions to which any Partner is entitled.  In addition,
reduction of the capital account of any assignee or modifications of the
percentage of profits, losses or distributions to which an assignee is entitled
shall not be affected by amendment or supplement to this Agreement without the
assignee’s consent.  No meeting procedure or specified notice period
is required in the case of amendments made with the consent of the General
Partner, mere receipt of an adequate number of unrevoked consents being
sufficient.  The General Partner 

       

      
        
          
            
               

               

               

              
                
                  
                    
                      	 	 
	
                               

                              APM
      - Eckhardt Futures Fund, L.P.

                            	
                               

                              Exhibit
      A - 13

                            


                    

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                  

                

                
                  
                  

                

              

               

            

             

          

        

         

      

       

      may, but
is not required to, amend this Agreement without the consent of the Limited
Partners in order to:

       

      (i)           clarify
any clerical inaccuracy, ambiguity or reconcile any inconsistency (including any
inconsistency between the Agreement and the Memorandum);

       

      (ii)          appoint
a substitute or additional general partner or add to the representations, duties
or obligations of the General Partner or surrender any right or power of the
General Partner for the benefit of the Limited Partners or appoint a substitute
general partner;

       

      (iii)         amend
this Agreement to effect the intent of the allocations proposed herein to the
maximum extent possible in the event of a change in the Code or the
interpretations thereof affecting such allocations;

       

      (iv)         attempt
to ensure that the Partnership is not taxed as an association for federal income
tax purposes and to prevent the Partnership from becoming classified as a
publicly traded partnership;

       

      (v)          qualify
or maintain the qualification of the Partnership as a limited partnership in any
jurisdiction;

       

      (vi)         delete
or add any provision of or to this Agreement required to be deleted or added by
the Staff of the Securities and Exchange Commission or any other federal agency
or any state “Blue Sky” official or similar official or in order to opt to be
governed by any amendment or successor statute to the Act;

       

      (vii)        change
the name of the Partnership and make any modifications to this Agreement to
reflect the admission of an additional or substitute general partner and to
reflect any modification to the Net Worth requirements applicable to the General
Partner and any other general partner, as contemplated by paragraph 5
hereof;

       

      (viii)       make
any amendment to this Agreement which the General Partner deems advisable,
provided that such amendment is not adverse to the Limited Partners, or that is
required by law;

       

      (ix)          make
any amendment that is appropriate or necessary, in the opinion of the General
Partner, to prevent the Partnership or the General Partner or its directors,
officers or controlling persons from in any manner being subjected to the
provisions of the Investment Company Act of 1940, as amended, the Investment
Advisers Act of 1940, as amended, to avoid the assets of the Partnership being
treated for any purposes of the Employee Retirement Income Security Act of 1974
(ERISA) or Section 4975 of the Code as assets of any “employee benefit plan” as
defined in and subject to ERISA or of any “plan” as defined in and subject to
Section 4975 of the Code (or any corresponding provisions of succeeding law) or
to avoid the Partnership’s engaging in a prohibited transaction as defined in
Section 406 of ERISA or Section 4975(c) of the Code; and

       

      (x)           make
any amendment necessary to obtain that Partnership income not be deemed to
constitute “unrelated business taxable income” or be adversely affected by the
“passive loss” rules under the Code.

       

      (b)           Meetings.  Any Limited
Partner upon written request addressed to the General Partner shall be entitled
to obtain from the General Partner, at the Limited Partner’s expense, a list of
the names and addresses of record of all Limited Partners; provided that the
Limited Partner 

      
        
          
            
               

               

               

              
                
                  
                    
                      	 	 
	
                               

                              APM
      - Eckhardt Futures Fund, L.P.

                            	
                               

                              Exhibit
      A - 14

                            


                    

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                  

                

                
                  
                  

                

              

               

            

             

          

        

         

      

       

      represents
that the list will not be used for commercial purposes.  Upon receipt
of a written request, signed by Limited Partners owning at least 10% of the
Interests then owned by Limited Partners, that a meeting of the Partnership be
called to vote upon any matter which the Limited Partners may vote upon pursuant
to this Agreement, the General Partner shall, by written notice to each Limited
Partner of record mailed within fifteen days after such receipt, call a meeting
of the Partnership.  The meeting shall be held at least thirty but not
more than sixty days after the mailing of the notice, and the notice shall
specify the date of, a reasonable place and time for, and the purpose of the
meeting.

       

      (c)           Amendments and
Actions without Consent of the General Partner.  At any meeting
called pursuant to Paragraph 16(b), upon the affirmative vote (which may be in
person or by proxy) of Limited Partner owning more than 50% of the Interests
then owned by the Limited Partners (or as otherwise provided for by state law),
the following actions may be taken, irrespective of whether the General Partner
concurs:

       

      (i)           this
Agreement may be amended in accordance with and only to the extent permissible
under the Act, provided, however, that consent of all Limited Partners shall be
required in the case of amendments which require the consent of all Limited
Partners, i.e., changing or altering this Paragraph 17, extending the term of
the Partnership, reducing the capital account of any Partner or modifying the
percentage of profits, losses or distributions to which any Partner is entitled;
in addition, reduction of the capital account of any assignee or modification of
the percentage of profits, losses or distributions to which an assignee is
entitled shall not be effected by amendment or supplement to this Agreement
without such assignee’s consent;

       

      (ii)          the
Partnership may be dissolved;

       

      (iii)         the
General Partner may be removed and replaced;

       

      (iv)         a
new general partner or general partners may (to the extent permitted by the Act)
be elected if the General Partner elects to withdraw from the Partnership and no
substitute general partner has been appointed by the General
Partner;

       

      (v)          the
sale of all or substantially all of the assets of the Partnership may be
approved; and

       

      (vi)         any
contract for services with the General Partner or its affiliates may be canceled
on sixty (60) days written notice without penalty.

       

       If
the General Partner is removed or withdraws, its General Partnership Interest
shall be valued on an Interest equivalent basis and immediately
redeemed.

      


      18.           Governing
Law.

       

      The
validity and construction of this Agreement shall be determined and governed by
the laws of the State of Delaware.

       

      19.           Miscellaneous.

       

      (a)           Priority among
Limited Partners.
No Limited Partner shall be entitled to any priority or preference over
any other Limited Partner in regard to the affairs of the Partnership, except to
the extent that this Agreement may be deemed to establish a priority or
preference.

      
        
          
            
               

               

               

              
                
                  
                    
                      	 	 
	
                               

                              APM
      - Eckhardt Futures Fund, L.P.

                            	
                               

                              Exhibit
      A - 15

                            


                    

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                  

                

                
                  
                  

                

              

               

            

             

          

        

         

      

      (b)          
Notices.  All notices under
this Agreement shall be in writing and, except as set forth in the following
sentence, shall be effective upon personal delivery, or if sent by first class
mail, postage prepaid addressed to the last known address of the party to whom
the notice is to be given, upon the deposit of the notice in the U.S.
mails.  Requests for Redemption and notices of assignment, transfer or
disposition of Interests or any interest therein shall be effective upon receipt
by the General Partner.  Any notice required to be sent or received
under this Agreement shall, for purposes herein, be deemed to have been sent or
received if sent or received by the General Partner.

       

      (c)          
Binding
Effect. This
Agreement shall inure to and be binding upon all of the parties, their
successors and assigns, custodians, heirs and personal
representatives.  For purposes of determining the rights of any
Partner or assignee, the Partnership and the General Partner may rely upon the
Partnership records as to who are Partners and assignees and all Partners and
assignees agree that their rights shall be determined and that they shall be
bound thereby, including all rights which they may have under Paragraph 10 to 17
hereof.

       

      (d)           Captions. Captions in no way define,
limit, extend or describe the scope of this Agreement nor the effect of any of
its provisions.

      


      


      IN
WITNESS WHEREOF, the parties have executed this Agreement of Limited Partnership
as of the date and year first above written.

      


      


       

       

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	GENERAL
      PARTNER:	 	 	LIMITED
      PARTNER:	 
	 	 	 	 	 
	Altegris
      Portfolio Management, Inc.	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 


                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	By:  	
              /s/ Robert J.
      Amedeo

            	 	By:	/s/ Jon
    Sundt	 
	 	     
      Robert J. Amedeo, Vice President	 	 	     
      Jon Sundt	 
	 	 	 	 	 	 


    

     

     

     

     


      
         

        
          
             

            
              
                
                  
                    	 	 
	
                             

                            APM
      - Eckhardt Futures Fund, L.P.

                          	
                             

                            Exhibit
      A - 16