Exhibit 10.14



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



September 14, 2004



Appleton Capital Management

Attn: General Counsel/Secretary

Dublin Exchange Management

IFSC

Dublin, Ireland



Re: Advisory Agreements for 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 Trust is 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 Trust, 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:             
|                                    
|APPLETON CAPITAL MANAGEMENT         
|                                     | 
|By:                                  |  | /s/ Grellan OKelly                   
|Name:                                |  | Grellan OKelly                       
|Title:                               |  | Compliance Officer                    

---

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



September 14, 2004



Aspect Capital Ltd.

Attn: General Counsel/Secretary

102 Wigmore Street

Nations House, 8thFloor

London, UK



Re: Advisory Agreements for 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 Trust is 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 Trust,
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:             
|                                    
|ASPECT CAPITAL, LTD.                
|                                     | 
|By:                                  |  | /s/ Simon Rockall                     
|Name:                                |  | Simon Rockall                         
|Title:                               |  | Company Secretary                     

---

|     |  |                                                                                                                             |  |                                  
|---- |  | --------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------
|LOGO |  | 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:                               |  |