Document:

Alt. Investment Placement  Agent  Agreement between the Partnership, Ceres

 EXHIBIT 10.7 
 ALTERNATIVE INVESTMENT PLACEMENT AGENT AGREEMENT 
 This Alternative
Investment Placement Agent Agreement (“Agreement”) is effective as of May 1, 2011, by and among Commodity Advisors Fund L.P. (formerly Energy Advisors Portfolio L.P. and before that Citigroup Energy Advisors Portfolio L.P.), a
Delaware Limited Partnership, (the “Partnership”), Ceres Managed Futures LLC, a Delaware limited liability company, (the “General Partner”), and Morgan Stanley Smith Barney LLC, a Delaware limited liability company
(“MSSB”). This Agreement supersedes all prior agreements between the Partnership, MSSB and the General Partner. 

WHEREAS, the offering and sale of Class A, Class D and Class Z units of limited partnership interest in the Partnership
(“Interests” or “Units”) in accordance with the terms of the Partnership’s private placement offering memorandum and disclosure document, including any supplements thereto approved by the Partnership (the
“Memorandum”), the Partnership’s subscription documents (the “Subscription Agreements”) and certain other investor materials or supplements approved for use or prepared by the Partnership, including without limitation the
summary information contained in certain related marketing materials, all as amended from time to time (collectively, the “Offering Documents”), and the Partnership’s organizational documents (as amended or supplemented from time to
time, “Organizational Documents”) (collectively, “Offering Materials”) is exempt from the registration requirements of the Securities Act of 1933, as amended (“Securities Act”), pursuant to Section 4(2) and Rule
506 of Regulation D promulgated thereunder; 
 WHEREAS, the Partnership desires to retain MSSB as a placement agent; and

 WHEREAS, MSSB desires to be so retained and to assist, as placement agent, in the offer and sale of the Interests.

 NOW, THEREFORE, in consideration of the promises and the mutual agreements hereinafter contained and other good and valuable
consideration the value of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Appointment of
MSSB. 
 (a) MSSB is hereby appointed as a non-exclusive placement agent of the Partnership during the term of this Agreement
for the purpose of finding eligible investors for Interests through an offering that is exempt from registration under the Securities Act, pursuant to Section 4(2) thereof and Rule 506 of Regulation D promulgated thereunder. 

(b) Units are being offered on a continuous basis as of the first day of each month at the final Net Asset Value per Unit (as defined in
the Partnership’s Limited Partnership Agreement) as of the last day of the immediately preceding month. The General Partner in its sole discretion may terminate at any time the initial or continuous offering period of the Partnership and may at
any time in its sole discretion, terminate, discontinue or resume the continuing offering of any class of Units in the Partnership. 
 (c) Subject to the right of the General Partner to reject any subscription in whole or in part at any time prior to acceptance, the General Partner will accept subscriptions for Units properly made and
will cause proper entry to be made in the books and records of the Partnership. No certificate evidencing Interests shall be issued to any limited partner, although limited partners will receive confirmations of purchase from the General Partner in
its customary form. Payment for the Interests shall be made as described in the Offering Documents at such time on such date as may be agreed to by the General Partner. Payment shall be made against issuance of the Interests in the name of the
limited partners. 
 (d) Subject to the performance by the Partnership and the General Partner of their respective obligations
hereunder, MSSB hereby accepts such appointment and agrees on the terms and conditions set forth 

 
herein to find eligible investors for Interests during the term hereof and to use reasonable efforts to assist the Partnership and the General Partner in communicating with limited partners with
respect to consent solicitations and limited partner votes and other items requiring actions of the limited partners with respect to the Partnership, at the reasonable request of the General Partner. MSSB will have no obligation to offer or sell any
Interests. 
 (e) MSSB may, without notice to the Partnership or the General Partner, assign or delegate its rights and
obligations to its affiliates, or otherwise retain affiliates to act as sub-placement agents, in connection with the solicitation of investors and otherwise to assist MSSB in performing its obligations under this Agreement to the extent MSSB deems
appropriate, subject to compliance with applicable laws, rules or regulations; provided however, that each such sub-placement agent shall execute a sub-agent agreement substantially in the form of this Agreement. MSSB may compensate any such
sub-placement agent by paying the sub-placement agent from MSSB’s own funds. 
 2. Offering and Sale of Interests.

 (a) MSSB will deliver to each person to whom MSSB makes an offer of an Interest, the Offering Documents, as amended as of such
time. 
 (b) MSSB will not make any offer of Interests on the basis of any communications or documents relating to any of the
Partnership or the Interests, except the Offering Materials, any other documents supplied or prepared by the General Partner on behalf of the Partnership and delivered to MSSB by the General Partner for use in making an offer of Interests, or any
other materials expressly approved for such use by the General Partner in writing (which shall include electronic mail). Subject to Section 8, the Partnership and the General Partner shall provide MSSB copies of any Offering Documents a
commercially reasonable time prior to providing such Offering Documents to any limited partner for MSSB’s review and approval, which shall not be unreasonably withheld. 
 (c) MSSB will not use any form of “general solicitation” or “general advertising” (within the meaning of Rule 502 of Regulation D under the Securities Act) in making offers of
Interests, including any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general
solicitation or advertising. 
 (d) MSSB shall, in accordance with requirements of Regulation D under the Securities Act,
reasonably believe immediately prior to making any offer or sale of Interests that any prospective investor solicited by MSSB is an “accredited investor,” as that term is defined in Rule 501(a) of Regulation D under the Securities Act, and
meets such other eligibility criteria as are set forth in the Offering Documents. The Partnership will be responsible for the timely filing with the U.S. Securities and Exchange Commission (“SEC”) of any notices required by Rule 503 of
Regulation D under the Securities Act. MSSB shall only solicit prospective investors in any jurisdiction in compliance with the marketing rules and private placement rules of such jurisdiction. 

(e) MSSB represents and warrants that it has policies and procedures reasonably designed to comply with applicable anti-money laundering
and anti-terrorist financing laws, rules and regulations. Additionally, MSSB represents and warrants that it has policies and procedures reasonably designed to ensure that it does not accept or maintain investments in the Partnership, directly or
indirectly, from a person, government, organization or entity (a) who is or becomes the subject of a sanctions program administered by the U.S. Office of Foreign Assets Control (“OFAC”), is included in any executive order or is on the
list of Specially Designated Nationals and Blocked Persons maintained by OFAC, or (b) whose name appears on such other lists of prohibited persons and entities as may be mandated by applicable local law or regulation. 

(f) MSSB represents to the Fund as of the date hereof that MSSB is subject to the anti-money laundering regime of the United States and
maintains anti-money laundering policies and procedures in compliance with applicable anti-money laundering legislation and regulations, as amended from time to time (the “Anti-Money Laundering Regime”). 

  
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 (g) MSSB shall be responsible for ensuring that any activities taken in connection with the
sale of Interests in any jurisdiction outside of the United States will be conducted in compliance with the private placement or other applicable offering rules of such jurisdiction; provided, however, that, the Partnership and the
General Partner agree to coordinate with MSSB in respect of determining the number of offers made to prospective investors in any particular jurisdiction and such other relevant information in respect of offerings of Interests made by any party
other than MSSB, which would reasonably be deemed to affect MSSB’s compliance with applicable offering rules. MSSB shall make no offer or sale of any Interest in any foreign jurisdiction, or to any prospective investor located in any foreign
jurisdiction, where there is a prohibition on the sale of securities such as the Interests. 
 (h) The General Partner shall be
responsible for any applicable registration or qualification of the Interests under all applicable laws, rules or regulations of the United States and the states therein. The General Partner on behalf of the Partnership acknowledges that MSSB
intends to offer the Interests in each state within the United States. The General Partner, at the Partnership’s expense, shall use reasonable efforts to register or qualify the Interests, if required, in each jurisdiction within the United
States that the Interests are offered by MSSB or to make any filings required by applicable law in each jurisdiction within the United States in which the Interests are sold by MSSB. If the Interests may not be offered in any particular jurisdiction
in the United States, the Partnership and the General Partner shall promptly notify MSSB. 
 (i) The Partnership shall provide a
reasonable quantity of copies of the Offering Materials and such other documents as MSSB is required to provide to prospective investors under this Agreement. If any Offering Materials are amended or supplemented, the General Partner shall promptly
notify MSSB, and provide copies of such amendments or supplements in accordance with the preceding sentence. 
 (j) All
subscriptions for Interests submitted by or through MSSB shall be subject to the General Partner’s approval, in its sole discretion. The General Partner and MSSB agree that the General Partner has the ultimate responsibility to determine
whether a prospective investor meets all applicable private placement accreditation, minimum investment, and other regulatory requirements necessary to invest in the Partnership, provided, however, it is acknowledged by MSSB that the
General Partner will reasonably rely upon due diligence conducted by MSSB on each prospective investor. 
 3. Fees and
Expenses. 
 (a) The Partnership shall pay MSSB a monthly placement agent fee equal to 2.0% per year of month-end
adjusted net assets of Class A Units attributable to sales by MSSB (computed monthly by multiplying the adjusted net assets of Class A Units attributable to sales by MSSB as of the last business day of each month by 2.0% and dividing the
result thereof by 12) and 0.75% per year of month-end adjusted net assets of Class D Units attributable to sales by MSSB (computed monthly by multiplying the adjusted net assets of Class A Units attributable to sales by MSSB as of the last
business day of each month by 2.0% and dividing the result thereof by 12) (“Placement Agent Fee”). Net assets shall have the meaning set forth in the Limited Partnership Agreement; provided that in determining the Net Assets of the
Partnership on any date, no adjustment shall be made to reflect any distribution, redemptions, management or incentive fees accrued or payable as of such date of detmination. 
 (b) MSSB may also introduce investors on an advisory basis whereby the Partnership shall not be obligated to pay MSSB any direct compensation for such limited partners; provided MSSB may be compensated
directly by such limited partners in relation to their investments in the Partnership. 
 (c) MSSB may, without notice, allocate
all or a portion of its fees to its affiliates and may also allocate all or a portion of its fees to non-affiliates upon written notice to the General Partner. The Partnership and the General Partner agree that MSSB, including any applicable
affiliate of MSSB, reserves the sole right to reduce or waive in whole or in part. The General Partner agrees to instruct the Partnership to reduce or waive the MSSB 

  
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fees described herein for any Placement Limited Partner in accordance with written instructions provided by the Placement Agent to the General Partner. Placement Agent agrees that neither the
Partnership nor the General Partner shall have any additional responsibility or liability to MSSB or any other party for complying with the written instructions provided by MSSB relating to this Section 3(c) beyond making payments in accordance
with such written instructions. 
 (d) If MSSB becomes aware that a limited is no longer a client of MSSB, it shall promptly
inform the General Partner and if the General Partner becomes aware that a limited partner is no longer a client of MSSB, the General Partner shall promptly inform MSSB. Once a limited is no longer a client of MSSB, the Partnership will no longer be
obligated to pay the ongoing compensation fees attributable to such limited partner. Notwithstanding the foregoing, a limited partner may be a client of MSSB and another broker dealer at the same time, and the fact that such limited partner is a
client of another broker dealer may not, by itself, serve as evidence that such limited partner is not a client of MSSB. 
 (e)
The Partnership and MSSB shall each bear its own expenses in connection with the solicitation of prospective investors, including expenses of preparing, reproducing, mailing and/or delivering offering and sales materials. 

4. Representations, Warranties and Agreements of the Partnership and the General Partner. The Partnership and the General Partner
(for purposes of this Section 4 only, each a “Party”) severally, and not jointly, represent and warrant to MSSB and agree with MSSB as follows: 
 (a) It is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation or organization, and it has full power and authority under applicable laws, rules or
regulations to conduct its business as contemplated by the Offering Materials. 
 (b) The execution, delivery and performance of
this Agreement has been duly authorized by all necessary action of each Party, and upon the execution and delivery hereof, this Agreement shall constitute a valid, binding and enforceable obligation of such Party. 

(c) The execution, delivery and performance of this Agreement, the incurrence of the obligations set forth herein and the consummation of
the transactions contemplated herein and in the Offering Materials, including the issuance and sale of the Interests, shall not constitute a breach of or default under any agreement or instrument by which such Party is bound, or to which any of its
assets is subject, or any order, rule or regulation applicable to it of any court or any governmental body or administrative agency having jurisdiction over it. 
 (d) There is not pending or, to the best knowledge of such Party, threatened any action, suit or proceeding before or by any court or other governmental body to which such Party is a party, or to which
any of its assets is subject, which might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of such Party. Such Party has not received any notice of an investigation
regarding non-compliance by such Party with applicable laws, rules or regulations. 
 (e) The Offering Materials, as of the date
hereof and at any subsequent time during the term of this Agreement, do not and will not contain any untrue statement of a material fact, or omit to state any material fact required to be stated therein or necessary in order to make the statements
contained therein, in light of the circumstances under which they are made, not misleading. If any statement were to become untrue or if an omission of a material fact is discovered, the General Partner shall promptly supplement the Offering
Materials to remove such untrue statement or to disclose such material fact. 
 (f) At all times during which MSSB clients
own(s) an Interest, the General Partner shall, as soon as commercially practical, notify and update in writing such MSSB client(s) of any material changes or developments relating to the Partnership or their Interests. 

  
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 (g) The Interests have been duly authorized for issuance and sale, and, when issued and
subscribed for in the amounts and for the consideration described in the Offering Materials, will be entitled to the rights and subject to the restrictions and conditions contained in the Organizational Documents; no limited partner will be
personally liable for the debts of and claims against the Partnership by the mere reason of being a limited partner; and all necessary action required to be taken for authorization, issue and sale of the Interests has been validly and sufficiently
taken. 
 (h) It is not necessary in connection with the offer, sale and delivery of the Interests in the manner contemplated by
this Agreement to register the Interests under the Securities Act or, to the best knowledge of such Party, the laws of any other jurisdiction where it is being offered. Each Party shall conduct themselves, and ensure that their respective agents
conduct themselves, in a manner consistent with the exemption from registration under Section 4(2) of the Securities Act and the rules and regulations promulgated thereunder and, without limitation, will not use, or permit any other person to
use, any form of prohibited general solicitation or general advertising in making offers of Interests. 
 (i) Each Party
acknowledges that in performing the services contemplated hereby, MSSB will be entitled to rely upon and assume, without independent verification, the accuracy and completeness of all information that is available from public sources and all
information that has been provided to it by, or on behalf of, the Partnership or the General Partner, and that MSSB has no obligation to verify the accuracy or completeness of any such information and will have no liability to the Partnership, the
General Partner or any third party for any information contained in the Offering Materials. 
 (j) The representations and
warranties set forth in this Agreement are continuing during the term of this Agreement and each Party agrees to notify MSSB promptly in writing if at any time during the term of this Agreement, any such representation or warranty becomes materially
inaccurate or untrue and of the facts related thereto. 
 (k) Each Party acknowledges that MSSB enters into this Agreement in
reliance on the representations, warranties and agreements of the Partnership and the General Partner contained herein. 
 5.
Representations, Warranties and Agreements of MSSB. MSSB represents and warrants to and agrees with, the Partnership and the General Partner as follows: 
 (a) MSSB is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and MSSB has full power and authority under applicable laws, rules or regulations
to engage in the activities contemplated under this Agreement. 
 (b) The execution, delivery and performance of this Agreement
has been duly authorized by all necessary action of MSSB, and upon the execution and delivery hereof, this Agreement shall constitute a valid, binding and enforceable obligation of MSSB. 

(c) The execution, delivery and performance of this Agreement, the incurrence of the obligations set forth herein and the consummation of
the transactions contemplated herein shall not constitute a breach of or default under any agreement or instrument by which MSSB is bound, or to which any of its assets is subject, or any order, rule or regulation applicable to it or of any court or
any governmental body or administrative agency having jurisdiction over it. 
 (d) MSSB (or any designee to which it delegates
its right and obligations hereunder pursuant to Section 1(e)) has and shall maintain all licenses and registrations necessary under applicable federal and state laws, rules and regulations, including the rules and regulation of any
self-regulatory organization with competent jurisdiction, to provide the services required to be provided by MSSB (or such designee) hereunder. To the reasonable knowledge of MSSB, MSSB has not solicited and shall not solicit any offer to buy or
offer to sell 

  
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Interests in any manner that would be inconsistent with applicable laws and regulations, or in any manner that would constitute a general solicitation or general advertising (within the meaning
of Rule 502 of Regulation D under the Securities Act) with respect to the Interests. MSSB will conduct itself and take reasonable measures to ensure that its respective agents conduct themselves, in a manner consistent with the exemption from
registration under Section 4(2) of the Securities Act and the rules and regulations promulgated thereunder, including, without limitation the requirements of Rule 506 of Regulation D under the Securities Act. 

(e) MSSB shall furnish to each prospective investor it solicits the most current copy of the Memorandum provided to it by the General
Partner prior to that person’s admission as a limited partner. 
 (f) MSSB shall furnish to the Partnership a description
of all material pending and prior litigation and regulatory actions involving MSSB and its subsidiaries, required to be disclosed in the Memorandum during the term of this Agreement. 

(g) The representations and warranties set forth in this Agreement are continuing during the term of this Agreement and MSSB agrees to
notify each of the Partnership and the General Partner promptly in writing if at any time during the term of this Agreement, any such representation or warranty becomes materially inaccurate or untrue and of the facts related thereto. 

(h) MSSB acknowledges that each of the Partnership and the General Partner enter into this Agreement in reliance on the representations,
warranties and agreements of MSSB contained herein. 
 6. Indemnification. 

(a) The Partnership shall indemnify, hold harmless, and defend MSSB, each person who controls MSSB within the meaning of Section 15
of the Securities Act or Section 20(a) of the Securities Exchange Act of 1934, and their respective officers, directors, partners, members, shareholders, employees and agents from and against any losses, claims, damages or liabilities (or
actions in respect thereof) (“Covered Claims”) arising out of or relating to (i) the offer or sale of the Interests or the management or affairs of the applicable Partnership; (ii) any untrue statement or alleged untrue statement
of material fact or any omission of a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in any Offering Materials or in any advertising or promotional material
approved, published or provided to MSSB by or on behalf of the Partnership or the General Partner or accurately derived from information approved, published or provided to MSSB by or on behalf of the Partnership (iii) any violation of any law,
rule or regulation relating to the registration or qualification of Interests or the Partnership, (iv) any breach by the Partnership or the General Partner of any representation, warranty or agreement contained in this Agreement, (v) any
violation of any law, rule or regulation relating to the operation of the Partnership or (vi) any willful misconduct or gross negligence by the Partnership or the General Partner or their respective affiliates in the performance of, or failure
to perform, its obligations under this Agreement, except to the extent that any such Covered Claim is caused by breach of this Agreement by MSSB or its affiliates, directors, members, employees, agents and affiliates or the willful misconduct or
gross negligence of any of the foregoing in the performance of, or failure to perform, their obligations under this Agreement. 

(b) MSSB shall indemnify, hold harmless, and defend each of the Partnership and the General Partner, each person who controls any of the
foregoing within the meaning of Section 15 of the Securities Act or Section 20(a) of the Securities Exchange Act of 1934, and their officers, directors, partners, members, shareholders, employees, and agents from and against any Covered
Claims arising out of or relating to (i) any breach by MSSB of any representation, warranty or agreement contained in this Agreement, (ii) failure of MSSB to comply with marketing rules or private placement rules in any jurisdiction,
(iii) any untrue statement, or alleged untrue statement of a material fact, made by MSSB in connection with MSSB’s placement of the Interests that is not in reliance on or in conformity with the Offering Materials, or (iv) willful
misconduct or gross negligence by MSSB in the performance of, or failure to perform, its obligations under this Agreement, 

  
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except in each case to the extent that any Covered Claim is caused by breach of this Agreement by the Partnership or the General Partner or their officers, directors, partners, members,
shareholders, employees, agents and affiliates or the willful misconduct or gross negligence of any of the foregoing in the performance of, or failure to perform, their obligations under this Agreement. 

(c) Promptly after receipt of notice of any claim or complaint or the commencement of any action or proceeding with respect to which an
indemnified party is entitled to seek indemnification hereunder, the indemnified party shall notify the indemnifying party in writing of such claim or complaint or the commencement of such action or proceeding. The indemnifying party shall be
entitled to participate at its own expense in the defense or, if it so elects within a reasonable time after receipt of such notice, to assume the defense of any suit so brought, which defense shall be conducted by counsel chosen by it and
satisfactory to the indemnified party or parties. In the event that the indemnifying party elects to assume the defense of any such suit and retain such counsel, the indemnified party or parties shall bear the fees and expenses of any additional
counsel thereafter retained by it or them. 
 (d) If the foregoing indemnification is for any reason unavailable to an
indemnified party (other than by reason of the terms thereof), the indemnifying party shall contribute to the Covered Claims that are paid or payable by the indemnified party in such proportion as is appropriate to reflect the relative economic
interests of the indemnifying party, on the one hand, and the indemnified party, on the other hand, in the transactions contemplated by this Agreement (whether or not consummated) and any other relevant equitable considerations. For purposes of this
paragraph, the relative interests of the Partnership and the General Partner, on the one hand, and MSSB, on the other hand, in the transactions contemplated by this Agreement, shall be deemed to be in the same proportion as (i) the total
proceeds received or contemplated to be received by the Partnership and the General Partner in the transactions contemplated by this Agreement (whether or not any such transaction is consummated) bears to (ii) the fees paid or to be paid to
MSSB under the Agreement; provided, however, that to the extent permitted by applicable law, in no event shall the Partnership and the General Partner contribute less than the amount necessary to ensure that all indemnified parties, in
the aggregate, are not liable in excess of the amount of fees actually received by MSSB pursuant to this Agreement. 
 (e) The
foregoing indemnity will be in addition to any liabilities that the parties may otherwise have incurred hereunder. 
 7.
Confidentiality. 
 (a) Each party acknowledges that, in performing its obligations under this Agreement, it may have
access to confidential and proprietary information of the other party (“Confidential Information”). The parties agree that information concerning any potential investor introduced by MSSB to the Partnership or the General Partner is the
Confidential Information of MSSB. By way of illustration but not of limitation, “Confidential Information” includes any “nonpublic personal information” (as defined in SEC Regulation S-P or FTC Regulation 313) regarding
prospective investors and limited partners or members, trade secrets, data, know-how, accounting data, statistical data, financial data or projections, forecasts, business practices or policies, research projects, reports, development and marketing
plans, strategies, or other business information that is not generally known or available to the public. The term “Confidential Information” does not include information that: (i) is or becomes generally available to the public other
than as a result of an improper disclosure by the disclosing party; (ii) was rightfully available to a party on a non-confidential basis before its disclosure by the other party; (iii) was independently developed by the receiving party or
(iv) becomes available to a party on a non-confidential basis from a source other than the other party, provided that such source is not prohibited from transmitting the information by a contractual, legal, or fiduciary obligation. 

(b) Except to the extent necessary to perform its obligations under this Agreement, neither party may disclose or use any of the other
party’s Confidential Information. Each party shall maintain the confidentiality of the other party’s Confidential Information in its possession or control. For the avoidance of doubt, no party may

  
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provide information concerning the Partnership or prospective investors to any third party knowing that such third party may use such information in any form of publication, whether publicly or
privately distributed, without the express prior written approval of the other party. Each party shall limit the disclosure of the other party’s Confidential Information to those of its employees and agents with a need to know such Confidential
Information for purposes of this Agreement. Each party shall use reasonable care to prevent its employees and agents from violating the foregoing restrictions. Notwithstanding the above, Confidential Information may be disclosed to the extent
required by law or by an order or decree of any court or other governmental authority or a request is made by a governmental authority, regulatory agency or self-regulatory agency; provided, however, that each party shall, to
the extent practicable, if legally compelled to disclose such information: (i) provide the other party with prompt written notice of that fact so that the other party may attempt to obtain a protective order or other appropriate remedy and/or
waive compliance with the provisions of this Section 7; (ii) disclose only that portion of the information that a party’s legal counsel advises is legally required; and (iii) endeavor to obtain assurance that confidential
treatment will be accorded the information so disclosed. Notwithstanding the foregoing, limited partners shall also be governed by the privacy policy included in the Offering Materials. 

(c) On written request or on the expiration or termination of this Agreement, each party shall return to the other party or destroy all
Confidential Information in its possession or control, provided that each party may retain a single archival copy of any document or information that such party is obligated to maintain pursuant to record keeping requirements to which it is subject
under applicable laws, rules or regulations, but for only so long as such records are required to be maintained. 
 8. Client
Communications. The Partnership and the General Partner severally agree to provide to MSSB copies of any communications to limited partners in respect to the operation and performance of the Partnership. Communications that are provided on a
regular basis such as monthly account statements, will be distributed to MSSB when such communications are distributed to MSSB clients. The General Partner shall use its commercially reasonable efforts to distribute to MSSB all communications that
require any action by limited partners such as limited partner consent or vote prior to the distribution of such communication to limited partners. The Partnership and the General Partner agree that MSSB may use such communications in connection
with reports issued by MSSB to the applicable limited partners to which such communications were directed. The Partnership and the General Partner severally agree to respond as soon as practicable to inquiries of MSSB investors as communicated by
MSSB and shall endeavor to copy MSSB on all such communications. 
 9. Term and Termination. 

(a) This Agreement shall remain in full force and effect until terminated by a party on thirty days’ prior written notice to the
other parties. This Agreement may be terminated immediately on written notice to the other parties hereto on the dissolution, insolvency or bankruptcy of any party or upon a material breach of any condition, warranty, representation or other term of
this Agreement by the other party. 
 (b) On termination of this Agreement, the General Partner will continue to pay MSSB the
compensation set forth in Section 3 for so long as each limited partner introduced to the Partnership by MSSB remains a limited partner and MSSB (and its applicable employees) maintains all necessary licenses and regulations required to receive
such compensation. For purposes of the foregoing, MSSB shall be entitled to the compensation set forth in Section 3 with respect to any person introduced by MSSB to the General Partner prior to termination whose subscription is accepted by the
Partnership within sixty days following such termination. 

  
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 10. Notices. Any notice required or desired to be delivered under this Agreement
shall be effective on actual receipt and shall be in writing and (i) delivered personally; (ii) sent by first class mail or overnight delivery, postage prepaid; (iii) transmitted by electronic mail (with confirmation of delivery and
receipt); or (iv) transmitted by fax (with confirmation by first class mail, postage prepaid) to the parties at the following address or such other address as the parties from time to time specify in writing: 

If to the Partnership or the General Partner : 
 Commodity Advisors Fund L.P. 
 c/o Ceres Managed Futures LLC 

Morgan Stanley Alternative Investments 
 522 5th Avenue, 14th Floor 
 New York, NY 10036 

Fax: 212-296-6869 
 Email: Walter.Davis@morganstanleysmithbarney.com 
 Attention: Walter Davis,
President 
 If to MSSB: 
 Morgan Stanley Smith Barney LLC 
 522 5th Avenue, 13th Floor 

New York, NY 10036 
 Fax: 212 905-2750 
 Email: Jeremy.Beal@morganstanleysmithbarney.com

 Attention: Jeremy Beal 
 With a copy to: 
 Willkie Farr and Gallagher LLP 

787 Seventh Avenue 
 New York, NY 10019 
 Email: RMolesworth@willkie.com 

Attention: Rita Molesworth 
 11. Status of Parties. In selling the Interests, MSSB will be an independent contractor (rather than employee, agent or representative) of the Partnership or the General Partner, and MSSB shall not
have the right, power or authority to enter into any contract or to create any obligation on behalf of the Partnership or the General Partner or otherwise bind the Partnership or the General Partner in any way. Nothing in this Agreement shall create
a partnership, joint venture, agency, association, syndicate, unincorporated business or any other similar relationship between the parties. Nothing in this Agreement shall be construed to imply that MSSB is a partner, shareholder, manager, managing
member or member of the Partnership or the General Partner. 
 12. Miscellaneous. 

(a) Headings. Headings to sections and subsections in this Agreement are for the convenience of the parties only and are not intended to
be a part of or affect the meaning or interpretation hereof. 
 (b) Entire Agreement. This Agreement embodies the entire
agreement and understanding of the parties with respect to the subject matter hereof, and supersedes all other agreements and understandings, whether written or oral, between the parties relating to the subject matter hereof entered into prior to
this Agreement. 
 (c) Amendments. This Agreement shall not be amended except by a writing signed by all parties hereto.

 (d) Waiver. No waiver of any provision of this Agreement shall be implied from any course of dealing between the parties
hereto either before or after the effective date of this Agreement or from any failure by any party hereto to assert its rights hereunder on any occasion or series of occasions. 

  
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 (e) Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to the conflict or choice of law provisions thereof. The provisions of Sections 3, 6 (including with respect to breaches of Section 4 or 5), 7, 8, 9 (b), and this Section 12 shall survive
termination of this Agreement. If any provision of this Agreement is or should become inconsistent with any present or future law, rule, or regulation of any governmental or regulatory authority having jurisdiction over the subject matter of this
Agreement, such provision shall be deemed rescinded or modified in accordance with any such law, rule or regulation. In all other respects, this Agreement shall continue and remain in full force and effect. 

(f) Successors and Assigns. This Agreement will inure to the benefit of and be binding on the parties hereto and such parties’
respective successors and permitted assigns. 
 (g) Assignment. No party may assign this Agreement without the prior written
consent of the other parties, except as otherwise provided herein. Any purported assignment in violation of this Section 12 will be void. 
 (h) Jurisdiction and Consent. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN NEW YORK CITY OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT AND WAIVE TRIAL BY JURY. EACH OF THE PARTIES IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES AGREES THAT A FINAL JUDGMENT IN ANY SUCH SUIT, ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND BINDING UPON THE PARTIES AND MAY BE ENFORCED IN ANY OTHER COURTS TO WHOSE JURISDICTION A PARTY IS OR MAY BE SUBJECT, BY SUIT UPON SUCH JUDGMENT. THE PARTNERSHIP AND THE GENERAL PARTNER EACH HEREBY CONSENTS TO THE SERVICE OF ANY AND
ALL PROCESS WHICH MAY BE SERVED IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT BY MEANS OF PERSONAL DELIVERY OR COURIER SERVICE, ADDRESSED TO ITS ADDRESS PROVIDED ABOVE AND TO THE ATTENTION OF ANY SECRETARY, ASSISTANT
SECRETARY OR ANY OTHER OFFICER, DIRECTOR, MANAGING AGENT OR GENERAL AGENT OF SUCH PARTY, AND SUCH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE UNDER NEW YORK LAW OR UNDER ANY LAW
OF ANY STATE OF THE UNITED STATES OR OF ANY OTHER JURISDICTION OR OTHERWISE TO SERVICE OF PROCESS IN SUCH MANNER. 
 (i)
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Facsimiles (including facsimiles of the signature pages of this
Agreement) shall have the same legal effect hereunder as originals. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT
BLANK] 

  
 - 10 -

 IN WITNESS WHEREOF, the undersigned parties have caused this Agreement to be executed as of
the 28th day June, 2012. 
  

			
	 Commodity Advisors Fund L.P.
  

By: Ceres Managed Futures LLC,

		
	 Name:
	 	 /s/ Walter Davis

		 	Walter Davis
	 Title:
	 	President
	
	Morgan Stanley Smith Barney LLC
		
	 Name:
	 	 /s/ John Sweeney

		 	John Sweeney
	 Title:
	 	Managing Director
	
	Ceres Managed Futures LLC
		
	 Name:
	 	 /s/ Walter Davis

		 	Walter Davis
	 Title:
	 	President

  
 - 11 -Form of Subscription Agreement

 EXHIBIT 10.8 

 
 

 
 COMMODITY ADVISORS FUND L.P. 

SUBSCRIPTION/EXCHANGE AGREEMENT 

To accompany the Private Placement Offering Memorandum and Disclosure Document dated December 30, 2011. 

NOT FOR USE AFTER SEPTEMBER 30, 2012. 

					
			
	  	 		 	  
			
	Morgan Stanley Smith Barney Account	 		 	Full Name of Account

  

							
	CASH SUBSCRIPTIONS Note: only use this section for cash purchases or adding cash to an
exchange subscription to meet the minimum

  

			
	 	 	 Minimum Subscription Amounts

	Partnership	 	Class A Units: $25,000; $10,000 for ERISA/IRA investors
Class D Units: $5,000,000
$10,000 for additional subscriptions (all accounts)
	Commodity Advisors Fund L.P.	 	$                          
          

  

							
	EXCHANGE SUBSCRIPTIONS

 

							
		  	ALL MINIMUMS APPLY
		
	 Fund name and/or security number(s) for commodity
pool(s) from which units are to be redeemed to
exchange
	  	Check Box to specify entire interest or quantity of units to
be redeemed to exchange
	_____________	  	 ̈    Entire Interest* or
                    Units
	_____________	  	 ̈    Entire Interest* or
                    Units
	_____________	  	 ̈    Entire Interest* or
                    Units

 

	*	 Please note that Legacy Smith Barney FAs must still enter redemption ticket(s) as well as the IOI for the subscription amount. Please OVER
ESTIMATE when dropping the IOI to avoid having to re enter. Managed Futures will process on the 1st day of the month and will only be able to lower the IOI amount to process the subscription for the estimated redemption amount plus any cash additions. 

This Subscription/Exchange Agreement must be received by the General Partner no later than 3 business days prior to calendar month end to be included
in the current close. Enter Subscription/Exchange order before sending Agreement to the below address. Client(s) signature MUST be original and therefore can not be faxed or scanned to the General Partner. Account will be debited upon
receipt of this Agreement by the General Partner. 
 For Branch Use: 

 

			
	 Mail completed Subscription Agreement to:
	  	Ceres Managed Futures LLC
522 Fifth Ave, 14th Fl
New York, New York 10036
(212) 296-1999

  

					
			
	  
	 	  
	 	  

			
	Financial Advisor/Private Wealth Advisor Name	 	Employee ID/FA/PW Number	 	FA/PW Advisor’s Telephone No.

  

					
			
	 	  		  	 
	Client Service Associate Name	  		  	Client Service Associate Telephone No.

  
 B-1

 By executing the signature page of this Subscription Agreement and Power of Attorney (the
“Agreement”), you (for yourself and any co-subscriber, and, if you are signing on behalf of an entity, on behalf of and with respect to that entity and its shareholders, partners, beneficiaries or members), represent and warrant to
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Morgan Stanley Smith Barney LLC, Ceres Managed Futures LLC (the “General Partner”) and Commodity Advisors Fund L.P. (the “Partnership”), as follows (as used
below, the terms “you” and “your” refer to you and your co-subscriber, if any, or if you are signing on behalf of an entity, such entity). You understand that Citigroup Global Markets Inc., Morgan Stanley & Co. LLC,
Morgan Stanley Smith Barney LLC, the General Partner, and the Partnership will rely upon all of your statements and representations in this Agreement in deciding whether to allow you to invest in the Partnership. 

(1) You have received and carefully read, understand and agree to abide by the terms of investment as described in the Private Placement Memorandum and
Disclosure Document dated December 30, 2011 (the “Memorandum”) and the limited partnership agreement (the “Limited Partnership Agreement”) including any supplements and exhibits thereto, relating to and describing the terms
and conditions of the private placement of units of limited partnership interest (the “Units”). You hereby acknowledge that no person is authorized to give any information or to make any statement not contained in the Memorandum or the
Limited Partnership Agreement, and that any information or statement not contained in the Memorandum or the Limited Partnership Agreement must not be relied upon as having been authorized by the Partnership. You represent that an investment in the
Partnership in the amount subscribed, despite its substantial risk, is suitable and appropriate for you given your investment objectives, risk tolerance, other holdings, and financial situation and needs, and you understand that an investment in the
Partnership is speculative and may result in the complete loss of your investment. You have carefully reviewed and understand the various risks of an investment in the Partnership, including those summarized under “Risk Factors” and
“Conflicts of Interest” in the Memorandum. 
 (2) You understand that the General Partner intends to restrict investment in the
Partnership to purchasers who are “accredited investors” as defined in Regulation D of the Securities Act of 1933, as amended (the “Securities Act”). You hereby represent that you are an “accredited investor” because
you satisfy one or more of the following categories of “accredited investor:” 
 INDIVIDUAL INVESTORS 

Please check ALL applicable boxes below. 
  

	 ̈	I have a net worth (or joint net worth together with my spouse) in excess of $1,000,000. I understand that the term “net worth” means the excess of total
assets at fair market value, excluding the value of my primary residence, over total liabilities. In calculating net worth, I have not included as a liability any indebtedness that is secured by my primary residence other than the amount of
such indebtedness in excess of (i) the amount outstanding 61 days ago, unless incurred as a result of the acquisition of such residence, or (ii) the estimated fair market value of such residence (whichever excess amount of indebtedness is
greater). 

  

	 ̈	I have had an annual income during the last two full calendar years of in excess of $200,000 (or joint income together with my spouse of in excess of $300,000) and
reasonably expect to have an annual income in excess of $200,000 (or joint income together with my spouse of in excess of $300,000) during the current calendar year. 

 INVESTORS OTHER THAN INDIVIDUALS INCLUDING TRUSTS, CORPORATIONS OR PARTNERSHIPS 

Please check ALL applicable boxes below. 
  

	 ̈	Any bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the
Securities Act whether acting in its individual or fiduciary capacity. 

  
 B-2

	 ̈	Any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; any insurance company as defined in Section 2(13) of the
Securities Act. 

  

	 ̈	Any investment company registered under the Investment Company Act of 1940, as amended, or a business development company as defined in Section 2(a)(48) of that
Act. 

  

	 ̈	Any Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of
1958. 

  

	 ̈	Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of
its employees, if such plan has total assets in excess of $5,000,000. 

  

	 ̈	An employee benefit plan within the meaning of Title I of ERISA, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act,
which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by
persons that are accredited investors. 

  

	 ̈	Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940. 

 

	 ̈	Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for
the specific purpose of acquiring the Units, with total assets in excess of $5,000,000. 

  

	 ̈	Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Units whose purchase is directed by a sophisticated person as
described in Rule 506(b)(2)(ii) under Regulation D. 

  

	 ̈	Any trust that is an accredited investor because it is a revocable trust which may be amended or revoked at any time by the grantors thereof and all of the grantors are
accredited investors. 

  

	 ̈	Any entity in which all of the equity owners are accredited investors. 

 (3) You are acquiring the Units for your own account, as principal, for investment and not with a view to the resale or distribution of all or any part of such Units. 

(4) Units were not offered to you by means of any general solicitation or general advertising by the General Partner or any person acting on its behalf,
including without limitation (a) any advertisement, article, notice, or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio, or (b) any seminar or meeting to which you were
invited by any general solicitation or general advertising. 
 (5) (i) You have a net worth alone or with your spouse exceeding ten
(10) times your investment; (ii) you have the capacity to protect your interests in connection with this transaction; or (iii) you are able to bear the economic risk of the investment. 

(6) You are of legal age to execute this Agreement and are legally competent and authorized to make this investment. 

(7) You represent that you are a U.S. resident or a U.S. citizen. If you are not a U.S. resident or U.S. citizen, you agree to pay or reimburse Morgan
Stanley Smith Barney LLC (the “Selling Agent”) or the Partnership for any taxes, including but not limited to withholding tax imposed with respect to your Units. 
 (8) Unless representation (9) below is applicable, your subscription is made with your funds for your own account and not as trustee, custodian or nominee for another. 

  
 B-3

 (9) If you are subscribing as custodian for a minor, either (a) the subscription is a gift you have
made to that minor and is not made with that minor’s funds, in which case the representation in number (2) above applies only to you, as the custodian; or (b) if the subscription is not a gift, the representation in number
(2) above applies only to that minor. 
 (10) If you are subscribing in a representative capacity, you have full power and authority to
make this investment and enter into and be bound by this Agreement on behalf of the entity for which you are purchasing the Units, and that entity has full right and power to purchase the Units and enter into and be bound by this Agreement and
become a limited partner pursuant to the Limited Partnership Agreement, and has been duly organized and is validly existing and is in good standing in the jurisdiction of its formation. In your representative capacity, you have determined that an
investment by either the represented beneficiary or beneficial owner in the Partnership (i) is consistent with the investment objectives, (ii) is in the best interests of, and (iii) is within the risk tolerance of such investor’s
investment in the Partnership. You have also satisfied any additional due diligence obligation you may have to your beneficiaries or beneficial owners. 
 (11) If you are subscribing for a joint or community property account, you have full power and authority to purchase Units and enter into and be bound by this Agreement on behalf of the joint or community
property account. 
 (12) You either: (a) are not required to be registered with the Commodity Futures Trading Commission
(“CFTC”) or to be a member of the National Futures Association (“NFA”); or (b) if so required, you are duly registered with the CFTC and are a member in good standing of the NFA. It is an NFA requirement that the General
Partner attempt to verify that any person or entity that seeks to purchase Units be duly registered with the CFTC and a member of the NFA, if required. You agree to supply the General Partner with such information as the General Partner may
reasonably request in order to attempt such verification. Certain entities that invest in the Partnership may, as a result, themselves become “commodity pools” within the intent of applicable CFTC and NFA rules, and their sponsors,
accordingly, may be required to register as “commodity pool operators.” 
 (13) You have carefully reviewed and understand the fees
and expenses that are directly and indirectly assessed on the Partnership. 
 (14) You understand that the General Partner is an affiliate of
Citigroup Global Markets Inc., which will serve as commodity broker for the Partnership and may, along with its affiliates, serve as an FX counterparty for the Partnership, and Morgan Stanley Smith Barney LLC, which will serve as the selling agent
for the Partnership. You further understand that the Partnership is subject to conflicts of interest as discussed in the “Conflicts of Interest” section in the Memorandum. You also understand that the General Partner or an affiliate of the
General Partner (on behalf of the Partnership) pays Morgan Stanley Smith Barney LLC, as the Selling Agent, an ongoing selling agent fee and the Selling Agent will pay a portion of such fees to your Morgan Stanley Smith Barney LLC financial advisor
or private wealth advisor and the prospect of receiving these fees may provide the General Partner (including its affiliates), the Selling Agent and your Morgan Stanley Smith Barney LLC financial advisor or private wealth advisor with interests that
potentially conflict with your own in respect of your investment in the Partnership. You consent to such conflicts and you covenant not to object to or bring any proceedings against any of the foregoing relating to any such conflicts of interest,
provided that Citigroup Global Markets Inc. and the relevant Morgan Stanley (including Morgan Stanley Smith Barney LLC) parties comply with the appropriate standard of liability as set forth in the Limited Partnership Agreement or any other relevant
controlling agreement. 
 (15) You understand that the Units are illiquid and have not been registered under the Securities Act, or any similar
state law, and cannot be transferred, sold, pledged or assigned except in certain limited circumstances, and with the consent of the General Partner, as set forth in the Limited Partnership Agreement. You understand that the Partnership has no
intention or obligation to register the Units under the Securities Act. 

  
 B-4

 (16) You have such knowledge and experience in financial and business matters that you are capable of
evaluating the merits and risks of an investment in the Partnership and are able to make an informed investment decision. You are not relying on the General Partner, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Morgan Stanley
Smith Barney LLC, or any of their affiliates with respect to any legal, tax, or economic considerations relating to your investment decision, and you further understand that the only disclosures for which the Partnership, the General Partner,
Citigroup Global Markets, Morgan Stanley & Co. LLC, Morgan Stanley Smith Barney LLC, or any affiliates, as applicable, accepts any responsibility relating to your investment are those set forth in the Memorandum and the Limited Partnership
Agreement. 
 (17) You agree that neither the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney LLC,
nor their respective affiliates, nor their respective managers, officers, directors, members, equity holders, employees or other applicable representatives (collectively, “Affiliated Persons”), shall incur any liability (a) in respect
of any action taken upon any information provided to the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney LLC, or their Affiliated Persons by you or for relying on any notice, consent, request,
instructions or other instrument believed, in good faith, to be genuine or to be signed by properly authorized persons on your behalf, including any document transmitted in a manner consistent with the Notice section herein, or (b) for adhering
to applicable anti-money laundering obligations whether now or hereinafter in effect. 
 (18) You agree to indemnify and hold harmless the
Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney LLC, and their Affiliated Persons from and against any and all direct and consequential losses, damages, liabilities, costs or expenses (including
reasonable attorneys’ and accountants’ fees and disbursements) whether incurred in an action between the parties hereto or otherwise or resulting from any unsuccessful proceeding or other action brought by you against any of the foregoing
relating to the Partnership or the offering of the Units (collectively, “Losses”) which the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney LLC, and their Affiliated Persons, or any one of them,
may incur by reason of or in connection with this Agreement, including any misrepresentation made by you or any of your agents, any breach of any declaration, representation or warranty by you, the failure by you to fulfill any covenant or
agreements under this Agreement, our reliance on facsimile, electronic copy or other instructions, or the assertions of your lack of proper authorization from any beneficial owners to execute and perform the obligations under this Agreement. You
also agree that you will indemnify and hold harmless the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney LLC, and their Affiliated Persons, or any one of them, for any Losses they may incur in connection
with your failure to comply with any applicable law, rule or regulation (including anti-money laundering laws and regulations) having application to the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney
LLC, or their Affiliated Persons. 
 (19) You hereby represent and agree that the name, address, and ownership capacity on the Morgan Stanley
Smith Barney LLC account referenced on this Agreement are your true and correct name, address, and ownership capacity, that the name, address, and ownership capacity on the Partnership’s books and records shall be the same as your name,
address, and ownership capacity on such account, and that you will promptly notify Morgan Stanley Smith Barney LLC of any change in your address, which change shall also be effective for all Partnership purposes. You also agree to promptly notify us
if any representation, warranty or statement in this Agreement becomes incomplete, untrue or inaccurate. 
 (20) All the representations,
warranties and information that you have provided in this Agreement and that you provided upfront during the initial intake process are correct and complete as of the date of this Agreement, and, if there should be any material change in such
information you provided either in this Agreement or during the initial intake process prior to or after your admission as a limited partner, you will immediately furnish such revised or corrected information to your Morgan Stanley Smith Barney LLC
financial advisor or private wealth advisor. You acknowledge that the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney LLC, and their Affiliated Persons will rely on such information, representations and
warranties on an ongoing basis. 

  
 B-5

 Additional Representations and Warranties regarding Anti-money Laundering: 

(21) During the intake process, you previously made certain representations and warranties that your subscription is in compliance with the applicable
anti-money laundering laws and regulations as of such time and that there have been no material developments to make such representations and warranties false. Additionally, you represent and warrant that: you are not (a) a “Prohibited
Investor” which includes: (i) an individual, entity or organization that is named on the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) List of Specially Designated Nationals and Blocked Persons
(the “SDN List”), or that is located in, organized under the laws of, a citizen or resident of, or the government of a country or territory that is subject to U.S. trade or economic sanctions administered by OFAC; (ii) a foreign shell
bank; and (iii) a person or entity resident in or whose subscription funds are transferred from or through a jurisdiction identified as non-cooperative by the Financial Action Task Force (“FATF”);1 (b) a senior foreign political figure,2 an immediate family member of a senior foreign political
figure,3 or a close associate of a senior foreign
political figure4 within the meaning of the USA Patriot
Act of 2001.5 You also represent and warrant that, to the
best of your knowledge and belief, after appropriate due diligence, none of (a) each person controlling or controlled by you; (b) if you are a privately held entity, each person holding a senior management position or any beneficial equity
interest in you; nor (c) any person for whom you are acting as agent, representative, or nominee in connection with this investment, is named on the SDN List or is otherwise subject to U.S. trade or economic sanctions administered by OFAC.

 You acknowledge that due to money laundering requirements within their respective jurisdictions, the Partnership and the
General Partner (and/or the administrator, if applicable) acting on behalf of the Partnership may require further identification of the Subscriber and the source of payment before this Agreement can be processed. 

You acknowledge that if, following the date of acceptance of your subscription, the General Partner (or administrator, if applicable)
reasonably believes that you are or have become a “Prohibited Investor,” or have otherwise breached the representations and warranties herein as to identity, the Partnership may be obliged to freeze your investment, require you to
immediately withdraw your investment, or take such other action as the Partnership considers necessary or required in accordance with applicable regulations. 
 Additional Representations and Warranties of Investor: 
 (22) You represent and warrant
that, except as you may disclose in writing to the General Partner, you are not subject to the Freedom of Information Act or any similar state, county or municipal legislation or regulation under which you are or may be compelled to disclose to the
public any information regarding your investment in the Partnership or the commodity trading advisor. 
  

	1 	 The current list of FATF member countries and territories may be found at http://www.fatf-gafi.org. 

	2 	 A “senior foreign political figure” is defined as a current or former senior official in the executive, legislative, administrative, military
or judicial branches of a foreign government (whether elected or not), a current or former senior official of a major foreign political party, or a current or former senior executive of a foreign government-owned corporation. In addition, a
“senior foreign political figure” includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political figure. 

	3 	 “Immediate family” of a senior foreign political figure typically includes the figure’s parents, siblings, spouse, children and in-laws.

	4 	 A “close associate” of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close
relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of a senior foreign political figure. 

	5 	 The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56
(2001). 

  
 B-6

 (23) You represent that the Form W-9 that you previously completed and returned to your Morgan Stanley Smith
Barney LLC financial advisor or private wealth advisor remains current as of the date of this Agreement, and, if there should be any material change in such information prior to or after your admission as a limited partner, you will immediately
furnish a revised Form W-9 to your Morgan Stanley Smith Barney LLC financial advisor or private wealth advisor. 
 (24) You agree that the
representations and warranties in this Agreement may be used as a defense in any actions relating to the Partnership or the offering of the Units, and that it is only on the basis of such representations and warranties that the General Partner and
the Selling Agent may be willing to accept your subscription for Units. 
 Additional Representation and Warranty for Exchange Subscribers:

 (25) You are the true, lawful, and beneficial owner of the Units (or fractions thereof) to be redeemed pursuant to this Agreement, with
full power and authority to request redemption and make a subsequent investment in the Partnership. The Units (or fractions thereof) which you are redeeming are not subject to any pledge or are otherwise encumbered in any fashion. 

Additional Representations and Warranties for Employee Benefit Plan and IRA Investors: 
 (26) If you are a “Benefit Plan Investor” (within the meaning of Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), you are a fiduciary
(within the meaning of ERISA) with respect to the subscriber and you are responsible for purchasing the Units, and such purchase is in accordance with ERISA requirements and will not constitute a prohibited transaction under ERISA or the Internal
Revenue Code of 1986, as amended (the “Code”). The term “Benefit Plan Investor” means (a) an employee benefit plan subject to the provisions of Part 4 of Title I of ERISA, (b) a plan or individual retirement account
subject to Section 4975(e)(1) of the Code, or (c) an entity whose underlying assets are deemed to include ERISA plan assets by reason of investment in such entity by investors described in clauses (a) and/or (b). You are not a
participant-directed defined contribution plan. You understand that the General Partner in its sole discretion may limit investments in the Partnership so that less than 25% of the Units of the Partnership are owned by Benefit Plan Investors, and
the General Partner may require a Benefit Plan Investor to redeem its interest in the Partnership if such 25% limit would be exceeded. 
 (27)
If you are a Benefit Plan Investor, you also represent that either (a) or (b) as follows is true: 
 (a) neither the
General Partner nor any of its affiliates (i) manages any part of your investment portfolio on a discretionary basis, (ii) regularly gives investment advice for a fee with respect to your assets, or (iii) has an agreement or
understanding, written or unwritten, with you under which you receive information, recommendations or advice concerning investments that are used as a primary basis for your decisions, or under which you receive individualized investment advice
concerning your assets; or 
 (b) you are independent of the General Partner, have studied the Memorandum and have made an
independent decision to make the investment solely on the basis of such Memorandum and without reliance on any other information or statements as to the appropriateness of the investment, and neither the General Partner nor its employees or
affiliates: (i) has exercised any investment discretion or control with respect to your investment; (ii) has authority, responsibility to give, or has given individualized investment advice with respect to your investment; or (iii) is
the employer maintaining or contributing to you. 
 (28) If you are a Benefit Plan Investor, you also represent that both (a) and
(b) as follows are true: 
 (a) the plan’s investment in the Partnership does not violate and is not otherwise
inconsistent with the terms of any legal document constituting the plan or any trust agreement thereunder; and 

  
 B-7

 (b) the subscriber will, at the request of the Partnership, furnish the Partnership with
such information as the Partnership may reasonably require to establish that the purchase of the Units by the plan does not violate any provision of ERISA or the Code, including without limitation, those provisions relating to “prohibited
transactions” by “parties in interest” or “disqualified persons” as defined therein. 
 (29) If you are a benefit plan
or retirement account that is not a “Benefit Plan Investor” as defined in number 
 (26) above, such as a governmental plan, a
non-U.S. benefit plan, or a church plan that is not subject to ERISA, this investment is in accordance with legal requirements applicable to you. 
 ACCEPTANCE OF THE LIMITED PARTNERSHIP AGREEMENT 
 You agree that as of the
date that your name is entered on the books of the Partnership, you shall become a limited partner of the Partnership. You also agree to each and every term of the Limited Partnership Agreement of the Partnership as if you signed that Limited
Partnership Agreement. You further agree that you will not be issued a certificate evidencing the Units that you are purchasing, but that you will receive a confirmation of purchase in Morgan Stanley Smith Barney LLC’s customary form.

 POWER OF ATTORNEY AND GOVERNING LAW 
 You hereby irrevocably constitute and appoint Ceres Managed Futures LLC, the general partner of the Partnership (in addition to and not by way of limitation of the Power of Attorney included in the
Limited Partnership Agreement), as your true and lawful Attorney-in-Fact, with full power of substitution, in your name, place, and stead: (1) to do all things necessary to admit you as a limited partner of the Partnership; (2) to admit
others as additional or substituted limited partners to the Partnership so long as such admission is in accordance with the terms of the Limited Partnership Agreement or any amendment thereto; (3) to file, prosecute, defend, settle, or
compromise any and all actions at law or suits in equity for or on behalf of the Partnership in connection with any claim, demand, or liability asserted or threatened by or against the Partnership; and (4) to execute, acknowledge, swear to,
deliver, file, and record on your behalf and, as necessary, in the appropriate public offices, and publish: (a) the Limited Partnership Agreement and certificate of limited partnership and all amendments thereto permitted by the terms thereof;
(b) all instruments that the General Partner deems necessary or appropriate to reflect any amendment, change, or modification of the Limited Partnership Agreement or the certificate of limited partnership made in accordance with the terms of
the Limited Partnership Agreement; (c) certificates of assumed name; and (d) all instruments that the General Partner deems necessary or appropriate to qualify or maintain the qualification of the Partnership to do business as a foreign
limited partnership in other jurisdictions. You agree to be bound by any representation made by the General Partner or any successor thereto acting in good faith pursuant to this power of attorney. 

The power of attorney granted hereby shall be deemed to be coupled with an interest and shall be irrevocable and survive your death,
incapacity, dissolution, liquidation, or termination. 
 The validity and construction of this Agreement is governed by, and
construed in accordance with, the laws of the State of New York (without regard to its choice of law principles); provided, however, that causes of action for violations of federal or state securities laws shall not be governed by this Agreement.

 ANY ACTION OR PROCEEDING RELATING IN ANY RESPECT TO THIS AGREEMENT, THE OPERATION OF THE PARTNERSHIP OR THE OFFERING OF THE
UNITS AGAINST YOU, THE PARTNERSHIP OR THE GENERAL PARTNER MAY BE BROUGHT AND ENFORCED IN THE COURTS OF THE CITY, COUNTY, AND STATE OF NEW YORK OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFORE) IN THE COURTS OF THE UNITED STATES FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND YOU, THE GENERAL PARTNER AND THE PARTNERSHIP IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH STATE AND 

  
 B-8

 
FEDERAL COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. YOU, THE GENERAL PARTNER AND THE PARTNERSHIP IRREVOCABLY WAIVES ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO LAYING THE VENUE
OF ANY SUCH ACTION OR PROCEEDING IN THE COURTS OF THE CITY, COUNTY, AND STATE OF NEW YORK OR IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN
BROUGHT IN AN INCONVENIENT FORUM. 
 YOU HEREBY IRREVOCABLY WAIVE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM
AGAINST THE PARTNERSHIP AND THE GENERAL PARTNER RELATING IN ANY RESPECT TO THIS AGREEMENT, THE OPERATION OF THE PARTNERSHIP AND THE OFFERING OF THE UNITS. 
 YOU HEREBY AGREE THAT SERVICE OF PROCESS MAY BE EFFECTED IN THE SAME MANNER AS NOTICES ARE GIVEN PURSUANT TO THE NOTICE SECTION BELOW. 
 MISCELLANEOUS 
 Equitable Relief. You agree that the Partnership, the
General Partner and their affiliates would be subject to potentially irreparable injury as a result of any breach by you of any of the representations, warranties, acknowledgements, covenants, or agreements set forth in this Agreement, and that
monetary damages would not be sufficient to compensate or make whole the Partnership, the General Partner and their affiliates for any such breach. Accordingly, you agree that the Partnership and the General Partner, separately or together, shall be
entitled to equitable and injunctive relief, on an emergency, temporary, preliminary, and/or permanent basis, so as to prevent any such breach or the continuation thereof. 
 Survival; Legal Effect. 
 (i) You agree that the representations,
warranties, agreements, and covenants set forth in this Agreement shall, in pertinent part, survive the acceptance (or rejection) of this Agreement, and any subsequent withdrawal from the Partnership by you. 

(ii) This Agreement shall be binding upon you to the extent set forth herein prior to acceptance of you as a limited partner and, if
accepted, on you and the General Partner, its affiliates, and shall inure to the benefit of you, the General Partner, its affiliates and the Partnership. 
 Severability. In the event that any provision of this Agreement is held to be invalid or unenforceable in any jurisdiction, such provision shall be deemed modified to the minimum extent necessary
so that such provision, as so modified, shall no longer be held to be invalid or unenforceable. Any such modification, invalidity, or unenforceability shall be strictly limited both to such provision and to such jurisdiction, and in each case to no
other. Furthermore, in the event of any such modification, invalidity, or unenforceability, this Agreement shall be interpreted so as to achieve the intent expressed herein to the greatest extent possible in the jurisdiction in question and
otherwise as set forth herein. 
 Counterparts; Facsimiles and Electronic Copies. 

(i) The execution page may be executed in one or more counterparts, together shall constitute the same document. It is the General
Partner’s policy to require submission of manually executed copies of this Agreement. In rare occasions, and in the sole discretion of the General Partner, the General Partner may from time-to-time permit facsimiles and/or electronic copies to
have the same binding force as originals. 

  
 B-9

 (ii) You agree that the General Partner is authorized to accept and execute the execution
page, as well as any instructions given by you, in original signed form or by facsimile or electronic copy. If instructions are given by facsimile or electronic copy, you shall promptly courier the original signed form to the General Partner and
shall indemnify the Partnership, the General Partner and their affiliates for any losses and damages suffered by them as a result of acting on faxed or e-mailed instructions rather than instructions in original signed form. You further agree that
the Partnership, the General Partner and their affiliates, are entitled to rely conclusively on, and shall incur no liability in respect of any action taken on the basis of, any notice, consent, request, instruction, or other instrument believed in
good faith to be genuine or to be signed by properly authorized persons. 
 Entire Agreement. This Agreement and the
Limited Partnership Agreement contain the entire agreement and understanding of the parties hereto relating to the subject matter hereof, and supersede any prior agreements and understandings of the parties relating to such subject matter.

 No Waiver. 
 (i) No failure or delay on the part of the Partnership, the General Partner and their affiliates in exercising any right, power, or remedy hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of any such right, power, or remedy preclude any other or further exercise thereof or the exercise of any other right, power, or remedy. Failure on the part of the Partnership, the General Partner and their affiliates to
challenge any act by you or to declare you in default with respect to the Partnership, the General Partner and their affiliates, irrespective of how long that failure continues, shall not constitute a waiver by the Partnership, the General Partner
and their affiliates of their rights with respect to that default until the applicable statute of limitations period has run. 

(ii) Any waiver granted by the General Partner with respect to any term of this Agreement hereunder must be in writing, signed by an
authorized representative of the General Partner, and shall be valid only in the specific instance in which given. 

Confidentiality. 
 (i) You understand that the information requested in this Agreement is needed in order to ensure compliance with applicable laws and regulations, including, but not limited to, applicable anti-money
laundering laws and regulations. You acknowledge that you will receive or have access to confidential proprietary information concerning the Partnership, including, without limitation, portfolio positions, valuations, information regarding potential
investments, financial information, trade secrets and the like (collectively, “Confidential Information”), which is proprietary in nature and non-public. You agree that, except with the prior written consent of the General Partner, you
have and you shall at all times keep confidential any Confidential Information to which you have been or shall become privy relating to the business or assets of the Partnership, the General Partner, the commodity trading advisor and their
affiliates unless required to be disclosed by law; provided, that before you make any disclosure of Confidential Information required by law, you shall so inform the General Partner and shall give the General Partner, to the greatest extent
practicable, an opportunity to contest whether such information is required by law to be disclosed. Furthermore, you have not reproduced, duplicated or delivered (and will not reproduce, duplicate or deliver) the Memorandum or this Agreement and any
and all other Partnership related documents to any other person, except your professional advisors or as instructed by the Partnership. 
 (ii) Notwithstanding anything to the contrary contained herein, you (and each of your employees, agents or other representatives, as applicable) may disclose to any and all persons, without limitation of
any kind, the tax treatment and tax structure of the transactions contemplated herein and all materials of any kind provided by you relating to such tax treatment and tax structure (as such terms are defined in U.S. Treasury Regulation
section 1.6011-4). 

  
 B-10

 Notices. 
 Notice shall be provided in accordance with the Limited Partnership Agreement. 
 RECEIPT OF
DOCUMENTATION 
 The regulations of the CFTC require that you be given a copy of the Memorandum, as well as additional
documentation consisting of: (a) any required supplements or amendments to the Memorandum, and (b) the most current monthly account statement (report) for the Partnership. You hereby acknowledge receipt of the Memorandum and any such
additional documentation. 
 THE SUBSCRIPTION PROCESS 
 In order to invest in the Partnership, you must (1) date, complete and execute one copy of this Agreement and (2) deliver or mail the Agreement to your Morgan Stanley Smith Barney LLC financial
advisor or private wealth advisor at such person’s Morgan Stanley Smith Barney LLC branch office in time for it to be forwarded and received by the General Partner at Morgan Stanley Smith Barney Managed Futures, 522 Fifth Avenue, 14th Floor,
New York, New York 10036, no later than 3:00 p.m. New York City time, on the third to last business day of the month. This subscription is not binding on the Partnership unless and until it is accepted by General Partner. The General Partner may
accept or reject this subscription in whole or in part for any reason whatsoever. 
 THIS IS A SPECULATIVE INVESTMENT. YOU
COULD LOSE ALL OR SUBSTANTIALLY ALL OF YOUR INVESTMENT. 

  
 B-11

  

SIGNATURE(S)—You MUST sign Either Section A or Section B Below. 

 
 By signing below you acknowledge that you have
received and carefully read, understand and agree to abide by the terms of investment as described in the Memorandum and the Limited Partnership Agreement, including any supplements and exhibits thereto. 

 
  
 Section A. Please sign here if you are an: INDIVIDUAL or INDIVIDUAL RETIREMENT ACCOUNT. 

 
 If you are subscribing for a joint or community
property account, the statements, representations, and warranties set forth in this Subscription and Exchange Agreement and Power of Attorney shall be deemed to have been made by each owner of the account. (If the Units will be owned by
tenants-in-common, signatures of all owners are required.) 
  

															
							
	X	 		  	 	  		  	X	  		  	 
	Signature of Subscriber	 		  	Date	  		  	Signature of Co-Subscriber	  		  	Date

  

											
	 	  		  	 
	Print Full Name of Subscriber	  		  	Print Full Name of Co-Subscriber

 
  
 Section B. Please sign here if you are an: ENTITY, TRUST, BENEFIT PLAN INVESTOR (see number (26) on pages B-6 for the definition) or OTHER (please specify)
                                         
                       . 
 ___________________________________________________________________________________________ 

ACCEPTANCE OF SUBSCRIPTION ON BEHALF OF ERISA PLANS OR INDIVIDUAL RETIREMENT ACCOUNTS IS IN NO RESPECT A REPRESENTATION BY THE GENERAL PARTNER OR
MORGAN STANLEY SMITH BARNEY LLC THAT THIS INVESTMENT MEETS ALL RELEVANT LEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY ANY PARTICULAR PLAN, OR THAT THIS INVESTMENT IS APPROPRIATE FOR ANY PARTICULAR PLAN. 

The undersigned officer, partner, trustee, manager, or other representative hereby certifies and warrants that s/he has full power and authority from or
on behalf of the entity named below and its shareholders, partners, beneficiaries, or members to make the statements, representations, and warranties made herein on their behalf. 

 

													
	 	  		  	X	  		  	 
	Print Full Name of Entity	  		  	Signature of Person Signing for Entity	  		  	Date

  

			
		 	Title:
		
		 	 
		 	Print Full Name of Person Signing for Entity

  
 B-12

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