Document:

EX-10.7(b)

 EXHIBIT 10.7(b) 

AMENDMENT NO. 5 

TO 
 ESCROW
AGREEMENT 
 WHEREAS, THE BANK OF NEW YORK, a New York banking corporation (the “Escrow Agent”),
Ceres Managed Futures LLC (formerly Demeter Management LLC), a Delaware limited liability company (the “General Partner”), and MORGAN STANLEY SMITH BARNEY LLC, a Delaware limited liability company (the “Selling Agent”), have
agreed to amend the Escrow Agreement, dated as of the 25th day of July, 2007 (the “Original Escrow Agreement”), as amended by Amendment to No. 1 to the Original Escrow Agreement, dated as of the 1st day of January, 2009 and by
Amendment to No. 2 to the Original Escrow Agreement, dated as of the 13th day of October, 2009, by Amendment to No. 3 to the Original Escrow Agreement, dated as of the 1st day of September, 2010 and by Amendment to No. 4 to the
Original Escrow Agreement, dated as of the 17th day of
May, 2012 (together, with Original Escrow Agreement, the “Escrow Agreement”) among the Escrow Agent, the General Partner, and the Selling Agent, to revise Exhibit A thereto. 

WHEREAS, all provisions contained in the Escrow Agreement remain in full force and effect and are modified only to the extent necessary
to provide for the amendments set forth below. 
 NOW, THEREFORE, the parties hereto hereby amend the Escrow Agreement as
follows: 
 1. Exhibit A to the Escrow Agreement is hereby deleted in its entirety and replaced with Exhibit A attached hereto.

 2. The foregoing amendment shall take effect as of the 4th day of October, 2012. 

3. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. 

4. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall
constitute the same agreement. 
 5. Each of the parties represents and warrants to the others that it has full authority to
enter into this Amendment upon the term and conditions hereof and that the individual executing this Amendment on its behalf has the requisite authority to being the parties to this Amendment. 

 IN WITNESS WHEREOF, this Amendment to the Escrow Agreement has been
executed for and on behalf of the undersigned as of the
4th day of October 2012. 

 

			
	CERES MANAGED FUTURES LLC
		
	By:	 	 /s/ Walter Davis

		 	Name: Walter Davis
		 	Title: President
	
	MORGAN STANLEY SMITH BARNEY LLC
		
	By:	 	 /s/ Walter Davis

		 	Name: Walter Davis
		 	Title: Managing Director
	
	 THE BANK OF NEW YORK

as Escrow Agent

		
	By:	 	 /s/ Thomas Hacker

		 	Name: Thomas Hacker
		 	Title: Vice President

 EXHIBIT A 
 List of Partnerships 
 (as of October 2011) 

BHM Discretionary Futures Fund L.P. — A 

BHM Discretionary Futures Fund L.P. — B 

Managed Futures Charter Graham L.P. — A 

Managed Futures Charter Graham L.P. — B 

Morgan Stanley Managed Futures HV, L.P. — A 

Morgan Stanley Managed Futures HV, L.P. — B 

Morgan Stanley Managed Futures LV, L.P. — A 

Morgan Stanley Managed Futures LV, L.P. — B 

Morgan Stanley Managed Futures MV, L.P. — A 

Morgan Stanley Managed Futures MV, L.P. — B 

LSB Futures Funds 
 — AAA
ARC Energy Feeder Fund L.P. 
 — Abington Futures Fund L.P. 

— Bristol Energy Fund L.P. 
 — Commodity Advisors Futures Fund L.P. 
 — Emerging CTA Portfolio Fund
L.P. 
 — Orion Futures Fund L.P. 
 — Orion Futures Fund Ltd. 
 — Potomac Futures Fund L.P. 

— Tactical Diversified Futures Fund L.P. 
 — Tidewater Futures Fund L.P. 
 — Warring Futures Fund L.P. 

— Westport Futures Fund L.P. 

Managed Futures Premier Rotterdam L.P. 
 Managed
Futures Premier Altis L.P. 
 Managed Futures Premier Man-AHL L.P. 
 AAA ARC Energy Feeder Fund L.P. 
 Managed Futures Premier Aventis L.P.EX-10.3(b)

 Exhibit 10.3(b) 
 June 1, 2012 
 Willowbridge Associates Inc. 

101 Morgan Lane — Suite 180 

Plainsboro, N.J. 08536 
 Attention: Mr Steve R.
Crane 
 Re: Management Agreement Renewals 
 Dear Mr. Crane: 
 We are writing with respect to your management agreements concerning the
commodity pools to which reference is made below (the “Management Agreements”). We are extending the term of the Management Agreements through June 30, 2013 and all other provisions of the Management Agreements will remain unchanged.

  

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. 

  

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. II 

 

	 	•	 	 Tactical Diversified Futures Fund L.P. 

  

	 	•	 	 CMF Willowbridge Argo Master Fund L.P. 

  

	 	•	 	 Orion Futures Fund (Cayman) Ltd. 

  

	 	•	 	 CTA Capital LLC 

  

	 	•	 	 Emerging CTA Portfolio LP 

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Brian Centner at the address
above or fax to 212-296-6868. If you have any questions I can be reached at 212-296-1290. 
 Very truly yours, 

CERES MANAGED FUTURES LLC 
  

			
	By:	 	 /s/ Brian Centner

		 	Brian Centner
		 	Chief Financial Officer & Director

  

			
	WILLOWBRIDGE ASSOCIATES INC.
		
	By:	 	 /s/ Steven Crane

	Print Name:	 	Steven Crane
	BC/srEX-10.4(b)

 Exhibit 10.4(b) 
 June 1, 2012 
 Winton Capital Management 

1a. St. Mary Abbot’s Place 
 Kensington,
London W86LS, 
 U.K. 
 Attention:
Mr. Martin Hunt 
 Re: Management Agreement Renewals 
 Dear Mr. Hunt: 
 We are writing with respect to your management agreements concerning the
commodity pools to which reference is made below (the “Management Agreements”). We are extending the term of the Management Agreements through June 30, 2013 and all other provisions of the Management Agreements will remain unchanged.

  

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. 

  

	 	•	 	 Orion Futures Fund L.P. 

  

	 	•	 	 CMF Winton Feeder I LP 

  

	 	•	 	 CMF Winton Master Fund L.P. 

  

	 	•	 	 Tactical Diversified Futures Fund L.P. 

  

	 	•	 	 Institutional Futures Portfolio LP 

  

	 	•	 	 Abingdon Futures Fund L.P. 

  

	 	•	 	 Global Futures Fund Ltd. 

  

	 	•	 	 Orion Futures Fund (Cayman) Ltd. 

 Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Brian Centner at the address above or fax to 212-296-6868. If you have any
questions I can be reached at 212-296-1290. 
 Very truly yours, 
 CERES MANAGED FUTURES LLC 
  

			
	By:	 	 /s/ Brian Centner

		 	Brian Centner
		 	Chief Financial Officer & Director

  

			
	WINTON CAPITAL MANAGEMENT
		
	By:	 	 /s/ Andrew Bastow

	Print Name:	 	Andrew Bastow, Director & General Counsel
	BC/srEX-10.5(b)

 Exhibit 10.5(b) 
 June 1, 2012 
 Graham Capital Management, L.P. 

Rock Ledge Financial Center 
 40 Highland Avenue

 Rowayton, CT 06853 
 Attention:
Mr. Paul Sedlack 
 Re: Management Agreement Renewals 
 Dear Mr. Sedlack: 
 We are writing with respect to your management agreements concerning the
commodity pools to which reference is made below (the “Management Agreements”). We are extending the term of the Management Agreements through June 30, 2013 and all other provisions of the Management Agreements will remain unchanged.

  

	 	•	 	 Diversified 2000 Futures Fund L.P. 

  

	 	•	 	 Fairfield Futures Fund L.P. 

  

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. 

  

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. II. 

 

	 	•	 	 Tactical Diversified Futures Fund L.P. 

  

	 	•	 	 Fairfield Futures Fund L.P. II 

  

	 	•	 	 CMF Graham Capital Master Fund L.P. 

 Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Brian Centner at the address above or fax to 212-296-6868. If you have any
questions I can be reached at 212-296-1290. 
 Very truly yours, 
 CERES MANAGED FUTURES LLC 
  

			
	By:	 	 /s/ Brian Centner

		 	Brian Centner
		 	Chief Financial Officer & Director

  

			
	GRAHAM CAPITAL MANAGEMENT, L.P.
		
	By:	 	 /s/ Paul Sedlack

	Print Name:	 	Paul Sedlack, CEO
	BC/srEX-10.6(b)

 Exhibit 10.6(b) 
 June 1, 2012 
 Eckhardt Trading Company 

1314 North Dearborn Parkway 
 The Carriage House

 Chicago, Illinois 60610 
 Attention:
Ms. Audrey L. Gale 
 Re: Management Agreement Renewals 
 Dear Ms. Gale: 
 We are writing with respect to your management agreements concerning the
commodity pools to which reference is made below (the “Management Agreements”). We are extending the term of the Management Agreements through June 30, 2013 and all other provisions of the Management Agreements will remain unchanged.

  

	 	•	 	 CMF Eckhardt Master Fund L.P. 

  

	 	•	 	 Diversified 2000 Futures Fund L.P. 

  

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. 

  

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. II 

 Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Brian Centner at the address above or fax to 212-296-6868. If you have any
questions I can be reached at 212-296-1290. 
 Very truly yours, 
 CERES MANAGED FUTURES LLC 
  

			
	By:	 	 /s/ Brian Centner

		 	Brian Centner
		 	Chief Financial Officer & Director

  

			
	ECKHARDT TRADING COMPANY
		
	By:	 	 /s/ John D. Fornengo

	Print Name:	 	John D. Fornengo
	BC/srEX-10.7(b)

 Exhibit 10.7(b) 
 June 1, 2012 
 SandRidge Capital, L.P. 

1300 Post Oak Blvd., Suite 325 
 Houston,
Texas 77056 
 Attention: Mr. Andrew M. Rowe 
 Re: Management Agreement Renewals 
 Dear Mr. Rowe: 

We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the “Management
Agreements”). We are extending the term of the Management Agreements through June 30, 2013 and all other provisions of the Management Agreements will remain unchanged. 

 

	 	•	 	 Bristol Energy Fund L.P. 

  

	 	•	 	 CMF SandRidge Master Fund L.P. 

  

	 	•	 	 Diversified 2000 Futures Fund L.P. 

  

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. 

  

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. II 

 Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Brian Centner at the address above or fax to 212-296-6868. If you have any
questions I can be reached at 212-296-1290. 
 Very truly yours, 
 CERES MANAGED FUTURES LLC 
  

			
	By:	 	 /s/ Brian Centner

		 	Brian Centner
		 	Chief Financial Officer & Director

  

			
	SANDRIDGE CAPITAL, L.P.
		
	By:	 	 /s/ Andrew M. Rowe

	Print Name:	 	Andrew M. Rowe
	BC/sr

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