Document:

EX-10.3(c)

 EXHIBIT 10.3(c) 

AMENDMENT AGREEMENT 
 This amendment
agreement (the “Amendment”) is dated effective as of January 1, 2014 and is made and entered into by and among: 
 THE UNDERSIGNED:

  

	1.	TRANSTREND B.V., a limited liability company, incorporated under the laws of The Netherlands, with its principal place of business at Weena 723, Unit C5.070, 3013 AM Rotterdam, The Netherlands (the
“Trading Advisor”); 

  

	2.	MORGAN STANLEY SMITH BARNEY TT II, LLC, a Delaware limited liability company (the “Trading Company”); and 

  

	3.	CERES MANAGED FUTURES LLC, a Delaware limited liability company (the “Trading Manager”). 

The Trading Advisor, the Trading Company and the Trading Manager are hereinafter individually also referred to as “Party” and
collectively as “Parties”. 
 WHEREAS, the Parties have concluded that certain advisory agreement, dated effective as of
April 30, 2007, as amended (the “Agreement”), of which this Amendment shall form an inseparable part; 
 WHEREAS, the Parties
wish to have Section 5(a)(i) of the Agreement amended to reflect a decrease of the management fee percentage; 
 WHEREAS, pursuant to
Section 14 of the Agreement, the Agreement may not be amended except by the written consent of the Parties; and 
 WHEREAS, the Parties desire
to enter into this Amendment in order to amend the Agreement to reflect the aforementioned. 
 NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which is hereby confirmed, the Parties agree as follows: 
  

	1.	Interpretation 

 Capitalized and other defined terms used in this Amendment and not otherwise expressly
defined herein shall have the same respective meanings as set forth in the Agreement. In the event of any inconsistency between this Amendment and the Agreement, the terms of this Amendment shall prevail. 

	2.	Amendment 

 Section 5(a)(i) of the Agreement, stating: 

“(i)(A) The Trading Company shall pay the Trading Advisor a monthly management fee based upon a percentage of the Assets as of the first day of each
month (the “Management Fee”) at the applicable rate set forth below; 
 (B) From and after the effective date of this Amendment Agreement through
May 31, 2011, the rate of the Management Fee shall equal 1/12th of 2%; 
 (C) On and after June 1, 2011, if the Assets as of the first day of a
month are: (i) less than $400,000,000, then the rate of the Management Fee shall equal 1/12th of 2% for such month; and (ii) equal to or greater than $400,000,000, then the rate of the Management Fee shall equal 1/12th of 1.75% for such
month; and 
 (D) The Management Fee is payable in arrears within 30 Business Days of the end of the month for which it was calculated. For purposes of this
Agreement, “Business Day” shall mean any day on which the securities markets are open in the United States; and” 
 is hereby deleted and
replaced by a new Section 5(a)(i) of the Agreement, reading as follows: 
 “(i)(A) The Trading Company shall pay the Trading Advisor a monthly
management fee based upon a percentage of the Assets as of the first day of each month (the “Management Fee”) at the applicable rate set forth below; 

(B) If the Assets as of the first day of a month are: (i) less than $400,000,000, then the rate of the Management Fee shall equal 1/12th of 1.5% for such
month; and (ii) equal to or greater than $400,000,000, then the rate of the Management Fee shall equal 1/12th of 1.25% for such month; and 
 (C) The
Management Fee is payable in arrears within 30 Business Days of the end of the month for which it was calculated. For purposes of this Agreement, “Business Day” shall mean any day on which the securities markets are open in the United
States; and” 
  

	3.	Representations 

 Each Party represents to the other Parties that this Amendment has been duly and
validly executed, delivered and entered into by it and that this Amendment constitutes a valid and binding agreement of it enforceable against it in accordance with its terms. 

 

	4.	Full Force and Effect 

 Except unless, and to the extent where, expressly stated otherwise in this
Amendment, the Agreement shall remain in full force and effect. 

  
 - 2 - 

	5.	Counterparts; Valid Agreement 

 This Amendment may be executed by the Parties in one or more
counterparts, each of which when so executed and delivered shall be deemed an original amendment agreement, and all of which together shall constitute one and the same instrument. This Amendment may be executed and delivered either in hard copy
originals or in scanned copies which in either case shall constitute a valid amendment agreement among the Parties. 
  

	6.	Governing Law 

 This Amendment shall be exclusively governed by, and construed in accordance with, the
laws of the State of New York. 
 IN WITNESS WHEREOF, the Parties have executed this Amendment on the respective dates as set forth below.

 MORGAN STANLEY SMITH BARNEY TT II, LLC 
  

											
	 /s/ Alper Daglioglu
	 		 		 	 /s/ Patrick Egan

	Name:	 	Alper Daglioglu	 		 		 	Name:	 	Patrick Egan
	Title:	 	Executive Director	 		 		 	Title:	 	Executive Director
	Date:	 	December 13, 2013	 		 		 	Date:	 	December 13, 2013
	Place:	 	New York, NY USA	 		 		 	Place:	 	New York, NY USA

 CERES MANAGED FUTURES LLC 
  

											
	 /s/ Alper Daglioglu
	 		 		 	 /s/ Patrick Egan

	Name:	 	Alper Daglioglu	 		 		 	Name:	 	Patrick Egan
	Title:	 	Executive Director	 		 		 	Title:	 	Executive Director
	Date:	 	December 13, 2013	 		 		 	Date:	 	December 13, 2013
	Place:	 	New York, NY USA	 		 		 	Place:	 	New York, NY USA

 TRANSTREND B.V. 
  

											
	 /s/ J.P.A. van den Broek
	 		 		 	 /s/ A.P. Honig

	Name:	 	J.P.A. van den Broek	 		 		 	Name:	 	A.P. Honig
	Title:	 	Managing Director	 		 		 	Title:	 	Executive Director
	Date:	 	December 13, 2013	 		 		 	Date:	 	December 13, 2013
	Place:	 	Rotterdam, The Netherlands	 		 		 	Place:	 	Rotterdam, The Netherlands

  
 - 3 -EX-10.3(d)

 EXHIBIT 10.3(d) 

AMENDMENT AGREEMENT 
 This amendment
agreement (the “Amendment”) is dated effective as of October 1, 2014 and is made and entered into by and among: 
 THE UNDERSIGNED:

  

	1.	TRANSTREND B.V., a limited liability company, incorporated under the laws of The Netherlands, with its principal place of business at Weena 723, Unit C5.070, 3013 AM Rotterdam, The Netherlands (the
“Trading Advisor”); 

  

	2.	MORGAN STANLEY SMITH BARNEY TT II, LLC, a Delaware limited liability company (the “Trading Company”); and 

  

	3.	CERES MANAGED FUTURES LLC, a Delaware limited liability company (the “Trading Manager”). 

The Trading Advisor, the Trading Company and the Trading Manager are hereinafter individually also referred to as “Party” and
collectively as “Parties”. 
 WHEREAS, the Parties have concluded that certain advisory agreement, dated effective as of
April 30, 2007, as amended (the “Agreement”), of which this Amendment shall form an inseparable part; 
 WHEREAS, the Parties
wish to have Section 5(a)(i) of the Agreement amended; 
 WHEREAS, pursuant to Section 14 of the Agreement, the Agreement may not be
amended except by the written consent of the Parties; and 
 WHEREAS, the Parties desire to enter into this Amendment in order to amend the Agreement
to reflect the aforementioned. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby confirmed, the
Parties agree as follows: 
  

	1.	Interpretation 

 Capitalized and other defined terms used in this Amendment and not otherwise expressly
defined herein shall have the same respective meanings as set forth in the Agreement. In the event of any inconsistency between this Amendment and the Agreement, the terms of this Amendment shall prevail. 

  

	2.	Amendment 

 Section 5(a)(i) of the Agreement, stating: 

“(i)(A) The Trading Company shall pay the Trading Advisor a monthly management fee based upon a percentage of the Assets as of the first day of each
month (the “Management Fee”) at the applicable rate set forth below; 
 (B) If the Assets as of the first day of a month are: (i) less than
$400,000,000, then the rate of the Management Fee shall equal 1/12th of 1.5% for such month; and (ii) equal to or greater than $400,000,000, then the rate of the Management Fee shall equal 1/12th of 1.25% for such month; and 

(C) The Management Fee is payable in arrears within 30 Business Days of the end of the month for which it was calculated. For purposes of this Agreement,
“Business Day” shall mean any day on which the securities markets are open in the United States; and” 
 is hereby deleted and replaced by a
new Section 5(a)(i) of the Agreement, reading as follows: 
 “(i) The Trading Company shall pay the Trading Advisor a monthly management fee equal
to 1/12th of 1.25% (a 1.25% annual rate) of the Assets as of the first day of each month (the “Management Fee”). The Management Fee is payable in arrears within 30 Business Days of the end of the month for which it was calculated. For
purposes of this Agreement, “Business Day” shall mean any day on which the securities markets are open in the United States; and” 
  

	3.	Representations 

 Each Party represents to the other Parties that this Amendment has been duly and
validly executed, delivered and entered into by it and that this Amendment constitutes a valid and binding agreement of it enforceable against it in accordance with its terms. 

 

	4.	Full Force and Effect 

 Except unless, and to the extent where, expressly stated otherwise in this
Amendment, the Agreement shall remain in full force and effect. 
  

	5.	Counterparts; Valid Agreement 

 This Amendment may be executed by the Parties in one or more
counterparts, each of which when so executed and delivered shall be deemed an original amendment agreement, and all of which together shall constitute one and the same instrument. This Amendment may be executed and delivered either in hard copy
originals or in scanned copies which in either case shall constitute a valid amendment agreement among the Parties. 

  
 -2- 

	6.	Governing Law 

 This Amendment shall be exclusively governed by, and construed in accordance with, the
laws of the State of New York. 
 IN WITNESS WHEREOF, the Parties have executed this Amendment on the respective dates as set forth below.

  

	
	MORGAN STANLEY SMITH BARNEY TT II, LLC,
	by Ceres Managed Futures LLC, the Trading Manager
	
	 /s/ Patrick T. Egan

	Name: Patrick T. Egan
	Title: Director
	Date: September 25, 2014
	Place: New York, NY USA
	
	CERES MANAGED FUTURES LLC
	
	 /s/ Patrick T. Egan

	Name: Patrick T. Egan
	Title: Director
	Date: September 25, 2014
	Place: New York, NY USA

 TRANSTREND B.V. 
  

							
	 /s/ J.P.A. van den Broek
	 		 	 /s/ A.P. Honig
	 	
	Name: J.P.A. van den Broek	 		 	Name: A.P. Honig	 	
	Title: Managing Director	 		 	Title: Executive Director	 	
	Date: September 23, 2014	 		 	Date: September 23, 2014	 	
	Place: Rotterdam, The Netherlands	 		 	Place: Rotterdam, The Netherlands	 	

  
 -3-

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