Document:

Advisory Agreements for Diversified Futures Trust I

 Exhibit 10.14 
  

					
	 	  	Two American Lane	  	Tel 203.861.1031
	 	  	P.O. Box 5150	  	Fax 203.552.1501
	 

	  	Greenwich, Connecticut	  	 
	  	06831-8150	  	 
	  	 	  	 
	  	Joseph J. Allessie	  	 
	 	  	Senior Vice President	  	 
	 	  	General Counsel	  	 

  
 September 14, 2004 
  
 Appleton Capital Management 
 Attn: General Counsel/Secretary 
 Dublin Exchange Management 
 IFSC 
 Dublin, Ireland 
  
 Re: Advisory Agreements for Diversified Futures Trust I 
  
 Please be advised that it is anticipated that as of October 1, 2004, all the issued and outstanding shares of capital stock of Prudential Securities Futures Management
Inc. (the “Prudential Managing Owners”) of the above stated Trust is owned by Preferred Investment Solutions Corp. f/k/a Kenmar Advisory Corp. (the “Kenmar Managing Owner”). Therefore, with respect to the various advisory
agreements currently in effect by and between the Trust, the Prudential Managing Owner and you, please be notified that the Kenmar Managing Owner has assumed the liabilities and obligations of the Prudential Managing Owner thereunder and will
continue to satisfy and perform all liabilities and obligations thereunder. 
  
 The Kenmar Managing Owner will continue to operate per the existing advisory agreements. If this is acceptable, please sign both copies of this Letter Agreement and return one copy. 
  

			
	 PREFERRED INVESTMENT SOLUTIONS CORP.

		
	 By:
	 	 /s/ Joseph J. Allessie

	 Name:
	 	 Joseph J. Allessie

	 Title:
	 	 Senior Vice President, General Counsel

	
	 ACCEPTED AND AGREED TO:

	
	 APPLETON CAPITAL MANAGEMENT

		
	 By:
	 	 /s/ Grellan O’Kelly

	 Name:
	 	 Grellan O’Kelly

	 Title:
	 	 Compliance Officer

 

					
	 	  	Two American Lane	  	Tel 203.861.1031
	 	  	P.O. Box 5150	  	Fax 203.552.1501
	 

	  	Greenwich, Connecticut	  	 
	  	06831-8150	  	 
	  	 	  	 
	  	Joseph J. Allessie	  	 
	 	  	Senior Vice President	  	 
	 	  	General Counsel	  	 

  
 September 14, 2004 
  
 Aspect Capital Ltd. 
 Attn: General Counsel/Secretary 
 102 Wigmore Street 
 Nations House, 8th Floor 
 London, UK 
  
 Re: Advisory Agreements for Diversified Futures Trust I 
  
 Please be advised that it is anticipated that as of October 1, 2004, all the issued and outstanding shares of capital stock of Prudential Securities Futures Management Inc. (the “Prudential Managing Owners”)
of the above stated Trust is owned by Preferred Investment Solutions Corp. f/k/a Kenmar Advisory Corp. (the “Kenmar Managing Owner”). Therefore, with respect to the various advisory agreements currently in effect by and between the Trust,
the Prudential Managing Owner and you, please be notified that the Kenmar Managing Owner has assumed the liabilities and obligations of the Prudential Managing Owner thereunder and will continue to satisfy and perform all liabilities and obligations
thereunder. 
  
 The Kenmar Managing Owner will continue to operate per the
existing advisory agreements. If this is acceptable, please sign both copies of this Letter Agreement and return one copy. 
  

			
	 PREFERRED INVESTMENT SOLUTIONS CORP.

		
	 By:
	 	 /s/ Joseph J. Allessie

	 Name:
	 	 Joseph J. Allessie

	 Title:
	 	 Senior Vice President, General Counsel

	
	 ACCEPTED AND AGREED TO:

	
	 ASPECT CAPITAL, LTD.

		
	 By:
	 	 /s/ Simon Rockall

	 Name:
	 	 Simon Rockall

	 Title:
	 	 Company Secretary

 

					
	

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

  
 September 14, 2004 
 Graham Capital Management, LP 
 Attn: General Counsel/Secretary 
 Rock Ledge Financial Center 
 40 Highland Avenue 
 Rowayton, CT 06853 
  
 Re: Advisory Agreements for World Monitor Trust II– Series E, Pru-Securities Strategic Trust, Diversified Futures Trust I 
  
 Please be advised that it is anticipated that as of October 1, 2004, all the issued and
outstanding shares of capital stock of Prudential Securities Futures Management Inc. (the “Prudential Managing Owners”) of the above stated Trusts are owned by Preferred Investment Solutions Corp. f/k/a Kenmar Advisory Corp. (the
“Kenmar Managing Owner”). Therefore, with respect to the various advisory agreements currently in effect by and between the Trusts, the Prudential Managing Owner and you, please be notified that the Kenmar Managing Owner has assumed the
liabilities and obligations of the Prudential Managing Owner thereunder and will continue to satisfy and perform all liabilities and obligations thereunder. 
  
 The Kenmar Managing Owner will continue to operate per the existing advisory agreements. If this is acceptable, please sign both copies of this Letter Agreement and
return one copy. 
  

			
	 PREFERRED INVESTMENT SOLUTIONS CORP.

		
	 By:
	 	 /s/ Joseph J. Allessie

	 Name:
	 	 Joseph J. Allessie

	 Title:
	 	 Senior Vice President, General Counsel

	
	 ACCEPTED AND AGREED TO:

	
	 GRAHAM CAPITAL MANAGEMENT, LP.

		
	 By:
	 	 /s/ Paul Sedlack

	 Name:
	 	 Paul Sedlack

	 Title:Letter Agreement Amending and Restating Brokerage Agreements

 Exhibit 10.15 
  

					
	 	  	 2 American Lane
 P.O. Box 5150
 Greenwich, Connecticut
 06831-8150
	  	 Tel 203.861.1031
 Fax 203.552.1501

	

	  	  
 Joseph J. Allessie
 Senior Vice President
 General Counsel
	  	 

  
 October 1, 2004 
  
 Prudential Financial Derivatives, LLC. 
 Attn: Don Levine, General Counsel 
 One New York Plaza, 13th Floor 
 New York, New York 10292

  
 Re: Letter Agreement Amending and Restating Brokerage Agreements

  
 Please be advised that as of 12:01a.m. Friday, October 1, all the issued
and outstanding shares of the capital stock of Prudential Securities Futures Management Inc. and Seaport Futures Management, Inc., (together the “Prudential Managing Owners”) of the undersigned Trusts/Fund are owned by Preferred Investment
Solutions Corp. f/k/a Kenmar Advisory Corp. (the managing owner and general partner thereto collectively, the “Kenmar Managing Owner”). 
  
 The Trusts and Fund have entered into various brokerage agreements with Prudential Financial Derivatives, LLC. (“PFD” or “Broker”), such brokerage
agreements are listed on Schedule I hereof (collectively hereafter, “Brokerage Agreements”). Please be advised that the Kenmar Managing Owner, on behalf of the Trusts and Fund, desires to continue the Brokerage Agreements on identical
terms except with respect to remuneration. Therefore, consider this Letter Agreement as an amendment and restatement of the various Brokerage Agreements on identical terms save remuneration. This Letter Agreement serves to strike and replace as
follows each remuneration sections in their entirety: 
  
 “Compensation to the Broker. The Broker’s compensation for its services shall be limited to the commodity brokerage fees charged in accordance herewith. Broker shall bill commissions to the Trust or Fund, as the case may
be, per transaction in the amount pf $2.00 per contract per half turn plus all other transaction costs, including but not limited to brokerage charges, give up fees, commissions and service fees that PFD may from time to time charge, all contract
market, clearing house, clearing member, NFA and CFTC fees or charges, fines or penalties, and other amounts owed to PFD with respect to brokerage transactions.” 
  
 Notices to the Trusts/Fund shall be provided as follows: 
  
 Preferred Investment Solutions, Corp. 
 c/o NAME OF TRUST/FUND 
 Attn: Secretary/General Counsel 
 51 Weaver Street 
 Building One South,
2nd Floor 
 Greenwich, CT 06831 
  
  

 

					
	 	  	2 American Lane
P.O. Box 5150
Greenwich, Connecticut
06831-8150	  	Tel 203.861.1031
Fax 203.552.1501
	

	  	  
 Joseph J. Allessie
Senior Vice President
General Counsel
	  	 

  
 Also, please find attached a
Secretary’s Certificate from the Kenmar Managing Owner, Preferred Investment Solutions Corp., designating signatories for the PFD accounts relative hereto. 
  

If this Letter Agreement is acceptable, please sign both copies of this Letter Agreement and return one copy to the undersigned. 
  
 PRUDENTIAL BACHE DIVERSIFIED FUTURES FUND, L.P. to be known as DIVERSIFIED FUTURES
FUND L.P. 
 DIVERSIFIED FUTURES TRUST I 
 PRUDENTIAL SECURITIES
STRATEGIC TRUST to be known as FUTURES STRATEGIC TRUST 
 DIVERSIFIED FUTURES TRUST II 
 WORLD MONITOR TRUST 
 WORLD MONITOR TRUST II 
 PRUDENTIAL-BACHE INTERNATIONAL FUTURES FUND B, C, D and F, PLC. 
  
 By: Preferred Investment Solutions Corp., Managing Owner/General Partner 
  

			
	By:	 	 /s/ Joseph J. Allessie

	Name:	 	Joseph J. Allessie
	Title:	 	Secretary

  

			
	AGREED AND ACCEPTED:
	
	PRUDENTIAL FINANCIAL DERIVATIVES, LLC
		
	By:	 	 /s/ Richard H. Hulit, Jr.

	Name:	 	Richard H. Hulit, Jr.
	Title:	 	Senior Vice President

  

			
	c:	 	Richard H. Hulit, Jr., Prudential
	 	 	Rosita Levy, Kenmar

 

					
	 	  	 2 American Lane
 P.O. Box 5150
 Greenwich, Connecticut
 06831-8150
	  	 Tel 203.861.1031
 Fax 203.552.1501

	

	  	  
 Joseph J. Allessie
 Senior Vice President
 General Counsel
	  	 

  
 Schedule I

  
 PRUDENTIAL BACHE DIVERSIFIED FUTURES FUND, L.P. to be known as
DIVERSIFIED FUTURES FUND L.P. 
  

	 	•	 	Brokerage Agreement dated October 18, 1988 

  
 DIVERSIFIED FUTURES TRUST I 
  

	 	•	 	Brokerage Agreement dated January 4, 1995 

  
 PRUDENTIAL SECURITIES STRATEGIC TRUST, f/k/a WILLOWBRIDGE STRATEGIC TRUST to be known as FUTURES STRATEGIC TRUST 
  

	 	•	 	Brokerage Agreement dated May 1, 1996 

  
 DIVERSIFIED FUTURES TRUST II 
  

	 	•	 	Brokerage Agreement dated February 12, 1997 

  
 WORLD MONITOR TRUST 
  

	 	•	 	Brokerage Agreement dated March 24, 1998 

  
 WORLD MONITOR TRUST II 
  

	 	•	 	Brokerage Agreement dated September 17, 1999 

  
 PRUDENTIAL-BACHE INTERNATIONAL FUTURES FUND B, C, D, and F, PLC. 
  

	 	•	 	Brokerage Agreement dated May 30, 1996 (Fund B, C, and D) 

  

	 	•	 	Brokerage Agreement dated May 19, 1997 (Fund F)

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