Document:

EX-10.1

 Exhibit 10.1 

ESCROW AGREEMENT 
 This ESCROW AGREEMENT
(the “Agreement”) is made and entered into this 17th day of August, 2017, by and among each of the entities individually and not jointly, as listed on Schedule A (each, a “Fund” and collectively, the “Funds”), Ceres
Managed Futures LLC, a Delaware limited liability company (“CMF” or the “General Partner”), UMB Fund Services, Inc., as recordkeeper (“UMBFS”) and UMB Bank, N.A., a national banking association organized and existing
under the laws of the United States of America, as escrow agent (the “Escrow Agent”). 
 WITNESSETH: 

WHEREAS, each Fund is (except as otherwise noted on Schedule A) a New York limited partnership and is not required to be registered as an investment company
under the Investment Company Act of 1940, as amended (the “1940 Act”) and is authorized to issue units of partnership interest in each Fund (“Units”) under an exemption from registration under the Securities Act of 1933, as
amended (the “1933 Act”) and the 1940 Act; and 
 WHEREAS, the Fund generally accepts subscription proceeds for Units on a continuous basis, with
such proceeds applied to the purchase of Units on a monthly basis and may accept requests for the redemption of Units in accordance with the terms of the terms of each Fund’s Private Placement Memorandum and Disclosure Document (the
“Memorandum”); and 
 WHEREAS, the Fund desires to appoint UMB Bank, N.A. as escrow agent for the purpose of holding investment proceeds tendered
by investors prior to the time such funds are transferred to the Fund for the purchase of Units. 
 NOW, THEREFORE, in consideration of the promises and the
mutual covenants and agreements herein contained, the parties hereto hereby agree as follows: 
  

	1.	Appointment and Delegation. 

 The Fund hereby appoints UMB Bank, N.A. as
Escrow Agent, on the terms set forth in this Agreement. UMB Bank, N.A. hereby agrees to serve as Escrow Agent on the terms set forth in this Agreement. The Fund hereby authorizes UMBFS, in its capacity as transfer agent, to provide instructions to
the Escrow Agent on the Fund’s behalf in accordance with the terms of this Agreement and the Transfer Agency Agreement dated as of August 17, 2017 by and among each Fund, severally and not jointly, listed on Schedule A thereto, CMF and UMBFS.

  

	2.	Procedures. 

 (a)    The General Partner, on behalf of each
Fund, will establish a fully segregated escrow account for each such Fund with the Escrow Agent consisting of two (2) sub-accounts, the Subscription Sub-Account and
the Income Sub-Account. Purchase payments periodically received by UMBFS (the “Purchase Proceeds”) will be deposited into the respective Fund’s Subscription
Sub-Account (the Subscription Sub-Account and the Income Sub-Account shall be referred to collectively as the “Escrow
Account”). 

 (b)    Upon receipt of Purchase Proceeds for a Fund, UMBFS shall transfer
such Purchase Proceeds to the Escrow Agent for deposit into the respective Fund’s Escrow Account. Simultaneously with any such transfer of Purchase Proceeds, UMBFS will deliver to the Escrow Agent (with a copy to the General Partner) a cash
letter (the “Cash Deposit Letter”) confirming the amount of the Purchase Proceeds so transferred. In the event the General Partner or UMBFS provides written notice to the Escrow Agent, in the form of a cash letter (the “Purchase
Reversal Letter”), that a subscriber (“Subscriber”) of Units’ purchase order has been rejected, the Escrow Agent shall promptly (but in no event later than the close of business on the day of receipt of such Purchase Reversal
Letter in accordance with subparagraph (d) or Paragraph 4), transfer the Purchase Proceeds specified in the Purchase Reversal Letter from the Escrow Account to UMBFS in accordance with the payment procedures in Paragraph 4. The Escrow Agent
shall have no duty or obligation with respect to the collection of any Purchase Proceeds from a Subscriber. 
 (c)    On
the first business day of each calendar month, UMBFS will deliver to the Escrow Agent a cash letter instructing the Escrow Agent to transfer the Purchase Proceeds, if any, on deposit in the Escrow Account (the “Cash Disbursement Letter”)
to the Fund’s futures clearing broker. 
 (d)    The Escrow Agent shall provide the General Partner and UMBFS with
a statement of the assets held and transactions of the Escrow Accounts on a monthly basis and shall provide electronic access to the General Partner and UMBFS on a daily basis. At the Escrow Agent’s request, UMBFS shall provide periodic
summaries of Escrow Account activity. 
 (e)    The Escrow Agent shall invest all amounts deposited in the Escrow
Accounts with it hereunder, and earnings thereon, if any, in the UMB Money Market Special Account (the “Special Account”). All monies must be deposited to the Escrow Accounts prior to 4:00 p.m. CT in order to be credited to the Special
Account and receive credit for that day’s earnings. All investment earnings on the Escrow Accounts shall be transferred on the first business day of each month to the Income Sub-Account. The Escrow Agent
shall transfer such investment earnings from each Fund’s Income Sub-Account to UMBFS for crediting to the account of each Shareholder in the respective Fund (if the Subscriber’s subscription was
accepted) or to the relevant Subscriber’s account (if the Subscriber’s subscription was rejected). 

(f)    In the event an adjustment needs to be made in connection with any money movement hereunder, UMBFS, after notice to
the General Partner, shall deliver to the Escrow Agent a cash letter specifying the corrective action to be taken. 

(g)    Prior to delivery of the Purchase Proceeds to it or its designated agents, the Fund or its agents shall have no
title, right, claim, lien or any other interest in the funds held in escrow hereunder, and such funds shall under no circumstances be available to the Fund or its agents or their creditors for payment or reimbursement for liabilities or
indebtedness. 

  
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	3.	Compensation. 

 For its services hereunder, the Escrow Agent shall be
entitled to a one-time account acceptance fee of $500, plus an annual escrow fee of $600 for the Escrow Accounts and transaction fees of $5 per deposit and/or distribution. In addition to the foregoing fees,
all reasonable out-of-pocket expenses relating to the administration of this Agreement and the Escrow Accounts such as, but not limited to, wire fees, postage, shipping,
courier, telephone and facsimile charges will be paid directly by the Fund. 
  

	4.	Payment Procedures. 

 (a)    Whenever payments are
required to be made to the Escrow Agent under this Agreement, such payments shall be made by electronic transfer per the following instructions: 

UMB Bank, N.A., Kansas City, Missouri 

ABA # XXXXXXXXX 
 A/C # XXXXXXXXXX

 A/C Name: Trust Clearing 

Ref: [Fund name] 
 Attn: Madelyn
Wallace 
 (b)    Whenever payments are required to be made by the Escrow Agent to UMBFS under this Agreement, such
payments shall be made by electronic transfer per the following instructions: 
 UMB Bank, N.A., Kansas City, Missouri 

ABA # XXXXXXXXX 
 A/C #
                     
 Ref:
                     

(c)    Every cash letter delivered to the Escrow Agent hereunder pursuant to Paragraph 2 shall bear the signature of two
(2) authorized UMBFS signers. If requested by UMBFS, each cash letter shall also bear the countersignature of one (1) authorized Fund signer. In connection with the execution of this Agreement, UMBFS shall deliver to the Escrow Agent, and
the Fund shall deliver to UMBFS, a list of authorized signers, together with a certificate of incumbency and specimen signatures. The party providing such certificate may provide an updated certificate evidencing the appointment, removal or change
of authority of any authorized signer, it being understood that the party relying on such certificate shall not be held to have notice of any change in the authority of any authorized signer until receipt of written notice thereof. 

(d)    A cash letter must be received by the Escrow Agent by 3:00 p.m. CT on the day such cash letter is transmitted in
order for the instructions contained in such cash letter to be honored on that day. 

  
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	5.	Representations. 

 Each Fund represents and warrants as follows: 

(a)    it is duly organized and in good standing under the laws of the jurisdiction of its formation and all necessary
action has been taken by it and it is duly authorized to enter into this Agreement; 
 (b)    the Tax Identification
Number as listed in Schedule A is correct; 
 (c)    this Agreement and all other documents related to the transactions
described herein have been duly executed and delivered by the Fund and constitute the legal, valid and binding obligations of the Fund, enforceable in accordance with their respective terms; 

(d)    the execution, delivery and performance of this Agreement and all other documents related to the transactions
described herein by the Fund do not and will not breach or violate or cause a default under its limited partnership agreement or any provision of any agreement, instrument, judgment, injunction or order applicable to or binding upon it. 

 

	6.	Miscellaneous. 

 It is understood and agreed, further, that the Escrow Agent
shall: 
 (a)    be under no duty to pay and transfer any monies hereunder, unless the same shall have been first
received by the Escrow Agent pursuant to the provisions of this Agreement; 
 (b)    be under no duty to accept any
information from any person or entity other than the Fund or UMBFS, and then only to the extent and in the manner expressly provided for in this Agreement; 

(c)    act hereunder as a depository only and be protected in acting upon any written instruction or notice provided by
the Fund or UMBFS pursuant to this Agreement and the information contained therein without responsibility to determine the validity or sufficiency of the same, and be protected in acting upon any other notice, opinion, request, certificate,
approval, consent or other paper delivered to it and represented to it to be genuine and to be signed by the proper party or parties; 

(d)    be indemnified and held harmless by the Fund against any claim made against it by reason of its acting or failing
to act in connection with any of the transactions contemplated hereby and against any loss, liability, cost, suit or reasonable expense, including the expense of defending itself against any claim of liability it may sustain in carrying out the
terms of this Agreement except such claims which are occasioned by its fraud, bad faith, reckless disregard of its duties, negligence or willful misconduct; 

  
 4 

 (e)    have no liability or duty to inquire into the terms and conditions of
any subscriptions for Units, and that its duties and responsibilities shall be limited to those expressly set forth under this Agreement and are purely ministerial in nature; 

(f)    be permitted to consult with counsel of its choice, at its own expense, including
in-house counsel, and shall not be liable for any action taken, suffered or omitted by it in good faith in accordance with the advice of such counsel, provided, however, that nothing contained in this
subparagraph (f), nor any action taken by the Escrow Agent, or of any such counsel, shall relieve the Escrow Agent from liability for any claims which are occasioned by its fraud, bad faith, reckless disregard of its duties, negligence or willful
misconduct, all as provided in subparagraph (d) above; 
 (g)    not be bound by any amendment or revocation of
this Agreement, unless the same shall be in writing and signed by all of the parties of this Agreement; 
 (h)    be
entitled to refrain from taking any action other than to keep all property held by it in escrow hereunder until it shall be directed otherwise in writing by the Fund, or by a final judgment by a court of competent jurisdiction, provided that it
shall be uncertain as to its duties and rights hereunder (including, without limitation, the receipt of conflicting instructions or directions from any of the parties hereto or any third parties); 

(i)    have no liability for following the instructions herein contained or expressly provided for, or written
instructions given by, the Fund or UMBFS; 
 (j)    have the right, at any time, to resign hereunder by giving written
notice of its resignation to the Fund at the address as set forth in subparagraph (l) hereof, at least sixty (60) days before the date specified for such resignation to take effect, and upon the effective date of such resignation; 

 

	 	(i)	all cash and other funds and all other property then held by the Escrow Agent hereunder shall be delivered by it to such successor Escrow Agent as may be designated in writing by the Fund, whereupon the Escrow
Agent’s obligations hereunder shall cease and terminate; 

  

	 	(ii)	if no such successor Escrow Agent has been designated by such date, all obligations of the Escrow Agent hereunder shall, nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter
shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Fund or in accordance with the directions of a final order or judgment of a court of competent jurisdiction; yet, if no such designation,
order or judgment is received by Escrow Agent within sixty (60) days after its giving such resignation notice, it is unconditionally and irrevocably authorized and empowered to petition a court of competent jurisdiction for directions.

  
 5 

 (k)    The General Partner may remove the Escrow Agent at any time (with or
without cause) by giving at least sixty (60) days’ prior written notice and the Escrow Agent, upon the effective date of such removal, shall follow the process enumerated in Section 6(j) hereof. 

(l)    all deliveries and notices to the Escrow Agent shall be in writing, including by electronic mail and shall be sent
or delivered to: 
 UMB Bank, N.A., as Escrow Agent 

Corporate Trust & Escrow Services 

Attn: Madelyn Wallace 
 5910 N.
Central Expwy, Suite 1900 
 Dallas, TX 75206 

Email: madelyn.wallace@umb.com 
 All deliveries
and notices hereunder to the Fund shall be in writing and shall be sent or delivered to: 
 c/o Ceres Managed Futures LLC 

Attn: Patrick Egan, President 
 522
Fifth Avenue 
 New York, New York 10036 

Facsimile: 
 Email: 

All deliveries and notices hereunder to UMBFS shall be in writing and shall be sent or delivered to: 

UMB Fund Services, Inc. 
 Attn:
Suzanne P. Norman Barnes 
 803 West Michigan Street 

Milwaukee, WI 53233 
 Facsimile:
(414) 271-3954 
 (n)    Nothing in this Agreement is intended to or shall
confer upon anyone other than the parties hereto any legal or equitable right, remedy or claim. This Agreement shall be construed in accordance with the laws of the State of New York without reference to the conflict of laws principles thereof and
may be amended or settled only by a writing executed by the parties thereto. Each of the parties hereby waives the right to trial by jury. 

(o)    This Agreement may be executed in multiple counterparts, each of which shall be regarded for all purposes as an
original, and such counterparts shall constitute but one and the same instrument. In addition, the transaction described herein may be conducted and related documents may be stored by electronic means. Copies, telecopies, facsimiles, electronic
files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 

  
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 (p)    In order to comply with provisions of the USA PATRIOT Act of 2001, as
amended from time to time, Escrow Agent may request certain information and/or documentation to verify, confirm and record identification of persons or entities who are parties to the Agreement. 

 

	7.	Tax Reporting. 

 The parties hereto agree that for purposes of tax reporting, all
interest or other income, if any, attributable to the Escrow Accounts pursuant to this Agreement shall be allocable to the Fund. The General Partner agrees to provide the Escrow Agent with an Internal Revenue Service Form W-9 upon execution of this Agreement. The Fund understands that if such tax reporting documentation is not so certified to the Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code, as amended
from time to time, to withhold a portion of any interest or other income earned on the investment of monies or other property held by the Escrow Agent pursuant to this Agreement. The Escrow Agent will prepare and send notifications on Form 1099 for
each calendar year for which such Form is required during the term hereof. 
 IN WITNESS WHEREOF, the parties hereto have caused the Escrow Agreement to be
executed by their respective duly authorized officers. 
  

			
	Each of the Funds on Schedule A, severally and not jointly
	
	By: Ceres Managed Futures LLC, its General Partner
		
	By:	 	 /s/ Steven Ross

	Title:	 	Chief Financial Officer
	
	CERES MANAGED FUTURES LLC
		
	By:	 	 /s/ Steven Ross

	Title:	 	Chief Financial Officer

  
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	UMB Bank, N.A., AS ESCROW AGENT
		
	By:	 	 /s/ Madelyn Wallace

	Title:	 	Vice-President
	
	UMB FUND SERVICES, INC.
		
	By:	 	 /s/ Anthony J. Fischer

	Title:	 	President

  
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 SCHEDULE A 

[Names of funds] 
  

					
	 Fund
	  	Tax Identification Number	 
	 Orion Futures Fund L.P.
	  	 	22-3644546	 
		  			
		  			
		  			
		  			
		  			
		  			
		  			

  
 9EX-10.2

 Exhibit 10.2 

CERES MANANGED FUTURES LLC 

UMB FUND SERVICES, INC. 

TRANSFER AGENCY AGREEMENT 

THIS TRANSFER AGENCY AGREEMENT (the “Agreement”) is made as of this 17th day of August, 2017 (the
“Effective Date”), by and between each of the entities individually and not jointly, as listed on Schedule A hereto (each a “Fund”, and, collectively, the “Funds”), Ceres Managed Futures LLC, a Delaware limited
liability company (the “General Partner” or “CMF”) and UMB Fund Services, Inc., a Wisconsin corporation, its successors and assigns (the “Transfer Agent”). 

WHEREAS, each Fund is (except as otherwise noted on Schedule A) a New York limited partnership and is not required to be registered as
an investment company under the 1940 Act (as defined below) and authorized to issue units of partnership interest in each Fund (“Units”); and 

WHEREAS, each Fund, the General Partner and Transfer Agent desire to enter into an agreement pursuant to which Transfer Agent shall
provide Services (as defined below) to the Funds; and 
 WHEREAS, it is contemplated that additional Funds may become parties to this
Agreement by written consent of the parties hereto and in accordance with Section 10(c). 
 NOW, THEREFORE, in
consideration of the mutual promises and agreements contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 

1.     Definitions In addition to any terms defined in the body of this Agreement, the following capitalized terms
shall have the meanings set forth hereinafter whenever they appear in this Agreement: 
 “1933
Act” shall mean the Securities Act of 1933, as amended. 
 “1934
Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “1940
Act” shall mean the Investment Company Act of 1940, as amended. 
 “Authorized
Person” shall mean any individual or individuals authorized by the General Partner to provide Transfer Agent with Instructions on behalf of a Fund, whose name(s) shall be certified to Transfer Agent from time to time
pursuant to Section 3(b) of this Agreement. Such Authorized Person has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Transfer Agent the
names of the Authorized Persons from time to time. 
 “Commission” shall mean the U.S. Securities and
Exchange Commission. 
 “Commodity Trading Advisor” shall
mean each entity that manages assets and funds of a Fund allocated to it for investment and reinvestment of such assets and funds in commodity interests, including commodity futures, options on futures and forward contracts. 

 “Custodian” shall mean the Fund’s clearing futures
commission merchant for, if applicable, the financial institution appointed as custodian under the terms and conditions of a custody agreement between the financial institution and the Fund, or its successor. 

“Instructions” shall mean an oral communication from an Authorized Person or a written communication
signed by an Authorized Person and actually received by Transfer Agent. Instructions shall include manually executed originals, telefacsimile transmissions of manually executed originals or electronic communications. 

“Limited Partner” shall mean a record owner of Units of the Fund. 

“Offering Document” shall mean a Fund’s then current Private Placement Offering Memorandum
and Disclosure Document including all supplements thereto. 
 “Offering Price”
shall mean the price per Unit that the Units will be offered for sale calculated in accordance with the Fund’s then current Offering Document. 

“Organizational Document” shall mean the Limited Partnership Agreement or other similar
operational document of a Fund, as the case may be, as the same may be amended from time to time. 

“Services” shall mean the transfer agency and dividend disbursement services described on Schedule B
hereto and such additional services as may be agreed to by the parties from time to time and set forth in an amendment to Schedule B. 

“Limited Partner Units” means Units of limited partnership owned by
Limited Partners of a Fund. 
 2.     Appointment and Services 

(a)    Transfer Agent is hereby appointed as transfer agent of all Units and is hereby authorized to provide Services
during the term of this Agreement and on the terms set forth herein. It is understood and agreed that Transfer Agent will
not provide the Services with respect to any Limited Partners that were
Limited Partners as of the Effective Date. Subject to the direction and control of the General Partner and utilizing information provided by the Fund
and its current and prior agents and service providers, Transfer Agent will provide the Services in accordance with the terms of this Agreement. Notwithstanding anything herein to the contrary, Transfer Agent shall not be required to provide any
Services or information that it believes, in its sole discretion, to represent dishonest, unethical or illegal activity. In no event shall Transfer Agent provide any investment advice or recommendations to any party in connection with its Services
hereunder. 
 (b)    Transfer Agent may from time to time, in its reasonable discretion, with prior notice to the Fund,
appoint one or more other parties to carry out some or all of its duties under this Agreement, provided that Transfer Agent shall remain responsible to the Fund for all such delegated responsibilities in accordance with the terms and conditions of
this Agreement, in the same manner and to the same extent as if Transfer Agent were itself providing such Services. 

  
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 (c)    Transfer Agent’s duties shall be confined to those expressly set
forth herein, and no implied duties are assumed by or may be asserted against Transfer Agent hereunder. The Services do not include correcting, verifying or addressing any prior actions or inactions of the Fund or by any other current or prior agent
or service provider. To the extent that Transfer Agent agrees to take such actions, those actions shall be deemed part of the Services. 

(d)    Transfer Agent shall not be responsible for the payment of any original issue or other taxes required to be paid by
the Fund in connection with the issuance of any Units in accordance with this Agreement. 
 (e)     Processing
and Procedures 
 (i)     Transfer Agent agrees to accept subscription applications and redemption requests
with respect to the Units of the Fund via postal mail, electronic delivery or personal delivery on each business day in accordance with the Fund’s Offering Documents; provided, however, that Transfer Agent shall only accept subscription
applications from jurisdictions in which the Units are qualified or otherwise eligible under applicable law(s) for sale, as indicated from time to time by the Fund or pursuant to an Instruction (all sales of Units to U.S. persons in a non-U.S. jurisdiction to be effectuated upon an Instruction from the Fund). It is hereby agreed that with respect to sales to U.S. persons in any non-U.S. jurisdiction, the
Fund will not issue an Instruction to the Transfer Agent to accept such subscription applications until the Fund has confirmed either (a) that there are no applicable requirements to qualify or register Units in such jurisdiction or
(b) that the Fund has complied with any such requirements to qualify or register the Units in such jurisdiction. Transfer Agent shall not be required to issue any Units after it has received from an Authorized Person or from an appropriate
federal or state authority written notification that the sale of Units has been suspended or discontinued, and Transfer Agent shall be entitled to rely upon such written notification. Payment for Units shall be in the form of a check, wire transfer,
Automated Clearing House transfer (“ACH”) or such other methods to which the parties shall mutually agree. 
 (ii)
    Upon receipt of a redemption request and monies paid to it by the Custodian in connection with a redemption of Units, Transfer Agent shall redeem the Units and after making appropriate deduction for any withholding of taxes
required of it by applicable federal law, make payment in accordance with the Fund’s redemption and payment procedures described in the Fund’s Offering Documents. 

(iii)     In connection with each subscription for and each redemption of Units, Transfer Agent shall send such statements
as are prescribed by the federal securities laws applicable to transfer agents or as described in the Fund’s Offering Documents. It is understood that certificates for Units have not been and will not be offered by the Fund or made available to
Limited Partners. 
 (iv)     Transfer Agent and the Fund shall establish procedures for effecting subscriptions and
redemptions consistent with the terms of the Fund’s Offering Documents. Transfer Agent agrees to act in accordance with such procedures unless (i) it has received an Instruction not to do so, (2) it is permitted not to follow such
procedures in accordance with the terms of this Agreement or (3) it is prohibited to do so by applicable law. Transfer Agent may establish such additional procedures, rules and requirements governing the purchase or redemption of Units, as it
may deem advisable and consistent with the Fund’s Offering Documents and industry practice, provided that Transfer Agent will 

  
 3 

 
provide prior notice to the Fund of the establishment of any additional procedures, rules and requirements only applicable to the Fund. Transfer Agent shall not be liable, and shall be held
harmless by the Fund, for its actions or omissions which are consistent with the foregoing procedures. 

(f)    Records 

(i)    Transfer Agent shall keep those records specified in Schedule D hereto with respect to the Services in the form and
manner, and for such period, as it may deem advisable but not inconsistent with the rules and regulations regarding commodity pools required to be maintained by commodity pool operators by the Commodity Futures Trading Commission (“CFTC”)
including, without limitation, CFTC Rule 1.31. Transfer Agent may deliver to the General Partner from time to time at Transfer Agent’s discretion, for safekeeping or disposition by Transfer Agent in accordance with law, such records, papers and
documents accumulated in the execution of its duties as transfer agent, as Transfer Agent may deem expedient, other than those which Transfer Agent is itself required to maintain pursuant to applicable laws and regulations. The Fund shall assume all
responsibility for any failure thereafter to produce any record, paper, or other document so returned, if and when required. The records specified in Schedule D hereto maintained by Transfer Agent, which have not been previously delivered to the
Fund pursuant to the foregoing provisions of this paragraph, shall be considered to be the property of the Fund, shall be made available upon request for inspection by the General Partner and auditors of the Fund. Notwithstanding anything contained
herein to the contrary, Transfer Agent shall be permitted to maintain copies of any such records, papers and documents to the extent necessary to comply with the recordkeeping requirements of federal and state securities laws, tax laws and other
applicable laws. 
 (g)     Anti-Money Laundering (“AML”) Services 

(i)     Background In order to assist its transfer agency clients with their AML responsibilities under the USA
PATRIOT Act of 2001, the Bank Secrecy Act of 1970, the customer identification program rules jointly adopted by the Commission and the U.S. Treasury Department and other applicable regulations adopted thereunder (the “AML Laws”), Transfer
Agent offers various tools designed to: (a) aid in the detection and reporting of potential money laundering activity by monitoring certain aspects of Limited Partner activity; and (b) assist in the verification of persons opening accounts
with the Fund and determine whether such persons appear on any list of known or suspected terrorists or terrorist organizations (“AML Monitoring Activities”). In connection with the AML Monitoring Activities, Transfer Agent may encounter
Limited Partner activity that would require it to file a Suspicious Activity Report (“SAR”) with the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”), as required by 31 CFR 103.15(a)(2)
(“Suspicious Activity”). The Fund has, after review, selected various procedures and tools offered by Transfer Agent to comply with its AML and customer identification program obligations under the AML Laws (the “AML
Procedures”), and desires to implement the AML Procedures as part of its overall AML program and, subject to the terms of the AML Laws, delegate to Transfer Agent the
day-to-day operation of the AML Procedures on behalf of the Fund. 

(ii)     Delegation The Fund acknowledges that it has had an opportunity to review, consider and select the AML
Procedures and the Fund has determined that the AML Procedures, as part of the Fund’s overall AML program, are reasonably designed to prevent the Fund from being used for money laundering or the financing of terrorist activities and to achieve
compliance with the applicable provisions of the AML Laws. Based on this determination, the Fund hereby instructs and directs 

  
 4 

 
Transfer Agent to implement the AML Procedures on its behalf, as such may be amended or revised from time to time. The Fund and Transfer Agent hereby agree that the Transfer Agent’s
implementation of the AML Procedures will include the services set forth under Schedule B hereto. The Fund hereby also delegates to Transfer Agent the authority to report Suspicious Activity to FinCEN. 

(iii)    SAR Filing Procedures 

(A)     When Transfer Agent observes any Suspicious Activity, Transfer Agent shall prepare a draft of a SAR on Form SAR-SF, and shall send a copy to msim.aml@morganstanley.com for review. Transfer Agent shall complete each SAR in accordance with the procedures set forth in 31 CFR §103.15(a)(3), with the intent to satisfy the
reporting obligation of both Transfer Agent and the Fund. Accordingly, the SAR shall include the name of both Transfer Agent and the Fund, and shall include the words, “joint filing” in the narrative section. 

(B)     The SAR shall be reviewed and comments, if any, provided to Transfer Agent within a time frame sufficient to
permit Transfer Agent to file the SAR in accordance with the deadline set forth in 31 CFR §103.15(b)(3). Upon receipt of final approval from the Fund, Transfer Agent (or its affiliate) shall file the SAR in accordance with the procedures set
forth in 31 CFR §103.15(b). 
 (C)     Transfer Agent shall provide to the Fund a copy of each SAR filed, together
with supporting documentation. In addition, Transfer Agent shall maintain a copy of the same for a period of at least five (5) years from the date of the SAR filing. 

(D)     Nothing in this Agreement shall prevent either party from making a determination that such party has an
obligation under the USA PATRIOT Act of 2001 to file a SAR relating to any Suspicious Activity, and from making such filing independent of the other party hereto. 

(iv)     Amendment to Procedures It is contemplated that the AML Procedures will be amended from time to time by
the parties as directed by the Fund as additional regulations are adopted and/or regulatory guidance is provided relating to the Fund’s AML responsibilities. 

(v)     Reporting Transfer Agent agrees to provide to the Fund: (i) prompt notification of any transaction or
combination of transactions that Transfer Agent believes, based on the AML Procedures, evidence potential money laundering activity in connection with the Fund or any Limited Partner; (ii) prompt notification of any true and complete match of a
Limited Partner(s) to the names included on the Office of Foreign Asset Controls (OFAC) list or any Section 314(a) search list; (iii) any reports received by Transfer Agent from any government agency or applicable industry self-regulatory
organization pertaining to Transfer Agent’s AML Monitoring Activities; (iv) any action taken in response to AML violations as described above; and, (v) quarterly reports of its monitoring and verification activities on behalf of the
Fund. Transfer Agent shall provide such other reports on the verification activities conducted at the direction of the Fund as may be agreed to from time to time by Transfer Agent and the Fund. 

(vi)     Inspection The Fund hereby directs, and Transfer Agent agrees to: (1) permit federal regulators
access to such information and records maintained by Transfer Agent and relating to Transfer Agent’s implementation of the AML Procedures on behalf of the Fund, as they may request; and, (2) permit such federal regulators to inspect
Transfer Agent’s implementation of the AML Procedures on behalf of the Fund. 

  
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 (vii)    Disclosure Obligations Regarding SARs Neither Transfer Agent
nor the Fund shall disclose any SAR filed or the information included in a SAR to any third party other than affiliates of Transfer Agent or the Fund on a need to know basis and in accordance with applicable law, rule, regulation and interpretation,
that would disclose that a SAR has been filed. 
 (h)     NSCC AIP Services 

(i)    Transfer Agent agrees to permit transmission of Fund data through the National Securities Corporations’
(“NSCC”) Alternative Investments Product service (the “Service”) through Transfer Agent’s NSCC membership, and such other programs and services as may be offered by NSCC as the parties may mutually agree, subject to the
limitations of the Service. 
 (ii)    Transfer Agent shall amend its Alternative Investment Product Member’s
Agreement with NSCC pursuant to which an additional clearing number will be issued in conjunction with Transfer Agent’s NSCC activities on behalf of the Fund. The Fund shall arrange for its custodian to perform all functions required of
settling banks under applicable rules of the NSCC. 
 (iii)    Upon the request of the Fund and in reliance on the terms
hereof, and in order to expedite the trading of the Fund through NSCC and the Service and any other relevant programs and services offered by NSCC as agreed to by the parties, Transfer Agent has agreed to guarantee the payment to NSCC of any and all
fees and charges imposed by NSCC from time to time relating to the Fund’s transactions with NSCC, and has assumed responsibility with respect to NSCC for all transactions in and all obligations and liabilities relating to each Fund’s
clearing number and participation in the Service. 
 (iv)    It is understood that Transfer Agent may, in its sole
discretion, and at any time, terminate any or all of its participation in NSCC on behalf of the Fund. In the event Transfer Agent elects to cease these services, it will provide prompt notice to the Fund. 

(i)    Site Visits and Inspections; Regulatory Examinations. During the term of
this Agreement and upon the General Partner’s reasonable request, authorized representatives of the General Partner may conduct site visits of the Transfer Agent’s facilities during the Transfer Agent’s normal business hours and
inspect the Transfer Agent’s records and procedures solely as they pertain to the Transfer Agent’s Services for the Funds under or pursuant to this Agreement. 

3.     Representations and Deliveries 

(a)    The Fund shall deliver or cause the following documents to be delivered to Transfer Agent: 

(1)    A copy of the Offering Document; 

(2)    A certificate signed by the Chief Financial Officer and Secretary of the General Partner specifying the number of
authorized Units and the number of such authorized Units issued and currently outstanding, if any, the validity of the authorized and outstanding Units, whether such Units are fully paid and non-assessable,
and the status of the Units under the 1933 Act and any other applicable federal law or regulation; 

  
 6 

 (3)    A certified copy of the resolutions of the General Partner authorizing
the appointment of Transfer Agent and the execution of this Agreement on behalf of the Fund; and 
 (4)    A certificate
containing the names of the initial Authorized Persons in a form acceptable to Transfer Agent. Any officer of the General Partner shall be considered an Authorized Person (unless such authority is limited in a writing from the Fund and received by
Transfer Agent) and shall have the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Transfer Agent the names of the Authorized Persons from time to
time. The certificate required by this paragraph shall be signed by an officer of the General Partner and designate the names of the General Partner’s initial Authorized Persons. 

(5)    A certificate as of
                     certifying that all Limited Partner accounts are in balance and all accounts reconciled and current as of the date of this
Agreement, and: (1) there are no outstanding issues relating to transfer agent activities and Limited Partner and Fund recordkeeping, including those related to Limited Partner accounts and transaction activity; and, (2) there are no
existing or potential claims, litigation or demands by Limited Partners or others relating to the Fund, the General Partner or the General Partner’s officers except as disclosed in writing and dated as of the date of this Agreement. 

(6)     All Limited Partner account records in a format acceptable to Transfer Agent, in Milwaukee, Wisconsin and at the
Fund’s expense. 
 (7)    Prior written notice of any increase or decrease in the total number of Units authorized
to be issued, or the issuance of any additional Units of the Fund, and to deliver to Transfer Agent such documents, certificates, reports and legal opinions as it may reasonably request. 

(8)    All other documents, records and information that Transfer Agent may reasonably request in order for Transfer Agent
to perform the Services hereunder. 
 (b)    Each Fund represents and warrants to Transfer Agent that: 

(1)     Except as otherwise noted on Schedule A, it is limited partnership duly organized and existing under the laws of
the State of New York; it is empowered under applicable laws and by its Organizational Document to enter into and perform this Agreement; and all requisite corporate proceedings have been taken to authorize it to enter into and perform this
Agreement. 
 (2)     Any officer of the General Partner has the authority (unless such authority is limited in a
writing from the Fund and received by Transfer Agent) to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Transfer Agent the names of such Authorized Persons.

 (3)     It is not registered or required to be registered as an investment company under the 1940 Act and its
Interests are exempt from the registration requirements of the 1933 Act pursuant to Section 4(a)(2) and Rule 506 of Regulation D promulgated thereunder. 

  
 7 

 (4)     All outstanding Units are validly issued, fully paid and non-assessable and when Units are hereafter issued in accordance with the terms of the Organizational Document and the Fund’s Offering Document, such Units shall be validly issued, fully paid and non-assessable. 
 (5)    It is conducting its business in compliance in all material
respects with all applicable laws and regulations, both state and federal, and has obtained all material regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it
and no provision of its Organizational Document, or any material contract binding it or affecting its property which would prohibit its execution or performance of this Agreement. 

(6)    All Limited Partner tax reporting has been completed timely and accurately, including the distribution of any
applicable tax forms for the most recently completed tax year. 
 (c)    During the term of this Agreement, the Fund
shall have the ongoing obligation to provide Transfer Agent with a copy of the Fund’s currently effective Offering Document as soon as it becomes effective. For purposes of this Agreement, Transfer Agent shall not be deemed to have notice of
any information contained in any such Offering Document until a reasonable time after it is actually received by Transfer Agent. 
 (d)
    The General Partner has and retains primary responsibility for all compliance matters relating to the Fund including, but not limited to, compliance with any applicable requirements under the 1933 Act, 1940 Act, the Internal
Revenue Code of 1986, as amended, the USA PATRIOT Act of 2001, the Sarbanes-Oxley Act of 2002 and the policies and limitations of the Fund as set forth in the Fund’s Offering Documents. Transfer Agent’s Services hereunder shall not relieve
the General Partner of its primary day-to-day responsibility for assuring such compliance. Notwithstanding the foregoing, the Transfer Agent will be responsible for its
own compliance with all relevant statutes insofar as such statutes are applicable to the Services it has agreed to provide hereunder, and will promptly notify the Fund if it becomes aware of any material non-compliance which relates to the
Fund. The Transfer Agent shall provide the Fund with quarterly and annual certifications (on a calendar basis) with respect to the design and operational effectiveness of its compliance and procedures. 

(e)    The Fund agrees that it shall advise Transfer Agent in writing at least thirty (30) days prior to affecting
any change in the Fund’s Offering Document which would materially increase or alter the duties and obligations of Transfer Agent hereunder, and shall proceed with such change only if it shall have received the written consent of Transfer Agent
thereto. 
 (f)     Fund Instructions 

(i)     The General Partner shall cause the General Partner’s officers, and the Fund’s legal counsel, independent
accountants, administrator, fund accountant, and other service providers and agents, past or present, to cooperate with Transfer Agent and to provide Transfer Agent with such information, documents and communications as necessary and/or appropriate
or as requested by Transfer Agent, in order to enable Transfer Agent to perform the Services. In connection with the performance of the Services, Transfer Agent shall (without investigation or verification) be entitled, and is hereby instructed to,
rely upon any and all Instructions, communications, information or documents provided to Transfer Agent. Transfer Agent shall be entitled to rely on any document that it reasonably believes to be genuine and to have been signed or presented by the
proper party. Fees charged by such persons shall be an expense of the Fund. Transfer Agent shall not be held to have notice of any change of authority of any agent or representative of the Fund, General Partner, Authorized Person or service provider
until receipt of written notice thereof from the Fund. 

  
 8 

 (ii)     The General Partner shall provide Transfer Agent with an updated
certificate evidencing the appointment, removal or change of authority of any Authorized Person, it being understood Transfer Agent shall not be held to have notice of any change in the authority of any Authorized Person until receipt of written
notice thereof from the General Partner. 
 (iii)     Transfer Agent, its officers, agents or employees shall accept
Instructions given to them by any person representing or acting on behalf of the Fund only if such representative is an Authorized Person. The General Partner agrees that when oral Instructions are given, it shall, upon the request of Transfer
Agent, confirm such Instructions in writing. 
 (iv)     At any time, Transfer Agent may request Instructions from the
General Partner with respect to any matter arising in connection with this Agreement. If such Instructions are not received within a reasonable time, then Transfer Agent may seek advice from legal counsel for the Fund at the expense of the Fund, or
its own legal counsel at its own expense, and it shall not be liable for any action taken or not taken by it in good faith in accordance with such Instructions or in accordance with advice of counsel. 

(g)    Transfer Agent represents and warrants to the Fund and the General Partner that: 

(i)     It is a corporation duly organized and existing under the laws of the State of Wisconsin; it is empowered under
applicable laws and by its Articles of Incorporation and By-laws to enter into and perform the Services contemplated in this Agreement; and all requisite proceedings have been taken to authorize it to enter
into and perform this Agreement. 
 (ii)     It is duly qualified to carry on its business in the State of Wisconsin.

 (iii)    It is conducting its business in compliance in all material respects with all applicable laws and
regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule regulation, order or judgment binding on it and no provision of its operating documents or
any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement. 
 (iv)
    Transfer Agent has and will continue to have access to the facilities, equipment and personnel necessary and appropriate to carry out its obligations under this Agreement. 

(v)    Transfer Agent will, during the term of the Agreement, employ a virus detection software program, that employs
regular updates, to test for the presence of computer code designed to disrupt, disable, harm or otherwise impede the operation of the hardware and software used by Transfer Agent to perform the Services. 

(vi)    It is duly registered as a transfer agent under Section 17A of the 1934 Act, and will remain so registered
for the duration of this Agreement and will as soon as possible notify the Fund in the event that it is no longer a registered transfer agent. Notwithstanding any other provision of this Agreement, the loss or expiration of Transfer Agent’s
registration as a transfer agent will constitute a material breach of the Agreement and any cure period shall be waived. 

  
 9 

 (vii)    Transfer Agent has policies and procedures reasonably designed to
comply with applicable anti-money laundering and anti-terrorist financing laws, rules and regulations (including the USA Patriot Act of 2001) of the United States, as amended from time to time. Transfer Agent undertakes that it shall:
(a) conduct its operations in accordance with applicable laws, regulations and regulatory interpretations, including all relevant sections of the USA Patriot Act; (b) provide access to its books, records and operations relating to its
anti-money laundering compliance by appropriate regulatory authorities, and if appropriate under the circumstances (subject to applicable law), by the General Partner and the Fund upon request; (c) look through any nominees or intermediaries to
the ultimate beneficial owner of Units, as required by law; (d) upon the request of a regulatory authority, provide copies of records of any investor due diligence performed; and (e) certify in writing at least annually, upon written
request, that it has implemented an anti-money laundering program that is reasonably designed to comply with applicable rules and regulations of a federal functional regulator, as that term is defined for purposes of 31 CFR §103.122, and that
it is in material compliance with all applicable anti-money-laundering laws, rules, regulations and regulatory interpretations. A breach of the foregoing provision shall be considered cause for termination of this Agreement and the Transfer Agent
waives the cure period that would otherwise apply to such breach. 
 (viii)    Transfer Agent has in force policies,
procedures, and internal controls reasonably designed to ensure compliance with economic sanctions programs administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), including
prohibitions set forth in OFAC’s Specially Designated Nationals and Blocked Persons List (the “SDN List”), as well as sanctions programs administered or enforced by the European Union, United Nations and Her Majesty’s Treasury
(United Kingdom), as applicable. Without prejudice to any of the foregoing representations and covenants, Transfer Agent will not process any subscription, transfer or other transaction that it has reason to know, based on the application of its
economic sanctions compliance program, is for or on behalf of, any individual, entity, organization or government that (a) is or becomes designated on the OFAC SDN List or (b) is incorporated, resident or located in any country, territory
or region subject to comprehensive, geographic OFAC sanctions (currently, the Crimea region, Cuba, Iran, North Korea, Sudan and Syria). Transfer Agent will promptly notify the Fund of any transaction with or involving the Fund attempted by any such
person, and will cooperate with the Fund in taking appropriate responsive measures such as rejecting or blocking the transaction and making reports to OFAC as required by law. A breach of the foregoing provision shall be considered cause for
termination of this Agreement and the Transfer Agent waives the cure period that would otherwise apply to such breach. 
 4.
    Fees and Expenses 
 (a)    As compensation for the
performance of the Services with respect to those investors who became Limited Partners of the Fund on and after the Effective Date, the Fund agrees to pay Transfer Agent the fees set forth on Schedule C hereto. Fees shall be adjusted in accordance
with Schedule C or as otherwise agreed to by the parties from time to time. Fees shall be earned and paid monthly in an amount equal to at least 1/12th of the applicable annual fee. The parties
may amend this Agreement to include fees for any additional services requested by the Fund or enhancements to current Services. The Fund agrees to pay Transfer Agent’s then current rate for Services added to, or for any enhancements to existing
Services set forth on Schedule B after the execution of this Agreement. In addition, to the extent that Transfer Agent corrects, verifies or addresses any prior actions or inactions by the Fund or by any prior agent or service provider, Transfer
Agent shall be entitled to additional fees as provided in Schedule C. In the event of any disagreement between this Agreement and Schedule C, the terms of Schedule C shall control. 

  
 10 

 (b)    Upon any termination of this Agreement before the end of any month,
the fee for such part of a month shall be pro-rated according to the proportion which such period bears to the full monthly period and shall be payable upon the date of termination of this Agreement. Should
this Agreement be terminated or the Fund be liquidated, merged with or acquired by another fund or investment company, any accrued fees shall be immediately payable. 

(c)     Transfer Agent will bear all expenses incurred by it in connection with its performance of Services, except as
otherwise provided herein. Transfer Agent shall not be required to pay or finance any costs and expenses incurred in the operation of the Fund, including, but not limited to: taxes; interest; brokerage fees and commissions; salaries, fees and
expenses of the General Partner; Commission fees and state Blue Sky fees; advisory fees; charges of custodians, administrators, fund accountants, dividend disbursing and accounting services agents and other service providers; security pricing
services; insurance premiums; outside auditing and legal expenses; costs of organization and maintenance of corporate existence; taxes and fees payable to federal, state and other governmental agencies; preparation, typesetting, printing, proofing
and mailing of Offering Documents, statements of additional information, supplements, notices, forms and applications and proxy materials for regulatory purposes and for distribution to current Limited Partners; preparation, typesetting, printing,
proofing and mailing and other costs of Limited Partner reports; expenses in connection with the electronic transmission of documents and information including electronic filings with the Commission and the states; research and statistical data
services; expenses incidental to holding meetings of the Fund’s Limited Partners and the General Partner; fees and expenses associated with internet, e-mail and other related activities; and extraordinary
expenses. Expenses incurred for distribution of Units, including the typesetting, printing, proofing and mailing of Offering Documents for persons who are not Limited Partners, will be borne by the General Partner, except for such expenses permitted
to be paid under a distribution plan adopted in accordance with applicable laws. Transfer Agent shall not be required to pay any Blue Sky fees or take any related Blue Sky actions unless and until it has received the amount of such fees from the
Fund. 
 (d)     The Fund also agrees to promptly reimburse Transfer Agent for all out-of-pocket expenses or disbursements incurred by Transfer Agent in connection with the performance of Services under this Agreement.
Out-of-pocket expenses shall include, but not be limited to, those items specified on Schedule C hereto. If requested by Transfer Agent,
out-of-pocket expenses are payable in advance. Payment of postage expenses, if prepayment is requested, is due at least seven (7) days prior to the anticipated mail
date. In the event Transfer Agent requests advance payment, Transfer Agent shall not be obligated to incur such expenses or perform the related Service(s) until payment is received. 

(e)     The Fund agrees to pay all amounts due hereunder within thirty (30) days of the date reflected on the
statement for such Services (the “Due Date”). Except as provided in Schedule C, Transfer Agent shall bill Service fees monthly, and out-of-pocket expenses as
incurred (unless prepayment is requested by Transfer Agent). 
 (f)     The Fund is aware that its failure to remit to
Transfer Agent all amounts due on or before the Due Date will cause Transfer Agent to incur costs not contemplated by this Agreement, including, but not limited to carrying, processing and accounting charges. Accordingly, in the event that Transfer
Agent does not receive any amounts due hereunder by the Due Date, the Administrator may charge, and 

  
 11 

 
the Fund agrees to pay a late charge on the overdue amount equal to one and one-half percent (1.5%) per month or the maximum amount permitted by law,
whichever is less. In addition, the Fund shall pay Transfer Agent’s reasonable attorney’s fees and court costs if any amounts due Transfer Agent in the event that an attorney is engaged to assist in the collection of amounts due. The
parties hereby agree that such late charge represents a fair and reasonable computation of the costs incurred by reason of the Fund’s late payment. Acceptance of such late charge shall in no event constitute a waiver by Transfer Agent of the
Fund’s default or prevent Transfer Agent from exercising any other rights and remedies available to it. 
 (g)
    In the event that any charges are disputed, the Fund shall, on or before the Due Date, pay all undisputed amounts due hereunder and notify Transfer Agent in writing of any disputed charges for
out-of-pocket expenses which it is disputing in good faith. Payment for such disputed charges shall be due on or before the close of the fifth (5th) business day after
the day on which Transfer Agent provides documentation which an objective observer would agree reasonably supports the disputed charges (the “Revised Due Date”). Late charges shall not begin to accrue as to charges disputed in good faith
until the first day after the Revised Due Date. 
 (h)     The Fund acknowledges that the fees charged by Transfer Agent
under this Agreement reflect the allocation of risk between the parties, including the exclusion of remedies and limitations of liability in Sections 2, 3 and 6. Modifying the allocation of risk from what is stated herein would affect the fees that
Transfer Agent charges. Accordingly, in consideration of those fees, the Fund agrees to the stated allocations of risk. 

5.    Confidential Information 

Transfer Agent agrees on behalf of itself and its employees to treat confidentially and as proprietary information of the Fund all records and
other information relative to the Fund’s Limited Partners, not to use such information other than in the performance of its responsibilities and duties hereunder, and not to disclose such information except: (i) when requested to divulge
such information by duly-constituted authorities or court process; (ii) when requested by a Limited Partner or Limited Partner’s agent with respect to information concerning an account as to which such Limited Partner has either a legal or
beneficial interest; (iii) when requested by the Fund, the Limited Partner, the Limited Partner’s agent or the dealer of record with respect to such account; (iv) to seek to prevent fraud and/or money laundering by providing certain
Limited Partner information to other financial institutions; (v) to an affiliate, as defined by Section 248.3(a) of Regulation S-P; or, (vi) pursuant to any other exception permitted by Sections
248.14 and 248.15 of Regulation S-P in the ordinary course of business to carry out the activities covered by the exception under which Transfer Agent received the information. In the event that any requests
or demands are made for the inspection of the records of the Fund, Transfer Agent will promptly notify the Fund (except when prohibited by law) and to secure instructions from an Authorized Person of the Fund as to such inspection. Records and
information which have become known to the public through no wrongful act of Transfer Agent or any of its employees, agents or representatives, and information which was already in the possession of Transfer Agent prior to receipt thereof, shall not
be subject to this section. Any party appointed pursuant to Section 2(b) above shall be required to observe the confidentiality obligations contained herein. Transfer Agent will implement and maintain such appropriate security measures as are
necessary for the protection of confidential Limited Partner information. The obligations of the parties under Section 5 shall indefinitely survive the termination of this Agreement. 

  
 12 

 6.    Limitation of Liability
In addition to the limitations of liability contained in Sections 2 and 3 of this Agreement: 
 (a)     Transfer Agent
shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except for a loss resulting from Transfer Agent’s willful misfeasance, bad
faith or negligence in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. Furthermore, Transfer Agent shall not be liable for: (1) any action taken or omitted to be taken in
accordance with or in reliance upon Instructions, communications, data, documents or information (without investigation or verification) received by Transfer Agent from an officer or representative of the General Partner or from any Authorized
Person; or, (2) any action taken, or omission by, the Fund, the General Partner, any Authorized Person or any past or current service provider (not including Transfer Agent). 

(b)     Notwithstanding anything herein to the contrary, in the event either party is unable to perform its obligations
required of it hereunder because such performance is prevented by force majeure, “acts of God” or other similar events beyond its reasonable control, such party shall not be liable for any default, damage, loss of data or
documents, errors, delay or any other loss whatsoever caused thereby, provided that the foregoing does not apply to hardware or software failures unless such failures are caused by force majeure, “acts of God” or other
similar events beyond its reasonable control. Transfer Agent will, however, take all reasonable steps to minimize service interruptions for any period that such interruption continues beyond its reasonable control. 

(c)     In no event and under no circumstances shall the Indemnified Parties (as defined below) be liable to anyone,
including, without limitation, the other party, under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, exemplary, punitive, special, indirect or consequential damages for any act or failure to act
under any provision of this Agreement regardless of whether such damages were foreseeable and even if advised of the possibility thereof. 

(d)     Notwithstanding any other provision of this Agreement, Transfer Agent shall have no duty or obligation under this
Agreement to inquire into, and shall not be liable for: 
 (i)     the legality of the issue or sale of any Units, the
sufficiency of the amount to be received therefor, or the authority of the Fund, as the case may be, to request such sale or issuance; 

(ii)     the legality of a subscription or redemption of any Units, the propriety of the amount to be paid therefor, or
the authority of the Fund, as the case may be, to request such subscription or tender; or 
 (iii)    the offer or sale
of Units in violation of any requirement under the securities laws or regulations of any jurisdiction that such Units be qualified for sale in such state or in violation of any stop order or determination or ruling by any state with respect to the
offer or sale of such Units in such state. 
 (e)     Transfer Agent may, in effecting purchases and redemptions of
Units, rely upon those provisions of the Uniform Act for the Simplification of Fiduciary Security Transfers (or such other statutes which protect it and the Fund in not requiring complete fiduciary documentation) and shall not

  
 13 

 
be responsible for any act done or omitted by it in good faith in reliance upon such laws. Notwithstanding the foregoing or any other provision contained in this Agreement to the contrary,
Transfer Agent shall be fully protected by the Fund in not requiring any instruments, documents, assurances, endorsements or guarantees, including, without limitation, any Medallion signature guarantees, in connection with a purchase or redemption
of Units whenever Transfer Agent reasonably believes that requiring the same would be inconsistent with the terms of the Fund’s Offering Documents. 

(f)    The obligations of the parties under Section 6 shall indefinitely survive the termination of this Agreement.

 7.    Indemnification 

(a)     The Fund agrees to indemnify and hold harmless Transfer Agent, its employees, agents, officers, directors, Limited
Partners, affiliates and nominees (collectively, “Indemnified Parties”) from and against any and all losses, damages, costs, charges, documented counsel fees, payments, expenses and liability (“Losses”) which may be asserted
against or incurred by any Indemnified Party or for which any Indemnified Party may be held liable (a “Claim”), arising out of any of the following: 

(i)     any action or omission of Transfer Agent except to the extent a Claim resulted from Transfer Agent’s willful
misfeasance, bad faith or negligence in the performance of its duties or from reckless disregard by it of its obligations and duties hereunder or a breach of any warranty of the Transfer Agent set forth in Section 3(h) hereof; 

(ii)     Transfer Agent’s reliance on, implementation of, or use of Instructions, communications, data, documents or
information (reasonably believed to be genuine and authorized without independent investigation or verification) received by Transfer Agent from an officer or representative of the General Partner, any Authorized Person or any past or current
service provider (not including Transfer Agent); 
 (iii)    any action taken, or omission by, the Fund, the General
Partner, any Authorized Person or any past or current service provider (not including Transfer Agent); 
 (iv)    the
Fund’s refusal or failure to comply with the terms of this Agreement, or any Claim that arises out of the Fund’s gross negligence or misconduct or breach of any representation or warranty of the Fund made herein; 

(v)     the legality of the issue or sale of any Units, the sufficiency of the amount received therefore, or the authority
of the Fund, as the case may be, to have requested such sale or issuance; 
 (vi)     the acceptance, processing and/or
negotiation of a fraudulent payment for the purchase of Units unless the result of Transfer Agent’s or its affiliates’ willful misfeasance, bad faith or negligence in the performance of its duties or from reckless disregard by it of its
obligations and duties under this Agreement. In the absence of a finding to the contrary, the acceptance, processing and/or negotiation of a fraudulent payment for the purchase or redemption of Units shall be presumed not to have been the result of
Transfer Agent’s or its affiliates’ willful misfeasance, bad faith or gross negligence; and 

  
 14 

 (vii)     the offer or sale of Units in violation of federal or state
securities laws or regulations requiring that such Units be registered/qualified for sale, or in violation of any stop order or other determination or ruling by any federal or any state agency with respect to the offer or sale of such Units. 

(b)     Promptly after receipt by Transfer Agent of notice of the commencement of an investigation, action, claim or
proceeding, Transfer Agent shall, if a claim for indemnification in respect thereof is made under this section, notify the Fund in writing of the commencement thereof, although the failure to do so shall not prevent recovery by Transfer Agent or any
Indemnified Party, and shall keep the Fund advised with respect to all developments concerning such claim. The Fund shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to
enforce any such Loss, but if the Fund elects to assume the defense, such defense shall be conducted by counsel chosen by the Fund and approved by Transfer Agent, which approval shall not be unreasonably withheld. In the event the Fund elects to
assume the defense of any such suit and retain such counsel and notifies Transfer Agent of such election, the indemnified defendant or defendants in such suit shall bear the fees and expenses of any additional counsel retained by them subsequent to
the receipt of the Fund’s election. If the Fund does not elect to assume the defense of any such suit, or in case Transfer Agent does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund, or in case there is a
conflict of interest between the Fund and Transfer Agent or any Indemnified Party, the Fund will reimburse the Indemnified Party or Parties named as defendant or defendants in such suit, for the fees and expenses of any counsel retained by Transfer
Agent and them. The Fund’s indemnification agreement contained in this Section 7 and the Fund’s representations and warranties in this Agreement shall remain operative and in full force and effect regardless of any investigation made
by or on behalf of Administrator and each Indemnified Party, and shall survive the delivery of any Units and the termination of this Agreement. This agreement of indemnity will inure exclusively to Transfer Agent’s benefit, to the benefit of
each Indemnified Party and their estates and successors. The Fund agrees to promptly notify Transfer Agent of the commencement of any litigation or proceedings against the Fund, the General Partner or any of the General Partner’s officers or
directors in connection with the issue and sale of any of the Units. 
 (c)    Transfer Agent shall indemnify and hold
the Fund harmless from and against any Losses asserted against or incurred by the Fund in connection with Transfer Agent’s material breach of this Agreement or any claims resulting from Transfer Agent’s willful misfeasance, bad faith or
negligence in the performance of its duties or from reckless disregard by it of it of its obligations and duties under this Agreement. 

(d)    The obligations of the parties under Section 7 shall indefinitely survive the termination of this Agreement.

 8.    Covenants of the Transfer Agent 

Records. Transfer Agent shall prepare and keep records relating to the services to be performed hereunder, in the form, manner and for
such periods, as it may deem advisable and as may be required by (i) the laws and regulations applicable to its business as a transfer agent, including, but not limited to, those set forth in 17 CFR
240.17Ad-6 and 17 CFR 240.17Ad-7; (ii) those set forth in IRS regulations and FATCA, as such regulations and FATCA may be amended from time to time with respect to such
services provided by Transfer Agent as information reporting and withholding agent for the Funds; and (iii) its record retention policies. For the purposes of this Agreement, “FATCA” shall mean Sections

  
 15 

 
1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any agreements entered into
pursuant to Section 1471(b)(1) of the Code, and any fiscal or regulatory legislation, rules, or official practices adopted pursuant to any published intergovernmental agreement entered into in connection with the implementation of such sections
of the Code. Transfer Agent shall also maintain those records required to be maintained as set forth on Schedule D. Records maintained by Transfer Agent of behalf of the Funds are the property of the Funds and shall be made available for reasonable
examinations by the Funds’ governmental regulators upon reasonable request and shall be preserved and maintained by Transfer Agent for such period as required by applicable law or until such earlier time as Transfer Agent has delivered such
records into the Fund’s possession or destroyed them at the Fund’s request. 
 Disaster Recovery and
Business Continuity. Transfer Agent will maintain a comprehensive disaster recovery and business continuity plan and will provide an executive summary of such plan upon reasonable request of the Fund. Transfer Agent will test the
adequacy of its disaster recovery and business continuity plan at least annually. Upon reasonable request by the Fund, Transfer Agent will provide the Fund with a letter assessing the most recent disaster recovery and business continuity test
results. In the event of a business disruption that materially impacts Transfer Agent’s provision of services under this Agreement, Transfer Agent will promptly notify the Fund of the disruption and the steps being implemented under the
disaster recovery and business continuity plan. 
 9.     Term  

(a)    This Agreement shall become effective with respect to the Fund as of the Effective Date. This Agreement shall become
effective with respect to each Fund not party to this Agreement on that date, on the date an amendment to Schedule A to this Agreement relating to that Fund is executed. Unless sooner terminated as provided for herein, this Agreement shall continue
in effect with respect to the Fund for a two-year period beginning on the Effective Date (the “Initial Term”). Thereafter, if not terminated as provided herein, the Agreement shall continue
automatically in effect for successive annual periods (each a “Renewal Term”). 
 (b)     In the event this
Agreement is terminated by a Fund prior to the expiration of the Initial Term or any subsequent Renewal Term, such Fund shall give Transfer Agent ninety (90) days written notice and shall be obligated to pay Transfer Agent the remaining fees
payable to Transfer Agent under this Agreement through the end of the Initial Term or Renewal Term, as applicable; provided, however, that if this Agreement is terminated by the Fund for (1) a material breach of this Agreement which Transfer
Agent has not cured within sixty (60) days of notice of such material breach (2) Transfer Agent has committed repeated material breaches of this Agreement (whether or not cured) over a twelve (12) month period, that taken together
materially and adversely affect the Funds or (3) with respect to a Fund if such termination is due to (a) the merger, sales or liquidation of such Fund or the consolidation of such Fund or another entity, so long as (i) this Agreement
continues with respect to the remainder of the Funds, and (ii) either Transfer Agent is retained to continue to provide Services to such merged Fund or its successor on substantially the same terms as this Agreement, or (b) such Fund is
merged or consolidated with another Fund serviced under this Agreement (which termination shall take effect as of the date specified by the Fund in the notice of such termination), no fees shall be payable to the Transfer Agent for any period
following the date of such termination. Notwithstanding the foregoing, either party may terminate this Agreement at the end of the Initial Term or at the end of any successive Renewal Term (the “Termination Date”), without cause, with
respect to one or more Funds, by giving the other party a written notice not less than ninety (90) days’ prior to the end of the respective term. 

  
 16 

 
Notwithstanding anything herein to the contrary, upon the termination of the Agreement as provided herein or the liquidation, merger or acquisition of the Fund, Transfer Agent shall deliver the
records of the Fund to the Fund or its successor service provider at the expense of the Fund in a form that is consistent with Transfer Agent’s applicable license agreements, and thereafter the Fund or its designee shall be solely responsible
for preserving the records for the periods required by all applicable laws, rules and regulations. The Fund shall be responsible for all expenses associated with the movement (or duplication) of records and materials and conversion thereof to a
successor service provider, including all reasonable trailing expenses incurred by Transfer Agent. In addition, in the event of termination of this Agreement, or the proposed liquidation, merger or acquisition of the Fund, and Transfer Agent’s
agreement to provide additional Services in connection therewith, Transfer Agent shall provide such Services and be entitled to such compensation as the parties may mutually agree. Transfer Agent shall not reduce the level of service provided to the
Fund prior to termination following notice of termination by the Fund. 
 (c)     In the event such notice is given by
the Fund pursuant to subparagraph (b), it shall be accompanied by a copy of a resolution of the General Partner certified by the Secretary or any Assistant Secretary, electing to terminate this Agreement and designating the successor transfer agent
or transfer agents. In the event such notice is given by Transfer Agent, the Fund shall on or before the termination date, deliver to Transfer Agent a copy of a resolution of its General Partner certified by the Secretary or any Assistant Secretary
designating a successor transfer agent or transfer agents. In the absence of such designation by the Fund, the Fund shall be deemed to be its own transfer agent as of the termination date and Transfer Agent shall thereby be relieved of all duties
and responsibilities pursuant to this Agreement. 
 10.     Miscellaneous 

(a)     Any notice required or permitted to be given by either party to the other under this Agreement shall be in writing
and shall be deemed to have been given when received by the other party. Such notices shall be sent to the addresses listed below, or to such other location as either party may from time to time designate in writing: 

 

			
	 If to Transfer Agent:
	  	 UMB Fund Services, Inc.

		  	 235 W. Galena Street

		  	 Milwaukee, Wisconsin 53233

		  	 Attention: General Counsel

		
	 If to the Fund:
	  	 Ceres Managed Futures LLC

		  	 522 Fifth Avenue

		  	 New York, New York 10036

	 	  	Attention: Patrick Egan, President

 (b)     This Agreement may be amended or modified by a written agreement executed by both
parties with the formality of this Agreement. 
 (c)     In the event an entity affiliated with the Funds in addition to
those listed on Schedule A, desires to have Transfer Agent render services as transfer agent under the terms hereof and Transfer Agent agrees to provide such services, upon completion of an amended Schedule A signed by all parties to the Agreement,
such entity shall become a Fund hereunder. 

  
 17 

 (d)     This Agreement shall be governed by New York law, excluding the laws
on conflicts of laws. Any provision of this Agreement which is determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties
shall in good faith modify or substitute such provision consistent with the original intent of the parties. 

(e)    This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
agreement but such counterparts shall together constitute but one and the same instrument. The facsimile signature of any party to this Agreement shall constitute the valid and binding execution hereof by such party. 

(f)    The services of Transfer Agent hereunder are not deemed exclusive. Transfer Agent may render transfer agency and
dividend disbursement services and any other services to others, including other investment companies. 
 (g)    The
captions in the Agreement are included for convenience of reference only, and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect. 

(h)    The obligations hereunder are not binding upon any of the officers of the General Partner or Limited Partners
individually but are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. All obligations under this Agreement shall apply only on a
Fund-by-Fund basis, and the assets of one Fund shall not be liable for the obligations of another Fund. 

(i)     This Agreement and the Schedules incorporated hereto constitute the full and complete understanding and agreement
of Transfer Agent and the Fund and supersedes all prior negotiations, understandings and agreements with respect to transfer agency and dividend disbursement services. 

(j)     Except as specifically provided herein, this Agreement does not in any way affect any other agreements entered
into among the parties hereto and any actions taken or omitted by any party hereunder shall not affect any rights or obligations of any other party hereunder. 

(k)    Transfer Agent shall retain all right, title and interest in any and all computer programs, screen formats, report
formats, procedures, data bases, interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, trade secrets, trademarks and other related legal rights provided, developed or
utilized by Transfer Agent in connection with the Services provided by Transfer Agent to the Fund hereunder. 

(l)    This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and
assigns. This Agreement shall not be assignable by either party without the written consent of the other party, provided, however, that Transfer Agent may, in its sole discretion and upon advance written notice to the Fund, assign all its right,
title and interest in this Agreement to an affiliate, parent or subsidiary, or to the purchaser of substantially all of its business. 

(m)    The person signing below represents and warrants that he/she is duly authorized to execute this Agreement on behalf
of the Fund. 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by a duly authorized officer as of the day, month and year first above written. 
  

			
	Each of the Funds on Schedule A
	By:	 	Ceres Managed Futures LLC, as General Partner
		
	By:	 	 /s/ Steven Ross

	Title:	 	Chief Financial Officer
	Date:	 	August 8, 2017
	
	CERES MANAGED FUTURES LLC
		
	By:	 	 /s/ Steven Ross

	Title:	 	Chief Financial Officer
	Date:	 	August 8, 2017
	
	UMB FUND SERVICES, INC.
		
	By:	 	 /s/ Anthony J. Fischer

	Title:	 	President
	Date:	 	August 9, 2017

  
 19 

 
Schedule A 
 to the 

Ceres Managed Futures LLC 

UMB Fund Services, Inc. 

Transfer Agency Agreement 

Funds 
 Orion Futures Fund L.P.

  
 20 

 Schedule B 

to the 
 Ceres Managed
Futures LLC 
 UMB Fund Services, Inc. 

Transfer Agency Agreement 

SERVICES 
 In addition to, or in
connection with, the Services set forth in Section 2 of the Agreement and subject to the direction of, and utilizing information provided by, the Fund, the General Partner, and the Fund’s agents, Transfer Agent will provide the following
Services: 
 Transfer Agency and Investor Reporting: 
  

	•	 	distribute Offering Documents to or for prospective Limited Partners as directed by the Fund, pursuant to arrangements with fund “platforms” or other distribution arrangements of the Fund; 

 

	•	 	Correspond with Limited Partners to complete or correct information; provided, however, that the General Partner remains solely responsible for determining Limited Partner eligibility; send approval notices to Limited
Partners as instructed by the Fund, if applicable; 

  

	•	 	provide AML services as described in Section 2(g) (the customer identification verification component of these Services apply only to Limited Partners who are residents of the United States), pursuant to which the
Transfer Agent will: 

  

	 	•	 	Submit all new account registrations and registration changes through the Office of Foreign Assets Control (“OFAC”) database and such other lists or databases as may be required from time to time by applicable
regulatory authorities on a daily basis; 

  

	 	•	 	Review special payee checks through OFAC database; 

  

	 	•	 	Identify repurchase transactions’ that occur within thirty (30) days of an account establishment or registration change or banking information change and notify the Fund of such transaction; 

 

	 	•	 	Review wires sent pursuant to banking instructions other than those on file with the Transfer Agent; 

  

	 	•	 	Review accounts with frequent activity within a specified date range followed by a large redemption; 

  

	 	•	 	On a daily basis, review purchase and repurchase activity per tax identification number (“TIN”) within the Funds to determine if activity for that TIN exceeded the $100,000 threshold on any given day; and

  

	 	•	 	Compare account information to any FinCEN request pursuant to USA PATRIOT Act Sec. 314(a). 

  
 21 

	•	 	coordinate processing of new Limited Partner subscriptions, which shall include (i) coordinating receipt of funds from Limited Partners, (ii) providing the Fund with a daily report detailing the status and
amount of incoming wires and Limited Partner certifications, (iii) upon direction from the Fund, coordinating transfer of funds between the escrow agent and the Fund and/or returning funds to potential Limited Partners whose subscriptions have
not been accepted and (iv) sending confirmations to new Limited Partners; 

  

	•	 	send quarterly statements of positions held to relevant parties as instructed by the Fund; 

  

	•	 	provide on-line access to Limited Partner information (provided that the Transfer Agent is not responsible for designing or maintaining any web site for the Fund),

  

	•	 	prepare for the Fund’s General Partner monthly reports showing account balance information of each Limited Partner, 

  

	•	 	coordinate any supplemental communications by the Fund to its Limited Partners, as directed; 

  

	•	 	coordinate processing of redemptions made by the Fund, which shall include (i) if directed by the General Partner, distributing redemption letters to Limited Partners, (ii) coordinating receipt of redemption
requests from Limited Partners, (iii) providing the Fund with a daily report detailing the status and amount of incoming redemption requests, (iv) delivering acceptance letters and promissory notes to investors whose redemption requests
have been accepted, as described in the Offering Documents, (v) coordinating the calculation of holdback amounts (if applicable) and (vi) upon direction from the Fund, coordinating release of funds to Limited Partners; 

 

	•	 	establish and maintain a demand deposit account for purposes of processing Limited Partner subscriptions and redemption requests; 

  

	•	 	updating the books and records of the Fund to maintain a registry of Limited Partners, including: (i) name, address and US tax identification or social security number; (ii) number of Units held;
(iii) historical information regarding the account of each Limited Partner, including distributions (if any) paid and the date and price for all transactions on the Limited Partner’s account, as applicable; (iv) any stop or
restraining order placed against an Limited Partner’s account; (v) any correspondence relating to the current maintenance of a Limited Partner’s account; (vi) information with respect to withholdings; 

 

	•	 	prepare and certify Limited Partner lists in conjunction with proxy solicitations (the Transfer Agent does not provide proxy administration services beyond the provision of Limited Partner lists); 

 

	•	 	Set up and maintain Limited Partner accounts and records; 

  

	•	 	Store account documents electronically; 

  

	•	 	Provide Limited Partner account information; 

  

	•	 	Calculate services plan fees as required; 

  
 22 

	•	 	If directed by the General Partner, mail Offering Documents, annual and semi-annual reports, and other Limited Partner communications to existing Limited Partners; 

 

	•	 	Prepare and file U.S. Treasury Department 1099, 1042, 1042-S and 945 and prepare the information for the Fund’s tax preparers to prepare a Schedule K-1 (if applicable) for Limited Partners; send such forms and schedules to Limited Partners as directed by the Investment Adviser; 

 

	•	 	Withhold taxes on U.S. resident and non-resident alien accounts upon receipt of Fund valuation; 

 

	•	 	Provide basic report access; 

  

	•	 	Conduct periodic postal clean-up; 

  

	•	 	Receive from Limited Partners or debit Limited Partner accounts for sales commissions and service fees (i.e., wire redemption charges) and prepare and transmit payments to underwriters, selected dealers and others for
commissions and service fees received; 

  

	•	 	Track Limited Partner account by financial intermediary source and otherwise as reasonably requested and provide periodic reporting; 

 

	•	 	Monitor and make appropriate filings with respect to the escheatment laws of the various states and territories of the Unites States; 

 

	•	 	Establish and maintain facilities and procedures for the safekeeping for safekeeping of all records maintained by UMBFS; 

  

	•	 	Cooperate with each Fund’s independent public accountants and take reasonable action to make all necessary information available to the accountants for the performance of the accountants’ duties;

  

	•	 	Provide Call Center Services for the Funds. Call center functions include answer telephone inquiries, respond to inquiries from existing Limited Partners, and broker-dealers on behalf of such Limited Partners.

  

	•	 	Assist with the transmission of membership and Fund data through the NSCC’s Service as set forth in Section 2(h). 

  
 23 

 Schedule C 

to the 
 Ceres Managed
Futures LLC 
 UMB Fund Services, Inc. 

Transfer Agency Agreement 

FEES 
  

					
	 Annual Complex Level Investor Servicing Fee*
	  			
	 •       For each of the first 500 investors
	  	$	130	 
	 •       For each of the next 500 investors
	  	$	110	 
	 •       For each of the next 500 investors
	  	$	90	 
	 •       For each of the next 3,500 investors
	  	$	70	 
	 •       For each investor over 5,000 investors
	  	$	60	 

  

					
	Annual Base Fee Per Fund*	  			
	 •       For each of the first 12 funds
	  	$	13,000	 
	 •       For each fund over 12 funds
	  	$	12,000	 

  

	*	Fees will be determined on the aggregate total number of investor accounts across all Funds set forth on Schedule A created by the Transfer Agent on and after the Effective Date. The total account complex charge will
then be allocated to each Fund based on its respective percentage of the number of investors to which the Transfer Agent provides Services plus a base fee on a monthly basis. 

 

					
	 USA PATRIOT Act & Escheatment Fees
	  			
	 •       Per fund (per year)
	  	$	2,000	 
	 •       Suspicious Activity Report filing (per
occurrence)
	  	$	25	 
	 •       Escheatment filing (per state)
	  	$	50	 

  

					
	 CCO Support Services
	  			
	 Annual fee per fund family
	  	$	1,500	 

  

					
	 Advanced Reporting Solutions
	  			
	 •       Annual maintenance fee first 4 users*
	  	 	included	 
	 •       Annual maintenance fee for the next 25 users (per
year)
	  	$	10,000	 
	 •       Additional interactive user license for each
additional user after the 25th paid user (per license, per year)
	  	$	1,000	 

  

	*	Includes initial set-up costs plus up to four interactive user licenses per fund family 

  

					
		
	 Limited Partner Services
	  			
	 •       Telephone calls (per minute)
	  	$	1.00	 
	
•       Letters/e-mails,
research/lost Limited Partner (per occurrence)
	  	$	2.75	 

  

					
		
	 Document Services
	  			
	 •       Standard applications and forms in electronic
format
	  	 	no charge	 
	 •       Customized forms
	  	 	as quoted	 
	
•       Pre-printed, machine-ready
statement inserts (per item)
	  	$	.03	 
	 •       Standard single-sided statement/confirm/tax
form/check (per item including .pdf)
	  			
	 •       First page
	  	$	.30	 
	 •       Each additional page
	  	$	.15	 

  
 24 

					
	 DTCC AIP
	  			
	 •       One-time set-up fee
	  	$	3,000	 
	 •       Per file, per month
	  	$	25	 

  

					
	 Intermediary File Feed – Non-DTCC
	  			
	 •           Per feed
	  	$	25	 

  

					
	 FATCA Services
	  			
	 Annual FATCA services fee
	  	$	2,500	 

  

					
	 Internet Services
	  			
	 Voila – per fund family
	  			
	 •       One-time set-up fee
	  	$	7,500	 
	 •       Monthly maintenance fee
	  	$	1,000	 

  

					
	 Web-based document mailing*
	  			
	 •       One-time set-up fee
	  	$	4,000	 
	 •       Annual maintenance fee
	  	$	1,500	 
	 •       Per Limited Partner, per mailing
	  	$	.15	 

  

	*	Statements, offering documents, financial reports, etc. 

 Limited Partner 

Out-of-Pocket Expenses and Other Related Expenses 

Out-of-pocket expenses and other related expenses include but are not
limited to: annual year-end programming fees; copying charges; express delivery charges; postage; courier service; printing of reports, statements, confirmations; stationary; tax forms; CPU usages; telephone
and long distance charges; VPN/VNET fees; retirement plan documents; proxies and proxy services; DTCC/NSCC participating billing; manual cost basis processing; P.O. Box rental; toll free number; customer identity check fees; bank account service
fees and any other bank charges and expenses; record retention/storage/retrieval expenses; attorney’s fees incurred in connection with responding to and complying with SEC or other regulatory investigations, inquiries or subpoenas, excluding
routine examinations of UMB. 
 Additional fees at $175 per hour or as quoted by project may apply for special programming to meet your servicing
requirements or to create custom reports. Such additional fees will be charged only after receiving written notice from the General Partner confirming such additional services. 

Each of the fees in this proposal is subject to an annual escalation, the implementation of which shall be subject to UMB’s sole discretion, equal to the
increase in the Consumer Price Index – Urban Wage Earners (“CPI”), which escalation shall be effective commencing one year from the Effective Date of the Agreement (the “Anniversary Date”) and on the corresponding
Anniversary Date each year thereafter. CPI shall be determined by reference to the Consumer Price Index News Release issued by the Bureau of Labor Statistics, U.S. Department of Labor. 

 

	•	 	Fees for services not contemplated by this schedule will be negotiated on a case-by-case basis. 

  
 25 

 Schedule D 

to the 
 Ceres Managed
Futures LLC 
 UMB Fund Services, Inc. 

Transfer Agency Agreement 

RECORDS MAINTAINED BY TRANSFER AGENT 
  

	•	 	Account applications 

  

	•	 	Checks including check registers, reconciliation records, any adjustment records and tax withholding documentation 

  

	•	 	Indemnity bonds for replacement of lost or missing checks 

  

	•	 	Subscription and redemption documentation including signature guarantees and any supporting documentation 

  

	•	 	Limited Partner correspondence 

  

	•	 	Limited Partner transaction records 

  

	•	 	Unit transaction history of the Fund 

  
 26

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