New York
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000-50718
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13-4224248
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(State or other
jurisdiction of incorporation) |
(Commission File Number)
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(IRS Employer Identification No.)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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N/A
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N/A
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N/A
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Account Leverage
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Monthly Management Fee (“Management Fee”)
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Annual Incentive Fee
(“Incentive Fee”)
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1x
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0.25%
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28%
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1.5x
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0.375%
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28%
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2x
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0.50%
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28%
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Exhibit No.
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Description
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10.1
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Management Agreement by and among the Registrant, the General Partner and Millburn.
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CERES TACTICAL SYSTEMATIC L.P.
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By: Ceres Managed Futures LLC, General Partner
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By:
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/s/ Patrick T. Egan |
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Patrick T. Egan
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President and Director
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(b)
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CMF agrees for itself and the Partnership that:
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,
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Account Leverage
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Monthly Management Fee ("Management Fee")
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Annual Incentive Fee ("Incentive Fee")
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lx
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0.25%
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28%
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l.5x
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0.375%
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28%
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2x
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0.50%
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28%
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1.
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The Partnership will invest its assets only in commodity interests that an advisor believes are traded in sufficient volume to permit ease of taking and liquidating positions.
Sufficient volume, in this context, refers to a level of liquidity that an advisor believes will permit it to enter and exit trades without noticeably moving the market.
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2.
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The Advisor will not initiate additional positions in any commodity interest if these positions would result in aggregate positions requiring margin of more
than 66 2/3% of the Partnership's net assets allocated to that advisor. To the extent the CFTC and/or exchanges have not otherwise established margin requirements with respect to particular contracts, (i) forward contracts in currencies will
be deemed to have approximately the same margin requirements as the same or similar futures contracts traded on the Chicago Mercantile Exchange and (ii) swap contracts will be deemed to have margin requirements equivalent to the collateral
deposits, if any, made with swap counterparties.
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3.
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The Partnership may occasionally accept delivery of a commodity. Unless such delivery is disposed of promptly by retendering the warehouse receipt representing the delivery to
the appropriate clearinghouse, the physical commodity position will be fully hedged.
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4.
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The Partnership will not employ the trading technique commonly known as "pyramiding," in which the speculator uses unrealized profits on existing positions as margin for the
purchase or sale of additional positions in the same or related commodities.
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5.
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The Partnership will not utilize borrowings except if the Partnership purchases or takes delivery of commodities. If the Partnership borrows money from CMF or any affiliate
thereof to the extent permitted by NFA Rule 2-45, the lending entity in such case may not receive interest in excess of its interest costs, nor may the lender receive interest in excess of the amounts which would be charged the Partnership
(without reference to CMF's financial abilities or guarantees) by unrelated banks on comparable loans for the same purpose, nor may the lender or any affiliate thereof receive any points or other financing charges or fees regardless of the
amount. Use of lines of credit in connection with its forward trading does not, however, constitute borrowing for purposes of this trading limitation.
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6.
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From time to time, trading strategies such as spreads or straddles may be employed on behalf of the Partnership. "Spreads" or "straddles" include the
simultaneous holding of contracts on the same commodity but with different delivery dates or markets. The trader of these contracts expects to earn a profit from a widening or narrowing of the difference between the prices of the two
contracts.
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7.
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The Partnership will not permit the churning of its commodity trading accounts. The term "churning" refers to the practice of entering and exiting trades
with a frequency unwarranted by legitimate efforts to profit from the trades, driven by the desire to generate commission income.
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8.
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The Partnership will not purchase, sell, or trade securities (except securities approved by the CFTC for investment of customer funds).
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9.
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The Advisor will trade only in those futures interests that have been approved by CMF. The Partnership normally will not establish new positions in a futures
interest for any one contract month or option if such additional positions would result in a net long or short position for that futures interest requiring as margin or premium more than 15% of the Partnership's net assets.
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10.
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In addition, the Partnership will, except under extraordinary circumstances, maintain positions in futures interests in at least two market segments (i.e., agricultural items, industrial items (including energies), metals, currencies, and financial instruments (including stock, financial, and economic indexes)) at any one time.
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11.
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The Advisor will not generally take a position after the first notice day in any futures interest during the delivery month of that futures interest, except
to match trades to close out a position on the interbank foreign currency or other forward markets or liquidate trades in a limit market.
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Sector Name
|
Subsector
|
Instrument
|
Bloomberg symbol+ yellow key
|
Reuters Symbol
|
Interest Rates
|
Long-Term Notes
|
10-YR US NOTE
|
TY+COMB Comdty
|
TY
|
Interest Rates
|
Long-Term Notes
|
AUSSIE 10 YR BOND
|
XM+Comdty
|
2YTC
|
Interest Rates
|
Long-Term Notes
|
CAD GOV BOND
|
CN+Comdty
|
CGB
|
Interest Rates
|
Long -Term Notes
|
EURO BUND
|
RX+Comdty
|
FGBL
|
Interest Rates
|
Long-Term Notes
|
EURO BUXL
|
UB+Comdty
|
FGBX
|
Interest Rates
|
Long-Term Notes
|
FRENCH 10 YEAR BOND
|
OAT+Comdty
|
FOAT
|
Interest Rates
|
Long -Term Notes
|
GILTS
|
Gs+Comdty
|
FLG
|
Interest Rates
|
Long -Term Notes
|
ITALIAN 10 YEAR BOND
|
IK+Comdty
|
FBTP
|
Interest Rates
|
Long -Term Notes
|
JGB
|
JB+COMB Comdty
|
JGB
|
Interest Rates
|
Long-Term Notes
|
T-BOND
|
US+COMB Comdty
|
us
|
Interest Rates
|
Long-Term Notes
|
US ULTRA BOND
|
WN+COMB Comdty
|
AUL
|
Interest Rates
|
Medium-Term notes
|
2-YR US NOTE
|
TU+COMB Comdty
|
TU
|
Interest Rates
|
Medium-Term notes
|
5-YR US NOTE
|
FV+COMB Comdty
|
FV
|
Interest Rates
|
Medium-Term notes
|
AUSSIE 3 YR BOND
|
YM+Comdty
|
2YTT
|
Interest Rates
|
Medium-Term notes
|
EURO BOBL
|
OE+Comdty
|
FGBM
|
Interest Rates
|
Medium-Term notes
|
EURO SCHATZ
|
DU+Comdty
|
FGBS
|
Interest Rates
|
Medium-Term notes
|
ITALIAN SHORT TERM
|
BTS+Comdty
|
FBTS
|
Interest Rates
|
Short-Term Notes
|
AUSSIE BANK BILLS
|
IR+Comdty
|
2YBA
|
Interest Rates
|
Short-Term Notes
|
CAN. BANKERS ACCEPT
|
BA+Comdty
|
BAX
|
Interest Rates
|
Short -Term Notes
|
EURIBOR 3 MON
|
ER+Comdty
|
FEI
|
Interest Rates
|
Short-Term Notes
|
EURO$
|
ED+COMB Comdty
|
ED
|
Interest Rates
|
Short -Term Notes
|
STERLING RATES
|
Ls+Comdty
|
FSS
|
Currencies
|
Gl0 Currencies
|
AUSSIE DOLLAR
|
AUD+Curncy
|
AUD
|
Currencies
|
Gl0 Currencies
|
B-POUND
|
GBP+Curncy
|
GBP
|
Currencies
|
EM Currencies
|
BRAZILIAN REAL
|
BRL+Curncy
|
BRL
|
Currencies
|
GlO Currencies
|
CAD DOLLAR
|
CAD+Curncy
|
CAD
|
Currencies
|
EM Currencies
|
CHILEAN PESO
|
CLP+Curncy
|
CLP
|
Currencies
|
EM Currencies
|
COLOMBIAN PESO
|
COP+Curncy
|
COP
|
Currencies
|
GlO Currencies
|
EURO CURR
|
EUR+Curncy
|
EUR
|
Currencies
|
EM Currencies
|
INDIAN RUPEE
|
INR+Curncy
|
INR
|
Currencies
|
EM Currencies
|
ISRAEL SHKL
|
ILS+Curncy
|
ILS
|
Currencies
|
Gl0 Currencies
|
J-YEN
|
JPY+Curncy
|
JPY
|
Currencies
|
EM Currencies
|
KOREAN WON
|
KRW+Curncy
|
KRW
|
Currencies
|
EM Currencies
|
M EX. PESO
|
MXN+Curncy
|
MXN
|
Currencies
|
GlO Currencies
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NEW ZEALAND$
|
NZD+Curncy
|
NZD
|
Currencies
|
GlO Currencies
|
NOR KRONE
|
NOK+Curncy
|
NOK
|
Currencies
|
EM Currencies
|
POL ZLOTY
|
PLN+Curncy
|
PLN
|
Currencies
|
EM Currencies
|
RUSSIAN RUBLE
|
RUB+Curncy
|
RUB
|
Currencies
|
GlO Currencies
|
S-FRANC
|
CHF+Curncy
|
CHF
|
Currencies
|
EM Currencies
|
SA RAND
|
ZAR+Curncy
|
ZAR
|
Currencies
|
EM Currencies
|
SING DLR
|
SGD+Curncy
|
SGD
|
Currencies
|
GlO Currencies
|
SWEDISH KRONA
|
SEK+Curncy
|
SEK
|
Currencies
|
EM Currencies
|
TURK. LIRA
|
TRY+Curncy
|
TRL
|
Crosses
|
Crosses
|
EUR/NOK
|
-
|
EURNOK
|
Crosses
|
Crosses
|
EUR/PLN
|
-
|
EURPLN
|
Crosses
|
Crosses
|
EUR/SEK
|
-
|
EURSEK
|
Stock Indices
|
Euro/African Equity Indices
|
AMSTERDAM INDEX
|
EO+lndex
|
AEX
|
Stock Indices
|
Euro/African Equity Indices
|
CAC40 INDEX
|
CF+lndex
|
FCE
|
Stock Indices
|
NS American Equity Indices
|
CBOE VIX FUTURE
|
UX+lndex
|
vx
|
Stock Indices
|
Asia/Pacific Equity Indices
|
China AS0 Index
|
XU+PIT Index
|
SFC
|
Stock Indices
|
Euro/African Equity Indices
|
DAX INDEX
|
GX+lndex
|
FDX
|
Stock Indices
|
Euro/African Equity Indices
|
DJ EURO STOXX 50
|
VG+lndex
|
STXE
|
Stock Indices
|
NS American Equity Indices
|
E-MINI NASDAQ 100
|
NQ+lndex
|
NQ
|
Stock Indices
|
NS American Equity Indices
|
E-MINI S&P
|
ES+lndex
|
ES
|
Stock Indices
|
Euro/African Equity Indices
|
FTSE/JSE Top 40 Index Future
|
Al+lndex
|
ALSI
|
Stock Indices
|
Euro/African Equity Indices
|
FT-SE
|
Zs+lndex
|
FFI
|
Stock Indices
|
Asia/Pacific Equity Indices
|
H-SHARES INDEX
|
HC+COMB Index
|
HCEI
|
Stock Indices
|
Asia/Pacific Equity Indices
|
HANG SENG
|
Hl+COMB Index
|
HSI
|
Stock Indices
|
Euro/African Equity Indices
|
IBEX 35 PLUS
|
IB+lndex
|
MFXI
|
Stock Indices
|
Asia/Pacific Equity Indices
|
KUALA LUMPUR INDEX
|
IK+lndex
|
FKLI
|
Stock Indices
|
NS American Equity Indices
|
MINIDJIA
|
DM+lndex
|
YM
|
Stock Indices
|
NS American Equity Indices
|
MINI MSCI EAFE
|
MFS+lndex
|
MFS
|
Stock Indices
|
NS American Equity Indices
|
MINI MSCI EMG MKT
|
MES+lndex
|
MEM
|
Stock Indices
|
NS American Equity Indices
|
MINI RUSSELL (CME)
|
RTY+lndex
|
RTY
|
Stock Indices
|
Euro/African Equity Indices
|
OMX STOCKHOLM INDEX
|
QC+lndex
|
OMXS30
|
Stock Indices
|
Euro/African Equity Indices
|
S&P MIB 30 INDEX
|
ST+lndex
|
IFS
|
Stock Indices
|
NS American Equity Indices
|
S&P MIDCAP 400 EMINI
|
FA+lndex
|
DM
|
Stock Indices
|
NS American Equity Indices
|
S&P TSE 60 INDEX
|
PT+lndex
|
SXF
|
Stock Indices
|
Asia/Pacific Equity Indices
|
SETS0 FUTURES
|
BC+lndex
|
SS0
|
Stock Indices
|
Asia/Pacific Equity Indices
|
SIMEX NIFTY INDEX
|
IH+lndex
|
SIN
|
Stock Indices
|
Asia/Pacific Equity Indices
|
SIMEX NIKKEi
|
Nl+PIT Index
|
SSI
|
Stock Indices
|
Asia/Pacific Equity Indices
|
SIMEX TAIWAN INDEX
|
TW+PIT Index
|
STW
|
Stock Indices
|
Asia/Pacific Equity Indices
|
SINGAPORE INDEX
|
QZ+COMB Index
|
SSG
|
Stock Indices
|
Asia/Pacific Equity Indices
|
SPl200
|
XP+lndex
|
2YAP
|
Stock Indices
|
Asia/Pacific Equity Indices
|
TAIEX INDEX
|
FT+COMB Index
|
TX
|
Stock Indices
|
Asia/Pacific Equity Indices
|
TOPIX
|
TP+lndex
|
JTI
|
Stock Indices
|
Euro/African Equity Indices
|
VSTOXX MINI
|
FVS+lndex
|
FVS
|
Grains
|
Grains
|
BEAN OIL
|
BO+COMB Comdty
|
BO
|
Grains
|
Grains
|
CORN
|
Cs+COMB Comdty
|
C
|
Grains
|
Grains
|
KC WHEAT
|
KW+COMB Comdty
|
KW
|
Grains
|
Grains
|
SOY MEAL
|
SM+COMB Comdty
|
SM
|
Grains
|
Grains
|
SOYBEAN
|
Ss+COMB Comdty
|
s
|
Grains
|
Grains
|
WHEAT
|
Ws+COMB Comdty
|
w
|
Energy
|
Energy
|
BRENT CRUDE
|
CO+Comdty
|
LCO
|
Energy
|
Energy
|
CRUDE
|
CL+COMB Comdty
|
CL
|
Energy
|
Energy
|
GASOLINE RBOB
|
XB+COMB Comdty
|
RB
|
Energy
|
Energy
|
HEAT OIL
|
HO+COMB Comdty
|
HO
|
Energy
|
Energy
|
LONDON GAS OIL
|
QS+Comdty
|
LGO
|
Energy
|
Energy
|
NAT GAS
|
NG+COMB Comdty
|
NG
|
Metals
|
Industrial Metal
|
COPPER
|
HG+COMB Comdty
|
HG
|
Metals
|
Precious Metal
|
GOLD
|
GC+COMB Comdty
|
GC
|
Metals
|
Industrial Metal
|
LONDON ALUM HG
|
LA+Comdty
|
F_ TC
|
Metals
|
Industrial Metal
|
LONDON COPPER
|
LP+Comdty
|
F_ HG
|
Metals
|
Industrial Metal
|
LONDON LEAD
|
LL+Comdty
|
F_LF
|
Metals
|
Industrial Metal
|
LONDON NICKEL
|
LN+Comdty
|
F_ NC
|
Metals
|
Industrial Metal
|
LONDON ZINC
|
l.X+Comdty
|
F_HF
|
Metals
|
Precious Metal
|
PLATINUM
|
PL+COMB Comdty
|
PL
|
Metals
|
Precious Metal
|
SILVER
|
Sl+COMB Comdty
|
SI
|
Softs
|
Softs
|
COCOA
|
CC+COMB Comdty
|
cc
|
Softs
|
Softs
|
COFFEE
|
KC+COMB Comdty
|
KC
|
Softs
|
Softs
|
COTTON
|
CT+ELEC Comdty
|
CT
|
Softs
|
Softs
|
SUGAR
|
SB+COMB Comdty
|
SB
|
Livestock
|
Livestock
|
HOGS
|
LH+COMB Comdty
|
LH
|
Livestock
|
Livestock
|
LIVE CATTLE
|
LC+COMB Comdty
|
LC
|