Acknowledgement
MSR Investments is a Commodity Trading Advisor who offers their services to Qualified Eligible Participants (QEP’s) only. The requirements to be considered a QEP are defined by regulation 4.7(a) of the Commodity Exchange Act. The Portfolio Requirement means that a person:
a) Owns securities (including pool participations) of issuers not affiliated with such person and other investments with an aggregate market value of at least $2,000,000;
b) Has had on deposit with a futures commission merchant, for its own account at any time during the six-month period preceding either the date of sale to that person of a pool participation in the exempt pool or the date that the person opens an exempt account with the commodity trading advisor, at least $200,000 in exchange-specified initial margin and option premiums for commodity interest transactions; or
c) Owns a portfolio comprised of a combination of the funds or property specified in paragraphs (a) and (b) in which the sum of the funds or property includable under paragraph (a), expressed as a percentage of the minimum amount required there under, and the amount of futures margin and option premiums includable under paragraph (b), expressed as a percentage of the minimum amount required there under, equals at least one hundred percent (100%). An example of a composite portfolio acceptable under this paragraph (c) would consist of $1,000,000 in securities and other property (50% of paragraph (a)) and $100,000 in exchange-specified initial margin and option premiums (50% of paragraph (b).
A person may not need to satisfy the Portfolio Requirement to be a QEP for one of the following reasons:
a) A futures commission merchant registered pursuant to section 4d of the Commodity Exchange Act ("CEA"), or a principal thereof: *
b) A broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934, or a principal thereof: *
c) A commodity pool operator registered pursuant to section 4m of the CEA, or a principal thereof; provided, that the pool operator: (A) Has been registered and active as such for two years; or (B) Operates pools which, in the aggregate, have total assets in excess of $5,000,000: *
d) A commodity trading advisor registered pursuant to section 4m of the CEA, or a principal thereof; provided, that the trading advisor: (A) Has been registered and active as such for two years; or (B) Provides commodity interest trading advice to commodity accounts which, in the aggregate, have total assets in excess of $5,000,000 deposited at one or more futures commission merchants: *
e) An investment advisor registered pursuant to section 203 of the Investment Advisers Act of 1940 ("Investment Advisers Act") or pursuant to the laws of any state, or a principal thereof; provided, that the investment advisor: (A) Has been registered and active as such for two years; or (B) Provides securities investment advice to securities accounts which, in the aggregate, have total assets in excess of $5,000,000 deposited at one or more registered securities brokers: *
f) A "qualified purchaser" as defined in section 2(51)(A) of the Investment Company Act of 1940 (the "Investment Company Act"): *
g) A "knowledgeable employee" as defined in Sec. 270.3c-5 of the Commodity Exchange Regulations: *
(1) An affiliate of the commodity trading advisor of the exempt account: *
(2) A principal of the commodity trading advisor of the exempt account or of an affiliate of the trading advisor: *
(3) An employee of the commodity trading advisor of the exempt account or of an affiliate of the trading advisor (other than an employee performing solely clerical, secretarial or administrative functions with regard to such person or its investments) who, in connection with his or her regular functions or duties, participates in the investment activities of the trading advisor or the affiliate; Provided, That such employee has been performing such functions and duties for or on behalf of the trading advisor or the affiliate, or substantially similar functions or duties for or on behalf of another person engaged in providing commodity interest, securities or other financial services, for at least 12 months: *
(4) Any other employee of, or an agent engaged to perform legal, accounting, auditing or other financial services for, the commodity trading advisor of the exempt account or any other employee of, or agent so engaged by, an affiliate of the trading advisor (other than an employee or agent performing solely clerical, secretarial or administrative functions with regard to such person or its investments); Provided, That such employee or agent
(i)Is an accredited investor as defined in Sec. 230.501(a)(5) or (a)(6) of this title; and
(ii) Has been employed or engaged by the commodity trading advisor or the affiliate, or by another person engaged in providing commodity interest, securities or other financial services, for at least 24 months: *
(5) The spouse, child, sibling or parent of the commodity trading advisor of the exempt account or of a person who satisfies the criteria of paragraph (h)(1), (2), (3) or (4) of this sub-section; Provided, That:
(i) The establishment of an exempt account by any such family member is made with the knowledge and at the direction of the person; and
(ii) The family member is not a qualified eligible person for the purposes of CFTC Regulation 4.7 paragraph (a)(3)(xi) [i.e., a pool, trust, insurance company separate account or bank collective trust, with total assets in excess of $5,000,000, not formed for the specific purpose of either participating in the exempt pool or opening an exempt account, and whose participation in the exempt pool or investment in the exempt account is directed by a qualified eligible person]: *
(6)(i) Any person who acquires an interest in an exempt account by gift, bequest or pursuant to an agreement relating to a legal separation or divorce from a person listed in paragraph (h)(1),(2), (3), (4) or (5) of this sub-section: *;
(ii) The estate of any person listed in paragraph this section (h)(1), (2), (3), (4) or (5) of this sub-section: *; or
(iii) A company established by any person listed in paragraph (h)(1), (2), (3), (4) or (5) of this sub-section exclusively for the benefit of (or owned exclusively by) that person and any person listed in paragraph (h)(6)(i) or (ii) of this sub-section: *.
i) A trust; provided, that: (A) The trust was not formed for the specific purpose of either participating in the Program; and (B) The trustee or other person authorized to make investment decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a qualified eligible person: *
j) An organization described in section 501(c)(3) of the Internal Revenue Code (the "IRC"); provided, that the trustee or other person authorized to make investment decisions with respect to the organization, and the person who has established the organization, is a qualified eligible person: *
k) A Non-United States person: *
l)(a) An entity in which all of the unit owners or participants, other than the commodity trading advisor claiming relief under this section, are qualified eligible persons: *
(b) An exempt pool: * ; or
(c) Notwithstanding CFTC Regulation 4.7 paragraph (a)(3), an entity as to which a notice of eligibility has been filed pursuant to Sec. 4.5 of the Commodity Exchange Act which is operated in accordance with such rule and in which all unit owners or participants, other than the commodity trading advisor claiming relief under this section, are qualified eligible persons: *.

Only individuals who meet the requirements of a Qualified Eligible Participant, or who are visiting this site on behalf of a Qualified Eligible Participant should proceed.