April 7, 2014 Morgan Stanley Smith Barney LLC

EXHIBIT 10.4(b)

April 7, 2014

Xxxxxx Xxxxxxx Xxxxx Xxxxxx LLC

000 Xxxxx Xxxxxx, 00xx Xxxxx

Xxx Xxxx, Xxx Xxxx 00000

Re: Ceres Managed Futures LLC: Amended Schedules 1 and 2 to the Alternative Investment Selling Agent Agreement

Ladies and Gentlemen:

Pursuant to paragraph 13(c) of the Alternative Investment Selling Agent Agreement dated November 12, 2013, as amended from time to time (the “Agreement”), between, among others, Ceres Managed Futures LLC (“CMF”), the general partner of each of the limited partnerships listed on Schedule 1 thereto (each, a “Partnership,” and together, the “Partnerships”), and Xxxxxx Xxxxxxx Xxxxx Xxxxxx LLC (“MSSB”), CMF is hereby confirming that Schedules 1 and 2 to the Agreement are hereby deleted in their entirety and replaced with Schedules 1 and 2 attached hereto.

Notwithstanding anything to the contrary in the Agreement, by signing below MSSB hereby agrees to, acknowledges and accepts the amendment of the Agreement, effective as of April 1, 2014.

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If the foregoing is in accordance with your understanding of our discussions, kindly sign and return to us a counterpart hereof (by mail, facsimile or email) as soon as possible.

Sincerely,

CERES MANAGED FUTURES LLC
By:		/s/ Xxxxx Xxxxxxxxx
		Xxxxx Daglioglu
		President and Director
EACH PARTNERSHIP LISTED ON SCHEDULE 1 HERETO
By: Ceres Managed Futures LLC, the general partner of each Partnership
By:		/s/ Xxxxx Xxxxxxxxx
		Xxxxx Daglioglu
		President and Director

Confirmed, accepted and agreed to:

XXXXXX XXXXXXX XXXXX XXXXXX LLC
By:		/s/ Xxxxxx Xxxx
Name:		Xxxxxx Xxxx
Title:		Executive Director

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SCHEDULE 1

PARTNERSHIP		STATE AND DATE OF ORGANIZATION		EFFECTIVE DATE
Emerging CTA Portfolio L.P.		New York; July 7, 2003		October 1, 2013

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SCHEDULE 2

PARTNERSHIP		ONGOING SELLING AGENT FEE
Emerging CTA Portfolio L.P.		2.50% per year of the adjusted net assets of Class A Units, 1.25% per year of the adjusted net assets of Class D Units and 0.50% per year of the adjusted net assets of Class Z Units (computed monthly by multiplying the adjusted net assets of the Class A Units by 2.50%, the adjusted net assets of the Class D Units by 1.25% and the adjusted net assets of the Class Z Units by 0.50% and dividing the result thereof by 12)1

¹  Adjusted net assets are month-end Net Assets increased by that current month’s ongoing selling agent fee, management fee, the general partner’s administrative fee, the incentive fee accrued, other expenses and any redemptions or distributions as of the end of such month.