Xplor Capital Management LLC 35 Mason Street 4th Floor Greenwich, Ct. 06830 Attention: Mr. Damon Hart Re: Management Agreement Renewals Dear Mr. Hart:

June 1, 2010 Exhibit 10.4 (b)

Xplor Capital Management LLC
00 Xxxxx Xxxxxx
0^xx Xxxxx
Xxxxxxxxx, Xx. 00000

Attention: Xx. Xxxxx Xxxx

     Re:       Management Agreement Renewals

Dear Xx. Xxxx:

We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the “Management Agreements”). We are extending the term of the Management Agreements through June 30, 2011 and all other provisions of the Management Agreements will remain unchanged.

	•		CTA Capital LLC
	•		Emerging CTA Portfolio LP

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Xx. Xxxxxxxx Xxxxx at the address above or fax 000-000-0000. If you have any questions I can be reached at 000-000-0000.

Very truly yours,

CERES MANAGED FUTURES LLC

By:		/s/ Xxxxxxxx Xxxxx Xxxxxxxx Xxxxx
		Chief Financial Officer & Director

XPLOR CAPITAL MANAGEMENT LLC

By:
Print Name: /s/ Xxxxx Xxxx   Xxxxx Xxxx

JM/sr