June 1, 2013 Blackwater Capital Management, LLC

Exhibit 10.7(b)

June 1, 2013

Blackwater Capital Management, LLC

00 Xxxxxxx Xxxxxx

Suite 601

Morristown, N.J. 07960

Attention: Xx. Xxxx Xxxxxxxxxxx

Re: Management Agreement Renewals

Dear Xx. Xxxxxxxxxxx:

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, 2014 and all other provisions of the Management Agreements will remain unchanged.

• Emerging CTA Portfolio L.P.

• Global Diversified Futures Fund L.P.

• Blackwater Master Fund L.P.

• MSSB Spectrum Technical L.P.

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Xx. Xxxxx Xxxxxxx at the address above or fax to 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/ Xxxxxx Xxxxxx
		Xxxxxx Xxxxxx
		Chief Financial Officer and Director
BLACKWATER CAPITAL MANAGEMENT LLC
By:		/s/ Xxxx Xxxxxxxxxxx

Print Name:		Xxxx Xxxxxxxxxxx
DG/sr