Management Agreement

Re: Management Agreement Renewals

Exhibit 10.1(b)
June 1, 2010
Altis Partners (Jersey) Limited
2 Hill Street
St Helier, Jersey
Channel Islands JE2 4UA
Attention: Mr. Stephen Hedgecock
     Re:   Management Agreement Renewals
Dear Mr. Hedgecock:
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
 
    Global Diversified Futures Fund L.P.
 
    Emerging CTA Portfolio L.P.
 
    CMF Altis Partners Master Fund L.P.
 
    Institutional Futures Portfolio L.P.
 
    Global Futures Fund Ltd.
Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Ms. Jennifer Magro at the address above or fax to 212-296-6868. If you have any questions I can be reached at 212-296-1302.
Very truly yours,
         
CERES MANAGED FUTURES LLC
 
   
By:   /s/ Jennifer Magro    
  Jennifer Magro     
  Chief Financial Officer and Director     
 
 
ALTIS PARTNERS (JERSEY) LIMITED
 
   
By:   /s/ S. Hedgecock    
  Print Name:   S. Hedgecock    
  JM/sr