Document:

[Letterhead of Citigroup]              
 	
                        Exhibit 10.28
 

June 15, 2005

Xplor Capital Management LLC

Two Stamford Landing - Suite 100

68 Southfield Avenue

Stamford, CT 06902

Attention:  Mr. Damon Hart

	
                         
 	
                        Re:
 	
                        Management Agreement Renewals
 

Dear Mr. Hart:

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, 2006 and all other provisions of the Management Agreements will remain unchanged.

	
       
 	
      •
 	
  CTA Capital LLC
 

	
       
 	
      •
 	
      Citigroup Emerging CTA Portfolio LP
 

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Daniel McAuliffe at the address above or fax to 212-793-1986. If you have any questions I can be reached at 212-559-5043.

 

	
                        Very truly yours,
 	
                         
 	
                         
 
	
                        CITIGROUP MANAGED FUTURES LLC
 	
                         
 	
                         
 
	
                        By: 
 	
                        
 /s/ Daniel R. McAuliffe, Jr.
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Daniel R. McAuliffe, Jr.
 Chief Financial Officer & Director
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        By:
 	
                        /s/ Damon Hart
 	
                         
 	
                         
 	
                         
 

 

	
      Print Name: Damon Hart
 	
   
 

DRMcA/sr[Letterhead of Citigroup]
 	
                        Exhibit 10.29
 

June 30, 2006

Xplor Capital Management LLC

Two Stamford Landing - Suite 100

68 Southfield Avenue

Stamford, CT 06902

Attention:  Mr. Damon Hart

	
                         
 	
                        Re:
 	
                        Management Agreement Renewals
 

Dear Mr. Hart:

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, 2007 and all other provisions of the Management Agreements will remain unchanged.

	
       
 	
                        •
 	
                        CTA Capital LLC
 

	
       
 	
                        •
 	
                        Citigroup Emerging CTA Portfolio LP
 

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Daniel McAuliffe at the address above or fax to 212-793-1986. If you have any questions I can be reached at 212-559-5043.

 

	
                        Very truly yours,
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        CITIGROUP MANAGED FUTURES LLC
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
      By: 
 	
                        /s/ Daniel R. McAuliffe, Jr.
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Daniel R. McAuliffe, Jr.
 Chief Financial Officer & Director
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        By:
 	
                        /s/ Damon Hart
 	
                         
 	
                         
 	
                         
 

 

	
      Print Name: 
 	
      Damon Hart
 	
                         
 	
                         
 	
                         
 

DRMcA/sr[Letterhead of Citigroup]
 	
                        Exhibit 10.30
 

June 30, 2007

Xplor Capital Management LLC

Two Stamford Landing - Suite 100

68 Southfield Avenue

Stamford, CT 06902

Attention:  Mr. Damon Hart

	
                         
 	
                        Re:
 	
                        Management Agreement Renewals
 

Dear Mr. Hart:

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, 2008 and all other provisions of the Management Agreements will remain unchanged.

	
       
 	
                        •
 	
                        CTA Capital LLC
 

	
       
 	
                        •
 	
                        Citigroup Emerging CTA Portfolio LP
 

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 212-793-1986. If you have any questions I can be reached at 212-559-5046.

 

	
                        Very truly yours,
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        CITIGROUP MANAGED FUTURES LLC
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
      By: 
 	
                        /s/ Jennifer Magro
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Jennifer Magro
 Chief Financial Officer & Director
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        By:
 	
                        /s/ Damon Hart
 	
                         
 	
                         
 	
                         
 

 

	
      Print Name: 
 	
      Damon Hart
 	
                         
 	
                         
 	
                         
 

JM/sr[Citigroup Letterhead]
 	
                        Exhibit 10.31
 

June 15, 2005

Avant Asset Management Inc.

3626 Pittsburg Street

Houston, Texas 7700527

Attention:  Mr. Brick Diemer

	
                         
 	
                        Re:
 	
                        Management Agreement Renewal
 

Dear Mr. Diemer:

We are writing with respect to your management agreement concerning the commodity pool to which reference is made below (the “Management Agreement”). We are extending the term of the Management Agreement through June 30, 2006 and all other provisions of the Management Agreement will remain unchanged.

	
       
 	
                        •
 	
                        CTA CAPITAL LLC
 

	
       
 	
                        •
 	
                        Citigroup Emerging CTA Portfolio L.P.
 

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Daniel McAuliffe at the address above or fax to 212-793-1986. If you have any questions I can be reached at 212-559-5043.

 

	
                        Very truly yours,
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        CITIGROUP MANAGED FUTURES LLC
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
      By: 
 	
                        /s/ Daniel R. McAuliffe, Jr.
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Daniel R. McAuliffe, Jr.
 Chief Financial Officer & Director
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        By:
 	
                        /s/ Brick Diemer
 	
                         
 	
                         
 	
                         
 

 

	
      Print Name: Brick Diemer
 	
       
 	
                         
 	
                         
 	
   
 

DRMcA/sr[Citigroup  Letterhead]
 	
                        Exhibit 10.32
 

June 30, 2006

Avant Asset Management Inc.

3626 Pittsburg Street

Houston, Texas 7700527

Attention:  Mr. Brick Diemer

	
                         
 	
                        Re:
 	
                        Management Agreement Renewal
 

Dear Mr. Diemer:

We are writing with respect to your management agreement concerning the commodity pool to which reference is made below (the “Management Agreement”). We are extending the term of the Management Agreement through June 30, 2007 and all other provisions of the Management Agreement will remain unchanged.

	
                         
 	
                        •
 	
                        CTA CAPITAL LLC
 

	
                         
 	
                        •
 	
                        Citigroup Emerging CTA Portfolio L.P.
 

	
                         
 	
                        •
 	
                        CMF Avant Master Fund L.P.
 

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Daniel McAuliffe at the address above or fax to 212-793-1986. If you have any questions I can be reached at 212-559-5043.

 

	
                        Very truly yours,
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        CITIGROUP MANAGED FUTURES LLC
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
      By: 
 	
                        /s/ Daniel R. McAuliffe, Jr.
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Daniel R. McAuliffe, Jr.
 Chief Financial Officer & Director
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        By:
 	
                        /s/ Brick Diemer
 	
                         
 	
                         
 	
                         
 

 

	
      Print Name: 
 	
                        Brick Diemer
 	
                         
 	
                         
 	
                         
 

DRMcA/sr

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