UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 30, 2009

Check here if Amendment [  ]; Amendment Number:
This Amendment (Check only one.): [  ] is a restatement.
                                  [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    Zephyr Management, L.P.
Address: 320 Park Avenue

         New York, NY  10022

13F File Number:  28-12598

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:      Roy S. Kelvin
Title:     Chief Financial Officer
Phone:     212-508-9425

Signature, Place, and Date of Signing:

     /s/ Roy S. Kelvin     New York, NY/USA     October 26, 2009


Report Type (Check only one.):

[ X]         13F HOLDINGS REPORT.

[  ]         13F NOTICE.

[  ]         13F COMBINATION REPORT.







                              FORM 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:         0

Form13F Information Table Entry Total:     9

Form13F Information Table Value Total:     $46,515 (thousands)


List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional managers with respect to which this report is filed, other
than the manager filing this report.

NONE






             
                                                     FORM 13F INFORMATION TABLE
                                                             VALUE  SHARES/ SH/ PUT/ INVSTMT  OTHER            VOTING AUTHORITY
NAME OF ISSUER                 TITLE OF CLASS   CUSIP     (x$1000)  PRN AMT PRN CALL DSCRETN MANAGERS         SOLE   SHARED     NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
AMERICA MOVIL SAB DE CV        SPON ADR L SHS   02364W105     5139   117250          SOLE    NONE           117250        0        0
BANCO BRADESCO S A             SP ADR PFD NEW   059460303     6403   321900          SOLE    NONE           321900        0        0
BANCOLOMBIA S A                SPON ADR PREF    05968L102     4370   101800          SOLE    NONE           101800        0        0
CENTRAL EUROPEAN MEDIA ENTRP   CL A NEW         G20045202     5240   153000          SOLE    NONE           153000        0        0
COMPANHIA DE BEBIDAS DAS AME   SPON ADR PFD     20441W203     5532    67250          SOLE    NONE            67250        0        0
CREDICORP LTD                  COM              G2519Y108     2753    35400          SOLE    NONE            35400        0        0
DESARROLLADORA HOMEX S A DE    SPONSORED ADR    25030W100     5293   140100          SOLE    NONE           140100        0        0
GRUPO TELEVISA SA DE CV        SP ADR REP ORD   40049J206     6791   365300          SOLE    NONE           365300        0        0
INFOSYS TECHNOLOGIES LTD       SPONSORED ADR    456788108     4994   103000          SOLE    NONE           103000        0        0