UNITED STATES 
    SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
   FORM 10-Q
    (X) QUARTERLY
    REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934
  For the
    Quarterly Period Ended March 31, 2009
  OR ( )
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934
  For the
    transition period from
    to.
  Commission
    File Number 0-50272
   CITIGROUP AAA ENERGY FUND L.P. II
    New York

03-0407557(State or other jurisdiction of
    incorporation or organization)

(I.R.S. Employer
    Identification No.)    c/o Citigroup
    Managed Futures LLC
 55 E.
59th
Street -
10th Floor
 New York, New York 10022
    (212) 559-2011
       Yes X     No
    Yes     No
    Large accelerated filer 
         Accelerated filer 
           Non-accelerated filer  X
         Smaller  reporting company
  Rule 12b-2
  Yes     No X




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##### 



CITIGROUP AAA ENERGY FUND L.P. II
  FORM 10-Q
  INDEX
  PageNumberPART I - Financial Information:Item 1.

Financial Statements:Statements of Financial Condition at March 31, 2009 and
    December 31, 2008 (unaudited)

3Statements of Income and Expenses and Partners Capital for
    the three months ended March 31, 2009 and 2008
    (unaudited)

4Notes to Financial Statements, including the Financial
    Statements of Citigroup AAA Master Fund LLC (unaudited)

5  14Item 2.

Managements Discussion and Analysis of Financial Condition
    and Results of Operations

15  18Item 3.

Quantitative and Qualitative Disclosures about Market Risk

19Item 4T.

Controls and Procedures

20PART II - Other Information

21  25  2




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##### 



PART I Item 1.
    Financial Statements  Citigroup AAA Energy Fund L.P. IIStatements of Financial Condition
    (Unaudited)
  March 31,
    
    
    December 31,2009
    
    
    2008Assets:Investment in Master, at fair value
    
    $
    544,889,410
    
    
    $
    543,812,374Cash
    
    
    290,285
    
    
    
    240,801Total assets
    
    $
    545,179,695
    
    
    $
    544,053,175Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage commissions
    
    $
    2,312,690
    
    
    $
    2,403,495Management fees
    
    
    904,375
    
    
    
    902,357Administrative fees
    
    
    226,094
    
    
    
    225,589Other
    
    
    242,173
    
    
    
    235,261Redemptions payable
    
    
    22,880,022
    
    
    
    24,337,821Total liabilities
    
    
    26,565,354
    
    
    
    28,104,523Partners Capital:General Partner, 2,051.6401 Unit equivalents outstanding at
March 31, 2009
    and December 31, 2008
    
    
    8,929,476
    
    
    
    8,505,874Special Limited Partner, 5,735.4778 and 4,270.5527 Redeemable
Units of Limited Partnership Interest outstanding
at March 31, 2009 and December 31, 2008, respectively
    
    
    24,962,864
    
    
    
    17,705,242Limited Partners, 111,369.8388 and 118,126.1541 Redeemable
Units of Limited Partnership Interest outstanding at March 31, 2009 and
December 31, 2008, respectively
    
    
    484,722,001
    
    
    
    489,737,536Total partners capital
    
    
    518,614,341
    
    
    
    515,948,652Total liabilities and partners capital
    
    $
    545,179,695
    
    
    $
    544,053,175    3




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##### 



Citigroup AAA Energy Fund L.P. IIStatements of Income and Expenses and
    Partners Capital
    (Unaudited)
  Three Months EndedMarch 31,2009
    
    
    2008Income:Net realized gains (losses) on closed positions allocated from
    Master
    
    $
    22,677,219
    
    
    $
    (25,648,642
    )Change in net unrealized gains (losses) on open positions
    allocated from Master
    
    
    14,300,188
    
    
    
    42,626,788Interest income allocated from Master
    
    
    79,320
    
    
    
    1,132,614Expenses allocated from Master
    
    
    (351,145
    )
    
    
    (386,905
    )Total income (loss)
    
    
    36,705,582
    
    
    
    17,723,855Expenses:Brokerage commissions
    
    
    1,286,808
    
    
    
    1,732,694Management fees
    
    
    2,680,436
    
    
    
    2,216,543Administrative fees
    
    
    670,110
    
    
    
    554,136Other
    
    
    109,500
    
    
    
    85,500Total expenses
    
    
    4,746,854
    
    
    
    4,588,873Net income (loss) before allocation to Special Limited Partner
    
    
    31,958,728
    
    
    
    13,134,982Allocation to Special Limited Partner
    
    
    (6,375,882
    )
    
    
    (2,410,743
    )Net income (loss) after allocation to Special Limited Partner
    
    
    25,582,846
    
    
    
    10,724,239Additions  Limited Partners
    
    
    3,429,876
    
    
    
    3,980,000Additions  Special Limited Partner
    
    
    6,375,882
    
    
    
    2,410,743Redemptions  Limited Partners
    
    
    (32,722,915
    )
    
    
    (39,916,988
    )Net increase (decrease) in Partners Capital
    
    
    2,665,689
    
    
    
    (22,802,006
    )Partners Capital, beginning of period
    
    
    515,948,652
    
    
    
    444,909,811Partners Capital, end of period
    
    $
    518,614,341
    
    
    $
    422,107,805Net Asset Value per Unit (119,156.9567 and
144,356.8909 Units
    outstanding at March 31, 2009 and 2008, respectively)
    
    $
    4,352.36
    
    
    $
    2,924.06Net income (loss) per Redeemable Unit of Limited Partnership
    Interest and General Partner Unit equivalent
    
    $
    206.47
    
    
    $
    71.22    4




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##### 



Citigroup AAA Energy Fund L.P. IINotes to Financial Statements
    March  31, 2009
    (Unaudited)
  1.
    General:     Global Wealth Management
       Form 10-K
       5




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##### 



Citigroup AAA Energy Fund L.P. II
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
    Citigroup AAA
    Master Fund LLC
    Statements of Financial Condition
    (Unaudited)
  March 31,
    
    
    December 31,2009
    
    
    2008Assets:Equity in trading account:Cash
    
    $
    429,498,013
    
    
    $
    696,338,412Cash margin
    
    
    219,610,225
    
    
    
    90,640,874Net unrealized appreciation on open futures and exchange cleared swap contracts
    
    
    278,000,223
    
    
    
    268,819,884Options
owned, at fair value (cost $895,052,923 and $867,124,483, respectively)
    
    
    809,063,925
    
    
    
    906,666,5771,736,172,386
    
    
    
    1,962,465,747Due from brokers
    
    
    
    
    
    
    518,950Total assets
    
    $
    1,736,172,386
    
    
    $
    1,962,984,697Liabilities and Members Capital:Liabilities:Options
written, at fair value (premium $513,790,182 and $600,446,669, respectively)
    
    $
    384,912,251
    
    
    $
    624,018,932Accrued expenses:Professional fees
    
    
    401,639
    
    
    
    334,666Total liabilities
    
    
    385,313,890
    
    
    
    624,353,598Members Capital:Members
Capital, 142,061.4413 and 150,805.9242 Units outstanding at March 31,
2009 and December 31, 2008, respectively
    
    
    1,350,858,496
    
    
    
    1,338,631,099Total liabilities and members capital
    
    $
    1,736,172,386
    
    
    $
    1,962,984,697
  6




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##### 



Citigroup AAA Energy Fund L.P. II
    Notes to Financial Statements
March 31, 2009
    (Unaudited)
  Citigroup AAA
    Master Fund LLC
 Schedule of Investments
 March 31, 2009
 (Unaudited)
 Number of
    
    
    
    
    
    
    % of MembersContracts
    
    
    Fair Value
    
    
    CapitalFutures and Exchange Cleared Swap Contracts PurchasedEnergyNYMEX Heating Oil May 09 - Dec 11
    
    
    7,671
    
    
    $
    (275,671,574
    )
    
    
    (20.41
    )%NYMEX HH N Gas Swap Jul 09 - May 14
    
    
    20,674
    
    
    
    (67,962,465
    )
    
    
    (5.03
    )NYMEX Natural Gas May 09 - Dec 13
    
    
    7,952
    
    
    
    (98,709,162
    )
    
    
    (7.31
    )NYMEX WTI Financial Jun 09 - Dec 16
    
    
    5,113
    
    
    
    (212,269,540
    )
    
    
    (15.71
    )Other
    
    
    32,660
    
    
    
    (168,023,088
    )
    
    
    (12.44
    )Total futures and exchange cleared swap contracts purchased
    
    
    
    
    
    
    (822,635,829
    )
    
    
    (60.90
    )Futures and Exchange Cleared Swap Contracts SoldEnergyIPE Gas Oil Apr 09 - Dec 11
    
    
    11,951
    
    
    
    404,580,921
    
    
    
    29.95NYMEX Heating Oil Jul 09 - Jan 12
    
    
    3,796
    
    
    
    135,840,932
    
    
    
    10.06NYMEX HH N Gas Swap May 09 - Dec 14
    
    
    29,579
    
    
    
    176,612,100
    
    
    
    13.07NYMEX Natural Gas Jun 09 - Dec 14
    
    
    9,390
    
    
    
    226,796,765
    
    
    
    16.79Other
    
    
    15,555
    
    
    
    156,805,334
    
    
    
    11.61Total futures and exchange cleared swap contracts sold
    
    
    
    
    
    
    1,100,636,052
    
    
    
    81.48Net unrealized appreciation on open futures and exchange cleared swap contracts
    
    
    
    
    
    
    278,000,223
    *
    
    
    20.58Options OwnedEnergyNYMEX Brent Crude EP Jun 09 - Dec 10
    
    
    2,533
    
    
    
    76,120,690
    
    
    
    5.63NYMEX Crude EP Jun 09 - Dec 16
    
    
    14,814
    
    
    
    276,867,700
    
    
    
    20.50NYMEX LS Crude Oil P May 09 - Dec 12
    
    
    8,821
    
    
    
    126,039,500
    
    
    
    9.33NYMEX Natural Gas EC May 09 - Oct 14
    
    
    36,553
    
    
    
    141,843,395
    
    
    
    10.50NYMEX Natural Gas EP May 09 - Mar 11
    
    
    6,457
    
    
    
    97,999,521
    
    
    
    7.25Other
    
    
    28,596
    
    
    
    90,193,119
    
    
    
    6.68Total options owned
    
    
    
    
    
    
    809,063,925
    
    
    
    59.89Options WrittenEnergyNYMEX LS Crude Oil P May 09 - Dec 12
    
    
    5,096
    
    
    
    (84,440,270
    )
    
    
    (6.25
    )Other
    
    
    65,681
    
    
    
    (300,471,981
    )
    
    
    (22.24
    )Total options written
    
    
    
    
    
    
    (384,912,251
    )
    
    
    (28.49
    )Total fair value
    
    
    
    
    
    $
    702,151,897
    
    
    
    51.98
    %
 *
    
    This amount is included in Net unrealized appreciation on open futures and exchange cleared swap contracts on the Statements of Financial Condition.  7




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##### 



Citigroup AAA Energy Fund L.P. II
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
  Citigroup AAA
    Master Fund LLC
    Schedule of Investments
    December 31, 2008
    (Unaudited)
  Number of





% of MembersContracts


Fair Value


CapitalFutures and Exchange Cleared Swap Contracts PurchasedEnergyNYMEX Heating Oil Feb 09  Aug 11


8,011


$
(441,745,130
)


(33.00
)%NYMEX HH N Gas Swap Feb 09  Dec 14


18,654



(89,160,340
)


(6.66
)NYMEX LS Crude Oil Feb 09  Dec 12


11,641



(129,427,041
)


(9.67
)NYMEX Natural Gas May 09  Dec 13


8,255



(139,708,500
)


(10.44
)NYMEX NYH RBOB Gas Feb 09  Dec 11


4,404



(119,810,053
)


(8.95
)NYMEX WTI Financial Jun 09  Dec 16


4,936



(209,218,410
)


(15.63
)Other


    16,316



(151,807,029
)


(11.34
)Total futures and exchange cleared swap contracts purchased






(1,280,876,503
)


(95.69
)Futures and Exchange Cleared Swap Contracts SoldEnergyIPE Brent Crude Oil Mar 09  Dec 14


4,692



121,030,070



9.04IPE Gas Oil Jan 09  Jun 11


11,819



535,126,020



39.98NYMEX Heating Oil Feb 09  Dec 11


3,501



166,705,095



12.45NYMEX HH N Gas Swap Mar 09  Dec 12


29,532



155,897,847



11.65NYMEX Natural Gas Feb 09  Dec 14


13,299



260,526,256



19.46NYMEX NYH RBOB Gas Apr 09  Apr 10


3,293



137,456,648



10.27Other


16,695



172,954,451



12.92Total futures and exchange cleared swap contracts sold






1,549,696,387



115.77Net unrealized appreciation on open futures and exchange cleared
    swap contracts






268,819,884
*


20.08Options OwnedEnergyNYMEX Brent Crude EP Jun 09  Dec 10


2,533



73,938,930



5.52NYMEX Crude EP Mar 09  Dec 16


11,958



253,787,240



18.96NYMEX LS Crude Oil P Feb 09  Dec 12


6,383



205,040,500



15.32NYMEX Natural Gas EC Feb 09  May 14


28,842



164,736,675



12.31NYMEX Natural Gas EP Mar 09  Mar 11


4,433



70,822,470



5.29Other


25,417



138,340,762



10.33Total options owned






906,666,577



67.73Options WrittenEnergyNYMEX LS Crude Oil P Feb 09  Dec 12


6,493



(131,792,570
)


(9.84
)NYMEX Natural Gas EP Feb 09  May 11


6,340



(209,214,966
)


(15.63
)Other


56,413



(283,011,396
)


(21.14
)Total options written






(624,018,932
)


(46.61
)Total fair value





$
551,467,529



41.20
% 
 *
    
    This amount is included in Net unrealized appreciation on open futures and exchange cleared swap contracts on the Statements of Financial Condition.  8




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##### 



Citigroup AAA Energy Fund L.P. II
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
  Citigroup AAA
    Master Fund LLC
    Statements of Income and Expenses and Members Capital
    (Unaudited)
  Three Months EndedMarch 31,2009
    
    
    2008Income:Net gains (losses) on trading of commodity interests:Net
realized gains (losses) on closed contracts
    
    $
    55,296,920
    
    
    $
    (57,120,997
    )Change in
net unrealized gains (losses) on open contracts
    
    
    36,099,441
    
    
    
    95,381,553Gain (loss)
from trading, net
    
    
    91,396,361
    
    
    
    38,260,556Interest income
    
    
    207,586
    
    
    
    2,658,502Total income
(loss)
    
    
    91,603,947
    
    
    
    40,919,058Expenses:Clearing fees
    
    
    690,089
    
    
    
    731,880Professional
fees
    
    
    177,375
    
    
    
    136,000Total
expenses
    
    
    867,464
    
    
    
    867,880Net
income (loss)
    
    
    90,736,483
    
    
    
    40,051,178Additions
    
    
    55,749,031
    
    
    
    14,740,134Redemptions
    
    
    (134,050,531
    )
    
    
    (55,642,009
    )Distribution
of interest income to feeder funds
    
    
    (207,586
    )
    
    
    (2,646,462
    )Net increase
(decrease) in Members Capital
    
    
    12,227,397
    
    
    
    (3,497,159
    )Members Capital, beginning of period
    
    
    1,338,631,099
    
    
    
    999,453,536Members Capital, end of period
    
    $
    1,350,858,496
    
    
    $
    995,956,377Net Asset
Value per Unit (142,061.4413 and 177,190.0556 Units outstanding at March 31, 2009 and 2008, respectively)
    
    $
    9,508.97
    
    
    $
    5,620.84Net income
(loss) per Unit of Member Interest
    
    $
    633.90
    
    
    $
    223.24 9




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##### 



Citigroup AAA Energy Fund L.P. II
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months EndedMarch 31,2009
    
    
    2008Net realized and unrealized gains (losses) *
    
    $
    285.80
    
    
    $
    98.90Interest income
    
    
    0.64
    
    
    
    7.32Expenses and allocation to Special Limited Partner**
    
    
    (79.97
    )
    
    
    (35.00
    )Increase (decrease) for the period
    
    
    206.47
    
    
    
    71.22Net asset Value per Redeemable Unit, beginning of period
    
    
    4,145.89
    
    
    
    2,852.84Net asset value per Redeemable Unit, end of period
    
    $
    4,352.36
    
    
    $
    2,924.06
   *
    
    Includes Partnership commissions and expenses allocated from the
    Master.**
    
    Excludes Partnership commissions, expenses allocated from the
    Master and includes allocation to Special Limited Partner
    in 2009 and 2008.  Three Months EndedMarch 31,2009
    
    
    2008Ratios to Average Net Assets:***Net investment income (loss) before allocation to Special Limited Partner****
    
    
    (3.9)
    %
    
    
    (3.6)
    %Operating expenses
    
    
    4.0
    %
    
    
    4.6
    %Allocation to Special Limited Partner
    
    
    1.2
    %
    
    
    0.6
    %Total expenses and allocation to Special Limited Partner
    
    
    5.2
    %
    
    
    5.2
    %Total return:Total return before allocation to Special Limited Partner
    
    
    6.3
    %
    
    
    3.1
    %Allocation to Special Limited Partner
    
    
    (1.3
    )%
    
    
    (0.6
    )%Total return after allocation to Special Limited Partner
    
    
    5.0
    %
    
    
    2.5
    %
   ***
    
    Annualized (except for allocation to Special Limited Partner, if
applicable)****
    
    Interest income allocated from Master less total expenses
(exclusive of allocation to Special Limited Partner, if applicable)   10




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##### 



Citigroup AAA Energy Fund L.P. II
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
    Three Months EndedMarch 31,2009
    
    
    2008Net realized and unrealized gains (losses)*
    
    $
    633.70
    
    
    $
    209.38Interest Income
    
    
    1.45
    
    
    
    14.61Expenses **
    
    
    (1.25
    )
    
    
    (0.75
    )Increase(decrease) for the period
    
    
    633.90
    
    
    
    223.24Distribution of interest income to feeder funds
    
    
    (1.45
    )
    
    
    (14.54
    )Net Asset Value per Unit of Member Interest, beginning of period
    
    
    8,876.52
    
    
    
    5,412.14Net Asset Value per Unit of Member Interest, end of period
    
    $
    9,508.97
    
    
    $
    5,620.84
   *
    
    Includes brokerage commissions**
    
    Excludes brokerage commissions Three Months EndedMarch 31,2009
    
    
    2008Ratios to average net assets:Net investment income (loss)***
    
    
    (0.2
    )%
    
    
    0.7
    %Operating expenses
    
    
    0.3
    %
    
    
    0.4
    %Total return
    
    
    7.1
    %
    
    
    4.1
    %
  ***
    
    Interest income less total expenses  3.
    Trading Activities:       11




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##### 



Citigroup AAA Energy Fund L.P. II
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
      March 31, 2009Sector
    

Gain (loss) from tradingEnergy
    
    $
    91,396,361Total
    
    $
    91,396,361
  4.
    Fair
    Value Measurements:  Investments.
  Fair Value Measurements. Fair Value Measurements No. FAS 157-2, Effective Date of FASB Statement No. 157
    Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs3/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Master

$
544,889,410


$



$
544,889,410


$
Total fair value

$
544,889,410


$



$
544,889,410


$
   Investments.
  Fair Value Measurements. Fair Value Measurements
 12




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##### 



Citigroup AAA Energy Fund L.P. II
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
  No. FAS 157-2, Effective Date of FASB Statement No. 157
   Quoted Prices inActive Markets for
    
    
    Significant Other
    
    
    SignificantIdentical Assets
    
    
    Observable Inputs
    
    
    Unobservable Inputs3/31/2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)AssetsFutures and
Exchange Cleared
Swaps
    
    $
    278,000,223
    
    
    $
    278,000,223
    
    
    $
    
    
    
    $
    Options owned
    
    
    809,063,925
    
    
    
    809,063,925
    
    
    
    
    
    
    
    Total assets
    
    
    1,087,064,148
    
    
    
    1,087,064,148
    
    
    
    
    
    
    
    LiabilitiesOptions written
    
    $
    384,912,251
    
    
    $
    384,912,251
    
    
    $
    
    
    
    $
    Total liabilities
    
    
    384,912,251
    
    
    
    384,912,251
    
    
    
    
    
    
    
    Total fair value
    
    $
    702,151,897
    
    
    $
    702,151,897
    
    
    $
    
    
    
    $
    
    5.
    Financial
    Instrument Risks:  13




---



##### 



Citigroup AAA Energy Fund L.P. II
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
       14




---



##### 



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity and Capital Resources
        and/or
    Critical Accounting Policies
 Use of Estimates.
 Statement of Cash Flows.
 Investments.
 Fair Value Measurements.
 15




---



##### 



Futures Contracts.
 Options.
 Brokerage Commissions.
 Income Taxes.
  16




---



##### 



Recent Accounting Pronouncements.
  Results of Operations
          17




---



##### 



30-day 3-month and/or 90-day
       18




---



##### 



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk          one-day
  Form 10-K
 March 31, 2009
(Unaudited)
 Three Months Ended March 31, 2009% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    240,698,609
    
    
    
    17.82
    %
    
    $
    352,329,038
    
    
    $
    216,503,805
    
    
    $
    235,594,814Total
    
    $
    240,698,609
    
    
    
    17.82
    %
 *
    
    Average monthly Values at Risk 19




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##### 



Item 4T.
    Controls
    and Procedures      Rules 13a-15(e) 15d-15(e)
  internal control over financial
    reporting
  
    pertain to the maintenance of records that in reasonable detail
    accurately and fairly reflect the transactions and dispositions
    of the assets of the Partnership;
    provide reasonable assurance that (i) transactions are
    recorded as necessary to permit preparation of financial
    statements in accordance with GAAP, and (ii) the Partnerships
    receipts are handled and expenditures are made only pursuant to
    authorizations of the General Partner; and
    provide reasonable assurance regarding prevention or timely
    detection of unauthorized acquisition, use or disposition of the
    Partnerships assets that could have a material effect on
    the financial statements.   20




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##### 



PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings  Form 10-K
  Enron-Related Civil Actions
 DK Acquisition Partners, L.P., et al. v. J.P. Morgan
Chase & Co., et al., Avenue Capital Management II, L.P., et al. v. J.P. Morgan Chase & Co., et
al.
 Research Analyst Litigation
 In Re Salomon Analyst Metromedia
Litigation
 Subprime-Mortgage-Related Litigation and Other Matters
 In Re
Citigroup Inc. Bond Litigation
 Buckingham v.
Citigroup Inc , et al. Chen v. Citigroup Inc et al. In Re Citigroup Inc Bond Litigation Pellegrini v. Citigroup Inc et al. Pellegrini In Re Citigroup Inc Bond Litigation
 Brecher v. Citigroup Inc et al. Brecher In Re
Citigroup Inc. Bond Litigation
  Auction Rate Securities
 In Re Citigroup Inc Auction Rate Securities Litigation In Re Citigroup Inc. Auction Rate Securities
Litigation.
 Mayor & City Council Of
Baltimore, Maryland v. Citigroup Inc et al. Mayfield v. Citigroup Inc et al.
 21




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##### 



Other Matters
 In re MAT Five Securities
Litigation Marie Raymond Revocable rust et al. v. MAT Five LLC, et al.
 Puglisi v. Citigroup
Alternative Investments LLC, et al. In Re MAT Five
Securities Litigation Goodwill v. MAT
Five LLC, et al. Marie Raymond Revocable Trust, et al. v. MAT Five LLC,
et al ECA
Acquisitions, Inc. et al. v. MAT Three LLC, et al., Hahn, et al. v. Citigroup Inc., et
al, Marie Raymond Revocable Trust
  22




---



##### 



Item 1A.
    Risk
    Factors  Form 10-K
  23




---



##### 



Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds          (d) Maximum Number(or Approximate(c) Total Number



Dollar Value) ofof Redeemable Units



Redeemable Units(a) Total Number



(b) Average



Purchased as Part



that May Yet Beof Redeemable



Price Paid per



of Publicly Announced



Purchased Under thePeriod


Units Purchased*



Redeemable Unit**



Plans or Programs



Plans or ProgramsJanuary 1, 2009  January 31, 2009



944.9894



$
4,235.04




N/A




N/AFebruary 1, 2009  February 28, 2009



1,370.0758



$
4,263.14




N/A




N/AMarch 1, 2009  
    March 31, 2009



5,256.9231



$
4,352.36




N/A




N/A7,571.9883



$
4,321.57




N/A




N/A       Item 3.
    Defaults
    Upon Senior Securities  None  Item 4.
    Submission
    of Matters to a Vote of Security Holders 
    None  Item 5.
    Other
    Information  None 24




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##### 



Item 6.
    Exhibits  Regulation S-K Form 10-K
  Rule 13a-14(a)/15d-14(a)
  Rule 13a-14(a)/15d-14(a)
     25




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##### 



SIGNATURES
     CITIGROUP AAA ENERGY FUND L.P. II
  By:


Citigroup Managed Futures LLC(General Partner)By:


/s/  Jerry
    PascucciJerry Pascucci 
    President and DirectorDate:


May 15, 2009By:


/s/  Jennifer
    MagroJennifer Magro
    Chief Financial Officer and 
    DirectorDate:


May 15, 2009  26