Exhibit 10.23

June 30, 2006

Willowbridge Associates Inc. 101 Morgan Lane – Suite 180 Plainsboro, N.J. 08536

Attention: Mr Steve R. Crane

Re: Management Agreement Renewals

Dear Mr. Crane:

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.

|  |              |                                              |
|--|--------------|----------------------------------------------|
|  | •  | Salomon Smith Barney Orion Futures Fund L.P. |

|  |              |                                            |
|--|--------------|--------------------------------------------|
|  | •  | Smith Barney Diversified Futures Fund L.P. |

|  |              |                                               |
|--|--------------|-----------------------------------------------|
|  | •  | Smith Barney Diversified Futures Fund L.P. II |

|  |              |                                         |
|--|--------------|-----------------------------------------|
|  | •  | Citigroup Diversified Futures Fund L.P. |

|  |              |                         |
|--|--------------|-------------------------|
|  | •  | Citibank NA (Alera 100) |

|  |              |                                        |
|--|--------------|----------------------------------------|
|  | •  | CMF Institutional Futures Portfolio LP |

|  |              |                         |
|--|--------------|-------------------------|
|  | •  | CMF Willowbridge Master |

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/ Steve R. Crane                              |

Print Name:    Steve R. Crane                   

DRMcA/sr

----

Exhibit 10.23

June 30, 2006

Winton Capital Management 1a. St. Mary Abbot’s Place Kensington, London W86LS, U.K.

Attention: Mr. Martin Hunt

Re: Management Agreement Renewals

Dear Mr. Hunt:

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.

|  |              |                                            |
|--|--------------|--------------------------------------------|
|  | •  | Smith Barney Diversified Futures Fund L.P. |

|  |              |             |
|--|--------------|-------------|
|  | •  | AURORA 2001 |

|  |              |            |
|--|--------------|------------|
|  | •  | AURORA III |

|  |              |                             |
|--|--------------|-----------------------------|
|  | •  | SSB Orion Futures Fund L.P. |

|  |              |                     |
|--|--------------|---------------------|
|  | •  | Alera Portfolio Spc |

|  |              |                        |
|--|--------------|------------------------|
|  | •  | CMF Winton Feeder LP I |

|  |              |                                         |
|--|--------------|-----------------------------------------|
|  | •  | Citigroup Diversified Futures Fund L.P. |

|  |              |                             |
|--|--------------|-----------------------------|
|  | •  | CMF Winton Master Fund L.P. |

|  |              |                                        |
|--|--------------|----------------------------------------|
|  | •  | CMF Institutional Futures 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/ Martin Hunt                                     |

Print Name:     Martin Hunt                        

DRMcA/sr

----

Exhibit 10.23

June 30, 2006

AAA Capital Management Inc. 1300 Post Oak Blvd. #350 Houston, Texas 77056

Attention: Mr. Anthony Annunziato

Re: Management Agreement Renewals

Dear Mr. Annunziato:

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.

|  |              |                        |
|--|--------------|------------------------|
|  | •  | SB AAA Master Fund LLC |

|  |              |                                              |
|--|--------------|----------------------------------------------|
|  | •  | Salomon Smith Barney Orion Futures Fund L.P. |

|  |              |                                         |
|--|--------------|-----------------------------------------|
|  | •  | Citigroup Diversified Futures Fund L.P. |

|  |              |                                          |
|--|--------------|------------------------------------------|
|  | •  | CMF Institutional Futures 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/ Anthony Annunziato                    |

Print Name:    Anthony Annunziato          

DRMcA/sr

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