##### Table of Contents



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 June 30, 2009
  OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR
    15(d)
 OF THE SECURITIES EXCHANGE ACT OF 1934
   
   000-51282
   CITIGROUP
    FAIRFIELD FUTURES FUND L.P. II
    New York

56-2421596(State or other jurisdiction of
    incorporation or organization)

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

Accelerated filer

Non-accelerated filerX

Smaller reporting company   rule 12b-2
  Yes     No X




---



##### 



CITIGROUP
    FAIRFIELD FUTURES FUND L.P. II
  FORM 10-Q
  INDEX
  PART I - Financial Information:

Page
    NumberItem 1.


Financial Statements:Statements of Financial Condition
    at June 30, 2009 and December 31, 2008 (unaudited)

3Statements of Income and Expenses
    and Partners Capital for the three  and six months ended
    June 30, 2009 and 2008 (unaudited)

4Notes to Financial Statements,
    including the Financial Statements
    of CMF Graham Capital Master Fund L.P. (unaudited)

5  15Item 2.


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

16  19Item 3.


Quantitative and Qualitative
    Disclosures about Market Risk

20Item 4T.


Controls and Procedures

21PART II - Other Information

22  25ExhibitsEX-10 JOINDER AGREEMENTEX-31.1 CERTIFICATIONEX-31.2 CERTIFICATIONEX-32.1 CERTIFICATIONEX-32.2 CERTIFICATION   2




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##### Table of Contents



PART I Item 1.  Financial
    Statements
    Citigroup Fairfield Futures Fund L.P. II
    Statements of Financial Condition
    (Unaudited)  June 30,
    
    
    December 31,2009
    
    
    2008Assets:Investment in Master, at fair value
    
    $
    42,053,868
    
    
    $
    60,716,373Cash
    
    
    134,936
    
    
    
    171,400Total assets
    
    $
    42,188,804
    
    
    $
    60,887,773Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage commissions
    
    $
    158,208
    
    
    $
    228,329Management fees
    
    
    69,973
    
    
    
    100,972Administrative fees
    
    
    17,493
    
    
    
    25,243Other
    
    
    47,017
    
    
    
    76,417Redemptions payable
    
    
    238,083
    
    
    
    7,655,240Total liabilities
    
    
    530,774
    
    
    
    8,086,201Partners Capital:General Partner, 1,250.2679 Unit equivalents outstanding at
June 30, 2009 and December 31, 2008
    
    
    1,266,321
    
    
    
    1,345,551Special Limited Partner, 383.0308 and 1,544.1797
Redeemable Units of Limited
Partnership Interest outstanding at June 30, 2009 and
December 31, 2008, respectively
    
    
    387,949
    
    
    
    1,661,862Limited
Partners, 39,496.6625 and 46,268.2719 Redeemable
Units of Limited
Partnership Interest outstanding at June 30, 2009 and
December 31, 2008, respectively
    
    
    40,003,760
    
    
    
    49,794,159Total partners capital
    
    
    41,658,030
    
    
    
    52,801,572Total liabilities and partners capital
    
    $
    42,188,804
    
    
    $
    60,887,773
  3




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##### Table of Contents



Citigroup Fairfield Futures Fund L.P. IIStatements of Income and Expenses and Partners Capital(Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Income:Net realized gains (losses) on closed
contracts allocated from Master
    
    $
    (510,045
    )
    
    $
    4,340,834
    
    
    $
    (300,473
    )
    
    $
    10,385,876Change in net unrealized gains (losses)
on open contracts allocated from Master
    
    
    (39,876
    )
    
    
    1,368,758
    
    
    
    (625,427
    )
    
    
    1,649,767Interest income allocated from Master
    
    
    8,829
    
    
    
    186,291
    
    
    
    19,420
    
    
    
    482,704Expenses allocated from Master
    
    
    (43,041
    )
    
    
    (107,829
    )
    
    
    (74,871
    )
    
    
    (204,763
    )Total income (loss)
    
    
    (584,133
    )
    
    
    5,788,054
    
    
    
    (981,351
    )
    
    
    12,313,584Expenses:Brokerage commissions
    
    
    494,843
    
    
    
    759,631
    
    
    
    1,053,589
    
    
    
    1,571,612Management fees
    
    
    218,783
    
    
    
    335,481
    
    
    
    465,815
    
    
    
    694,638Administrative fees
    
    
    54,695
    
    
    
    83,871
    
    
    
    116,453
    
    
    
    173,660Other
    
    
    28,750
    
    
    
    48,959
    
    
    
    62,251
    
    
    
    95,988Total expenses
    
    
    797,071
    
    
    
    1,227,942
    
    
    
    1,698,108
    
    
    
    2,535,898Net income (loss) before allocation to
Special Limited Partner
    
    
    (1,381,204
    )
    
    
    4,560,112
    
    
    
    (2,679,459
    )
    
    
    9,777,686Allocation to Special Limited Partner
    
    
    
    
    
    
    (517,496
    )
    
    
    
    
    
    
    (517,496
    )Net income (loss) after allocation to
Special Limited Partner
    
    
    (1,381,204
    )
    
    
    4,042,616
    
    
    
    (2,679,459
    )
    
    
    9,260,190Additions  Limited Partners
    
    
    641,000
    
    
    
    1,588,000
    
    
    
    1,246,000
    
    
    
    2,934,000Additions
 Special Limited Partner
    
    
    
    
    
    
    517,496
    
    
    
    
    
    
    
    517,496Redemptions  Limited Partners
    
    
    (2,314,177
    )
    
    
    (4,573,761
    )
    
    
    (8,460,083
    )
    
    
    (14,456,495
    )Redemptions
 Special Limited Partner
    
    
    
    
    
    
    
    
    
    
    (1,250,000
    )
    
    
    Net increase (decrease) in Partners Capital
    
    
    (3,054,381
    )
    
    
    1,574,351
    
    
    
    (11,143,542
    )
    
    
    (1,744,809
    )Partners Capital, beginning of period
    
    
    44,712,411
    
    
    
    64,637,228
    
    
    
    52,801,572
    
    
    
    67,956,388Partners Capital, end of period
    
    $
    41,658,030
    
    
    $
    66,211,579
    
    
    $
    41,658,030
    
    
    $
    66,211,579Net Asset Value per Unit
(41,129.9612 and 65,853.3887 Units outstanding at
June 30, 2009 and 2008, respectively)
    
    $
    1,012.84
    
    
    $
    1,005.44
    
    
    $
    1,012.84
    
    
    $
    1,005.44Net income (loss) per Redeemable Unit of
Limited Partnership Interest
and General Partner Unit equivalent
    
    $
    (33.39
    )
    
    $
    59.14
    
    
    $
    (63.37
    )
    
    $
    126.54
  4




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##### Table of Contents



Citigroup
    Fairfield Futures Fund L.P. IINotes to Financial Statements
June 30, 2009
    (Unaudited)
  1.
    General:                Form 10-K
         5




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##### Table of Contents



Citigroup
    Fairfield Futures Fund L.P. II
    Notes to Financial Statements
    June 30, 2009
    (Unaudited)
     CMF
    Graham Capital Master Fund L.P.
    Statements of Financial Condition
    (Unaudited)
 June 30,
    
    
    December 31,2009
    
    
    2008Assets:Equity in trading account:Cash
    
    $
    152,062,567
    
    
    $
    214,551,266Cash margin
    
    
    15,577,497
    
    
    
    9,073,580Net unrealized appreciation on open futures contracts
    
    
    
    
    
    
    1,162,793Total assets
    
    $
    167,640,064
    
    
    $
    224,787,639Liabilities and Partners Capital:Liabilities:Net
unrealized depreciation on open futures contracts
    
    $
    660,127
    
    
    $
    Net unrealized depreciation on open forward contracts
    
    
    982,037
    
    
    
    279,957Accrued expenses:Professional fees
    
    
    7,915
    
    
    
    16,740Total liabilities
    
    
    1,650,079
    
    
    
    296,697Partners Capital:General Partner, 0.0000 Unit equivalents at June
30, 2009 and
December 31, 2008
    
    
    
    
    
    
    Limited Partners Capital, 111,260.7682
and 146,784.8652 Redeemable
Units of Limited Partnership Interest
outstanding at June 30, 2009
and December 31, 2008, respectively
    
    
    165,989,985
    
    
    
    224,490,942Total liabilities and partners capital
    
    $
    167,640,064
    
    
    $
    224,787,639
 6




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##### Table of Contents



Citigroup
    Fairfield Futures Fund L.P. II
    Notes to Financial Statements
June 30, 2009
    (Unaudited)
   CMF
    Graham Capital Master Fund L.P.
    Schedule of Investments
June 30, 2009
    (Unaudited)
   Notional ($)/Number of

    
    
    
    
    
    
    % of PartnersContracts
    
    
    Fair Value
    
    
    CapitalFutures
Contracts PurchasedCurrencies
    
    
    5
    
    
    $
    (6,462
    )
    
    
    (0.01
    )%*Energy
    
    
    236
    
    
    
    (204,992
    )
    
    
    (0.12
    )Grains
    
    
    101
    
    
    
    (278,366
    )
    
    
    (0.17
    )Indices
    
    
    1,179
    

    
    
    161,897
    
    
    
    0.10Interest Rates U.S.
    
    
    126
    

    
    
    (6,284
    )
    
    
    (0.00
    )*Interest Rates Non-U.S.
    
    
    1,440
    

    
    
    (126,977
    )
    
    
    (0.08
    )Livestock
    
    
    51
    
    
    
    36,966
    
    
    
    0.02Metals
    
    
    55
    

    
    
    (153,065
    )
    
    
    (0.09
    )Softs
    
    
    320
    

    
    
    (4,827
    )
    
    
    (0.00
    )*Total futures contracts purchased
    
    
    
    

    
    
    (582,110
    )
    
    
    (0.35
    )Futures
Contracts SoldCurrencies
    
    
        72
    
    
    
        37,088
    
    
    
      0.02Energy
    
    
    133
    

    
    
    151,983
    
    
    
    0.09Grains
    
    
    104
    

    
    
    191,521
    
    
    
    0.11Indices
    
    
    1
    

    
    
    2,581
    
    
    
    0.00
    *Interest Rates U.S.
    
    
    197
    
    
    
    (156,477
    )
    
    
    (0.09
    )Interest Rates Non-U.S.    
    
    223
    

    
    
    (287,693
    )
    
    
    (0.17
    )Livestock
    
    
    14
    
    
    
    (17,020
    )
    
    
    (0.01
    )Total futures contracts sold
    
    
    
    
    
    
    (78,017
    )
    
    
    (0.05
    )Unrealized
Appreciation on Open Forward ContractsCurrencies
    
    
    324,253,791
    
    
    
    3,370,775
    
    
    
    2.03Metals
    
    
    321
    
    
    
    851,387
    
    
    
    0.51Total unrealized appreciation on open forward contracts
    
    
    
    
    
    
    4,222,162
    
    
    
    2.54Unrealized
Depreciation on Open Forward ContractsCurrencies
    
    
    368,482,052
    

    
    
    (4,529,178
    )
    
    
    (2.73
    )Metals
    
    
    278
    
    
    
    (675,021
    )
    
    
    (0.40
    )Total unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (5,204,199
    )
    
    
    (3.13
    )Total fair value
    
    
    
    
    
    $
    (1,642,164
    )
    
    
    (0.99
    )%
  *
    
    Due to rounding. 7




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##### Table of Contents



Citigroup
    Fairfield Futures Fund L.P. II
    Notes to Financial Statements
June 30, 2009
    (Unaudited)
   CMF
    Graham Capital Master Fund L.P.
    Schedule of Investments
December 31, 2008
    (Unaudited)
  Notional ($)/Number of





% of PartnersContracts



Fair Value



CapitalFutures Contracts PurchasedCurrencies


14


$
1,840




0.00
%*Energy


96



325,615




0.15Grains


52



13,370




0.01Indices


5




(19,645
)



(0.01
)Interest Rates U.S.


564




507,653





0.23Interest Rates Non-U.S.


1,235




947,609




0.42Metals


52




33,132




0.01Softs


13




3,251




0.00
*Total futures contracts purchased







1,812,825





0.81Futures Contracts SoldCurrencies


14




8,038




0.00
*Energy


159




(266,237
)




(0.12
)Grains


53




(207,227
)



(0.09
)Indices


87




(86,831
)



(0.04
)Interest Rates Non-U.S.


17




(9,163
)




(0.00
)*Livestock


11




25,220



0.01Metals


16




(35,970
)




(0.02
)Softs


99




(77,862
)



(0.03
)Total futures contracts sold







(650,032
)




(0.29
)Unrealized
Appreciation on Open Forward ContractsCurrencies


87,112,212



2,398,640




1.07Metals


59



297,268




0.13Total unrealized appreciation on open forward contracts






2,695,908




1.20Unrealized
Depreciation on Open Forward ContractsCurrencies


86,429,816



(2,764,819
)



(1.23
)Metals


96



(211,046
)



(0.10
)Total unrealized depreciation on open forward contracts






(2,975,865
)



(1.33
)Total fair value




$

882,836




0.39
% *
    
    Due to rounding. 8




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##### Table of Contents



Citigroup
    Fairfield Futures Fund L.P. II
    Notes to Financial Statements
    June 30, 2009
    (Unaudited)
   CMF
    Graham Capital Master Fund L.P.
    Statements of Income and Expenses and Partners Capital
    (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Income:Net gains (losses) on trading of commodity
interests:Net realized gains (losses) on closed contracts
    
    $
    (2,081,559
    )
    
    $
    13,986,004
    
    
    $
    (1,062,237
    )
    
    $
    32,596,301Change in net unrealized gains (losses) on
open contracts
    
    
    (127,219
    )
    
    
    4,433,123
    
    
    
    (2,525,000
    )
    
    
    5,341,357Gain (loss) from trading, net
    
    
    (2,208,778
    )
    
    
    18,419,127
    
    
    
    (3,587,237
    )
    
    
    37,937,658Interest
income
    
    
    35,038
    
    
    
    601,098
    
    
    
    79,802
    
    
    
    1,515,145Total income
(loss)
    
    
    (2,173,740
    )
    
    
    19,020,225
    
    
    
    (3,507,435
    )
    
    
    39,452,803Expenses:Clearing fees
    
    
    162,080
    
    
    
    339,401
    
    
    
    286,275
    
    
    
    629,674Professional fees
    
    
    8,721
    
    
    
    8,437
    
    
    
    16,776
    
    
    
    16,874Total expenses
    
    
    170,801
    
    
    
    347,838
    
    
    
    303,051
    
    
    
    646,548Net income (loss)
    
    
    (2,344,541
    )
    
    
    18,672,387
    
    
    
    (3,810,486
    )
    
    
    38,806,255Additions  Limited Partners
    
    
    641,000
    
    
    
    1,588,000
    
    
    
    2,246,319
    
    
    
    2,934,000Redemptions  Limited Partners
    
    
    (21,833,912
    )
    
    
    (20,803,608
    )
    
    
    (56,856,988
    )
    
    
    (29,433,628
    )Distribution
of interest income to feeder funds
    
    
    (35,038
    )
    
    
    (601,098
    )
    
    
    (79,802
    )
    
    
    (1,515,145
    )Net increase (decrease) in Partners Capital
    
    
    (23,572,491
    )
    
    
    (1,144,319
    )
    
    
    (58,500,957
    )
    
    
    10,791,482Partners Capital, beginning of period
    
    
    189,562,476
    
    
    
    225,530,188
    
    
    
    224,490,942
    
    
    
    213,594,387Partners Capital, end of period
    
    $
    165,989,985
    
    
    $
    224,385,869
    
    
    $
    165,989,985
    
    
    $
    224,385,869Net Asset Value per Redeemable Unit
(111,260.7682 and 164,846.3481
Redeemable Units outstanding
at June 30, 2009 and 2008, respectively)
    
    $
    1,491.90
    
    
    $
    1,361.18
    
    
    $
    1,491.90
    
    
    $
    1,361.18Net income (loss) per
Redeemable Unit of Limited
Partnership
Interest
    
    $
    (21.43
    )
    
    $
    112.99
    
    
    $
    (36.84
    )
    
    $
    223.53
 9




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##### Table of Contents



Citigroup
    Fairfield Futures Fund L.P. II
    Notes to Financial Statements
June 30, 2009
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net realized and unrealized gains (losses)*
    
    $
    (26.40
    )
    
    $
    70.86
    
    
    $
    (49.21
    )
    
    $
    140.87Interest income
    
    
    0.21
    
    
    
    2.73
    
    
    
    0.45
    
    
    
    6.55Expenses**
    
    
    (7.20
    )
    
    
    (14.45
    )
    
    
    (14.61
    )
    
    
    (20.88
    )Increase (decrease) for the period
    
    
    (33.39
    )
    
    
    59.14
    
    
    
    (63.37
    )
    
    
    126.54Net Asset Value per Redeemable Unit, beginning of period
    
    
    1,046.23
    
    
    
    946.30
    
    
    
    1,076.21
    
    
    
    878.90Net Asset Value per Redeemable Unit, end of period
    
    $
    1,012.84
    
    
    $
    1,005.44
    
    
    $
    1,012.84
    
    
    $
    1,005.44*    Includes Partnership brokerage
    commissions and expenses allocated from Master.**  Excludes Partnership brokerage commissions and
    expenses allocated from Master.Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Ratios to average net assets:***Net investment income (loss) before allocation to Special
    Limited Partner****

    
    (7.7
    )%
    
    
    (7.1
    )%
    
    
    (7.7
    )%
    
    
    (6.8
    )%Operating expenses

    
    7.8
    %
    
    
    8.2
    %
    
    
    7.8
    %
    
    
    8.2
    %Allocation to Special Limited Partner

    
    
    %
    
    
    0.8
    %
    
    
    
    %
    
    
    0.8
    %Total expenses and allocation to Special Limited Partner

    
    7.8
    %
    
    
    9.0
    %
    
    
    7.8
    %
    
    
    9.0
    %Total return:Total return before allocation to Special Limited Partner

    
    (3.2
    )%
    
    
    7.1
    %
    
    
    (5.9
    )%
    
    
    15.3
    %Allocation to Special Limited Partner

    
    
    %
    
    
    (0.9
    )%
    
    
    
    %
    
    
    (0.9
    )%Total return after allocation to Special Limited Partner

    
    (3.2
    )%
    
    
    6.2
    %
    
    
    (5.9
    )%
    
    
    14.4
    %    ***
    
    Annualized (except for allocation to Special Limited Partner, if
    applicable).****
    
    Interest income allocated from Master less total expenses.   10




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##### Table of Contents



Citigroup
    Fairfield Futures Fund L.P. II
    Notes to Financial Statements
June 30, 2009
    (Unaudited)
  2.
    Financial
    Highlights (continued):  Financial
    Highlights of the Master:
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net realized and unrealized gains (losses)*

    $
    (21.66
    )
    
    $
    109.41
    
    
    $
    (37.35
    )
    
    $
    214.98Interest income

    
    0.31
    
    
    
    3.63
    
    
    
    0.65
    
    
    
    8.64Expenses**

    
    (0.08
    )
    
    
    (0.05
    )
    
    
    (0.14
    )
    
    
    (0.09
    )Increase (decrease) for the period

    
    (21.43
    )
    
    
    112.99
    
    
    
    (36.84
    )
    
    
    223.53Distribution of interest income to feeder funds

    
    (0.31
    )
    
    
    (3.63
    )
    
    
    (0.65
    )
    
    
    (8.64
    )Net Asset Value per Redeemable Unit, beginning of period

    
    1,513.64
    
    
    
    1,251.82
    
    
    
    1,529.39
    
    
    
    1,146.29Net Asset Value per Redeemable Unit, end of period

    $
    1,491.90
    
    
    $
    1,361.18
    
    
    $
    1,491.90
    
    
    $
    1,361.18*    Includes brokerage commissions.**  Excludes brokerage commissions.Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Ratios to average net assets:***Net investment income (loss) ****

    
    (0.3
    )%
    
    
    0.5
    %
    
    
    (0.2
    )%
    
    
    0.8
    %Operating expenses

    
    0.4
    %
    
    
    0.6
    %
    
    
    0.3
    %
    
    
    0.6
    %Total return

    
    (1.4
    )%
    
    
    9.0
    %
    
    
    (2.4
    )%
    
    
    19.5
    %    ***
    
    Annualized.****
    
    Interest income less total expenses.    3.
    Trading
    Activities:       11




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##### Table of Contents



Citigroup
    Fairfield Futures Fund L.P. II
    Notes to Financial Statements
June 30, 2009
    (Unaudited)
     June 30, 2009
    
    
    
    
    June 30, 2009Assets
    
    
    
    
    
    AssetsFutures Contracts
    
    
    
    
    
    Forward ContractsCurrencies
    
    $
    37,088
    
    
    Currencies
    
    $
    3,370,775Energy
    
    
    207,795
    
    
    Metals
    
    
    851,387Grains
    
    
    192,881Indices
    
    
    562,588Interest Rates U.S.
    
    
    15,473Interest Rates Non-U.S.
    
    
    53,539Livestock
    
    
    37,716Metals
    
    
    543Softs
    
    
    277,118Total unrealized appreciation on open futures contracts
    
    $
    1,384,741
    
    
    Total unrealized appreciation on open forward contracts
    
    $
    4,222,162Liabilities
    
    
    
    
    
    LiabilitiesFutures Contracts
    
    
    
    
    
    Forward ContractsCurrencies
    
    $
    (6,463
    )
    
    Currencies
    
    $
    (4,529,178
    )Energy
    
    
    (260,803
    )
    
    Metals
    
    
    (675,021
    )Grains
    
    
    (279,726
    )Indices
    
    
    (398,109
    )Interest Rates U.S.
    
    
    (178,234
    )Interest Rates Non-U.S.
    
    
    (468,210
    )Livestock
    
    
    (17,770
    )Metals
    
    
    (153,608
    )Softs
    
    
    (281,945
    )Total unrealized depreciation on open futures contracts
    
    $
    (2,044,868
    )
    
    Total unrealized depreciation on open forward contracts
    
    $
    (5,204,199
    )Net unrealized depreciation on open futures contracts
    
    $
    (660,127
    )*
    
    Net unrealized depreciation on open forward contracts
    
    $
    (982,037
    )**
 
 *
    
    This amount is included in Net unrealized depreciation on open futures contracts on the
Statements of Financial Condition.**
    
    This amount is included in Net unrealized depreciation on open forward contracts on the
Statements of Financial Condition. 12




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##### Table of Contents



Citigroup
    Fairfield Futures Fund L.P. II
    Notes to Financial Statements
June 30, 2009
    (Unaudited)
  Three Months Ended
    
    
    Six Months EndedJune 30, 2009
    
    
    June 30, 2009Sector
    
    Gain (loss) from trading
    
    
    Gain (loss) from tradingCurrencies
    
    
    1,387,340
    
    
    
    (54,305
    )Energy
    
    
    (1,207,603
    )
    
    
    (491,713
    )Grains
    
    
    (148,803
    )
    
    
    (661,661
    )Indices
    
    
    (959,375
    )
    
    
    (30,049
    )Interest Rates U.S.
    
    
    484,764
    
    
    
    (117,644
    )Interest Rates Non-U.S.
    
    
    (755,916
    )
    
    
    122,063Livestock
    
    
    22,062
    
    
    
    147,618Softs
    
    
    (563,242
    )
    
    
    (1,006,435
    )Metals
    
    
    (468,005
    )
    
    
    (1,495,111
    )Total
    
    $
    (2,208,778
    )
    
    $
    (3,587,237
    )
  4.
    Fair
    Value Measurement:  Investments.
 Fair Value Measurements. Fair Value Measurements Effective Date of FASB Statement No.
157
   Quoted Prices in





SignificantActive Markets


Significant Other


Unobservablefor Identical


Observable Inputs


Inputs6/30/2009


Assets (Level 1)


(Level 2)


(Level 3)AssetsInvestment in Master

$
42,053,868


$



$
42,053,868


$
Total fair value

$
42,053,868


$



$
42,053,868


$
Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable12/31/2008


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsInvestment in Master
    
    $
    60,716,373
    
    
    $
    
    
    
    $
    60,716,373
    
    
    $
    Total fair value
    
    $
    60,716,373
    
    
    $
    
    
    
    $
    60,716,373
    
    
    $
     13




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##### Table of Contents



Citigroup
    Fairfield Futures Fund L.P. II
    Notes to Financial Statements
June 30, 2009
    (Unaudited)
 Investments.
 Fair Value Measurements. Effective Date of FASB Statement No. 157
  Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable6/30/2009


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsForwards
    
    $
    176,366
    
    
    $
    176,366
    
    
    $
    
    
    
    $
    Total assets
    
    
    176,366
    
    
    
    176,366
    
    
    
    
    
    
    
    LiabilitiesFutures
    
    $
    660,127
    
    
    $
    660,127
    
    
    $
    
    
    
    $
    Forwards
    
    
    1,158,403
    
    
    
    
    
    
    
    1,158,403
    
    
    
    Total
liabilities
    
    
    1,818,530
    
    
    
    660,127
    
    
    
    1,158,403
    
    
    
    Total fair value
    
    $
    (1,642,164
    )
    
    $
    (483,761
    )
    
    $
    (1,158,403
    )
    
    $
    Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable12/31/2008


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures
    
    $
    1,162,793
    
    
    $
    1,162,793
    
    
    $
    
    
    
    $
    Forwards
    
    
    86,222
    
    
    
    86,222
    
    
    
    
    
    
    
    Total assets
    
    
    1,249,015
    
    
    
    1,249,015
    
    
    
    
    
    
    
    LiabilitiesForwards
    
    $
    366,179
    
    
    $
    
    
    
    $
    366,179
    
    
    $
    Total liabilites
    
    
    366,179
    
    
    
    
    
    
    
    366,179
    
    
    
    Total fair value
    
    $
    882,836
    
    
    $
    1,249,015
    
    
    $
    (366,179
    )
    
    $
    
 14




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##### Table of Contents



5.
    Financial
    Instrument Risks:       15




---



##### Table of Contents



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
           Critical
    Accounting Policies
  Use of Estimates
  Statement of Cash Flows
  Investments
  Fair Value Measurements Effective Date of FASB Statement No.
157
     16




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##### Table of Contents



Futures Contracts
 Forward
Foreign Currency Contracts
  London Metals Exchange Forward Contracts
 Income Taxes
   Recent Accounting Pronouncements
 Subsequent Events
 17




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##### Table of Contents



Results
    of Operations
         30-day 3-month and/or 90-day
 18




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##### Table of Contents



19




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##### Table of Contents



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk          one-day
  Form 10-K
  June 30, 2009
    (Unaudited)
 Three Months Ended June 30, 2009% of Total


High


Low


AverageMarket Sector

Value at Risk


Capitalization


Value at Risk


Value at Risk


Value at Risk*Currencies
    
    $
    3,102,364
    
    
    
    1.87
    %
    
    $
    7,588,894
    
    
    $
    3,102,364
    
    
    $
    5,298,470Energy
    
    
    1,355,746
    
    
    
    0.82
    %
    
    
    3,017,929
    
    
    
    951,459
    
    
    
    1,590,887Grains
    
    
    258,736
    
    
    
    0.15
    %
    
    
    1,356,550
    
    
    
    190,880
    
    
    
    839,923Interest Rates U.S.
    
    
    418,266
    
    
    
    0.25
    %
    
    
    2,310,120
    
    
    
    355,318
    
    
    
    1,097,898Interest Rates Non-U.S.
    
    
    818,966
    
    
    
    0.49
    %
    
    
    3,850,371
    
    
    
    818,966
    
    
    
    2,316,813Livestock
    
    
    46,575
    
    
    
    0.03
    %
    
    
    160,380
    
    
    
    1,080
    
    
    
    78,671Metals
    
    
    628,262
    
    
    
    0.38
    %
    
    
    1,223,707
    
    
    
    303,915
    
    
    
    613,811Softs
    
    
    574,090
    
    
    
    0.35
    %
    
    
    1,041,887
    
    
    
    492,343
    
    
    
    733,819Indices
    
    
    5,683,722
    
    
    
    3.42
    %
    
    
    8,672,872
    
    
    
    1,905,290
    
    
    
    5,108,007Total
    
    $
    12,886,727
    
    
    
    7.76
    %
 
  20




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##### Table of Contents



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.   21




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##### Table of Contents



PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings  Form 10-K
  Enron-Related Civil Actions
  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. UniCredito Italiano, SpA, et al. v. J.P. Morgan Chase Bank, et. al.
 Subprime Mortgage-Related Litigation
  Buckingham v. Citigroup Inc., et al. Chen v. Citigroup Inc., et al. In re Citigroup Inc. Bond Litigation.
  Asher, et al. v. Citigroup Inc., et al. In re Citigroup Inc. Bond Litigation Asher, et al. v. Citigroup Inc., et al. Pellegrini v. Citigroup Inc., et al. In re Citigroup Inc. Bond Litigation
  Epirus Capital Management, LLC, et al. v. Citigroup Inc., et al. In re Citigroup Inc. Securities Litigation
 Auction Rate Securities-Related Litigation
  Securities Actions. American Eagle Outfitters, Inc., et al. v. Citigroup Global
Markets Inc. In re Citigroup Inc. Auction Rate Securities Litigation Finn v. Smith Barney, et al.
  Texas Instruments Inc. v. Citigroup Global Markets Inc. et al.
  Governmental and Regulatory Actions.
 22




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##### Table of Contents



Falcon and ASTA/MAT-Related Litigation
  Marie Raymond Revocable Trust, et al. v. MAT Five LLC, et al.
  In re MAT Five Securities Litigation.
  ECA Acquisitions, Inc., et al. v. MAT Three LLC, et al.
  Zentner v. Citigroup, et al. In re MAT Two Securities
Litigation, In re MAT Three Securities Litigation and In re MAT Five Securities Litigation.) In re MAT Five Securities
Litigation
  Zentner v. Citigroup, et al.
 Other Matters
  Underwriting Actions .
  American Home Mortgage In re American
Home Mortgage Securities Litigation
  American International Group In re American International Group, Inc. 2008 Securities Litigation
 23




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##### Table of Contents



Item 1A.
    Risk
    Factors  Form 10-K
  Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds        (d) Maximum Number(or Approximate(c) Total Number



Dollar Value) of(b) Average



of Redeemable Units



Redeemable Units that(a) Total Number



Price Paid



Purchased as Part



May Yet Beof Redeemable



per Redeemable



of Publicly Announced



Purchased Under thePeriod


Units Purchased*



Unit*



Plans or Programs



Plans or ProgramsApril 1, 2009 
    April 30, 2009



899.7083



$
1,024.23




N/A




N/AMay 1, 2009 
    May 31, 2009



1,089.5306



$
1,059.71




N/A




N/AJune 1, 2009 
    June 30, 2009



235.0651



$
1,012.84




N/A




N/A2,224.3040



$
1,040.41




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  Morgan Stanley/Citigroup Joint Venture
   24




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##### Table of Contents



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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##### Table of Contents



SIGNATURES
    CITIGROUP
    FAIRFIELD FUTURES FUND L.P. II
  By:

Citigroup Managed Futures LLC(General Partner)By:

/s/ Jerry PascucciJerry Pascucci
    President and Director   August 14, 2009
  By:

/s/ Jennifer MagroJennifer Magro
    Chief Financial Officer and Director   August 14, 2009