Exhibit10.16

June 11, 2004

Aspect Capital Management Ltd. Nations House –8th Floor 103 Wigmore Street London W1U 1QS,U.K.

Attention: Mr. Anthony Todd

|  |            |                              |
|--|------------|------------------------------|
|  | Re:   | Management AgreementRenewals |

Dear Mr. Todd:

We are writingwith respect to your management agreements concerning the commoditypools to which reference is made below (the "ManagementAgreements"). We are extending the term of the ManagementAgreements through June 30, 2005 and all other provisions of theManagement Agreements will remainunchanged.

|  |              |                                                         |
|--|--------------|---------------------------------------------------------|
|  | •  | SalomonSmith Barney Global Diversified Futures FundL.P. |

|  |              |                                                       |
|--|--------------|-------------------------------------------------------|
|  | •  | Salomon SmithBarney Diversified 2000 Futures FundL.P. |

|  |              |                                       |
|--|--------------|---------------------------------------|
|  | •  | CitigroupDiversified Futures FundL.P. |

|  |              |           |
|--|--------------|-----------|
|  | •  | Alera 100 |

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

Very trulyyours,

CITIGROUP MANAGED FUTURES LLC

|           |                                                                                           |
|-----------|-------------------------------------------------------------------------------------------|
| By:  | /s/ Daniel R. McAuliffe, Jr.Daniel R. McAuliffe, Jr. Chief Financial Officer and Director |

|           |                   |
|-----------|-------------------|
| By:  | /s/ Simon Rockall |

Print Name:Simon Rockall

DRMcA/sr

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Exhibit 10.16

June11, 2004

Campbell & Company, Inc. CourtTower Building 210 West Pennsylvania Avenue Suite 770Towson, MD 21204

Attn: Ms. Terry Becks

Re:    Management Agreement Renewals

Dear Ms.Becks:

We are writing with respect to your managementagreements concerning the commodity pools to which reference is madebelow (the "Management Agreements"). We areextending the term of the Management Agreements through June 30, 2005and all other provisions of the Management Agreements will remainunchanged.

|              |                                       |
|--------------|---------------------------------------|
| •  | Smith Barney Potomac FuturesFund L.P. |

|              |                                           |
|--------------|-------------------------------------------|
| •  | Smith Barney DiversifiedFutures Fund L.P. |

|              |                                              |
|--------------|----------------------------------------------|
| •  | Smith BarneyDiversified Futures Fund L.P. II |

|              |                                             |
|--------------|---------------------------------------------|
| •  | SmithBarney Global Markets Futures FundL.P. |

|              |                                                  |
|--------------|--------------------------------------------------|
| •  | Smith Barney Global DiversifiedFutures Fund L.P. |

|              |                                                       |
|--------------|-------------------------------------------------------|
| •  | Salomon Smith BarneyDiversified 2000 Futures FundL.P. |

|              |                                                            |
|--------------|------------------------------------------------------------|
| •  | Smith Barney Campbell Financial,Metals and Energy Fund plc |

|              |            |
|--------------|------------|
| •  | AURORA2001 |

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

Pleaseacknowledge receipt of this modification by signing one copy of thisletter and returning it to the attention of Mr. Daniel McAuliffe at theaddress above or fax to 212-793-1986. If you have any questions I canbe 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 and Director |

CAMPBELL & COMPANY, INC.

By: /s/ TheresaBecks

Print Name: TheresaBecks

DRMcA/sr

----

Exhibit 10.16

June11, 2004

Graham Capital Management, L.P.Rock Ledge Financial Center 40 Highland Avenue Rowayton, CT06853

Attention: Mr. Paul Sedlack

Re:    Management Agreement Renewals

Dear Mr.Sedlack:

We are writing with respect to your managementagreements concerning the commodity pools to which reference is madebelow (the "Management Agreements"). We areextending the term of the Management Agreements through June 30, 2005and all other provisions of the Management Agreements will remainunchanged.

|              |                                         |
|--------------|-----------------------------------------|
| •  | Smith Barney Global MarketsFutures Fund |

|              |                                              |
|--------------|----------------------------------------------|
| •  | Smith Barney DiversifiedFutures Fund L.P. II |

|              |                                           |
|--------------|-------------------------------------------|
| •  | Smith BarneyDiversified Futures Fund L.P. |

|              |                                                        |
|--------------|--------------------------------------------------------|
| •  | SalomonSmith Barney Diversified 2000 Futures Fund L.P. |

|              |            |
|--------------|------------|
| •  | AURORA2001 |

|              |           |
|--------------|-----------|
| •  | AURORAIII |

|              |                                                 |
|--------------|-------------------------------------------------|
| •  | Salomon Smith Barney FairfieldFutures Fund L.P. |

|              |                                        |
|--------------|----------------------------------------|
| •  | Citigroup DiversifiedFutures Fund L.P. |

|              |                                         |
|--------------|-----------------------------------------|
| •  | Citigroup FairfieldFutures Fund L.P. II |

|              |          |
|--------------|----------|
| •  | Alera100 |

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

Please acknowledge receipt of this modification by signingone copy of this letter and returning it to the attention of Mr. DanielMcAuliffe at the address above or fax to 212-793-1986. If you have anyquestions I can be reached at 212-559-5043.

Very trulyyours,

CITIGROUP MANAGED FUTURES LLC

|           |                                                                                           |
|-----------|-------------------------------------------------------------------------------------------|
| By:  | /s/ Daniel R. McAuliffe, Jr.Daniel R. McAuliffe, Jr. Chief Financial Officer and Director |

|           |                  |
|-----------|------------------|
| By:  | /s/ Paul Sedlack |

PrintName: Paul Sedlack

DRMcA/sr

----

Exhibit 10.16

June 11,2004

John W. Henry & Company, Inc. 301 YamatoRoad, Suite 2200 Boca Raton, Fl. 33431-4931

Attn:Mr. Ken Webster

|  |           |                               |
|--|-----------|-------------------------------|
|  | Re:  | Management Agreement Renewals |

DearMr. Webster:

We are writing with respect to yourmanagement agreements concerning the commodity pools to which referenceis made below (the "Management Agreements").We are extending the term of the Management Agreements through June 30,2005 and all other provisions of the Management Agreements will remainunchanged.

|  |              |                              |
|--|--------------|------------------------------|
|  | •  | ShearsonMid-West FuturesFund |

|  |              |                                                 |
|--|--------------|-------------------------------------------------|
|  | •  | Shearson LehmanSelect Advisors Futures FundL.P. |

|  |              |                                          |
|--|--------------|------------------------------------------|
|  | •  | Smith BarneyMid-West Futures Fund L.P.II |

|  |              |                                        |
|--|--------------|----------------------------------------|
|  | •  | Smith BarneyWestport Futures Fund L.P. |

|  |              |                                                |
|--|--------------|------------------------------------------------|
|  | •  | Hutton Investors FuturesFund, L.P. II (HIFFII) |

|  |              |            |
|--|--------------|------------|
|  | •  | AURORA2001 |

|  |              |           |
|--|--------------|-----------|
|  | •  | AURORAIII |

|  |              |                                       |
|--|--------------|---------------------------------------|
|  | •  | CitigroupDiversified Futures FundL.P. |

|  |              |                                                       |
|--|--------------|-------------------------------------------------------|
|  | •  | Salomon SmithBarney Diversified 2000 Futures FundL.P. |

|  |              |          |
|--|--------------|----------|
|  | •  | Alera100 |

|  |              |                                         |
|--|--------------|-----------------------------------------|
|  | •  | JWH StrategicAllocation Master Fund LLC |

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Page 2 June 11, 2004

Please acknowledge receipt of this modification by signingone copy of this letter and returning it to the attention of Mr. DanielMcAuliffe at the address above or fax to 212-793-1986. If you have anyquestions I can be reached at 212-559-5043.

Very trulyyours,

CITIGROUP MANAGED FUTURES LLC

|           |                                                                                           |
|-----------|-------------------------------------------------------------------------------------------|
| By:  | /s/ Daniel R. McAuliffe, Jr.Daniel R. McAuliffe, Jr. Chief Financial Officer and Director |

JOHN W. HENRY & COMPANY, INC.

|           |                 |
|-----------|-----------------|
| By:  | /s/ Ken Webster |

Print Name:Ken Webster

DRMcA/sr

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