Exhibit10.8

June 15, 2005

Graham CapitalManagement, L.P. Rock Ledge Financial Center 40 HighlandAvenue Rowayton, CT 06853

Attention: Mr. PaulSedlack

Re: Management Agreement Renewals

Dear Mr. Sedlack:

We are writing with respectto your management agreements concerning the commodity pools to whichreference is made below (the "ManagementAgreements"). We are extending the term of the ManagementAgreements through June 30, 2006 and all other provisions of theManagement 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 & Director |

|           |                                                                                                                                                                                                                                         |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| By:  | /s/ PaulSedlack                                     |

Print Name:    PaulSedlack                         

DRMcA/sr

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