Exhibit10.39

June 11, 2004

Campbell &Company, Inc. Court Tower Building 210 West PennsylvaniaAvenue Suite 770 Towson, MD 21204

Attn: Ms.Terry Becks

Re:    Management Agreement Renewals

Dear Ms. Becks:

We are writing with respect toyour management agreements concerning the commodity pools to whichreference 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.

|              |                                       |
|--------------|---------------------------------------|
| •  | 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: Theresa Becks

DRMcA/sr

----

Exhibit 10.39

June11, 2004

Willowbridge Associates Inc. 101Morgan 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 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.

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

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

|              |                                             |
|--------------|---------------------------------------------|
| •  | SmithBarney Diversified Futures Fund L.P.II |

|              |                                        |
|--------------|----------------------------------------|
| •  | Citigroup Diversified Futures FundL.P. |

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

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 |

|           |                    |
|-----------|--------------------|
| By:  | /s/ Steve R. Crane |

PrintName: Steve R. Crane

DRMcA/sr

----

Exhibit 10.39

June11, 2004

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

Attention: Mr. Martin Hunt

Re:    ManagementAgreement Renewals

Dear Mr. Hunt:

We arewriting with respect to your management agreements concerning thecommodity pools to which reference is made below (the"Management Agreements"). We are extendingthe term of the Management Agreements through June 30, 2005 and allother provisions of the Management Agreements will remainunchanged.

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

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

|              |                            |
|--------------|----------------------------|
| •  | SSB Orion Futures FundL.P. |

|              |                     |
|--------------|---------------------|
| •  | 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/ Martin Hunt |

PrintName: Martin Hunt

DRMcA/sr

----

Exhibit 10.39

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

----