Exhibit10.40

June 15, 2005

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

Attention: Mr. Martin Hunt

Re:    Management Agreement Renewals

DearMr. Hunt:

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, 2006and all other provisions of the Management Agreements will remainunchanged.

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

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

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

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

|  |              |                    |
|--|--------------|--------------------|
|  | •  | Alera PortfolioSpc |

|  |              |                       |
|--|--------------|-----------------------|
|  | •  | CMF Winton Feeder LPI |

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

|  |              |                            |
|--|--------------|----------------------------|
|  | •  | CMF WintonMaster Fund L.P. |

Please acknowledge receipt of this modificationby signing one copy of this letter and returning it to the attention ofMr. Daniel McAuliffe at the address above or fax to 212-793-1986. Ifyou have any questions I can be reached at 212-559-5043.

Verytruly yours,

|                                         |  |                                                                |  |  |  |  |
|-----------------------------------------|--|----------------------------------------------------------------|--|--|--|--|
| CITIGROUPMANAGED FUTURES LLC            |
| By:                                     |  | /s/Daniel R. McAuliffe,Jr.                                     |
|                                    |  | Daniel R.McAuliffe, Jr. Chief Financial Officer & Director |
| By:                                     |  | /s/ MartinHunt                                                 |
| Print Name:   MartinHunt |
| DRMcA/sr                                |  |                                                           |
|                                         |

----

Exhibit 10.40

June 15,2005

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 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 30,2006 and all other provisions of the Management Agreements will remainunchanged.

|  |              |                                             |
|--|--------------|---------------------------------------------|
|  | •  | Salomon SmithBarney Orion Futures Fund L.P. |

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

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

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

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

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,

|                                             |  |                                                                |  |  |  |  |
|---------------------------------------------|--|----------------------------------------------------------------|--|--|--|--|
| CITIGROUPMANAGED FUTURES LLC                |
| By:                                         |  | /s/Daniel R. McAuliffe,Jr.                                     |
|                                        |  | Daniel R.McAuliffe, Jr. Chief Financial Officer & Director |
| By:                                         |  | /s/ Steven R.Crane                                             |
| Print Name:   Steven R.Crane |
| DRMcA/sr                                    |  |                                                           |
|                                             |

----

Exhibit10.40

June 15, 2005

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

Attention: Mr. Paul Sedlack

Re:    Management Agreement Renewals

DearMr. 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, 2006and all other provisions of the Management Agreements will remainunchanged.

|  |              |                                         |
|--|--------------|-----------------------------------------|
|  | •  | Smith Barney GlobalMarkets Futures Fund |

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

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

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

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

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

|  |              |                                                |
|--|--------------|------------------------------------------------|
|  | •  | Salomon Smith BarneyFairfield Futures FundL.P. |

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

|  |              |                                        |
|--|--------------|----------------------------------------|
|  | •  | CitigroupFairfield Futures Fund L.P.II |

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

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

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,

|                                          |  |                                                                |  |  |  |  |
|------------------------------------------|--|----------------------------------------------------------------|--|--|--|--|
| CITIGROUPMANAGED FUTURES LLC             |
| By:                                      |  | /s/Daniel R. McAuliffe,Jr.                                     |
|                                     |  | Daniel R.McAuliffe, Jr. Chief Financial Officer & Director |
| By:                                      |  | /s/ PaulSedlack                                                |
| Print Name:   PaulSedlack |
| DRMcA/sr                                 |  |                                                           |
|                                          |

----

Exhibit10.40

May 31, 2005

Campbell & Company,Inc. Court Tower Building 210 West Pennsylvania AvenueSuite 770 Towson, MD 21204

Attn: Ms. Terry Becks

Re:    Management Agreement Renewals

DearMs. 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, 2006and all other provisions of the Management Agreements will remainunchanged.

|  |              |                                      |
|--|--------------|--------------------------------------|
|  | •  | Smith BarneyPotomac Futures FundL.P. |

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

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

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

|  |              |                                                 |
|--|--------------|-------------------------------------------------|
|  | •  | Smith BarneyGlobal Diversified Futures FundL.P. |

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

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

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

|  |              |                              |
|--|--------------|------------------------------|
|  | •  | CMF Campbell Master FundL.P. |

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,

|                                         |  |                                                                |  |  |  |  |
|-----------------------------------------|--|----------------------------------------------------------------|--|--|--|--|
| CITIGROUPMANAGED FUTURES LLC            |
| By:                                     |  | /s/Daniel R. McAuliffe,Jr.                                     |
|                                    |  | Daniel R.McAuliffe, Jr. Chief Financial Officer & Director |
| CAMPBELL & COMPANY, INC.            |
| By:                                     |  | /s/ TerryBecks                                                 |
| Print Name:   TerryBecks |
| DRMcA/sr                                |  |                                                           |
|                                         |

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