Document:

Exhibit 10.38

June  30,  2006

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

Attn: Mr.  Ken Webster

Re:    Management Agreement Renewals

Dear Mr. Webster:

We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the ‘‘Management Agreements’’). We are extending the term of the Management Agreements through June  30,  2007 and all other provisions of the Management Agreements will remain unchanged.

			
		• 	Shearson Mid-West Futures Fund

			
		• 	Shearson Lehman Select Advisors Futures Fund L.P.

			
		• 	Smith Barney Mid-West Futures Fund L.P. II

			
		• 	Smith Barney Westport Futures Fund L.P.

			
		• 	Hutton Investors Futures Fund, L.P. II (HIFF II)

			
		• 	AURORA 2001

			
		• 	AURORA III

			
		• 	Salomon Smith Barney Diversified 2000 Futures Fund L.P.

			
		• 	Citibank NA (Alera 100)

			
		• 	JWH Strategic Allocation Master Fund LLC

			
		• 	Citigroup Diversified Futures Fund

			
		• 	CMF Institutional Futures Portfolio LP

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr.  Daniel  McAuliffe at the address above or fax to 212-793-1986. If you have any questions I can be 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 & Director

JOHN W. HENRY & COMPANY, INC.

By:    /s/ Ken Webster                                            

Print Name:    Ken Webster                                   

DRMcA/srJune  30,  2006

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

Attn: Mr.  Ken Webster

Re:    Management Agreement Renewals

Dear Mr. Webster:

We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the ‘‘Management Agreements’’). We are extending the term of the Management Agreements through June  30,  2007 and all other provisions of the Management Agreements will remain unchanged.

			
		• 	Shearson Mid-West Futures Fund

			
		• 	Shearson Lehman Select Advisors Futures Fund L.P.

			
		• 	Smith Barney Mid-West Futures Fund L.P. II

			
		• 	Smith Barney Westport Futures Fund L.P.

			
		• 	Hutton Investors Futures Fund, L.P. II (HIFF II)

			
		• 	AURORA 2001

			
		• 	AURORA III

			
		• 	Salomon Smith Barney Diversified 2000 Futures Fund L.P.

			
		• 	Citibank NA (Alera 100)

			
		• 	JWH Strategic Allocation Master Fund LLC

			
		• 	Citigroup Diversified Futures Fund

			
		• 	CMF Institutional Futures Portfolio LP

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr.  Daniel  McAuliffe at the address above or fax to 212-793-1986. If you have any questions I can be 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 & Director
	JOHN W. HENRY & COMPANY, INC.
	By:			/s/ Ken Webster
	

				
	Print Name:    Ken WebsterJune 30, 2006

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

Attn: Ms. Terry Becks

Re:    Management Agreement Renewals

Dear Ms. Becks:

We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the ‘‘Management Agreements’’). We are extending the term of the Management Agreements through June 30, 2007 and all other provisions of the Management Agreements will remain unchanged.

			
		• 	Smith Barney Potomac Futures Fund L.P.

			
		• 	Smith Barney Diversified Futures Fund L.P.

			
		• 	Smith Barney Diversified Futures Fund L.P. II

			
		• 	Smith Barney Global Markets Futures Fund L.P.

			
		• 	Salomon Smith Barney Global Diversified Futures Fund L.P.

			
		• 	Salomon Smith Barney Diversified 2000 Futures Fund L.P.

			
		• 	CMF Campbell Master Fund L.P.

June 30, 2006
 Page 2

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Daniel McAuliffe at the address above or fax to 212-793-1986. If you have any questions I can be 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 & Director

CAMPBELL & COMPANY, INC.

		
	By: 	/s/ Theresa Becks

		
	Print Name: 	Theresa Becks

DRMcA/sr

June 30, 2006

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 your management agreements concerning the commodity pools to which reference is made below (the ‘‘Management Agreements’’). We are extending the term of the Management Agreements through June 30, 2007 and all other provisions of the Management Agreements will remain unchanged.

			
		• 	Salomon Smith Barney Orion Futures Fund L.P.

			
		• 	Smith Barney Diversified Futures Fund L.P.

			
		• 	Smith Barney Diversified Futures Fund L.P. II

			
		• 	Citigroup Diversified Futures Fund L.P.

			
		• 	Citibank NA (Alera 100)

			
		• 	CMF Institutional Futures Portfolio LP

			
		• 	CMF Willowbridge Master

Please acknowledge receipt of this modification signing one copy of this letter and returning it to the attention of Mr. Daniel McAuliffe at the address above or fax to 212-793-1986. If you have any questions I can be 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 & Director

		
	By: 	/s/ Steve R. Crane

		
	Print Name: 	Steve R. Crane

DRMcA/sr

June 30, 2006

Graham Capital Management, L.P.
 Rock Ledge Financial Center
 40 Highland Avenue
 Rowayton, CT 06853

Attention: Mr. Paul Sedlack

Re:    Management Agreement Renewals

Dear Mr. Sedlack:

We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the ‘‘Management Agreements’’). We are extending the term of the Management Agreements through June 30, 2007 and all other provisions of the Management Agreements will remain unchanged.

			
		• 	Smith Barney Global Markets Futures Fund

			
		• 	Smith Barney Diversified Futures Fund L.P. II

			
		• 	Smith Barney Diversified Futures Fund L.P.

			
		• 	Salomon Smith Barney Diversified 2000 Futures Fund L.P.

			
		• 	AURORA 2001

			
		• 	AURORA III

			
		• 	Salomon Smith Barney Fairfield Futures Fund L.P.

			
		• 	Citigroup Diversified Futures Fund L.P.

			
		• 	Citigroup Fairfield Futures Fund L.P. II

			
		• 	Citibank NA (Alera 100)

			
		• 	Alera Portfolio SPC

			
		• 	CMF Graham Master Fund L.P.

June 30, 2006
Page 2

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

Very truly yours,

CITIGROUP MANAGED FUTURES LLC

		
	By: 	Daniel R. McAuliffe, Jr.

 Daniel R. McAuliffe, Jr.
 Chief Financial Officer & Director

		
	By: 	/s/ Paul Sedlack

Print Name: Paul Sedlack

DRMcA/sr

June 30, 2006

Capital Fund Management
 6 Boulevard Haussmann
 75009 Paris
 France

Attention: Jean-Pierre Aguilar, CFO

Re:    Management Agreement Renewals

Dear Mr. Aguilar:

We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the ‘‘Management Agreements’’). We are extending the term of the Management Agreements through June 30, 2007 and all other provisions of the Management Agreements will remain unchanged.

			
		• 	Smith Barney Diversified Futures Fund L.P. II

			
		• 	Citigroup Diversified Futures Fund L.P.

			
		• 	Citibank NA (Alera 100)

			
		• 	CMF Capital Fund Master

			
		• 	CMF Institutional Futures Portfolio LP

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Daniel McAuliffe at the address above or fax to 212-793-1986. If you have any questions I can be 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 & Director

By: /s/ Jacques Sauliere

Print Name: Jacques Sauliere

DRMcA/srJune 30, 2006

Graham Capital Management, L.P.
 Rock Ledge Financial Center
 40 Highland Avenue
 Rowayton, CT 06853

Attention: Mr. Paul Sedlack

Re:    Management Agreement Renewals

Dear Mr. Sedlack:

We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the ‘‘Management Agreements’’). We are extending the term of the Management Agreements through June 30, 2007 and all other provisions of the Management Agreements will remain unchanged.

			
		• 	Smith Barney Global Markets Futures Fund

			
		• 	Smith Barney Diversified Futures Fund L.P. II

			
		• 	Smith Barney Diversified Futures Fund L.P.

			
		• 	Salomon Smith Barney Diversified 2000 Futures Fund L.P.

			
		• 	AURORA 2001

			
		• 	AURORA III

			
		• 	Salomon Smith Barney Fairfield Futures Fund L.P.

			
		• 	Citigroup Diversified Futures Fund L.P.

			
		• 	Citigroup Fairfield Futures Fund L.P. II

			
		• 	Citibank NA (Alera 100)

			
		• 	Alera Portfolio SPC

			
		• 	CMF Graham Master Fund L.P.

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Daniel McAuliffe at the address above or fax to 212-793-1986. If you have any questions I can be 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 & Director

By: /s/ Paul Sedlack

Print Name: Paul Sedlack

DRMcA/sr

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